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What changed in DouYu International Holdings Ltd's 20-F — 2024 vs 2025

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Paragraph-level year-over-year comparison of DouYu International Holdings Ltd's 2024 and 2025 20-F annual filings, covering the Business, Risk Factors, Legal Proceedings, Cybersecurity, MD&A and Market Risk sections. Every new, removed and edited paragraph is highlighted side-by-side so you can see exactly what management changed in the 2025 report.

+406 added−385 removedSource: 20-F (2026-04-17) vs 20-F (2025-04-29)

Top changes in DouYu International Holdings Ltd's 2025 20-F

406 paragraphs added · 385 removed · 333 edited across 5 sections

Item 3. Legal Proceedings

Legal Proceedings — active lawsuits and investigations

124 edited+15 added−13 removed1072 unchanged
Biggest changeOperating and Financial Review and Prospects” included elsewhere in this annual report. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Eliminating ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ adjustments between ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (i)our Company and ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ VIEs and ​ our subsidiaries and ​ ​ ​ ​ Our ​ Our ​ ​ ​ VIEs’ ​ WOFE and (ii)the VIEs and ​ ​ ​ Company subsidiaries WOFE subsidiaries VIEs’ subsidiaries Consolidated ​ ​ (RMB in thousands) Third-party revenues ​ — ​ 85,246 ​ 913 ​ 7,022,079 ​ — ​ 7,108,238 Inter-company services revenues (1) ​ — ​ — ​ 448,789 ​ — ​ (448,789) ​ — Net revenues ​ — ​ 85,246 ​ 449,702 ​ 7,022,079 ​ (448,789) ​ 7,108,238 Third-party operating income (expense) ​ 3,833 ​ (217,792) ​ (444,578) ​ (6,648,581) ​ — ​ (7,307,118) Inter-company services cost and expenses (1) ​ — ​ — ​ — ​ (448,789) ​ 448,789 ​ — Loss from equity in subsidiaries ​ (170,956) ​ (62,402) ​ — ​ — ​ 233,358 ​ — Share of loss from VIEs — ​ — ​ (9,847) ​ — ​ 9,847 ​ — Total operating cost and expenses (167,123) ​ (280,194) ​ (454,425) ​ (7,097,370) ​ 691,994 ​ (7,307,118) Income (Loss) from operations (167,123) ​ (194,948) ​ (4,723) ​ (75,291) ​ 243,205 ​ (198,880) Other expenses, net — ​ (53,840) ​ (63,998) ​ 37,535 ​ — ​ (80,303) Interest income 91,701 ​ 14,855 ​ 9,904 ​ 28,393 ​ (14,993) ​ 129,860 Income tax expenses ​ — ​ — ​ (3,487) ​ — ​ — ​ (3,487) Share of income (loss) in equity method investments ​ — ​ 62,977 ​ (98) ​ (484) ​ — ​ 62,395 Net loss (75,422) ​ (170,956) ​ (62,402) ​ (9,847) ​ 228,212 ​ (90,415) ​ 10 Table of Contents ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Eliminating ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ adjustments between ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (i)our Company and ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ our subsidiaries and ​ ​ ​ ​ Our ​ Our ​ ​ ​ VIEs and VIEs’ ​ WOFE and (ii)the VIEs and ​ ​ ​ Company subsidiaries WOFE subsidiaries VIEs’ subsidiaries Consolidated ​ ​ (RMB in thousands) Third-party revenues ​ — ​ 94,915 ​ 448 ​ 5,435,042 ​ — ​ 5,530,405 Inter-company services revenues (1) ​ — ​ — ​ 354,632 ​ 24,589 ​ (379,221) ​ — Net revenues ​ — ​ 94,915 ​ 355,080 ​ 5,459,631 ​ (379,221) ​ 5,530,405 Third-party operating income (expense) ​ (23,089) ​ (174,017) ​ (343,027) ​ (5,154,309) ​ — ​ (5,694,442) Inter-company services cost and expenses (1) ​ — ​ — ​ (24,589) ​ (354,632) ​ 379,221 ​ — Loss from equity in subsidiaries ​ (190,965) ​ (92,139) ​ — ​ — ​ 283,104 ​ — Share of loss from VIEs ​ — ​ — ​ (49,971) ​ — ​ 49,971 ​ — Total operating cost and expenses ​ (214,054) ​ (266,156) ​ (417,587) ​ (5,508,941) ​ 712,296 ​ (5,694,442) Income (Loss) from operations ​ (214,054) ​ (171,241) ​ (62,507) ​ (49,310) ​ 333,075 ​ (164,037) Other expenses, net ​ — ​ — ​ (56,575) ​ 3,701 ​ — ​ (52,874) Interest income ​ 249,449 ​ (21) ​ 8,980 ​ 26,575 ​ — ​ 284,983 Income tax expenses ​ — ​ — ​ (1,069) ​ — ​ — ​ (1,069) Gain on disposal of subsidiary ​ — ​ 348 ​ — ​ (348) ​ — ​ — Foreign exchange gain (loss), net ​ 123 ​ (899) ​ 119 ​ 783 ​ — ​ 126 Share of income (loss) in equity method investments ​ — ​ (19,152) ​ 18,913 ​ (31,372) ​ — ​ (31,611) Net income (loss) ​ 35,518 ​ (190,965) ​ (92,139) ​ (49,971) ​ 333,075 ​ 35,518 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Eliminating ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ adjustments between ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (i)our Company and ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ our subsidiaries and ​ ​ ​ ​ Our ​ Our ​ ​ ​ VIEs and VIEs’ ​ WOFE and (ii)the VIEs and ​ ​ ​ Company subsidiaries WOFE subsidiaries VIEs’ subsidiaries Consolidated ​ ​ (RMB in thousands) Third-party revenues ​ — ​ 35,942 ​ 274 ​ 4,234,609 ​ — ​ 4,270,825 Inter-company services revenues (1) ​ — ​ — ​ 198,032 ​ 18,071 ​ (216,103) ​ — Net revenues ​ — ​ 35,942 ​ 198,306 ​ 4,252,680 ​ (216,103) ​ 4,270,825 Third-party operating income (expense) ​ (45,902) ​ (33,658) ​ (273,604) ​ (4,491,248) ​ — ​ (4,844,412) Inter-company services cost and expenses (1) ​ — ​ — ​ (1,649,795) ​ 1,433,692 ​ 216,103 ​ — Loss from equity in subsidiaries ​ (502,191) ​ (543,144) ​ — ​ — ​ 1,045,335 ​ — Share of income from VIEs ​ — ​ — ​ 1,185,207 ​ — ​ (1,185,207) ​ — Total operating cost and expenses ​ (548,093) ​ (576,802) ​ (738,192) ​ (3,057,556) ​ 76,231 ​ (4,844,412) (Loss) income from operations ​ (548,093) ​ (540,860) ​ (539,886) ​ 1,195,124 ​ (139,872) ​ (573,587) Other expenses, net ​ — ​ 41,587 ​ (10,000) ​ (9,689) ​ — ​ 21,898 Interest income ​ 241,283 ​ 25 ​ 7,475 ​ 14,269 ​ — ​ 263,052 Income tax expenses ​ — ​ — ​ (669) ​ (14,738) ​ — ​ (15,407) Foreign exchange (loss) gain, net ​ — ​ (143) ​ 76 ​ 1,302 ​ — ​ 1,235 Share of (loss) income in equity method investments ​ — ​ (2,800) ​ (140) ​ (1,061) ​ — ​ (4,001) Net (loss) income ​ (306,810) ​ (502,191) ​ (543,144) ​ 1,185,207 ​ (139,872) ​ (306,810) Notes: (1) The eliminations are related to the service fees charged between WOFE and the VIEs. 11 Table of Contents ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Eliminating ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ adjustments between ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (i)our Company and ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ our subsidiaries and ​ ​ ​ ​ Our ​ Our ​ ​ ​ VIEs and VIEs’ ​ WOFE and (ii)the VIEs and ​ ​ ​ Company subsidiaries WOFE subsidiaries VIEs’ subsidiaries Consolidated ​ ​ (RMB in thousands) Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ 4,116,401 ​ 16,129 ​ 11,164 ​ 296,437 ​ — ​ 4,440,131 Restricted cash ​ — ​ — ​ — ​ — ​ — ​ — Short term bank deposits ​ 1,416,540 ​ — ​ — ​ 300,000 ​ — ​ 1,716,540 Accounts receivable, net ​ — ​ 6,056 ​ 349 ​ 67,048 ​ — ​ 73,453 Prepayments ​ 198 ​ 63 ​ 821 ​ 37,099 ​ — ​ 38,181 Other current assets ​ 154,904 ​ 3,062 ​ 2,666 ​ 187,495 ​ — ​ 348,127 Investments in subsidiaries (1) ​ 1,048,858 ​ 1,144,133 ​ — ​ — ​ (2,192,991) ​ — Amounts due from between the VIEs and the WOFE (2) ​ — ​ — ​ 3,311,310 ​ 6,120 ​ (3,317,430) ​ — Amounts due from among our subsidiaries, our Company and the VIEs ​ — ​ 19 ​ — ​ 261,196 ​ (261,215) ​ — Amounts due from related parties ​ — ​ — ​ 117 ​ 68,877 ​ — ​ 68,994 Property and equipment, net ​ — ​ 125 ​ 7,272 ​ 6,411 ​ — ​ 13,808 Intangible assets, net ​ — ​ — ​ 3,161 ​ 117,533 ​ — ​ 120,694 Long term bank deposits ​ — ​ — ​ 300,000 ​ 330,000 ​ — ​ 630,000 Investments ​ — ​ 179,211 ​ 52,212 ​ 204,774 ​ — ​ 436,197 Goodwill ​ — ​ — ​ — ​ — ​ — ​ — Right-of-use assets ​ — ​ 321 ​ 12,128 ​ 10,344 ​ — ​ 22,793 Other non-current assets ​ — ​ 1,562 ​ 11,917 ​ 149,706 ​ — ​ 163,185 Total assets ​ 6,736,901 ​ 1,350,681 ​ 3,713,117 ​ 2,043,040 ​ (5,771,636) ​ 8,072,103 Accounts payable ​ — ​ 27,795 ​ 48,206 ​ 458,427 ​ — ​ 534,428 Advances from customers ​ — ​ — ​ 11 ​ 12,900 ​ — ​ 12,911 Deferred revenue ​ 8,128 ​ 7,847 ​ — ​ 299,994 ​ — ​ 315,969 Accrued expenses and other current liabilities ​ 39,096 ​ 3,492 ​ 87,750 ​ 116,263 ​ — ​ 246,601 Amounts due to between the VIEs and the WOFE (2) ​ — ​ — ​ 6,120 ​ 3,311,310 ​ (3,317,430) ​ — Amounts due to among our subsidiaries, our Company and the VIEs ​ 344 ​ 260,852 ​ — ​ 19 ​ (261,215) ​ — Amounts due to related parties ​ — ​ 1,518 ​ 586 ​ 249,288 ​ — ​ 251,392 Deficit in VIEs (3) ​ — ​ — ​ 2,413,940 ​ — ​ (2,413,940) ​ — Lease liabilities due within one year ​ — ​ 161 ​ 8,978 ​ 5,629 ​ — ​ 14,768 Lease liabilities ​ — ​ 158 ​ 3,393 ​ 3,150 ​ — ​ 6,701 Other liabilities ​ — ​ — ​ — ​ — ​ — ​ — Total liabilities ​ 47,568 ​ 301,823 ​ 2,568,984 ​ 4,456,980 ​ (5,992,585) ​ 1,382,770 Total shareholders’ equity(deficit) ​ 6,689,333 ​ 1,048,858 ​ 1,144,133 ​ (2,413,940) ​ 220,949 ​ 6,689,333 Total liabilities and shareholders’ equity(deficit) ​ 6,736,901 ​ 1,350,681 ​ 3,713,117 ​ 2,043,040 ​ (5,771,636) ​ 8,072,103 ​ 12 Table of Contents ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Eliminating ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ adjustments between ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (i)our Company and ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ our subsidiaries and ​ ​ ​ ​ Our ​ Our ​ ​ ​ VIEs and VIEs’ ​ WOFE and (ii)the VIEs and ​ ​ ​ Company subsidiaries WOFE subsidiaries VIEs’ subsidiaries Consolidated ​ ​ (RMB in thousands) Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ 654,352 ​ 5,858 ​ 17,443 ​ 339,495 ​ — ​ 1,017,148 Restricted cash ​ — ​ — ​ — ​ 83 ​ — ​ 83 Short term bank deposits ​ 2,990,374 ​ — ​ — ​ 80,000 ​ — ​ 3,070,374 Accounts receivable, net ​ — ​ 60 ​ 290 ​ 48,707 ​ — ​ 49,057 Prepayments ​ 70 ​ — ​ 462 ​ 26,353 ​ — ​ 26,885 Other current assets ​ 52,846 ​ 285 ​ 2,388 ​ 175,835 ​ — ​ 231,354 Investments in subsidiaries (1) ​ 550,081 ​ 600,952 ​ — ​ — ​ (1,151,033) ​ — Amounts due from between the VIEs and the WOFE (2) ​ — ​ — ​ 1,691,182 ​ 4,465 ​ (1,695,647) ​ — Amounts due from among our subsidiaries, our Company and the VIEs ​ — ​ 41 ​ — ​ 263,760 ​ (263,801) ​ — Amounts due from related parties ​ — ​ — ​ 59 ​ 74,116 ​ — ​ 74,175 Property and equipment, net ​ — ​ 7 ​ 3,997 ​ 3,089 ​ — ​ 7,093 Intangible assets, net ​ — ​ — ​ 1,375 ​ 59,542 ​ — ​ 60,917 Long term bank deposits ​ — ​ — ​ 200,000 ​ 160,000 ​ — ​ 360,000 Investments ​ — ​ 221,066 ​ 42,072 ​ 193,677 ​ — ​ 456,815 Goodwill ​ — ​ — ​ — ​ — ​ — ​ — Right-of-use assets ​ — ​ — ​ 2,925 ​ 12,891 ​ — ​ 15,816 Other non-current assets ​ — ​ 1,392 ​ 12,211 ​ 63,013 ​ — ​ 76,616 Total assets ​ 4,247,723 ​ 829,661 ​ 1,974,404 ​ 1,505,026 ​ (3,110,481) ​ 5,446,333 Accounts payable ​ — ​ 13,911 ​ 48,115 ​ 436,641 ​ — ​ 498,667 Advances from customers ​ — ​ — ​ 31 ​ 4,413 ​ — ​ 4,444 Deferred revenue ​ 754 ​ — ​ — ​ 251,592 ​ — ​ 252,346 Accrued expenses and other current liabilities ​ 36,531 ​ 408 ​ 88,454 ​ 117,124 ​ — ​ 242,517 Amounts due to between the VIEs and the WOFE (2) ​ — ​ — ​ 4,465 ​ 1,691,182 ​ (1,695,647) ​ — Amounts due to among our subsidiaries, our Company and the VIEs ​ 349 ​ 263,452 ​ — ​ — ​ (263,801) ​ — Amounts due to related parties ​ — ​ 1,809 ​ 586 ​ 220,194 ​ — ​ 222,589 Deficit in VIEs (3) ​ — ​ — ​ 1,228,770 ​ — ​ (1,228,770) ​ — Lease liabilities due within one year ​ — ​ — ​ 3,031 ​ 8,427 ​ — ​ 11,458 Lease liabilities ​ — ​ — ​ — ​ 4,223 ​ — ​ 4,223 Other liabilities ​ — ​ — ​ — ​ — ​ — ​ — Total liabilities ​ 37,634 ​ 279,580 ​ 1,373,452 ​ 2,733,796 ​ (3,188,218) ​ 1,236,244 Total shareholders’ equity(deficit) ​ 4,210,089 ​ 550,081 ​ 600,952 ​ (1,228,770) ​ 77,737 ​ 4,210,089 Total liabilities and shareholders’ equity(deficit) ​ 4,247,723 ​ 829,661 ​ 1,974,404 ​ 1,505,026 ​ (3,110,481) ​ 5,446,333 Notes: (1) It represents the eliminations of the investments among our Company, Our subsidiraries and WOFE.
Biggest changeOperating and Financial Review and Prospects” included elsewhere in this annual report. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Eliminating ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ adjustments between ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (i)our Company and ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ our subsidiaries and ​ ​ ​ ​ Our ​ Our ​ ​ ​ VIEs and VIEs’ ​ WOFE and (ii)the VIEs and ​ ​ ​ ​ ​ ​ Company ​ ​ ​ subsidiaries ​ ​ ​ WOFE ​ ​ ​ subsidiaries ​ ​ ​ VIEs’ subsidiaries ​ ​ ​ Consolidated ​ ​ (RMB in thousands) Third-party revenues ​ — ​ 94,915 ​ 448 ​ 5,435,042 ​ — ​ 5,530,405 Inter-company services revenues (1) ​ — ​ — ​ 354,632 ​ 24,589 ​ (379,221) ​ — Net revenues ​ — ​ 94,915 ​ 355,080 ​ 5,459,631 ​ (379,221) ​ 5,530,405 Third-party operating income (expense) ​ (23,089) ​ (174,017) ​ (343,027) ​ (5,154,309) ​ — ​ (5,694,442) Inter-company services cost and expenses (1) ​ — ​ — ​ (24,589) ​ (354,632) ​ 379,221 ​ — Loss from equity in subsidiaries ​ (190,965) ​ (92,139) ​ — ​ — ​ 283,104 ​ — Share of loss from VIEs ​ — ​ — ​ (49,971) ​ — ​ 49,971 ​ — Total operating cost and expenses ​ (214,054) ​ (266,156) ​ (417,587) ​ (5,508,941) ​ 712,296 ​ (5,694,442) Income (Loss) from operations ​ (214,054) ​ (171,241) ​ (62,507) ​ (49,310) ​ 333,075 ​ (164,037) Other expenses, net ​ — ​ — ​ (56,575) ​ 3,701 ​ — ​ (52,874) Interest income ​ 249,449 ​ (21) ​ 8,980 ​ 26,575 ​ — ​ 284,983 Income tax expenses ​ — ​ — ​ (1,069) ​ — ​ — ​ (1,069) Gain on disposal of subsidiary ​ — ​ 348 ​ — ​ (348) ​ — ​ — Foreign exchange gain (loss), net ​ 123 ​ (899) ​ 119 ​ 783 ​ — ​ 126 Share of income (loss) in equity method investments ​ — ​ (19,152) ​ 18,913 ​ (31,372) ​ — ​ (31,611) Net income (loss) ​ 35,518 ​ (190,965) ​ (92,139) ​ (49,971) ​ 333,075 ​ 35,518 ​ 10 Table of Contents ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Eliminating ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ adjustments between ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (i)our Company and ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ our subsidiaries and ​ ​ ​ ​ Our ​ Our ​ ​ ​ VIEs and VIEs’ ​ WOFE and (ii)the VIEs and ​ ​ ​ ​ ​ ​ Company ​ ​ ​ subsidiaries ​ ​ ​ WOFE ​ ​ ​ subsidiaries ​ ​ ​ VIEs’ subsidiaries ​ ​ ​ Consolidated ​ ​ (RMB in thousands) Third-party revenues ​ — ​ 35,942 ​ 274 ​ 4,234,609 ​ — ​ 4,270,825 Inter-company services revenues (1) ​ — ​ — ​ 198,032 ​ 18,071 ​ (216,103) ​ — Net revenues ​ — ​ 35,942 ​ 198,306 ​ 4,252,680 ​ (216,103) ​ 4,270,825 Third-party operating income (expense) ​ (45,902) ​ (33,658) ​ (273,604) ​ (4,491,248) ​ — ​ (4,844,412) Inter-company services cost and expenses (1) ​ — ​ — ​ (1,649,795) ​ 1,433,692 ​ 216,103 ​ — Loss from equity in subsidiaries ​ (502,191) ​ (543,144) ​ — ​ — ​ 1,045,335 ​ — Share of income from VIEs ​ — ​ — ​ 1,185,207 ​ — ​ (1,185,207) ​ — Total operating cost and expenses ​ (548,093) ​ (576,802) ​ (738,192) ​ (3,057,556) ​ 76,231 ​ (4,844,412) (Loss) income from operations ​ (548,093) ​ (540,860) ​ (539,886) ​ 1,195,124 ​ (139,872) ​ (573,587) Other expenses, net ​ — ​ 41,587 ​ (10,000) ​ (9,689) ​ — ​ 21,898 Interest income ​ 241,283 ​ 25 ​ 7,475 ​ 14,269 ​ — ​ 263,052 Income tax expenses ​ — ​ — ​ (669) ​ (14,738) ​ — ​ (15,407) Foreign exchange (loss) gain, net ​ — ​ (143) ​ 76 ​ 1,302 ​ — ​ 1,235 Share of (loss) income in equity method investments ​ — ​ (2,800) ​ (140) ​ (1,061) ​ — ​ (4,001) Net (loss) income ​ (306,810) ​ (502,191) ​ (543,144) ​ 1,185,207 ​ (139,872) ​ (306,810) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, 2025 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Eliminating ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ adjustments between ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (i)our Company and ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ our subsidiaries and ​ ​ ​ ​ Our ​ Our ​ ​ ​ VIEs and VIEs’ ​ WOFE and (ii)the VIEs and ​ ​ ​ ​ ​ ​ Company ​ ​ ​ subsidiaries ​ ​ ​ WOFE ​ ​ ​ subsidiaries ​ ​ ​ VIEs’ subsidiaries ​ ​ ​ Consolidated ​ ​ (RMB in thousands) Third-party revenues ​ — ​ 9,267 ​ 229 ​ 3,809,356 ​ — ​ 3,818,852 Inter-company services revenues (1) ​ — ​ — ​ 156,051 ​ 13,295 ​ (169,346) ​ — Net revenues ​ — ​ 9,267 ​ 156,280 ​ 3,822,651 ​ (169,346) ​ 3,818,852 Third-party operating cost and expenses ​ (41,437) ​ (22,965) ​ (149,080) ​ (3,600,614) ​ — ​ (3,814,096) Inter-company services cost and expenses (1) ​ — ​ — ​ (13,295) ​ (156,051) ​ 169,346 ​ — (Loss) income from equity in subsidiaries ​ (39,513) ​ 38,206 ​ — ​ — ​ 1,307 ​ — Share of income from VIEs ​ — ​ — ​ 42,491 ​ — ​ (42,491) ​ — Total operating cost and expenses ​ (80,950) ​ 15,241 ​ (119,884) ​ (3,756,665) ​ 128,162 ​ (3,814,096) (Loss) income from operations ​ (80,950) ​ 24,508 ​ 36,396 ​ 65,986 ​ (41,184) ​ 4,756 Other expenses, net ​ — ​ (65,201) ​ (2,114) ​ — ​ — ​ (67,315) Interest income ​ 51,868 ​ 16 ​ 4,139 ​ 8,308 ​ — ​ 64,331 Income tax expenses ​ — ​ — ​ (3) ​ (28,406) ​ — ​ (28,409) Foreign exchange loss, net ​ — ​ (153) ​ (160) ​ (204) ​ — ​ (517) Share of income (loss) in equity method investments ​ — ​ 1,317 ​ (52) ​ (3,193) ​ — ​ (1,928) Net (loss) income ​ (29,082) ​ (39,513) ​ 38,206 ​ 42,491 ​ (41,184) ​ (29,082) Note: (1) The eliminations are related to the service fees charged between WOFE and the VIEs. 11 Table of Contents ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Eliminating ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ adjustments between ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (i)our Company and ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ our subsidiaries and ​ ​ ​ ​ Our ​ Our ​ ​ ​ VIEs and VIEs’ ​ WOFE and (ii)the VIEs and ​ ​ ​ ​ ​ ​ Company ​ ​ ​ subsidiaries ​ ​ ​ WOFE ​ ​ ​ subsidiaries ​ ​ ​ VIEs’ subsidiaries ​ ​ ​ Consolidated ​ ​ (RMB in thousands) Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ 654,352 ​ 5,858 ​ 17,443 ​ 339,495 ​ — ​ 1,017,148 Restricted cash ​ — ​ — ​ — ​ 83 ​ — ​ 83 Short term bank deposits ​ 2,990,374 ​ — ​ — ​ 80,000 ​ — ​ 3,070,374 Accounts receivable, net ​ — ​ 60 ​ 290 ​ 48,707 ​ — ​ 49,057 Prepayments ​ 70 ​ — ​ 462 ​ 26,353 ​ — ​ 26,885 Other current assets ​ 52,846 ​ 285 ​ 2,388 ​ 175,835 ​ — ​ 231,354 Investments in subsidiaries (1) ​ 550,081 ​ 600,952 ​ — ​ — ​ (1,151,033) ​ — Amounts due from between the VIEs and the WOFE (2) ​ — ​ — ​ 1,691,182 ​ 4,465 ​ (1,695,647) ​ — Amounts due from among our subsidiaries, our Company and the VIEs ​ — ​ 41 ​ — ​ 263,760 ​ (263,801) ​ — Amounts due from related parties ​ — ​ — ​ 59 ​ 74,116 ​ — ​ 74,175 Property and equipment, net ​ — ​ 7 ​ 3,997 ​ 3,089 ​ — ​ 7,093 Intangible assets, net ​ — ​ — ​ 1,375 ​ 59,542 ​ — ​ 60,917 Long term bank deposits ​ — ​ — ​ 200,000 ​ 160,000 ​ — ​ 360,000 Investments ​ — ​ 221,066 ​ 42,072 ​ 193,677 ​ — ​ 456,815 Goodwill ​ — ​ — ​ — ​ — ​ — ​ — Right-of-use assets ​ — ​ — ​ 2,925 ​ 12,891 ​ — ​ 15,816 Other non-current assets ​ — ​ 1,392 ​ 12,211 ​ 63,013 ​ — ​ 76,616 Total assets ​ 4,247,723 ​ 829,661 ​ 1,974,404 ​ 1,505,026 ​ (3,110,481) ​ 5,446,333 Accounts payable ​ — ​ 13,911 ​ 48,115 ​ 436,641 ​ — ​ 498,667 Advances from customers ​ — ​ — ​ 31 ​ 4,413 ​ — ​ 4,444 Deferred revenue ​ 754 ​ — ​ — ​ 251,592 ​ — ​ 252,346 Accrued expenses and other current liabilities ​ 36,531 ​ 408 ​ 88,454 ​ 117,124 ​ — ​ 242,517 Amounts due to between the VIEs and the WOFE (2) ​ — ​ — ​ 4,465 ​ 1,691,182 ​ (1,695,647) ​ — Amounts due to among our subsidiaries, our Company and the VIEs ​ 349 ​ 263,452 ​ — ​ — ​ (263,801) ​ — Amounts due to related parties ​ — ​ 1,809 ​ 586 ​ 220,194 ​ — ​ 222,589 Deficit in VIEs (3) ​ — ​ — ​ 1,228,770 ​ — ​ (1,228,770) ​ — Lease liabilities due within one year ​ — ​ — ​ 3,031 ​ 8,427 ​ — ​ 11,458 Lease liabilities ​ — ​ — ​ — ​ 4,223 ​ — ​ 4,223 Other liabilities ​ — ​ — ​ — ​ — ​ — ​ — Total liabilities ​ 37,634 ​ 279,580 ​ 1,373,452 ​ 2,733,796 ​ (3,188,218) ​ 1,236,244 Total shareholders’ equity(deficit) ​ 4,210,089 ​ 550,081 ​ 600,952 ​ (1,228,770) ​ 77,737 ​ 4,210,089 Total liabilities and shareholders’ equity(deficit) ​ 4,247,723 ​ 829,661 ​ 1,974,404 ​ 1,505,026 ​ (3,110,481) ​ 5,446,333 ​ 12 Table of Contents ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2025 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Eliminating ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ adjustments between ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (i)our Company and ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ our subsidiaries and ​ ​ ​ ​ Our ​ Our ​ ​ ​ VIEs and VIEs’ ​ WOFE and (ii)the VIEs and ​ ​ ​ ​ ​ ​ Company ​ ​ ​ subsidiaries ​ ​ ​ WOFE ​ ​ ​ subsidiaries ​ ​ ​ VIEs’ subsidiaries ​ ​ ​ Consolidated ​ ​ (RMB in thousands) Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ 1,257,265 ​ 7,779 ​ 24,467 ​ 469,616 ​ — ​ 1,759,127 Restricted cash ​ — ​ — ​ — ​ 35 ​ — ​ 35 Short term bank deposits ​ 246,008 ​ — ​ 60,000 ​ 196,494 ​ — ​ 502,502 Accounts receivable, net ​ — ​ 387 ​ 361 ​ 76,836 ​ — ​ 77,584 Prepayments ​ 29 ​ — ​ 196 ​ 15,565 ​ — ​ 15,790 Other current assets ​ 8,593 ​ 275 ​ 6,477 ​ 169,919 ​ — ​ 185,264 Investments in subsidiaries (1) ​ 506,905 ​ 630,789 ​ — ​ — ​ (1,137,694) ​ — Amounts due from between the VIEs and the WOFE (2) ​ — ​ — ​ 1,748,791 ​ 2,179 ​ (1,750,970) ​ — Amounts due from among our subsidiaries, our Company and the VIEs ​ 351 ​ 34 ​ — ​ 213,359 ​ (213,744) ​ — Amounts due from related parties ​ — ​ — ​ 52 ​ 91,549 ​ — ​ 91,601 Property and equipment, net ​ — ​ 3 ​ 2,410 ​ 2,627 ​ — ​ 5,040 Intangible assets, net ​ — ​ — ​ 1,301 ​ 32,279 ​ — ​ 33,580 Long term bank deposits ​ — ​ — ​ — ​ — ​ — ​ — Investments ​ — ​ 91,631 ​ 96,604 ​ 195,448 ​ — ​ 383,683 Goodwill ​ — ​ — ​ — ​ — ​ — ​ — Right-of-use assets ​ — ​ — ​ 4,559 ​ 3,341 ​ — ​ 7,900 Other non-current assets ​ — ​ — ​ 1,559 ​ 56,286 ​ — ​ 57,845 Total assets ​ 2,019,151 ​ 730,898 ​ 1,946,777 ​ 1,525,533 ​ (3,102,408) ​ 3,119,951 Accounts payable ​ — ​ 10,110 ​ 45,738 ​ 498,283 ​ — ​ 554,131 Advances from customers ​ — ​ 23 ​ 10 ​ 2,278 ​ — ​ 2,311 Deferred revenue ​ 776 ​ — ​ — ​ 236,124 ​ — ​ 236,900 Accrued expenses and other current liabilities ​ 30,661 ​ 40 ​ 76,352 ​ 111,868 ​ — ​ 218,921 Amounts due to between the VIEs and the WOFE (2) ​ — ​ — ​ 2,179 ​ 1,748,791 ​ (1,750,970) ​ — Amounts due to among our subsidiaries, our Company and the VIEs ​ 342 ​ 213,402 ​ — ​ — ​ (213,744) ​ — Amounts due to related parties ​ — ​ 418 ​ 586 ​ 111,303 ​ — ​ 112,307 Deficit in VIEs (3) ​ — ​ — ​ 1,186,279 ​ — ​ (1,186,279) ​ — Lease liabilities due within one year ​ — ​ — ​ 3,538 ​ 3,165 ​ — ​ 6,703 Lease liabilities ​ — ​ — ​ 1,306 ​ — ​ — ​ 1,306 Other liabilities ​ — ​ — ​ — ​ — ​ — ​ — Total liabilities ​ 31,779 ​ 223,993 ​ 1,315,988 ​ 2,711,812 ​ (3,150,993) ​ 1,132,579 Total shareholders’ equity(deficit) ​ 1,987,372 ​ 506,905 ​ 630,789 ​ (1,186,279) ​ 48,585 ​ 1,987,372 Total liabilities and shareholders’ equity(deficit) ​ 2,019,151 ​ 730,898 ​ 1,946,777 ​ 1,525,533 ​ (3,102,408) ​ 3,119,951 Notes: (1) It represents the eliminations of the investments among our Company, Our subsidiraries and WOFE.
The PRC government may also influence our operations by adopting new laws and regulations as the government deems appropriate to further regulatory, political and societal goals, or may exert more control over offerings conducted overseas and/or foreign investment in China-based issuers, which could result in a material change in our operations and the value of our ADSs.
The PRC government may also influence our operations by adopting new laws and regulations as the government deems appropriate to further regulatory, political and societal goals, or may exert more control over offerings conducted overseas and/or foreign investment in China-based issuers, which could result in a material change in our operations and the value of our ADSs.
Key Information—D. Risk Factors— Risks Related to Our Business and Industry—Our business may suffer if we fail to successfully implement our monetization strategies” on page 42 of this annual report. ● Risks associated with our content monitoring system. For details, see “Item 3. Key Information—D.
Risk Factors— Risks Related to Our Business and Industry—Our business may suffer if we fail to successfully implement our monetization strategies” on page 42 of this annual report. ● Risks associated with our content monitoring system. For details, see “Item 3. Key Information—D.
The Overseas Listing Trial Measures will comprehensively improve and reform the existing regulatory regime for overseas offering and listing of PRC domestic companies’ securities and will regulate both direct and indirect overseas offering and listing of PRC domestic companies’ securities by adopting a filing-based regulatory regime.
The Overseas Listing Trial Measures will comprehensively improve and reform the existing regulatory regime for overseas offering and listing of PRC domestic companies’ securities and will regulate both direct and indirect overseas offering and listing of PRC domestic companies’ securities by adopting a filing-based regulatory regime.
According to the Overseas Listing Trial Measures, PRC domestic companies that seek to offer and list securities in overseas markets, either in direct or indirect means, are required to fulfill the filing procedure with the CSRC and report relevant information.
According to the Overseas Listing Trial Measures, PRC domestic companies that seek to offer and list securities in overseas markets, either in direct or indirect means, are required to fulfill the filing procedure with the CSRC and report relevant information.
If a company fails to complete the filing procedure or conceals any material fact or falsifies any major content in its filing documents, it may be subject to administrative penalties, such as order to rectify, warnings, fines, and its controlling shareholders, actual controllers, the person directly in charge and other directly liable persons may also be subject to administrative penalties, such as warnings and fines.
If a company fails to complete the filing procedure or conceals any material fact or falsifies any major content in its filing documents, it may be subject to administrative penalties, such as order to rectify, warnings, fines, and its controlling shareholders, actual controllers, the person directly in charge and other directly liable persons may also be subject to administrative penalties, such as warnings and fines.
The Overseas Listing Trial Measures also provide that a company in mainland China must file with the CSRC within three business days for its follow-on offering of securities after it is listed in an overseas market.
The Overseas Listing Trial Measures also provide that a company in mainland China must file with the CSRC within three business days for its follow-on offering of securities after it is listed in an overseas market.
On February 17, 2023, the CSRC also issued the Notice on Administration of the Filing of Overseas Offering and Listing by Domestic Companies and held a press conference for the release of the Overseas Listing Trial Measures, which, among others, clarified that the companies in mainland China that have been listed overseas before March 31, 2023 are not required to file with the CSRC immediately, but these companies should complete filing with the CSRC for their refinancing activities in accordance with the Overseas Listing Trial Measures.
On February 17, 2023, the CSRC also issued the Notice on Administration of the Filing of Overseas Offering and Listing by Domestic Companies and held a press conference for the release of the Overseas Listing Trial Measures, which, among others, clarified that the companies in mainland China that have been listed overseas before March 31, 2023 are not required to file with the CSRC immediately, but these companies should complete filing with the CSRC for their refinancing activities in accordance with the Overseas Listing Trial Measures.
We cannot assure you that we will be able to complete such filing in a timely manner and fully comply with such rules to maintain the listing status of our ADSs and/or other securities, or to conduct any securities offerings in the future.
We cannot assure you that we will be able to complete such filing in a timely manner and fully comply with such rules to maintain the listing status of our ADSs and/or other securities, or to conduct any securities offerings in the future.
In connection with enforcing these rules, regulations, policies and requirements, relevant government authorities may suspend services by revoking the licenses of, any Internet or mobile content service provider that is deemed to provide illicit content online or on mobile devices, or may impose fines or penalties, require implementation of remedial measures (including but not limited to the adjustment or removal of specific features, cessation of updates to certain content, or temporary or permanent suspension of certain streamers’ accounts), or impose more stringent requirements for content service providers, and such activities may be intensified in connection with any ongoing government campaigns to eliminate prohibited content online.
In connection with enforcing these rules, regulations, policies and requirements, relevant government authorities may suspend services by revoking the licenses of, any Internet or mobile content service provider that is deemed to provide illicit content online or on mobile devices, or may impose fines or penalties, require implementation of remedial measures (including but not limited to the adjustment or removal of specific features, removal or cessation of updates to certain content, or temporary or permanent suspension of certain streamers’ accounts), or impose more stringent requirements for content service providers, and such activities may be intensified in connection with any ongoing government campaigns to eliminate prohibited content online.
The relevant competent governmental authorities may initiate the cybersecurity review against the relevant operators if the authorities believe that the network product or service or data processing activities of such operators affect or may affect national security.
The relevant competent governmental authorities may initiate the cybersecurity review against the relevant operators if the authorities believe that the network product or service or data processing activities of such operators affect or may affect national security.
In addition, network data processors processing personal information of over 10 million individuals shall fulfill certain requirements for processing important data and require network data processors to take certain precautionary measures, such as identifying important data and conducting annual risk assessment.
In addition, network data processors processing personal information of over 10 million individuals shall fulfill certain requirements for processing important data and require network data processors to take certain precautionary measures, such as identifying important data and conducting annual risk assessment.
Furthermore, the Measures for Network Data Security allow network data processors to provide personal information overseas only if it is strictly necessary for fulfilling statutory obligations. The Measures for Network Data Security also establish certain obligations of online platform service providers, including offering users an option to turn off personalized recommendations.
Furthermore, the Measures for Network Data Security allow network data processors to provide personal information overseas only if it is strictly necessary for fulfilling statutory obligations. The Measures for Network Data Security also establish certain obligations of online platform service providers, including offering users an option to turn off personalized recommendations.
These measures require the data processor providing data overseas to apply for the security assessment of cross-border transfer of data with the local provincial-level counterparts of the national cybersecurity authority under any of the following circumstances: (i) where the data processor intends to provide important data overseas; (ii) where a critical information infrastructure operator and a data processor who has processed personal information of more than 1,000,000 individuals intends to provide personal information overseas; (iii) where a data processor who has provided personal information of 100,000 individuals or sensitive personal information of 10,000 individuals to overseas recipients, in each case as calculated cumulatively, since January 1 of the preceding year intends to provide personal information overseas; or (iv) other circumstances where the security assessment of data cross-border transfer is required by the CAC.
These measures require the data processor providing data overseas to apply for the security assessment of cross-border transfer of data with the local provincial-level counterparts of the national cybersecurity authority under any of the following circumstances: (i) where the data processor intends to provide important data overseas; (ii) where a critical information infrastructure operator and a data processor who has processed personal information of more than 1,000,000 individuals intends to provide personal information overseas; (iii) where a data processor who has provided personal information of 100,000 individuals or sensitive personal information of 10,000 individuals to overseas recipients, in each case as calculated cumulatively, since January 1 of the preceding year intends to provide personal information overseas; or (iv) other circumstances where the security assessment of data cross-border transfer is required by the CAC.
Moreover, the PRC Anti-monopoly Law promulgated by the SCNPC in 2008 and recently amended in 2022 and the Provisions of the State Council on the Threshold of Filings for Undertaking Concentrations issued by the State Council in 2008 and most recently amended in January 22, 2024 require that transactions which are deemed concentrations and involve parties with specified turnover thresholds (i.e., during the previous fiscal year, (i) the total global turnover of all operators participating in the transaction exceeds RMB12 billion and at least two of these operators each had a turnover of more than RMB800 million within China or (ii) the total turnover within China of all the operators participating in the concentration exceeded RMB4 billion, and at least two of these operators each had a turnover of more than RMB800 million within China) must be cleared by the anti-monopoly enforcement authority before they can be completed.
Moreover, the PRC Anti-monopoly Law promulgated by the SCNPC in 2008 and amended in 2022 and the Provisions of the State Council on the Threshold of Filings for Undertaking Concentrations issued by the State Council in 2008 and most recently amended in January 22, 2024 require that transactions which are deemed concentrations and involve parties with specified turnover thresholds (i.e., during the previous fiscal year, (i) the total global turnover of all operators participating in the transaction exceeds RMB12 billion and at least two of these operators each had a turnover of more than RMB800 million within China or (ii) the total turnover within China of all the operators participating in the concentration exceeded RMB4 billion, and at least two of these operators each had a turnover of more than RMB800 million within China) must be cleared by the anti-monopoly enforcement authority before they can be completed.
The inability of the PCAOB to conduct inspections in the past also deprived our investors of the benefits of such inspections. On December 15, 2022, the PCAOB announced that it was able to conduct inspections and investigations completely of PCAOB-registered public accounting firms headquartered in mainland China and Hong Kong in 2022. The PCAOB vacated its previous 2021 Determinations accordingly.
The inability of the PCAOB to conduct inspections in the past also deprived our investors of the benefits of such inspections. On December 15, 2022, the PCAOB announced that it was able to conduct inspections and investigations completely of PCAOB-registered public accounting firms headquartered in mainland China and Hong Kong in 2022. The PCAOB vacated its previous 2021 Determinations accordingly.
The PCAOB is expected to continue to demand complete access to inspections and investigations against accounting firms headquartered in mainland China and Hong Kong in the future.
The PCAOB is expected to continue to demand complete access to inspections and investigations against accounting firms headquartered in mainland China and Hong Kong in the future.
The PCAOB is required under the HFCAA to make its determination on an annual basis with regards to its ability to inspect and investigate completely accounting firms based in the mainland China and Hong Kong, among other jurisdictions. The possibility of being a “Commission-Identified Issuer” and risk of delisting could continue to adversely affect the trading price of our securities.
The PCAOB is required under the HFCAA to make its determination on an annual basis with regards to its ability to inspect and investigate completely accounting firms based in the mainland China and Hong Kong, among other jurisdictions. The possibility of being a “Commission-Identified Issuer” and risk of delisting could continue to adversely affect the trading price of our securities.
If the PCAOB determines in the future that it no longer has full access to inspect and investigate accounting firms headquartered in mainland China and Hong Kong and we continue to use such accounting firm to conduct audit work, we would be identified as a “Commission-Identified Issuer” under the HFCAA following the filing of the annual report for the relevant fiscal year, and if we were so identified for two consecutive years, trading in our securities on U.S. markets would be prohibited.
If the PCAOB determines in the future that it no longer has full access to inspect and investigate accounting firms headquartered in mainland China and Hong Kong and we continue to use such accounting firm to conduct audit work, we would be identified as a “Commission-Identified Issuer” under the HFCAA following the filing of the annual report for the relevant fiscal year, and if we were so identified for two consecutive years, trading in our securities on U.S. markets would be prohibited.
Our viewers or streamers may also be subject to civil or criminal liabilities in connection with their activities conducted on our platform, which may result in certain remedial measures, governmental or other disciplinary actions or civil liabilities imposed on us and could in turn affect our results of operations and financial conditions. 62 Table of Contents Present and future business partnerships or acquisitions may fail and materially and adversely affect our business, reputation and results of operations.
Our viewers or streamers may also be subject to civil or criminal liabilities in connection with their activities conducted on our platform, which may result in certain remedial measures, governmental or other disciplinary actions or civil liabilities imposed on us and could in turn affect our results of operations and financial conditions. 62 Table of Contents Present and future business partnerships or acquisitions may fail, which may materially and adversely affect our business, reputation and results of operations.
At the press conference held for the Overseas Listing Trial Measures on the same day, officials from the CSRC clarified that, as for companies seeking overseas listing with VIEs and applying to file with the CSRC, the CSRC will solicit opinions from relevant PRC regulatory authorities and complete the filing of the overseas listing of such companies if such companies duly meet the compliance requirements.
At the press conference held for the Overseas Listing Trial Measures on the same day, officials from the CSRC clarified that, as for companies seeking overseas listing with VIEs and applying to file with the CSRC, the CSRC will solicit opinions from relevant PRC regulatory authorities and complete the filing of the overseas listing of such companies if such companies duly meet the compliance requirements.
A number of factors could negatively affect user retention, growth and engagement, including the following: ● our streamers fail to keep our users engaged on our platform over a long period of time; ● the limited time of our users is distracted by other competitors in live-streaming industry or other entertainment platforms or apps; ● we fail to innovate our communities, user-generated content and our virtual gifts and game-related services that keep our users interested and eager to return to our platform on a regular basis; ● loss of interesting content or top streamers; ● failure to obtain contracts for streaming popular games and related events; ● we are unable to combat spam on or inappropriate or abusive use of our platform, which may lead to negative public perception of us and our brand; ● we suffer from negative publicity, fail to maintain our brand or our reputation is damaged; ● there are adverse changes in our services and content offerings that are mandated, or that we elect to make, to address, market dynamics, legislation, regulations or government policies; ● technical or other problems prevent us from delivering our services in a rapid and reliable manner or otherwise adversely affect the user experience; ● we fail to address user concerns related to privacy and communication, safety, security or other factors; and ● the growth of the number of PC and smartphone users in China stalls. 37 Table of Contents We may fail to attract, cultivate and retain top streamers, which may materially and negatively affect our user retention and thus our business and operations.
