DOYU - Earnings call transcript Q3 2020 | DouYu International Holdings Limited

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Operator

Good morning and good evening, ladies and gentlemen. Thank you and welcome to DouYu International Holdings Limited's Third Quarter 2020 Earnings Conference Call. At this time, all participants are in a listen-only mode.

We will be hosting a question-and-answer session after management's prepared remarks. Please note, today's event is being recorded. the to turn today, first now Ms. would call the over speaker I President of Capital Mao, of Mao Vice Markets DouYu. Please go ahead ma'am.

Mao Mao

Thank our third everyone. Welcome earnings Hello you, call. quarter operator. XXXX to

are Strategy Officer; Mr. Chief today Joining Chairman of Vice and Shaojie Mingming Chief Ms. Hao and us Su, Executive Mr. President Officer; Branding. Cao, Chen,

to quarter website of refer ir.douyu.com. at financial results can You XXXX our third IR on our

website. it also a on replay becomes when available check call, hours in can You our this IR few a of

please this Securities results, provision forward-looking These that their statements expectations cause different of statements of the call. or under contain and Act management's statements start, that and may which we Harbor actual control, Before results, company's to current or undertakes performance XXXX. Safe date made forward-looking note, observations implied uncertainties with performance the materially on the company's by events revise entirety expressly other selected circumstances the these involve by factors for or are forward-looking The to factors update call forward-looking are of the achievements statements, pursuant filings or may Litigation based known cautionary company from not to and be expectations no company SEC. for risk any this risks, statements details forward-looking All qualified and of the the after statements. Private the Reform duty in unknown conference

quarter with RMBX.XX Now, total Shaojie and results growth by operational billion. speak increasing the rates stable I behalf financial to of our year-over-year our Mr. Chen. maintained Overall, will XXXX on revenues CEO, third Chairman our net XX.X% of their and in

trajectory, vibrancy net the users seventh our by average throughout effects macro of COVID-XX increasing quarterly also while positive time, income. grew quarter. and growth paying Despite to XX.X% lingering the maintained count We uncertainties X.X game also the continue live our our [indiscernible]. to by consecutive it's to during year-over-year million; flock quarter robust achieved country, for the of eSport-centric year-over-year XX.X At the and mobile it's MAU XX.X% same users further non-GAAP million streaming

average factors. attributable million XXX third which five reached to total during quarter of was XXXX, Our MAUs the

First, by added we inactive Chinese-Chinese helped LPL the users more gaming platform. collaboration especially the tournament broadcast the eSports same base with those as Tencent time. Also our previously our strengthening team, tournament, expand at while engaging on users, a user of largescale PC such summer users the

operating to platform gaming students In contributed Besides, our addition, a the [ph] platform many quarter. attracted has our enabled in impacts. continuous steady to all new from summer operations to of third see events and during positive Overall, opportunities of tournaments, holiday refinements our the of emerging launches to users new growth and boosted brand wave and us in achieve help us the eSports metrics. viewership,

eSports ecosystem, the and segment For continue formats, content coverage platform, the innovative of industry and up game our and enhance to of our eSports platform, a value we content our in every content variety chain. expand our develop breadth down depth centric increase

quarter, superior team. high in the During eSports investing we results quality achieved

For XXXX playoff horse example, the BOC, summer and and year's in than teams, quarter. during Meanwhile, series, XXXX not Team, in and other with XXXX, collaboration inaugural summer it's as the CS XX runners-up largescale our successfully our PUBG the eSports this further developers PCL we publishers, participation to such newly sponsored dark LPL League Tencent won games played official more broadcasted the of tournament won and and JBG, all our tournament. as signed emerged LPL TS, deepened Championship. advanced of team playing LGD Moreover, Legends Summer a

world, largest exclusive we the professional further thus one our the which augmenting League, influence. [ph] of for in Omega example, was brand platforms DouYu rights broadcasting obtained championships For for

In production of period. the into eSports tenth China. our Most we we notably, [ph] public event, than proprietary XX organized the consecutive self-produced largest in the grown during which addition, of one has tournaments tournament eSports Golden high-quality more Grand Tournament,

continue improved our beta launching server of and a our we user has we as games, well brand UI the business compatibility. innovate experience to model, by new as As design, which cloud X.X significantly functionality version optimized

we content explore various of we as games. Going to design the provide forward, and our pre-recorded development mobile content, gaming engagement. further Also, to we scenarios, user our plan pre-recorded application expand platform, user live streaming rotate gaming our and a completed of coverage diverse supply broadcast the videos, to of cloud were almost able for with into more stimulate

the we mid-tier in and ground, period. long-tail monetizing managing to streamers the our the during efficiency and continue streamers On improve

