DouYu International Holdings Ltd

DouYu International Holdings Ltd operates a leading game-centric livestreaming platform in China. The company aims to build an integrated game-centric ecosystem that includes livestreaming, video, voice, graphic content, and other interactive and community features. DouYu's platform is accessible via both mobile apps and PC portals, allowing users to engage with immersive and interactive games and entertainment livestreaming, access various video and graphic content, and participate in community events and discussions. Historically, the platform attracted a large and engaged user base. As of December 31, 2024, DouYu had 503.3 million registered users on PC and mobile apps, increasing to 510.7 million as of December 31, 2025. The average mobile Monthly Active Users (MAUs) on the mobile platform was 27.6 million for the fourth quarter of 2025, a 38.0% year-over-year decrease from the fourth quarter of 2024, primarily due to cost efficiency optimization and a more disciplined content supply strategy. The 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. DouYu manages its growth to build a sustainable game-centric community ecosystem cost-effectively. This includes adjusting its streamer contract model to a combination of exclusive contracts with top streamers and a cross-platform content co-creation model, where streamers from DouYu and other platforms collaborate on content.