Company Announcements

International:

+1-412-317-6061

United States Toll Free:

+1-888-317-6003

Mainland China Toll Free:

4001-206115

Hong Kong Toll Free:

800-963976

Singapore Toll Free:

800-120-5863

Conference ID:

9050535

International:

+1-412-317-0088

United States Toll Free:   

+1-877-344-7529

Conference ID:

3207979

[1] "Adjusted net loss" is defined as net loss excluding share of loss (income) in equity method investments, gain on disposal of investment, and impairment losses and fair value adjustments on investments. For more information, please refer to "Use of Non-GAAP Financial Measures" and "Reconciliations of GAAP and Non-GAAP Results" at the end of this press release.

[2] Refers to the number of mobile devices that launched our mobile apps in a given period. Average mobile MAUs for a given period is calculated by dividing (i) the sum of active mobile users for each month of such period, by (ii) the number of months in such period.

[3] "Quarterly average paying users" refers to the average paying users for each quarter during a given period of time calculated by dividing (i) the sum of paying users for each quarter of such period, by (ii) the number of quarters in such period. "Paying user" refers to a registered user that has purchased virtual gifts on our platform at least once during the relevant period.

[4] Every one ADS represents one ordinary share for the relevant period and calendar year.

Lingling Kong

DouYu International Holdings Limited

Email: ir@douyu.tv 

Tel: +86 (10) 6508-0677

Andrea Guo

Piacente Financial Communications

Email: douyu@tpg-ir.com 

Tel: +86 (10) 6508-0677

Brandi Piacente

Piacente Financial Communications

Email: douyu@tpg-ir.com 

Tel: +1-212-481-2050

Lingling Kong

DouYu International Holdings Limited

Email: pr_douyu@douyu.tv 

Tel: +86 (10) 6508-0677

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(All amounts in thousands, except share, ADS, per share and per ADS data)

As of December 31

As of September 30

2023

2024

2024

ASSETS

RMB

RMB

US$ ⁽¹⁾

Current assets:

Cash and cash equivalents

4,440,131

2,013,065

286,859

Restricted cash

-

24

3

Short-term bank deposits

1,716,540

1,943,968

277,013

Accounts receivable, net

73,453

48,771

6,950

Prepayments

38,181

23,404

3,335

Amounts due from related parties

68,994

71,424

10,178

Other current assets, net

348,129

297,021

42,325

Total current assets

6,685,428

4,397,677

626,663

Property and equipment, net

13,808

7,530

1,073

Intangible assets, net

120,694

124,318

17,715

Long-term bank deposits

630,000

360,000

51,300

Investments

436,197

470,595

67,059

Goodwill

-

-

-

Right-of-use assets, net

22,792

20,930

2,983

Other non-current assets

163,184

125,087

17,825

Total non-current assets

1,386,675

1,108,460

157,955

TOTAL ASSETS

8,072,103

5,506,137

784,618

LIABILITIES AND SHAREHOLDERS' EQUITY
LIABILITIES

Current liabilities:

Accounts payable

534,428

456,988

65,121

Advances from customers

12,911

11,074

1,578

Deferred revenue

315,969

269,555

38,411

Accrued expenses and other current liabilities

246,601

177,497

25,293

Amounts due to related parties

251,392

284,953

40,605

Lease liabilities due within one year

14,768

13,156

1,875

Total current liabilities

1,376,069

1,213,223

172,883

Non-current liabilities:

Lease liabilities

6,701

6,957

991

Total non-current liabilities

6,701

6,957

991

TOTAL LIABILITIES

1,382,770

1,220,180

173,874

⁽¹⁾ Translations of certain RMB amounts into U.S. dollars at a specified rate are solely for the convenience of the reader. Unless otherwise noted, all translations
from RMB to U.S. dollars are made at a rate of RMB7.0176 to US$1.00, the noon buying rate in effect on September 30, 2024, in the H.10 statistical release of
the Federal Reserve Board.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED)

(All amounts in thousands, except share, ADS, per share and per ADS data)

As of December 31

As of September 30

2023

2024

2024

RMB

RMB

US$ ⁽¹⁾

SHAREHOLDERS' EQUITY

Ordinary shares

23

20

3

Treasury shares

(911,217)