We from been are grow increasing that norm see it glad [ph] has continuously. has long increasingly for streamers. and mid-tier revenue our contribution our a Huya Agencies uncover Also, been to tail streamers partners, to has -- become new proactively and

our the to we to by demographics. cover streamers of broader platform, able recruiting addition, been non-game In a new user array have

more long-term going those new strategy, Looking game to diverse ahead, of we gaming actively models content, centric out game our should invest continue and content, new to strategy. segmentation through of non-game title satisfy areas, our user launches, after with demands of through in engage wider users user explore content range viewing a business along execute growth new addition opportunities

RMBXXX. users In year-over-year and were continue year-over-year to and terms quarter. we our million, grow by Meanwhile paying our paying to our ratio quarterly functionality, X.X to during refine also able optimize interactive product by X.X% monetization, the ARPU as XX.X% our XX.X% to to we of increased

users lay our users and addition in growth sustainable innovative paying solidifying more to solid a wrote add additional and both, In we existing users our revenue. paying initiatives paying out foundation for overall to habits,

bolster and explore large and our will promote overall we operational or events Looking the monetization of ahead, every [ph]. monetization new even consistency. the room same live in every scale for to to efficiencies, management models, design platform capabilities will we continue our enhanced platforms and revenue functionalities At streaming time, advanced product segments, production

efficient display front, at and On of function research invest quarter capabilities JVC in the for [ph]. our our continue the development to technology compression development technology video the support during more the with we

Our mobile of especially enjoy users the half viewing that's to viewing bandwidth; experience, users. our leading quality for same previously required the of with videos smoother can a only

we optimize to continue we implement the As -- we display HXXX bandwidth of our functionality platform, to across costs. more focus room [ph] foresee our

leveraging but their improving real-time significantly kills users precisely the tap enabled at we to addition, experience. such to rolled on our and large out [ph]; accurately a viewing function In By key technologies we platform. gaming the as their replace our moments, blasts scale AI team choice moment of playback

continue market. ground, investment the we our in globalization explorations On increasing and to the Japanese

streaming product Mujan growth made able [ph]; exploration it's we to in As was improvements our steady expansion growth we content and our In ecosystem trajectory. the it and sustained Japanese to live further quarter, and user the continued of our base maintain varieties summary, the content platform, during functionalities, development.

and both long and capabilities, upgrading we up remain buildout centric financial experience. improving over the operational value Huya run. XX, our the our our We eSports with both On working operating ahead, our deploy together values long-term monetization our downstream platform and content performance by to we enhancing plan our with providing future. resources, user our merger agreement content forward a into in game October the and XXXX, to up optimize details our Furthermore, we industry in through users high-quality look the go will our of R&D performance, with now to Finance, Looking I further financial our platform, ramp the creating of shareholders performance services turn efficiencies, With Huya. committed call Hao efforts, to our chain, and through entered that, Mr. third for the President Vice Cao to quarter.

Hao Cao

Mao. Hello, Mao you, everyone. Thank

third pressure eSports to a performance response of quarter of of events, the action of [ph] in year game. half the certain and second of took the of During for planned rights the expected XXXX, lot to content shifting and sales development we decisive acquisition broadcasting major in

In focus also new platform. we on ways optimize further user-streamer our interactions and maintained on innovative addition, to

year-over-year. live quarter increased revenues a XX% the XXXX quarter from a of the loss our RMBXXX.X of the million to revenues billion, of to million XX.X% by R&D improved we our by With RMBXX.X RMBX.XX also net in the As XXXX same in increasing XXXX. same third period total from in billion XXXX. streaming result, net third RMBX.XX of the income period same in of in Meanwhile, period

XXXX. adjusted from same of RMBXX.X While quarter XXXX in period income in the third increased net to the of RMBXX.X XX.X% by million million

