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Dou Yu International Holdings Limited Reports Fourth Quarter and Full Year 2024 Unaudited Financial Results

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WUHAN, China, March 14, 2025 /PRNewswire/ — DouYu International Holdings Limited (“DouYu” or the “Company”) (Nasdaq: DOYU), a leading game-centric live streaming platform in China and a pioneer in the eSports value chain, today announced its unaudited financial results for the fourth quarter and the full year ended December 31, 2024.

Fourth Quarter 2024 Financial and Operational Highlights

Total net revenues in the fourth quarter of 2024 were RMB1,136.0 million (US$155.6 million), compared with RMB1,296.0 million in the same period of 2023.Gross profit in the fourth quarter of 2024 was RMB69.8 million (US$9.6 million), compared with RMB126.2 million in the same period of 2023.Net loss in the fourth quarter of 2024 was RMB163.7 million (US$22.4 million), compared with net loss of RMB62.2 million in the same period of 2023.Adjusted net loss (non-GAAP)[1] in the fourth quarter of 2024 was RMB68.8 million (US$9.4 million), compared with RMB5.0 million in the same period of 2023.Average mobile MAUs[2] in the fourth quarter of 2024 were 44.5 million, compared with 51.7 million in the same period of 2023.The number of quarterly average paying users[3] in the fourth quarter of 2024 was 3.3 million, compared with 3.7 million in the same period of 2023.

Full Year 2024 Financial Highlights

Total net revenues for the full year of 2024 were RMB4,270.8 million (US$585.1 million), compared with RMB5,530.4 million for the full year of 2023.Gross profit for the full year of 2024 was RMB323.8 million (US$44.4 million), compared with RMB684.0 million for the full year of 2023.Net loss for the full year of 2024 was RMB297.4 million (US$40.8 million), compared with net income of RMB35.5 million for the full year of 2023.Adjusted net loss (non-GAAP) for the full year of 2024 was RMB239.9 million (US$32.9 million), compared with adjusted net income (non-GAAP) of RMB154.0 million for the full year of 2023.

Ms. Simin Ren, Co-Chief Executive Officer of DouYu, commented, “Our business and financial position remained stable in the fourth quarter of 2024. Quarter-over-quarter, our mobile MAUs rose 5.9% to 44.5 million, and our total net revenues showed a steady increase led by advancements in our innovative business. Navigating the ongoing macroeconomic headwinds, we focused on optimizing resource allocation while further diversifying our revenue streams. We also scaled back inefficient investments, prioritizing resources that strengthen our platform’s core game-centric content ecosystem and business fundamentals. This year, we plan to emphasize advancing our strategic revenue diversification and cost-efficiency initiatives. We also plan to optimize the cost structure of our traditional businesses, use AI to boost our operational efficiency and accelerate the commercialization of our innovative business. Although these cost adjustments may lead to significant declines in platform traffic and revenues for a period of time, we believe they will improve our overall financial health and lay a solid foundation for the Company’s long-term, sustainable growth.”

Mr. Hao Cao, Vice President of DouYu, commented, “Our revenue diversification strategy yielded strong results in 2024, showing a substantial shift in our revenue mix. Revenues from our innovative business, advertising and others grew by 63.6% for the year to RMB1.2 billion, accounting for 28% of our total revenues in 2024. Despite current profitability pressure, we expect that our planned structural cost optimizations and operating expense controls will improve our gross margin and narrow our net loss in 2025. Reinforcing our commitment to financial stability and shareholder returns, we declared our second US$300 million special cash dividend in January 2025. Moving forward, we will further strengthen our fundamentals and business resilience while pursuing growth opportunities to drive sustainable, long-term shareholder value.”

Fourth Quarter 2024 Financial Results

Total net revenues in the fourth quarter of 2024 decreased by 12.3% to RMB1,136.0 million (US$155.6 million), compared with RMB1,296.0 million in the same period of 2023.

Livestreaming revenues in the fourth quarter of 2024 decreased by 28.4% to RMB730.9 million (US$100.1 million) from RMB1,020.8 million in the same period of 2023. The decrease was primarily due to decreases in both the number of total paying users and average revenue per paying user, as a result of continued macroeconomic softness and evolving user spending patterns.

Innovative business, advertising and other revenues (formerly known as advertising and other revenues) in the fourth quarter of 2024 increased by 47.2% to RMB405.1 million (US$55.5 million) from RMB275.2 million in the same period of 2023. The increase was primarily driven by higher revenues from our voice-based social networking service and game membership service. 

Cost of revenues in the fourth quarter of 2024 decreased by 8.8% to RMB1,066.2 million (US$ 146.1 million) from RMB1,169.7 million in the same period of 2023.

