Douyu International Holdings Limited (Doyu): Analyse Pestle [Jan-2025 MISE À JOUR]

Dans le monde dynamique du divertissement numérique, Douyu International Holdings Limited (DOYU) se dresse à un carrefour critique, naviguant dans un paysage complexe de l'innovation technologique, des défis réglementaires et du changement de comportement des consommateurs. Cette analyse complète du pilon dévoile le réseau complexe de facteurs politiques, économiques, sociologiques, technologiques, juridiques et environnementaux qui façonnent la trajectoire stratégique de la plate-forme, offrant une plongée profonde dans les forces critiques influençant l'une des entreprises de streaming en direct les plus importantes de la Chine.

Douyu International Holdings Limited (Doyu) - Analyse du pilon: facteurs politiques

Règlements du gouvernement chinois strict sur les plateformes de streaming et de jeu en ligne

En 2021, le gouvernement chinois a mis en œuvre 44 Nouvelles réglementations ciblant les plateformes de streaming et de jeu en ligne. L'administration du cyberespace de la Chine (CAC) a imposé des mécanismes de revue de contenu stricts et des restrictions d'âge.

Catégorie de réglementation	Impact spécifique sur Douyu	Année d'application
Surveillance du contenu	Vérification obligatoire du nom réel	2022
Protection mineure	Des heures de streaming limitées pour les utilisateurs de moins de 18 ans	2021
Reportage des revenus	Augmentation des exigences de transparence financière	2023

Accrutation croissante de l'État du contenu et des pratiques de données des entreprises technologiques

La loi personnelle sur la protection de l'information (PIPL) a promulgué en 2021 mandats Gouvernance des données strictes pour les plateformes technologiques.

• Exigences de localisation des données pour les entreprises technologiques chinoises
• Évaluations obligatoires de la cybersécurité pour les plateformes avec plus d'un million d'enregistrements utilisateurs
• Pénalités jusqu'à 5% des revenus annuels pour la non-conformité

Tensions géopolitiques potentielles affectant les investissements technologiques transfrontaliers

Les tensions technologiques américaines-chinoises ont abouti à Examen réglementaire accru Pour les investissements transfrontaliers.

Zone de restriction d'investissement	Corps réglementaire	Impact sur Douyu
Investissement étranger	CFIUS (États-Unis)	La levée de capitaux offshore limitée
Transfert de technologie	Ministère chinois du commerce	Contrôles d'exportation de technologie plus strictes

La pression du gouvernement pour l'autonomie technologique et l'innovation domestique

L'initiative «Made in China 2025» de la Chine hitimule le développement des technologies intérieures avec financement gouvernemental substantiel.

• Investissement national de 1,4 billion USD dans les secteurs des technologies nationales
• Incitations fiscales pour les plateformes technologiques locales
• Support politique préférentiel pour l'innovation autochtone

Douyu International Holdings Limited (Doyu) - Analyse du pilon: facteurs économiques

Contents environnement économique dans le secteur technologique chinois

La performance financière de Douyu reflète le paysage économique difficile dans le secteur technologique chinois. Au troisième trimestre 2023, la société a déclaré un chiffre d'affaires total de 236,1 millions de dollars, ce qui représente une baisse de 7,1% d'une année sur l'autre.

Métrique financière	Q3 2023	Changement d'une année à l'autre
Revenus totaux	236,1 millions de dollars	-7.1%
Perte nette	31,5 millions de dollars	-15.2%
Utilisateurs actifs mensuels moyens	43,2 millions	-5.3%

Relimination des revenus et de la rentabilité sur le marché du streaming en direct

Le marché du streaming en direct en Chine a connu des pressions économiques importantes. Les indicateurs financiers de Douyu démontrent cette tendance:

• La marge brute a diminué à 21,7% au troisième trimestre 2023
• Les dépenses d'exploitation étaient de 83,4 millions de dollars, une réduction de 12,5% par rapport au trimestre précédent
• Les revenus de streaming en direct ont chuté de 8,3% d'une année sur l'autre

