WUHAN,
China, Aug. 14, 2023 /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
second quarter ended June 30, 2023.
Second Quarter 2023 Financial and Operational Highlights
- Total net revenues in the second quarter of 2023 were
RMB1,392.2 million (US$192.0 million), compared with RMB1,833.2 million in the same period of
2022.
- Gross profit in the second quarter of 2023 was RMB188.9 million (US$26.1
million), compared with RMB309.0
million in the same period of 2022.
- Net income in the second quarter of 2023 was RMB6.8 million (US$0.9
million), compared with net loss of RMB38.8 million in the same period of 2022.
- Adjusted net income[1] in the second quarter of 2023 was
RMB61.4 million (US$8.5 million), compared with RMB23.5 million in the same period of 2022.
- Average mobile MAUs[2] in the second quarter of 2023 were 50.3 million,
compared with 55.7 million in
the same period of 2022.
- The number of quarterly average paying users[3] in the second quarter of 2023 was
4.0 million, compared with 6.6 million in the same period of
2022.
Mr. Shaojie Chen, Chief Executive
Officer of DouYu, commented, "In the second quarter of 2023, we
continued to foster the sustainable health of our game-centric
community ecosystem. We focused on successfully maintaining our
core users, launching more high-quality, highly interactive content
to boost interactions in our community and further elevated the
user experience. Meanwhile, we worked more closely with game
developers on mutually beneficial initiatives and reduced our
marketing expenses in areas such as user acquisition and branding,
which in turn improved our profitability. Driven by our regularly
updated premium gaming content, diverse operational activities and
revenue-generating product offerings, mobile MAUs in the second
quarter were steady with the prior quarter at 50.3 million. Looking
ahead, we remain committed to executing our core growth strategy of
fostering a vibrant, game-centric content ecosystem. We will
continue to produce high-quality content, launch innovative
offerings and further explore new growth avenues. Our solid
business development will enhance our competitive edge and leading
position in the domestic gaming content industry."
Mr. Hao Cao, Vice President of DouYu, commented, "In the second
quarter of 2023, our financial performance remained steady. We
continued to execute on our long-term sustainable growth strategy
with an emphasis on ROI. The key adjustments we have made to our
livestreaming revenue-generating activities are designed to
invigorate the platform community. Together, with our product
upgrades and innovations, we stabilized our total net revenue of
RMB1.39 billion and diversified our
revenue mix. We continued to optimize our costs and operating
expenses in the second quarter by effectively managing our content
cost, notably by reducing our marketing expenses for promotional
activities and improving our operating efficiency. As a result, we
generated net income of RMB6.8
million in the quarter compared with the net loss of
RMB38.8 million in the same period
last year. Our adjusted net income increased 160.8% year-over-year,
reaching RMB61.4 million. Going
forward, we plan to explore new monetization channels that support
the stable operations and growth of our core business in a manner
that creates long-term value for all of our stakeholders."
Second Quarter 2023 Financial Results
Total net revenues in the second quarter of 2023
decreased by 24.1% to RMB1,392.2
million (US$192.0 million),
compared with RMB1,833.2 million in
the same period of 2022.
Livestreaming revenues in the second quarter of 2023
decreased by 28.8% to RMB1,258.3
million (US$173.5 million)
from RMB1,768.3 million in the same
period of 2022. The decrease was mainly attributable to the ongoing
operational adjustments in the livestreaming business to promote a
healthy and sustainable ecosystem in a more cost-effective manner,
as well as the challenging macro environment.
Advertising and other revenues in the
second quarter of 2023 increased by 106.5% to RMB133.9 million (US$18.5
million) from RMB64.9 million
in the same period of 2022. The increase was primarily attributable
to the increase in other revenues contributed by game-specific
membership services.
Cost of revenues in the second quarter of
2023 was RMB1,203.3 million
(US$165.9 million), a decrease of
21.1% compared with RMB1,524.2
million in the same period of 2022.