A number of factors could negatively affect user retention, growth and engagement, including the following: ● our streamers fail to keep our users engaged on our platform over a long period of time; ● the limited time of our users is distracted by other competitors in live-streaming industry or other entertainment platforms or apps; ● we fail to innovate our communities, user-generated content and our virtual gifts and game-related services that keep our users interested and eager to return to our platform on a regular basis; ● loss of interesting content or top streamers; ● failure to obtain contracts for streaming popular games and related events; ● we are unable to combat spam on or inappropriate or abusive use of our platform, which may lead to negative public perception of us and our brand; ● we suffer from negative publicity, fail to maintain our brand or our reputation is damaged; ● there are adverse changes in our services and content offerings that are mandated, or that we elect to make, to address, market dynamics, legislation, regulations or government policies; ● technical or other problems prevent us from delivering our services in a rapid and reliable manner or otherwise adversely affect the user experience; ● we fail to address user concerns related to privacy and communication, safety, security or other factors; and ● the growth of the number of PC, smartphone and other smart device users in China stalls. 37 Table of Contents We may fail to attract, cultivate and retain top streamers, which may materially and negatively affect our user retention and thus our business and operations.
Risk Factor—Risks Related to Our Corporate Structure—There are substantial uncertainties regarding the interpretation and application of current and future PRC laws, regulations, and rules relating to the agreements that establish the VIE structure for our operations in China, including potential future actions by the PRC government, which could affect the enforceability of our contractual arrangements with the VIEs and, consequently, significantly affect the financial condition and results of operations performance of Douyu.
Risk Factor—Risks Related to Our Corporate Structure—There are uncertainties regarding the interpretation and application of current and future PRC laws, regulations, and rules relating to the agreements that establish the VIE structure for our operations in China, including potential future actions by the PRC government, which could affect the enforceability of our contractual arrangements with the VIEs and, consequently, significantly affect the financial condition and results of operations performance of Douyu.
Risks Related to Our Corporate Structure There are substantial uncertainties regarding the interpretation and application of current and future PRC laws, regulations, and rules relating to the agreements that establish the VIE structure for our operations in China, including potential future actions by the PRC government, which could affect the enforceability of our contractual arrangements with the VIEs and, consequently, significantly affect the financial condition and results of operations performance of Douyu.
Risks Related to Our Corporate Structure There are uncertainties regarding the interpretation and application of current and future PRC laws, regulations, and rules relating to the agreements that establish the VIE structure for our operations in China, including potential future actions by the PRC government, which could affect the enforceability of our contractual arrangements with the VIEs and, consequently, significantly affect the financial condition and results of operations performance of Douyu.
We and our investors face significant uncertainty about potential future actions by the PRC government that could affect the legality and enforceability of the contractual arrangements with the VIEs and, consequently, significantly affect our ability to continue to consolidate the financial results of these entities in our financial statements. See “Item 3. Key Information—D.
We and our investors face uncertainty about potential future actions by the PRC government that could affect the legality and enforceability of the contractual arrangements with the VIEs and, consequently, significantly affect our ability to continue to consolidate the financial results of these entities in our financial statements. See “Item 3. Key Information—D.
As part of our efforts, we have strategically adjusted our streamer contract model to a combination of exclusive contract model and cross-platform content co-creation model. On the one hand, we enter into exclusive contracts with our top streamers whose performances meet our standards to ensure a consistent supply of quality content.
As part of our efforts, we have strategically adjusted our streamer contract model to a combination of exclusive contract model and cross-platform content co-creation model as a supplement. On the one hand, we enter into exclusive contracts with our top streamers whose performances meet our standards to ensure a consistent supply of quality content.
Furthermore, if future laws, administrative regulations or provisions of the State Council mandate further actions to be taken by companies with respect to existing contractual arrangements, we may face substantial uncertainties as to whether we can complete such actions in a timely manner, or at all.
Furthermore, if future laws, administrative regulations or provisions of the State Council mandate further actions to be taken by companies with respect to existing contractual arrangements, we may face uncertainties as to whether we can complete such actions in a timely manner, or at all.
Board Practices—Board of Directors.” As a result, our shareholders may be afforded less protection than they otherwise would enjoy under the Nasdaq corporate governance listing standards applicable to U.S. domestic issuers. 79 Table of Contents We were likely a passive foreign investment company, or PFIC, for 2024 if the value of our assets is determined by reference to our market capitalization and there is a significant risk that we will be a PFIC for 2025 and possibly subsequent taxable years, in which case U.S. investors will generally be subject to adverse U.S. federal income tax consequences.
Board Practices—Board of Directors.” As a result, our shareholders may be afforded less protection than they otherwise would enjoy under the Nasdaq corporate governance listing standards applicable to U.S. domestic issuers. 79 Table of Contents We were likely a passive foreign investment company, or PFIC, for 2025 if the value of our assets is determined by reference to our market capitalization and there is a significant risk that we will be a PFIC for 2026 and possibly subsequent taxable years, in which case U.S. investors will generally be subject to adverse U.S. federal income tax consequences.
However, our PRC counsel advised that there are substantial uncertainties regarding the interpretation and application of current and future PRC laws, regulations and rules. In particular, in March 2019, the National People’s Congress of the PRC adopted the PRC Foreign Investment Law, which became effective on January 1, 2020.
However, our PRC counsel advised that there are uncertainties regarding the interpretation and application of current and future PRC laws, regulations and rules. In particular, in March 2019, the National People’s Congress of the PRC adopted the PRC Foreign Investment Law, which became effective on January 1, 2020.
Risks Related to Our Corporate Structure ● Risks associated with substantial uncertainties regarding the interpretation and application of current and future PRC laws, regulations, and rules relating to the agreements that establish the VIE structure for our operations in China. For details, see “Item 3. Key Information—D.
Risks Related to Our Corporate Structure ● Risks associated with uncertainties regarding the interpretation and application of current and future PRC laws, regulations, and rules relating to the agreements that establish the VIE structure for our operations in China. For details, see “Item 3. Key Information—D.
We and our investors face significant uncertainty about potential future actions by the PRC government that could affect the legality and enforceability of the contractual arrangements with the VIEs and, consequently, significantly affect our ability to consolidate the financial results of the VIEs and the financial performance of our company as a whole.
We and our investors face uncertainty about potential future actions by the PRC government that could affect the legality and enforceability of the contractual arrangements with the VIEs and, consequently, significantly affect our ability to consolidate the financial results of the VIEs and the financial performance of our company as a whole.
Substantial uncertainties exist with respect to whether the foreign investor’s controlling PRC onshore variable interest entities via contractual arrangements will be recognized as “foreign investment” and how it may impact the viability of our current corporate structure and operations.
Uncertainties exist with respect to whether the foreign investor’s controlling PRC onshore variable interest entities via contractual arrangements will be recognized as “foreign investment” and how it may impact the viability of our current corporate structure and operations.
There have also been concerns about the economic effect of the military conflicts and political turmoil or social instability in the Middle East, Europe, Africa and other places, as well as the recent banking turmoil in the United States and the European Union.
There have also been concerns about the economic effect of the military conflicts and political turmoil or social instability in the Middle East, Europe, Africa and other places, as well as the banking turmoil in the United States and the European Union.
There were no other assets transferred between VIEs and non-VIEs in 2022, 2023 and 2024. 9 Table of Contents Condensed Consolidating Schedule The following tables set forth the summary condensed consolidated balance sheets data as of December 31, 2023 and 2024 of (i) our Company and our subsidiaries and (ii) the VIEs and VIEs’ subsidiaries, and the summary of the condensed consolidated statements of operations and cash flows for the years ended December 31, 2022, 2023 and 2024.
There were no other assets transferred between VIEs and non-VIEs in 2023, 2024 and 2025. 9 Table of Contents Condensed Consolidating Schedule The following tables set forth the summary condensed consolidated balance sheets data as of December 31, 2024 and 2025 of (i) our Company and our subsidiaries and (ii) the VIEs and VIEs’ subsidiaries, and the summary of the condensed consolidated statements of operations and cash flows for the years ended December 31, 2023, 2024 and 2025.
Due to our declined market capitalization, there is a significant risk that we will also be a PFIC for 2025 and possibly future taxable years. In addition, the extent to which our goodwill and other intangible assets should be characterized as non-passive assets is not entirely clear. We have not obtained any valuation of our goodwill and other intangible assets.
Due to our declined market capitalization, there is a significant risk that we will also be a PFIC for 2026 and possibly future taxable years. In addition, the extent to which our goodwill and other intangible assets should be characterized as non-passive assets is not entirely clear. We have not obtained any valuation of our goodwill and other intangible assets.
In 2022, 2023 and 2024, we did not make any loans to the VIEs. The VIEs fund their operations primarily using cash generated from operating and investing activities. For more information, see “Item 3. Key Information—Condensed Consolidating Schedule,” and our consolidated financial statements included elsewhere in this annual report.
In 2023, 2024 and 2025, we did not make any loans to the VIEs. The VIEs fund their operations primarily using cash generated from operating and investing activities. For more information, see “Item 3. Key Information—Condensed Consolidating Schedule,” and our consolidated financial statements included elsewhere in this annual report.
Section 404 of the Sarbanes-Oxley Act of 2002 requires us to evaluate and determine the effectiveness of our internal control over financial reporting, report any material weaknesses in such internal controls and provide a management report on internal control over financial reporting. 64 Table of Contents Our management has concluded that our internal control over financial reporting was effective as of December 31, 2024.
Section 404 of the Sarbanes-Oxley Act of 2002 requires us to evaluate and determine the effectiveness of our internal control over financial reporting, report any material weaknesses in such internal controls and provide a management report on internal control over financial reporting. 64 Table of Contents Our management has concluded that our internal control over financial reporting was effective as of December 31, 2025.
For details, see “— We have limited control over third parties who use our platform and our content monitoring system may not be effective in preventing misconduct by our platform users and misuse of our platform and such misconduct or misuse may materially and adversely impact our brand image, business and operating results.” In light of the enhanced regulatory oversight, we or our senior management have also been subject to allegations by third parties or purported former employees, negative Internet postings and other adverse public exposure on our business and operations.
For details, see “— We have limited control over third parties who use our platform and our content monitoring system may not be effective in preventing misconduct by our platform users and misuse of our platform and such misconduct or misuse may materially and adversely impact our brand image, business and operating results.” 39 Table of Contents In light of the enhanced regulatory oversight, we or our senior management have also been subject to allegations by third parties or purported former employees, negative Internet postings and other adverse public exposure on our business and operations.
Business Overview—Our Relationship with Tencent.” As of March 31, 2025, Tencent held approximately 40.0% of our total outstanding ordinary shares through its wholly-owned subsidiaries, Nectarine and Distribution Pool Limited, representing 40.0% of our total voting power. For details, see “Item 6. Directors, Senior Management and Employees—6.E.
Business Overview—Our Relationship with Tencent.” As of March 31, 2026, Tencent held approximately 40.0% of our total outstanding ordinary shares through its wholly-owned subsidiaries, Nectarine and Distribution Pool Limited, representing 40.0% of our total voting power. For details, see “Item 6. Directors, Senior Management and Employees—6.E.
As of March 31, 2025, Tencent held approximately 40.0% of our total outstanding ordinary shares through its wholly-owned subsidiaries, Nectarine and Distribution Pool Limited, representing 40.0% of our total voting power. In addition, pursuant to the terms of our Fourth Amended and Restated Memorandum and Articles of Association, Mr. Shaojie Chen and Mr.
As of March 31, 2026, Tencent held approximately 40.0% of our total outstanding ordinary shares through its wholly-owned subsidiaries, Nectarine and Distribution Pool Limited, representing 40.0% of our total voting power. In addition, pursuant to the terms of our Fourth Amended and Restated Memorandum and Articles of Association, Mr. Shaojie Chen and Mr.
As of December 31, 2024, DouYu International Holdings Limited had made cumulative capital contributions of US$250.0 million to our PRC subsidiaries through our intermediate holding company, and those contributions were accounted as long-term investments of DouYu International Holdings Limited. These funds have been used by our PRC subsidiaries for their operations.
As of December 31, 2025, DouYu International Holdings Limited had made cumulative capital contributions of US$250.0 million to our PRC subsidiaries through our intermediate holding company, and those contributions were accounted as long-term investments of DouYu International Holdings Limited. These funds have been used by our PRC subsidiaries for their operations.
If the PRC tax authorities determine that our Cayman Islands holding company or any of our subsidiaries outside of China is a PRC resident enterprise for PRC enterprise income tax purposes, its or such subsidiarie’s world-wide income could be subject to PRC tax at a rate of 25%, which could reduce our net income.
If the PRC tax authorities determine that our Cayman Islands holding company or any of our subsidiaries outside of China is a PRC resident enterprise for PRC enterprise income tax purposes, its or such subsidiary’s world-wide income could be subject to PRC tax at a rate of 25%, which could reduce our net income.
As of December 31, 2024, our subsidiary and the VIEs (including their subsidiaries) located in the PRC reported accumulated loss and therefore they could not pay any dividends. Fluctuations in exchange rates could have a material adverse effect on our results of operations and the value of your investment.
As of December 31, 2025, our subsidiary and the VIEs (including their subsidiaries) located in the PRC reported accumulated loss and therefore they could not pay any dividends. Fluctuations in exchange rates could have a material adverse effect on our results of operations and the value of your investment.
Because generally our market capitalization has declined substantially in recent years, if the value of our goodwill and other intangible assets is determined by reference to the average of our quarterly market capitalization then we were likely a PFIC for our 2024 taxable year and certain prior taxable years.
Because generally our market capitalization has declined substantially in recent years, if the value of our goodwill and other intangible assets is determined by reference to the average of our quarterly market capitalization then we were likely a PFIC for our 2025 taxable year and certain prior taxable years.
This has resulted in a reduction in our revenue, as well as our marketing and promotional activities for new user acquisition.
This has resulted in a reduction in our revenue and user traffic, as well as our marketing and promotional activities for new user acquisition.
As of March 31, 2025, our directors and executive officers beneficially owned, after taking into account RSUs that will become vested within 60 days after the date of this annual report, an aggregate of 18.0% of our total outstanding ordinary shares.
As of March 31, 2026, our directors and executive officers beneficially owned, after taking into account RSUs that will become vested within 60 days after the date of this annual report, an aggregate of 18.0% of our total outstanding ordinary shares.
As of March 31, 2025, 2,075,858 RSUs have been granted that are not forfeited under the Amended and Restated 2018 RSU Scheme and no award has been granted and outstanding under the 2019 Share Incentive Plan. 2,075,858 RSUs corresponding to 2,075,858 ordinary shares have been vested as of March 31, 2025.
As of March 31, 2026, 2,075,858 RSUs have been granted that are not forfeited under the Amended and Restated 2018 RSU Scheme and no award has been granted and outstanding under the 2019 Share Incentive Plan. 2,075,858 RSUs corresponding to 2,075,858 ordinary shares have been vested as of March 31, 2026.
It is the VIEs that hold our key operating licenses, provide services to our customers, and enter into contracts with our suppliers. In 2022, 2023 and 2024, the amount of revenues generated by the VIEs approximately accounted for 99%, 99% and 99%, respectively, of our total net revenues.
It is the VIEs that hold our key operating licenses, provide services to our customers, and enter into contracts with our suppliers. In 2023, 2024 and 2025, the amount of revenues generated by the VIEs approximately accounted for 99%, 99% and 99%, respectively, of our total net revenues.
Risk Factors— Risks Related to Our Business and Industry—We may lose the ability to use and enjoy assets held by the VIEs and their subsidiaries that are important to our business if the VIEs and their subsidiaries declare bankruptcy or become subject to a dissolution or liquidation proceeding” on page 71 of this annual report. 19 Table of Contents ● Risks associated with scrutiny by the PRC tax authorities that may impose on our contractual arrangements.
Risk Factors— Risks Related to Our Business and Industry—We may lose the ability to use and enjoy assets held by the VIEs and their subsidiaries that are important to our business if the VIEs and their subsidiaries declare bankruptcy or become subject to a dissolution or liquidation proceeding” on page 71 of this annual report. ● Risks associated with scrutiny by the PRC tax authorities that may impose on our contractual arrangements.
Currently we conduct substantially all of our business operations in the PRC through Douyu Yule, our subsidiary incorporated in the PRC, and the VIEs. Douyu Yule controls Wuhan Ouyue and Wuhan Douyu, and other subsidiaries in the PRC, through a series of contractual arrangements. We conduct a significant portion of our businesses in China through Wuhan Ouyue and Wuhan Douyu.
Currently we conduct substantially all of our business operations in the PRC through Douyu Yule, our subsidiary incorporated in the PRC, and the VIEs. Douyu Yule controls Wuhan Ouyue and Wuhan Douyu, and their subsidiaries in the PRC, through a series of contractual arrangements. We conduct a significant portion of our businesses in China through Wuhan Ouyue and Wuhan Douyu.
For details, see “Item 3. Key Information—D. Risk Factors— Risks Related to Our Business and Industry—We have incurred net losses since inception, and we may continue to incur losses in the future” on page 40 of this annual report. 18 Table of Contents ● Risks associated with our ability to successfully implement our monetization strategies. For details, see “Item 3.
For details, see “Item 3. Key Information—D. Risk Factors— Risks Related to Our Business and Industry—We have incurred net losses since inception, and we may continue to incur losses in the future” on page 40 of this annual report. ● Risks associated with our ability to successfully implement our monetization strategies. For details, see “Item 3. Key Information—D.
Risk Factors— Risks Related to Our Business and Industry—Any failure by the VIEs or their shareholders to perform their obligations under our contractual arrangements with them would have a material adverse effect on our business” on page 69 of this annual report. ● Risks associated with our reliance on contractual arrangements with the VIEs and their shareholders for our operations in China.
Risk Factors— Risks Related to Our Business and Industry—Any failure by the VIEs or their shareholders to perform their obligations under our contractual arrangements with them would have a material adverse effect on our business” on page 69 of this annual report. ​ 19 Table of Contents ● Risks associated with our reliance on contractual arrangements with the VIEs and their shareholders for our operations in China.
We cannot be sure that our internal content control efforts will be sufficient to remove all content that may be viewed as indecent or otherwise non-compliant with PRC law and regulations.
We cannot guarantee that our internal content control efforts will be sufficient to remove all content that may be viewed as indecent or otherwise non-compliant with PRC law and regulations.
For details, see “Item 3. Key Information—D. Risk Factors— Risks Related to Our Business and Industry—Contractual arrangements we have entered into with the VIEs may be subject to scrutiny by the PRC tax authorities. A finding that we owe additional taxes could negatively affect our financial condition and the value of your investment” on page 71 of this annual report.
For details, see “Item 3. Key Information—D. Risk Factors— Risks Related to Our Corporate Structure—Contractual arrangements we have entered into with the VIEs may be subject to scrutiny by the PRC tax authorities. A finding that we owe additional taxes could negatively affect our financial condition and the value of your investment” on page 71 of this annual report.
For details, see “— Our business depends substantially on the continuing efforts of our executive officers, key employees and qualified personnel, and our business may be adversely and negatively impacted if we lose their services.” 39 Table of Contents If we fail to operate our business efficiently, our brand, business and results of operations may be materially and adversely affected.
For details, see “— Our business depends substantially on the continuing efforts of our executive officers, key employees and qualified personnel, and our business may be adversely and negatively impacted if we lose their services.” If we fail to operate our business efficiently, our brand, business and results of operations may be materially and adversely affected.
Our average mobile MAUs and number of quarterly average paying users decreased year-over-year in 2024. This may have an adverse impact on our operations if we are not able to grow the size of our user base. As a pioneer player in the industry with solid brand awareness, we are one of China’s leading game-centric livestreaming platforms.
Our average mobile MAUs and number of quarterly average paying users decreased year-over-year in 2025. This may have an adverse impact on our operations if we are not able to retain or grow the size of our user base. As a pioneer player in the industry with solid brand awareness, we are one of China’s leading game-centric livestreaming platforms.
The court has not yet scheduled a hearing and the final judgement has not been made. As of the date of this annual report, the allegations against Mr. Chen have not been resolved. Mr. Chen’s case has not had a material adverse impact on our business thusfar.
The court has not yet scheduled a hearing and the final judgement has not been made. As of the date of this annual report, the allegations against Mr. Chen have not been resolved. Mr. Chen’s case has not had a material adverse impact on our business thus far.
Our content offerings may be mandated to, or we may voluntarily elect to, curtail our content offerings, to address market dynamics, legislation, regulations or government policies, which our viewers may find less attractive. In addition, we largely rely on our streamers to create high-quality and fun livestreaming content.
Our content offerings may be mandated to, or we may voluntarily elect to, curtail our content offerings, to address market dynamics, legislation, regulations or government policies, which our viewers may find less attractive. 38 Table of Contents In addition, we largely rely on our streamers to create high-quality and fun livestreaming content.
For these reasons, we cannot express an expectation as to our PFIC status for 2025 or any future taxable year.
For these reasons, we cannot express an expectation as to our PFIC status for 2026 or any future taxable year.
If our user base becomes smaller or our users become less active due to our strategy to reduce costs and expenses, including but not limited to reduced purchase of tournament copyrights, or reduced engagement or the attempt to enter into non-exclusive agreements with certain top streamers, or due to any other reasons, it is probable that our users would spend less on our virtual gifts, game-related service and jointly operated games or visit our advertisements less frequently, or access our platform less in general.
Our user base may become smaller and our users may become less active due to our strategy to reduce costs and expenses, including but not limited to reduced purchase of tournament copyrights, or reduced engagement or the attempt to enter into non-exclusive agreements with certain top streamers, or due to intense competition of other entertainment platforms or any other reasons, it is probable that our users would spend less on our virtual gifts, game-related service and jointly operated games or visit our advertisements less frequently, or access our platform less in general.
As part of these efforts, we have been adjusting and reducing the costs of streamers’ compensation and tournament copyrights, shifting our attention towards optimizing our streamer structure, and cultivating paying users who exhibit stronger user stickiness and a willingness to pay.
As part of these efforts, we have been adjusted and reduced the costs of streamers’ compensation and tournament copyrights, shifting our attention towards optimizing our streamer structure, and cultivating paying users who exhibit stronger user stickiness and a willingness to pay.
We may adopt share incentive plans in the future that permits granting of share-based compensation to employees and directors. We did not recognized any share-based compensation expenses in our consolidated statement of income for the year ended December 31, 2024.
We may adopt share incentive plans in the future that permits granting of share-based compensation to employees and directors. We did not recognize any share-based compensation expenses in our consolidated statement of income for the year ended December 31, 2025.
Risk Factors— Risks Related to Our Business and Industry—There are substantial uncertainties regarding the interpretation and application of current and future PRC laws, regulations, and rules relating to the agreements that establish the VIE structure for our operations in China, including potential future actions by the PRC government, which could affect the enforceability of our contractual arrangements with the VIEs and, consequently, significantly affect the financial condition and results of operations performance of Douyu.
Risk Factors— Risks Related to Our Corporate Structure and Risks Related to our American Depositary Shares—There are uncertainties regarding the interpretation and application of current and future PRC laws, regulations, and rules relating to the agreements that establish the VIE structure for our operations in China, including potential future actions by the PRC government, which could affect the enforceability of our contractual arrangements with the VIEs and, consequently, significantly affect the financial condition and results of operations performance of Douyu.
If we fail to continue to grow or maintain our paying users and continue to increase revenue per paying user, our livestreaming and other revenue may not increase, which may materially and adversely affect our business operation and financial results. Our annual paying user base was 10.1 million in 2023 and 6.1 million in 2024.
If we fail to continue to grow or maintain our paying users and continue to increase revenue per paying user, our livestreaming and other revenue may not increase, which may materially and adversely affect our business operation and financial results. Our annual paying user base was 6.1 million in 2024 and 5.2 million in 2025.
As of December 31, 2023 and 2024, total assets of the VIEs, excluding amounts due from other companies in the Group, equaled 22% and 23% of our consolidated total assets as of the same dates, respectively.
As of December 31, 2024 and 2025, total assets of the VIEs, excluding amounts due from other companies in the Group, equaled 23% and 42% of our consolidated total assets as of the same dates, respectively.
The actual number of individual users, however, is likely to be potentially significantly lower than that of registered users, active mobile users and paying users due to various reasons such as fraudulent representation or improper registration.
The actual number of individual users, however, is likely to be potentially significantly lower than that of registered users, active mobile users and paying users due to various reasons such as fraudulent representation, robotic behaviors, improper registration, or other suspicious accesses.
With the development of the foreign exchange market and progress towards interest rate liberalization and RMB internationalization, the PRC government may in the future announce further changes to the exchange rate system and the RMB could appreciate or depreciate significantly in value against the U.S. dollar in the future.
It remains unclear what further fluctuations may occur. With the development of the foreign exchange market and progress towards interest rate liberalization and RMB internationalization, the PRC government may in the future announce further changes to the exchange rate system and the RMB could appreciate or depreciate significantly in value against the U.S. dollar in the future.
Risk Factors— Risks Related to Our Business and Industry—We were likely a passive foreign investment company, or PFIC, for 2024 if the value of our assets is determined by reference to our market capitalization and there is a significant risk that we will be a PFIC for 2025 and possibly subsequent taxable years, in which case U.S. investors will generally be subject to adverse U.S. federal income tax consequences” on page 80 of this annual repo rt.
Risk Factors— Risks Related to our American Depositary Shares—We were likely a passive foreign investment company, or PFIC, for 2025 if the value of our assets is determined by reference to our market capitalization and there is a significant risk that we will be a PFIC for 2026 and possibly subsequent taxable years, in which case U.S. investors will generally be subject to adverse U.S. federal income tax consequences” on page 80 of this annual report .
It further stipulates that providing or publicly disclosing documents and materials which may adversely affect national security or public interests, and accounting files or copies shall be subject to corresponding procedures in accordance with relevant laws and regulations. The revised provisions was newly promulgated.
It further stipulates that providing or publicly disclosing documents and materials which may adversely affect national security or public interests, and accounting files or copies shall be subject to corresponding procedures in accordance with relevant laws and regulations.
Furthermore, the number of paying users of our online livestreaming platform generally correlated with the marketing campaigns and promotional activities we conducted, which might coincide with popular western or Chinese festivals.
Furthermore, the number of paying users of our online livestreaming platform generally correlated with the marketing campaigns and promotional activities we conducted, which might coincide with popular western or Chinese festivals or solely be subject to the timing of our promotional activities.
If we fail to maintain or increase user traffic and engagement level, or our game-related content becomes less attractive to our users, particularly our paying users, or due to any other factors that may be beyond our control, our revenue generated from game-related services could be materially and adversely affected.
If we fail to maintain or increase user traffic and engagement level, or our game-related content becomes less attractive to our users, particularly our paying users, or due to some adjustments in cost efficiency strategies, or due to any other factors that may be beyond our control, our revenue or profit generated from game-related services could be materially and adversely affected.
If any of these third-party online payment platforms fails to process, or ensure the security of, users’ payments for any reason, our reputation will be damaged and we may lose our paying users and discourage potential purchases, which in turn, will materially and adversely affect our business, financial condition and prospects.
If any of these third-party online payment platforms fails to process, or ensure the security of, users’ payments for any reason, our reputation will be damaged and we may lose our paying users and discourage potential purchases, which in turn, will materially and adversely affect our business, financial condition and prospects. 61 Table of Contents Restrictions on virtual currency may adversely affect our revenues, business and reputation.
In the fourth quarter of 2016, the RMB depreciated significantly in the backdrop of a surging U.S. dollar and persistent capital outflows of China. In 2017, the RMB appreciated approximately 6.3% against the U.S. dollar. In 2018 and 2019, however, the RMB depreciated approximately 5.7% and 1% against the U.S. dollar.
In the fourth quarter of 2016, the RMB depreciated significantly in the backdrop of a surging U.S. dollar and persistent capital outflows of China. Based on the statistical release of Federal Reserve Board, in 2017, the RMB appreciated approximately 6.3% against the U.S. dollar. In 2018 and 2019, however, the RMB depreciated approximately 5.7% and 1% against the U.S. dollar.
Even though we expect these initiatives continue to have negative impacts to our revenue in the near future, we believe by fostering a healthy ecosystem with sustainable user behavior and focusing on live-streaming activities with high operating efficiencies, we can strengthen the long-term viability and stability of our operations, which in turn will contribute to our healthy growth.
Even though we expect these initiatives continue to have negative impacts to our revenue, we believe by fostering a healthy ecosystem with sustainable user behavior and focusing on live-streaming activities with high operating efficiencies, we can strengthen the long-term viability and stability of our operations and profitablity.
Risk Factors— Risks Related to Our Business and Industry—If securities or industry analysts do not publish research or publish inaccurate or unfavorable research about our business, the market price for the ADSs and trading volume could decline” on page 74 of this annual report. ● Risks associated with the possibility of being regarded as a passive foreign investment company.
Risk Factors— Risks Related to Our Business and Industry—If securities or industry analysts do not publish favorable research, or if they adversely change their recommendations regarding the ADSs, the market price for the ADSs and trading volume could decline” on page 74 of this annual report. ● Risks associated with the possibility of being regarded as a passive foreign investment company.
If we fail to maintain or grow the revenue from our innovative business, advertisement and others, our financial results may be adversely affected. In 2024, we generated revenue of RMB1,015.9 million (US$139.2 million) from our innovative business, representing 23.8% of our total revenues.
If we fail to maintain or grow the revenue from our innovative business, advertisement and others, our financial results may be adversely affected. In 2025, we generated revenue of RMB1,446.2 million (US$206.8 million) from our innovative business, representing 37.9% of our total revenues.
However, since the Overseas Listing Trial Measures was newly promulgated, the interpretation, application and enforcement of the Overseas Listing Trial Measures remain unclear, in particular, for the companies conducting their operations in mainland China through variable interest entities.
However, the interpretation, application and enforcement of the Overseas Listing Trial Measures remain uncertain, in particular, for the companies conducting their operations in mainland China through variable interest entities.
However, as there are still regulatory uncertainties in this regard, we cannot assure you that we will be able to comply with new or existing laws and regulations in all respects, and we may be ordered to rectify, suspend or terminate any actions or services that are deemed illegal by the regulatory authorities and become subject to material penalties, which may materially harm our business, financial condition, results of operations and prospects. 22 Table of Contents Furthermore, the PRC legal system is based in part on government policies and rules.
However, as there are still regulatory uncertainties in this regard, we cannot assure you that we will be able to comply with new or existing laws and regulations in all respects, and we may be ordered to rectify, suspend or terminate any actions or services that are deemed illegal by the regulatory authorities and become subject to material penalties, which may materially harm our business, financial condition, results of operations and prospects.
For details of the contractual arrangements with the VIE, see “Item 4. Information on the Company—4.C. Organizational Structure—Contractual Arrangements with The VIEs and The VIEs’ Respective Shareholders.” As of December 31, 2023 and 2024, the outstanding balance of service fees owed by the VIEs to our PRC subsidiaries were RMB3,311.3 million and RMB1,691.2 million (US$231.7 million), respectively.
For details of the contractual arrangements with the VIE, see “Item 4. Information on the Company—4.C. Organizational Structure—Contractual Arrangements with The VIEs and The VIEs’ Respective Shareholders.” As of December 31, 2024 and 2025, the outstanding balance of service fees owed by the VIEs to our PRC subsidiaries were RMB1,691.2 million and RMB1,748.8 million (US$250.1 million), respectively.
In 2022, 2023 and 2024, we generated RMB310.9 million, RMB731.4 million and RMB1,196.9 million (US$164.0 million) from innovative business, advertisements and others, representing 4.4%, 13.2% and 28.0% of our total revenues for the same period. We also generate a small portion of our revenue from game distribution, which involves revenue-sharing arrangements with game developers and publishers.
In 2023, 2024 and 2025, we generated RMB731.4 million, RMB1,196.9 million and RMB1,641.5 million (US$234.7 million) from advertisements and others, representing 13.2%, 28.0% and 43.0% of our total revenues for the same period. We also generate a small portion of our revenue from game distribution, which involves revenue-sharing arrangements with game developers and publishers.