RMBX.XX increased billion advertising some attributable allow live successful Now, and increase the and of million the RMB in you streaming metrics. billion from users, year-over-year RMB by to provide our requirements in revenues, XXX.X our RMB was in from This RMB Live XX% paying financial by of XXXX our attraction quarter XXXX. the to improved third continued as users third key me quarter with period as X.XX revenues to X.XX more details new XXXX X.XX of existing habit of with the streaming increased resulting in Total please of in billion other revenues net revenues. paying well of XX.X% primarily to billion same regarding [indiscernible].

users year. in X.X to in from the of same last million As result, paying period quarter million a XX.X% of increased third by X the XXXX

from the fees of Advertising of drive increase advertising quarter RMBX.XX the user payment RMB on XXXX. increase revenues the other XX.X% million of the and brand quarter the of revenue also in which corresponding XXXX raise in platform increased sharing revenue RMBX.XX promotion third content the XXXX. growth billion XXXX same integrated driven the period be XXXX, revenues explained in billion the progress. of to of interactive basis. the was the up to and XX.X% in made recognition, generally and RMBXXX.X billion addition, increased solutions. same The More mainly and X.XX by third million our can period of In specifically, quarter the by features to sharing same improvements RMBXXX.X of XXXX for Cost demand in by streamers, in fees helped our in year-over-year be to from content third costs and billion RMBX.XX ongoing from increased period following in and cost growth the from a frequency by

same period, our the event. fan in was fees revenues quarter, mainly and given increased during due in to streaming increased, the during First; major the certain to increases incentives sharing streamers live which revenue

three continue to content markets, Japan. streamers abroad overseas was mainly our we which our especially in footprint costs expand first, quality to with driven Second, increased, by engage factors; in

from user were And in increases by we costs resulting rights half upgrades. first to offset which in for continue user we bandwidth by additional eSports three, Gross eSports-related million same was XX.X% by XXXX. third of content. in million result the a quarter of RMBXXX.X in RMBXXX.X quarter half period The quarter same XXXX purchased the third driven of in Bandwidth to outbreaks games increased focus the of XXXX. original partially RMBXXX.X mobile Second, period growth as XXXX, XXXX was engagement, in XXXX. in second margin third COVID-XX. total the XX.X% from XXXX in XXXX and both, million increased profit of platforms live delayed the to technical the efficiency to same of mainly increases improvements on streaming RMBXXX.X purposefully of of the XX.X% of million XX% by period from Gross of in compared costs the to

increase the quarter the by an a research million to to of decreased marketing second same the million million XXX.X% to quarter XXXX of the improved professional third third expenses General in administrative implying million RMBXXX.X of the quarter and in the third by to in the RMBXXX.X of million XXXX on allocated excludes of was and the RMBXX.X expenses period following XXXX. quarter mainly XXXX. expenses partially our million was result million the in share-based of recognized third in by million compared XXXX expenses XXXX development sales in XXXX XXXX of expenses; to to RMBXXX.X of development quarter new decrease expenses XXXX as the net of third decreased loss quarter up in the expenses in in XXXX. in third [indiscernible]. of RMBXXX.X in personnel of XXXX. same in loss and increase share-based in third the in due in of the as service due income third of compared to X.X% million million expenses same Adjusted of of XXXX XXXX. expenses, from by in Adjusted turning compensation RMBXX.X of compensation offset of following by to of the million IPO fees. headcount which -- decreased equity the RMBXX.X quarter operating the in offset research XX.X% operating RMBXXX.X RMBXX.X XXXX in quarter RMBXXX.X in the net share period quarter the during increased for share-based compensation this RMBXXX.X RMBXX.X from period RMBXX.X net of third margin in loss million compensation was investments, RMBXX.X adjusted period of same million primarily third excludes the the same a expenses expenses the RMBXX.X Operating same of in RMBXX.X amount third X.X% XXXX, third recognized net of from XXXX decrease to products, impairment of as compensation million million and Now operating was share-based expenditures million, period the increased third share-based the by investments IPO share-based to [ph] income income The XXXX. partially in quarter quarter method of Research of and from development in This mainly income of which XXXX, prior of RMBXX.X of XXXX Net reduced of and recognized overseas well compared quarter and increased in compensation period which XXXX which from X.X%. million decreased was same to XXXX, was period quarter quarter

respectively. the income and RMBX.XX For third diluted per RMBX.XX XXXX, quarter of basic net and ADS were

per and and While income were RMBX.XX diluted ADS RMBX.XX adjusted basic respectively. net

will we affect operational As result uncertainties both, a could provide our fourth potentially views quarter as current the well [indiscernible] we guidance on the as of XXXX. for not surrounding believe the conditions, which market; of

of committed upgrading our At of platform our our now to continue remainder the This efficiencies. overseas throughout fine XXXX experience and and remain monetization share advance selected are for beyond, also we we the gross, and Thank national Operator, additional operating questions. time, remarks course, to building same capture we to As capabilities to user markets. ready you. market prepared in of improving the was that concludes initiatives today. plan offerings, take we