Revenue sharing fees and content costs in the second
quarter of 2023 decreased by 25.4% to RMB981.3 million (US$135.3 million) from RMB1,314.7 million
in the same period of 2022. The
decline was primarily driven by a decrease in revenue sharing fees,
which were largely aligned with the decrease in livestreaming
revenues. The decrease was partially offset by an increase in
copyright costs as a result of our purchase of the LPL tournament
copyright.
Bandwidth costs in the second quarter of 2023 decreased
by 17.3% to RMB118.8 million
(US$16.4 million) from RMB143.7 million in the same period of 2022. The
decrease was mainly due to the enhanced efficiency of peak
bandwidth usage caused by growing tournament viewing demand, mainly
through dynamic bandwidth allocation.
Gross profit in the second quarter of 2023 was
RMB188.9 million (US$26.1 million), compared with RMB309.0 million in the same period of 2022.
Gross margin in the second quarter of 2023 was 13.6%, compared with
16.9% in the same period of 2022. The decrease in gross margin was
mainly attributable to the increase in other costs as a percentage
of revenues, which was partially offset by the decreasing
percentage of revenues attributed to revenue sharing fees.
Sales and marketing expenses in the second quarter of
2023 decreased by 48.0% to RMB87.0
million (US$12.0 million) from
RMB167.5 million in the same period
of 2022. This was mainly attributable to a decrease in marketing
expenses for user acquisition.
Research and development expenses in the second quarter
of 2023 decreased by 30.2% to RMB71.0
million (US$9.8 million) from
RMB101.9 million in the same period
of 2022. This decrease was primarily due to a decrease in
personnel-related expenses.
General and administrative expenses in the second quarter
of 2023 decreased by 48.2% to RMB46.9
million (US$6.5 million) from
RMB90.7 million in the same period of
2022. This decrease was primarily due to decreased share-based
compensation expenses, as the shares under our share incentive
plans were fully vested.
Other operating income, net in the second quarter of 2023
was RMB8.6 million (US$1.2 million), compared with RMB20.4 million in the same period of 2022.
Loss from operations in the second quarter of 2023 was
RMB7.5 million (US$1.0 million), compared with RMB30.6 million in the same period of 2022.
Net income in the second quarter of 2023 was RMB6.8 million (US$0.9
million), compared with net loss of RMB38.8 million in the same period of 2022.
Adjusted net income, which excludes share-based
compensation expenses, the share of loss in equity method
investments, and impairment loss of investments, was RMB61.4 million (US$8.5
million) in the second quarter of 2023, compared with
RMB23.5 million in the same period of
2022.
Basic and diluted
net income per ADS[4] in the second quarter of 2023 were
both RMB0.02 (US$0.003).
Adjusted basic and diluted net income per ADS in the second
quarter of 2023 were both RMB0.19 (US$0.03).
Cash and cash equivalents, restricted cash and bank deposits
As of June 30, 2023, the Company
had cash and cash equivalents, restricted cash, and short-term and
long-term bank deposits of RMB7,055.5
million (US$973.0 million),
compared with RMB6,808.8 million as
of December 31, 2022.
Conference Call Information
The Company will hold a conference call on August 14, 2023, 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:
|
6137525
|
The replay will be accessible through August 21, 2023, by dialing the following
numbers:
|
International:
|
+1-412-317-0088
|
|
United States
Toll Free:
|
+1-877-344-7529
|
|
Conference ID:
|
5510804
|
A live and archived webcast of the conference call will also be
available at the Company's investor relations website
at http://ir.douyu.com/.
|
|
[1]
"Adjusted net income" is defined as net income excluding
share-based compensation expenses, and share of loss in equity
method investments and impairment loss of 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
ten ADSs represent one ordinary share.
|
|
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
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 operating income (loss) is calculated as operating
income (loss) adjusted for share-based compensation expenses.
Adjusted net income (loss) is calculated as net income (loss)
adjusted for share-based compensation expenses, share of
income (loss) in equity method investments and impairment loss of
investments. Adjusted net income (loss)
attributable to DouYu is calculated as net income (loss) attributable to DouYu adjusted
for share-based compensation expenses, share of income
(loss) in equity method investments and impairment loss of
investments. 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-based compensation expenses,
(ii) share of loss in equity method investments, (iii) impairment
loss of investments 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 RMB7.2513 to US$1.00, the
noon buying rate in effect on June 30,
2023, 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
June 30, 2023 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; 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. 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
The Piacente Group,
Inc.
