电魂网络高管组团减持，半年内套现超 2 亿

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]