Revenue-sharing fees and content costs in the fourth quarter of 2024 decreased by 9.3% to RMB896.2 million (US$122.8 million) from RMB988.6 million in the same period of 2023. For comparison purpose, we reclassified certain costs related to our innovative business from other costs to revenue-sharing fees for the fourth quarter of 2023. The decrease was primarily driven by a reduction in content costs, as well as a decrease in revenue-sharing fees due to lower livestreaming revenues. The decrease was partially offset by increased revenue-sharing fees related to revenue growth in our innovative business.

Bandwidth costs in the fourth quarter of 2024 decreased by 30.0% to RMB70.3 million (US$9.6 million) from RMB100.5 million in the same period of 2023. The decline was primarily due to a year-over-year decrease in peak bandwidth usage.

Gross profit in the fourth quarter of 2024 was RMB69.8 million (US$9.6 million), compared with RMB126.2 million in the same period of 2023. The decline in gross profit was primarily driven by a faster decrease in livestreaming revenues relative to the cost of revenues. Gross margin in the fourth quarter of 2024 was 6.1%, compared with 9.7% in the same period of 2023.

Sales and marketing expenses in the fourth quarter of 2024 decreased by 5.5% to RMB79.3 million (US$10.9 million) from RMB84.0 million in the same period of 2023. The decrease was mainly attributable to a decrease in staff-related expenses.

Research and development expenses in the fourth quarter of 2024 decreased by 42.2% to RMB34.2 million (US$4.7 million) from RMB59.1 million in the same period of 2023. The decrease was mainly attributable to a decrease in staff-related expenses.

General and administrative expenses in the fourth quarter of 2024 decreased by 10.4% to RMB71.7 million (US$9.8 million) from RMB80.0 million in the same period of 2023. The decrease was mainly attributable to decreases in staff-related expenses and provision for receivables. The decrease was partially offset by an expense related to our ongoing employee streamlining initiatives.

Loss from operations in the fourth quarter of 2024 was RMB183.5 million (US$25.1 million), compared with RMB120.4 million in the same period of 2023.

Adjusted loss from operations (non-GAAP), which excludes impairment loss of goodwill and intangible assets, was RMB108.1 million (US$14.8 million) in the fourth quarter of 2024, compared with RMB86.4 million in the same period of 2023.

Net loss in the fourth quarter of 2024 was RMB163.7 million (US$22.4 million), compared with RMB62.2 million in the same period of 2023.

Adjusted net loss (non-GAAP), which excludes net loss excluding share of (income) loss in equity method investments, impairment losses and fair value adjustments on investments and impairment loss of goodwill and intangible assets, was RMB68.8 million (US$9.4 million) in the fourth quarter of 2024, compared with RMB5.0 million in the same period of 2023.

Basic and diluted net loss per ADS[4] in the fourth quarter of 2024 were both RMB5.43 (US$0.74). Adjusted basic and diluted net loss per ADS (non-GAAP) in the fourth quarter of 2024 were both RMB2.28 (US$0.31).

Full Year 2024 Financial Results

Total net revenues for the full year of 2024 were RMB4,270.8 million (US$585.1 million), compared with RMB5,530.4 million in the same period of 2023. The decrease was primarily driven by the year-over-year decrease in livestreaming revenues, which was partially offset by the increase in innovative business, advertising and other revenues.

Gross profit for the full year of 2024 was RMB323.8 million (US$44.4 million), compared with RMB684.0 million in the same period of 2023.

Adjusted loss from operations (non-GAAP), which excludes impairment loss of goodwill and intangible assets, was RMB488.7 million (US$67.0 million) for the full year of 2024, compared with RMB130.0 million in the same period of 2023.

Adjusted net loss (non-GAAP) for the full year of 2024, which excludes net loss excluding share of income (loss) in equity method investments, gain on disposal of investment, impairment losses and fair value adjustments on investments, and impairment loss of goodwill and intangible assets, was RMB239.9 million (US$32.9 million), compared with an adjusted net income (non-GAAP) of RMB154.0 million in the same period of 2023.

Basic and diluted net loss per ADS for the full year of 2024 were both RMB9.65 (US$1.32). Adjusted basic and diluted net loss per ADS (non-GAAP) for the full year 2024 were both RMB7.78 (US$1.07).

Cash and cash equivalents, restricted cash and bank deposits

As of December 31, 2024, the Company had cash and cash equivalents, restricted cash, restricted cash in other non-current assets, and short-term and long-term bank deposits of RMB4,467.8 million (US$612.1 million), compared with RMB6,855.5 million as of December 31, 2023. The decrease was primarily due to a special cash dividend distribution of US$300 million and a US$20 million allocated to the share repurchase program.

Conference Call Information

The Company will hold a conference call on March 14, 2025, at 7:00 a.m. Eastern Time (or 7:00 p.m. Beijing Time on the same day) to discuss the financial results. Listeners may access the call by dialing the following numbers:

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:

7678857

The replay will be accessible through March 21, 2025, by dialing the following numbers:

International:

+1-412-317-0088

United States Toll-Free:

+1-877-344-7529

Conference ID:

2353891

A live and archived webcast of the conference call will also be available on the Company’s investor relations website at http://ir.douyu.com.