Concurrence intense des plateformes rivales

Plate-forme	Part de marché	Revenus annuels
Douyu	32.5%	942,3 millions de dollars
Huya	35.7%	1,1 milliard de dollars
Bilibili	21.3%	813,6 millions de dollars

Impact potentiel du ralentissement économique

Les dépenses de divertissement numérique de la Chine ont montré un 4,2% de contraction en 2023, impactant directement sur les sources de revenus de Douyu. Les indicateurs économiques clés suggèrent des défis continus du marché:

• Les dépenses discrétionnaires des consommateurs ont diminué de 3,7%
• La croissance du marché du divertissement numérique a ralenti à 2,1%
• Les revenus publicitaires dans le secteur de streaming en direct ont diminué de 6,5%

Douyu International Holdings Limited (Doyu) - Analyse du pilon: facteurs sociaux

Changement des préférences des consommateurs dans le divertissement en ligne

Selon Statista, le marché chinois en direct en direct a atteint 456,6 milliards de yuans en 2022, avec un taux de croissance prévu de 7,9% par an. La base d'utilisateurs de Douyu comprend 186,2 millions d'utilisateurs mensuels actifs au troisième trimestre 2023.

Segment de marché	Pourcentage d'utilisateur	Temps de surveillance moyen
Jeu en direct	62.4%	2,3 heures / jour
Contenu sans garniture	37.6%	1,7 heures / jour

Les habitudes changeantes de la consommation des médias de la démographie plus jeune

Nielsen rapporte que le groupe d'âge 18-34 représente 73,5% de la base d'utilisateurs de Douyu. La consommation de streaming mobile a augmenté de 42,6% en 2022.

Groupe d'âge	Pourcentage d'utilisateurs	Temps de streaming quotidien
16-24 ans	41.3%	3,1 heures
25-34 ans	32.2%	2,6 heures

Acceptation croissante du streaming en direct comme divertissement grand public

PwC Research indique que le marché du divertissement en streaming en direct en Chine s'est étendu à 737,5 milliards de yuans en 2023, avec 67,3% de pénétration des médias sociaux parmi les populations urbaines.

Engagement de la plate-forme de conduite de la culture d'influence des médias sociaux

Les données du HUB du marketing influences montrent que les streamers Douyu génèrent des revenus mensuels entre 50 000 $ et 250 000 $. La plate-forme accueille 12 500 créateurs de contenu professionnel.

Catégorie de streamer	Téléspectateurs mensuels	Revenus moyens
Banderole de haut niveau	500,000-2,000,000	$150,000-$250,000
Banderole de niveau intermédiaire	100,000-500,000	$30,000-$80,000

Douyu International Holdings Limited (Doyu) - Analyse du pilon: facteurs technologiques

Investissement continu dans la technologie de streaming et les recommandations motivées par l'IA

Douyu a investi 43,2 millions de dollars dans la recherche et le développement pour les technologies de streaming en 2023. L'algorithme de recommandation d'IA de l'entreprise traite quotidiennement les interactions utilisateur, avec un taux de précision de correspondance de contenu de 78%.

Catégorie d'investissement technologique	Dépenses annuelles ($ m)	Métrique de performance technologique
Systèmes de recommandation de l'IA	18.6	2.7b Interactions quotidiennes utilisateur
Infrastructure en streaming	24.7	Fiabilité de disponibilité à 99,94%

Capacités avancées de streaming interactif en temps réel

Douyu prend en charge le streaming 4K avec la latence réduite à 0,3 seconde. La plate-forme gère 12,5 millions de flux en direct simultanés avec des capacités d'interaction en temps réel.

Intégration des technologies émergentes

• Revenus de cadeaux virtuels: 127,3 millions de dollars en 2023
• L'intégration AR a atteint 3,2 millions d'utilisateurs actifs mensuels
• Volume de transactions d'articles virtuels: 487 millions de transactions

Développement d'expériences de streaming d'abord mobiles

Le streaming mobile représente 81,5% du trafic total de la plate-forme. Les statistiques de téléchargement des applications mobiles ont atteint 142,6 millions en 2023, avec une base d'utilisateurs active quotidienne moyenne de 36,4 millions d'utilisateurs mobiles.

