WUHAN,China,Sept. 12,2024 -- DouYuInternationalHoldings Limited("DouYu"orthe"Company") (Nasdaq: DOYU),a leading game-centric live streaming platform in China and a pioneer in the eSportsvaluechain,today announceditsunauditedfinancialresultsforthe second quarter endedJune 30,2024.

Second Quarter2024Financial andOperationalHighlights

Total net revenues in the second quarter of 2024 were RMB1,032.0 million (US$142.0 million),compared with RMB1,392.2 million in the same period of 2023.

Gross profit in the second quarter of 2024 was RMB84.2 million (US$11.6 million),compared with RMB188.9 million in the same period of 2023.

Net loss in the second quarter of 2024 was RMB49.2 million (US$6.8 million),compared with net income of RMB6.8 million in the same period of 2023.

Adjusted net loss[1] in the second quarter of 2024 was RMB45.5 million (US$6.3 million),compared with adjusted net income of RMB61.4 million in the same period of 2023.

Average mobile MAUs[2] in the second quarter of 2024 were 44.1 million,compared with 50.3 million in the same period of 2023.

The number of quarterly average paying users[3] in the second quarter of 2024 was 3.4 million,compared with 4.0 million in the same period of 2023.

The interim management committee of DouYu commented,"In the second quarter of 2024,we further enriched our content ecosystem and enhanced our diversified commercialization capabilities. In deepening our collaboration with streamers and game developers on content innovation and product upgrades,we successfully introduced diverse cooperative models that bring DouYu users more exceptional content experiences and an expanded array of gaming services. Our long-term development strategy remains centered on fostering a vibrant,diverse,game-centric content ecosystem by harnessing the strengths of DouYu's deep-rooted streamer resources and premium content. We will continue to dynamically adapt our operating strategies amid the evolving macroeconomic and industry shifts,proactively addressing challenges and optimizing our platform's content ecosystem to serve our overarching goal of long-term,sustainable growth."

Mr. Hao Cao,Vice President of DouYu,commented,"Our strategic revenue diversification initiatives yielded encouraging results in the second quarter. Revenue from Innovative business,advertising and others (formerly known as advertising and other revenues) steadily increased to RMB242 million,contributing 23.4% of our total revenue,a significant improvement from 9.6% in the same period of 2023. Despite short-term financial pressure from macroeconomic headwinds and an evolving business landscape,we remain committed to rewarding the trust and support of our shareholders. In addition to our US$20 million share repurchase program announced in December 2023,which was successfully completed in July,we announced a US$300 million special cash dividend in early July. Looking ahead,we will continue to explore commercial diversification pathways,prioritizing the Company's long-term,healthy growth to deliver value to our shareholders."

Second Quarter 2024 Financial Results

Total net revenues in the second quarter of 2024 decreased by 25.9% to RMB1,392.2 million in the same period of 2023.

Livestreaming revenues in the second quarter of 2024 decreased by 37.2% to RMB790.1 million (US$108.7 million) from RMB1,258.3 million in the same period of 2023. The decrease was primarily due to the soft macroeconomic environment,in response to which we offered lower-priced products and reduced promotional events focused on paying user acquisition. As a result,there was a year-over-year decrease in both average revenue per paying user and the number of total paying users.

Innovative business,advertising and other revenues (formerly known as advertisingandotherrevenues)in the second quarter of 2024 increased by 80.7% to RMB242.0 million (US$33.3 million) from RMB133.9 million in the same period of 2023. The increase was primarily driven by an increase in other revenues generated through our other innovative business,such as the voice-based social networking service.

Costofrevenues in the second quarter of 2024 decreased by 21.2% to RMB947.8 million (US$130.4 million) fromRMB1,203.3million inthesameperiodof2023.

Revenue-sharing fees and content costs in the second quarter of 2024 decreased by 18.1% to RMB803.4 million (US$110.6million) fromRMB981.3million inthesameperiodof2023. The decrease was primarily due to a decrease in revenue-sharing fees aligned with decreased livestreaming revenues,as well as a decline in content costs resulting from improved cost management in streamer payments and copyrighted content,and partially offset by the increase in costs related to the innovative business.

Bandwidth costs in the second quarter of 2024 decreased by 33.0% to RMB79.6 million (US$11.0 million) from RMB118.8 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 second quarter of 2024 was RMB84.2 million (US$11.6 million),compared with RMB188.9 million in the same period of 2023. The decline in gross profit was primarily due to the decrease in livestreaming revenues outpacing the decline in cost of revenues. Gross margin in the second quarter of 2024 was 8.2%,compared with 13.6% in the same period of 2023.

Sales and marketing expenses in the second quarter of 2024 decreased by 11.5% to RMB77.0 million (US$10.6 million)from RMB87.0 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 second quarter of 2024 decreased by 29.4% to RMB50.1 million (US$6.9 million) from RMB71.0 million in the same period of 2023. The decrease was primarily due to a decrease in staff-related expenses.

