Earnings call transcript Q4 2022

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Operator

Good morning and good evening, ladies and gentlemen. Thank you, and welcome to DouYu International Holdings Limited's Fourth Quarter and Full Year 2022 Earnings Conference Call. [Operator Instructions]

I will now turn the call over to the first speaker today, Ms. Lingling Kong, IR Director at DouYu. ma'am. ahead, go Please

Lingling Kong

everyone. earnings our call. Hello, full quarter year XXXX Welcome you. fourth to and Thank

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

to refer and quarter on fourth financial full at IR website our ir.douyu.com. XXXX results can You year our

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

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

Mr. Chairman CEO, our I of Shaojie will now on speak and Chen. behalf

We our year of and volatile a our environment, streamlining capabilities. growth a enhancing new achieved that long-term operational performance vibrant services content operations, creating XXXX, fostering structure, backdrop Throughout mix and complex ended monetization included with innovation a remained we strategy against the the to optimizing our committed adaptation business a ecosystem. revenue macro stable through of of and game-centric

operating further our In to content, engagement. the platform enhance model on our to produce we content continued premium features quarter, upgrade user fourth interactive adding to gaming the

and basis sequential RMBX.X the to total loss a paying with on the of slightly grew adjusted MAUs number quarter, million, during was XX.X mobile Our our X.X net million of million. users

couple deliver few has strategic healthier, to believe a empower been will sustainable us be to it growth. of which over Due our long-term quarters, we the shown ecosystem adjustments to past

we XXXX, to interaction with ecosystem. playing we As into further our progress content continuing in enrich are halo community our

scale shifting We quality of without our are the the overly growth growth to concerned being increasing user of our from strategy focus short-term business. about improving

coupled optimize engagement. partnerships our will user Furthermore, our game developers, to interactive enhance strengthen with we to marketing with content community strategy gaming

of own foster also we industry. user core tournaments to In us in the retention deployments with prudently the our the facilitating help our domain community purchasing company's long-term of ecosystem reasonable returning and competitiveness level corporate enhance a gradually game-centric range, This and rate, investment the co-copyrighted price addition believe thereby our engagement that will some will development.

to more our you like quarter from with business updates I'd share Next, detail. fourth the in

users. fourth the MAU quarter-over-quarter in our For experienced operations points. and absence of quarter, and the MAUs QX, MAUs include: procurement slight reason quarter of the XX.X LoL the world in from creative X average despite fourth strategy our due on a campaigns the selective a were core user decline the on Nevertheless, negative tournament existing implementation effectively copyright of increase attracted our we all of sequential and Tournament, First, since XXXX, World year. to main the impact traffic Championship changes quarter for our the the the engaged year-over-year user the corporate in of The for million, events despite early mobile -- decline year-over-year

the platform achieved mobile on third a MAUs consecutive our result, growth As for quarter.

needs, users' segment. innovative to our By to game-specific game gained this and membership broader extending Second, has our services among both features membership business, continue advance combined initiative users. existing new with we traction game

overall ecosystem and innovative long-term for driving and user to novel our on operations, for interactive retention ecosystem. efforts continue growth features, vibrant gamers' our eSports, of our on of we broader stickiness we needs interactive meeting also platform, run. the services, of widespread of the content business. users an Capitalizing only and and upgraded we with content, Moving engaging on content. providing even them selection but the On platform by continuously ensure These including membership certain products on a created and our a premium the healthy more gaming user through increase built game engagement that's popularity in content. sharpen long Based that, to consistent upgrades community-based top game cannot

entertainment-oriented the quarter, this such and Legends of across effort, joining organized game we League main proven existing activities to in general, to our more created Honor the we users. In tournaments Leveraging than focused of streamers. top-tier Self-produced with both the and This system engaging self-produced become as on of improve IP and partnership has line-up game our communities, content and avenues board. streamer motivation new tournaments. game one Kings. users' have the interaction segment, promote diversified eSports in eSports to our of combined series coupled with our popularity resources, parties, increase content In to content with appealing tournament fourth promoting premium XX in we star gaming continued of our to a