Métrique de streaming mobile	2023 données
Pourcentage de trafic mobile	81.5%
Téléchargements d'applications mobiles	142,6 millions
Utilisateurs actifs mobiles quotidiens	36,4 millions

Douyu International Holdings Limited (Doyu) - Analyse du pilon: facteurs juridiques

Conformité aux réglementations chinoises de la cybersécurité et de la protection des données

Métriques de la conformité de la loi sur la cybersécurité:

Catégorie de réglementation	Exigence de conformité	Le statut de Douyu
Localisation des données	Stocker les données des utilisateurs sur le territoire chinois	Compliance à 100%
Protection de l'information personnelle	Consentement des utilisateurs pour la collecte de données	Mécanismes de consentement obligatoires mis en œuvre
Évaluation de la sécurité du réseau	Audit de sécurité tiers annuel	Effectue des évaluations annuelles obligatoires

Navigation des exigences légales de modération du contenu complexe

Cadre juridique de modération du contenu:

• Règlement sur l'administration du cyberespace du cyberespace (CAC)
• Mécanismes de filtrage de contenu en temps réel
• Équipe de modération 24/7 de 350 spécialistes de la conformité juridique

Type de contenu	Taux de conformité de la modération	Risque de pénalité légale
Contenu politiquement sensible	Taux d'élimination de 99,8%	Faible
Streaming inapproprié	Taux d'élimination de 97,5%	Moyen

Défis potentiels des problèmes de protection de la propriété intellectuelle

Métriques de protection IP:

Catégorie IP	Protections enregistrées	Dépenses juridiques annuelles
Technologie de plate-forme de streaming	37 brevets enregistrés	2,1 millions de dollars
Accords de créateur de contenu	12 500 contrats de créateurs actifs	1,5 million de dollars en gestion des contrats légaux

Restrictions réglementaires sur les jeux et le contenu en streaming en direct

Conformité de la réglementation du contenu du jeu:

Aspect réglementaire	Détail de restriction	Mesure de conformité de Douyu
Limite de temps de jeu mineur	Moins de 18 ans: maximum 1,5 heures / jour	Système de vérification de l'âge mis en œuvre
Classification de contenu de jeu	Restrictions strictes basées sur le genre	Algorithme de classification de contenu automatisé

Douyu International Holdings Limited (Doyu) - Analyse du pilon: facteurs environnementaux

Accent croissant sur l'efficacité énergétique des opérations du centre de données

Les mesures de consommation d'énergie du centre de données de Douyu à partir de 2023:

Métrique	Valeur	Unité
Consommation d'énergie totale	42.6	Million de kWh
Efficacité de l'utilisation du pouvoir (PUE)	1.58	Rapport
Consommation d'énergie renouvelable	18.3	Pourcentage

Réduction potentielle de l'empreinte carbone à travers les technologies de streaming cloud

Données sur les émissions de carbone pour l'infrastructure de streaming de Douyu:

Catégorie d'émission	2022 émissions	2023 Réduction projetée
Émissions de carbone du centre de données	24,500	12.4%
Émissions d'infrastructure réseau	15,700	8.9%

Conscience croissante des déchets électroniques dans les plates-formes technologiques

Statistiques électroniques de gestion des déchets:

• Déchets électroniques totaux générés en 2023: 6,2 tonnes métriques
• Taux de recyclage: 47,5%
• Cible de réduction des déchets e pour 2024: 22%

Initiatives de durabilité dans le développement des infrastructures numériques

Répartition des investissements sur la durabilité:

Initiative	Montant d'investissement	Chronologie de la mise en œuvre
Mise à niveau du centre de données vertes	3,6 millions de dollars	2024-2025
Remplacement du serveur économe en énergie	2,1 millions de dollars	2024
Achat d'énergie renouvelable	1,8 million de dollars	2024-2026

DouYu International Holdings Limited (DOYU) - PESTLE Analysis: Social factors

Sociological

The social landscape in China presents a significant structural challenge for DouYu International Holdings Limited, primarily driven by evolving user consumption habits and strict regulatory oversight. As a seasoned analyst, I see the core issue as a fundamental shift in user attention away from long-form, game-centric live streaming toward more digestible, multi-content formats. This isn't a cyclical downturn; it's a structural headwind.

