记者丨吴立洋 实习生涂玥编辑丨肖潇 实际上，电魂网络高管组团减持早有先例。东财Choice终端数据显示，早在2019年12月，电魂网络首发股份解禁不到两个月，胡建平、陈芳、胡玉彪、余 晓亮、林清源五位联合创始人就开始陆续减持，截至2023年底，他们已合计减持套现8.5亿元。 近日，电魂网络（603258.SH）发布公司公告，实际控制人、董事长胡建平已于7月至10月间完成减持486.92万股，套现1.01亿元，减持价格区间18.49— 22.73 元 / 股。 早在2025年6月11日，电魂网络股价涨停当晚，胡建平便抛出减持计划，拟减持不超过489.06万股，套现规模预计达1.12亿元。 截至10月10日收盘，电魂网络报20.72元/股，总市值50.6亿元。 高管集体减持 9月29日，公司披露的减持公告显示，董事余晓亮计划减持不超过 391.81 万股，按当日 21.05 元股价测算，套现规模将达 8259.26 万元。同期，董事会秘 书张济亮、财务总监伍晓君分别拟减持2.25万股、2.5万股，三人合计计划减持比例达1.63%。 本次减持并非孤立事件。 叠加计算，电魂网络核心管理层半年内减持规模已超2亿元，公司 ...

Core Viewpoint - The article discusses the significant share reduction by the management of Dianhun Network, highlighting the company's declining financial performance and the potential implications for investor confidence and future growth opportunities [2][4][12]. Management Share Reduction - The actual controller and chairman of Dianhun Network, Hu Jianping, reduced his holdings by 4.8692 million shares between July and October, cashing out 101 million yuan, with share prices ranging from 18.49 to 22.73 yuan per share [2]. - Other executives, including director Yu Xiaoliang and secretary Zhang Jiliang, also announced plans to reduce their holdings, with a total planned reduction exceeding 200 million yuan in the past six months [4][5]. Financial Performance Decline - Dianhun Network's revenue has halved from 1.024 billion yuan in 2021 to 550 million yuan in 2024, with net profit plummeting by 88.11% from 454 million yuan to 29.29 million yuan during the same period [7]. - The company's flagship product, the "Dream Three Kingdoms" series, has seen a revenue decline of 18.46% in 2024, contributing to 65.27% of total revenue [7][9]. New Product Development Challenges - Despite efforts to diversify its product offerings, including 21 self-developed games and investments in AI technology, the company has faced limited success, with new titles failing to generate significant revenue [9][10]. - The recent launch of "Barbarian Battle 2" initially performed well but quickly declined in revenue, indicating challenges in sustaining new product success [9]. Investment Risks and Market Competition - Dianhun Network has invested in over 40 companies, but many face operational crises, raising concerns about the effectiveness of its investment strategy [10]. - The gaming industry is highly competitive, with over 30% of new games failing within three months, making it difficult for Dianhun Network to regain market share [10][12]. Future Outlook - The combination of aging core products, lack of breakthroughs in new business ventures, and cash flow pressures may further undermine market confidence and financing capabilities [12]. - The company's ability to develop a successful new product will be crucial in reversing the current downward trend and addressing the ongoing challenges [12].

Core Viewpoint - The recent share reduction by the chairman and other executives of Dianhun Network indicates a potential cashing out at a low stock price, raising concerns about the company's financial health and future performance [1][2]. Financial Performance - Dianhun Network's revenue from 2021 to 2024 has shown a declining trend, with figures of 9.96 billion, 7.91 billion, 6.77 billion, and 5.5 billion respectively [2]. - The net profit attributable to shareholders has also decreased significantly, from 3.39 billion to 305.8 million, with a notable loss of 933.81 million in the first half of this year, marking the first loss since the company's listing [2]. - The main product, the "Dream Three Kingdoms" series, has seen a decline in revenue, with projections of 5.08 billion, 4.4 billion, and 3.59 billion from 2022 to 2024 [2]. User Engagement - The average monthly active users for "Dream Three Kingdoms" dropped to 566,400, a decrease of 3.9%, while the average monthly paying users fell by 26.15% to 64,200 [3]. - The company faces challenges due to increased costs, a lack of product diversity, and declining performance of existing products without successful new releases [3]. Strategic Initiatives - Dianhun Network is focusing on enhancing its self-research capabilities and has several new products in the pipeline, including "Barbarian Battle 2," "Cultivation Era," and "Encountering Dragon 2" [4]. - The company is also improving its distribution capabilities through various collaboration models to introduce new products [4].