General and administrative expenses in the second quarter of 2024 increased by 3.4% to RMB48.5 million (US$6.7 million) from RMB46.9 million in the same period of 2023. The increase was primarily due to increased expenses related to our employee streamlining initiatives.

Other operating expenses,net in the second quarter of 2024 were RMB28.2 million (US$3.9 million),compared with other operating income of RMB8.6 million in the same period of 2023.

Loss from operations in the second quarter of 2024 was RMB119.6 million (US$16.5 million),compared with RMB7.5 million in the same period of 2023.

Net loss in the second quarter of 2024 was RMB49.2 million (US$6.8 million),compared with net income of RMB6.8 million in the same period of 2023.

Adjusted net loss, which excludes the share of loss in equity method investments,and impairment loss of investments,was RMB45.5 million (US$6.3 million) in the second quarter of 2024,compared with adjusted net income of RMB61.4 million in the same period of 2023.

Basicanddiluted netlossper ADS[4]in thesecond quarterof2024wereboth RMB1.58(US$0.22). Adjusted basic and diluted net lossper ADS in the second quarter of 2024 were both RMB1.46 (US$0.20).

Cash and cash equivalents,restricted cash and bank deposits

As of June 30,2024,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 RMB6,561.3 million (US$902.9 million),compared with RMB6,855.5 million as of December 31,2023.

Updates of Share Repurchase Program

On December 28,2023,the Company announced that its board of directors had authorized a share repurchase program under which the Company may repurchase up to US$20 million of its ordinary shares in the form of ADSs during a period of up to 12 months commencing on January 1,2024. As of June30,the Company had repurchased an aggregate of US$11.2million of its ADSs in the open market under this program. The allotment of US$20 million was used in full by July 18,2024.

Conference Call Information

The Company will hold a conference call on September 12,at 7:00 a.m. Eastern Time (or 7:00 p.m. Beijing Timeonthesameday)todiscuss thefinancialresults. Listenersmayaccess thecallbydialing thefollowingnumbers:

International:

+1-412-317-6061

UnitedStates Toll-Free:

+1-888-317-6003

MainlandChina Toll-Free:

4001-206115

HongKong TollFree:

800-963976

SingaporeToll Free:

800-120-5863

ConferenceID:

8687804

The replaywillbeaccessiblethrough September 19,bydialingthefollowingnumbers:

International:

+1-412-317-0088

UnitedStatesTollFree:

+1-877-344-7529

ConferenceID:

1678388

Aliveandarchivedwebcast oftheconferencecallwillalsobeavailableontheCompany's investorrelationswebsite athttp://ir.douyu.com.

[1] "Adjusted net loss" is defined as net loss excluding 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 oneADS represents one ordinary share for the relevant period and calendar year.

About DouYuInternationalHoldingsLimited

Headquartered in Wuhan,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 net income (loss) is calculated as net income (loss) adjusted for share of 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 of 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 of loss in equity method investments,(ii) 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,such metrics in accordance with U.S. GAAP.

For more information on these non-GAAP financial measures,please see the table captioned "Reconciliations ofNon-GAAPResults"near the endofthisrelease.

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 RMB7.2672 to US$1.00,the noon buying rate in effect on June 28,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 28,or at any other rate.

SafeHarborStatement

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

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 June 30

2023

2024

2024

ASSETS

RMB

RMB

US$ (1)

Current assets:

Cash and cash equivalents

4,440,131

4,061,140

558,831

Restricted cash

-

21

3

Short-term bank deposits

1,716,540

1,974,461

271,695

Accounts receivable,net

73,453

52,279

7,194

Prepayments

38,181

26,085

3,589

Amounts due from related parties

68,994

61,859

8,512

Other current assets,net

348,129

482,012

66,327

Total current assets

6,685,428

6,657,857

916,151

Property and equipment,net

13,808

8,525

1,172

Intangible assets,net

120,694

141,671

19,495

Long-term bank deposits

630,000

450,000

61,922

Investments

436,197

431,112

59,323

Right-of-use assets,net

22,792

5,925

815

Other non-current assets

163,184

138,797

19,099

Total non-current assets

1,386,675

1,176,030

161,826

TOTAL ASSETS

8,072,103

7,833,887

1,077,977

LIABILITIES AND SHAREHOLDERS' EQUITY

LIABILITIES

Current liabilities:

Accounts payable

534,428

464,509

63,919

Advances from customers

12,911

10,194

1,403

Deferred revenue

315,969

271,061

37,299

Accrued expenses and other current liabilities

246,601

191,607

26,366

Amounts due to related parties

251,392

382,574

52,644

Lease liabilities due within one year

14,768

4,523

622

Total current liabilities

1,376,069

1,324,468

182,253

Lease liabilities

6,701

563

77

Total non-current liabilities

6,701

563

77

TOTAL LIABILITIES

1,382,770

1,325,031

182,330

(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 fromRMB to U.S. dollars are made at a rate ofRMB7.2672 to US$1.00,in the

H.10 statistical release of the Federal Reserve Board.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED)

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

As of December 31

As of June 30

2023

2024

2024

RMB

RMB

US$ (1)