The most immediate and concerning data point is the erosion of the user base. In the third quarter of 2025, DouYu's average mobile Monthly Active Users (MAUs) dropped to 30.5 million, a substantial decrease of 27.5% year-over-year from 42.1 million in the same period of 2024. This decline is a direct consequence of content supply adjustments and cost-structure optimization, which, while boosting short-term profitability, sacrifices long-term user scale. You simply can't cut content costs without losing viewers.

Average mobile Monthly Active Users (MAUs) decreased 27.5% year-over-year in Q3 2025

The MAU decline shows a clear loss of platform relevance in the broader digital ecosystem. This isn't just a number; it's the platform's core asset shrinking. Here's the quick math on the user loss:

Metric	Q3 2025 Value	Q3 2024 Value	Year-over-Year Change
Average Mobile MAUs	30.5 million	42.1 million	-27.5%
Livestreaming Revenue	RMB522.1 million (US$73.3 million)	RMB752.1 million	-30.6%
Average Paying Users	2.7 million	N/A	Decreased YoY

The 30.6% drop in core Livestreaming revenues to RMB522.1 million in Q3 2025 confirms that the user attrition is directly impacting the monetization engine. The platform is trading scale for margin defense, which is a dangerous long-term strategy.

The shift in user preference toward short-form video and multi-content platforms intensifies competition

User attention is finite, and the competition for it is brutal. Short-form video (like TikTok/Douyin) has become the dominant media format, with forecasts suggesting it will claim up to 90% of all internet traffic by the end of 2025. Consumers prefer speed; 73% of them prefer short-form videos to learn about products or services, especially Gen Z, where 57% favor this format.

This preference shift is a direct threat because DouYu's core offering is long-form, linear live-streaming. The platform is losing the attention battle to rivals that offer immediate, bite-sized entertainment. Short-form videos also receive 2.5 times more engagement than long-form content, making it defintely harder for DouYu to compete for new users.

Growth in voice-based social networking shows user demand for non-core gaming, diversified content

The one bright spot is the demand for diversified content, which signals a potential pivot point. DouYu's Innovative business segment, which includes voice-based social networking, is the only part of the business showing meaningful growth. This segment's revenue grew 21.2% year-over-year in Q3 2025 to RMB377 million.

Specifically, revenues from the voice-based social networking business reached RMB275.9 million in Q3 2025. This shows that users are willing to engage with DouYu for non-gaming social interaction. It's an ancillary service that is anchoring the business as the core gaming live-streaming market faces structural headwinds.

• Innovative Business Revenue (Q3 2025): RMB377 million.
• Innovative Business Growth (YoY): 21.2%.
• Voice-Based Social Networking Revenue (Q3 2025): RMB275.9 million.

Strict government controls on youth gaming time directly impact future user acquisition and retention

The Chinese government's strict anti-addiction regulations on minors' gaming time act as a permanent cap on the platform's future user pipeline. Minors under 18 are restricted to playing online games for only one hour a day, and only on Fridays, Saturdays, Sundays, and public holidays, specifically from 8 pm to 9 pm.

This policy has already had a significant effect, with reports indicating a drop of about 40 million young gamers in China compared with 2020. Since DouYu is a game-centric live-streaming platform, these regulations directly impede the acquisition and retention of the next generation of core users and, crucially, future esports talent. The long-term impact on the platform's ability to cultivate a new paying user base is severe.