[1] “Adjusted net loss (non-GAAP)” is defined as net loss excluding share of loss (income) in equity method investments, gain on disposal of investment, impairment losses and fair value adjustments on investments, and impairment of goodwill and intangible assets. 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.

About DouYu International Holdings Limited

Headquartered in Wuhan, China, DouYu International Holdings Limited (Nasdaq: DOYU) is a leading game-centric live streaming platform in China and a pioneer in the eSports value chain. DouYu operates its platform on both PC and mobile apps to bring users access to immersive and interactive games and entertainment livestreaming, a wide array of video and graphic contents, as well as opportunities to participate in community events and discussions. By nurturing a sustainable technology-based talent development system and relentlessly producing high-quality content, DouYu consistently delivers premium content through the integration of livestreaming, video, graphics, and virtual communities with a primary focus on games, especially on eSports. This enables DouYu to continuously enhance its user experience and pursue long-term healthy development. For more information, please see http://ir.douyu.com.

Use of Non-GAAP Financial Measures

Adjusted loss from operations is calculated as net income (loss) adjusted for Impairment of goodwill and intangible assets. Adjusted net income (loss) is calculated as net income (loss) adjusted for share of loss (income) in equity method investments, gain on disposal of investment, impairment losses and fair value adjustments on investments, and impairment loss of goodwill and intangible assets. Adjusted net income (loss) attributable to DouYu is calculated as net income (loss) attributable to DouYu adjusted for share of loss (income) in equity method investments, gain on disposal of investment, impairment losses and fair value adjustments on investments, and impairment loss of goodwill and intangible assets. Adjusted basic and diluted net income per ordinary share is non-GAAP net income attributable to ordinary shareholders divided by weighted average number of ordinary shares used in the calculation of non-GAAP basic and diluted net income per ordinary share. The Company adjusted the impact of (i) share of loss (income) in equity method investments, (ii) gain on disposal of investment, (iii) impairment losses and fair value adjustments on investments, and (iv) impairment of goodwill and intangible assets to understand and evaluate the Company’s core operating performance. The non-GAAP financial measures are presented to enhance investors’ overall understanding of the Company’s financial performance and should not be considered a substitute for, or superior to, the financial information prepared and presented in accordance with U.S. GAAP. Investors are encouraged to review the reconciliation of the historical non-GAAP financial measures to its most directly comparable GAAP financial measures. As non-GAAP financial measures have material limitations as analytical metrics and may not be calculated in the same manner by all companies, they may not be comparable to other similarly titled measures used by other companies. In light of the foregoing limitations, you should not consider non-GAAP financial measures as a substitute for, or superior to, such metrics in accordance with U.S. GAAP.

For more information on these non-GAAP financial measures, please see the table captioned “Reconciliations of Non-GAAP Results” near the end of this release.

Exchange Rate Information

This announcement contains translations of certain RMB amounts into U.S. dollars at a specified rate solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB7.2993 to US$1.00, the noon buying rate in effect on December 31, 2024, in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB amounts could have been, or could be, converted, realized, or settled in U.S. dollars, at that rate on December 31, 2024, or at any other rate.

Safe Harbor Statement

This press release contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, and a number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company’s results of operations and financial condition; the Company’s business strategies and plans; general market conditions, in particular, the game live streaming market; the ability of the Company to retain and grow active and paying users; changes in general economic and business conditions in China; the impact of the COVID-19 to the Company’s business operations and the economy in China and globally; any adverse changes in laws, regulations, rules, policies or guidelines applicable to the Company; and assumptions underlying or related to any of the foregoing. In some cases, forward-looking statements can be identified by words or phrases such as “may,” “will,” “expect,” “anticipate,” “target,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with the Securities Exchange Commission. The announced results of the fourth quarter and full year 2024 are preliminary and unaudited. All information provided in this press release is as of the date of this press release, and the Company does not undertake any duty to update such information, except as required under applicable law.

Investor Relations Contact

In China:

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

In the United States:

Brandi Piacente

Piacente Financial Communications

Email: douyu@tpg-ir.com

Tel: +1-212-481-2050

Media Relations Contact

In China:

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 December 31

2023

2024

2024

ASSETS

RMB

RMB

US$ (1)

Current assets:

Cash and cash equivalents

4,440,131

1,017,148

139,349

Restricted cash

–

83

11

Short-term bank deposits

1,716,540

3,070,374

420,640

Accounts receivable, net

73,453

49,057

6,721

Prepayments

38,181

26,885

3,683

Amounts due from related parties

68,994

74,175

10,162

Other current assets

348,129

231,354

31,695

Total current assets

6,685,428

4,469,076

612,261

Property and equipment, net

13,808

7,093

972

Intangible assets, net

120,694

60,917

8,346

Long-term bank deposits

630,000

360,000

49,320

Investments

436,197

456,815

62,583

Right-of-use assets, net

22,792

15,816

2,167

Other non-current assets

163,184

76,616

10,496

Total non-current assets

1,386,675

977,257

133,884

TOTAL ASSETS

8,072,103

5,446,333

746,145

LIABILITIES AND SHAREHOLDERS’ EQUITY

LIABILITIES

Current liabilities:

Accounts payable

534,428

498,667

68,317

Advances from customers

12,911

4,444

609

Deferred revenue

315,969

252,346

34,571

Accrued expenses and other current liabilities

246,601

233,150

31,941

Amounts due to related parties

251,392

222,589

30,495

Lease liabilities due within one year

14,768

11,458

1,570

Total current liabilities

1,376,069

1,222,654

167,503

Lease liabilities

6,701

4,223

579

Total non-current liabilities

6,701

4,223

579

TOTAL LIABILITIES

1,382,770

1,226,877

168,082

(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 RMB7.2993 to US$1.0000, the noon buying rate in effect on December 31, 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 December 31

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

7,514,498

1,029,482

Accumulated deficit

(3,485,007)

(3,782,450)

(518,194)

Accumulated other comprehensive income

415,247

487,388

66,772

Total DouYu Shareholders’ Equity

6,689,333

4,219,456

578,063

Total Shareholders’ Equity

6,689,333

4,219,456

578,063

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY

8,072,103

5,446,333

746,145

(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 RMB7.2993 to US$1.0000, the noon buying rate in effect on December 31, 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

Year Ended

Dec 31,

2023

Sep 30,

2024

Dec 31,

2024

Dec 31,

2024

Dec 31,

2023

Dec 31,

2024

Dec 31,

2024

RMB

RMB

RMB

US$ (1)

RMB

RMB

US$ (1)

Net revenues

1,295,962

1,063,101

1,136,000

155,631

5,530,405

4,270,825

585,101

Cost of revenues

(1,169,712)

(1,002,282)

(1,066,209)

(146,070)

(4,846,371)

(3,946,993)

(540,736)

Gross profit

126,250

60,819

69,791

9,561

684,034

323,832

44,365

Operating (expenses) income

Sales and marketing expenses

(83,998)

(79,260)

(79,348)

(10,871)

(351,727)

(311,140)

(42,626)

General and administrative expenses

(80,031)

(41,462)

(71,674)

(9,819)

(237,756)

(204,429)

(28,007)

Research and development expenses

(59,072)

(43,243)

(34,150)

(4,679)

(276,936)

(181,676)

(24,890)

Other operating (loss) income, net

(9,618)

8,964

(68,153)

(9,337)

32,315

(190,807)

(26,140)

Impairment of goodwill

(13,967)

–

–

–

(13,967)

–

–

Total operating expenses

(246,686)

(155,001)

(253,325)

(34,706)

(848,071)

(888,052)

(121,663)

Loss from operations

(120,436)

(94,182)

(183,534)

(25,145)

(164,037)

(564,220)

(77,298)

Other expenses, net

(21,844)

44,242

(21,401)

(2,932)

(52,874)

21,898

3,000

Interest income, net

82,556

60,840

45,147

6,185

284,982

263,052

36,038

Foreign exchange (loss) income

(122)

(70)

546

75

126

1,235

169

(Loss) income before income taxes and share of

    (loss) income in equity method investments

(59,846)

10,830

(159,242)

(21,817)

68,197

(278,035)

(38,091)

Income tax expense

(1,069)

(6,432)

(6,464)

(886)

(1,069)

(15,407)

(2,111)

Share of (loss) income in equity method investments

(1,310)

(994)

1,981

271

(31,610)

(4,001)

(548)

Net (loss) income

(62,225)

3,404

(163,725)

(22,432)

35,518

(297,443)

(40,750)

Net (loss)income attributable to ordinary 

    shareholders of the Company

(62,225)

3,404

(163,725)

(22,432)

35,518

(297,443)

(40,750)

Net (loss) income per ordinary share

Basic

(1.95)

0.11

(5.43)

(0.74)

1.11

(9.65)

(1.32)

Diluted

(1.95)

0.11

(5.43)

(0.74)

1.11

(9.65)

(1.32)

Net (loss) income per ADS(2)

Basic

(1.95)

0.11

(5.43)

(0.74)

1.11

(9.65)

(1.32)

Diluted

(1.95)

0.11

(5.43)

(0.74)

1.11

(9.65)

(1.32)

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

Basic

31,977,665

30,228,317

30,178,859

30,178,859

31,977,665

30,832,271

30,832,271

Diluted

31,977,665

30,228,317

30,178,859

30,178,859

31,977,665

30,832,271

30,832,271

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

Basic

31,977,665

30,228,317

30,178,859

30,178,859

31,977,665

30,832,271

30,832,271

Diluted

31,977,665

30,228,317

30,178,859

30,178,859

31,977,665

30,832,271

30,832,271

(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 RMB7.2993 to US$1.0000, the noon buying rate in effect on December 31, 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