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Item 4. Mine Safety Disclosures

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Biggest changeLicenses and Approvals The following table sets forth a list of material licenses and approvals, subject to further renewal, that our PRC subsidiaries and VIEs are required to obtain to carry out our operations in China. ​ ​ ​ License Entity Holding the License Type of the Entity Regulatory Authority License for Value-added Telecommunications Business ​ Wuhan Douyu ​ VIE ​ Communications Administration of Hubei Province ​ ​ ​ License for Online Culture Business ​ Wuhan Douyu ​ VIE ​ Bureau of Culture and Tourism of Wuhan Municipality ​ ​ ​ License for Commercial Performance ​ Wuhan Douyu ​ VIE ​ Administration Committee of Wuhan East Lake High-Tech Development Zone ​ ​ ​ ​ ​ ​ ​ License for Production and Operation of Radio and Television Programs ​ Wuhan Douyu ​ VIE ​ Administration for Radio and Television of Hubei Province ​ ​ ​ License for Online Transmission of Audio-visual Programs ​ Wuhan Ouyue ​ VIE ​ National Radio and Television Administration ​ ​ ​ License for Production and Operation of Radio and Television Programs ​ Wuhan Ouyue ​ VIE ​ Administration for Radio and Television of Hubei Province ​ ​ ​ License for Online Culture Business ​ Wuhan Ouyue ​ VIE ​ Bureau of Culture and Tourism of Wuhan Municipality ​ ​ ​ License for Commercial Performance ​ Wuhan Ouyue ​ VIE ​ Administration Committee of Wuhan East Lake High-Tech Development Zone ​ ​ ​ License for Value-added Telecommunications Business ​ Wuhan Ouyue ​ VIE ​ Communications Administration of Hubei Province ​ ​ ​ License for Commercial Performance ​ Douyu Yule ​ Wholly Foreign- owned Enterprise ​ Bureau of Culture and Tourism of Wuhan Municipality ​ ​ ​ ​ ​ ​ ​ License for Commercial Performance ​ Yuxing Tianxia ​ Subsidiary of Wholly Foreign- owned Enterprise ​ Bureau of Culture and Tourism of Wuhan Municipality ​ ​ ​ ​ ​ ​ ​ License for Value-added Telecommunications Business ​ Wuhan Yu Leyou Internet Technology Co., Ltd. ​ Subsidiary of Wuhan Ouyue ​ Communications Administration of Hubei Province ​ Intellectual Property We regard our proprietary domain names, copyrights, trademarks, trade secrets and other intellectual property as critical to our operations.
Biggest changeWe believe that our ability to compete effectively for users depends upon many factors, including the quality and variety of our content, user experience on our platform, retention of popular streamers, capability to adjust to changes in technology and customer tastes and the strength of our brands. ​ 93 Table of Contents Licenses and Approvals The following table sets forth a list of material licenses and approvals, subject to further renewal, that our PRC subsidiaries and VIEs are required to obtain to carry out our operations in China. ​ ​ ​ License ​ ​ ​ Entity Holding the License ​ ​ ​ Type of the Entity ​ ​ ​ Regulatory Authority License for Value-added Telecommunications Business ​ Wuhan Douyu ​ VIE ​ Communications Administration of Hubei Province ​ ​ ​ License for Online Culture Business ​ Wuhan Douyu ​ VIE ​ Bureau of Culture and Tourism of Wuhan Municipality ​ ​ ​ License for Commercial Performance ​ Wuhan Douyu ​ VIE ​ Administration Committee of Wuhan East Lake High-Tech Development Zone ​ ​ ​ ​ ​ ​ ​ License for Production and Operation of Radio and Television Programs ​ Wuhan Douyu ​ VIE ​ Administration for Radio and Television of Hubei Province ​ ​ ​ License for Online Transmission of Audio-visual Programs ​ Wuhan Ouyue ​ VIE ​ National Radio and Television Administration ​ ​ ​ License for Production and Operation of Radio and Television Programs ​ Wuhan Ouyue ​ VIE ​ Administration for Radio and Television of Hubei Province ​ ​ ​ License for Online Culture Business ​ Wuhan Ouyue ​ VIE ​ Bureau of Culture and Tourism of Wuhan Municipality ​ ​ ​ License for Commercial Performance ​ Wuhan Ouyue ​ VIE ​ Administration Committee of Wuhan East Lake High-Tech Development Zone ​ ​ ​ License for Value-added Telecommunications Business ​ Wuhan Ouyue ​ VIE ​ Communications Administration of Hubei Province ​ ​ ​ License for Commercial Performance ​ Douyu Yule ​ Wholly Foreign- owned Enterprise ​ Bureau of Culture and Tourism of Wuhan Municipality ​ ​ ​ ​ ​ ​ ​ License for Commercial Performance ​ Yuxing Tianxia ​ Subsidiary of Wholly Foreign- owned Enterprise ​ Bureau of Culture and Tourism of Wuhan Municipality ​ ​ ​ ​ ​ ​ ​ License for Value-added Telecommunications Business ​ Wuhan Yu Leyou Internet Technology Co., Ltd. ​ Subsidiary of Wuhan Ouyue ​ Communications Administration of Hubei Province ​ ​ ​ ​ ​ ​ ​ License for Production and Operation of Radio and Television Programs ​ Wuhan Yu Leyou Internet Technology Co., Ltd. ​ Subsidiary of Wuhan Ouyue ​ Administration for Radio and Television of Hubei Province ​ ​ ​ ​ ​ ​ ​ License for Online Culture Business ​ Wuhan Yu Leyou Internet Technology Co., Ltd. ​ Subsidiary of Wuhan Ouyue ​ Bureau of Culture and Tourism of Wuhan Municipality ​ Intellectual Property We regard our proprietary domain names, copyrights, trademarks, trade secrets and other intellectual property as critical to our operations.
The amended FITE Regulations took effect on May 1, 2022. 96 Table of Contents On July 13, 2006, the Ministry of Information Industry (which is the predecessor of the MIIT) issued the Circular on Strengthening the Administration of Foreign Investment in Value-added Telecommunications Services, or the MIIT Circular 2006, which provides that: (i) foreign investors can only operate a telecommunications business in China through telecommunications enterprises with a valid telecommunications business operation license; (ii) domestic license holders may not rent, transfer or sell telecommunications business operation licenses to foreign investors in any form or provide any foreign investors with resources, venues or facilities to promote unlicensed operations of telecommunications businesses in China; (iii) value-added telecommunications service providers or their shareholders must directly own the domain names and registered trademarks that are used in their daily operations; (iv) each value-added telecommunications service provider must have necessary facilities for its approved business operations and maintain such facilities in the geographic regions specified in its license; and (v) all value-added telecommunications service providers should improve their network and information security, establish a relevant information safety system and set up emergency plans to ensure network and information safety.
The amended FITE Regulations took effect on May 1, 2022. 97 Table of Contents On July 13, 2006, the Ministry of Information Industry (which is the predecessor of the MIIT) issued the Circular on Strengthening the Administration of Foreign Investment in Value-added Telecommunications Services, or the MIIT Circular 2006, which provides that: (i) foreign investors can only operate a telecommunications business in China through telecommunications enterprises with a valid telecommunications business operation license; (ii) domestic license holders may not rent, transfer or sell telecommunications business operation licenses to foreign investors in any form or provide any foreign investors with resources, venues or facilities to promote unlicensed operations of telecommunications businesses in China; (iii) value-added telecommunications service providers or their shareholders must directly own the domain names and registered trademarks that are used in their daily operations; (iv) each value-added telecommunications service provider must have necessary facilities for its approved business operations and maintain such facilities in the geographic regions specified in its license; and (v) all value-added telecommunications service providers should improve their network and information security, establish a relevant information safety system and set up emergency plans to ensure network and information safety.
On September 9, 2022, the CAC, the MIIT and the SAMR issued the Administrative Provisions on Internet Pop-up Window Information Notification Services, effective from September 30, 2022, which requires that providers of Internet pop-up window information push services shall implement the responsibilities of information content management and establish and improve management systems for censoring of information content, ecological governance, data security and personal information protection, and protection of minors. 97 Table of Contents The Administrative Regulations on Services of Online Comment Threads, which was promulgated by the CAC on August 25, 2017 and became effective on October 1, 2017, most recently amended on November 16, 2022 and took effect on December 15, 2022, require that the service providers of online comment threads shall (i) certify the identity information of the registered users according to the principles of “using real name at back end and using alias or real name voluntarily at front end”; (ii) establish and improve a protection system for users’ information; and (iii) establish sound review management, real-time inspection, emergency response and other information security management systems for the comment threads, timely discover and handle illegal information, and report the same to the competent authorities.
On September 9, 2022, the CAC, the MIIT and the SAMR issued the Administrative Provisions on Internet Pop-up Window Information Notification Services, effective from September 30, 2022, which requires that providers of Internet pop-up window information push services shall implement the responsibilities of information content management and establish and improve management systems for censoring of information content, ecological governance, data security and personal information protection, and protection of minors. 98 Table of Contents The Administrative Regulations on Services of Online Comment Threads, which was promulgated by the CAC on August 25, 2017 and became effective on October 1, 2017, most recently amended on November 16, 2022 and took effect on December 15, 2022, require that the service providers of online comment threads shall (i) certify the identity information of the registered users according to the principles of “using real name at back end and using alias or real name voluntarily at front end”; (ii) establish and improve a protection system for users’ information; and (iii) establish sound review management, real-time inspection, emergency response and other information security management systems for the comment threads, timely discover and handle illegal information, and report the same to the competent authorities.
Regulations Relating to Online Game Operation The Notice on Interpretation of the State Commission Office for Public Sector Reform on Several Provisions relating to Animation, Online Game and Comprehensive Law Enforcement in Culture Markets in the “Three Provisions” jointly promulgated by the Ministry of Culture, the SARFT and the GAPP, which was issued by the State Commission Office for Public Sector Reform (a division of the State Council) and became effective on September 7, 2009, provides that the SAPPRFT is responsible for the examination and approval of online games to be uploaded on the Internet and that, after being uploaded, online games are subject to management by the MCT. 103 Table of Contents The Circular Regarding the Consistent Implementation of the “Regulation on Three Provisions” of the State Council and the Relevant Interpretations of the State Commission Office for Public Sector Reform and the Further Strengthening of the Administration of Pre-examination and Approval of Online Games and the Examination and Approval of Imported Online Games, promulgated by the GAPP, together with the National Copyright Administration and the Office of the National Working Group for Crackdown on Pornographic and Illegal Publications, on September 28, 2009, provides, among other things, that games are not allowed to be put online for operation without obtaining pre-approval from the GAPP.
Regulations Relating to Online Game Operation The Notice on Interpretation of the State Commission Office for Public Sector Reform on Several Provisions relating to Animation, Online Game and Comprehensive Law Enforcement in Culture Markets in the “Three Provisions” jointly promulgated by the Ministry of Culture, the SARFT and the GAPP, which was issued by the State Commission Office for Public Sector Reform (a division of the State Council) and became effective on September 7, 2009, provides that the SAPPRFT is responsible for the examination and approval of online games to be uploaded on the Internet and that, after being uploaded, online games are subject to management by the MCT. 104 Table of Contents The Circular Regarding the Consistent Implementation of the “Regulation on Three Provisions” of the State Council and the Relevant Interpretations of the State Commission Office for Public Sector Reform and the Further Strengthening of the Administration of Pre-examination and Approval of Online Games and the Examination and Approval of Imported Online Games, promulgated by the GAPP, together with the National Copyright Administration and the Office of the National Working Group for Crackdown on Pornographic and Illegal Publications, on September 28, 2009, provides, among other things, that games are not allowed to be put online for operation without obtaining pre-approval from the GAPP.
Cross-platform Content Co-creation Model We may enter into cooperation agreements with other livestreaming platforms to co-create or share content created by streamers from both platforms. At the current stage, we are exploring this experimental model and the revenue and user traffic generated from this model are insignificant to both our platform and our partner platform.
Cross-platform Content Co-creation Model We may enter into cooperation agreements with other livestreaming platforms to co-create or share content created by streamers from both platforms. At the current stage, the revenue and user traffic generated from this experimental model are insignificant to both our platform and our partner platform.
According to the Notice on Further Simplifying and Improving Policies for the Foreign Exchange Administration of Direct Investment released on February 13, 2015 by the SAFE, local banks will be responsible for examining and handling foreign exchange registration for overseas direct investment, including the initial foreign exchange registration and the amendment registrations. 119 Table of Contents In the event that a PRC shareholder holding interests in a special purpose vehicle fails to fulfill the required SAFE registration, the PRC subsidiaries of that special purpose vehicle may be prohibited from making distributions of profit to the offshore parent and from carrying out subsequent cross-border foreign exchange activities and the special purpose vehicle may be restricted in their ability to contribute additional capital into its PRC subsidiary.
According to the Notice on Further Simplifying and Improving Policies for the Foreign Exchange Administration of Direct Investment released on February 13, 2015 by the SAFE, local banks will be responsible for examining and handling foreign exchange registration for overseas direct investment, including the initial foreign exchange registration and the amendment registrations. 121 Table of Contents In the event that a PRC shareholder holding interests in a special purpose vehicle fails to fulfill the required SAFE registration, the PRC subsidiaries of that special purpose vehicle may be prohibited from making distributions of profit to the offshore parent and from carrying out subsequent cross-border foreign exchange activities and the special purpose vehicle may be restricted in their ability to contribute additional capital into its PRC subsidiary.
Business Overview—Intellectual Property.” 111 Table of Contents Regulations Relating to Internet Infringement The PRC Civil Code, which was adopted by the National People’s Congress on May 28, 2020 and became effective on January 1, 2021, provides that: an online service provider should be held liable for its own tortious acts in providing online services; (ii) where an Internet user engages in tortious conduct through Internet services, the obligee shall have the right to notify the Internet service provider that it should take necessary action such as by deleting content, screening, breaking links, etc.; after receiving the notice, the network service provider shall promptly forward the notice to the relevant network user and take necessary measures in light of the preliminary evidence of infringement and the type of service; if the Internet service provider fails to take necessary action after being notified, it shall be jointly and severally liable with the Internet user with regard to the additional injury or damage suffered; and (iii) where an Internet service provider knows or should have known that an Internet user is infringing upon other people’s civil rights and interests through its Internet service but fails to take necessary action, it shall be jointly and severally liable with the Internet user.
Business Overview—Intellectual Property.” Regulations Relating to Internet Infringement The PRC Civil Code, which was adopted by the National People’s Congress on May 28, 2020 and became effective on January 1, 2021, provides that: an online service provider should be held liable for its own tortious acts in providing online services; (ii) where an Internet user engages in tortious conduct through Internet services, the obligee shall have the right to notify the Internet service provider that it should take necessary action such as by deleting content, screening, breaking links, etc.; after receiving the notice, the network service provider shall promptly forward the notice to the relevant network user and take necessary measures in light of the preliminary evidence of infringement and the type of service; if the Internet service provider fails to take necessary action after being notified, it shall be jointly and severally liable with the Internet user with regard to the additional injury or damage suffered; and (iii) where an Internet service provider knows or should have known that an Internet user is infringing upon other people’s civil rights and interests through its Internet service but fails to take necessary action, it shall be jointly and severally liable with the Internet user.
Pursuant to this legislation, entities are required to obtain the Online Culture Business Licenses from the applicable provincial level counterpart of the MCT if they intend to engage commercially in any of the following types of activities: ● production, duplication, import, release or broadcasting of online cultural products; ● publishing of online cultural products on the Internet or transmission thereof to computers, fixed-line or mobile phones, radios, television sets or game consoles for the purpose of browsing, reading, reviewing, using or downloading such products by online users; or 102 Table of Contents ● exhibitions or contests related to online cultural products.
Pursuant to this legislation, entities are required to obtain the Online Culture Business Licenses from the applicable provincial level counterpart of the MCT if they intend to engage commercially in any of the following types of activities: ● production, duplication, import, release or broadcasting of online cultural products; ● publishing of online cultural products on the Internet or transmission thereof to computers, fixed-line or mobile phones, radios, television sets or game consoles for the purpose of browsing, reading, reviewing, using or downloading such products by online users; or 103 Table of Contents ● exhibitions or contests related to online cultural products.
The app store service providers shall conduct filing formalities with local branches of the CAC within 30 days after the commencement of its online operations. 98 Table of Contents On November 28, 2019, the Secretary Bureau of the CAC, the General Office of the MIIT, the General Office of the Ministry of Public Security and the General Office of the SAMR promulgated the Identification Method of Illegal Collection and Use of Personal Information Through App, which provides guidance for the regulatory authorities to identify the illegal collection and use of personal information through mobile apps, and for the app operators to conduct self-examination and self-correction, and for other participants to voluntarily monitor compliance.
The app store service providers shall conduct filing formalities with local branches of the CAC within 30 days after the commencement of its online operations. 99 Table of Contents On November 28, 2019, the Secretary Bureau of the CAC, the General Office of the MIIT, the General Office of the Ministry of Public Security and the General Office of the SAMR promulgated the Identification Method of Illegal Collection and Use of Personal Information Through App, which provides guidance for the regulatory authorities to identify the illegal collection and use of personal information through mobile apps, and for the app operators to conduct self-examination and self-correction, and for other participants to voluntarily monitor compliance.
There are substantial uncertainties regarding the interpretation and application of current and future PRC laws, regulations and rules. In particular, in March 2019, the National People’s Congress of the PRC adopted the PRC Foreign Investment Law, which became effective on January 1, 2020.
There are uncertainties regarding the interpretation and application of current and future PRC laws, regulations and rules. In particular, in March 2019, the National People’s Congress of the PRC adopted the PRC Foreign Investment Law, which became effective on January 1, 2020.
For example, online streaming platforms and streamers should not conduct false or misleading commercial publicity on commodity producers and operators as well as the performance, function, quality, source, honors won, qualification, sales status, transaction information, user evaluation and other statistics of the products, and online streaming platforms. 101 Table of Contents On April 12, 2022, the Online Audio-visual Program Management Department of the NRTA and the Publishing Bureau of the Central Propaganda Department issued the Notice on Strengthening the Management of Livestreaming of Online Games on the Online Audio-visual Program Platforms.
For example, online streaming platforms and streamers should not conduct false or misleading commercial publicity on commodity producers and operators as well as the performance, function, quality, source, honors won, qualification, sales status, transaction information, user evaluation and other statistics of the products, and online streaming platforms. 102 Table of Contents On April 12, 2022, the Online Audio-visual Program Management Department of the NRTA and the Publishing Bureau of the Central Propaganda Department issued the Notice on Strengthening the Management of Livestreaming of Online Games on the Online Audio-visual Program Platforms.
The opinions emphasized the need to strengthen the administration over illegal securities activities and the supervision on overseas listings by mainland China-based companies and proposed to take effective measures, such as promoting the construction of relevant regulatory systems to deal with the risks and incidents faced by mainland China-based overseas-listed companies. 124 Table of Contents On February 17, 2023, the CSRC promulgated the Trial Administrative Measures of Overseas Securities Offering and Listing by Domestic Companies, or the Overseas Listing Trial Measures, and five supporting guidelines, which became effective on March 31, 2023.
The opinions emphasized the need to strengthen the administration over illegal securities activities and the supervision on overseas listings by mainland China-based companies and proposed to take effective measures, such as promoting the construction of relevant regulatory systems to deal with the risks and incidents faced by mainland China-based overseas-listed companies. 126 Table of Contents On February 17, 2023, the CSRC promulgated the Trial Administrative Measures of Overseas Securities Offering and Listing by Domestic Companies, or the Overseas Listing Trial Measures, and five supporting guidelines, which became effective on March 31, 2023.
Wenming Zhang (3.92%), our co-founder, and (vi) Wuhan Chaosai Business Information Consulting Partnership (Limited Partnership) (5.63%), with 99.99% of its interests owned by Wuhan Ouyue. 126 Table of Contents Contractual Arrangements with The VIEs and The VIEs’ Respective Shareholders Currently, our business in China are operated primarily through Wuhan Douyu and Wuhan Ouyue due to PRC legal restrictions on foreign ownership in value-added telecommunication services and other Internet related business.
Wenming Zhang (3.92%), our co-founder, and (vi) Wuhan Chaosai Business Information Consulting Partnership (Limited Partnership) (5.63%), with 99.99% of its interests owned by Wuhan Ouyue. 128 Table of Contents Contractual Arrangements with The VIEs and The VIEs’ Respective Shareholders Currently, our business in China are operated primarily through Wuhan Douyu and Wuhan Ouyue due to PRC legal restrictions on foreign ownership in value-added telecommunication services and other Internet related business.
As of the date of this annual report, the Draft Measures for Online Game has not been adopted. 104 Table of Contents Regulations Relating to Protection of Minors and Real-Name Registration System On April 15, 2007, eight PRC government authorities, including the GAPP, the Ministry of Education, the Ministry of Public Security and the Ministry of Information Industry, jointly issued a circular requiring the implementation of an anti-fatigue compliance system and a real-name registration system by all PRC online game operators.
As of the date of this annual report, the Draft Measures for Online Game has not been adopted. 105 Table of Contents Regulations Relating to Protection of Minors and Real-Name Registration System On April 15, 2007, eight PRC government authorities, including the GAPP, the Ministry of Education, the Ministry of Public Security and the Ministry of Information Industry, jointly issued a circular requiring the implementation of an anti-fatigue compliance system and a real-name registration system by all PRC online game operators.
On December 6, 2007, the State Council promulgated the implementation rules to the PRC Enterprise Income Tax Law, which was effective in 2008 and was last amended in January 2025. 120 Table of Contents Under the PRC Enterprise Income Tax Law, an enterprise established outside China with “de facto management bodies” within China is considered a “resident enterprise” for PRC enterprise income tax purposes and is generally subject to a uniform 25% enterprise income tax rate on its worldwide income.
On December 6, 2007, the State Council promulgated the implementation rules to the PRC Enterprise Income Tax Law, which was effective in 2008 and was last amended in January 2025. 122 Table of Contents Under the PRC Enterprise Income Tax Law, an enterprise established outside China with “de facto management bodies” within China is considered a “resident enterprise” for PRC enterprise income tax purposes and is generally subject to a uniform 25% enterprise income tax rate on its worldwide income.
Pursuant to the Negative List, foreign investors should refrain from making investment in any of prohibited sectors specified in the Negative List, and foreign investors are required to obtain the permit for access to other sectors that are listed in the Negative List but not classified as “prohibited.” 95 Table of Contents In December 2020, the NDRC and the Ministry of Commerce promulgated the Measures for the Security Review of Foreign Investment, which came into effect on January 18, 2021.
Pursuant to the Negative List, foreign investors should refrain from making investment in any of prohibited sectors specified in the Negative List, and foreign investors are required to obtain the permit for access to other sectors that are listed in the Negative List but not classified as “prohibited.” 96 Table of Contents In December 2020, the NDRC and the Ministry of Commerce promulgated the Measures for the Security Review of Foreign Investment, which came into effect on January 18, 2021.
Viewers can access our platform via our mobile app Douyu Livestreaming ( 斗鱼直播 ) including its associated mini programs, our web portal at www.douyu.com or PC application Douyu PC Client Portal (“ 斗 鱼 PC 客 户端 ”).
Viewers can access our platform via our mobile app Douyu ( 斗鱼 ) including its associated mini programs, our web portal at www.douyu.com or PC application Douyu PC Client Portal (“ 斗鱼 PC 客户端 ”).
If a mainland China-based company finds that the documents and materials related to state secrets or secrets of the government authorities or other materials which may adversely affect national security and public interest have been leaked or are going to be leaked, it should take remedial measures immediately and report to the relevant authorities. 125 Table of Contents 4.C.
If a mainland China-based company finds that the documents and materials related to state secrets or secrets of the government authorities or other materials which may adversely affect national security and public interest have been leaked or are going to be leaked, it should take remedial measures immediately and report to the relevant authorities. 127 Table of Contents 4.C.
Tencent subsequently increased its investment in Wuhan Douyu by purchasing shares in Wuhan Douyu’s subsequent rounds of financing and in our company by subscribing for Series E Preferred Shares. As of March 31, 2025, Tencent holds approximately 40.0% of our total outstanding ordinary shares through its wholly-owned subsidiaries, Nectarine and Distribution Pool Limited, representing 40.0% of our total voting power.
Tencent subsequently increased its investment in Wuhan Douyu by purchasing shares in Wuhan Douyu’s subsequent rounds of financing and in our company by subscribing for Series E Preferred Shares. As of March 31, 2026, Tencent holds approximately 40.0% of our total outstanding ordinary shares through its wholly-owned subsidiaries, Nectarine and Distribution Pool Limited, representing 40.0% of our total voting power.
The signing spouse also irrevocably waived any potential right or interest that may be granted by operation of applicable law in connection with the equity interests of Wuhan Ouyue held by Mr. Chen. 129 Table of Contents 4.D. Property, Plant and Equipment Our corporate headquarters are located in Wuhan, China.
The signing spouse also irrevocably waived any potential right or interest that may be granted by operation of applicable law in connection with the equity interests of Wuhan Ouyue held by Mr. Chen. 131 Table of Contents 4.D. Property, Plant and Equipment Our corporate headquarters are located in Wuhan, China.
Shaojie Chen, the sole shareholder of Wuhan Ouyue. 127 Table of Contents Wuhan Douyu Share Pledge Agreement Pursuant to a series of share pledge agreements entered into in May 2018 by and among Douyu Yule, Wuhan Douyu and the shareholders of Wuhan Douyu, the shareholders of Wuhan Douyu pledged all of their equity interests in Wuhan Douyu to Douyu Yule, to guarantee Wuhan Douyu’s performance of its obligations under the exclusive business cooperation agreement.
Shaojie Chen, the sole shareholder of Wuhan Ouyue. 129 Table of Contents Wuhan Douyu Share Pledge Agreement Pursuant to a series of share pledge agreements entered into in May 2018 by and among Douyu Yule, Wuhan Douyu and the shareholders of Wuhan Douyu, the shareholders of Wuhan Douyu pledged all of their equity interests in Wuhan Douyu to Douyu Yule, to guarantee Wuhan Douyu’s performance of its obligations under the exclusive business cooperation agreement.
In October 2021, Wuhan Chaosai Business Information Consulting Partnership (Limited Partnership) signed a power of attorney on substantially similar terms due to transfers of equity interest in Wuhan Douyu. 128 Table of Contents Spousal Consent Letters Pursuant to a series of spousal consent letters executed by the spouses of the individual shareholders of Wuhan Douyu, Mr. Chen, and Mr.
In October 2021, Wuhan Chaosai Business Information Consulting Partnership (Limited Partnership) signed a power of attorney on substantially similar terms due to transfers of equity interest in Wuhan Douyu. 130 Table of Contents Spousal Consent Letters Pursuant to a series of spousal consent letters executed by the spouses of the individual shareholders of Wuhan Douyu, Mr. Chen, and Mr.
Failure to comply with the foregoing provisions may subject the online game operator to sanctions. 105 Table of Contents On October 20, 2021, the Ministry of Education issued the Circular on Further Preventing Middle School and Primary Students from Addiction to Online Games.
Failure to comply with the foregoing provisions may subject the online game operator to sanctions. 106 Table of Contents On October 20, 2021, the Ministry of Education issued the Circular on Further Preventing Middle School and Primary Students from Addiction to Online Games.
In addition, the Anti-monopoly Guidelines on Platform Economies also reinforces antitrust merger review for Internet platform related transactions to safeguard market competition. On May 6, 2024, the SAMR issued the Interim Provisions Against Unfair Competition in Cyberspace, which aims to regulate the unfair competition behaviours of business operators through Internet and other information networks.
In addition, the Anti-monopoly Guidelines on Platform Economies also reinforces antitrust merger review for Internet platform related transactions to safeguard market competition. 125 Table of Contents On May 6, 2024, the SAMR issued the Interim Provisions Against Unfair Competition in Cyberspace, which aims to regulate the unfair competition behaviours of business operators through Internet and other information networks.
In particular, as for online communities apps, the necessary personal information includes mobile phone numbers of registered users, and as for online streaming and online video apps, the basic functional services should be accessible without collecting personal information from users. On August 20, 2021, the SCNPC promulgated the PRC Personal Information Protection Law, effective from November 1, 2021.
In particular, as for online communities apps, the necessary personal information includes mobile phone numbers of registered users, and as for online streaming and online video apps, the basic functional services should be accessible without collecting personal information from users. 118 Table of Contents On August 20, 2021, the SCNPC promulgated the PRC Personal Information Protection Law, effective from November 1, 2021.
In 2024, we continued to execute our cost-effective operating strategy under the prolonged soft macroeconomic environment and competition from short-video platforms focused on maintaining the size of our core paying users by offering more affordable virtual gifts to encourage their consistent spending behavior.
In 2025, we continued to optimize and execute our cost-effective operating strategy under the prolonged soft macroeconomic environment and competition from short-video platforms focused on maintaining the size of our core paying users by offering more affordable virtual gifts to encourage their consistent spending behavior.
Information of the Company—4.B. Business Overview—Intellectual Property.” According to the PRC Patent Law, if the Patent Office finds the application of an invention conforms to legal requirements after its preliminary examination of such application documents, it shall publish the application promptly within 18 full months after the filing date.
Information of the Company—4.B. Business Overview—Intellectual Property.” 112 Table of Contents According to the PRC Patent Law, if the Patent Office finds the application of an invention conforms to legal requirements after its preliminary examination of such application documents, it shall publish the application promptly within 18 full months after the filing date.
Algorithmic recommendation service providers shall also provide users with the ability to select, modify or delete user labels which are used for algorithmic recommendation services. 114 Table of Contents On July 7, 2022, the CAC issued the Measures for the Security Assessment of Cross-border Transfer of Data, which became effective on September 1, 2022.
Algorithmic recommendation service providers shall also provide users with the ability to select, modify or delete user labels which are used for algorithmic recommendation services. On July 7, 2022, the CAC issued the Measures for the Security Assessment of Cross-border Transfer of Data, which became effective on September 1, 2022.
On March 15, 2021, the SAMR issued the Measures for the Supervision and Administration of Online Transactions, or the Online Transaction Measures, which became effective on May 1, 2021 and was recently amended and will become effective on May 1, 2025.
On March 15, 2021, the SAMR issued the Measures for the Supervision and Administration of Online Transactions, or the Online Transaction Measures, which became effective on May 1, 2021 and was recently amended and became effective on May 1, 2025.
If any prohibited content is found, they must remove the offensive content immediately, keep a record of it and report it to the appropriate authorities. On December 28, 2012, the SCNPC reiterated relevant rules on the protection of Internet information by issuing the Decision on Strengthening the Protection of Network Information, or the 2012 Decision.
If any prohibited content is found, they must remove the offensive content immediately, keep a record of it and report it to the appropriate authorities. 113 Table of Contents On December 28, 2012, the SCNPC reiterated relevant rules on the protection of Internet information by issuing the Decision on Strengthening the Protection of Network Information, or the 2012 Decision.
We provide streamers and room managers with administrative accounts, which give them special privileges such as forcibly removing or banning viewers 91 Table of Contents from the room. Streamers and room managers are incentivized to ensure the compliance of their room with our terms of service pursuant to our policies. ● Report by users.
We provide streamers and room managers with administrative accounts, which give them special privileges such as forcibly removing or banning viewers from the room. Streamers and room managers are incentivized to ensure the compliance of their room with our terms of service pursuant to our policies. ● Report by users.
We have developed a comprehensive system to monitor content on our platform and filter inappropriate and illegal content and content that may infringe on the intellectual property rights of third parties. We developed the following mechanisms to monitor the content on our platform: ● AI-backed Automatic Detection Process.
We have developed a comprehensive system to monitor content on our platform and filter inappropriate and illegal content and content that may infringe on the intellectual property rights of third parties. ​ 91 Table of Contents We developed the following mechanisms to monitor the content on our platform: ● AI-backed Automatic Detection Process.
Regulations Relating to Production of Radio and Television Programs On July 19, 2004, the SARFT issued the Regulations on the Administration of Production and Operation of Radio and Television Programs, or the Radio and TV Programs Regulations, which took effect on August 20, 2004 and was amended on August 28, 2015 and October 29, 2020, respectively.
Regulations Relating to Production of Radio and Television Programs On July 19, 2004, the SARFT issued the Regulations on the Administration of Production and Operation of Radio and Television Programs, or the Radio and TV Programs Regulations, which took effect on August 20, 2004 and was amended on August 28, 2015, October 29, 2020 and June 3, 2025, respectively.
Business Overview—Intellectual Property.” The amended Copyright law covers Internet activities, products disseminated over the Internet and software products, among the subjects entitled to copyright protection. Registration of copyright is voluntary, and it is administrated by the Copyright Protection Center of China.
Business Overview—Intellectual Property.” 111 Table of Contents The amended Copyright law covers Internet activities, products disseminated over the Internet and software products, among the subjects entitled to copyright protection. Registration of copyright is voluntary, and it is administrated by the Copyright Protection Center of China.
We have strategically reduced the purchase of certain eSports tournament copyrights and will continue to selectively stream eSports touraments with a strong focus on mobile gaming and entertainment. Our average mobile game MAUs were approximately 19.3 million and 13.5 million in the fourth quarter of 2023 and 2024, respectively.
We have strategically reduced the purchase of certain eSports tournament copyrights and will continue to selectively stream eSports touraments with a strong focus on mobile gaming and entertainment. Our average mobile game MAUs were approximately 13.5 million and 11.3 million in the fourth quarter of 2024 and 2025, respectively.
Substantially all of our intellectual property is owned by Wuhan Douyu, and certain trademarks, copyrights and domain names are owned by Wuhan Ouyue for the purpose of maintaining and renewing their operating licenses as required by relevant PRC government authorities. Douyu Yule obtained certain patents and copyrights in 2022, 2023 and 2024, respectively.
Substantially all of our intellectual property is owned by Wuhan Douyu, and certain trademarks, copyrights and domain names are owned by Wuhan Ouyue for the purpose of maintaining and renewing their operating licenses as required by relevant PRC government authorities. Douyu Yule holds certain patents and copyrights in 2023, 2024 and 2025, respectively.
Our average next-month active mobile user retention rate was 66.1% and 64.0% over the preceding 12-month periods as of December 31, 2023 and December 31, 2024, respectively. 82 Table of Contents After achieving substantial scale through our initial investments in user acquisition and experience, we have been proactively managing our growth to accommodate our strategy of building a healthy and sustainable game-centric community ecosystem in a more cost-effective manner.
Our average next-month active mobile user retention rate was 64.0% and 65.4% over the preceding 12-month periods as of December 31, 2024 and December 31, 2025, respectively. 82 Table of Contents After achieving substantial scale through our initial investments in user acquisition and experience, we have been proactively managing our growth to accommodate our strategy of building a healthy and sustainable game-centric community ecosystem in a more cost-effective manner.