SHAREHOLDERS' EQUITY

Ordinary shares

23

23

3

Treasury shares

(911,217)

(991,370)

(136,417)

Additional paid-in capital

10,670,287

10,287

1,468,280

Accumulated deficit

(3,485,007)

(3,622,129)

(498,422)

Accumulated other comprehensive income

415,247

452,045

62,203

Total DouYu Shareholders' Equity

6,689,333

6,508,856

895,647

Total Shareholders' Equity

6,647

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY

8,977

(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 fromRMB to U.S. dollars are made at a rate of RMB7.2672 to US$1.00,in the

H.10 statistical release of the Federal Reserve Board.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)

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

Three Months Ended

Six Months Ended

June 30,

2023

March 31,

2024

June 30,

2023

June 30,

2024

RMB

RMB

RMB

US$ (1)

RMB

RMB

US$ (1)

Net revenues

1,392,193

1,039,684

1,032,041

142,014

2,875,253

2,071,725

285,079

Cost of revenues

(1,203,294)

(930,678)

(947,823)

(130,425)

(2,509,888)

(1,878,501)

(258,490)

Gross profit

188,899

109,006

84,218

11,589

365,365

193,224

26,589

Operating income (expense)

Sales and marketing expenses

(87,047)

(75,570)

(76,963)

(10,590)

(177,733)

(152,533)

(20,989)

General and administrative expenses

(46,938)

(42,797)

(48,496)

(6,673)

(106,731)

(91,293)

(12,562)

Research and development expenses

(71,043)

(54,150)

(50,135)

(6,899)

(143,354)

(104,285)

(14,350)

Other operating income (expense),net

8,615

(103,428)

(28,189)

(3,879)

27,661

(131,617)

(18,111)

Total operating expenses

(196,413)

(275,945)

(203,783)

(28,041)

(400,157)

(479,728)

(66,012)

Loss from operations

(7,514)

(166,939)

(119,565)

(16,452)

(34,792)

(286,504)

(39,423)

Other expenses,net

(24,431)

-

(943)

(130)

(32,431)

(943)

(130)

Interest income

67,252

81,094

75,972

10,454

121,679

157,066

21,613

Foreign exchange gain,net

1,641

153

604

83

245

757

104

Income (loss) before income taxes and share of loss

in equity method investments

36,948

(85,692)

(43,932)

(6,045)

54,701

(129,624)

(17,836)

Income tax expense

-

-

(2,510)

(345)

-

(2,510)

(345)

Share of loss in equity method investments

(30,100)

(2,261)

(2,727)

(375)

(33,336)

(4,988)

(686)

Net income(loss)

6,848

(87,953)

(49,169)

(6,765)

21,365

(137,122)

(18,867)

Net income(loss) attributable to ordinary

shareholders of the Company

6,867)

Netincome (loss) per ordinary share

Basic

0.21

(2.77)

(1.58)

(0.22)

0.67

(4.36)

(0.60)

Diluted

0.21

(2.77)

(1.58)

(0.22)

0.67

(4.36)

(0.60)

Net income(loss)per ADS(2)

Basic

0.21

(2.77)

(1.58)

(0.22)

0.67

(4.36)

(0.60)

Diluted

0.21

(2.77)

(1.58)

(0.22)

0.67

(4.36)

(0.60)

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

Basic

31,977,665

31,807,180

31,128,544

31,544

32,000,608

31,467,862

31,862

Diluted

31,862

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

Basic

31,862

(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 fromRMB to U.S. dollars are made at a rate of RMB7.2672 to US$1.00,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,

2024

RMB

RMB

RMB

US$ (1)

RMB

RMB

US$ (1)

Loss from operations

(7,423)

Adjusted operating loss

(7,423)

Net income (loss)

6,867)

Add:

Share of loss in equity method investments

30,100

2,261

2,727

375

33,336

4,988

686

Impairment loss of investments(2)

24,431

-

943

130

32,431

943

130

Adjusted net income (loss)

61,379

(85,692)

(45,499)

(6,260)

87,132

(131,191)

(18,051)

Net income (loss) attributable to DouYu

6,988

686

Impairment loss of investments

24,431

943

130

Adjusted net income (loss) attributable to DouYu

61,051)

Adjusted net income (loss) per ordinary share

Basic

1.92

(2.69)

(1.46)

(0.20)

2.72

(4.17)

(0.57)

Diluted

1.92

(2.69)

(1.46)

(0.20)

2.72

(4.17)

(0.57)

Adjusted net income (loss) per ADS(3)

Basic

1.92

(2.69)

(1.46)

(0.20)

2.72

(4.17)

(0.57)

Diluted

1.92

(2.69)

(1.46)

(0.20)

2.72

(4.17)

(0.57)

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

Basic

31,862

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

Basic

31,in the H.10 statistical

release of the Federal Reserve Board.

(2) Impairment loss of investments was included in line item "Other expenses,net" of condensed consolidated statements of income (loss).

(3) Every oneADS represents one ordinary share.