Year Ended

Dec 31,

2023

Sep 30,

2024

Dec 31,

2024

Dec 31,

2024

Dec 31,

2023

Dec 31,

2024

Dec 31,

2024

RMB

RMB

RMB

US$ (1)

RMB

RMB

US$ (1)

Loss from operations

(120,436)

(94,182)

(183,534)

(25,145)

(164,037)

(564,220)

(77,298)

Add:

Impairment of goodwill and intangible assets

34,035

–

75,473

10,340

34,035

75,473

10,340

Adjusted Operating loss (non-GAAP)

(86,401)

(94,182)

(108,061)

(14,805)

(130,002)

(488,747)

(66,958)

Net (loss) income

(62,225)

3,404

(163,725)

(22,432)

35,518

(297,443)

(40,750)

Add:

Share of loss (income) in equity method investments

1,310

994

(1,981)

(271)

31,610

4,001

548

Gain on disposal of investment(2)

–

–

–

–

(5,132)

–

–

Impairment losses and fair value adjustments on

investments(2)

21,844

(44,242)

21,401

2,932

58,006

(21,898)

(3,000)

Impairment losses of goodwill and intangible assets

34,035

–

75,473

10,340

34,035

75,473

10,340

Adjusted net (loss) income (non-GAAP)

(5,036)

(39,844)

(68,832)

(9,431)

154,037

(239,867)

(32,862)

Net (loss) income attributable to DouYu

(62,225)

3,404

(163,725)

(22,432)

35,518

(297,443)

(40,750)

Add:

Share of loss (income) in equity method investments

1,310

994

(1,981)

(271)

31,610

4,001

548

Gain on disposal of investment

–

–

–

–

(5,132)

–

–

Impairment losses and fair value adjustments on

investments

21,844

(44,242)

21,401

2,932

58,006

(21,898)

(3,000)

Impairment losses of goodwill and intangible assets

34,035

–

75,473

10,340

34,035

75,473

10,340

Adjusted net (loss) income attributable to DouYu

(5,036)

(39,844)

(68,832)

(9,431)

154,037

(239,867)

(32,862)

Adjusted net (loss) income per ordinary share

(non-GAAP)

Basic

(0.16)

(1.32)

(2.28)

(0.31)

4.82

(7.78)

(1.07)

Diluted

(0.16)

(1.32)

(2.28)

(0.31)

4.82

(7.78)

(1.07)

Adjusted net (loss) income per ADS(3) (non-GAAP)

Basic

(0.16)

(1.32)

(2.28)

(0.31)

4.82

(7.78)

(1.07)

Diluted

(0.16)

(1.32)

(2.28)

(0.31)

4.82

(7.78)

(1.07)

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

Basic

31,977,665

30,228,317

30,178,859

30,178,859

31,977,665

30,832,271

30,832,271

Diluted

31,977,665

30,228,317

30,178,859

30,178,859

31,977,665

30,832,271

30,832,271

Weighted average number of ADS used in calculating net (loss) income per ADS(3)

Basic

31,977,665

30,228,317

30,178,859

30,178,859

31,977,665

30,832,271

30,832,271

Diluted

31,977,665

30,228,317

30,178,859

30,178,859

31,977,665

30,832,271

30,832,271

(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 RMB7.2993 to US$1.0000, the noon buying rate in effect on December 31, 2024, in the H.10 statistical release

of the Federal Reserve Board.                                                                                                                                                               

(2) Gain on disposal of investment and Impairment losses and fair value adjustments on investments were included in line item “Other expenses, net” of

condensed consolidated statements of income (loss).        

(3) Every one ADS represents one ordinary share.      

 

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SOURCE DouYu International Holdings Limited

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Vertical IQ Will Expand Industry Intelligence Platform with Small Business Financial Exchange (SBFE) Small Business Credit Data

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RALEIGH, N.C., Oct. 27, 2026 /PRNewswire/ — Small Business Financial Exchange (SBFE), the trusted source for small business lending data and Vertical IQ, a nationally recognized provider of Industry Intelligence, today announced their partnership. Through the partnership, Vertical IQ will incorporate SBFE small business credit insights into its platform, providing financial institutions with deeper context to support commercial lending decisions.

The collaboration enables banks, credit unions, and other commercial lenders using Vertical IQ to gain access to SBFE small business credit insights within the Industry Intelligence platform. Default rates, delinquencies, and credit trends by industries are just a few of the SBFE features that will be included. These insights allow financial services professionals to better understand small business borrowers and support key commercial lending activities.

“At SBFE, we’re committed to helping lenders better understand and support small businesses. Extending access to SBFE insights through Vertical IQ is another way we can deliver value to the lending community and support greater access to capital.”