Email:
douyu@tpg-ir.com
Tel: +86 (10)
6508-0677
|
In the United States:
|
Brandi
Piacente
The Piacente Group,
Inc.
Email:
douyu@tpg-ir.com
Tel:
+1-212-481-2050
|
|
Media Relations Contact
|
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 June
30
|
|
2022
|
|
2023
|
|
2023
|
|
ASSETS
|
RMB
|
|
RMB
|
|
US$
(1)
|
|
Current
assets:
|
|
|
|
|
|
|
Cash and cash
equivalents
|
4,041,603
|
|
4,514,968
|
|
622,643
|
|
Restricted
cash
|
6,057
|
|
35,374
|
|
4,878
|
|
Short-term bank
deposits
|
2,511,150
|
|
1,945,160
|
|
268,250
|
|
Accounts receivable,
net
|
109,180
|
|
90,189
|
|
12,437
|
|
Prepayments
|
26,064
|
|
32,627
|
|
4,499
|
|
Amounts due from
related parties
|
46,126
|
|
31,951
|
|
4,406
|
|
Other current
assets
|
337,004
|
|
432,942
|
|
59,705
|
|
Total current
assets
|
7,077,184
|
|
7,083,211
|
|
976,818
|
|
|
|
|
|
|
|
Property and
equipment, net
|
16,988
|
|
14,222
|
|
1,961
|
|
Intangible assets,
net
|
106,723
|
|
81,548
|
|
11,246
|
|
Long-term bank
deposits
|
250,000
|
|
560,000
|
|
77,228
|
|
Investments
|
531,911
|
|
471,445
|
|
65,015
|
|
Goodwill
|
13,804
|
|
14,322
|
|
1,975
|
|
Right-of-use assets,
net
|
49,911
|
|
34,777
|
|
4,796
|
|
Other non-current
assets, net
|
98,845
|
|
95,105
|
|
13,116
|
|
Total non-current
assets
|
1,068,182
|
|
1,271,419
|
|
175,337
|
|
TOTAL
ASSETS
|
8,145,366
|
|
8,354,630
|
|
1,152,155
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
Accounts
payable
|
666,985
|
|
596,282
|
|
82,231
|
|
Advances from
customers
|
6,459
|
|
19,520
|
|
2,692
|
|
Deferred
revenue
|
288,152
|
|
320,279
|
|
44,168
|
|
Accrued expenses and
other current liabilities
|
302,801
|
|
219,831
|
|
30,316
|
|
Amounts due to related
parties
|
266,788
|
|
374,218
|
|
51,607
|
|
Lease liabilities due
within one year
|
27,479
|
|
21,158
|
|
2,918
|
|
Total current
liabilities
|
1,558,664
|
|
1,551,288
|
|
213,932
|
|
|
|
|
|
|
|
Lease
liabilities
|
19,572
|
|
11,818
|
|
1,630
|
|
Deferred
revenue
|
6,570
|
|
-
|
|
-
|
|
Total non-current
liabilities
|
26,142
|
|
11,818
|
|
1,630
|
|
TOTAL
LIABILITIES
|
1,584,806
|
|
1,563,106
|
|
215,562
|
|
|
|
|
|
|
|
(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 RMB7.2513 to
US$1.00, the noon buying rate in effect on June 30, 2023, in the
H.10 statistical release of the
Federal Reserve Board.