Core Viewpoint - The recent share reduction by the chairman and other executives of Dianhun Network indicates a potential cash-out during a low stock price period, amidst declining financial performance and product revenue [1][3]. Group 1: Share Reduction - Chairman and General Manager Hu Jianping reduced his holdings by 4.8692 million shares, accounting for 2% of the total shares, with a total value of approximately 101 million yuan [1]. - Other executives, including board member Yu Xiaoliang and financial director Wu Xiaojun, also plan to reduce their holdings, with proposed reductions of up to 391.81 thousand shares, 22.5 thousand shares, and 25 thousand shares respectively [1]. Group 2: Financial Performance - Dianhun Network's revenue from 2021 to 2024 showed a decline from 996 million yuan to 550 million yuan, with net profit dropping from 339 million yuan to 30.58 million yuan [3]. - In the first half of 2025, the company reported a revenue of 194 million yuan, a year-on-year decrease of 28.69%, and a net loss of 9.34 million yuan, marking the first loss since its listing [3]. Group 3: Product Performance - The main product, the "Dream Three Kingdoms" series, has seen a decline in revenue, with figures dropping from 508 million yuan in 2022 to 359 million yuan in 2024 [4]. - Monthly active users for "Dream Three Kingdoms" fell to 566,400 in 2024, a decrease of 3.9%, while monthly paying users dropped by 26.15% to 64,200 [4]. Group 4: Future Outlook - The company emphasizes the need to adapt to gaming trends and player preferences to avoid further revenue declines [5]. - Dianhun Network is focusing on enhancing its self-research capabilities and has several new products in the pipeline, including "Barbarian Battle 2" and "Encountering Dragon 2" [5].

Core Viewpoint - The recent share reduction by the management of Dianhun Network highlights ongoing concerns regarding the company's declining financial performance and reliance on a single product, raising questions about future growth prospects [2][3][4]. Group 1: Share Reduction - The actual controller and chairman of Dianhun Network, Hu Jianping, reduced his holdings by 4.8692 million shares between July and October, cashing out 101 million yuan, with a share price range of 18.49-22.73 yuan [2]. - Other board members, including director Yu Xiaoliang and secretary Zhang Jiliang, also planned to reduce their holdings, with a total planned reduction of 1.63% of shares [2]. - Cumulatively, the core management team has reduced their holdings by over 200 million yuan in the past six months, raising market concerns despite the company's claim that the reductions are due to personal financial needs [2]. Group 2: Financial Performance - Dianhun Network's revenue is projected to decline from 1.024 billion yuan in 2021 to 550 million yuan in 2024, with net profit dropping from 454 million yuan to 29.29 million yuan, representing an 88.11% decrease [3]. - The company's first half of 2025 report indicates a revenue of 194 million yuan, a year-on-year drop of 28.69%, and a net loss of 9.34 million yuan, marking the first interim loss since its listing in 2016 [3]. - The primary issue is the declining revenue from its core product, the "Dream Three Kingdoms" series, which generated 359 million yuan in 2024, a decrease of 18.46% and accounting for 65.27% of total revenue [3]. Group 3: Strategic Changes - Dianhun Network has recognized the risks of relying on a single product and is actively seeking to diversify its offerings [4]. - The company has invested over 100 million yuan in research and development over seven years, launching 21 self-developed games across various genres, but with limited success [4]. - The recent launch of "Barbarian Battle 2" initially performed well but quickly declined, with daily revenue dropping from several thousand dollars to just 100 dollars, contributing minimally to overall revenue [4]. Group 4: Investment and Risks - Investment is a key focus for Dianhun Network, with over 40 long-term investments reported [5]. - However, six out of ten major invested companies are facing operational crises, raising concerns about the effectiveness of new investments, including the recent AI initiative [5]. - The gaming industry is highly competitive, with over 30% of new games failing within three months, and the top 10% of products capturing over 75% of market share, complicating Dianhun Network's recovery efforts [5]. Group 5: Future Outlook - The ongoing share reduction and declining performance may further erode market confidence and financing capabilities, exacerbating operational challenges [5]. - The company's ability to launch a successful new product will be crucial in breaking the cycle of decline and share reduction [5][6].

21世纪经济报道 实习生涂玥 记者吴立洋 近日，电魂网络（603258.SH）发布公司公告，实际控制人、董事长胡建平已于 7 月至 10 月间完成减 持 486.92 万股，套现 1.01 亿元，减持价格区间 18.49-22.73 元 / 股。截至10月10日收盘，电魂网络报 20.72元/股，总市值50.56亿元。 本次减持并非孤立事件。9 月 29 日，公司披露的减持公告显示，董事余晓亮计划减持不超过 391.81 万 股，按当日 21.05 元股价测算，套现规模将达 8259.26 万元。同期，董事会秘书张济亮、财务总监伍晓 君分别拟减持 2.25 万股、2.5 万股，三人合计计划减持比例达 1.63%。叠加计算，电魂网络核心管理层 半年内减持规模已超 2 亿元，公司虽表示减持系"股东自身资金需求"，但持续大规模减持依然引起市场 广泛关注。 实际上，电魂网络高管组团减持早有先例。东财Choice终端数据显示，早在2019年12月，电魂网络首发 股份解禁不到两个月，胡建平、陈芳、胡玉彪、余晓亮、林清源五位联合创始人就开始陆续减持，截至 2023 年底，他们已合计减持套现 8.5 亿元。 而此次减持的背景 ...

