Ying Universe's revenue declined by 25.2% in 2025, with live streaming business continuing to shrink and user willingness to pay decreasing.

Produced by | Company Research Department

Text | Wang Zheping

On March 31, Yingyu Universe released its 2025 annual performance report, showing a divergence between “revenue decline and profit growth.”

During the reporting period, the company’s total revenue was 5.13B yuan, down 25.2% year-on-year. In terms of user metrics, the average monthly active users (MAU) decreased from 20.84M in 2024 to 18.58M, a 10.8% decline year-on-year; the average revenue per user per month (ARPU) dropped from 27.4 yuan to 26.2 yuan, a 4.4% decrease.

Looking at the business segments, the “value-added services” under the live streaming business experienced a significant decline, with annual revenue of 3.66B yuan, down 27.4% year-on-year. Revenue proportion fell from 73.5% to 71.3%, remaining the largest source of income but with a continuous decrease in weight. The main reason is the company’s proactive reduction of reliance on high-incentive streamer ecosystems, shrinking traditional virtual currency tipping business, coupled with the overall industry slowdown in live streaming tipping consumption, leading to decreased user willingness to pay.

In 2025, entertainment content services revenue reached 1.37B yuan, a 4.4% increase, making it the only core business to achieve positive growth and a key factor in offsetting the decline of traditional businesses.

Among them, revenue based on virtual currency consumption was 304 million yuan, a sharp decline of 57.8%, accounting for 22.2% of entertainment services, down from 54.8%; meanwhile, revenue from content distribution partners surged nearly 80% year-on-year to 1.07B yuan, becoming the absolute core of entertainment services.

In 2025, other income was only 98 million yuan, a plunge of 80.3% year-on-year, with its proportion dropping sharply from 7.3% in 2024 to 1.9%, almost losing its contribution to total revenue. The main reasons are reduced government subsidies and contraction of non-core businesses.

As Yingyu Universe shifts from a “self-operated tipping platform” to a “content distribution + ecosystem cooperation” light-asset model, the revenue-sharing model eliminates the need to bear high streamer subsidies, directly boosting gross profit margin from 48.8% to 50.0%.

In 2025, the profit attributable to the company’s owners was 241 million yuan, up 33.8% year-on-year. The core reason is the significant improvement in non-recurring gains, with other income/(loss) turning from a loss of 130 million yuan in 2024 to a profit of 343 million yuan, mainly due to the rise in fair value of financial assets measured at fair value and whose changes are recognized in gains and losses.