     – Elisabeth MacDonald, President and CEO, SBFE

“At Vertical IQ, we believe financial institutions make their best decisions when they have access to trusted, Verified Industry Intelligence powered by the highest-quality data available,” said Bobby Martin, co-founder and CEO of Vertical IQ. “Our partnership with SBFE represents another important step in that commitment by bringing highly respected small business credit insights into our platform. By combining SBFE’s credit data with Vertical IQ’s industry expertise, we’re helping lenders gain deeper context to strengthen credit analysis, improve risk assessment, and make more confident decisions throughout the commercial lending lifecycle.”

     – Bobby Martin, Co-founder and CEO, Vertical IQ

About SBFE

SBFE is the trusted data exchange where the small business lending industry comes together to strengthen access to capital for America’s small businesses. For more than 25 years, SBFE has united lenders in a member-driven community built on trust, collaboration, and the responsible use of data. Today, SBFE securely manages one of the nation’s largest repositories of small business credit data, contributed by more than 140 member institutions, including many of the country’s largest commercial banks. This data enables highly predictive credit reporting and portfolio management solutions that help lenders make more informed decisions, manage risk, and support the financial health and growth of small businesses. By transforming shared data into trusted lending intelligence, SBFE helps its members strengthen credit decisioning and promote greater access to capital. Learn more at www.SBFE.org

About Vertical IQ

Headquartered in Raleigh, North Carolina, Vertical IQ is a nationally recognized provider of Industry Intelligence. Whether discussing cash management with a local brewery or evaluating risk for a large manufacturing company, successful banks, credit unions, accounting firms, insurance organizations, and advisory firms use Vertical IQ to better understand a prospect’s or client’s business challenges before, during, and after meetings. Covering 100% of the industries that comprise the U.S. and Canadian economies, as well as more than 3,400 local economic reports, Vertical IQ equips professionals with the confidence and credibility to build stronger client relationships and make more informed decisions. Learn more at www.verticaliq.com

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SOURCE SBFE

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CME Group Brazilian Real Futures Set New Daily Volume Record Following Election

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Record $9 billion notional traded, eleven times the year-to-date average daily volume (ADV) as market participants turned to CME Group to manage risk around the clock

CHICAGO, Oct. 27, 2026 /PRNewswire/ — CME Group, the world’s leading derivatives marketplace, today announced that its Brazilian real (BRL) futures reached a new daily volume record of 498,498 contracts (R$49.8 billion, ~$9.2 billion notional value) on October 26, surpassing the previous record of 191,325 contracts (~$3.7 billion notional value) traded on September 28, 2026.

“Following the results of the Brazilian presidential election, clients turned to our BRL futures market to immediately manage their risk outside of Brazilian trading hours, driving all-time record volume,” said Paul Houston, Global Head of FX Products, CME Group. “Even before the onshore market opened, $2.5 billion in notional value had already traded, roughly three times the year-to-date ADV for BRL futures. With liquidity in all timezones and contracts denominated in USD, our markets are fast becoming the main venue for Brazilian real price discovery and trading outside of onshore hours, giving global participants the liquidity they need around the clock.”

In the first half of 2026, Mexican peso and Brazilian real futures and options saw a record combined average daily volume of $2.94 billion.

For more information on CME Group BRL futures, please visit https://www.cmegroup.com/articles/faqs/latam-fx-futures-frequently-asked-questions.html

As the world’s leading derivatives marketplace, CME Group (www.cmegroup.com) enables clients to trade futures, options, cash and OTC markets, optimize portfolios, and analyze data – empowering market participants worldwide to efficiently manage risk and capture opportunities. CME Group exchanges offer the widest range of global benchmark products across all major asset classes based on interest rates, equity indexes, foreign exchange, cryptocurrencies, energy, agricultural products and metals.  The company offers futures and options on futures trading through the CME Globex platform, fixed income trading via BrokerTec and foreign exchange trading on the EBS platform.  In addition, it operates one of the world’s leading central counterparty clearing providers, CME Clearing. 

CME Group, the Globe logo, CME, Chicago Mercantile Exchange, Globex, and E-mini are trademarks of Chicago Mercantile Exchange Inc.  CBOT and Chicago Board of Trade are trademarks of Board of Trade of the City of Chicago, Inc.  NYMEX, New York Mercantile Exchange and ClearPort are trademarks of New York Mercantile Exchange, Inc.  COMEX is a trademark of Commodity Exchange, Inc. BrokerTec is a trademark of BrokerTec Americas LLC and EBS is a trademark of EBS Group LTD. The S&P 500 Index is a product of S&P Dow Jones Indices LLC (“S&P DJI”). “S&P®”, “S&P 500®”, “SPY®”, “SPX®”, US 500 and The 500 are trademarks of Standard & Poor’s Financial Services LLC; Dow Jones®, DJIA® and Dow Jones Industrial Average are service and/or trademarks of Dow Jones Trademark Holdings LLC. These trademarks have been licensed for use by Chicago Mercantile Exchange Inc. Futures contracts based on the S&P 500 Index are not sponsored, endorsed, marketed, or promoted by S&P DJI, and S&P DJI makes no representation regarding the advisability of investing in such products. All other trademarks are the property of their respective owners. 

