DouYu International Holdings Limited (DOYU) Balance Sheet

The decline is driven primarily by a steep drop in equity from $6.6B to $1.9B, which reflects the scale of capital returned, impaired, or otherwise removed from the balance sheet over the period. Total liabilities have stayed comparatively stable around $1.1B to $1.5B, so the leverage profile has shifted mechanically rather than through new borrowing. Investors should monitor whether the remaining asset base can generate returns sufficient to support the current equity value.

Cash represents a large share of total assets, which positions the company to meet near-term obligations without relying on external financing. The current ratio has moved between 1.88 and 5.03 over the ten quarters, with a pronounced decline from the 2024 peak as cash was drawn down. This pattern appears consistent with a company running down its liquidity cushion, and warrants further investigation into the uses of cash.

Debt has remained immaterial across all ten quarters, peaking near $20M, so refinancing pressure is unlikely to be a binding constraint on the business. The near-absence of borrowing means balance sheet risk is driven by operating performance and equity erosion rather than by creditor claims. The low leverage profile does not, however, offset weak earnings quality and the unverified cash generation.

The accumulated deficit of roughly -$3.6B to -$3.9B has been stable in recent quarters, indicating that the equity decline is largely a function of capital reductions and cumulative losses rather than a single event. Stock-based compensation and repurchase activity cannot be assessed because the relevant capital allocation data is unavailable. The equity base is now a fraction of its prior level, which may indicate limited capacity to absorb further losses.