Honor Honor Honor both easy opened access and on participation. based of competition This Kings national players rewards example, Kings cup large of to gamer to enrollment and user challenge. its base, For of user Kings all wider we housed

user Specifically, community. we integrated content the tournament's our with

Combining fun and participate as could in [indiscernible] part player users with our heavy it tightened Users of reward. take were bonds with able content single activities communities mind-like the other within competition users. same has and game a series user at interactive a enroll, gamers. such community while advancing time, And rank our channel, to captivated

unveiled user mechanism eSports improved We've project. based opportunities on to we series selection and enhanced these its partner discover high user system a fortify we value, launched eSports self-produced segment. the our As growth tournaments. seen tournament further potential streamers earlier, mentioned In the and we of cup

selection school for than competition games college providing launched team provinces, In three new fourth X,XXX more The all XX eSports season the college attracted teams helped mainstream for and among potential university. and from quarter, eSports colleges. we the us platform to It showcase with enhanced has college influence to spend talent their appeal discover skills. brand also and sports more stores and covered

derivative to terms In and user detergents, reach we activities. of and operation corporate diverse engagement reinforce stickiness content

of Moreover, Kings and excellent maintained the Cup of the the in, its user watching team Cup. throughout Wuhan.eStar, Honor added performance we experience. team, became such as elevate invested and auxiliary and KIC, the year our In to signed Champions which further support functions home Champions champion reminder we the

fully developers, will the tournament With platform's content commercialization the to to tournament’s services. co-copyrighted Meanwhile, purchase of we tournament’s our provide deepen customized channels tournament derived differentiated with some content, the operational aligning we cooperation with continue characteristics to user explore content improve copyright. with content, integrating game of and more ROI

our to strategy. on Moving monetization

fourth number a average Our was total the ARPU with million users of paying quarterly X.X quarter of in RMBXXX.

maintaining rates for of which to segmentation more paying and We low readiness continued user quarters, our with activities consumption users from included new returns, promoting pay users. core users' our canceling marketing mid-range payment paying of strategy last

from non-virtual We revenue gifting. in generating also made progress

stickiness features. sound in and to iterated launched In platform sustained, and our gifts continued our members third we the streamers demonstrating high renew rates quarter, membership user fourth service refine membership among QX, with between the privilege strengthened and compared steady system, leading quarter, members, effects platform-wide companionship consistently to interaction we increase for promote a For and the and members fans.

game, Furthermore, we membership to game-specific Based membership launched users' of to game needs extended each for segments. multiple the our services we characteristics service in-game meet item. customized on

needs more fit channels. commercialization will cooperation forward, our explore game Going gaming users' and developers strengthen we that with into

In we continue terms innovation, R&D game and product our deepen with cooperation to of function developers.

content partial developers, partnership laws and with based fit with we gaming DouYu’s live with our gameplay, content and sharing game function making on games. regulations compliance data, integrated In close content game-based and these streaming and with

streamers join example, function, add game streamer with up channel, other the Kings users simpler streaming significantly had past, teams. game user users one-click the of easily to friends to to into making users live before. the team can the In Honor the through than form For play with interactions and manually

maintaining XXXX, stability overall more of this sharing and data game-related and as game in live created we vital streaming stimulating Peacekeeper thereby with company's Overall, various content and in in revenue-generating adjusting challenging ecosystem Elite, [indiscernible] through year and a gaming gaming including the excited data games healthy financial operational content, further strategies engagement. self-produced user a experience increasing through partial in such performance. and business addition, investments and In our activities strategies, optimizing

by with users, focus will enhance more user platform we our as and and our [indiscernible] scale where Going and segment our connection users strengthening we continue the Meanwhile, maintain our game-centric the industry. forward, on core in domestic to avenues leading continue of execute ecosystem. and improving gaming strategy game to we on growth and our diversified will explore on maintaining game content commercialization quality new to streaming content core further live position a channels content

over through financial With of I the of call details to that, the turn Finance, will our now to Hao performance the our go in Cao, Mr. quarter. Vice President

Hao Cao

Thank you, everyone. Lingling. Hello,

we financial order XXXX, on and performance. year improve optimizing revenue developing full the focused to in quality For cost

effective our revenue adjusting operating high-quality streaming our and enhanced to As together improve with controls. in live through cost and expense continue we business, invest self-produced content structure, efficiency we

