Core Viewpoint - The gaming industry is experiencing a surge in game approvals and a faster review process, leading to a positive market response, particularly for companies like Icefire Network and Deyun Network, which have seen significant stock price increases following the approval of new game licenses [3][4]. Group 1: Company Performance - Deyun Network's peak performance was in 2020, with total revenue of 1.02 billion yuan, a year-on-year increase of 47%, and a net profit of 330 million yuan, up 79% [10]. - Since 2021, Deyun Network has faced a continuous decline in revenue and profit for over four years, contrasting with the overall growth of the Chinese gaming market [12][10]. - In 2024, Deyun Network's revenue dropped to 359.26 million yuan, a decrease of 18.46% from 2023, with total revenue of 308.06 million yuan, down 38.47% [16]. Group 2: Product Lifecycle and Market Dynamics - The reliance on a single IP, "Dream of Three Kingdoms," has led to a decline in player engagement and revenue, with the game entering a phase of decline after over 15 years of operation [13][15]. - The company's other products, such as "Barbarian Battle" and "My Hero," have not achieved significant success, contributing to a shrinking revenue base [18]. - The gaming market is increasingly competitive, with major players like Tencent and NetEase dominating, leading to rising customer acquisition costs and pressure on profit margins [68][69]. Group 3: Financial Health and Investment Issues - Deyun Network has seen a significant drop in net profit, with a compound annual growth rate (CAGR) of -64.4% from 2020 to 2024, and a projected loss of 12 to 18 million yuan for the first half of 2025 [20][22]. - The company has faced increasing asset impairment losses, reaching 67 million yuan in 2024, accounting for 12.1% of total revenue [27]. - The company's investment strategy has led to a high number of underperforming investments, with six out of ten major investments facing operational crises [58][61]. Group 4: Management and Shareholder Actions - The company's founders have collectively cashed out 850 million yuan, raising concerns about their commitment to the company's future [73]. - The controlling shareholder plans to reduce their stake by 2%, indicating a lack of confidence in the company's long-term prospects [81][83]. - The company has faced regulatory scrutiny due to questionable financial practices related to its acquisition of Youdong Network, raising doubts about the integrity of its financial reporting [41][45][75].

游戏股盘初调整，三七互娱（002555）跌超7%，电魂网络（603258）跌超6%，冰川网络（300533）、 恺英网络（002517）、巨人网络（002558）等跟跌。 ...

Core Viewpoint - The company, Hangzhou Dihun Network Technology Co., Ltd., is forecasting a significant loss for the first half of 2025, with net profit expected to be between -11 million and -7.5 million yuan, indicating a decline compared to the previous year [2][4]. Group 1: Performance Forecast - The performance forecast period is from January 1, 2025, to June 30, 2025 [3]. - The expected net profit attributable to the parent company is projected to be between -11 million and -7.5 million yuan, which represents a loss compared to the same period last year [4]. - The expected net profit after deducting non-recurring gains and losses is projected to be between -18 million and -12 million yuan [2][4]. Group 2: Previous Year’s Performance - In the same period last year, the total profit was 67.9955 million yuan, with a net profit attributable to the parent company of 59.3069 million yuan [5]. - The net profit attributable to the parent company after deducting non-recurring gains and losses was 40.8106 million yuan [5]. - The earnings per share for the previous year was 0.25 yuan [6]. Group 3: Reasons for Performance Decline - The decline in performance is primarily due to a decrease in revenue from some older games and underperformance in the promotion of new games launched during the reporting period [7]. - Non-operating gains and losses also impacted performance, with other income amounting to 2.5875 million yuan, a decrease of 16.7224 million yuan compared to the previous period, mainly due to a significant reduction in government subsidies received [7].

Group 1 - The company expects a net profit attributable to shareholders of the parent company for the first half of 2025 to be between -11 million yuan and -7.5 million yuan, indicating a loss compared to the same period last year [1][2] - The expected net profit attributable to shareholders of the parent company, after deducting non-recurring gains and losses, is projected to be between -18 million yuan and -12 million yuan [1][2] - In the same period last year, the total profit was 67.9955 million yuan, with a net profit attributable to shareholders of the parent company of 59.3069 million yuan [2] Group 2 - The decline in performance is primarily due to a decrease in revenue from some older games and underwhelming promotional effects for newly launched games [2] - Non-operating gains and losses have also impacted performance, with other income amounting to 2.5875 million yuan, a decrease of 16.7224 million yuan compared to the previous period, mainly due to a significant reduction in government subsidies received [2]

