艾媒报告：斗鱼 (DOYU.US)：运营成本难降低,电竞迎来新机遇
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斗鱼2018年开启上市计划在香港遇阻后转至美股市场2019月22日正式向美国纽交所递交招股书预计融资规模5亿美元款项主要用于引入优质电竞内容加强技术实力以及提升品牌效应
斗鱼 ()
核心观点： 1. 公司概况：（1）公司简介：斗鱼于 2014 年成立，从事视频直播和 赛事直播服务，以游戏直播为主，涵盖了体育、综艺、娱乐、户外等多种 直播内容。（2）股东情况：斗鱼 5 年融资 70 亿元，其中腾讯贡献了主要 力量，成为斗鱼目前最大股东，持股比例高达 40.10%。（3）上市历程：斗 鱼 2018 年开启上市计划，在香港遇阻后转至美股市场， 2019 年 4 月 22 日正式向美国纽交所递交招股书，预计融资规模 5 亿美元，款项主要用于 引入优质电竞内容、加强技术实力以及提升品牌效应。
Company business: (1) Main business: The company's main business is live game. In 2018,
the company signed an exclusive live broadcast contract with 50 of the top100 game anchors in China, including 8 for TOP10 anchor. Although the talent robbing strategy has added a lot of users to the platform, the high contracting cost has increased the cost burden of the company. (2) Development strategy: The company is committed to the “live +” diversified development strategy, expanding into the pan-entertainment field through cross-border gameplay, and forming differentiated competition with its rivals. (3) Regulatory risk: In 2018, DouYu has repeatedly encountered the rectification of the regulatory authorities, which greatly affected the development of the platform. Under the trend of regulatory normalization, the diversified content strategy will inevitably increase the platform supervision risk.
Core point of view
Company Profile: (1) DouYu is established in 2014, engaged in live video and live broadcast
services, mainly based on live games, covering sports, variety, entertainment, outdoor and other live content. (2) Shareholders' situation: DouYu raised 7 billion yuan in 5 years, among which Tencent contributed the main force and became the largest shareholder of Betta, with a shareholding ratio of 40.10%. (3) Listing process: DouYu started its listing plan in 2018. After being blocked in Hong Kong, it was transferred to the US stock market. On April 22, 2019, it officially submitted a prospectus to the US New York Stock Exchange. The estimated financing scale is 500 million US dollars and the funds are mainly used to introduce quality eSports content, strengthen technologies and enhance brand effects.
究 主播。人才抢夺策略虽然为平台增加了不少用户，但高昂签约费用增添了
公司的成本负担。（2）发展战略：公司致力于“直播+”多元化发展战略，通
报 过跨界玩法向泛娱乐领域拓展，与对手形成差异化竞争。（3）监管风险：
2018 年斗鱼在内容方面多次遭遇监管部门的整顿，极大的影响了平台的发
告 展，而多元化内容战略在监管常态化的趋势下，势必会增加平台监管风险。
1
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2. 行业情况：（1）产业链：游戏直播行业上游是内容提供方具备较强
的议价能力，主要包括游戏厂商、主播等；游戏直播平台位于产业链中游，
公属于内容分发方；下游是用户。（2）市场规模：2018 年中国游戏直播用户
规模为 3 亿，增速达 38.5%；中国游戏直播市场实际销售收入增长迅猛，
公 2018 年实际销售收入达 74.4 亿元，同比增长 107.20%。（3）竞争格局：目
5. 机遇与挑战 挑战篇：（1）营收模式单一，付费观赛遇挫；（2）内容同质化严重， 竞争壁垒有待提升；（3）对主播依赖性强，运营成本难降低；（4）政策监 管力度不断，平台仍面临不确定性风险。 机遇篇：（1）行业加速出清，资源向头部倾斜；（2）电竞职业化，将 为斗鱼注入发展红利。
艾媒咨询
iiMedia Research
Industry situation: (1) Industry chain: The upstream of the game live broadcast industry is a
content provider with strong bargaining power, mainly including game manufacturers, anchors, etc.; the game live broadcast platform is located in the middle of the industry chain, belonging to the content distributor; downstream is the user. (2) Market size: In 2018, the number of Chinese game live broadcast users was 300 million, with a growth rate of 38.5%; the actual sales revenue of China's game live broadcast market grew rapidly, and the actual sales revenue in 2018 reached 7.44 billion yuan, an increase of 107.20%. (3) Competitive pattern: At present, the duopoly pattern headed by HUYA and DouYu is relatively stable. iiMedia Polaris data shows that the number of monthly users of HUYA and DouYu APP in March 2019 reached 16.81 million and 15.246 million respectively.