For million. margin year significantly net gross our RMBX.X the expanded to loss and adjusted narrowed to XXXX, full XX.X%

of period of to RMBX.XX one-off our fourth two Total restrictions. year-over-year of decline in following revenues XX.X% financial attributable XX.X% from same Let's billion, quarter at a in of of prudent a now the performance streamers' decrease our the RMBX.X look factors: fourth mainly detail. RMBX.XX decrease operating billion billion. impact activities in the net The strategies the continued XXXX. decreased more for Live was revenues streaming end of implementation COVID-XX by in XXXX were to quarter the and

impaired, virtual quarterly caused a partially which ARP. result, in As interactions year-over-year were a gifting decrease

by same RMBXXX.X and year. primarily of other soft demand XXXX. The from year-over-year to microeconomic RMBXX.X Our RMBXXX period quarterly advertising revenues RMBXXX, environment. Advertising challenging services. partially million contributed decrease was the for amid with decline in down million the membership game-specific brand ARP revenues by were was was in attributable offset same period last other in The the increase X%, compared the

in streaming in decrease XXXX content billion, revenues. compared XX.X% was revenue to by was quarter First, billion XX.X% factors: mainly accordance decline in the the costs in RMBX.XX period the The period same two RMBX.X with RMBX.XX revenues sharing of the fees a decreased of decrease the XXXX. with Revenue of of decrease billion sharing RMBX.XX the of from billion fourth in by live in following Cost XXXX. same primarily was fees driven and

of implementation sharing the In prudent led the through reduction our addition, revenue was sharing in ratio, which further fees. revenue a operating lower strategies, achieved to

Second, procurement during decreased the a events The eSports tournaments. increase overpriced copyright self-produced as content the offset copyright cost in additional an launched by acquiring partially driven strategy, whereby significantly for content decrease was by seized selective of our quarter. costs, result year-end rights we

quarter RMBXXX.X XX.X% XXXX the period of of eSports purchased The peak the decreased the in to in fourth year-over-year absence of tournaments. copyright costs was bandwidth by the same due million million major RMBXXX.X mainly in Bandwidth usage decrease in of from to the reduction XXXX.

decrease margin of partially million the costs. copyright The XXXX. in improvement XX.X% of a quarter XX.X% quarter margin This compared in Gross both rising RMBXXX.X and of revenues. diluted to was with percentage was self-produced was percentage in RMBXXX.X fourth revenue content million the by improvement with the of by attributed period was XXXX. revenues profit fourth of the as driven the period of sharing same mainly in XXXX costs in the fees compared Gross same XXXX

in a was Sales XX.X% This million, of decrease the acquisition of RMBXXX.X million decrease from XX.X% mainly in in to in marketing same This and expenses. period of XXXX personnel-related were due in and quarter primarily in expenses. RMBXXX.X million the and of marketing the fourth expenses user decrease period significant expenses a was attributable fourth Research RMBXXX.X were in RMBXX.X quarter both same decrease from the decrease branding a representing to for expenses XXXX. development million, of XXXX XXXX.

quarter to drop majority as of vast administrative and a and XXXX. which period operating net million Adjusted the our expenses RMBXX.X of was primarily million of incentive million, RMBXX from fees. same the due in as decreased RMBXXX.X fourth loss, back decreased XXXX fourth in Net were compared compensation of compensation XXXX vested General quarter the same share-based period the million same of in share-based adds the compared The of expenses, shares as XXXX. fully XXXX decrease million million was in service expenses the the of of with in plans was of share income XX.X% fourth XXXX. period were in well with RMBXX.X professional loss RMBXXX.X quarter RMBXX.X

excludes which and share-based compared or million equity the in share impairment with of loss investments quarter of net income loss million of expenses, loss fourth in same RMBXXX.X method Adjusted in RMBX.X the XXXX XXXX. of compensation was period investments

and of RMBX.XX For basic RMBX.XX, ADS XXXX, diluted per while and the were RMBX.XXX fourth adjusted were diluted respectively. quarter and respectively, and income net basic net loss ADS RMBX.XXX, per

restricted December company XXXX. December RMBX.XX as billion RMBX.XX bank of cash, the had equivalents As and short-term long-term XX, with deposits and and XXXX, of of billion cash cash compared XX,

we growth. believe on our healthy critical Moving long-term may growth, some our which immediate experience to forward, our as strategic balanced impact, is revenue part of focus

commercialization sustainable for fine-tune more our delivering while greater of shareholders. our and explore development platform, to channels supporting strive also long-term operations, will value the our also We

our take now concludes Operator, for ready prepared remarks questions. This are we today. to