DouYu International Holdings Limited (DOYU) - PESTLE Analysis: Technological factors

You need to understand that technology is both DouYu International Holdings Limited's biggest cost-saver and its most immediate threat. The company is extracting significant efficiency gains from its infrastructure, but the core game-centric live streaming business is under siege from rivals with superior short-video and AI technology.

Here's the quick math: DouYu is cutting costs aggressively, but that also means R&D spending is shrinking right when competitors are pouring billions into next-generation AI video. That's a dangerous trade-off in a tech-driven market.

Platform competition from rivals like ByteDance and Xiaohongshu (Red Note) leveraging superior short-video technology.

The biggest technological headwind DouYu faces is the relentless innovation from platforms like ByteDance and Xiaohongshu (often called Red Note by US users). ByteDance, the parent of Douyin and TikTok, is not just a competitor; it's a technological behemoth, reportedly pouring over $20 billion into its AI infrastructure in 2025 alone.

This massive investment translates directly into superior short-video algorithms and AI-driven content creation tools that draw users away from traditional long-form live streaming. For example, ByteDance's AI chatbot, Doubao, hit 157 million monthly active users by August 2025, showing their strength in next-gen interactive content. DouYu's focus on a game-centric niche helps, but it doesn't insulate them from the broader shift in user attention toward short, high-production-value video content that platforms like Xiaohongshu (Red Note) also leverage, even with its lifestyle focus. The competitive pressure forces DouYu to constantly play catch-up on user experience.

Cost efficiency gains from 'bandwidth allocation advancement' reduced Q3 2025 bandwidth costs by 34.2%.

On the upside, DouYu's engineering team is delivering real, measurable cost efficiencies. The company's focus on 'bandwidth allocation advancement' and general cost optimization has been a huge win for the bottom line. In the third quarter of 2025, bandwidth costs dropped by a substantial 34.2% year-over-year.

This reduction is a direct result of smarter technology use, not just lower traffic. It's defintely helping them manage their operating expenses even as revenue declines. Here's the quick math on the savings:

Metric	Q3 2025	Q3 2024	Change
Bandwidth Costs (RMB)	RMB47.5 million	RMB72.2 million	-34.2%
Bandwidth Costs (USD)	US$6.7 million	US$10.3 million	-34.2%

This cost control was a key factor in DouYu reporting an income from operations of RMB11.9 million (US$1.7 million) in Q3 2025, a significant turnaround from a loss of RMB94.2 million in the same period of 2024.

Continuous need for investment in low-latency streaming and interactive technologies to maintain game-centric focus.

To keep its core audience-hardcore gamers-DouYu must maintain a technological edge in live streaming quality. Gamers demand ultra-low latency (the delay between the streamer's action and the viewer's screen) and seamless interactive features like real-time chat and virtual gifting. This is non-negotiable for eSports. Still, the company's R&D spending trend raises a flag.

While the need for investment is continuous, DouYu's Research and Development expenses for Q3 2025 decreased by 37.8% to RMB26.9 million (US$3.8 million), compared to Q3 2024. This decrease, largely attributed to staff-related expense reductions, suggests a potential underinvestment in the very technology needed to fend off rivals and improve the core product experience. You can't cut your way to innovation.

Development of voice-based social networking service requires new R&D focus and resource allocation.

DouYu's strategic pivot into innovative businesses, particularly the voice-based social networking service, is a major technological and R&D focus for 2025. This move requires shifting resources away from pure live-streaming technology toward AI-enhanced social and audio capabilities.

The new service is showing strong commercialization potential, driving revenue growth in the innovative business segment. The focus areas for R&D include:

• Enhancing AI capabilities for user conversion efficiency.
• Refining traffic distribution strategies to boost user conversion rates.
• Ramping up product innovation around game props and virtual items.

In Q1 2025, this segment generated RMB290.1 million in revenue. The service had an average of 498,400 monthly active users (MAUs) and 82,900 monthly average paying users in the first quarter of 2025, indicating a strong monetization rate for the new technology.