-

-

Additional paid-in capital

10,670,287

7,514,497

1,070,807

Accumulated deficit

(3,485,007)

(3,618,725)

(515,664)

Accumulated other comprehensive income

415,247

390,165

55,598

Total DouYu Shareholders' Equity

6,689,333

4,285,957

610,744

Noncontrolling interests

-

-

-

Total Shareholders' Equity

6,689,333

4,285,957

610,744

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY

8,072,103

5,506,137

784,618

⁽¹⁾ Translations of certain RMB amounts into U.S. dollars at a specified rate are solely for the convenience of the reader. Unless otherwise noted, all translations
from RMB to U.S. dollars are made at a rate of RMB7.0176 to US$1.00, the noon buying rate in effect on September 30, 2024, in the H.10 statistical release of
the Federal Reserve Board.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)

(All amounts in thousands, except share, ADS, per share and per ADS data)

Three Months Ended

Nine Months Ended

Sep 30,

202 3

Jun 30,

202 4

Sep 30,

202 4

Sep 30,

202 4

Sep 30,

2023

Sep 30,

202 4

Sep 30,

202 4

RMB

RMB

RMB

US$ ⁽¹⁾

RMB

RMB

US$ ⁽¹⁾

Net revenues

1,359,189

1,032,041

1,063,101

151,491

4,234,443

3,134,826

446,709

Cost of revenues

(1,166,771)

(947,823)

(1,002,282)

(142,824)

(3,676,660)

(2,880,784)

(410,508)

Gross profit

192,418

84,218

60,819

8,667

557,783

254,042

36,201

Operating expenses

Sales and marketing expenses

(89,996)

(76,963)

(79,260)

(11,294)

(267,729)

(231,793)

(33,030)

General and administrative expenses

(50,994)

(48,496)

(41,462)

(5,908)

(157,725)

(132,754)

(18,917)

Research and development expenses

(74,510)

(50,135)

(43,243)

(6,162)

(217,863)

(147,526)

(21,023)

Other operating income (expenses), net

14,272

(28,189)

8,964

1,277

41,933

(122,655)

(17,478)

Total operating expenses

(201,228)

(203,783)

(155,001)

(22,087)

(601,384)

(634,728)

(90,448)

Loss from operations

(8,810)

(119,565)

(94,182)

(13,420)

(43,601)

(380,686)

(54,247)

Other income (expenses), net

1,401

(943)

44,242

6,304

(31,029)

43,299

6,170

Interest Income

80,747

75,972

60,840

8,670

202,426

217,906

31,051

Foreign exchange income (expenses)

4

604

(70)

(10)

248

688

98

Income(Loss) before income taxes and share of

    loss in equity method investments

73,342

(43,932)

10,830

1,544

128,044

(118,793)

(16,928)

Income tax expense

-

(2,510)

(6,432)

(917)

-

(8,943)

(1,274)

Share of income (loss) in equity method investments

3,035

(2,727)

(994)

(142)

(30,301)

(5,982)

(853)

Net Income (loss)

76,377

(49,169)

3,404

485

97,743

(133,718)

(19,055)

Net income (loss) attributable to ordinary 

    shareholders of the Company

76,377

(49,169)

3,404

485

97,743

(133,718)

(19,055)

Net income (loss) per ordinary share

Basic

2.39

(1.58)

0.11

0.02

3.06

(4.31)

(0.61)

Diluted

2.39

(1.58)

0.11

0.02

3.06

(4.31)

(0.61)

Net income (loss) per ADS^{( 2 )}

Basic

2.39

(1.58)

0.11

0.02

3.06

(4.31)

(0.61)

Diluted

2.39

(1.58)

0.11

0.02

3.06

(4.31)

(0.61)

Weighted average number of ordinary shares used in calculating net income (loss) per ordinary share

Basic

31,977,664

31,128,544

30,228,317

30,228,317

31,977,664

31,051,664

31,051,664

Diluted

31,977,664

31,128,544

30,228,317

30,228,317

31,977,664

31,051,664

31,051,664

Weighted average number of ADS used in calculating net income (loss) per ADS

Basic

31,977,664

31,128,544

30,228,317

30,228,317

31,977,664

31,051,664

31,051,664

Diluted

31,977,664

31,128,544

30,228,317

30,228,317

31,977,664

31,051,664

31,051,664

⁽¹⁾ Translations of certain RMB amounts into U.S. dollars at a specified rate are solely for the convenience of the reader. Unless otherwise noted, all translations
from RMB to U.S. dollars are made at a rate of RMB7.0176 to US$1.00, the noon buying rate in effect on September 30, 2024, in the H.10 statistical release
of the Federal Reserve Board.