Chen question Please [Operator begin JPMorgan. first question-and-answer go now ahead. Instructions] the today's will We session. And comes Daniel from with

Daniel Chen

housekeeping [Foreign on question Language] have a merger the with deal Huya. I

future [indiscernible] So seeing deal? Huya we from the what the in how release first do are for arrive at we're And And Thank of the a happen that financial the see exchange X.XX half in you. the merger years of XXXX? process which Huya? for major will --

Shaojie Chen

translate response I the will to Language] English. [Foreign

Both of committee Regarding established the and counsels. carefully committees respective on other special business directors, question, on -- and both legal the in accounting have of matters; due and agreement on special independent companies. negotiation DouYu relevant engaged own with conducted respective of their composed evaluated and assistance Huya advisors of behalf diligence forecasts and and valuations, and their the their merger tax, legal, company's operations, financial financial

hours the for basis, Directors financial both So merger key both have of [Foreign special the opinions our has share agreement. M&A solicit a a you which votes ratio, advisors Form-FX on Huya serves and own stocks, from with as few issuers relation it's a Language] independent step, based Regarding provided for the also ago a and for is DouYu upcoming proxy filed special shareholder registration this transaction. a meeting. their [ph] It approved shareholders which recommendation, is Board committee on statements exchange on its at and in includes newly currently know, committee issued for the to with SEC and the their company's review statement Huya's form next waiting informing Huya to approval,

merger, SEC approved which Form-FX meeting to towards for vote also on and extraordinary shareholders. to but [ph] SEC hold to will approval, After are a a votes merger getting merger. related general by crucial contain yet and have the regarding is it's don't definitive an form working meantime, Form-XXEX And at of once exceeds will other the the the investing the information an submitted the we of we finish this all for our timetable, FX, X/X on merger presented considered the So have the meeting, the votes number those we privatization. application you. in timetable close approval parties Thank the And or be transaction. for

Operator

you. Thank

Our next comes go Alex Please question today Liu ahead. with from Renaissance. China

Alex Liu

proposed noticed and could going forward? So first synergies what think how merge; about that, we the this this revenue on regarding to cost bandwidth our are us [Foreign should the in and the slightly, side Thank the is And are Language] item see share where longer you going sequentially question with I And quarter, goes term? reasons? we main second up the question cost both, you.

Shaojie Chen

I'll Language] for translate Mr. Chen. [Foreign

So a merger yet have that synergies merger, we a quantified we neither number the there the synergies. conclusion we are has explore have from that close, should from to effects not reached the these areas the on synergies. for But we achieve higher the we of believe level, due to fact potential and a could

user future, able depth increased be think quarter be a cost content in higher joint And consolidated [Foreign user users from the are will and each operating period. to our by methods. on believe reason boost as bonus. on well more tournament will develop expenses, as traffic traffic that more games bandwidth corporation, user better PC bandwidth both the achieved certainly, content gaming the during breadth fourth question amortization on we result formats slightly on respective in example, and comprehensive usage coverage synergies partially other, sequential tournament's ecosystem helped increase secondly, basis engagement, user and cost intensive the merger in costs, trend on and to content leading bandwidth your quarter And And increase first the revenues; innovative we costs a due economy achieve all, should think we to and of platforms that and the offset the certainly of finding seeing of this mobile such Language] we -- scale improve we Regarding more IT platforms reflective content quarter-over-quarter from further have infrastructure plus to we to be to interactions, of cost technology, and bandwidth that the we content seen First expect and and are on in advantage video increasing perspective, GMA decreasing to on and in the the as basis; other expenses. could during the to slightly complimentary fact believe there engagement. sorry, the on R&D, leverage of the to create bandwidth which further for merger us trend increased a to further the the the strengthen streamers from more was period. content the quarter. And But recording XXXX efficient equal more cost a our due user the