Hisotrically, our platform attracted a large number of highly loyal and engaged user base through both organic growth and traffic acquisition. As of December 31, 2023 and 2024, we had 493.9 million and 503.3 million registered users on PC and mobile apps, respectively.
Hisotrically, our platform attracted a large number of highly loyal and engaged user base through both organic growth and traffic acquisition. As of December 31, 2024 and 2025, we had 503.3 million and 510.7 million registered users on PC and mobile apps, respectively.
Our Users We have a large and engaging young user base with willingness to spend and share on social networks. As of December 31, 2023 and 2024, we had 493.9 million and 503.3 million registered users on our PC and mobile apps, respectively.
Our Users We have a large and engaging young user base with willingness to spend and share on social networks. As of December 31, 2024 and 2025, we had 503.3 million and 510.7 million registered users on our PC and mobile apps, respectively.
The average MAUs of our voiced-based social networking services is 475.9 thousand in the fourth quarter of 2024. We monetize voice-based social networking service through sales of virtual gifts, and to a lesser extent, subscription-based membership services and virtual customization options. 87 Table of Contents Game-related Services Our game-related service is designed to meet users’ evolving needs for in-game items.
The average MAUs of our voiced-based social networking services is 286.3 thousands in the fourth quarter of 2025. We monetize voice-based social networking service through sales of virtual gifts, and to a lesser extent, subscription-based membership services and virtual customization options. 87 Table of Contents Game-related Services Our game-related service is designed to meet users’ evolving needs for in-game items.
Pursuant to the Overseas Listing Trial Measures, enterprises in mainland China are prohibited from overseas offering and listing under any of the following circumstances, if (i) the overseas offering and listing is explicitly prohibited by PRC laws; (ii) the overseas offering and listing may constitute a threat to or endanger national security as determined by PRC authorities; (iii) the domestic enterprises and their controlling shareholders and actual controllers have committed certain criminal offenses (such as corruption, bribery, embezzlement, misappropriation of property or other criminal offenses undermining the order of the socialist market economy) in the past three years; (iv) the domestic enterprises are currently under investigations in connection with suspicion of having committed criminal offences or material violations of applicable laws and regulations and there is still no explicit conclusion; or (v) there is material ownership disputes over the shareholdings held by the controlling shareholder or the shareholder under the control of the controlling shareholder or the actual controllers.The Overseas Listing Trial Measures also provide that a company in mainland China must file with the CSRC within three business days for its follow-on offering of securities after it is listed in an overseas market.
Pursuant to the Overseas Listing Trial Measures, enterprises in mainland China are prohibited from overseas offering and listing under any of the following circumstances, if (i) the overseas offering and listing is explicitly prohibited by PRC laws; (ii) the overseas offering and listing may constitute a threat to or endanger national security as determined by PRC authorities; (iii) the domestic enterprises and their controlling shareholders and actual controllers have committed certain criminal offenses (such as corruption, bribery, embezzlement, misappropriation of property or other criminal offenses undermining the order of the socialist market economy) in the past three years; (iv) the domestic enterprises are currently under investigations in connection with suspicion of having committed criminal offences or material violations of applicable laws and regulations and there is still no explicit conclusion; or (v) there is material ownership disputes over the shareholdings held by the controlling shareholder or the shareholder under the control of the controlling shareholder or the actual controllers.
There remain uncertainties about how the Blind Box Guidelines will be enacted, interpreted, or implemented and how they will affect our operations. 107 Table of Contents The Law on the Protection of Consumer Rights and Interests of the PRC, as promulgated by the SCNPC on October 31, 1993 and last amended on October 25, 2013, contains the code of conduct for business operators when dealing with consumers, including but not limited to: (i) complying with the Product Quality Law of the PRC and other relevant laws and regulations; (ii) providing accurate information about the goods and services and the quality and use of such goods and services, and avoiding making any false or misleading advertising; (iii) ensuring that the actual quality and function of the goods or services are consistent with the quality of the goods or services indicated by advertising data, product descriptions, samples or other means; and (iv) avoiding creating terms that are unreasonable or unfair to consumers, or exempt themselves from civil liability when they damage consumers’ legitimate rights and interests.
The Law on the Protection of Consumer Rights and Interests of the PRC, as promulgated by the SCNPC on October 31, 1993 and last amended on October 25, 2013, contains the code of conduct for business operators when dealing with consumers, including but not limited to: (i) complying with the Product Quality Law of the PRC and other relevant laws and regulations; (ii) providing accurate information about the goods and services and the quality and use of such goods and services, and avoiding making any false or misleading advertising; (iii) ensuring that the actual quality and function of the goods or services are consistent with the quality of the goods or services indicated by advertising data, product descriptions, samples or other means; and (iv) avoiding creating terms that are unreasonable or unfair to consumers, or exempt themselves from civil liability when they damage consumers’ legitimate rights and interests.
On June 10, 2021, the SCNPC promulgated the Data Security Law, which took effect on September 1, 2021.The Data Security Law introduces a data classification and hierarchical protection system based on the importance of data in economic and social development, and the degree of harm it may cause to national security, public interests, or legitimate rights and interests of individuals or organizations if such data are tampered with, destroyed, leaked, illegally acquired or illegally used.
The Data Security Law introduces a data classification and hierarchical protection system based on the importance of data in economic and social development, and the degree of harm it may cause to national security, public interests, or legitimate rights and interests of individuals or organizations if such data are tampered with, destroyed, leaked, illegally acquired or illegally used.
Additionally, we have been shifting our attention towards (a) optimizing our streamer structure, and (b) cultivating paying users who exhibit stronger user stickiness and a willingness to pay.
Additionally, we have been shifting our attention towards (a) optimizing our streamer structure, (b) cultivating paying users who exhibit stronger user stickiness and a willingness to pay, and (c) optimizing content offerings and improving overall user experence.
We have appointed Cogency Global Inc. as our agent upon whom process may be served in any action brought against us under the securities laws of the United States. 94 Table of Contents Maples and Calder (Hong Kong) LLP, our Cayman Islands counsel, and Han Kun Law Offices, our PRC counsel, have advised us, respectively, that there is uncertainty as to whether the courts of the Cayman Islands and China, respectively, would: ● recognize or enforce judgments of United States courts obtained against us or our directors or officers predicated upon the civil liability provisions of the securities laws of the United States or any state in the United States; or ● entertain original actions brought in each respective jurisdiction against us or our directors or officers predicated upon the securities laws of the United States or any state in the United States.
Maples and Calder (Hong Kong) LLP, our Cayman Islands counsel, and Han Kun Law Offices, our PRC counsel, have advised us, respectively, that there is uncertainty as to whether the courts of the Cayman Islands and China, respectively, would: ● recognize or enforce judgments of United States courts obtained against us or our directors or officers predicated upon the civil liability provisions of the securities laws of the United States or any state in the United States; or 95 Table of Contents ● entertain original actions brought in each respective jurisdiction against us or our directors or officers predicated upon the securities laws of the United States or any state in the United States.
Chen. 81 Table of Contents In June 2016, each of Yuxing Tianxia and Yuyin Raoliang was incorporated in the PRC by Wuhan Douyu. These entities focus on entering into business contracts with streamers. In 2018, we undertook an equity restructuring in order to redomicile our business from the PRC to the Cayman Islands (the “2018 Restructuring”).
Chen. 81 Table of Contents In June 2016, Yuxing Tianxia was incorporated in the PRC by Wuhan Douyu. This entity focuses on entering into business contracts with streamers. In 2018, we undertook an equity restructuring in order to redomicile our business from the PRC to the Cayman Islands (the “2018 Restructuring”).
As of December 31, 2024, we have leased office space with an aggregate area of approximately 14,433.5 square meters, of which approximately 14,273.5 square meters are in Wuhan and approximately 160.0 square meters are in Shanghai. Our physical servers are primarily hosted at Internet data centers owned by major domestic Internet data center providers.
As of December 31, 2025, we have leased office space with an aggregate area of approximately 10,691.8 square meters, of which approximately 10,531.8 square meters are in Wuhan and approximately 160.0 square meters are in Shanghai. Our physical servers are primarily hosted at Internet data centers owned by major domestic Internet data center providers.
As a result, we may be essentially positioned to help connect downstream users with upstream game developers. We believe livestreaming platforms such as our platform played a significant role in the commercial success of some of the major games.
As a result, we may be essentially positioned to help connect downstream users with upstream game developers. We believe livestreaming platforms such as our platform played a significant role in the commercial success of some of the major games. This mutually beneficial relationship has solidified our partnerships with major game developers and publishers.
Our market position benefits significantly from our large and engaged user base and word-of-mouth effect. In addition to word-of-mouth marketing, we also promote our brand awareness by sponsoring leading eSports teams and organizing proprietary eSports tournaments. 92 Table of Contents Competition The game-centric content offering service is an emerging industry in China.
Our market position benefits significantly from our large and engaged user base and word-of-mouth effect. In addition to word-of-mouth marketing, we also promote our brand awareness by sponsoring leading eSports teams and organizing proprietary eSports tournaments. Competition The game-centric content offering service sector in China is evolving rapidly amid intensifying competition.
As of December 31, 2024, we had registered: ● 590 trademarks in China, including the logo for douyu.com; ● 65 domain names, including douyutv.com, douyu.tv and douyu.com; 93 Table of Contents ● 584 patents in China; and ● 110 software copyrights in China, relating to all of our online communities and other products.
As of December 31, 2025, we had registered: ● 592 trademarks in China, including the logo for douyu.com; ● 66 domain names, including douyutv.com, douyu.tv and douyu.com; ● 378 patents in China; and 94 Table of Contents ● 110 software copyrights in China, relating to all of our online communities and other products.
To comply with the relevant section of the circular that bans the conversion of virtual currency into real currency or property, in relation to online music and entertainment, our virtual currency currently can only be used by viewers to exchange for virtual items to be used to show support for performers or gain access to privileges and special features in the channels which are services in nature instead of “real currency or property.” Once the virtual currency is exchanged by viewers for virtual items or the relevant privileged services, the conversion transaction is completed and we immediately cancel the virtual item in our internal system. 106 Table of Contents In February 2007, 14 PRC regulatory authorities jointly issued a circular to further strengthen the oversight of Internet cafes and online games.
To comply with the relevant section of the circular that bans the conversion of virtual currency into real currency or property, in relation to online music and entertainment, our virtual currency currently can only be used by viewers to exchange for virtual items to be used to show support for performers or gain access to privileges and special features in the channels which are services in nature instead of “real currency or property.” Once the virtual currency is exchanged by viewers for virtual items or the relevant privileged services, the conversion transaction is completed and we immediately cancel the virtual item in our internal system.
As of December 31, 2024, we had 12 pending trademark applications in China. As of December 31, 2024, we have submitted 777 pending patent applications independently or jointly with third parties in China.
As of December 31, 2025, we had 70 pending trademark applications in China. As of December 31, 2025, we have submitted 469 pending patent applications independently or jointly with third parties in China.
The qualified banks, under the supervision of SAFE, directly examine the applications and conduct the registration. 118 Table of Contents In 2014, the SAFE decided to further reform the foreign exchange administration system to satisfy and facilitate the business and capital operations of foreign-invested enterprises, and issued the Circular on the Relevant Issues Concerning the Launch of Reforming Trial of the Administration Model of the Settlement of Foreign Currency Capital of Foreign-Invested Enterprises in Certain Areas on July 4, 2014, or SAFE Circular 36.
The qualified banks, under the supervision of SAFE, directly examine the applications and conduct the registration. 120 Table of Contents The SAFE issued the Circular on the Relevant Issues Concerning the Launch of Reforming Trial of the Administration Model of the Settlement of Foreign Currency Capital of Foreign-Invested Enterprises in Certain Areas on July 4, 2014, or SAFE Circular 36.
In addition, PRC entities and individuals shall not provide any data stored in the PRC to foreign justice or enforcement agencies without the approval of PRC government authorities. 113 Table of Contents On July 6, 2021, the General Office of the Central Committee of the Communist Party of China and the General Office of the State Council jointly issued the Opinions on Strictly Cracking Down Illegal Securities Activities in Accordance with the Law, which stipulates improvement on the laws and regulations related to data security, cross-border data transfer and the management of confidential information, strengthens principal responsibility for the information security of overseas listed companies, strengthens standardized mechanisms for providing cross-border information, and improves upon of cross-border audit regulatory cooperation in accordance with the law and the principle of reciprocity.
On July 6, 2021, the General Office of the Central Committee of the Communist Party of China and the General Office of the State Council jointly issued the Opinions on Strictly Cracking Down Illegal Securities Activities in Accordance with the Law, which stipulates improvement on the laws and regulations related to data security, cross-border data transfer and the management of confidential information, strengthens principal responsibility for the information security of overseas listed companies, strengthens standardized mechanisms for providing cross-border information, and improves upon of cross-border audit regulatory cooperation in accordance with the law and the principle of reciprocity.
Any organization or individual shall legitimately obtain such personal information of others in due course on a need-to-know basis and ensure the safety and privacy of such information, and refrain from excessively handling or using such information. 116 Table of Contents According to the Administrative Provisions on Official Account Information Services for Internet Users, or the Official Account Information Services Provisions, which was first promulgated by the CAC on September 7, 2017 and amended recently on January 22, 2021 (effective on February 22, 2021), official account information service platforms shall fulfill their responsibilities for the management of information content and official accounts, assign management personnel and provide technical capabilities suitable for their business scale, set up the post of content security officer, establish, improve and strictly implement management systems for account registration, information content security, ecological governance, emergency response, cybersecurity, data security, personal information protection, intellectual property protection and credit evaluation.
According to the Administrative Provisions on Official Account Information Services for Internet Users, or the Official Account Information Services Provisions, which was first promulgated by the CAC on September 7, 2017 and amended on January 22, 2021 (effective on February 22, 2021), official account information service platforms shall fulfill their responsibilities for the management of information content and official accounts, assign management personnel and provide technical capabilities suitable for their business scale, set up the post of content security officer, establish, improve and strictly implement management systems for account registration, information content security, ecological governance, emergency response, cybersecurity, data security, personal information protection, intellectual property protection and credit evaluation.
Further, on March 30, 2009, the SARFT promulgated the Notice on Strengthening the Administration of the Content of Internet Audio-Visual Programs, which reiterates the pre-approval requirements for the audio-visual programs transmitted through the Internet, including through mobile networks, where applicable, and prohibits certain types of Internet audio-visual programs containing violence, pornography, gambling, terrorism, superstition or other similarly prohibited elements.
Further, on March 30, 2009, the SARFT promulgated the Notice on Strengthening the Administration of the Content of Internet Audio-Visual Programs, which reiterates the pre-approval requirements for the audio-visual programs transmitted through the Internet, including through mobile networks, where applicable, and prohibits certain types of Internet audio-visual programs containing violence, pornography, gambling, terrorism, superstition or other similarly prohibited elements. 100 Table of Contents On March 17, 2010, the SARFT issued the Internet Audio-Visual Program Services Categories (Provisional), or the Provisional Categories, as adjusted on March 10, 2017, which classifies Internet audio/visual program services into four categories.
On December 8, 2022, the MIIT issued the Administrative Measures on the Administration of Data Security in the Industry and Information Technology Areas (for Trial Implementation), which took effect on January 1, 2023, pursuant to which, industrial and telecommunications data processors shall be responsible for the security of the main data processing activities and take the necessary measures to ensure that the data continue to be in a state of effective protection, including but not limited to: (i) establishing a data security full lifecycle management system; (ii) reasonably determining the operational authority for data processing activities; and (iii) developing contingency plans for data security incidents.
However, the Measures for Network Data Security remain unclear on how it will be interpreted, amended and implemented by the relevant PRC governmental authorities, it remains uncertain how PRC governmental authorities will regulate overseas listing in general and how we will be affected. 115 Table of Contents On December 8, 2022, the MIIT issued the Administrative Measures on the Administration of Data Security in the Industry and Information Technology Areas (for Trial Implementation), which took effect on January 1, 2023, pursuant to which, industrial and telecommunications data processors shall be responsible for the security of the main data processing activities and take the necessary measures to ensure that the data continue to be in a state of effective protection, including but not limited to: (i) establishing a data security full lifecycle management system; (ii) reasonably determining the operational authority for data processing activities; and (iii) developing contingency plans for data security incidents.
In 2022, 2023 and 2024, we generated RMB6,797.3 million, RMB4,799.0 million and RMB3,073.9 million (US$421.1 million) respectively from livestreaming, representing 95.6%, 86.8% and 72.0% of our total net revenues for the same periods. In 2024, we had a total of 6.1 million annual paying users, and 5.6 million annual mobile paying users.
In 2023, 2024 and 2025, we generated RMB4,799.0 million, RMB3,073.9 million and RMB2,177.4 million (US$311.4 million) respectively from livestreaming, representing 86.8%, 72.0% and 57.0% of our total net revenues for the same periods. In 2025, we had a total of 5.2 million annual paying users, and 4.8 million annual mobile paying users.
Moreover, employers in China are required to provide employees with welfare schemes covering pension insurance, unemployment insurance, maternity insurance, work-related injury insurance, medical insurance and housing funds. 122 Table of Contents According to the PRC Social Insurance Law promulgated by the National People’s Congress of the PRC on October 28, 2010, effective since July 1, 2011 and amended on December 29, 2018, together with other relevant laws and regulations, an employer that fails to make social insurance contributions may be ordered to pay the required contributions within a stipulated deadline and be subject to a late fee.
According to the PRC Social Insurance Law promulgated by the National People’s Congress of the PRC on October 28, 2010, effective since July 1, 2011 and amended on December 29, 2018, together with other relevant laws and regulations, an employer that fails to make social insurance contributions may be ordered to pay the required contributions within a stipulated deadline and be subject to a late fee.
The relevant competent governmental authorities may initiate the cybersecurity review against the relevant operators if the authorities believe that the network product or service or data processing activities of such operators affect or may affect national security.
The relevant competent governmental authorities may initiate the cybersecurity review against the relevant operators if the authorities believe that the network product or service or data processing activities of such operators affect or may affect national security. On June 10, 2021, the SCNPC promulgated the Data Security Law, which took effect on September 1, 2021.
Any data handler providing data abroad shall perform data security protection obligations and take technical and other necessary measures to ensure the security of data to be provided abroad. 115 Table of Contents Regulations Relating to Privacy Protection Under the Several Provisions on Regulating the Market Order of Internet Information Services, issued by the MIIT in December 2011, an ICP service operator may not collect any users’ personal information or provide such information to third parties without the consent of a user.
Regulations Relating to Privacy Protection Under the Several Provisions on Regulating the Market Order of Internet Information Services, issued by the MIIT in December 2011, an ICP service operator may not collect any users’ personal information or provide such information to third parties without the consent of a user.
Innovative business Our innovative business mainly include voice-based social networking services and game-related services as key components of our revenue diversification strategy. Voice-based Social Networking Services We offer voice-based social networking services through a separate app since the first half of 2023, where we provide chatroom livestreaming services and facilitate other forms of audio-based interactions.
Voice-based Social Networking Services We offer voice-based social networking services through a separate app since the first half of 2023, where we provide chatroom livestreaming services and facilitate other forms of audio-based interactions.
China is a signatory to some major international conventions on protection of copyright and became a member of the Berne Convention for the Protection of Literary and Artistic Works in October 1992, the Universal Copyright Convention in October 1992 and the Agreement on Trade-Related Aspects of Intellectual Property Rights upon its accession to the World Trade Organization in December 2001. 109 Table of Contents The PRC Copyright Law, promulgated in 1990 and amended in 2001, 2010 and 2020, respectively, or the Copyright Law, and its related implementing regulations, promulgated in 2002 and amended in 2013, are the principal laws and regulations governing copyright related matters.
China is a signatory to some major international conventions on protection of copyright and became a member of the Berne Convention for the Protection of Literary and Artistic Works in October 1992, the Universal Copyright Convention in October 1992 and the Agreement on Trade-Related Aspects of Intellectual Property Rights upon its accession to the World Trade Organization in December 2001.
This mutually beneficial relationship has solidified our partnerships with major game developers and publishers.These partnerships give us access to premium quality game content that attracts a number of enthusiastic viewers to our platform. We differentiate ourselves from other platforms streaming game content by creating our proprietary content involving popular streamers for better viewing experience.
These partnerships give us access to premium quality game content that attracts a number of enthusiastic viewers to our platform. We differentiate ourselves from other platforms streaming game content by creating our proprietary content involving popular streamers for better viewing experience. We believe that our proprietary content and features provided will further increase the popularity of games.
We believe that our proprietary content and features provided will further increase the popularity of games. On our official streaming channel, we produce commentary programs during, before and after matches to provide live commentary, informed match previews and post-match reviews by professional players.
On our official streaming channel, we produce commentary programs during, before and after matches to provide live commentary, informed match previews and post-match reviews by professional players.
In addition, the Notice concerning Strengthening the Administration of the Streaming Service of Online Audio/Visual Programs promulgated by the SAPPRFT on September 2, 2016 emphasizes that, unless a specific license is granted, an audio/visual programs service provider is forbidden from engaging in livestreaming on major political, military, economic, social, cultural and sports events. 99 Table of Contents On July 6, 2012, the SARFT and the CAC issued the Notice Regarding Further Enhancement of Management of Online Audio and Video Programs such as Online Drama Series and Micro Films, pursuant to which providers of Internet audio-visual program services that are engaged in the production of online audio-visual programs such as online drama series and micro-films and broadcast such programs on their own websites shall lawfully obtain the Radio and Television Program Production and Operating Permit issued by local branches of the NRTA and the corresponding License for Online Transmission of Audio-visual Programs at the same time.
On July 6, 2012, the SARFT and the CAC issued the Notice Regarding Further Enhancement of Management of Online Audio and Video Programs such as Online Drama Series and Micro Films, pursuant to which providers of Internet audio-visual program services that are engaged in the production of online audio-visual programs such as online drama series and micro-films and broadcast such programs on their own websites shall lawfully obtain the Radio and Television Program Production and Operating Permit issued by local branches of the NRTA and the corresponding License for Online Transmission of Audio-visual Programs at the same time.
PRC advertising laws and regulations set certain content requirements for advertisements in China, including, among other things, prohibitions on false or misleading content, misleading wording, (or) excess wordiness, socially destabilizing content or content involving obscenities, superstition, violence, discrimination or infringement of the public interest.
The business license of an advertising company is valid for the duration of its existence, unless the license is suspended or revoked due to a violation of any relevant laws or regulations. 110 Table of Contents PRC advertising laws and regulations set certain content requirements for advertisements in China, including, among other things, prohibitions on false or misleading content, misleading wording, (or) excess wordiness, socially destabilizing content or content involving obscenities, superstition, violence, discrimination or infringement of the public interest.
As of the date of this annual report, the Draft ICP Measures has not been adopted. On June 27, 2022, the CAC issued the Administrative Provisions on the Account Information of Internet Users, or the Internet Users’ Account Information Provisions, which became effective on August 1, 2022.
On June 27, 2022, the CAC issued the Administrative Provisions on the Account Information of Internet Users, or the Internet Users’ Account Information Provisions, which became effective on August 1, 2022.
The Ministry of Public Security has promulgated measures that prohibit the use of the Internet in ways which, among other things, result in a leakage of state secrets or the spread of socially destabilizing content. 112 Table of Contents On December 13, 2005, the Ministry of Public Security promulgated Provisions on Technological Measures for Internet Security Protection, or the Internet Protection Measures, which took effect on March 1, 2006.
The Ministry of Public Security has promulgated measures that prohibit the use of the Internet in ways which, among other things, result in a leakage of state secrets or the spread of socially destabilizing content.
Viewers can also communicate with each other or the streamer in real time through our regular chat room function. Lastly, viewers can initiate direct voice chat requests with the streamers and other viewers. Content catalog and recommendations .
Viewers can also communicate with each other or the streamer in real time through our regular chat room function. Lastly, viewers can initiate direct voice chat requests with the streamers and other viewers. In addition, we continue to develop new features with cutting edge technologies including AI.
On October 23, 2015, the Ministry of Culture promulgated the Circular on Further Strengthening and Improving the Content Administration of Online Music, effective as of January 1, 2016, which provides that Internet culture operating entities shall report to a nationwide administrative platform the details of its self-monitoring activities on a quarterly basis.
On October 23, 2015, the Ministry of Culture promulgated the Circular on Further Strengthening and Improving the Content Administration of Online Music, effective as of January 1, 2016, which provides that Internet culture operating entities shall report to a nationwide administrative platform the details of its self-monitoring activities on a quarterly basis. 109 Table of Contents In 2010 and 2011, the Ministry of Culture greatly intensified its regulations on online music products by issuing a series of circulars regarding online music industry, such as the Circular on Regulating the Market Order of Online Music Products and Renovating Illegal Conducts of Online Music Websites and the Circular on Investigating Illegal Online Music Websites in 2010.
In November 2016, the SCNPC promulgated the PRC Cyber Security Law of the PRC, or the Cyber Security Law, which took effect on June 1, 2017. In accordance with the Cyber Security Law, network operators must comply with applicable laws and regulations and fulfill their obligations to safeguard network security in conducting business and providing services.
In accordance with the Cyber Security Law, network operators must comply with applicable laws and regulations and fulfill their obligations to safeguard network security in conducting business and providing services.
Entities with the Radio and Television Program Production and Operating Permit must conduct their business operations strictly in compliance with the approved scope of production and operations and these entities (except radio and TV stations) must not produce radio and TV programs regarding current political news or similar subjects. 108 Table of Contents Regulations Relating to Advertising Business The SAMR (formerly known as the State Administration of Industry and Commerce) is the primary governmental authority regulating advertising activities in China.
Entities with the Radio and Television Program Production and Operating Permit must conduct their business operations strictly in compliance with the approved scope of production and operations and these entities (except radio and TV stations) must not produce radio and TV programs regarding current political news or similar subjects.
Pursuant to this notice, the provincial branches of the NRTA shall have the authority to supervise radio and television stations and websites that offer audio-visual programs within its jurisdiction and require them to further improve their content management systems and implement relevant management requirements.
Pursuant to this notice, the provincial branches of the NRTA shall have the authority to supervise radio and television stations and websites that offer audio-visual programs within its jurisdiction and require them to further improve their content management systems and implement relevant management requirements. 101 Table of Contents On November 18, 2019, the CAC, the MCT and the NRTA jointly issued the Administrative Provisions on Internet Audio-Video Information Services, or the Internet Audio-Video Information Services Provisions, which became effective on January 1, 2020.
Pursuant to the Ninth Amendment to the Criminal Law of the PRC issued by the SCNPC on August 29, 2015, effective on November 1, 2015, any Internet service provider that fails to fulfill the obligations related to Internet information security as required by applicable laws and refuses to take corrective measures, will be subject to criminal liability for: (i) any large-scale dissemination of illegal information; (ii) any severe effect due to the leakage of users’ personal information; (iii) any serious loss of evidence of criminal activities; or (iv) other severe situations, and any individual or entity that (a) sells or provides personal information to others unlawfully or (b) steals or illegally obtains any personal information will be subject to criminal liability in severe situations.
Pursuant to the Ninth Amendment to the Criminal Law of the PRC issued by the SCNPC on August 29, 2015, effective on November 1, 2015, any Internet service provider that fails to fulfill the obligations related to Internet information security as required by applicable laws and refuses to take corrective measures, will be subject to criminal liability for: (i) any large-scale dissemination of illegal information; (ii) any severe effect due to the leakage of users’ personal information; (iii) any serious loss of evidence of criminal activities; or (iv) other severe situations, and any individual or entity that (a) sells or provides personal information to others unlawfully or (b) steals or illegally obtains any personal information will be subject to criminal liability in severe situations. 117 Table of Contents Pursuant to the Cyber Security Law, network operators shall follow their cybersecurity obligations according to the requirements of the classified protection system for cybersecurity, including: (i) formulating internal security management systems and operating instructions, determining the persons responsible for cybersecurity and implementing the responsibility for cybersecurity protection; (ii) taking technological measures to prevent computer viruses, network attacks, network intrusions and other actions endangering cybersecurity; (iii) taking technological measures to monitor and record the network operation status and cybersecurity incidents; (iv) taking measures such as data classification, and back-up and encryption of important data; and (v) other obligations stipulated by laws and administrative regulations.
The Threshold of Filings for Undertaking Concentrations further requires that, if there is evidence indicating that the concentration of business operator has or may have an effect of excluding or limiting competition, the anti-monopoly authority may order the relevant operators to file for clearance, regardless of the threshold standard.There are numerous factors the Anti-monopoly law enforcement agency considers in determining “control” or “decisive influence,” and, depending on certain criteria, the Anti-monopoly law enforcement agency may conduct Anti-monopoly review of transactions in respect of which it was notified.
The Threshold of Filings for Undertaking Concentrations further requires that, if there is evidence indicating that the concentration of business operator has or may have an effect of excluding or limiting competition, the anti-monopoly authority may order the relevant operators to file for clearance, regardless of the threshold standard.
Where there is no evidence to indicate that an Internet information service operator is clearly aware of the existence of copyright infringement, or the Internet information service operator has taken measures to remove relevant content upon receipt of the copyright owner’s notice, the Internet information service provider shall not bear the relevant administrative legal liabilities. 110 Table of Contents We have adopted measures to mitigate copyright infringement risks, but we could still face copyright infringement claims with respect to copyrighted content being streamed live, recorded or made accessible, or songs performed live, recorded or made accessible on our platform.
Where there is no evidence to indicate that an Internet information service operator is clearly aware of the existence of copyright infringement, or the Internet information service operator has taken measures to remove relevant content upon receipt of the copyright owner’s notice, the Internet information service provider shall not bear the relevant administrative legal liabilities.
To regulate the outbound cross-border transfer of personal data, on February 22, 2023, the CAC promulgated the Measures on the Standard Contract for the Outbound Cross-Border Transfer of Personal Information, which became effective on June 1, 2023.
The data processors that in violation of such measures are required to rectify such non-compliance within six months of the effectiveness date thereof. 116 Table of Contents To regulate the outbound cross-border transfer of personal data, on February 22, 2023, the CAC promulgated the Measures on the Standard Contract for the Outbound Cross-Border Transfer of Personal Information, which became effective on June 1, 2023.
Entities providing Internet audio-video information services must obtain relevant licenses subject to applicable PRC laws and regulations and are required to authenticate users’ identities based on their organizational codes, PRC ID numbers or mobile phone numbers, etc. 100 Table of Contents In November 2020, the NRTA issued the Notice on Strengthening the Management of Network Live-performance Streaming and E-Commerce Streaming, which requires a live-performance streaming platform to adopt and practically implement the real-name registration system for the streamers and the viewers who purchase virtual gifts for streamers by taking measures including real-name verification, face recognition and human review.
In November 2020, the NRTA issued the Notice on Strengthening the Management of Network Live-performance Streaming and E-Commerce Streaming, which requires a live-performance streaming platform to adopt and practically implement the real-name registration system for the streamers and the viewers who purchase virtual gifts for streamers by taking measures including real-name verification, face recognition and human review.
The Online Transaction Measures further emphasize, among others, that e-commerce platform operators are required to establish mechanisms to inspect and monitor products and services provided by the merchants, and shall submit the identity information of those merchants to the local branches of the SAMR.
The Online Transaction Measures further emphasize, among others, that e-commerce platform operators are required to establish mechanisms to inspect and monitor products and services provided by the merchants, and shall submit the identity information of those merchants to the local branches of the SAMR. 108 Table of Contents On August 16, 2022, the SAMR published the Guidelines on Business Activities relating to Blind Boxes (Trial) (Draft for Comments), or the Blind Box Guidelines, which aimed at regulating the blind boxes business activities in China.