Operator

Instructions] first Bank [Operator Zhang come of will our from today And Lei Securities. question of America

Lei Zhang

-- you that Thanks streaming also with in in we contract and eSports know my for will share management should and share for be games strategy this attraction And game you user those your new for year. We we year efficiency involvements? us My can additional growth launched mainly And noticed games more Will question. deliver there on us strategy. help your XXXX? question have to are noticed is have you Secondly, performance [ex that its cost? how year. first live our that this invested in-content Can taking this partaking] streaming? we with operating

Shaojie Chen

As strategy remain a content live growth streaming we leading of a China, vibrant platform game long-term in to game-centric committed fostering ecosystem. our

our in pursue our long-term new game We to a vibrant continue and sustainable us past services, made creating propounding development. for through have our some the adjustments net Those we've measures financial strategy the the company's All platform controlling we've spending not significantly Facing by environment business, two optimize a adjusted to also actively modifying improved the loss ever-changing operating our ecosystem. performance, establish to XXXX. structure years, full but narrowed our the diversified revenue business and and operations gaming operations. content fine-tuned include only stabilized streamlining overall taken year macro adjustments

focus process. to continue will prudent execute strategies on business the we XXXX, long-term to operational and ahead Looking

and traditional lines We business will reduce our exploring investment on new in growth ROI with avenues. low focus

strengthening to user in While scale, target retention are pursuing interactive delivering will upgrading and experience user our so features, our quality. able we By enhance rate. improving user content, we growth platform's high-quality product our enrich our that ecosystem structures we and can

of to In company’s we allocated resources dedicating terms of and of each detailed rationally greater of with a allocation, lines the resources ROI in limited expenses evaluation conducted business cost dynamically, our potential.

lower terms in but rate. noticed with rate we retention acquisition, with example, acquisition term, growth user in when we conversion For the of user content-driven strategy that our promotions compare user drove channel short it and

channel have is a needs acquisition strategy growth cooperating content-driven high-quality sustainable adjusted diversified, have strategy. game continuously longer become more on to with marketing Therefore, approach no adhering users. XXXX, a users' engage becoming content our in by focusing and promotion investing -- overall attract we to to developers in and user As

sustainable platform's investing for process is believe game We long-term content a Although more development. than our promotion. channel it’s in beneficial in --

we content still that In return of before, co-copyrighted a we the self-produced overall co-copyrighted would in Tournament. terms enable of content, foster On tournaments our mentioned and LPL repurchased in some and along diversified ecosystem great the content some basis, industry. level our to we copyrighted LoL our price us tournaments community, content World and co-copyrighted events reasonable to repurchase our solidifying procurement, enrich copyright with streamers our as game-centric thereby Championship as and High-quality the range. game-centric if tournament are XXXX, value, such the competitiveness

is pay Meanwhile, our on on focus short-term on will in revenue. willingness a to impact on ensuring basis. revenue, of have sustainable our terms we Such a focus users' platform that our shift will

profitability. to company's innovative our improve the we long is exploring which, However, are operating continuously turn, same commercialization the long-term leverage in expected avenues. run, At supports more the in time,

Hao Cao

casual me answer in second game features. The [Eggy game. about mobile [Eggy our is highly interactive Party]. interactive question your operate easy Let Party] to is

streamers up advance our more channels. activities game, we community we game’s encourage to the this method adopted incentive various For functionality user players charity prepared engage in and our experienced of teaming in the Meanwhile, [indiscernible] leveraging organized a community, within to livestream.

as game’s items live increase improve top from in-game community industry. half our streaming of platform of our plenty Party’s] provided channels the activities interaction. participated at the the within has than user helps promote in [Eggy to player event. also and general This the volume tune-up. during effectively promotional stickiness the engagement us rewards More popularity segment's We ranked users of on and our