[Current Period Performance Forecast](index=1&type=section&id=%E4%B8%80%E3%80%81%E6%9C%AC%E6%9C%9F%E4%B8%9A%E7%BB%A9%E9%A2%84%E5%91%8A%E6%83%85%E5%86%B5) The company forecasts a net loss for the first half of 2025, with significant declines in both attributable and non-recurring net profits compared to the prior year H1 2025 Performance Forecast | Metric (H1 2025 Forecast) | Amount (RMB) | | :--- | :--- | | Net Profit Attributable to Parent Company Shareholders | -RMB 11.00 million to -RMB 7.50 million | | Net Profit Attributable to Parent Company Shareholders (Excluding Non-Recurring Items) | -RMB 18.00 million to -RMB 12.00 million | - The current period's performance forecast indicates a **net loss**, a significant decline compared to the same period last year[3](index=3&type=chunk) [Review of Prior Period Performance](index=1&type=section&id=%E4%BA%8C%E3%80%81%E4%B8%8A%E5%B9%B4%E5%90%8C%E6%9C%9F%E7%BB%8F%E8%90%A5%E4%B8%9A%E7%BB%A9%E5%92%8C%E8%B4%A2%E5%8A%A1%E7%8A%B6%E5%86%B5) The company provides 2024 first-half financial data for comparison, showing a net profit attributable to parent company shareholders of **RMB 59.31 million** and earnings per share of **RMB 0.25** H1 2024 Performance | Metric (H1 2024) | Amount (RMB) | | :--- | :--- | | Total Profit | RMB 67.99 million | | Net Profit Attributable to Parent Company Shareholders | RMB 59.31 million | | Net Profit Attributable to Parent Company Shareholders (Excluding Non-Recurring Items) | RMB 40.81 million | | Earnings Per Share | RMB 0.25 | [Primary Reasons for Current Period's Forecasted Loss](index=1&type=section&id=%E4%B8%89%E3%80%81%E6%9C%AC%E6%9C%9F%E4%B8%9A%E7%BB%A9%E9%A2%84%E5%87%8F%E7%9A%84%E4%B8%BB%E8%A6%81%E5%8E%9F%E5%9B%A0) The forecasted loss is primarily due to declining revenue from core gaming operations and a significant reduction in non-operating income from government subsidies [Impact on Core Business](index=1&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%BD%B1%E5%93%8D) Core gaming operations faced challenges, with revenue from some older games declining year-over-year and new game promotions failing to meet market expectations - During the reporting period, revenue from some of the company's older games **decreased year-over-year**, and the promotional effectiveness of some new games after launch **fell short of expectations**[6](index=6&type=chunk) [Impact of Non-Operating Gains and Losses](index=1&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89%E9%9D%9E%E7%BB%8F%E8%90%A5%E6%80%A7%E6%8D%9F%E7%9B%8A%E7%9A%84%E5%BD%B1%E5%93%8D) The contribution of non-operating gains and losses to profit significantly weakened, primarily due to a substantial reduction in government subsidies received - The company's 'Other Income' for this period was **RMB 2.59 million**, a **decrease of RMB 16.72 million** from the previous period, primarily due to a significant reduction in government subsidies received[6](index=6&type=chunk)[7](index=7&type=chunk) [Risk Warning](index=2&type=section&id=%E5%9B%9B%E3%80%81%E9%A3%8E%E9%99%A9%E6%8F%90%E7%A4%BA) The company emphasizes that this performance forecast is a preliminary estimate based on internal judgment and has not been audited, thus the final results may be subject to uncertainty - This estimated performance is a preliminary calculation based on the company's professional judgment and has not been audited by a certified public accountant; the company has not identified any significant uncertainties affecting the accuracy of this forecast[8](index=8&type=chunk) [Other Explanatory Matters](index=2&type=section&id=%E4%BA%94%E3%80%81%E5%85%B6%E4%BB%96%E8%AF%B4%E6%98%8E%E4%BA%8B%E9%A1%B9) The company states that the forecast data is preliminary, and accurate financial figures will be based on the officially disclosed 2025 semi-annual report, urging investors to be aware of investment risks - The above forecast data is preliminary, and the precise financial figures will be subject to the company's officially disclosed 2025 semi-annual report; investors are advised to exercise caution regarding investment risks[9](index=9&type=chunk)

Group 1 - The gaming sector is experiencing a strong recovery, with the gaming ETF (159869) surging by 6.28% and all constituent stocks showing positive performance, including significant gains from companies like Giant Network and Kyeing Network [1] - A total of 158 games received approval for release in June, marking a recent high, with notable titles from both domestic and imported categories, indicating a robust pipeline for the industry [1] - Giant Network's game "Space Kill" has introduced AI-native gameplay, enhancing its position in the AI gaming sector, with millions of players participating in various game modes [1] Group 2 - Huaxi Securities highlights that the regular issuance of game licenses reflects ongoing regulatory support for the industry's healthy development, improving supply-side dynamics and injecting new momentum into the market [2] - The stability of policies enhances the predictability of domestic manufacturers' R&D and publishing plans, steering resources towards high-quality and long-term projects [2] - The gaming sector is catalyzed by transformations in AI, content, and commercialization models, with the gaming ETF (159869) tracking the performance of A-share listed companies in the animation and gaming industry, presenting potential investment opportunities [2]