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Item 5. Market for Registrant's Common Equity

Market for Common Equity — stock, dividends, buybacks

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Biggest changeWe encourage investors and others to review our financial information in its entirety and not rely on any single financial measure. 139 Table of Contents The table below sets forth a reconciliation from the GAAP measures to the non-GAAP measures for the years indicated: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, ​ ​ 2022 ​ 2023 ​ 2024 ​ ​ RMB RMB RMB US$ ​ (in millions) Loss from operations (198.9) ​ (164.0) ​ (573.6) ​ (78.6) Add: ​ ​ ​ ​ ​ ​ ​ Share-based compensation expenses 66.7 ​ — ​ — ​ — Impairment of goodwill and intangible assets (1) — ​ 34.0 ​ 75.5 ​ 10.3 Adjusted operating (loss) income (132.2) ​ (130.0) ​ (498.1) ​ (68.3) Net (loss) income (90.4) ​ 35.5 ​ (306.8) ​ (42.0) Add: ​ ​ ​ ​ ​ ​ ​ Share-based compensation expenses 66.7 ​ — ​ — ​ — Share of loss (income) in equity method investments (62.4) ​ 31.6 ​ 4.0 ​ 0.5 Gain on disposal of investment (2) — ​ (5.1) ​ — ​ — Impairment losses and fair value adjuestments on investments (2) 78.5 ​ 58.0 ​ (21.9) ​ (3.0) Impairment of goodwill and intangible assets — ​ 34.0 ​ 75.5 ​ 10.3 Adjusted net (loss) income (7.6) ​ 154.0 ​ (249.2) ​ (34.2) Net (loss) income attributable to DouYu (75.4) ​ 35.5 ​ (306.8) ​ (42.0) Add: ​ ​ ​ ​ ​ ​ ​ Share-based compensation expenses 66.7 ​ — ​ — ​ — Share of (income) loss in equity method investments (62.4) ​ 31.6 ​ 4.0 ​ 0.5 Gain on disposal of investment — ​ (5.1) ​ — ​ — Impairment losses and fair value adjustments on investments 78.5 ​ 58.0 ​ (21.9) ​ (3.0) Impairment losses of goodwill and intangible assets — ​ 34.0 ​ 75.5 ​ 10.3 Ajusted net (loss) income attributable to DouYu 7.4 ​ 154.0 ​ (249.2) ​ (34.2) Ajusted net (loss) income per ordinary share ​ ​ ​ ​ ​ ​ ​ Basic 0.23 ​ 4.82 ​ (8.08) ​ (1.11) Diluted 0.23 ​ 4.82 ​ (8.08) ​ (1.11) Ajusted net (loss) income per ADS ​ ​ ​ ​ ​ ​ ​ Basic 0.23 ​ 4.82 ​ (8.08) ​ (1.11) Diluted 0.23 ​ 4.82 ​ (8.08) ​ (1.11) Weighted average number of ordinary shares used in calculating adjusted net (loss) income per ordinary share ​ ​ ​ ​ ​ ​ ​ Basic 31,971,245 ​ 31,977,665 ​ 30,832,271 ​ 30,832,271 Diluted 31,971,245 ​ 31,977,665 ​ 30,832,271 ​ 30,832,271 Weighted average number of ADS used in calculating adjusted net (loss) income per ADS ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ 31,971,245 ​ 31,977,665 ​ 30,832,271 ​ 30,832,271 Diluted ​ 31,971,245 ​ 31,977,665 ​ 30,832,271 ​ 30,832,271 (1) Impairment of goodwill and intangible assets was included in line item"impairment of goodwill" for goodwill and “other operating income (expenses), net” for streamer’s assets consolidated statements of comprehensive income (loss) in 2023 and 2024, respectively.
Biggest changeWe encourage investors and others to review our financial information in its entirety and not rely on any single financial measure. 141 Table of Contents The table below sets forth a reconciliation from the GAAP measures to the non-GAAP measures for the years indicated: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, ​ ​ 2023 ​ 2024 ​ 2025 ​ ​ RMB ​ ​ ​ RMB ​ ​ ​ RMB ​ ​ ​ US$ ​ (in millions) (Loss) income from operations (164.0) ​ (573.6) ​ 4.8 ​ 0.7 Add: ​ ​ ​ ​ ​ ​ ​ Impairment of goodwill and intangible assets (1) 34.0 ​ 75.5 ​ — ​ — Adjusted operating (loss) income (130.0) ​ (498.1) ​ 4.8 ​ 0.7 Net income (loss) 35.5 ​ (306.8) ​ (29.1) ​ (4.2) Add: ​ ​ ​ ​ ​ ​ ​ Share of loss in equity method investments 31.6 ​ 4.0 ​ 2.0 ​ 0.3 Gain on disposal of investment (2) (5.1) ​ — ​ — ​ — Impairment losses and fair value adjuestments on investments (2) 58.0 ​ (21.9) ​ 67.3 ​ 9.6 Impairment of goodwill and intangible assets 34.0 ​ 75.5 ​ — ​ — Adjusted net income (loss) 154.0 ​ (249.2) ​ 40.2 ​ 5.7 Net income (loss) attributable to DouYu 35.5 ​ (306.8) ​ (29.1) ​ (4.2) Add: ​ ​ ​ ​ ​ ​ ​ Share of loss in equity method investments 31.6 ​ 4.0 ​ 2.0 ​ 0.3 Gain on disposal of investment (5.1) ​ — ​ — ​ — Impairment losses and fair value adjustments on investments 58.0 ​ (21.9) ​ 67.3 ​ 9.6 Impairment losses of goodwill and intangible assets 34.0 ​ 75.5 ​ — ​ — Ajusted net income (loss) attributable to DouYu 154.0 ​ (249.2) ​ 40.2 ​ 5.7 Ajusted net income (loss) per ordinary share ​ ​ ​ ​ ​ ​ ​ Basic 4.82 ​ (8.08) ​ 1.33 ​ 0.19 Diluted 4.82 ​ (8.08) ​ 1.33 ​ 0.19 Ajusted net income (loss) per ADS ​ ​ ​ ​ ​ ​ ​ Basic 4.82 ​ (8.08) ​ 1.33 ​ 0.19 Diluted 4.82 ​ (8.08) ​ 1.33 ​ 0.19 Weighted average number of ordinary shares used in calculating adjusted net income (loss) per ordinary share ​ ​ ​ ​ ​ ​ ​ Basic 31,977,665 ​ 30,832,271 ​ 30,178,859 ​ 30,178,859 Diluted 31,977,665 ​ 30,832,271 ​ 30,178,859 ​ 30,178,859 Weighted average number of ADS used in calculating adjusted net income (loss) per ADS ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ 31,977,665 ​ 30,832,271 ​ 30,178,859 ​ 30,178,859 Diluted ​ 31,977,665 ​ 30,832,271 ​ 30,178,859 ​ 30,178,859 (1) Impairment of goodwill and intangible assets was included in line item “impairment of goodwill” for goodwill and “other operating income (expenses), net” for streamer’s assets consolidated statements of comprehensive income (loss) in 2023 and 2024, respectively.
Investing activities Net cash used in investing activities was RMB1,074.5 million (US$147.2 million) in 2024 primarily due to purchases of short-term bank deposits of RMB2,990.4 million (US$409.7 million), partially offset by proceeds from disposal of short-term bank deposits of RMB1,757.7 million (US$240.8 million).
Net cash used in investing activities was RMB1,074.5 million (US$147.2 million) in 2024 primarily due to purchases of short-term bank deposits of RMB2,990.4 million (US$409.7 million), partially offset by proceeds from disposal of short-term bank deposits of RMB1,757.7 million (US$240.8 million).
Trend Information Other than as disclosed elsewhere in this annual report, we are not aware of any trends, uncertainties, demands, commitments or events for the year ended December 31, 2024 that are reasonably likely to have a material and adverse effect on our net revenues, income, profitability, liquidity or capital resources, or that would cause the disclosed financial information to be not necessarily indicative of future results of operations or financial condition. 5.E.
Trend Information Other than as disclosed elsewhere in this annual report, we are not aware of any trends, uncertainties, demands, commitments or events for the year ended December 31, 2025 that are reasonably likely to have a material and adverse effect on our net revenues, income, profitability, liquidity or capital resources, or that would cause the disclosed financial information to be not necessarily indicative of future results of operations or financial condition. 5.E.
Unfavorable changes in any of these general industry conditions could negatively affect demand for our services and materially and adversely affect our results of operations. 130 Table of Contents Specific Factors Affecting Our Results of Operations After achieving substantial scale through our initial investments in user acquisition and experience, we have been proactively managing our growth to accommodate our strategy of building a healthy and sustainable game-centric community ecosystem in a more cost-effective manner.
Unfavorable changes in any of these general industry conditions could negatively affect demand for our services and materially and adversely affect our results of operations. 132 Table of Contents Specific Factors Affecting Our Results of Operations After achieving substantial scale through our initial investments in user acquisition and experience, we have been proactively managing our growth to accommodate our strategy of building a healthy and sustainable game-centric community ecosystem in a more cost-effective manner.
The decrease in interest income was mainly due to the decrease in our cash balance as a result of special cash dividend distribution. (Loss) income before income tax expenses and share of income (loss) in equity method investments.
The decrease in interest income was mainly due to our low cash balance as a result of special cash dividend distribution. Income (loss) before income tax expenses and share of loss in equity method investments.
Our ability to maintain our user base, as well as maintain and enhance user engagement, depends on, among other things, our ability to retain quality streamers, continually produce quality content, maintain our pivotal position in the evolving game industry in China, and continually improve our users’ entertainment experience through technological innovation. 131 Table of Contents Our ability to retain popular streamers and to enhance the quality of our content Popular streamers are critical to maintaining our user base and enhancing user engagement.
Our ability to maintain our user base, as well as maintain and enhance user engagement, depends on, among other things, our ability to retain quality streamers, continually produce quality content, maintain our pivotal position in the evolving game industry in China, and continually improve our users’ entertainment experience through technological innovation. 133 Table of Contents Our ability to retain popular streamers and to enhance the quality of our content Popular streamers are critical to maintaining our user base and enhancing user engagement.
Such direct loans to the nominee shareholders would be eliminated in our consolidated financial statements against the consolidated affiliated entity’s share capital. 143 Table of Contents 5.C. Research and Development, Patents and Licenses, Etc. Our advanced technology infrastructure and capabilities allow us to efficiently and effectively provide our services with superior user experience.
Such direct loans to the nominee shareholders would be eliminated in our consolidated financial statements against the consolidated affiliated entity’s share capital. 145 Table of Contents 5.C. Research and Development, Patents and Licenses, Etc. Our advanced technology infrastructure and capabilities allow us to efficiently and effectively provide our services with superior user experience.
In 2024, we continued to execute our cost-effective operating strategy under the prolonged soft macroeconomic environment and competition from short-video platforms focused on maintaining the size of our core paying users by offering more affordable virtual gifts to encourage their consistent spending behavior.
In 2025, we continued to execute our cost-effective operating strategy under the prolonged soft macroeconomic environment and competition from short-video platforms focused on maintaining the size of our core paying users by offering more affordable virtual gifts to encourage their consistent spending behavior.
The cost related to our voice-based social networking services was historically classified under other cost. In the second quarter of 2024, we re-classfied such cost aligned with the reclassification of revenue, the related costs were also reclassified. 134 Table of Contents Revenue sharing fees and content cost.
The cost related to our voice-based social networking services was historically classified under other cost. In the second quarter of 2024, we re-classfied such cost aligned with the reclassification of revenue, the related costs were also reclassified. 136 Table of Contents Revenue sharing fees and content cost.
The Group has provided a full valuation allowance for the deferred tax assets as of December 31, 2023 and 2024, as management is not able to conclude that the future realization of those net operating loss carry forwards and other deferred tax assets are more likely than not.
The Group has provided a full valuation allowance for the deferred tax assets as of December 31, 2024 and 2025, as management is not able to conclude that the future realization of those net operating loss carry forwards and other deferred tax assets are more likely than not.
Other than as discussed above, we did not have any significant capital and other commitments, long-term obligations or guarantees as of December 31, 2024. Off-Balance Sheet Arrangements We have not entered into any financial guarantees or other commitments to guarantee the payment obligations of any third parties.
Other than as discussed above, we did not have any significant capital and other commitments, long-term obligations or guarantees as of December 31, 2025. Off-Balance Sheet Arrangements We have not entered into any financial guarantees or other commitments to guarantee the payment obligations of any third parties.
We expect that the foreign currency translation adjustments will continue to fluctuate in accordance with the fluctuation between Renminbi and U.S. dollars in future periods. Results of Operations Year Ended December 31, 2024 Compared to Year Ended December 31, 2023 Revenue.
We expect that the foreign currency translation adjustments will continue to fluctuate in accordance with the fluctuation between Renminbi and U.S. dollars in future periods. Results of Operations Year Ended December 31, 2025 Compared to Year Ended December 31, 2024 Revenue.
Our costs consist primarily of revenue sharing fees, content cost, bandwidth costs and other costs. Our expenses primarily consist of sales and marketing expenses, general and administrative expenses and research and development expenses. 132 Table of Contents Our ability to achieve greater cost efficiency also depends on our ability to efficiently manage and control our costs and expenses.
Our costs consist primarily of revenue sharing fees, content cost, bandwidth costs and other costs. Our expenses primarily consist of sales and marketing expenses, general and administrative expenses and research and development expenses. 134 Table of Contents Our ability to achieve greater cost efficiency also depends on our ability to efficiently manage and control our costs and expenses.
The cumulative translation adjustment for the year ended December 31, 2024 was mainly attributable to the amount of cash and cash equivalents held at the Cayman Islands holding company level and the appreciation in Renminbi against U.S. dollar for the year ended December 31, 2024.
The cumulative translation adjustment for the year ended December 31, 2025 was mainly attributable to the amount of cash and cash equivalents held at the Cayman Islands holding company level and the appreciation in Renminbi against U.S. dollar for the year ended December 31, 2025.
Year Ended December 31, 2023 Compared to Year Ended December 31, 2022 For the detailed description of the comparison of our operating results for the year ended December 31, 2023 to the year ended December 31, 2022, please refer to “Item 5. Operating and Financial Review and Prospects—5.A.
Year Ended December 31, 2024 Compared to Year Ended December 31, 2023 For the detailed description of the comparison of our operating results for the year ended December 31, 2024 to the year ended December 31, 2023, please refer to “Item 5. Operating and Financial Review and Prospects—5.A.
Additionally, we have been shifting our attention towards (a) optimizing our streamer structure, and (b) cultivating paying users who exhibit stronger user stickiness and a willingness to pay.
Additionally, we have been shifting our attention towards (a) optimizing our streamer structure, and (b) cultivating paying users who exhibit stronger user stickiness and a willingness to purchase.
GAAP, we use the following non-GAAP financial measures to understand and evaluate our core operating performance: adjusted operating income (loss), which is calculated as operating income (loss) adjusted for share-based compensation expenses and impairment of goodwill and intangible assets; adjusted net income (loss), which is calculated as net loss adjusted for shared-based compensation expenses, share of loss (income) in equity method investments, gain on disposal of investment, impairment loss and fair value adjustments on investments and impairment of goodwill and intangible assets; adjusted net income (loss) attributable to DouYu, which is calculated as net income (loss) attributable to DouYu adjusted for share-based compensation expenses, share of loss (income) in equity method investments, gain on disposal of investment, impairment loss and fair value adjustments on investments and impairment of goodwill and intangible assets; and adjusted basic and diluted net income per ordinary shares, which is the non-GAAP net income (loss) attributable to ordinary shareholders divided by the weighted average number of ordinary shares used in the calculation of non-GAAP basic and diluted net income per ordinary share.
GAAP, we use the following non-GAAP financial measures to understand and evaluate our core operating performance: adjusted operating income (loss), which is calculated as operating income (loss) adjusted for impairment of goodwill and intangible assets; adjusted net income (loss), which is calculated as net income (loss) adjusted for share of loss in equity method investments, gain on disposal of investment, impairment losses and fair value adjustments on investments and impairment of goodwill and intangible assets; adjusted net income (loss) attributable to DouYu, which is calculated as net income (loss) attributable to DouYu adjusted for share of loss in equity method investments, gain on disposal of investment, impairment losses and fair value adjustments on investments and impairment of goodwill and intangible assets; and adjusted basic and diluted net income (loss) per ordinary shares, which is the non-GAAP net income (loss) attributable to ordinary shareholders divided by the weighted average number of ordinary shares used in the calculation of non-GAAP basic and diluted net income per ordinary share.
Douyu Yule, Wuhan Ouyue and Wuhan Douyu obtained the Software Enterprise status in 2019, but they have not enjoyed the preferential tax treatment with such status in 2024.
Douyu Yule, Wuhan Ouyue and Wuhan Douyu obtained the Software Enterprise status in 2019, but they have not enjoyed the preferential tax treatment with such status in 2025.
Our ability to strengthen monetization capabilities We generate revenue from a diverse range of monetization channels including (i) livestreaming and (ii) innovative business, advertisement and others. Our livestreaming revenue is primarily driven by the number of paying users and ARPPU. Our annual paying user base was 10.1 million in 2023 and 6.1 million in 2024.
Our ability to strengthen monetization capabilities We generate revenue from a diverse range of monetization channels including (i) livestreaming and (ii) innovative business, advertisement and others. Our livestreaming revenue is primarily driven by the number of paying users and ARPPU. Our annual paying user base was 6.1 million in 2024 and 5.2 million in 2025.
We made capital expenditures of RMB24.2 million, RMB16.3 million and RMB13.1 million (US$1.8 million) in 2022, 2023 and 2024, respectively. In these years, our capital expenditures were mainly used for purchases of intangible assets such as agency contract rights and computer software, and plant and equipment such as servers and computers.
We made capital expenditures of RMB16.3 million, RMB13.1 million and RMB1.8 million (US$0.3 million) in 2023, 2024 and 2025, respectively. In these years, our capital expenditures were mainly used for purchases of intangible assets such as agency contract rights and computer software, and plant and equipment such as servers and computers.
The impairment loss of equity method investments recognized in share of loss(income) in equity method investments, nil, RMB29.1 million and RMB7.1 million (US$1.0 million) for the years ended December 31, 2022, 2023 and 2024, respectively.
The impairment loss of equity method investments recognized in share of loss in equity method investments, RMB29.1 million, RMB7.1 million and nil (US$ nil) for the years ended December 31, 2023, 2024 and 2025, respectively.
We plan to optimize our costs structure through promoting healthy-margin livestreaming business, managing content costs and bandwidth costs, and streamlining headcounts while supporting the stable development of our business. We expect that our strategies of monetization diversification and optimization of our costs and expenses will enable us to improve operational efficiency in the short to medium run.
We will continue to optimize our costs structure through promoting healthy-margin livestreaming business, managing content costs and bandwidth costs, and streamlining headcounts while supporting the stable development of our business. We expect that our strategies of monetization diversification and optimization of our costs and expenses will enable us to improve operational efficiency.
There are no other taxes likely to be material to us levied by the government of the Cayman Islands except for stamp duties which may be applicable on instruments executed in, or, after execution, brought within the jurisdiction of the Cayman Islands.
In addition, dividend payments are not subject to withholding tax in the Cayman Islands. There are no other taxes likely to be material to us levied by the government of the Cayman Islands except for stamp duties which may be applicable on instruments executed in, or, after execution, brought within the jurisdiction of the Cayman Islands.
Our average mobile game MAUs were approximately 19.3 million and 13.5 million in the fourth quarter of 2023 and 2024, respectively.
Our average mobile game MAUs were approximately 13.5 million and 11.3 million in the fourth quarter of 2024 and 2025, respectively.
(2) Gain on disposal of investment and impairment losses and fair value adjustments on investments were included in line item"Other (expenses) income, net" of consolidated statements of comprehensive income (loss). ​ 140 Table of Contents 5.B.
(2) Gain on disposal of investment and impairment losses and fair value adjustments on investments were included in line item “Other (expenses) income, net” of consolidated statements of comprehensive income (loss). ​ 142 Table of Contents 5.B.
As a result, actual results may differ from the assumptions and judgments used to determine fair value of the investments, which could lead to the fair value of the assets is less than its carrying amount. 144 Table of Contents As a result, the impairment losses of equity securities without readily determinable fair value recognized in other income (loss), RMB78.5 million, RMB58.0 million and RMB19.7 million (US$2.7 million) for the years ended December 31, 2022, 2023 and 2024, respectively.
As a result, actual results may differ from the assumptions and judgments used to determine fair value of the investments, which could lead to the fair value of the assets is less than its carrying amount. 146 Table of Contents As a result, the impairment losses of equity securities without readily determinable fair value recognized in other (expenses) income,net, RMB58.0 million, RMB19.7 million and RMB2.1 million (US$0.3 million) for the years ended December 31, 2023, 2024 and 2025, respectively.
As a result of the foregoing, we had gross profit of RMB323.8 million (US$44.4 million) in 2024, as compared to the gross profit of RMB684.0 million (US$96.3 million) in 2023. Our gross margin decreased from 12.4% to 7.6% during the same periods. Total operating expenses.
As a result of the foregoing, we had gross profit of RMB489.6 million (US$70.0 million) in 2025, as compared to the gross profit of RMB323.8 million (US$44.4 million) in 2024. Our gross margin increased from 7.6% to 12.8% during the same periods. Total operating expenses.
We will continue to make capital expenditures to meet the expected growth of our business. 142 Table of Contents As of December 31, 2024, we also had operating lease liabilities amounting to RMB15.7 million (US$2.1 million), which were unsecured and unguaranteed.
We will continue to make capital expenditures to meet the expected growth of our business. 144 Table of Contents As of December 31, 2025, we also had operating lease liabilities amounting to RMB8.0 million (US$1.1 million), which were unsecured and unguaranteed.
Risk Factors—Risks Related to Doing Business in China—Under the PRC enterprise income tax law, we may be classified as a PRC ‘resident enterprise,’ which could result in unfavorable tax consequences to us and our shareholders and have a material adverse effect on our results of operations and the value of your investment.” The following table presents the summary of our consolidated cash flow data for the years ended December 31, 2022, 2023 and 2024. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, ​ ​ 2022 ​ 2023 ​ 2024 ​ RMB RMB RMB US$ ​ (in millions) Net cash used in operating activities (67.8) ​ (47.7) ​ (238.9) ​ (32.7) Net cash (used in) provided by investing activities (608.6) ​ 414.2 ​ (1,074.5) ​ (147.2) Net cash used in financing activities (109.0) ​ — ​ (2,207.0) ​ (302.4) Effect of foreign exchange rate changes on cash and cash equivalents 366.0 ​ 94.8 ​ 48.8 ​ 6.7 Net (decrease) increase in cash and cash equivalents (419.4) ​ 461.3 ​ (3,471.6) ​ (475.6) Cash, cash equivalents and restricted cash at the beginning of the year 4,467.1 ​ 4,047.7 ​ 4,509.0 ​ 617.7 Cash, cash equivalents and restricted cash at the end of the year 4,047.7 ​ 4,509.0 ​ 1,037.4 ​ 142.1 ​ 141 Table of Contents Operating activities Net cash used in operating activities was RMB238.9 million (US$32.7 million) in 2024.
Risk Factors—Risks Related to Doing Business in China—Under the PRC enterprise income tax law, we may be classified as a PRC ‘resident enterprise,’ which could result in unfavorable tax consequences to us and our shareholders and have a material adverse effect on our results of operations and the value of your investment.” The following table presents the summary of our consolidated cash flow data for the years ended December 31, 2023, 2024 and 2025. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, ​ ​ 2023 ​ 2024 ​ 2025 ​ ​ ​ ​ RMB ​ ​ ​ RMB ​ ​ ​ RMB ​ ​ ​ US$ ​ (in millions) Net cash used in operating activities (47.7) ​ (238.9) ​ (52.3) ​ (7.5) Net cash provided by (used in) investing activities 414.2 ​ (1,074.5) ​ 2,971.8 ​ 425.0 Net cash used in financing activities — ​ (2,207.0) ​ (2,150.8) ​ (307.6) Effect of foreign exchange rate changes on cash and cash equivalents 94.8 ​ 48.8 ​ (24.9) ​ (3.5) Net increase (decrease) in cash and cash equivalents 461.3 ​ (3,471.6) ​ 743.8 ​ 106.4 Cash, cash equivalents and restricted cash at the beginning of the year 4,047.7 ​ 4,509.0 ​ 1,037.4 ​ 148.3 Cash, cash equivalents and restricted cash at the end of the year 4,509.0 ​ 1,037.4 ​ 1,781.2 ​ 254.7 ​ 143 Table of Contents Operating activities Net cash used in operating activities was RMB52.3 million (US$7.5 million) in 2025.
Liquidity and Capital Resources Liquidity and Capital Resources Cash flows and working capital Our principal sources of liquidity have been cash generated from our operations and contributions from our shareholders. As of December 31, 2024, we had RMB1,017.1 million (US$139.3 million) in cash and cash equivalents.
Liquidity and Capital Resources Liquidity and Capital Resources Cash flows and working capital Our principal sources of liquidity have been cash generated from our operations and contributions from our shareholders. As of December 31, 2025, we had RMB1,759.1 million (US$251.6 million) in cash and cash equivalents.
Hong Kong Our subsidiaries in Hong Kong are subject to Hong Kong profits tax on their activities conducted in Hong Kong at a uniform tax rate of 16.5%. Payments of dividends by our subsidiaries to us are not subject to withholding tax in Hong Kong.
Hong Kong Our subsidiaries in Hong Kong are subject to Hong Kong profits tax on their activities conducted in Hong Kong at a uniform tax rate of 16.5%.
PRC Generally, our subsidiary and consolidated variable interest entities in China are subject to enterprise income tax on their taxable income in China at a rate of 25%, except where a special preferential rate applies such as a rate of 15% applicable to enterprises qualified as a “High and New Technology Enterprise,” subject to various criteria.
Payments of dividends by our subsidiaries to us are not subject to withholding tax in Hong Kong. ​ 139 Table of Contents PRC Generally, our subsidiary and consolidated variable interest entities in China are subject to enterprise income tax on their taxable income in China at a rate of 25%, except where a special preferential rate applies such as a rate of 15% applicable to enterprises qualified as a “High and New Technology Enterprise,” subject to various criteria.
The table below sets forth a breakdown of the components of cost of revenues in absolute amounts and as percentages of total cost of revenues for the periods indicated: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, ​ ​ 2022 ​ 2023 ​ 2024 Cost of Revenues ​ RMB % RMB % RMB US$ % ​ (in millions, except for percentages) Revenue sharing fees and content cost (1) 5,245.9 ​ 85.7 ​ 3,878.4 ​ 80.0 ​ 3,363.1 ​ 460.7 ​ 85.2 Bandwidth cost 569.1 ​ 9.3 ​ 449.9 ​ 9.3 ​ 304.6 ​ 41.7 ​ 7.7 Other 303.1 ​ 5.0 ​ 518.1 ​ 10.7 ​ 279.3 ​ 38.3 ​ 7.1 Total 6,118.1 ​ 100.0 ​ 4,846.4 ​ 100.0 ​ 3,947.0 ​ 540.7 ​ 100.0 Note: (1) Include content right costs which are expensed over the streaming periods.
The table below sets forth a breakdown of the components of cost of revenues in absolute amounts and as percentages of total cost of revenues for the periods indicated: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, ​ ​ 2023 ​ 2024 ​ 2025 Cost of Revenues ​ RMB ​ ​ ​ % ​ ​ ​ RMB ​ ​ ​ % ​ ​ ​ RMB ​ ​ ​ US$ ​ ​ ​ % ​ (in millions, except for percentages) Revenue sharing fees and content cost (1) 3,878.4 ​ 80.0 ​ 3,363.1 ​ 85.2 ​ 2,792.2 ​ 399.3 ​ 83.9 Bandwidth cost 449.9 ​ 9.3 ​ 304.6 ​ 7.7 ​ 200.3 ​ 28.6 ​ 6.0 Other 518.1 ​ 10.7 ​ 279.3 ​ 7.1 ​ 336.8 ​ 48.2 ​ 10.1 Total 4,846.4 ​ 100.0 ​ 3,947.0 ​ 100.0 ​ 3,329.3 ​ 476.1 ​ 100.0 Note: (1) Include content right costs which are expensed over the streaming periods.
The following table sets forth the components of our operating expenses in absolute amounts and as percentages of total operating expenses for the periods indicated: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, ​ ​ 2022 ​ 2023 ​ 2024 Operating Expenses ​ RMB % RMB % RMB US$ % ​ (in millions, except for percentages) Sales and marketing expenses 639.9 ​ 53.8 ​ 351.7 ​ 41.5 ​ 311.1 ​ 42.6 ​ 34.7 General and administrative expenses 288.2 ​ 24.2 ​ 237.8 ​ 28.0 ​ 204.4 ​ 28.0 ​ 22.8 Research and development expenses 383.1 ​ 32.2 ​ 276.9 ​ 32.7 ​ 181.7 ​ 25.0 ​ 20.2 Other operating income (expenses), net (122.2) ​ (10.2) ​ (32.3) ​ (3.8) ​ 200.2 ​ 27.4 ​ 22.3 Impairment of goodwill ​ — ​ — ​ 13.9 ​ 1.6 ​ — ​ — ​ — Total 1,189.0 ​ 100.0 ​ 848.0 ​ 100.0 ​ 897.4 ​ 123.0 ​ 100.0 ​ Sales and Marketing Expenses Sales and marketing expenses consist primarily of (i) advertising and market promotion expenses, (ii) salaries and welfare for sales and marketing personnel and (iii) share-based compensation.