In terms game. launch of new of games anticipated that we eagerly more blockbuster

such users as Based promote can't wide-ranging content predict content we according platform cooperate continue games with interactive features we to developers new selection. gaming will schedule as and games content growth. games. game will to But on For exact features, user with are important the create most -- game and We stage. games of of the the DouYu, our for pre-launch generation the as well the interaction there high-quality and during greater these engaging to launch practice, premium

discuss and engagement, experience will provide players tournament also then for to content, tutorials user select elevate to as and user evaluate, events streamers, interactive increase We such content user stickiness. watch experienced enhance enrich and game game and

Operator

Thomas next of come will from today Okay. question Jefferies. And our Chong

Thomas Chong

my for is our question regarding My management Thanks first questions. taking direction. strategic

overall assessments should may years, I this in strategic made the industry the company in how the that, a put think about that Or of way how we qualitative past number trend? Given has regarding two the And is about year, my environment? thoughts there's think broadcasting industry any the about scale user live color? I for this game second the management question if should

Shaojie Chen

As has we gaming the an hardcore we already face market broader our and transitioned in for watching competition beyond This users' streaming opportunity industry user which much gamers, a with to are content. Gaming live is content mentioned evolving, means, game larger before, gaming challenge us. both a is live expanding base needs video from streaming.

explore Given users and is of adjust our to base acquire and the commercialization the new existing channels. how challenge user to and scale revenue our products large operations base, new

with success achieving on insist We game premium content.

Specifically, a to to a diverse system by meet content users' users generate new high-quality and product acquire and production content future. and build and high-quality It's past needs we to emphasized what sustainable and content to content, Attracted continue user have do virtuous interacting our can what we cycle a through and fostering build the in on done development platform wide-ranging in healthy diversified we'll user leverage also of the that game improve platform. stickiness. users self-producing, we've

Furthermore, platforms, paid based long to -- on a time, our live streaming based attention for revenue easing we live features. considerable monetization on our scale streaming

product’s our However, growth. revenue have and products marketing and also demand, development mode, activities in Therefore, long platform's users' reduced based target our recently we the our healthy Instead, different that to we gifting diversified we revenue harm habits paying this provided ecosystem think our while run. cater may sustainability. emphasizing virtual on

above new our our control. In still adjustments, as long-term operations Therefore, refining a In and on making maintain we initiatives, our this are we make focus cost addition, we to and changes. improving managed It way, business. the membership took while expenses time profitability. platform's to such these exploring

Hao Cao

second Let question MAU. your me answer about

attracts our agility, navigate user users long-term strategies have is content content face and we a we business business In in DouYu volatile environment lines the game-centric adopting different business game-centric retains by XXXX, reduced macro with with consistently high-quality our profile, traditional communicated platform ROI. investment providing prioritized before, environments. to acquisition to that and As low

operations growth user strategy content avenues. our explore as strive quality, as we improving on user Focusing of strengthen to well commercialization our

users most content-driven contributed monetization strategy will directly content short cut Nevertheless, these of largely plan users on which with platform’s since [indiscernible] MAU habits. are short-term our revenues or this We to year, term. are the MAUs lower platform, in Our this won’t affect total our our mainly our expenses promotional our affect operations by the efficiency.

addition, some content, we of In to gain users. with tournament the expect copyrighted purchase

content increase game our our observing a scale operational on offset us enable couldn't adjustments LoL that We By order ecosystem. expenses. resource to segment, promotional found brought, our user will the resulting traffic that traffic increase we to build that it decreased in believe allocation in sustainable from decline in the sustainability, more

ultimately Although development. support the on investment overall will you. long-term our takes we Thank this and our return competitiveness platform’s time, enhance

Operator

Our Zhang come China Yiwen today of will Renaissance. next question from

Yiwen Zhang

I have couple So questions. a of

is regarding question content our First DouYu’s procurement.

cash game to can operating Have plan the plan give content? our flow? So cash you assure improve XXXX ROI an then we can secondly, update And inflow? you how whole we on on us achieved on positive year

