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].

Core Viewpoint - The recent share reduction by the management of Dianhun Network highlights concerns over the company's declining performance and raises questions about its future growth potential [1][2][6] Company Performance - Dianhun Network's revenue is projected to decline from 10.24 billion to 5.5 billion from 2021 to 2024, with net profit dropping from 4.54 billion to 292.9 million, representing a decrease of 88.11% [2] - The company's first half of 2025 showed a revenue of 1.94 billion, a year-on-year decrease of 28.69%, and a net loss of 9.34 million, marking its first interim loss since its listing in 2016 [2] - The core product, the "Dream Three Kingdoms" series, saw its revenue drop to 3.59 billion in 2024, a decrease of 18.46%, accounting for 65.27% of total revenue [2] Management Actions - The actual controller and chairman, Hu Jianping, reduced his holdings by 4.8692 million shares, cashing out 101 million, with a share price range of 18.49-22.73 yuan [1] - Other board members also planned to reduce their holdings, with a total planned reduction of 1.63% of shares, leading to over 200 million in total reductions by the management in the past six months [1] Strategic Initiatives - The company has been actively trying to diversify its product offerings, investing over 100 million in R&D over seven years and launching 21 self-developed games, but with limited success [3] - Dianhun Network is also exploring new concepts like AI, having made a strategic investment in Hangzhou Hunyue Technology to develop an AI scheduling platform [3][4] Industry Context - The gaming industry is facing intense competition, with over 30% of new games having a lifecycle of less than three months, and the top 10% of products capturing over 75% of market share [5] - In response to financial pressures, the company has reduced its R&D personnel from 637 in 2021 to 302 and cut R&D investment from 210 million to 130 million [5] Future Outlook - The combination of aging core products, lack of breakthroughs in new business, and cash flow pressures may further weaken market confidence and financing capabilities [6] - The ability to launch a new hit product is seen as crucial for breaking the cycle of decline and management reductions [6]

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。 ...

Core Viewpoint - The recent share reduction by the chairman of Dianhun Network has raised concerns about the company's future performance amidst declining financial results [1][2]. Group 1: Share Reduction - Chairman Hu Jianping reduced his holdings by 4.8692 million shares, representing 2.00% of the total shares, with a total value of approximately 101 million yuan [1]. - Other executives, including a board member and the financial director, also planned to reduce their shares, which has attracted significant market attention [1]. Group 2: Financial Performance - Dianhun Network has faced declining performance, with revenue and net profit attributable to shareholders decreasing for four consecutive years from 2021 to 2024 [2]. - In the first half of 2025, the company reported revenue of 194 million yuan, a year-on-year decrease of 28.69%, and a net profit of -9.9381 million yuan, marking a 115.75% decline [2]. - The decline in revenue from older games and underperformance of new game promotions contributed to the company's first-ever mid-year loss since its listing [2]. Group 3: Strategic Recommendations - The company needs to enhance internal management, optimize operational efficiency, and reduce costs to improve profitability [3]. - There is a need for increased market expansion efforts and innovation in products and services to attract more users and increase market share [3]. - Strengthening research and development, improving product quality, and optimizing capital structure are essential for maintaining competitiveness and stabilizing stock performance [3].

Performance Disclosure - Yonghe Co. expects a net profit attributable to shareholders of 456 million to 476 million yuan for the first three quarters of 2025, representing a year-on-year increase of 211.59% to 225.25% [1] - Chipone Technology anticipates a third-quarter revenue of 1.284 billion yuan, marking a historical high for the company with a quarter-on-quarter increase of 119.74% and a year-on-year growth of 78.77% [2] Sales Performance - BYD reported a year-on-year decline of 5.52% in new energy vehicle sales for September, with total sales of 396,300 units [3] - Seres announced a year-on-year increase of 19.44% in new energy vehicle sales for September, totaling 44,700 units, with cumulative sales of 304,600 units from January to September [4] Shareholding Changes - Dihun Network's controlling shareholder, Hu Jianping, completed a reduction of 2% of the company's shares, totaling 4.8692 million shares [5] - Ruile New Materials announced that a major shareholder plans to reduce their holdings by no more than 10,800 shares, which is 0.0581% of the total share capital [6] - Huaxing Yuanchuang's employee stock ownership platform plans to reduce its holdings by up to 4 million shares, accounting for 0.9% of the total share capital [7] Risk Matters - ST Gaohong received a notice of termination of listing from the Shenzhen Stock Exchange, indicating a potential end to the company's stock trading [8] - Suihengyun A expects losses from the impact of Typhoon "Hagupit" to exceed 10% of the company's net profit for 2024 due to damage to assets in a photovoltaic project [9] - Hainan Haiyao announced that approximately 131 million shares held by a major shareholder will be subject to judicial auction, representing 10.08% of the total share capital [10]

Performance Disclosure - Yonghe Co., Ltd. expects a year-on-year increase in net profit attributable to shareholders of 211.59% to 225.25%, with an estimated profit of 456 million to 476 million yuan for the first three quarters of 2025 [1] - Chip Original Co., Ltd. anticipates a 78.77% year-on-year increase in revenue for the third quarter of 2025, projecting a revenue of 1.284 billion yuan, marking a significant quarter-on-quarter growth of 119.74% [2] Sales Performance - BYD reported a 5.52% year-on-year decline in new energy vehicle sales in September, with sales reaching 396,300 units [3] - Seres Co., Ltd. experienced a 19.44% year-on-year increase in new energy vehicle sales in September, achieving sales of 44,700 units, with cumulative sales of 304,600 units from January to September [4] Shareholding Changes - Dihun Network's controlling shareholder, Hu Jianping, completed a 2% reduction in company shares, totaling 4.8692 million shares [5] - Ruian New Materials announced that a major shareholder plans to reduce their holdings by no more than 0.0581% of the company's total shares, equating to approximately 100,800 shares [6] - Huaxing Yuanchuang's employee stock ownership platform plans to reduce its holdings by up to 0.9% of the company's total shares, amounting to a maximum of 4 million shares [7] Risk Events - *ST Gaohong received a notice of termination of listing from the Shenzhen Stock Exchange, indicating a potential end to the company's stock trading [8] - Suihengyun A expects losses from a typhoon disaster to exceed 10% of the company's projected net profit for 2024, affecting assets in a photovoltaic project [9] - Hainan Haiyao announced that approximately 131 million shares held by a major shareholder will be subject to judicial auction, representing 98.11% of their holdings and 10.08% of the company's total shares [10]

Core Points - The actual controller, chairman, and general manager of the company, Hu Jianping, has reduced his shareholding by a total of 4.8692 million shares, which accounts for 2.00% of the company's total shares outstanding [1] Summary by Category Shareholding Reduction - Hu Jianping reduced his shares through two methods: 2.4341 million shares via centralized bidding and 2.4351 million shares through block trading, totaling 4.8692 million shares [1]