Opportunities and Challenges: Challenges: (1) The single mode of revenue, the paying
game is frustrated; (2) the content homogenization is serious, the competition barrier needs to be improved; (3) the dependence on the anchor is strong, the operating cost is difficult to reduce; (4) policy supervision With constant strength, the platform still faces uncertainty risks. y articles: (1) The industry accelerates clearing, resources are tilted to the head; (2) E-sports professionalization, will inject a development bonus for the DouYu.
4. 财务分析：（1）盈利能力：2018 年度斗鱼营收为 36.54 亿元，同比 增长 93.74%，归母净利润-8.83 亿元，毛利润 1.51 亿元首次转正。（2）期 间费用：2018 年度公司期间费用为 10.10 亿元，占营收的比重下降至 27.64%。（3）偿债能力：公司在 2018 年度的流动比率增加至 2.14，产权比 例由 2017 年的 545.99%降至 2018 年的 78.88%，偿债能力增强。
前以虎牙、斗鱼为首的双寡头格局较为稳定。艾媒北极星数据显示，2019
司 年 3 月虎牙和斗鱼 APP 月活用户数分别达 1681.40 万人、1524.65 万人。
研
3. 公司业务：（1）主营业务：公司主营业务为游戏直播，2018 年公司
与国内 top100 游戏主播中的 50 位签订了独家直播合同，包括 8 为 TOP10
Financial analysis: (1) Profitability: 2018 annual DouYu revenue was 3.654 billion yuan, an
increase of 93.74% year-on-year, net profit of -88.3 million yuan, and gross profit of 151 million yuan for the first time. (2) Period expenses: The company's period expense in 2018 is 1.010 billion yuan, accounting for 27.64% of the revenue. (3) Solvency: The company's current ratio increased to 2.14 in 2018, and the proportion of property rights decreased from 54.59% in 2017 to 78.88% in 2018, and its solvency increased.
斗鱼 ()
核心观点： 1. 公司概况：（1）公司简介：斗鱼于 2014 年成立，从事视频直播和 赛事直播服务，以游戏直播为主，涵盖了体育、综艺、娱乐、户外等多种 直播内容。（2）股东情况：斗鱼 5 年融资 70 亿元，其中腾讯贡献了主要 力量，成为斗鱼目前最大股东，持股比例高达 40.10%。（3）上市历程：斗 鱼 2018 年开启上市计划，在香港遇阻后转至美股市场， 2019 年 4 月 22 日正式向美国纽交所递交招股书，预计融资规模 5 亿美元，款项主要用于 引入优质电竞内容、加强技术实力以及提升品牌效应。
Company business: (1) Main business: The company's main business is live game. In 2018,
the company signed an exclusive live broadcast contract with 50 of the top100 game anchors in China, including 8 for TOP10 anchor. Although the talent robbing strategy has added a lot of users to the platform, the high contracting cost has increased the cost burden of the company. (2) Development strategy: The company is committed to the “live +” diversified development strategy, expanding into the pan-entertainment field through cross-border gameplay, and forming differentiated competition with its rivals. (3) Regulatory risk: In 2018, DouYu has repeatedly encountered the rectification of the regulatory authorities, which greatly affected the development of the platform. Under the trend of regulatory normalization, the diversified content strategy will inevitably increase the platform supervision risk.
Core point of view
Company Profile: (1) DouYu is established in 2014, engaged in live video and live broadcast
services, mainly based on live games, covering sports, variety, entertainment, outdoor and other live content. (2) Shareholders' situation: DouYu raised 7 billion yuan in 5 years, among which Tencent contributed the main force and became the largest shareholder of Betta, with a shareholding ratio of 40.10%. (3) Listing process: DouYu started its listing plan in 2018. After being blocked in Hong Kong, it was transferred to the US stock market. On April 22, 2019, it officially submitted a prospectus to the US New York Stock Exchange. The estimated financing scale is 500 million US dollars and the funds are mainly used to introduce quality eSports content, strengthen technologies and enhance brand effects.