|
|
UNAUDITED CONDENSED
CONSOLIDATED BALANCE SHEETS (CONTINUED)
|
|
(All amounts in
thousands, except share, ADS, per share and per ADS
data)
|
|
|
As of December
31
|
|
As of June
30
|
|
2022
|
|
2023
|
|
2023
|
|
RMB
|
|
RMB
|
|
US$
(1)
|
|
SHAREHOLDERS'
EQUITY
|
|
|
|
|
|
|
Ordinary
shares
|
23
|
|
23
|
|
3
|
|
Treasury
shares
|
(911,217)
|
|
(911,217)
|
|
(125,663)
|
|
Additional paid-in
capital
|
10,670,287
|
|
10,670,287
|
|
1,471,500
|
|
Accumulated
deficit
|
(3,520,525)
|
|
(3,499,160)
|
|
(482,556)
|
|
Accumulated other
comprehensive income
|
321,991
|
|
531,591
|
|
73,309
|
|
Total DouYu
Shareholders' Equity
|
6,560,559
|
|
6,791,524
|
|
936,593
|
|
Noncontrolling
interests
|
1
|
|
-
|
|
-
|
|
Total Shareholders'
Equity
|
6,560,560
|
|
6,791,524
|
|
936,593
|
|
TOTAL LIABILITIES
AND SHAREHOLDERS' EQUITY
|
8,145,366
|
|
8,354,630
|
|
1,152,155
|
|
|
|
|
|
|
|
(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
RMB7.2513 to US$1.00, the noon buying rate in effect on June 30,
2023, in the
H.10 statistical release of the Federal Reserve Board.
|
|
UNAUDITED
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(LOSS)
|
|
(All amounts in
thousands, except share, ADS, per share and per ADS
data)
|
|
Three Months
Ended
|
Six Months Ended
|
|
June
30,
2022
|
|
March
31,
2023
|
|
June
30,
2023
|
|
June
30,
2023
|
|
June
30,
2022
|
|
June
30,
2023
|
|
June
30,
2023
|
|
RMB
|
|
RMB
|
|
RMB
|
|
US$
(1)
|
|
RMB
|
|
RMB
|
|
US$
(1)
|
|
Net
revenues
|
1,833,205
|
|
1,483,060
|
|
1,392,193
|
|
191,992
|
|
3,628,851
|
|
2,875,253
|
|
396,516
|
|
Cost of
revenues
|
(1,524,167)
|
|
(1,306,594)
|
|
(1,203,294)
|
|
(165,942)
|
|
(3,076,039)
|
|
(2,509,888)
|
|
(346,129)
|
|
Gross
profit
|
309,038
|
|
176,466
|
|
188,899
|
|
26,050
|
|
552,812
|
|
365,365
|
|
50,387
|
|
Operating (expenses)
income (2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales and marketing
expenses
|
(167,463)
|
|
(90,686)
|
|
(87,047)
|
|
(12,004)
|
|
(353,822)
|
|
(177,733)
|
|
(24,511)
|
|
General and
administrative expenses
|
(90,659)
|
|
(59,793)
|
|
(46,938)
|
|
(6,473)
|
|
(180,758)
|
|
(106,731)
|
|
(14,719)
|
|
Research and
development expenses
|
(101,847)
|
|
(72,311)
|
|
(71,043)
|
|
(9,797)
|
|
(218,155)
|
|
(143,354)
|
|
(19,769)
|
|
Other operating
income, net
|
20,375
|
|
19,046
|
|
8,615
|
|
1,188
|
|
68,175
|
|
27,661
|
|
3,815
|
|
Total operating
expenses
|
(339,594)
|
|
(203,744)
|
|
(196,413)
|
|
(27,086)
|
|
(684,560)
|
|
(400,157)
|
|
(55,184)
|
|
Loss from
operations
|
(30,556)
|
|
(27,277)
|
|
(7,514)
|
|
(1,036)
|
|
(131,748)
|
|
(34,792)
|
|
(4,797)
|
|
Other expenses,
net
|
(28,884)
|
|
(8,000)
|
|
(53,554)
|
|
(7,385)
|
|
(30,032)
|
|
(61,554)
|
|
(8,489)
|
|
Interest income,
net
|
23,570
|
|
54,426
|
|
67,252
|
|
9,274
|
|
40,201
|
|
121,679
|
|
16,780
|
|
Foreign exchange
loss
|
-
|
|
(1,396)
|
|
1,641
|
|
226
|
|
-
|
|
245
|
|
34
|
|
(Loss) Income before
income taxes and share of
Loss in equity method investments
|
(35,870)
|
|
17,753
|
|
7,825
|
|
1,079
|
|
(121,579)
|
|
25,578
|
|
3,528
|
|
Income tax
expense