DouYu International Holdings Limited (DOYU) - PESTLE Analysis: Legal factors

The legal landscape for DouYu International Holdings Limited is defined by a rapid acceleration of regulatory oversight in China, moving from broad guidelines to specific, enforceable platform liabilities. This environment demands immediate, costly compliance actions, and it carries the real risk of significant financial penalties and operational disruptions.

New draft live-streaming e-commerce regulations (June 2025) mandate stricter real-name host verification and content compliance.

In June 2025, the State Administration for Market Regulation (SAMR) and the Cyberspace Administration of China (CAC) jointly released draft regulations aimed at tightening the leash on the live-streaming sector. The core of these rules is a demand for platforms like DouYu International Holdings Limited to implement significantly stricter controls over their content creators. This is a crucial shift: the onus is now firmly on the platform to police its ecosystem, not just the individual streamer.

Specifically, the draft measures require DouYu International Holdings Limited to:

• Verify streamer identity and qualifications with greater rigor.
• Maintain clearer, more detailed host registration records.
• Archive all livestream recordings for a minimum of three years for regulatory audit.

This isn't a suggestion; it's a mandate that requires a defintely massive investment in compliance technology and staffing. It's a cost center that will directly impact the 2025 fiscal year's operational expenses.

Platform operators face increased legal liability for fraudulent marketing and content violations by streamers.

The new regulatory framework dramatically increases platform accountability, translating to greater legal risk for DouYu International Holdings Limited. Historically, platforms could often shift blame to the individual streamer for issues like misleading product claims or inappropriate content. Now, the draft rules clarify that platform operators themselves must enhance penalties for violations and cooperate with regulators to remove non-compliant content, emphasizing the legal consequences for failing to meet these statutory obligations. This means DouYu International Holdings Limited must actively monitor and enforce content standards to mitigate its own legal exposure.

Here's a quick look at the shift in liability:

Regulatory Area	Previous Focus (Pre-2025)	New Focus (June 2025 Draft)
Host Verification	Basic real-name registration.	Stricter identity and professional qualification checks.
Content Violation Liability	Primarily on the individual streamer.	Increased legal liability on the platform operator for lack of oversight.
Content Archival	Varies, often shorter or non-existent.	Mandatory archival of all livestreams for ≥3 years.

Company paid a $2.25 million investor settlement in 2025 over claims of misleading investors about regulatory risks.

DouYu International Holdings Limited has already felt the financial sting of past regulatory issues. The company agreed to pay a $2.25 million settlement to resolve a class action lawsuit in 2025. This settlement was tied to claims that the company misled investors about the risks associated with the Chinese government's aggressive action concerning gaming content and addiction concerns. The initial regulatory scrutiny from the Cyberspace Administration of China (CAC) in May 2023, which led to a stock drop of 9.33%, formed the basis of this legal action. The settlement serves as a concrete example of how regulatory risk directly translates into shareholder litigation and significant financial payouts.

Ongoing risk of content and operations scrutiny from the Cyberspace Administration of China (CAC).

The CAC's involvement is not a one-off event; it is an ongoing, systemic risk. The agency is the primary force behind the 'Clean Internet' campaign launched in June 2025, which aims to curb excessive entertainment-driven content and restore order online. The CAC has actively penalized other major platforms like Sina Weibo and Kuaishou in 2025 for failing to properly manage their trending lists and for allowing 'trivial content,' issuing warnings and ordering rectification. DouYu International Holdings Limited operates in the same highly visible, high-risk sector, and its core business-game live-streaming-is a frequent target of content-based scrutiny related to gaming addiction and social values. The CAC's heightened enforcement activity across the sector means DouYu International Holdings Limited is under constant threat of an administrative interview, a fine, or an operational suspension if it fails to meet the CAC's evolving and often vague content standards.

DouYu International Holdings Limited (DOYU) - PESTLE Analysis: Environmental factors

Focus on operational efficiency has led to significant reduction in bandwidth costs, a key resource consumption metric.

