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Core Viewpoint - The company, Dianhun Network, is expected to report a net loss of between 7.5 million to 11 million yuan for the first half of the year, marking its first loss during a semi-annual report since its listing in 2016, primarily due to declining revenue from older games and underwhelming promotional effects of new game launches [2][8]. Financial Performance - The projected net profit for the first half of the year is between -11 million and -7.5 million yuan, with a net profit of 5,930.69 million yuan reported in the same period of 2024 [2]. - The company's revenue and net profit have been on a downward trend since 2021, with a revenue decline of 20.64% and a net profit decline of 40.66% in 2022 [3]. - In 2023, the company reported a revenue decline of 14.36% and a net profit decline of 71.73% [4]. Game Performance - The main game series, "Dream Three Kingdoms," accounted for 65.27% of the company's revenue, with its revenue declining for three consecutive years from 2022 to 2024 [6][8]. - The revenue from "Dream Three Kingdoms 2" was 508 million yuan in 2022, 441 million yuan in 2023, and 359 million yuan in 2024, showing a continuous decline [6]. - The company has plans to launch several new games in 2025, including "Explosive Army Corps" and "Traveler's Diary," but the performance of new games has not significantly impacted the revenue from existing titles [10]. Market Context - Despite the overall growth of the Chinese gaming market, which reached 302.96 billion yuan in 2023, the company has struggled to maintain its market position due to increased competition and rising user acquisition costs [5]. - The company has faced scrutiny from regulatory bodies regarding its financial disclosures and the performance of its main games [6].