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
Share of loss in
equity method investments
|
(2,887)
|
|
(3,236)
|
|
(977)
|
|
(135)
|
|
(4,033)
|
|
(4,213)
|
|
(581)
|
|
Net (loss)
Income
|
(38,757)
|
|
14,517
|
|
6,848
|
|
944
|
|
(125,612)
|
|
21,365
|
|
2,947
|
|
Less: Net loss
attributable to noncontrolling interest
|
(7,841)
|
|
-
|
|
-
|
|
-
|
|
(7,841)
|
|
-
|
|
-
|
|
Net (loss) income
attributable to ordinary
shareholders of the Company
|
(30,916)
|
|
14,517
|
|
6,848
|
|
944
|
|
(117,771)
|
|
21,365
|
|
2,947
|
|
Net (loss) income
per ordinary share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
(0.97)
|
|
0.45
|
|
0.21
|
|
0.03
|
|
(3.69)
|
|
0.67
|
|
0.09
|
|
Diluted
|
(0.97)
|
|
0.45
|
|
0.21
|
|
0.03
|
|
(3.69)
|
|
0.67
|
|
0.09
|
|
Net (loss) income
per ADS(3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
(0.10)
|
|
0.05
|
|
0.02
|
|
-
|
|
(0.37)
|
|
0.07
|
|
0.01
|
|
Diluted
|
(0.10)
|
|
0.05
|
|
0.02
|
|
-
|
|
(0.37)
|
|
0.07
|
|
0.01
|
|
Weighted average
number of ordinary shares used in calculating net (loss) income per
ordinary share
|
|
Basic
|
31,827,240
|
|
32,023,551
|
|
31,977,664
|
|
31,977,664
|
|
31,947,461
|
|
32,000,608
|
|
32,000,608
|
|
Diluted
|
31,827,240
|
|
32,023,551
|
|
31,977,664
|
|
31,977,664
|
|
31,947,461
|
|
32,000,608
|
|
32,000,608
|
|
Weighted average
number of ADS used in calculating net (loss) income per
ADS(3)
|
|
Basic
|
318,272,401
|
|
320,235,512
|
|
319,776,640
|
|
319,776,640
|
|
319,474,607
|
|
320,006,075
|
|
320,006,075
|
|
Diluted
|
318,272,401
|
|
320,235,512
|
|
319,776,640
|
|
319,776,640
|
|
319,474,607
|
|
320,006,075
|
|
320,006,075
|
|
|
|
|
|
|
(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 RMB7.2513 to US$1.00, the
noon buying rate in effect on June 30, 2023, in the H.10
statistical release of the
Federal Reserve Board.
|
|
(2) Share-based
compensation expenses were allocated in cost of revenues and
operating expenses as follows:
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
June
30,
2022
|
|
March
31,
2023
|
|
June
30,
2023
|
|
June
30,
2023
|
|
June
30,
2022
|
|
June
30,
2023
|
|
June
30,
2023
|
|
RMB
|
|
RMB
|
|
RMB
|
|
US$
(1)
|
|
RMB
|
|
RMB
|
|
US$
(1)
|
|
Research and
development expenses
|
5,437
|
|
-
|
|
-
|
|
-
|
|
10,872
|
|
-
|
|
-
|
|
Sales and marketing
expenses
|
1,213
|
|
-
|
|
-
|
|
-
|
|
2,425
|
|
-
|
|
-
|
|
General and
administrative expenses
|
24,184
|
|
-
|
|
-
|
|
-
|
|
50,747
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3) Every ten ADSs represent 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
|
|
Six Months
Ended
|
|
June
30,
2022
|
|
March
31,
2023
|
|
June
30,
2023
|
|
June
30,
2023
|
|
June
30,
2022
|
|
June
30,
2023
|
|
June
30,
2023
|
|
RMB
|
|
RMB
|
|
RMB
|
|
US$
(1)
|
|
RMB
|
|
RMB
|
|
US$
(1)
|
|
Loss from
operations
|
(30,556)
|
|
(27,277)
|
|
(7,514)
|
|
(1,036)
|
|
(131,748)
|
|
(34,792)
|
|
(4,797)
|
|
Add:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based
compensation expenses
|
30,834
|
|
-
|
|
-
|
|
-
|
|
64,044
|
|
-
|
|
-
|
|
Adjusted Operating