CME-G 

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SOURCE CME Group

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Vera Health Quietly Became One of the World’s Most Used Clinical Tools. Now It Has Raised $32 Million to Give Every Clinician in the World the Best Medical Knowledge in Seconds

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With a team of just 12 employees, the clinical AI company has grown largely through physician referrals, bringing total funding to $32 million

More than 800,000 clinicians across 190 countries use Vera Health, including approximately 1 in 4 physicians in Spain and Italy, with most discovering the platform through recommendations from colleagues.Threshold Ventures led Vera Health’s $28.5 million Series A, with participation from Mantis VC and SV Angel. Existing investors Y Combinator and Gradient tripled down, bringing total funding to $32 million.The investment will accelerate Vera Health’s evidence-focused clinical AI platform, expanding its ability to make global medical knowledge locally relevant and deepening partnerships with medical societies, publishers and health systems.

SAN FRANCISCO, Oct. 27, 2026 /PRNewswire/ — A year ago, a few thousand clinicians were using Vera Health. Today, more than 800,000 are, most having discovered the platform through a colleague. Every month since June, Vera has been the most downloaded clinical app in the world across the App Store and Google Play.¹ In September alone, it was downloaded more times than OpenEvidence and Doximity combined, while monthly downloads had more than tripled since February. With a team of just 12 employees, Vera has reached clinicians in 190 countries, including approximately 1 in 4 physicians in Spain and Italy, largely through word of mouth. Vera Health is a clinical AI search engine that reasons like a clinician, helping physicians find and evaluate medical evidence in seconds.

Today, Vera Health announced a $28.5 million Series A led by Threshold Ventures, with participation from Mantis VC and SV Angel. Existing investors Y Combinator and Gradient, tripled down in the round, bringing the company’s total funding to $32 million. The investment will accelerate Vera Health’s mission to close the gap between what medicine knows and what every patient receives.

Only a few months after raising its Series A, Vera already has more daily active users than it had monthly active users at the time of the raise. Clinicians went from asking Vera a few thousand questions a day to asking hundreds of thousands, every single day.

“Clinicians are the best data scientists I’ve ever met. They make the call in seconds, with more evidence than any human could ever read,” said Taieb Bennani, Co-Founder of Vera Health. “The secret to building for them is to live and breathe the problem like no one else. Everyone on our team is a clinician, or the child or sibling of one, like Maxime and me. That passion translates into every detail of the product, and when you build with that kind of obsession, the product speaks for itself, and clinicians share it with their colleagues. We don’t have the biggest team or the most money. We have the people who care the most about getting it right.”

How does Vera Health differ from general-purpose AI tools?
Clinical AI is increasingly being used to help physicians navigate complex medical questions, but the ability to generate an accurate-sounding answer does not necessarily establish whether the underlying research is reliable. Medicine now publishes a new scientific paper roughly every 20 seconds. Chatbots are built to sound confident. Vera is built to be accurate, and honest when the evidence is thin. Physicians are expected to keep up with an expanding body of research while interpreting guidelines, evaluating treatment options and making decisions for individual patients, sometimes within seconds.

Vera Health finds the evidence first, then writes the answer. Its technology searches more than 60 million peer-reviewed publications, clinical guidelines, consensus statements and drug labels, evaluating sources based on study design, level of evidence, cohort size, recency, journal quality and citation impact. Every claim is linked to its supporting research and color-coded to show the strength of the available evidence. Sometimes that color is red. A rare condition may have no large randomized trial or comprehensive guideline behind it, leaving only a small case series or a report involving a single patient. Vera Health surfaces that research while making its limitations visible, allowing physicians to assess how much weight the findings deserve.

“Medical knowledge moves too quickly for any one clinician to read, and general-purpose AI tools can make uncertain evidence sound settled,” said Maxime Allouch, co-founder, Vera Health. “Unlike other tools, we believe there’s value in making uncertainty visible. The grade shapes what Vera retrieves and writes, while the clinician brings the patient, the context and the judgment.”

Vera Health developed its approach alongside physicians who evaluate medical evidence and help write the guidelines other clinicians follow. Through its partnership with the American College of Emergency Physicians (ACEP), the platform integrates ACEP clinical policies with source attribution, bringing medical society guidance directly into clinical research workflows.

“In medicine, not all evidence is equal,” said Scott M. Silvers, MD, FACEP, Chair of the American College of Emergency Physicians’ Clinical Policies Committee and former Chair of Emergency Medicine at Mayo Clinic. “A large, randomized trial and a case report should never carry the same weight, yet most AI tools blend them into the same confident answer. Level of evidence is the foundation of every guideline we write, and Vera Health is built on it.”