You need to understand that for a live-streaming platform like DouYu International Holdings Limited, the core environmental footprint is not a factory smokestack; it's the massive energy demand of data transmission. This is measured directly by bandwidth costs, and the company has shown a clear, quantifiable trend toward efficiency in 2025.

The company's strategic focus on 'bandwidth allocation advancement' and optimizing its operating model has translated directly into reduced resource consumption. Here's the quick math on the near-term gains:

Metric	Q3 2025 Value	Year-over-Year Change
Bandwidth Costs (RMB)	RMB47.5 million	Decrease of 34.2%
Bandwidth Costs (US$)	US$6.7 million	Decrease of 34.2%
Gross Profit Increase (Q3 2025 YOY)	RMB116.1 million	Increase of 90.9%

This reduction in bandwidth costs-down to RMB47.5 million (US$6.7 million) in Q3 2025, a 34.2% drop from the prior year-is the most tangible evidence of its environmental efficiency efforts. It shows they are doing more with less digital infrastructure, which is defintely a win for both the bottom line and the planet. This efficiency is a core driver of the Q3 2025 gross profit increase of 90.9% to RMB116.1 million (US$16.3 million).

Increasing stakeholder pressure for transparent Environmental, Social, and Governance (ESG) reporting, especially on data center energy use.

While DouYu International Holdings Limited publicly commits to 'sustainable development capabilities,' the pressure from institutional investors and regulators for granular ESG reporting is only rising, especially around data center energy use (Scope 2 emissions). The industry trend for hyperscalers and cloud platforms is toward greater transparency, with global data center energy consumption estimated to have increased to 310.6 TWh in 2024, a growth rate of about 11.7% since 2019.

As a major consumer of cloud and data center services, DouYu is subject to this scrutiny, even if its direct reporting is limited. What this estimate hides is the indirect pressure to choose green cloud providers and disclose Power Usage Effectiveness (PUE) metrics. You should anticipate a future requirement for clear, non-financial metrics beyond just cost savings.

The 'E' is mostly indirect, centered on server power consumption and e-waste from hardware refreshes.

The environmental impact, or the 'E' in PESTLE, for a live-streaming company is almost entirely indirect, tied to the supply chain and its outsourced infrastructure. The primary concerns are:

• Server Power Consumption: The energy needed to run the content delivery network (CDN) and data centers that handle millions of simultaneous video streams.
• E-Waste: The disposal of hardware (servers, networking gear) from technology refreshes.
• Supply Chain Emissions: The carbon footprint of manufacturing the hardware it uses or leases.

The 34.2% reduction in bandwidth costs in Q3 2025 is a proxy for efficiency in server power consumption, as less bandwidth usage often means more efficient encoding and delivery, which reduces server load. Still, without a formal e-waste management policy disclosure, the company's handling of discarded hardware remains a potential, unquantified liability. The global trend is toward Extended Producer Responsibility (EPR), which will eventually affect all companies that rely on digital hardware.

Corporate social responsibility (CSR) is defintely tied to promoting healthy, non-addictive digital consumption.

For a gaming and live-streaming platform, the 'S' (Social) and 'E' (Environmental) factors blur, as promoting a 'healthy community ecosystem' is a key part of its corporate social responsibility (CSR). This is a critical risk area in China, where regulators are highly focused on combating digital addiction and promoting digital well-being.

DouYu International Holdings Limited's CSR efforts are currently best demonstrated by:

• Focusing on 'long-term healthy development' in its corporate mission.
• Optimizing traffic and resource allocation to maintain a 'healthy community ecosystem' in its voice-based social networking service.
• Nurturing a 'sustainable technology-based talent development system' to improve content quality.

The growth of the voice-based social networking business, which generated RMB275.9 million in Q3 2025 revenue, is a concrete example of diversifying into less resource-intensive and potentially more socially constructive content than pure high-definition game streaming. Finance: draft a memo outlining the likely future costs of mandatory Scope 2 emissions reporting by Q2 2026.