Core Viewpoint - The legal opinion letter from Zhejiang Jingheng Law Firm confirms that Hangzhou Dihun Network Technology Co., Ltd. has complied with necessary legal procedures for the repurchase and cancellation of part of its restricted stock under the 2024 incentive plan [1][7][9]. Group 1: Approval and Authorization - On March 27, 2024, the company held its fourth board meeting, approving the 2024 restricted stock incentive plan and related proposals [3][4]. - On April 25, 2024, the company convened its annual shareholders' meeting, which also approved the incentive plan and authorized the board to handle matters related to the repurchase and cancellation of restricted stocks [4][5]. Group 2: Repurchase and Cancellation Details - The company plans to repurchase and cancel a total of 516,650 shares of restricted stock due to various reasons, including the departure of 4 individuals and performance-related failures of 19 individuals [5][6][9]. - The breakdown of the repurchased shares includes 69,500 shares from departed employees, 387,150 shares from those who did not meet performance criteria, and 60,000 shares from reserved grants [6][8]. Group 3: Compliance and Future Actions - The legal opinion asserts that the repurchase and cancellation process adheres to the relevant laws and regulations, including the Company Law and Securities Law [7][9]. - The company has established a dedicated securities account for the repurchase and plans to complete the cancellation by July 1, 2025, along with necessary capital reduction registration [9].

Core Viewpoint - The company has decided to repurchase and cancel a total of 516,650 restricted stocks due to the departure of certain incentive targets and failure to meet performance assessment criteria [1][2][3] Summary by Sections Decision and Disclosure - The company held a board meeting on April 24, 2025, where it approved the repurchase and cancellation of restricted stocks as part of the 2024 incentive plan [1] - The repurchase involves 69,500 shares from 4 individuals who left the company and 447,150 shares from 19 individuals who did not meet performance targets [1][2] Repurchase Details - The total number of restricted stocks being repurchased is 516,650, involving 38 individuals [3] - The repurchase will be executed at the grant price, and the cancellation is expected to be completed by July 1, 2025 [3][4] Share Structure Changes - Following the repurchase, the number of restricted stocks with limited circulation will decrease from 3,283,400 to 2,766,750 [5] - The total shares before the repurchase were 244,532,350, which will reduce to 244,015,700 after the cancellation [5] Compliance and Legal Opinion - The board confirmed that the decision-making process and disclosures comply with relevant laws and regulations [4][6] - A legal opinion from Zhejiang Jingheng Law Firm stated that the repurchase and cancellation process adheres to the applicable laws and regulations [4][6]

回购注销安排 公司已在中国证券登记结算有限责任公司上海分公司开设回购专用证券账户，并递交本次回购注销相关 申请，预计本次回购注销的限制性股票于2025年7月1日完成注销，后续将依法办理相关注册资本变更登 记等手续。 登录新浪财经APP 搜索【信披】查看更多考评等级 电魂网络于2025年4月24日召开第五届董事会第四次会议与第五届监事会第四次会议，审议通过回购注 销2024年限制性股票激励计划部分限制性股票的议案。 决策程序回顾 2024年3月27日，电魂网络召开第四届董事会第二十二次会议与第四届监事会第十七次会议，审议通过 与2024年限制性股票激励计划相关议案。2024年4月25日，公司召开2023年年度股东大会，审议通过相 关议案，并授权董事会办理2024年限制性股票激励计划相关事宜。 回购注销原因及人员、数量离职原因：因本激励计划首次授予的激励对象中有4名激励对象因离职已不 再具备激励资格，公司将对其已获授但尚未解除限售的限制性股票共计69,500股予以回购注销。未达考 核指标原因：首次授予的激励对象中有19名激励对象2024年度未达成实绩考核指标（S）完成情况S≥80 分或者未达成实绩考核指标（P）完 ...

证券代码：603258 证券简称：电魂网络 公告编号：2025-021 杭州电魂网络科技股份有限公司 关于部分限制性股票回购注销实施公告 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： | 回购股份数量 | 注销股份数量 | 注销日期 | | | | --- | --- | --- | --- | --- | | 516,650 | 516,650 | 年 月 2025 | 7 | 日 1 | 一、本次限制性股票回购注销的决策与信息披露 杭州电魂网络科技股份有限公司（以下简称"公司"）于 2025 年 4 月 24 日召 开第五届董事会第四次会议审议通过《关于回购注销 2024 年限制性股票激励计划部 分限制性股票的议案》。鉴于公司 2024 年限制性股票激励计划（以下简称"《激励 计划（草案）》"或"本激励计划"）首次授予的 4 名激励对象因离职不再具备激 励资格，公司对其持有的已获授但尚未解除限售的限制性股票合计 69,500 股予以回 购注销；首次授予的激励对象中有 19 名激励对象个人业绩考核不达 ...