(loss) income
|
278
|
|
(27,277)
|
|
(7,514)
|
|
(1,036)
|
|
(67,704)
|
|
(34,792)
|
|
(4,797)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss)
income
|
(38,757)
|
|
14,517
|
|
6,848
|
|
944
|
|
(125,612)
|
|
21,365
|
|
2,947
|
|
Add:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based
compensation expenses
|
30,834
|
|
-
|
|
-
|
|
-
|
|
64,044
|
|
-
|
|
-
|
|
Share of loss in equity
method investments
|
2,887
|
|
3,236
|
|
977
|
|
135
|
|
4,033
|
|
4,213
|
|
581
|
|
Impairment loss of
investments
|
28,571
|
|
8,000
|
|
53,554
|
|
7,385
|
|
28,571
|
|
61,554
|
|
8,489
|
|
Adjusted net (loss)
income
|
23,535
|
|
25,753
|
|
61,379
|
|
8,464
|
|
(28,964)
|
|
87,132
|
|
12,017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income
attributable to DouYu
|
(30,916)
|
|
14,517
|
|
6,848
|
|
944
|
|
(117,771)
|
|
21,365
|
|
2,947
|
|
Add:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based
compensation expenses
|
30,834
|
|
-
|
|
-
|
|
-
|
|
64,044
|
|
-
|
|
-
|
|
Share of loss in equity
method investments
|
2,887
|
|
3,236
|
|
977
|
|
135
|
|
4,033
|
|
4,213
|
|
581
|
|
Impairment loss of
investments
|
28,571
|
|
8,000
|
|
53,554
|
|
7,385
|
|
28,571
|
|
61,554
|
|
8,489
|
|
Adjusted net (loss)
income attributable to DouYu
|
31,376
|
|
25,753
|
|
61,379
|
|
8,464
|
|
(21,123)
|
|
87,132
|
|
12,017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net (loss)
income per ordinary share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
0.99
|
|
0.80
|
|
1.92
|
|
0.26
|
|
(0.66)
|
|
2.72
|
|
0.38
|
|
Diluted
|
0.99
|
|
0.80
|
|
1.92
|
|
0.26
|
|
(0.66)
|
|
2.72
|
|
0.38
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net (loss)
income per ADS(2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
0.10
|
|
0.08
|
|
0.19
|
|
0.03
|
|
(0.07)
|
|
0.27
|
|
0.04
|
|
Diluted
|
0.10
|
|
0.08
|
|
0.19
|
|
0.03
|
|
(0.07)
|
|
0.27
|
|
0.04
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number
of ordinary shares used in calculating Adjusted net (loss) income
per ordinary share
|
|
Basic
|
31,827,240
|
|
32,023,551
|
|
31,977,664
|
|
31,977,664
|
|
31,947,461
|
|
32,000,608
|
|
32,000,608
|
|
Diluted
|
31,827,240
|
|
32,023,551
|
|
31,977,664
|
|
31,977,664
|
|
31,947,461
|
|
32,000,608
|
|
32,000,608
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number
of ADS used in calculating net (loss) income per
ADS(2)
|
|
Basic
|
318,272,401
|
|
320,235,512
|
|
319,776,640
|
|
319,776,640
|
|
319,474,607
|
|
320,006,075
|
|
320,006,075
|
|
Diluted
|
318,272,401
|
|
320,235,512
|
|
319,776,640
|
|
319,776,640
|
|
319,474,607
|
|
320,006,075
|
|
320,006,075
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 RMB7.2513 to
US$1.00, the noon buying rate in effect on June 30, 2023, in the
H.10 statistical release of the
Federal Reserve Board.
|
|
(2) Every ten ADSs represent one
ordinary share.
|
View original
content:https://www.prnewswire.com/news-releases/douyu-international-holdings-limited-reports-second-quarter-2023-unaudited-financial-results-301899584.html
SOURCE DouYu International Holdings Limited