Hao Cao

questions. your for you Thank

As traffic selective to copyrighted played procurement, user of year, past the our important the in role question on due copyrighted some improving adopted copyright tournaments. and tournaments overpricing procurement platform's copyright we stabilizing strategy first the an our In a engagement. to

of copyrighted include have increased Legends; Honor level co-copyrights DOTAX. gradually [indiscernible] returning we Major so Crossfire, have in With to reasonable purchasing XXXX. investments Peacekeeper and copyrighted in our purchased Elite, of far we tournaments a range, of Kings; League the price tournaments

on through investment we the will operations. our return purchased, improve For innovative we copyrights tournament

we by on diversified on our accumulated to operating platform enhancing engagement, experience live continue needs will user In interactive streaming terms of meet to features tournaments. copyrighted in upgrade and building users'

channel. official with in initiative This The channel and base that to DAU streamer platform. do par example, streamers co-streaming on streaming a These For with both in on of streamers co-streaming we commentaries results. the top-tier good of selected XX our fan tournament streamers achieved LPL, these events. is top-tier official included massive of live leveraging our tournament and resources, by tournaments our

our than official number is higher buddy chats addition, channel. that the In of times several of

attracted more our to Furthermore, channel, thereby, channels, join. videos more gaming we for our access content user-friendly streaming and gaining and users community featured more live exposure diverse to

operations. our more refined In copyrighted terms continue we integrate tournaments content with to commercialization,

tournament direct promote opportunities Meanwhile, monetization we tournaments to content. we explore example, will game-specific copyrighted based more on our services For viewers. membership

price more them reasonable discussing cooperation. to the owners, with we copyright In explore long-term will addition copyright with to proactively communicate

So flows. on the second question of cash

cash XX, XXXX. cash compared million This balance, of RMB is the and billion deposits with same an to amounted increase including RMBX.XX our RMBXXX and overall As restricted in equivalents, X.XX mainly cash of billion, December of cash period factors: to U.S. hold, our in of the a million. is as dollar-denominated of of increase large currency appreciation RMBXXX we amount value First, of cash balance two due reporting primarily cash dollar increased the assets totaling result the translation XXXX, U.S.

Second, outflow, in RMBXXX of we repurchase. a total share cash Thank you. the total terms outflow used cash for Other outflow RMBXX.X million of which cash cash in million, operating of RMBXXX was was million. the

Operator

today Our BOCI. come will of Raphael next from question Chen

Raphael Chen

year My question. It my XXXX? more taking in user management the elaborate on impact management trend. regarding would be great could insight especially is strategy for operations paying the the if users trend, the paying will how Could current on the of user forward? paying going Thanks question share

Hao Cao

question. for Thank your you

paying an paying In reduce In our mentioned As of of return. the marketing year. quality rates quality improving for further for XXXX, paying half consistent with we users behaviors our acquisition, expenses activities new current services. our reflects is will on of impact expenses second plan paying user last to some That have previously, paying focus low for key our this and with user canceled which base. high the acquisition user we year, marketing users

in following emphasis business all, pay, of increasing improve willingness but more improve and pay day-to-day our the and functions core will focus sustain of to we to between on put our maintaining renewal First the on paying their two willingness companionship-oriented maintain will rolled also functions, Meanwhile, we user ensure to enhancing and maintaining fan Last various and core paying stability. willingness members' the shifting only abilities activities users pay. to launched and users' upgraded and interactive we their order fans' business our products stickiness different substantially areas: paying interactions to rates. quality so. streamers to improving the based revenue strengthened tiers fans, continue also year, steadily our to generation benefits core XXXX, revenue We to for In do and our out we of users more the but fans,

currently, we Second, will relatively gamers' we non-virtual only smoothly. of large XXXX gifting revenue number also mix. this appeals more believe The new improve the explore game its platform, games membership based for can model our to launched users. business thereby second game demands It on the is revenue users existing attracts in themselves. business but progressing some we characteristics game-specific service our Despite satisfy of to small fans, new that to not adding half

virtuous So short, a content cycle promoting XXXX. a game for be in membership business priority our will ecosystem. In developing our

we to segments. Thank membership developers and with Specifically, users' our you. service will continue cooperation game while multiple platform-wide our reinforcing deep to strengthening service, membership delve into close game-specific gaming needs extend our

Operator

have the to I turn we for will call time back all questions. over remarks. you. Thank management now for That's closing the

Lingling Kong

the thank joining quarter. of for forward look behalf to you management, On next We speaking with call. everyone our

Operator

you concluded. We thank conference presentation. now for The has attending today's

lines. your disconnect now may You

DouYu International Holdings Limited (DOYU) 20 Mar 232022 Q4 Earnings call transcript