For Dr. Bernard P. Chang, Vera Health’s Chief Scientific Advisor and Vice Chair of Research in the Department of Emergency Medicine at Columbia University, the importance of clinical evidence extends to how physicians evaluate patients.

“On a recent emergency-department shift, I saw a young woman with cough and shortness of breath. The symptoms could easily be attributed to a routine respiratory illness,” said Chang. “Vera Health surfaced evidence that raised my concern for pulmonary embolism, a potentially life-threatening blood clot in the lungs, and led me to broaden my evaluation. What interests me isn’t AI simply providing an answer. It’s whether it can reliably surface evidence that challenges our initial assumptions and improves clinical reasoning. That’s what we’re now evaluating rigorously, inside the academic medical centers where medicine is actually practiced.”

Vera Health’s clinical advisors also include Christopher Baugh, MD, MBA, FACEP, Vice Chair of Clinical Affairs in Emergency Medicine at Brigham and Women’s Hospital and Associate Professor of Emergency Medicine at Harvard Medical School. Its clinical council includes physician leaders affiliated with Mayo Clinic, Yale, Harvard, Columbia and Penn.

Why is Vera Health growing so quickly across international markets?
Bennani and Allouch grew up in families of physicians and initially developed Vera Health for their own fathers. What began with two users has since grown into a platform serving hundreds of thousands of clinicians, with physicians asking hundreds of thousands of questions each day. The company’s international growth reflects an approach built around a central reality of medicine. Medical knowledge is global, but clinical practice is local.

An emergency physician in France may follow different treatment guidelines than a physician in the United States. An oncologist reviewing a complex case may need an exhaustive evaluation of the available research, while an emergency physician needs a concise answer within seconds. Even physicians practicing the same specialty may follow different protocols depending on their institution.

Vera Health accounts for those differences by prioritizing locally relevant guidance while drawing on medical research from around the world. Through Vera Spaces, health systems can also integrate their own clinical protocols and pathways alongside national guidelines and international medical literature.

“Medicine is global, yet most tools in our space were built for a single geography,” said Allouch. “We went international from day one, because only a global view reveals what is truly local.”

The approach has helped Vera Health expand across Europe, where approximately 1 in 4 physicians in Spain and Italy and 1 in 7 in France use the platform, according to company data. Vera Health has achieved that international reach with a small team and a product that clinicians have largely discovered through their peers.

What will Vera Health’s Series A funding support next?
The financing will support further development of Vera Health’s clinical evidence infrastructure, expansion into additional healthcare markets and deeper partnerships with medical societies, publishers and health systems. The company will continue investing in locally relevant clinical guidance and tools that allow healthcare institutions to incorporate their own medical knowledge into the platform.

“In healthcare, trust is earned, not bought. Vera’s adoption among clinicians worldwide speaks to what Taieb and Maxime have built. By combining the most rigorous medical evidence with an understanding of each physician’s specialty, protocols and practice context, Vera makes the world’s medical knowledge relevant to how care is actually delivered. We believe that creates an enormous opportunity to improve global health,” said Andrew Brackin, Partner at Gradient.

“Vera is compelling because it starts with the evidence, not just an answer—helping clinicians find and assess the research behind a decision while making its strengths and limitations visible. By bringing that evidence to the point of care, Vera becomes a trusted clinical intelligence layer, not just another AI tool,” said Emily Melton, co-founder and managing partner of Threshold Ventures.

Vera Health will remain free for licensed clinicians and medical trainees worldwide as it expands access to medical evidence and locally relevant clinical guidance.

New medical knowledge takes an estimated 17 years to reach routine clinical practice, according to research published in the Journal of the Royal Society of Medicine. Vera Health aims to reduce the time physicians spend searching for and evaluating that knowledge, bringing relevant evidence closer to the moment clinical decisions are made.

“Our mission is to close the gap between what medicine knows and what every patient receives,” said Bennani. “Today, that gap is measured in years. We want it measured in seconds.”

About Vera Health
Vera Health is the search engine that reasons like a clinician, finding and grading evidence before showing the source, strength and limits behind every answer. More than 800,000 clinicians in 190 countries use Vera, which is free for licensed clinicians and trainees, never trains on clinicians’ questions, and is HIPAA and GDPR compliant and SOC 2 Type II certified. Founded in 2024 at Y Combinator by MIT graduates and sons of physicians Taieb Bennani and Maxime Allouch, Vera is headquartered in San Francisco and backed by Threshold Ventures, Gradient, Y Combinator, SV Angel and Mantis VC.

Learn more at verahealth.ai.

¹ Download data: Appark, worldwide App Store and Google Play downloads, June through [September] 2026.

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SOURCE Vera Health

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