The following table sets forth the components of our operating expenses in absolute amounts and as percentages of total operating expenses for the periods indicated: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, ​ ​ 2023 ​ 2024 ​ 2025 Operating Expenses ​ RMB ​ ​ ​ % ​ ​ ​ RMB ​ ​ ​ % ​ ​ ​ RMB ​ ​ ​ US$ ​ ​ ​ % ​ (in millions, except for percentages) Sales and marketing expenses 351.7 ​ 41.5 ​ 311.1 ​ 34.7 ​ 234.5 ​ 33.5 ​ 48.4 General and administrative expenses 237.8 ​ 28.0 ​ 204.4 ​ 22.8 ​ 137.6 ​ 19.7 ​ 28.3 Research and development expenses 276.9 ​ 32.7 ​ 181.7 ​ 20.2 ​ 121.1 ​ 17.3 ​ 25.0 Other operating (income) expenses, net (32.3) ​ (3.8) ​ 200.2 ​ 22.3 ​ (8.4) ​ (1.2) ​ (1.7) Impairment of goodwill ​ 13.9 ​ 1.6 ​ — ​ — ​ — ​ — ​ — Total 848.0 ​ 100.0 ​ 897.4 ​ 100.0 ​ 484.8 ​ 69.3 ​ 100.0 ​ Sales and Marketing Expenses Sales and marketing expenses consist primarily of (i) advertising and market promotion expenses, and (ii) salaries and welfare for sales and marketing personnel.
We have strategically reduced the purchase of certain eSports tournament copyrights and will continue to selectively stream eSports touraments with a strong focus on mobile gaming and entertainment. However, these strategic adjustments have resulted in, and may continue to result in, a reduction in the size of our active users and our revenue.
We have strategically reduced the purchase of certain eSports tournament copyrights and will continue to selectively stream eSports touraments based on cost-efficency and other operational considerations. However, these strategic adjustments have resulted in, and may continue to result in, a reduction in the size of our active users and our revenue.
The following table sets forth sources of our revenue in absolute amounts and as percentages of total net revenue for the periods indicated: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, ​ ​ 2022 ​ 2023 ​ 2024 Net revenues ​ RMB % RMB % RMB US$ % ​ (in millions, except for percentages) Livestreaming 6,797.3 ​ 95.6 ​ 4,799.0 ​ 86.8 ​ 3,073.9 ​ 421.1 ​ 72.0 Innovative business — ​ — ​ — ​ — ​ 1,015.9 ​ 139.2 ​ 23.8 Advertisement and others 310.9 ​ 4.4 ​ 731.4 ​ 13.2 ​ 181.0 ​ 24.8 ​ 4.2 Total 7,108.2 ​ 100.0 ​ 5,530.4 ​ 100.0 ​ 4,270.8 ​ 585.1 ​ 100.0 ​ 133 Table of Contents Livestreaming We primarily generate livestreaming revenues through the sales of virtual gifts.
The following table sets forth sources of our revenue in absolute amounts and as percentages of total net revenue for the periods indicated: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, ​ ​ 2023 ​ 2024 ​ 2025 Net revenues ​ RMB ​ ​ ​ % ​ ​ ​ RMB ​ ​ ​ % ​ ​ ​ RMB ​ ​ ​ US$ ​ ​ ​ % ​ (in millions, except for percentages) Livestreaming 4,799.0 ​ 86.8 ​ 3,073.9 ​ 72.0 ​ 2,177.4 ​ 311.4 ​ 57.0 Innovative business — ​ — ​ 1,015.9 ​ 23.8 ​ 1,446.2 ​ 206.8 ​ 37.9 Advertisement and others 731.4 ​ 13.2 ​ 181.0 ​ 4.2 ​ 195.3 ​ 27.9 ​ 5.1 Total 5,530.4 ​ 100.0 ​ 4,270.8 ​ 100.0 ​ 3,818.9 ​ 546.1 ​ 100.0 ​ 135 Table of Contents Livestreaming We primarily generate livestreaming revenues through the sales of virtual gifts.
Our quarterly average paying users were 3.7 million and 3.3 million in the fourth quarter of 2023 and 2024, respectively. Our quarterly ARPPU were RMB278 and RMB246 in the fourth quarter of 2023 and 2024, respectively.
Our quarterly average paying users were 3.3 million and 2.6 million in the fourth quarter of 2024 and 2025, respectively. Our quarterly ARPPU were RMB246 and RMB230 in the fourth quarter of 2024 and 2025, respectively.
The revenue of our voice-based social networking service in 2024 is 813.1 million and the average MAUs is 475.9 thousand in the fourth quarter of 2024. We will continue to invest in various marketing intiatives to attract more users to our innovative business, and develop and offer more revenue-generating products to enhance monetaztion capabilities.
The revenue of our voice-based social networking service in 2025 is RMB1,133.0 million and the average MAUs is 286.3 thousand in the fourth quarter of 2025. We will continue to invest in various marketing initiatives to attract more users to our innovative business, and develop and offer more revenue-generating products to enhance monetization capabilities.
A cumulative translation adjustment results from the translation of the financial statements of the consolidating entities within the group with functional currency other than the group’s reporting currency in Renminbi.
Foreign currency translation adjustments Foreign currency translation adjustments are reported as cumulative translation adjustments and are shown as a component of other comprehensive income. A cumulative translation adjustment results from the translation of the financial statements of the consolidating entities within the group with functional currency other than the group’s reporting currency in Renminbi.
As of December 31, 2024, we had entered into exclusive contracts with over 24,600 streamers, which in aggregate contributed to 75.3% of total viewing hours on our platform in 2024 and 66.6% of the live-streaming revenue during that year.
As of December 31, 2025, we had entered into exclusive contracts with over 18,300 streamers, which in aggregate contributed to 73.5% of total viewing hours on our platform in 2025 and 79.2% of the live-streaming revenue during that year.
Key Components of Results of Operations ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, ​ ​ 2022 ​ 2023 ​ 2024 ​ ​ RMB RMB RMB US$ ​ (in millions) Net revenues 7,108.2 ​ 5,530.4 ​ 4,270.8 ​ 585.1 Cost of revenues (6,118.1) ​ (4,846.4) ​ (3,947.0) ​ (540.7) Gross profit 990.1 ​ 684.0 ​ 323.8 ​ 44.4 Operating (expenses) income: ​ ​ ​ ​ ​ ​ ​ Sales and marketing expenses (1) (639.9) ​ (351.7) ​ (311.1) ​ (42.6) General and administrative expenses (1) (288.2) ​ (237.8) ​ (204.4) ​ (28.0) Research and development expenses (1) (383.1) ​ (276.9) ​ (181.7) ​ (25.0) Other operating income (expenses), net 122.2 ​ 32.3 ​ (200.2) ​ (27.4) Impairment of goodwill — ​ (13.9) ​ — ​ — Total operating expenses (1,189.0) ​ (848.0) ​ (897.4) ​ (123.0) Loss from operations (198.9) ​ (164.0) ​ (573.6) ​ (78.6) Other (expenses) income, net (80.3) ​ (52.9) ​ 21.9 ​ 3.0 Interest income 129.9 ​ 285.0 ​ 263.1 ​ 36.0 Foreign exchange gain, net — ​ 0.1 ​ 1.2 ​ 0.2 (Loss) income before income taxes and share of income (loss) in equity method investments (149.3) ​ 68.2 ​ (287.4) ​ (39.4) Income tax expense (3.5) ​ (1.1) ​ (15.4) ​ (2.1) Share of income (loss) in equity method investments 62.4 ​ (31.6) ​ (4.0) ​ (0.5) Net (loss) income (90.4) ​ 35.5 ​ (306.8) ​ (42.0) Net Loss attributable to noncontrolling interest (15.0) ​ — ​ — ​ — Net (loss) income attributable to ordinary shareholders of the Company (75.4) ​ 35.5 ​ (306.8) ​ (42.0) Net (loss) income ​ (90.4) ​ 35.5 ​ (306.8) ​ (42.0) Other comprehensive income (loss), net of tax of nil: ​ ​ ​ ​ ​ ​ ​ Foreign currency translation adjustments 434.6 ​ 93.3 ​ 72.1 ​ 9.9 Comprehensive income (loss) 344.2 ​ 128.8 ​ (234.7) ​ (32.1) Notes: (1) Includes share-based compensation of RMB66.7 million, nil and nil in 2022, 2023 and 2024, respectively.
Key Components of Results of Operations ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, ​ ​ 2023 ​ 2024 ​ 2025 ​ ​ RMB ​ ​ ​ RMB ​ ​ ​ RMB ​ ​ ​ US$ ​ (in millions) Net revenues 5,530.4 ​ 4,270.8 ​ 3,818.9 ​ 546.1 Cost of revenues (4,846.4) ​ (3,947.0) ​ (3,329.3) ​ (476.1) Gross profit 684.0 ​ 323.8 ​ 489.6 ​ 70.0 Operating (expenses) income: ​ ​ ​ ​ ​ ​ ​ Sales and marketing expenses (1) (351.7) ​ (311.1) ​ (234.5) ​ (33.5) General and administrative expenses (1) (237.8) ​ (204.4) ​ (137.6) ​ (19.7) Research and development expenses (1) (276.9) ​ (181.7) ​ (121.1) ​ (17.3) Other operating income (expenses), net 32.3 ​ (200.2) ​ 8.4 ​ 1.2 Impairment of goodwill (13.9) ​ — ​ — ​ — Total operating expenses (848.0) ​ (897.4) ​ (484.8) ​ (69.3) Income (loss) from operations (164.0) ​ (573.6) ​ 4.8 ​ 0.7 Other (expenses) income, net (52.9) ​ 21.9 ​ (67.3) ​ (9.6) Interest income 285.0 ​ 263.1 ​ 64.3 ​ 9.2 Foreign exchange gain, net 0.1 ​ 1.2 ​ (0.5) ​ (0.1) Income (loss) before income taxes and share of loss in equity method investments 68.2 ​ (287.4) ​ 1.3 ​ 0.2 Income tax expense (1.1) ​ (15.4) ​ (28.4) ​ (4.1) Share of loss in equity method investments (31.6) ​ (4.0) ​ (2.0) ​ (0.3) Net income (loss) 35.5 ​ (306.8) ​ (29.1) ​ (4.2) Net income (loss) attributable to noncontrolling interest — ​ — ​ — ​ — Net income (loss) attributable to ordinary shareholders of the Company 35.5 ​ (306.8) ​ (29.1) ​ (4.2) Net income (loss) ​ 35.5 ​ (306.8) ​ (29.1) ​ (4.2) Other comprehensive income (loss), net of tax of nil: ​ ​ ​ ​ ​ ​ ​ Foreign currency translation adjustments 93.3 ​ 72.1 ​ (42.9) ​ (6.1) Comprehensive income (loss) 128.8 ​ (234.7) ​ (72.0) ​ (10.3) Note: (1) Includes share-based compensation of nil, nil and nil in 2023, 2024 and 2025, respectively.
We recognized valuation allowance of RMB1,064.0 million, RMB1,111.6 million and RMB811.7 million (US$111.2 million) as of December 31, 2022, 2023 and 2024, respectively.
We recognized valuation allowance of RMB1,111.6 million, RMB811.7 million and RMB823.5 million (US$117.8 million) as of December 31, 2023, 2024 and 2025, respectively.
Financing activities Net cash used in financing activities was RMB2,207.0 million (US$302.4million) in 2024, consisting of repurchase of ordinary shares of RMB105.5 million (US$14.5 million) and payments for dividends of RMB2,101.5 million (US$287.9 million). Net cash used in financing activities was RMB965.0 (US$135.9) in 2023, consisting of NCI derecognized due to cancellation of one subsidiary of RMB965.0 (US$135.9).
Financing activities Net cash used in financing activities was RMB2,150.8 million (US$307.6 million) in 2025, consisting of payments for dividends of RMB2,150.8 (US$307.6 million). Net cash used in financing activities was RMB2,207.0 million (US$302.4million) in 2024, consisting of repurchase of ordinary shares of RMB105.5 million (US$14.5 million) and payments for dividends of RMB2,101.5 million (US$287.9 million).
Operating Results—Year Ended December 31, 2023 Compared to Year Ended December 31, 2022” of our annual report on Form 20-F filed with the Securities and Exchange Commission on April 29, 2024. 137 Table of Contents Taxation Cayman Islands We are incorporated in the Cayman Islands.
Operating Results—Year Ended December 31, 2024 Compared to Year Ended December 31, 2023” of our annual report on Form 20-F filed with the Securities and Exchange Commission on April 29, 2025. Taxation Cayman Islands We are incorporated in the Cayman Islands. Under the current law of the Cayman Islands, we are not subject to income or capital gains tax.
We expect our research and development expenses to decrease in absolute amount as we continue to streamline our research and development personnel with the integration of AI programming capabilities General and Administrative Expenses General and administrative expenses consist primarily of (i) professional service fees, and (ii) share-based compensation, and (iii) salaries and welfare for general and administrative personnel and (iv) allowance for credit loss.
We expect our research and development expenses to remain stable in absolute amount. General and Administrative Expenses General and administrative expenses consist primarily of (i) professional service fees, (ii) salaries and welfare for general and administrative personnel and (iii) allowance for credit loss. We expect our general and administrative expenses to remain stable in absolute amount.
As a result of the foregoing, we realized a loss before income tax expenses of RMB287.4 million (US$39.4 million) in 2024, compared with a income before income tax expenses of RMB68.2 million in 2023. Income tax expense. We recorded income tax expenses of RMB1.1 million and RMB15.4 million (US$2.1 million) in 2023 and 2024, respectively.
As a result of the foregoing, we realized a loss before income tax expenses and share of loss in equity method investments of RMB1.3 million (US$0.2 million) in 2025, compared with a loss before income tax expenses and share of loss in equity method investments of RMB287.4 million in 2024. Income tax expense.
In addition, the game-centric user base of our platform enable us to establish cooperations with game developers and other participants of the game industry.
Our game livestreaming combined with a broad range of other entertainment contents have been effective in maintaining user traffic and user spending. In addition, the game-centric user base of our platform enable us to establish cooperations with game developers and other participants of the game industry.
Our cost of revenues decreased from RMB4,846.4 million in 2023 to RMB3,947.0 million (US$540.7 million) in 2024, which was mainly attributable to the decrease in our revenue sharing fees and content cost. Revenue sharing fees and content cost. Our revenue sharing fees and content cost decreased by 13.3% from RMB3,878.4 million in 2023 to RMB3,363.1 million (US$460.7 million) in 2024.
Our cost of revenues decreased from RMB3,947.0 million in 2024 to RMB3,329.3 million (US$476.1 million) in 2025, which was mainly attributable to the decrease in our revenue sharing fees and content cost, as well as bandwidth cost. Revenue sharing fees and content cost.
Such figure then decreased to 25.7 million for the fourth quarter of 2024, which was mainly attributable to our reduced operating activities in maintaining PC users.
Due to our reduced operating activities in maintaining PC users, the PC MAUs decreased from 42.8 million for the fourth quarter of 2023 to 25.7 million for the fourth quarter of 2024.
We realized an adjusted net loss of RMB249.2 million (US$34.2 million) in 2024, compared with an adjusted net income of RMB154.0 million (US$21.8 million) in 2023.
We realized a net loss of RMB29.1 million (US$4.2 million) in 2025, compared with a net loss of RMB306.8 million (US$42.0 million) in 2024. Adjusted net (loss) income. We realized an adjusted net income of RMB40.2 million (US$5.7 million) in 2025, compared with an adjusted net loss of RMB249.2 million (US$34.2 million) in 2024.
However, the tax resident status of an enterprise is subject to determination by the PRC tax authorities and uncertainties remain with respect to the interpretation of the term “de facto management body.” There can be no assurance that the PRC government will ultimately take a view that is consistent with us. 138 Table of Contents If the PRC tax authorities determine that DouYu International Holdings Limited is a PRC resident enterprise for enterprise income tax purposes, we may be required to withhold a 10% withholding tax from dividends we pay to our shareholders that are non-resident enterprises, including the holders of the ADSs.
However, the tax resident status of an enterprise is subject to determination by the PRC tax authorities and uncertainties remain with respect to the interpretation of the term “de facto management body.” There can be no assurance that the PRC government will ultimately take a view that is consistent with us.
Research and Development Expenses Research and development expenses primarily consist of (i) salaries and benefits expenses incurred for research and development personnel, (ii) rental, general expenses and depreciation expenses associated with the research and development activities and (iii) share-based compensation.
We expect our sales and marketing expenses to remain stable in absolute amount. Research and Development Expenses Research and development expenses primarily consist of (i) salaries and benefits expenses incurred for research and development personnel, (ii) rental, general expenses and depreciation expenses associated with the research and development activities.
Net cash used in financing activities was RMB109.0 million in 2022, consisting of repurchase of ordinary shares of RMB109.0 million. Material Cash Requirements Our material cash requirements as of December 31, 2024 and any subsequent interim period primarily include our capital expenditures and operating lease obligations.
Net cash used in financing activities was RMB965.0 (US$135.9) in 2023, consisting of NCI derecognized due to cancellation of one subsidiary of RMB965.0 (US$135.9). Material Cash Requirements Our material cash requirements as of December 31, 2025 and any subsequent interim period primarily include our capital expenditures and operating lease obligations.
It is also unclear whether non-PRC resident shareholders of DouYu International Holdings Limited would be able to claim the benefits of any tax treaties between their country of tax residence and the PRC in the event that DouYu International Holdings Limited is treated as a PRC resident enterprise.
It is also unclear whether non-PRC resident shareholders of DouYu International Holdings Limited would be able to claim the benefits of any tax treaties between their country of tax residence and the PRC in the event that DouYu International Holdings Limited is treated as a PRC resident enterprise. 140 Table of Contents If our holding company in the Cayman Islands or any of our subsidiaries outside of China were deemed to be a “resident enterprise” under the PRC Enterprise Income Tax Law, it would be subject to enterprise income tax on its worldwide income at a rate of 25%.
Net cash used in investing activities was RMB608.6 million in 2022 primarily due to purchases of short-term bank deposits of RMB2,415.3 million and purchases of long-term bank deposits of RMB220.0 million, partially offset by proceeds from disposal of short-term bank deposits of RMB2,104.3 million.
Investing activities Net cash provided by investing activities was RMB2,971.8 million (US$425.0 million) in 2025 primarily due to proceeds from disposal of short-term bank deposits of RMB3,528.5 million (US$504.6 million), partially offset by purchases of short-term bank deposits of RMB573.5 million (US$82.3 million).
We expect our general and administrative expenses to remain stable as percentage of our revenue as we continue to explore our innovative business while improving our operating efficiency. 135 Table of Contents Other Operating Income (expenses), net Our other operating income (expenses), net primarily consists of (i) government subsidies, which refers to funds we received from local government, (ii) Contingent litigation income (expenses), and (iii) impairment of streamer’s assets.
Other Operating (expenses) Income, net Our other operating (expenses) income, net primarily consists of (i) government subsidies, which refers to funds we received from local government, (ii) Contingent litigation income (expenses), and (iii) impairment of streamer’s assets. 137 Table of Contents Other (expenses) income, net Our other (expenses) income, net primarily consists of the impairment loss from equity method investments, and the disposal loss of cost method investments.
As of December 31, 2023 and 2024, we had 493.9 million and 503.3 million registered users, respectively. Our average mobile MAUs decreased from 51.7 million in the fourth quarter of 2023 to 44.5 million in the fourth quarter of 2024, primarily due to competition from short video platforms which have been investing and offering more game-related content and services.
As of December 31, 2024 and 2025, we had 503.3 million and 510.7 million registered users, respectively. Our average mobile MAUs decreased from 44.5 million in the fourth quarter of 2024 to 27.6 million in the fourth quarter of 2025, primarily due to the continued impact of cost efficiency optimization and a more disciplined content supply strategy.
Our bandwidth cost decreased from RMB449.9 million in 2023 to RMB304.6 million (US$ 41.7 million) in 2024, primarily due to a year-over-year reduction in peak bandwidth usage and our effective bandwidth-related cost control measures. Gross profit and gross profit margin.
Our bandwidth cost decreased from RMB304.6 million in 2024 to RMB200.3 million (US$28.6 million) in 2025, primarily due to primarily attributable to improved bandwidth allocation and a decrease in peak bandwidth usage. Gross profit and gross profit margin.
The average next month active user retention rate for PC users decreased from 29% in 2022 to 26.3% in 2023 and then slightly decreased to 25.2% in 2024, which was mainly due to our reduced operating activities in maintaining loyal PC users. Our user base and level of user engagement help us retain popular streamers who produce quality content.
The average next month active user retention rate for PC users decreased from 26.3% in 2023 to 25.2% in 2024 and then increased to 31.6% in 2025, which was mainly due to the increased ratio of core users in our total user base and our increased efforts in retaining those core users.
Such increase was primarily due to the increase in net income generated from some of our domestic companies in PRC. Net (loss) income. We realized a net loss of RMB306.8 million (US$42.0 million) in 2024, compared with a net income of RMB35.5 million (US$5.0 million) in 2023. Adjusted net income (loss) (non-GAAP).
We recorded income tax expenses of RMB15.4 million and RMB28.4 million (US$4.1 million) in 2024 and 2025, respectively. Such increase was primarily due to the increase in net income generated from some of our domestic companies in PRC. Net income (loss).
Net cash used in operating activities was RMB67.8 million in 2022.
Net cash used in operating activities was RMB238.9 million (US$32.7 million) in 2024.
Innovative business, advertising and other revenues (formerly known as advertising and other revenues). Our Innovative business, advertising and other revenues increased from RMB731.4 million in 2023 to RMB1,196.9 million (US$164.0 million) in 2024, primarily due to the increase in revenues contributed by our innovative business, mainly consisting of voice-based social networking services. Cost of revenues.
Our innovative business, advertisement and other revenues increased from RMB1,196.9 million in 2024 to RMB1,641.5 million (US$234.7 million) in 2025, primarily attributable to increased revenues from our voice-based social networking service and revenues from gaming membership service. Cost of revenues.
The curated content and interactive features of our platform help retain users and encourage user participation, which is related to our livestreaming revenue. Our game livestreaming combined with a broad range of other entertainment contents have been effective in maintaining user traffic and user spending.
Our user base and level of user engagement help us retain popular streamers who produce quality content. The curated content and interactive features of our platform help retain users and encourage user participation, which is related to our livestreaming revenue.
Our revenue decreased from RMB5,530.4 million in 2023 to RMB4,270.8 million in 2024, mainly attributable to the decreased in our livestreaming revenue as well as advertisement and others revenues, partially offset by an increase in our innovative business. Livestreaming revenue.
Our revenue decreased from RMB4,270.8 million in 2024 to RMB3,818.9 million in 2025, mainly attributable to the decrease in our livestreaming business. Livestreaming revenue.
The difference between our net cash from operating activities and our net loss of RMB90.4 million was due to decrease in accounts receivables of RMB87.2 million, increase in impairment losses of investments of RMB78.5 million, amortization of intangible assets of RMB75.7 million, recognition of share-based compensation of RMB66.7 million, decrease in other current assets of RMB39.4 million, increase in deferred revenue of RMB41.5 million and increase in non-cash operating lease expenses of RMB40.6 million, partially offset by decrease in accounts payable of RMB157.1 million, accrued expenses and other current liabilities of RMB155.5 million, and share of income in equity method investments of RMB62.4 million.
The difference between our net cash used in operating activities and our net loss of RMB29.1 million (US$4.2 million) was due to decrease in account due to related parties of RMB110.3 million (US$15.8 million), increase in accounts payable of RMB54.9 million (US$7.9 million), increase in amounts due from related parties of RMB17.4 million (US$2.5 million) and increase in accounts receivables of RMB25.6 million (US$3.7 million), partially offset by recognition of fair value change in long-term investments of RMB65.2 million (US$9.3 million) and amortization of intangible assets of RMB29.7 million (US$4.2 million).
Our total operating expenses increased by 5.8% from RMB848.1 million in 2023 to RMB897.4 million (US$123.0 million) in 2024. 136 Table of Contents Sales and marketing expenses. Our sales and marketing expenses decreased by 11.5% from RMB351.7 million in 2023 to RMB311.1 million (US$42.6 million) in 2024.
Our total operating expenses decreased by 46.0% from RMB897.4 million in 2024 to RMB484.8 million (US$69.3 million) in 2025. Sales and marketing expenses. Our sales and marketing expenses decreased by 24.6% from RMB311.1 million in 2024 to RMB234.5 million (US$33.5 million) in 2025. Such decrease was primarily attributable to lower promotional expenses and reduced staff-related expenses. Research and development expenses.
Such decrease was primarily attributable to the decrease in reduced payroll-related expenses, partially offset by the increase in marketing expenses for user acqusitions of our innovative business. Research and development expenses. Our research and development expenses decreased by 34.4% from RMB276.9 million in 2023 to RMB181.7 million (US$25.0 million) in 2024.
Our research and development expenses decreased by 33.4% from RMB181.7 million in 2024 to RMB121.1 million (US$17.3 million) in 2025. Such decrease was primarily due to lower staff-related expenses. 138 Table of Contents General and administrative expenses.
Our other operating income (expenses), net, shifted from a income of RMB32.3 million in 2023 to a loss of RMB200.2 million (US$27.4 million) in 2024. Such decrease was mainly attributable to the increased litigation fees and the increased impairment of streamers’ assets.
Our general and administrative expenses decreased by 32.7% from RMB204.4 million in 2024 and RMB137.6 million (US$19.7 million) in 2025, mainly due to lower staff-related expenses and professional fees. Other operating (income) expenses, net. Our other operating (income) expenses, net shifted from a loss of RMB200.2 million in 2024 to an income RMB8.4 million (US$1.2 million) in 2025.
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In addition, as a result of our strategic adjustments that were recently implemented, we have resulted in, and may continue to result in, a reduction in the size of our active users and our revenue.
Added
Such figure then increased to 27.6 million for the fourth quarter of 2025, which was mainly attributable to our increased supply of high-quality contents, including tournament streaming and video.
Removed
Due to the purchase of broadcasting rights of key eSport official tournaments (such as League of Legends) that attracted some of the PC users back to our platform, the PC MAUs increased from 36.7 million for the fourth quarter of 2022 to 42.8 million for the fourth quarter of 2023.
Added
Our livestreaming revenue decreased by 29.2% from RMB3,073.9 million in 2024 to RMB2,177.4 million (US$311.4 million) in 2025, primarily driven by the decrease in both the number of total paying users and average revenue per paying user as a result of fewer promotional activities and reduced consumer spending amid the prevailing macroeconomic environment. Innovative business, advertisement and other revenues.
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We expect our sales and marketing expenses to decrease in absolute amount as we continue to streamline our marketing personnel and prudently invest in our marketing and promotional activities for new users’ acquisition of our innovative business.
Added
Our revenue sharing fees and content cost decreased by 17.0% from RMB3,363.1 million in 2024 to RMB2,792.2 million (US$399.3 million) in 2025. It was primarily driven by reductions in content costs as part of the implementation of our cost-efficency strategy, as well as lower revenue-sharing fees resulting from decreased live streaming revenues. Bandwidth cost.
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Other (expenses) income, net Our other (expenses) income, net primarily consists of the impairment loss from equity method investments, and the disposal loss of cost method investments. Foreign currency translation adjustments Foreign currency translation adjustments are reported as cumulative translation adjustments and are shown as a component of other comprehensive income.
Added
Such increase was primarily due to the decrease of legal settlement and the impairment of streamers’ assets recognized in the previous year, with a fluctuation from government subsidies. ​ Interest income. Interest income consists of interests earned on bank deposits. We recorded RMB263.1 million in 2024 and RMB64.3 million (US$9.2 million) in 2025, respectively.
Removed
Our livestreaming revenue decreased by 35.9% from RMB4,799.0 million in 2023 to RMB3,073.9 million (US$421.1 million) in 2024, which was mainly due to the decrease of our paying users from 10.1 million in 2023 to 6.1 million in 2024 and the decreased ARPPU, as a result of our continued implementation of cost-effectvie operating strategies focusing on maintaining core paying users and offering more friendly-priced revenue products under a weak consumption sentiment.
Added
If the PRC tax authorities determine that DouYu International Holdings Limited is a PRC resident enterprise for enterprise income tax purposes, we may be required to withhold a 10% withholding tax from dividends we pay to our shareholders that are non-resident enterprises, including the holders of the ADSs.
Removed
The decrease was mainly due to the decrease in revenue sharing fees which was largely in line with the decrease in livestreaming revenues, as well as the decrease in content cost.
Removed
However, it is offset by the sharing fees associated with voice-based social networking services which experienced significant increase in 2024 and reclassified from other costs to this line from the second quarter of 2024, and there’s also a relatively fixed component of sharing fees that would not decreased at the same pace of revenue. Bandwidth cost.