Core Viewpoint - The announcement details the achievement of the first unlock condition for the reserved grant portion of the 2024 restricted stock incentive plan by Hangzhou Dianhun Network Technology Co., Ltd, allowing 16 eligible participants to unlock a total of 92,400 shares, representing approximately 0.04% of the company's total share capital [2][8][10]. Group 1: Incentive Plan Overview - The 2024 restricted stock incentive plan has been approved through the necessary decision-making processes, including board meetings and shareholder approvals [2][4][6]. - The first unlock period for the reserved grant portion is set to expire, allowing for the unlocking of 30% of the total shares granted under this plan [7][8]. Group 2: Unlock Conditions and Achievements - The conditions for unlocking the restricted stocks have been met, as confirmed by the board, with 16 individuals eligible to unlock 92,400 shares [8][10]. - The unlock period for these shares is from October 29, 2024, to October 28, 2025, with the granting date being September 26, 2024 [7][8]. Group 3: Legal and Compliance Aspects - The legal opinion confirms that the necessary approvals and authorizations for the unlocking of shares have been obtained, and the conditions for unlocking are in compliance with relevant regulations [11]. - The company is required to fulfill its information disclosure obligations regarding this unlocking process [11].

证券代码：603258 证券简称：电魂网络 公告编号：2025-036 杭州电魂网络科技股份有限公司 2025 年 10 月 9 日，公司召开第五届董事会第六次会议，审议通过了《关于 2024 年限制性股票激励计划预留授予部分第一个解除限售期解除限售条件成就 的议案》，现就相关事项说明如下： 一、本激励计划已履行的决策程序和信息披露情况 1、2024 年 3 月 27 日，公司召开第四届董事会第二十二次会议，会议审议 通过了《关于公司<2024 年限制性股票激励计划（草案）>及其摘要的议案》《关 于公司<2024 年限制性股票激励计划实施考核管理办法>的议案》（上述议案已 经董事会薪酬与考核委员会审议通过）以及《关于提请股东大会授权董事会办理 公司 2024 年限制性股票激励计划相关事宜的议案》等议案。 关于 2024 年限制性股票激励计划预留授予部分 第一个解除限售期解除限售条件成就的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： 杭州电魂网络科技股份有限公司（以下简称"公司"）2024 年限制性 ...

浙江京衡律师事务所 关于杭州电魂网络科技股份有限公司 2024年限制性股票激励计划 预留授予部分第一个解除限售期解除限售条件成就 相关事项的 法律意见书 地址：浙江省杭州市杭大路黄龙世纪广场C区九层 邮编：310007 电话：0571-28006970 传真：0571-87901646 浙江京衡律师事务所 法律意见书 浙江京衡律师事务所 关于杭州电魂网络科技股份有限公司 所有陈述和说明均是完整、真实和有效的，且一切足以影响本法律意见书的事实 和文件均已向本所披露，无任何隐瞒或重大遗漏；保证其提供的文件资料中的所 有签字及印章均是真实的，文件的副本、复印件或扫描件均与原件相符。 本法律意见书所评述的事项，仅限于本法律意见书出具之日以前已发生或存 在的事实；并且仅就与本次解除限售有关的法律问题，根据本所律师对我国现行 有效的法律、法规和规范性文件的理解发表意见。 2024 年限制性股票激励计划预留授予部分第一个解除限售期解 除限售条件成就相关事项的 法律意见书 致：杭州电魂网络科技股份有限公司 根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民 共和国证券法》（以下简称"《证券法》"）、《上市公司 ...

杭州电魂网络科技股份有限公司 董事会薪酬与考核委员会 2025 年 10 月 9 日 杭州电魂网络科技股份有限公司董事会薪酬与考核委员会 关于公司 2024 年限制性股票激励计划预留授予部分第一个 解除限售期解除限售条件成就的核查意见 杭州电魂网络科技股份有限公司（以下简称"公司"） 董事会薪酬与考核委 员会依据《中华人民共和国公司法》、《中华人民共和国证券法》、《上市公司股权 激励管理办法》等有关法律、法规和规范性文件的规定，对公司 2024 年限制性 股票激励计划（以下简称"《激励计划》"）预留授予部分第一个解除限售期解除 限售条件成就事项进行了核查，并发表意见如下： 根据《激励计划》的有关规定，2024 年限制性股票激励计划预留授予部分 第一个解除限售期的相关解除限售条件已成就，本次符合解禁条件的 16 名激励 对象主体资格合法、有效，均符合解除限售条件，解除限售安排符合《上市公司 股权激励管理办法》及公司激励计划的有关规定，不存在损害公司及全体股东利 益的情形，同意公司为本次符合解除限售条件的 16 名激励对象办理限制性股票 解除限售相关事宜，对应的解除限售股票数量为 92,400 股。 特此公告。 ...