究 主播。人才抢夺策略虽然为平台增加了不少用户，但高昂签约费用增添了
公司的成本负担。（2）发展战略：公司致力于“直播+”多元化发展战略，通
报 过跨界玩法向泛娱乐领域拓展，与对手形成差异化竞争。（3）监管风险：
2018 年斗鱼在内容方面多次遭遇监管部门的整顿，极大的影响了平台的发
告 展，而多元化内容战略在监管常态化的趋势下，势必会增加平台监管风险。
1
........................................................................................................................... 5
........................................................................................................................... 5
2. 行业情况：（1）产业链：游戏直播行业上游是内容提供方具备较强
的议价能力，主要包括游戏厂商、主播等；游戏直播平台位于产业链中游，
公属于内容分发方；下游是用户。（2）市场规模：2018 年中国游戏直播用户
规模为 3 亿，增速达 38.5%；中国游戏直播市场实际销售收入增长迅猛，
公 2018 年实际销售收入达 74.4 亿元，同比增长 107.20%。（3）竞争格局：目
5. 机遇与挑战 挑战篇：（1）营收模式单一，付费观赛遇挫；（2）内容同质化严重， 竞争壁垒有待提升；（3）对主播依赖性强，运营成本难降低；（4）政策监 管力度不断，平台仍面临不确定性风险。 机遇篇：（1）行业加速出清，资源向头部倾斜；（2）电竞职业化，将 为斗鱼注入发展红利。
艾媒咨询
iiMedia Research
Industry situation: (1) Industry chain: The upstream of the game live broadcast industry is a
content provider with strong bargaining power, mainly including game manufacturers, anchors, etc.; the game live broadcast platform is located in the middle of the industry chain, belonging to the content distributor; downstream is the user. (2) Market size: In 2018, the number of Chinese game live broadcast users was 300 million, with a growth rate of 38.5%; the actual sales revenue of China's game live broadcast market grew rapidly, and the actual sales revenue in 2018 reached 7.44 billion yuan, an increase of 107.20%. (3) Competitive pattern: At present, the duopoly pattern headed by HUYA and DouYu is relatively stable. iiMedia Polaris data shows that the number of monthly users of HUYA and DouYu APP in March 2019 reached 16.81 million and 15.246 million respectively.
Opportunities and Challenges: Challenges: (1) The single mode of revenue, the paying
game is frustrated; (2) the content homogenization is serious, the competition barrier needs to be improved; (3) the dependence on the anchor is strong, the operating cost is difficult to reduce; (4) policy supervision With constant strength, the platform still faces uncertainty risks. y articles: (1) The industry accelerates clearing, resources are tilted to the head; (2) E-sports professionalization, will inject a development bonus for the DouYu.
4. 财务分析：（1）盈利能力：2018 年度斗鱼营收为 36.54 亿元，同比 增长 93.74%，归母净利润-8.83 亿元，毛利润 1.51 亿元首次转正。（2）期 间费用：2018 年度公司期间费用为 10.10 亿元，占营收的比重下降至 27.64%。（3）偿债能力：公司在 2018 年度的流动比率增加至 2.14，产权比 例由 2017 年的 545.99%降至 2018 年的 78.88%，偿债能力增强。
前以虎牙、斗鱼为首的双寡头格局较为稳定。艾媒北极星数据显示，2019
司 年 3 月虎牙和斗鱼 APP 月活用户数分别达 1681.40 万人、1524.65 万人。
研
3. 公司业务：（1）主营业务：公司主营业务为游戏直播，2018 年公司
与国内 top100 游戏主播中的 50 位签订了独家直播合同，包括 8 为 TOP10
Financial analysis: (1) Profitability: 2018 annual DouYu revenue was 3.654 billion yuan, an
increase of 93.74% year-on-year, net profit of -88.3 million yuan, and gross profit of 151 million yuan for the first time. (2) Period expenses: The company's period expense in 2018 is 1.010 billion yuan, accounting for 27.64% of the revenue. (3) Solvency: The company's current ratio increased to 2.14 in 2018, and the proportion of property rights decreased from 54.59% in 2017 to 78.88% in 2018, and its solvency increased.