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Biggest changeChen through Warrior Ace Holding Limited, or Warrior Ace, which consists of (i) 1,197,553 ordinary shares in the form of ADSs, and (ii) 4,244,395 ordinary shares. Warrior Ace is an exempted company incorporated with limited liability under the laws of the British Virgin Islands, wholly-owned by Mr. Chen.
Biggest changeYan is Zall International Centre, No.588 Jianshe Avenue, Jianghan District, Wuhan, the People’s Republic of China. (1) The number of ordinary shares beneficially owned represents 5,441,948 ordinary shares held by Mr. Chen through Warrior Ace Holding Limited, or Warrior Ace, which consists of (i) 1,197,553 ordinary shares in the form of ADSs, and (ii) 4,244,395 ordinary shares.
Wang has also completed the courses for the EMBA program at Central Connecticut State University in August 2002. Zhi Yan has served as our director since July 2019. Mr.
Mr. Wang has also completed the courses for the EMBA program at Central Connecticut State University in August 2002. Zhi Yan has served as our director since July 2019. Mr.
Compensation Committee. Our compensation committee consists of Mr. Shaojie Chen, Mr. Mingming Su and Mr. Zhi Yan and is chaired by Mr. Shaojie Chen. We have determined that Mr. Zhi Yan satisfies the “independence” requirements of Rule 5605(a)(2) of the Listing Rules of the Nasdaq Stock Market.
Our compensation committee consists of Mr. Shaojie Chen, Mr. Mingming Su and Mr. Zhi Yan and is chaired by Mr. Shaojie Chen. We have determined that Mr. Zhi Yan satisfies the “independence” requirements of Rule 5605(a)(2) of the Listing Rules of the Nasdaq Stock Market.
The RSUs are vested by equal installment for 36 months upon our initial public offering in July 2019. 2,075,858 RSUs corresponding to 2,075,858 ordinary shares have been vested as of March 31, 2025. ​ We issued 2,106,321 ordinary shares to Douyu Employees Limited for the purpose of transferring such shares to the plan participants according to the RSUs issued or to be issued to them under our Amended and Restated 2018 RSU Scheme adopted in April 2018.
The RSUs are vested by equal installment for 36 months upon our initial public offering in July 2019. 2,075,858 RSUs corresponding to 2,075,858 ordinary shares have been vested as of March 31, 2026. ​ We issued 2,106,321 ordinary shares to Douyu Employees Limited for the purpose of transferring such shares to the plan participants according to the RSUs issued or to be issued to them under our Amended and Restated 2018 RSU Scheme adopted in April 2018.
Under these agreements, we agreed to indemnify our directors and executive officers against certain liabilities and expenses incurred by such persons in connection with claims made by reason of their being a director or officer of our company. 147 Table of Contents Share Incentive Plan ​ DouYu International Holdings Limited 2019 Share Incentive Plan ​ In April 2019, we adopted the 2019 Share Incentive Plan (the “2019 Share Incentive Plan”).
Under these agreements, we agreed to indemnify our directors and executive officers against certain liabilities and expenses incurred by such persons in connection with claims made by reason of their being a director or officer of our company. 149 Table of Contents Share Incentive Plan ​ DouYu International Holdings Limited 2019 Share Incentive Plan ​ In April 2019, we adopted the 2019 Share Incentive Plan (the “2019 Share Incentive Plan”).
He is also qualified as a Certified Public Accountants in China and is a CFA Charterholder. 146 Table of Contents Xuehai Wang has served as our director since July 2019. Mr. Wang has served as the chairman of Jissbon Sanitary Products Co., Ltd. from December 1999 to August 2009 and then from August 2017 till now. Mr.
He is also qualified as a Certified Public Accountants in China and is a CFA Charterholder. 148 Table of Contents Xuehai Wang has served as our director since July 2019. Mr. Wang has served as the chairman of Jissbon Sanitary Products Co., Ltd. from December 1999 to August 2009 and then from August 2017 till now. Mr.
Douyu Employees Limited is an exempted company incorporated in the Cayman Islands and acts according to the Amended and Restated 2018 RSU Scheme and the trust deed entered into by and between our company and Maples Trustee Services (Cayman) Limited on May 16, 2018. 148 Table of Contents ​ The following paragraphs summarize the terms of the Amended and Restated 2018 RSU Scheme. ​ Types of Awards.
Douyu Employees Limited is an exempted company incorporated in the Cayman Islands and acts according to the Amended and Restated 2018 RSU Scheme and the trust deed entered into by and between our company and Maples Trustee Services (Cayman) Limited on May 16, 2018. 150 Table of Contents The following paragraphs summarize the terms of the Amended and Restated 2018 RSU Scheme. ​ Types of Awards.
Yu served as the associate at China Growth Capital from April 2007 to February 2010, the senior investment associate at WI Harper Group from March 2010 to August 2011, the vice general manager at Tencent from August 2011 till now. Mr. Yu obtained his bachelor of science degree majoring in civil engineering from Tsinghua University in 2005.
Yu served as the associate at China Growth Capital from April 2007 to February 2010, the associate at WI Harper Group from March 2010 to August 2011, the vice general manager at Tencent from August 2011 till now. Mr. Yu obtained his bachelor of science degree majoring in civil engineering from Tsinghua University in 2005.
Chen also completed the chief executive officer series courses (CKGSB CEO Program) in Cheung Kong Graduate School of Business in November 2018. 145 Table of Contents Chao Cheng has served as our chief operational officer since May 2014, responsible for our operations and content management. Mr.
Chen also completed the chief executive officer series courses (CKGSB CEO Program) in Cheung Kong Graduate School of Business in November 2018. 147 Table of Contents Chao Cheng has served as our chief operational officer since May 2014, responsible for our operations and content management. Mr.
Chen served as the chief financial officer of Dada Nexus Limited (Nasdaq: DADA), a leading platform of local on-demand retail and delivery in China, from December 2018 to December 2023. Prior to that, Mr. Chen was the chief financial officer of Baozun Inc. (Nasdaq: BZUN), the leading brand e-commerce service partner in China from December 2012 to November 2018. Mr.
Chen served as the chief financial officer of Dada Nexus Limited (Nasdaq: DADA), a leading platform of local on-demand retail and delivery in China, from 2018 to 2023. Prior to that, Mr. Chen was the chief financial officer of Baozun Inc. (Nasdaq: BZUN), the leading brand e-commerce service partner in China from 2012 to 2018. Mr.
Wang has also served as the president of Humanwell Healthcare (Group) Co., Ltd. from February 2003 to January 2025. Mr. Wang obtained his bachelor’s degree in Geochemistry from China University of Geosciences in July 1996. He also obtained his master degree and doctorate degree in business management from Wuhan University in July 1999 and July 2003, respectively. Mr.
Wang has also served as the president, director and chairman of Humanwell Healthcare (Group) Co., Ltd. from February 2003 to January 2025. Mr. Wang obtained his bachelor’s degree in Geochemistry from China University of Geosciences in July 1996. He also obtained his master degree and doctorate degree in business management from Wuhan University in July 1999 and July 2003, respectively.
The audit committee is responsible for, among other things: ​ ● selecting the independent registered public accounting firm and pre-approving all auditing and non-auditing services permitted to be performed by the independent registered public accounting firm; ● reviewing with the independent registered public accounting firm any audit problems or difficulties and management’s response; ● reviewing and approving all proposed related party transactions, as defined in Item 404 of Regulation S-K under the Securities Act; ● discussing the annual audited financial statements with management and the independent registered public accounting firm; ● reviewing major issues as to the adequacy of our internal controls and any special audit steps adopted in light of material control deficiencies; ● annually reviewing and reassessing the adequacy of our audit committee charter; ● meeting separately and periodically with management and the independent registered public accounting firm; and ● reporting regularly to the board .
The audit committee is responsible for, among other things: ​ ● selecting the independent registered public accounting firm and pre-approving all auditing and non-auditing services permitted to be performed by the independent registered public accounting firm; ● reviewing with the independent registered public accounting firm any audit problems or difficulties and management’s response; ● reviewing and approving all proposed related party transactions, as defined in Item 404 of Regulation S-K under the Securities Act; ● discussing the annual audited financial statements with management and the independent registered public accounting firm; ● reviewing major issues as to the adequacy of our internal controls and any special audit steps adopted in light of material control deficiencies; ● annually reviewing and reassessing the adequacy of our audit committee charter; ● meeting separately and periodically with management and the independent registered public accounting firm; and ● reporting regularly to the board . 152 Table of Contents Compensation Committee.
Under the Amended and Restated 2018 RSU Scheme, the maximum aggregate number of ordinary shares we are authorized to issue pursuant to all awards is 2,106,321 ordinary shares. As of March 31, 2025, a total of 2,075,858 RSUs corresponding to 2,075,858 ordinary shares were granted and not forfeited under the Amended and Restated 2018 RSU Scheme.
Under the Amended and Restated 2018 RSU Scheme, the maximum aggregate number of ordinary shares we are authorized to issue pursuant to all awards is 2,106,321 ordinary shares. As of March 31, 2026, a total of 2,075,858 RSUs corresponding to 2,075,858 ordinary shares were granted and not forfeited under the Amended and Restated 2018 RSU Scheme.
Song Zhou, Mr. Haiyang Yu, Mr. Xi Cao, Mr. Zhaoming Chen, Mr. Xuehai Wang and Mr. Zhi Yan is 20/F, Building A, New Development International Center, No. 473 Guanshan Avenue, Hongshan District, Wuhan, Hubei Province, the People’s Republic of China. The business address for Ms.
Song Zhou, Mr. Haiyang Yu, Mr. Xi Cao, Mr. Xuehai Wang and Mr. Zhi Yan is 20/F, Building A, New Development International Center, No. 473 Guanshan Avenue, Hongshan District, Wuhan, Hubei Province, the People’s Republic of China. The business address for Ms.
Share Ownership ​ The following table sets forth information concerning the beneficial ownership of our ordinary shares as of March 31, 2025 by: ● each of our directors and executive officers; ● all of our directors and executive officers as a group; and ● each of our principal shareholders who beneficially own more than 5% of our total outstanding ordinary shares .
Share Ownership ​ The following table sets forth information concerning the beneficial ownership of our ordinary shares as of March 31, 2026 by: ● each of our directors and executive officers; ● all of our directors and executive officers as a group; and ● each of our principal shareholders who beneficially own more than 5% of our total outstanding ordinary shares .
Xuehai Wang and Mr. Zhi Yan satisfies the “independence” requirements of Rule 5605(a)(2) of the Listing Rules of the Nasdaq Stock Market and Rule 10A-3 under the Securities Exchange Act of 1934. We have determined that Mr.
Zhi Yan satisfies the “independence” requirements of Rule 5605(a)(2) of the Listing Rules of the Nasdaq Stock Market and Rule 10A-3 under the Securities Exchange Act of 1934. We have determined that Mr.
We have developed a dynamic corporate culture that encourages innovation, technical skills and self-development. ​ We enter into standard contracts and agreements regarding confidentiality, intellectual property, employment, commercial ethics policies and non-competition with most of our executive officers, managers and employees.
We have developed a dynamic corporate culture that encourages innovation, technical skills and self-development. ​ 154 Table of Contents We enter into standard contracts and agreements regarding confidentiality, intellectual property, employment, commercial ethics policies and non-competition with most of our executive officers, managers and employees.
The committees operate in accordance with terms of reference established by our board of directors. ​ 150 Table of Contents Audit Committee. Our audit committee consists of Mr. Zhaoming Chen, Mr. Xuehai Wang and Mr. Zhi Yan. Mr. Zhaoming Chen is the chairman of our audit committee. We have determined that each of Mr. Zhaoming Chen, Mr.
The committees operate in accordance with terms of reference established by our board of directors. ​ Audit Committee. Our audit committee consists of Mr. Zhaoming Chen, Mr. Xuehai Wang and Mr. Zhi Yan. Mr. Zhaoming Chen is the chairman of our audit committee. We have determined that each of Mr. Zhaoming Chen, Mr. Xuehai Wang and Mr.
These shares, however, are not included in the computation of the percentage ownership of any other person. ​ ​ ​ ​ ​ ​ ​ ​ ​ Ordinary Shares ​ ​ Percentage of total Percentage of aggregate Directors and Executive Officers† Number ordinary shares voting power *** Shaojie Chen (1) ​ 5,441,948 ​ 18.0 ​ 18.0 Chao Cheng ​ — ​ — ​ — Mingming Su ​ — ​ — ​ — Hao Cao ​ — ​ — ​ — Simin Ren ​ — ​ — ​ — Song Zhou ​ — ​ — ​ — Haiyang Yu ​ — ​ — ​ — Xi Cao ​ — ​ — ​ — Zhaoming Chen ​ — ​ — ​ — Xuehai Wang ​ — ​ — ​ — Zhi Yan ​ — ​ — ​ — All Directors and Executive Officers as a Group ​ 5,441,948 ​ 18.0 ​ 18.0 Principal Shareholders: ​ ​ ​ ​ ​ Entities affiliated with Tencent (2) ​ 12,070,080 ​ 40.0 ​ 40.0 Warrior Ace Holding Limited (3) ​ 5,441,948 ​ 18.0 ​ 18.0 Bright Valley Capital Limited (4) ​ 1,576,000 ​ 5.2 ​ 5.2 Notes ​ * Less than 1% of our total outstanding shares. ** For each person and group included in this column, percentage ownership is calculated by dividing the number of shares beneficially owned by such person or group by the sum of (i) 30,178,859 being the number of ordinary shares outstanding as of March 31, 2025 and (ii) the number of ordinary shares underlying share options held by such person or group that are exercisable or RSUs that will become vested within 60 days after the date of this annual report. *** For each person and group included in this column, percentage of voting power is calculated by dividing the voting power beneficially owned by such person or group by the voting power of all of our ordinary shares as a single class. † The address of our directors and executive officers except for Ms.
These shares, however, are not included in the computation of the percentage ownership of any other person. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ordinary Shares ​ ​ ​ ​ ​ ​ ​ ​ Percentage of total ​ ​ ​ Percentage of aggregate Directors and Executive Officers† ​ ​ ​ Number ​ ​ ​ ordinary shares ​ ​ ​ voting power ** Shaojie Chen (1) ​ 5,441,948 ​ 18.0 ​ 18.0 Chao Cheng ​ — ​ — ​ — Mingming Su ​ — ​ — ​ — Hao Cao ​ — ​ — ​ — Simin Ren ​ — ​ — ​ — Song Zhou ​ — ​ — ​ — Haiyang Yu ​ — ​ — ​ — Xi Cao ​ — ​ — ​ — Zhaoming Chen ​ — ​ — ​ — Xuehai Wang ​ — ​ — ​ — Zhi Yan ​ — ​ — ​ — All Directors and Executive Officers as a Group ​ 5,441,948 ​ 18.0 ​ 18.0 Principal Shareholders: ​ ​ ​ ​ ​ ​ Entities affiliated with Tencent (2) ​ 12,070,080 ​ 40.0 ​ 40.0 Warrior Ace Holding Limited (3) ​ 5,441,948 ​ 18.0 ​ 18.0 Morgan Stanley (4) ​ 1,622,340 ​ 5.4 ​ 5.4 Notes ​ * For each person and group included in this column, percentage ownership is calculated by dividing the number of shares beneficially owned by such person or group by the sum of (i) 30,178,859 being the number of ordinary shares outstanding as of March 31, 2026 and (ii) the number of ordinary shares underlying share options held by such person or group that are exercisable or RSUs that will become vested within 60 days after the date of this annual report. ** For each person and group included in this column, percentage of voting power is calculated by dividing the voting power beneficially owned by such person or group by the voting power of all of our ordinary shares as a single class. 155 Table of Contents † The address of our directors and executive officers except for Ms.
The calculations in the table below are based on 30,178,859 ordinary shares issued and outstanding as of March 31, 2025. ​ 153 Table of Contents Beneficial ownership is determined in accordance with the rules and regulations of the SEC.
The calculations in the table below are based on 30,178,859 ordinary shares issued and outstanding as of March 31, 2026. ​ Beneficial ownership is determined in accordance with the rules and regulations of the SEC.
The nominating and corporate governance committee is responsible for, among other things: ​ ● recommending nominees to the board for election or re-election to the board, or for appointment to fill any vacancy on the board pursuant to the terms of the Fourth Amended and Restated Memorandum and Articles of Association, effective upon the completion of our initial public offering in July 2019; ● reviewing annually with the board the current composition of the board with regards to characteristics such as independence, knowledge, skills, experience, expertise, diversity and availability of service to us; 151 Table of Contents ● developing and recommending to our board such policies and procedures with respect to nomination or appointment of members of our board and chairs and members of its committees or other corporate governance matters as may be required pursuant to any SEC or Nasdaq rules, or otherwise considered desirable and appropriate; ● selecting and recommending to the board the names of directors to serve as members of the audit committee and the compensation committee, as well as of the nominating and corporate governance committee itself; ● developing and reviewing at least annually the corporate governance principles adopted by the board and advising the board with respect to significant developments in the law and practice of corporate governance and our compliance with such laws and practices; ● evaluating the performance and effectiveness of the board as a whole; and ● reviewing and approving compensation for our directors .
The nominating and corporate governance committee is responsible for, among other things: ​ ● recommending nominees to the board for election or re-election to the board, or for appointment to fill any vacancy on the board pursuant to the terms of the Fourth Amended and Restated Memorandum and Articles of Association, effective upon the completion of our initial public offering in July 2019; ● reviewing annually with the board the current composition of the board with regards to characteristics such as independence, knowledge, skills, experience, expertise, diversity and availability of service to us; ● developing and recommending to our board such policies and procedures with respect to nomination or appointment of members of our board and chairs and members of its committees or other corporate governance matters as may be required pursuant to any SEC or Nasdaq rules, or otherwise considered desirable and appropriate; ● selecting and recommending to the board the names of directors to serve as members of the audit committee and the compensation committee, as well as of the nominating and corporate governance committee itself; ● developing and reviewing at least annually the corporate governance principles adopted by the board and advising the board with respect to significant developments in the law and practice of corporate governance and our compliance with such laws and practices; ● evaluating the performance and effectiveness of the board as a whole; and ● reviewing and approving compensation for our directors . 153 Table of Contents Duties and Functions of Directors ​ Under Cayman Islands law, our directors owe fiduciary duties to our company, including a duty to act honestly and a duty to act in what they consider in good faith to be in our best interests.
Ltd. from March 2010 to August 2011, and the investment director of Cowin Venture Capital Investments Limited from August 2011 to August 2013. Mr. Cao obtained his bachelor’s degree of science from Peking University in June 2008. Zhaoming Chen has served as our director since July 2019. Mr.
Ltd. from March 2010 to August 2011, and the investment director of Cowin Venture Capital Investments Limited from August 2011 to August 2013. Mr. Cao obtained his bachelor’s degree of science from Peking University in June 2008. Zhaoming Chen has served as our director since July 2019. Mr. Chen is currently the chief financial officer of Double FS Inc. Mr.
Directors and Senior Management ​ The following table sets forth information regarding our executive officers and directors as of the date of this annual report. ​ ​ ​ ​ ​ ​ Directors and Executive Officers Age Position/Title Shaojie Chen 41 Founder, co-Chief Executive Officer, Director Chao Cheng 34 Chief Operational Officer Mingming Su 40 Chief Strategy Officer, Director Simin Ren ​ 29 ​ co-Chief Executive Officer, Director Hao Cao 45 Vice President, Director Song Zhou 46 Director Haiyang Yu 42 Director Xi Cao 40 Independent Director Zhaoming Chen 42 Independent Director Xuehai Wang 50 Independent Director Zhi Yan 52 Independent Director ​ Shaojie Chen is our founder.
Directors and Senior Management ​ The following table sets forth information regarding our executive officers and directors as of the date of this annual report. ​ ​ ​ ​ ​ ​ Directors and Executive Officers ​ ​ ​ Age ​ ​ ​ Position/Title Shaojie Chen 42 Founder, co-Chief Executive Officer, Director Chao Cheng 35 Chief Operational Officer Mingming Su 41 Chief Strategy Officer, Director Simin Ren ​ 30 ​ co-Chief Executive Officer, Director Hao Cao 46 Vice President, Director Song Zhou 47 Director Haiyang Yu 43 Director Xi Cao 41 Independent Director Zhaoming Chen 43 Independent Director Xuehai Wang 51 Independent Director Zhi Yan 53 Independent Director ​ Shaojie Chen is our founder.
To our knowledge, as of March 31, 2025, a total of 13,525,262 ordinary shares are held by one record holder in the United States, representing approximately 44.8% of our total outstanding shares. The holder is JPMorgan Chase Bank, N.A., the depositary of our ADS program.
To our knowledge, as of March 31, 2026, a total of 13,725,262 ordinary shares are held by one record holder in the United States, representing approximately 45.5% of our total outstanding shares. The holder is JPMorgan Chase Bank, N.A., the depositary of our ADS program.
Our directors also owe to our company a duty to exercise the skill they actually possess and such care and diligence that a reasonable director would exercise in comparable circumstances.
Our directors must also exercise their powers only for a proper purpose. Our directors also owe to our company a duty to exercise the skill they actually possess and such care and diligence that a reasonable director would exercise in comparable circumstances.
The Amended and Restated 2018 RSU Scheme may be terminated at any time prior to the expiry of its term by the board, provided that , such termination shall not affect any subsisting rights of any grantee thereunder. ​ 149 Table of Contents The following table summarizes, as of the date of this annual report, the number of RSUs that we granted to our directors and executive officers under the Amended and Restated 2018 RSU Scheme.
The Amended and Restated 2018 RSU Scheme may be terminated at any time prior to the expiry of its term by the board, provided that , such termination shall not affect any subsisting rights of any grantee thereunder. ​ As of the date of this annual report, the number of RSUs that we granted to our directors and executive officers under the Amended and Restated 2018 RSU Scheme had vested in full and there were no outstanding awards.
The registered address of Warrior Ace is Sea Meadow House, Blackburne Highway, (P.O. Box 116), Road Town, Tortola, British Virgin Islands. Warrior Ace is beneficially owned and controlled by Mr. Chen.
Warrior Ace is an exempted company incorporated with limited liability under the laws of the British Virgin Islands, wholly-owned by Mr. Chen. The registered address of Warrior Ace is Sea Meadow House, Blackburne Highway, (P.O. Box 116), Road Town, Tortola, British Virgin Islands. Warrior Ace is beneficially owned and controlled by Mr. Chen.
Yan obtained his doctorate degree in Chinese History from Wuhan University in June 2018. In November 2023, the Board of the Company formed an interim management committee consisting of Mr. Su, Mr. Cao, and Ms. Ren to manage the Company’s operations until Ms. Ren was appointed as co-Chief Executive in January 2025. 6.B.
In November 2023, the Board of the Company formed an interim management committee consisting of Mr. Su, Mr. Cao, and Ms. Ren to manage the Company’s operations until Ms. Ren was appointed as co-Chief Executive in January 2025. 6.B.
Shaojie Chen (who has a second or casting vote when there is an equality of votes) and Mr. Wenming Zhang, and entities which hold shares of our company on behalf of and are controlled by Mr. Shaojie Chen and Mr.
Shaojie Chen (who has a second or casting vote when there is an equality of votes) and Mr. Wenming Zhang, and entities which hold shares of our company on behalf of and are controlled by Mr. Shaojie Chen and Mr. Wenming Zhang, and are elected by the board at such term and remuneration as the board sees fit. ​ 6.D.
Employees ​ We had 819 employees as of December 31, 2024, and substantially all of our employees were based in China. ​ The following table sets forth a breakdown of our employees by function as of December 31, 2024: ​ ​ ​ ​ ​ ​ ​ Number of ​ ​ ​ Employees ​ Percentage Operation and products 214 26.1 Research and development 305 37.2 Sales and marketing 44 5.4 General and administration 256 31.3 Total 819 100.0 ​ Our success depends on our ability to attract, retain and motivate qualified personnel.
Employees ​ We had 493 employees as of December 31, 2025, and substantially all of our employees were based in China. ​ The following table sets forth a breakdown of our employees by function as of December 31, 2025: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of ​ ​ ​ ​ ​ ​ Employees ​ Percentage Operation and products 173 ​ 35.1 Research and development 158 ​ 32.0 Sales and marketing 15 ​ 3.0 General and administration 147 ​ 29.8 Total 493 ​ 100.0 ​ Our success depends on our ability to attract, retain and motivate qualified personnel.
Tencent is a Cayman Islands exempted company listed on the Main Board of the Hong Kong Stock Exchange. The principal business address of Nectarine is Level 29, Three Pacific Place, No. 1 Queen’s Road East, Wanchai, Hong Kong.
Tencent is a Cayman Islands exempted company listed on the Main Board of the Hong Kong Stock Exchange. The principal business address of Nectarine is Level 29, Three Pacific Place, No. 1 Queen’s Road East, Wanchai, Hong Kong. The registered office of Distribution Pool Limited is Vistra Corporate Services Centre, Wickhams Cay II, Road Town, Tortola, VG1110, British Virgin Islands.
Compensation ​ Compensation ​ For the fiscal year ended December 31, 2024, we paid an aggregate of approximately RMB7.19 million (US$0.99 million) in cash to our directors and executive officers (the unpaid annual bonus is not included), and we paid an aggregate of approximately RMB2 million (US$0.3 million) cash compensation to our non-executive directors.
Compensation ​ Compensation ​ For the fiscal year ended December 31, 2025, we paid an aggregate of approximately RMB37.52 million (US$5.4 million) in cash to our directors and executive officers, and we paid an aggregate of approximately RMB2 million (US$0.3 million) cash compensation to our non-executive directors.
Yan served as the director of LightInTheBox Holding Co., Ltd. (NYSE: LITB). Mr. Yan has completed the courses for the EMBA program at Wuhan University in February 2008 and also completed the courses for the EMBA program in Cheung Kong Graduate School of Business in September 2013. Mr.
Yan has completed the courses for the EMBA program at Wuhan University in February 2008 and also completed the courses for the EMBA program in Cheung Kong Graduate School of Business in September 2013. Mr. Yan obtained his doctorate degree in Chinese History from Wuhan University in June 2018.
Operating and Financial Review and Prospects—5.A. Operating Results—Critical Accounting Policies, Judgments and Estimates—Share-based compensation.” ​ 6.C. Board Practices ​ Board of directors ​ Our board of directors consists of ten directors, including four independent directors. A director is not required to hold any shares in our company to qualify to serve as a director.
Board Practices ​ Board of directors ​ Our board of directors consists of ten directors, including four independent directors. A director is not required to hold any shares in our company to qualify to serve as a director.
The registered office of Distribution Pool Limited is Vistra Corporate Services Centre, Wickhams Cay II, Road Town, Tortola, VG1110, British Virgin Islands. 154 Table of Contents (3) Represents 5,441,948 ordinary shares beneficially owned by Mr. Chen, our chief executive officer and director, as set forth in note (1) above.
(3) Represents 5,441,948 ordinary shares beneficially owned by Mr. Chen, our chief executive officer and director, as set forth in note (1) above.
Wang is No. 666 Gaoxin Avenue, East Lake New Technology Development Zone, Wuhan, the People’s Republic of China; and the business address for Mr. Yan is Special #1, Julong Avenue, Panlong Town Economics Development Zone, Wuhan, the People’s Republic of China. (1) The number of ordinary shares beneficially owned represents 5,441,948 ordinary shares held by Mr.
Cao is Room 3103, 31st Floor, Radiance Building, Chaoyang District, Beijing, the People’s Republic of China; the business address for Mr. Wang is No. 666 Gaoxin Avenue, East Lake New Technology Development Zone, Wuhan, the People’s Republic of China; and the business address for Mr.
Removed
We have not granted other equity awards to our directors or executive officers. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ordinary Shares Exercise Price ​ Date of Name ​ Underlying RSUs ​ (US$/Share) ​ Date of Grant ​ Expiration Shaojie Chen 1,430,315 — ​ April 1, 2018 — Chao Cheng * — ​ April 1, 2018 — Mingming Su * — ​ April 1, 2018 — Hao Cao * — ​ April 1, 2018 — Simin Ren — — ​ — — Song Zhou — — ​ — — Haiyang Yu — — ​ — — Xi Cao — — ​ — — Zhaoming Chen — — ​ — — Xuehai Wang — — ​ — — Zhi Yan — — ​ — — Note: * Less than 1% of our total outstanding shares. ​ As of March 31, 2025, other grantees under the Amended and Restated 2018 RSU Scheme as a group held 21,271 RSUs. ​ For discussions of our accounting policies and estimates for awards granted pursuant to the Amended and Restated 2018 RSU Scheme, see “Item 5.
Added
We have not granted other equity awards to our directors or executive officers. ​ As of March 31, 2026, all awards granted to the other grantees as a group under the Amended and Restated 2018 RSU Scheme had vested in full and there were no outstanding awards.
Removed
Duties and Functions of Directors ​ Under Cayman Islands law, our directors owe fiduciary duties to our company, including a duty to act honestly and a duty to act in what they consider in good faith to be in our best interests. Our directors must also exercise their powers only for a proper purpose.
Added
We had not granted any other equity awards to such other grantees. ​ For discussions of our accounting policies and estimates for awards granted pursuant to the Amended and Restated 2018 RSU Scheme, see “Item 5. Operating and Financial Review and Prospects—5.A. Operating Results—Critical Accounting Policies, Judgments and Estimates—Share-based compensation.” ​ 151 Table of Contents 6.C.
Removed
Wenming Zhang, and are elected by the board at such term and remuneration as the board sees fit. ​ 152 Table of Contents 6.D.
Added
(4) Represents 1,622,340 ordinary shares beneficially owned by Morgan Stanley, which consisted of 1,622,260 ordinary shares beneficially owned by Morgan Stanley Capital Services LLC, according to the Form 13G filed by it with the SEC on February 11, 2026. The registered address of Morgan Stanley and Morgan Stanley Capital Services LLC are 1585 Broadway, New York, NY 10036.
Removed
Cao is Room 3606, China Central Place Tower 3, 77 Jianguo Road, Beijing 100025, China; the business address of Mr. Chen is 22/F, Oriental Fisherman’s Wharf, No. 1088 Yangshupu Road, Yangpu District, Shanghai, the People’s Republic of China; the business address for Mr.
Removed
(4) Represents 1,576,000 ordinary shares beneficially owned by Bright Valley Capital Limited, according to the Form 13F filed by it with the SEC on February 14, 2025. The registered address of Bright Valley Capital Limited is Unit 1129, 11F, Admiralty Center Tower 2,18 Harcourt Road, Admiralty, Hong Kong.