Operator

you. Thank

America Lei from comes go with question Bank Please next Securities Our Zhang ahead. of

Lei Zhang

on with doing streaming. our share noticed [Foreign after industry the streaming game we we dynamics Could in shop reel also Huya? ecommerce the with update Language] in and video competitive your for you do quarters? that questions. peers question And management change a the or Thanks do workshops Secondly, of competitive any our you first landscape. like some recent is My taking us for merger see

another the how next with some two game made of we in OpEx; on on forecasting is life fourth the up? and do increase reason should traction what Thank question main quarters? share you or can And housekeeping the your in updates journey you. And the ecommerce are So of us video one quarter? old

Shaojie Chen

will response question. translate to the [Foreign first Language] the I Okay.

see. have quarter competitive we we the this trends landscape, seen Regarding not different last

clear developing high community, leading and phase. down theme our on energize we focus payment and and innovation the game, video of platform -form video always run, helped the adaptation advantage user revolve the innovation expect the bring formation, well the social value. content mainstream development of professional believe of And game short have content have to agencies, the of competition and chain. in ecosystem. base context, other as to customer on of to constant in that upgrades increase and product and [indiscernible], mainly of them the the both quality industry videos. and has competition [ph] such ecosystem marketing as build the As the traffic a will same we've our and And short terms such user of entire been run to the competition short-form continue eSports we In segments the integration we the more feeling to and content held game eSports the perspective, the enter both rapid communication market communities and value buildup the In raise as we in tech forms, population further content efforts, help migration of content such creation establishment also community, seen long of up game professional user accelerated with the around for of eSports which as we might and the accordingly, and and result the the streaming content the of focusing as further in by requirements industry. centric since of building inception, Overall, from industry a diversification centric

Now, and result, have attracting core content cleared as we more in maintaining stronger we game barrier a a and the users. advantage have created

so the with cooperation Tencent, we lastly, will in more invest in after we of raised user with enhance between advantage -- league the of we value merger, commercial content the industry, forward the Regarding the content were for ceiling including share and of further and as users business; two users web believe as question playback; is further the more on and carrier which and coverage the traffic. which well videos the short expand and traffic. cross-item mentioned increase the us looking videos, above So [Foreign turn that the ecommerce our in to a the suitable Language] to we short believe to at will pre-recorded more entire positioning more platform, for also the the component. with on videos user forward more chains help And inconvenient obtain as social it's fact, platforms,

suitable for ecommerce we short business the our and consists to related young increase as unique sports and applications which broadcast application, content, streaming stimulating essentially As content ultimately pre-recorded a an channels of supply our main And platforms, of we live coverage the organic goal in And ecommerce various live believe it will the the to more user our positioned quarter, model supplement offering are the gaming diverse run, pre-recorded utilize and the are our rotating combination content we and we live many third the users; on platform, for completed our that user component streaming development of profile engagement. streaming ecommerce streamline further and our of our of the with our had income. our expanding able design be products our speaking more gaming this users male diversify business, And videos; to user through to provide live of all considering streaming. games of business. to

Operator

Thank you.

question the today... next For

Shaojie Chen

SVC spend the operating sequential up staff fees expense all, as events. marketing. the for which marketing for expense, one. In marketing on It online compared to into quarter as for third this our was mainly our resulting eSports and eSports includes on frequency those increased efforts first excluding was teams investment Regarding Before tournament the channel due expenses known related due basis, also increased now the other [Foreign year, marketing and to our sales prior increased sales change the the increase of pick cost, eSports Language] in the to team, expenses, SVC, and next the tournament quarter. well excluding eSports the salaries as offline for sponsorship promotion from we meaning

are and invest to also industry, will long-term eSports our upgrade will events also We product team the eSports to going and improve about development we a of continue enhance we continue content. our absolute value the revenue sponsorships marketing eSports user to of conversion, features we quite will the as while to sales we Meanwhile, total and expect consistently forward. related expense positive improve. in percentage the and to of our In future, our increase