⁽²⁾ Every one ADS represents one ordinary share.

RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS

(All amounts in thousands, except share, ADS, per share and per ADS data)

Three Months Ended

Nine Months Ended

Sep 30,

2023

Jun 30,

202 4

Sep 30,

202 4

Sep 30,

202 4

Sep 30,

2023

Sep 30,

202 4

Sep 30,

202 4

RMB

RMB

RMB

US$ ⁽¹⁾

RMB

RMB

US$ ⁽¹⁾

Loss from operations

(8,810)

(119,565)

(94,182)

(13,420)

(43,601)

(380,686)

(54,247)

Adjusted Operating loss

(8,810)

(119,565)

(94,182)

(13,420)

(43,601)

(380,686)

(54,247)

Net  I ncome ( L oss)

76,377

(49,169)

3,404

485

97,743

(133,718)

(19,055)

Add/(Reversal of):

Share of loss (income) in equity method investments

(3,035)

2,727

994

142

30,301

5,982

853

Gain on disposal of investment

(5,132)

-

-

-

(5,132)

-

-

Impairment losses and fair value adjustments on
investments ⁽²⁾

3,731

943

(44,242)

(6,304)

28,161

(43,299)

(6,170)

Adjusted net income (loss)

71,941

(45,499)

(39,844)

(5,677)

151,073

(171,035)

(24,372)

Net income  ( loss )  attributable to DouYu

76,377

(49,169)

3,404

485

97,743

(133,718)

(19,055)

Add/(Reversal of):

Share of loss (income) in equity method investments

(3,035)

2,727

994

142

30,301

5,982

853

Gain on disposal of investment

(5,132)

-

-

-

(5,132)

-

-

Impairment losses and fair value adjustments on
investments

3,731

943

(44,242)

(6,304)

28,161

(43,299)

(6,170)

Adjusted net income (loss) attributable to DouYu

71,941

(45,499)

(39,844)

(5,677)

151,073

(171,035)

(24,372)

Adjusted net income (loss) per ordinary share

Basic

2.25

(1.46)

(1.32)

(0.19)

4.72

(5.51)

(0.78)

Diluted

2.25

(1.46)

(1.32)

(0.19)

4.72

(5.51)

(0.78)

Adjusted net income (loss) per ADS⁽³⁾

Basic

2.25

(1.46)

(1.32)

(0.19)

4.72

(5.51)

(0.78)

Diluted

2.25

(1.46)

(1.32)

(0.19)

4.72

(5.51)

(0.78)

Weighted average number of ordinary shares used in calculating Adjusted net income (loss) per ordinary share

Basic

31,977,664

31,128,544

30,228,317

30,228,317

31,977,664

31,051,664

31,051,664

Diluted

31,977,664

31,128,544

30,228,317

30,228,317

31,977,664

31,051,664

31,051,664

Weighted average number of ADS used in calculating net income (loss) per ADS⁽²⁾

Basic

31,977,664

31,128,544

30,228,317

30,228,317

31,977,664

31,051,664

31,051,664

Diluted

31,977,664

31,128,544

30,228,317

30,228,317

31,977,664

31,051,664

31,051,664

⁽¹⁾ Translations of certain RMB amounts into U.S. dollars at a specified rate are solely for the convenience of the reader. Unless otherwise noted, all translations
from RMB to U.S. dollars are made at a rate of RMB7.0176 to US$1.00, the noon buying rate in effect on September 30, 2024, in the H.10 statistical release
of the Federal Reserve Board.

⁽²⁾ Impairment losses and fair value adjustments on investments was included in line item "Other expenses, net" of condensed consolidated statements of
income (loss).   

^{( 3 )} Every one ADS represents one ordinary share.