Item 7. Management's Discussion & Analysis

Management's Discussion & Analysis (MD&A) — revenue / margin commentary

11 edited+0 added−1 removed0 unchanged
Biggest changeSuch investments are accounted for as equity method investee talent agencies. 155 Table of Contents In 2022, 2023 and 2024, we received livestreaming revenue and other revenue from the equity method investee talent agencies of nil, RMB2.5 million and RMB0.5 million (US$62.7 thousand), respectively.
Biggest changeIn 2023, 2024 and 2025, we received livestreaming revenue and other revenue from the equity method investee talent agencies of RMB2.5 million, RMB0.5 million and RMB0.4 million (US$51.7 thousand), respectively.
Information on the Company—4.C. Organizational Structure—Contractual Arrangements with The VIEs and The VIEs’ Respective Shareholders.” Employment Agreements and Indemnification Agreements See “Item 6. Directors, Senior Management and Employees—6.B. Compensation—Employment Agreements and Indemnification Agreements.” Share Incentives See “Item 6. Directors, Senior Management and Employees—6.B. Compensation—Share Incentive Plan.” 7.C. Interests of Experts and Counsel Not applicable.
Information on the Company—4.C. Organizational Structure—Contractual Arrangements with The VIEs and The VIEs’ Respective Shareholders.” Employment Agreements and Indemnification Agreements See “Item 6. Directors, Senior Management and Employees—6.B. Compensation—Employment Agreements and Indemnification Agreements.” Share Incentives See “Item 6. Directors, Senior Management and Employees—6.B. Compensation—Share Incentive Plan.” 7.C. Interests of Experts and Counsel Not applicable. 157 Table of Contents
For details, please refer to Note 18 to the consolidated financial statements for the years ended December 31, 2022, 2023 and 2024 included elsewhere in this annual report. Terms of Directors and Officers See “Item 6. Directors, Senior Management and Employees—6.C. Board Practices—Terms of Directors and Officers.” Contractual Arrangements with The VIEs and The VIEs’ Respective Shareholders See “Item 4.
For details, please refer to Note 17 to the consolidated financial statements for the years ended December 31, 2023, 2024 and 2025 included elsewhere in this annual report. Terms of Directors and Officers See “Item 6. Directors, Senior Management and Employees—6.C. Board Practices—Terms of Directors and Officers.” Contractual Arrangements with The VIEs and The VIEs’ Respective Shareholders See “Item 4.
Transactions with Equity Method Investee Talent Agencies We cooperate with certain talent agencies to manage and organize streamers on our platform and may enter into revenue sharing arrangements with them. We have also made equity investments in certain talent agencies and exercise significant influence over them.
Transactions with Equity Method Investee Talent Agencies We cooperate with certain talent agencies to manage and organize streamers on our platform and may enter into revenue sharing arrangements with them. We have also made equity investments in certain talent agencies and exercise significant influence over them. Such investments are accounted for as equity method investee talent agencies.
As of December 31, 2024, we had an amount of approximately RMB68.9 million (US$9.4 million) due from certain of Tencent’s PRC affiliated entities, representing the unsettled balance of fees for the services we provided to them.
As of December 31, 2025, we had an amount of approximately RMB86.9 million (US$12.4 million) due from certain of Tencent’s PRC affiliated entities, representing the unsettled balance of fees for the services we provided to them.
In 2022, 2023 and 2024, we paid revenue sharing fees and content costs of RMB181.6 million, RMB105.5 million and RMB12.5 million (US$1.7 million), respectively, to the equity method investee talent agencies.
In 2023, 2024 and 2025, we paid revenue sharing fees and content costs of RMB105.5 million, RMB12.5 million and RMB7.7 million (US$1.1 million), respectively, to the equity method investee talent agencies.
In 2022, 2023 and 2024, Tencent provided services to us through its PRC affiliated entities in relation to CDN, P2P streaming technologies, online payment and website technology support and licensed certain copyrights to us for the total amount of approximately RMB398.1 million, RMB561.8 million and RMB473.5 million (US$64.9 million) in fees, respectively.
In 2023, 2024 and 2025, Tencent provided services to us through its PRC affiliated entities in relation to CDN, P2P streaming technologies, online payment and website technology support and licensed certain copyrights to us for the total amount of approximately RMB561.8 million, RMB473.5 million and RMB418.3 million (US$59.8 million) in fees, respectively.
Transactions with Tencent In 2022, 2023 and 2024, we provided services to Tencent’s PRC affiliated entities in relation to advertisements, game distribution and promotional activities on our platform for the total amount of approximately RMB20.4 million, RMB60.3 million, RMB48.5 million (US$6.6 million) in fees, respectively.
Related Party Transactions Transactions with Tencent In 2023, 2024 and 2025, we provided services to Tencent’s PRC affiliated entities in relation to advertisements, game distribution and promotional activities on our platform for the total amount of approximately RMB60.3 million, RMB48.5 million, RMB59.8 million (US$8.5 million) in fees, respectively.
As of December 31, 2024, we had an amount of approximately RMB212.5 million (US$29.1 million) due to certain of Tencent’s PRC affiliated entities, representing the unsettled balance of fees for the services and copyrights they provided to us. We have entered into the Amended and Restated SCFM and other agreements with Tencent through its PRC affiliated entities.
As of December 31, 2025, we had an amount of approximately RMB103.7 million (US$14.8 million) due to certain of Tencent’s PRC affiliated entities, representing the unsettled balance of fees for the services and copyrights they provided to us. We have entered into the Amended and Restated SCFM and other agreements with Tencent through its PRC affiliated entities.
ITEM 7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS ​ 7.A. Major Shareholders Please refer to “Item 6. Directors, Senior Management and Employees — 6.E. Share Ownership.” The company’s major shareholders do not have different voting rights than the other shareholders. ​ 7.B. Related Party Transactions Transactions with Wuhan Shayu Network Technology Co., Ltd.
ITEM 7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS ​ 7.A. Major Shareholders Please refer to “Item 6. Directors, Senior Management and Employees — 6.E. Share Ownership.” The company’s major shareholders do not have different voting rights than the other shareholders. ​ 156 Table of Contents 7.B.
As of December 31, 2024, we had an amount of approximately RMB0.1 million (US$19.5 thousand) due from equity method investee talent agencies and amount due to equity method investee talent agencies of RMB10.0 million (US$1.3million).
As of December 31, 2025, we had an amount of approximately RMB0.1 million (US$20.3 thousand) due from equity method investee talent agencies and amount due to equity method investee talent agencies of RMB8.6 million (US$1.2 million).
Removed
In 2024, we had an amount due from Wuhan Shayu Network Technology Co., Ltd. of approximately RMB5.2 million (US$0.7 million).