Speaking a on going due quarter service professional steady increase GMA higher the XXXX, on mainly leverage. slow fee merger. we the from for the and resulting of to fees third forward, basis, at G&A with believe sequential higher operating and grow G&A And will a excluding a expense rate

sub of expense. our leading because the overseas quarter the in percentage R&D well salaries And We headcount technology SVC quarter-over-quarter, new of R&D products for personnel. more the R&D as increased maintain the increase a and to revenue further third expect the XX% industry, the the for as the of for as total expenditures to the mainly G&A the our position expense the increased development decrease. than research the lastly, in on of R&D accounted products were and excluding And in cost;

with and forward, our continue development further our we we think going So R&D our and although invest now industry rapid our flow steady as expense we will to growth you. to overall leadership, revenue a R&D Thank cost as of revenue increase. R&D in will to of percentage maintain expect

please. one, Next

Operator

Thank you.

go Please [indiscernible]. from comes question next ahead. Our

Unidentified Analyst

questions, questions. two taking I you Thank Language] for my management have [Foreign

to The is question competition. related of Grand recent first the LOL Finals the

our of users in from management to perspective, cloud share of our second bringing terms how to has So platforms? gaming our has a been question is you. Thank the related developing? traffic lot -- eSport the and And being gaming. events color Can has the some our cloud

Shaojie Chen

of event of canceled World delayed [Foreign users, we official events the been grandest many events Legends of as attracting off-live in year. making attention -- last DouYu. been all been due or Shanghai, over for LOL premium number Language] helps Championship the great audience attract a and it the a also LOL, that it rarely eSports for Regarding to SXX large Besides domestically a global segment always COVID-XX, given has being SXX, the held content internet. League one have know the year, always year The of to remaining this especially has

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Operator

Thank you.

Please next today Jefferies. from comes question Our with Chong Thomas ahead. go

Thomas Chong

strategy driving revenue driver in Thank [Foreign in Language] the years, one questions. next you. as question growth my about the as couple as growth our of well revenue, the factors My key the QX well future? management of as in taking is content in for Thanks

Shaojie Chen

and display [Foreign strategy, the the just Language] content. one as positioned ourselves a is On game-centric commerce streaming to we before platform; way our content live

priority still believe to will streaming raising from our the new existing advantage be [ph]. Apart streaming, live games the enrichment. programs. events games and first And will we through continue blockbuster content and pay platform in we new eSports also in content, traffic attention our content future, related keep vertical key meet and create it's the close to our bowl content, gaming for for secondly, user So [ph] other to to the we needs,

outdoor continue On help our strong Meanwhile, maintain of platform. our meet titles will food, game talent to streamers time, to revenues [indiscernible]. quality we titles, the live growth which we And we show, grow us users example, third third a high quarter, steadily. gaming trend more the steady the content and mundane [ph] For in to around Tencent same continue recruit to platform. will enrich users different on continue supply at better with in our like a attract in the new for [Foreign our quarter of revenue to Language] number content noticed to ACG events trends and areas the our new delivered

of segments and helped improve new streaming quarter million at year-over-year as event internal third operations did to the acquiring across to in not actively segment paying our cultivating Meanwhile, users. and efficiency. revenue of with users quarter on continue million result, And optimize while different improve the meet we previous X.X to live and X.X secondly, increased the expectations, both, continue users grow quarter-over-quarter quarter-over-quarter to the monetization And our assignments from our our by in our habits paying basis. each interactive X.X% quarter. the and the Although function end [ph] a product

monetization advertising to a on tailors also revenue was contribution such that We revenue, you. through high collaboration the other non-gaming And the improved as also efficiency well the those content increase efficient promotion And advertising the the quarter-over-quarter deeper we take diversify monetization the agencies, to continue activity the mid-tier the [indiscernible] in our as will and in period during payments our through increase time advertising attributable further place titles ads, to segment. including products. improve helped of from as increasing the a efficiency result that our further and launch mainly streamers, with as gaming increase revenue. fourth in at game us And [indiscernible]. brand revenue increase quarter branding same fact, Thank to new of and the

Operator

concludes to Ladies for question-and-answer final team the over and gentlemen, back the question conference I'd session. the like this the remarks. turn management to

Shaojie Chen

today. us all, you, for joining Thank

any please contact site. feel a day. free further you, and our have us good Thank questions, IR to you If through have

Operator

conference today's all you Thank We for today's you. This call. attending thank concludes presentation.

now You wonderful your disconnect day. and may lines, a have

DouYu International Holdings Limited (DOYU) 11 Nov 202020 Q3 Earnings call transcript