元气森林老板创办的新三板游戏公司，总裁等高管被停职调查

Core Insights - Beijing Zhixing Star Technology Co., Ltd. (智明星通) has suspended its president Zhang Lei due to significant work errors, with other key personnel also removed from their positions [1][2] - The company is currently under investigation, but its operational status remains normal [1] - Zhixing Star, established in 2008, was one of the first Chinese gaming companies to successfully enter overseas markets, achieving notable success with social games [1][2] Company Background - Zhixing Star was founded in 2008 and is headquartered in Beijing, initially attempting various projects before finding success in social gaming [1] - The company gained significant investment from Tencent in 2010 and has launched several successful games, including "Clash of Kings," which became a benchmark in the SLG category [1][2] Recent Developments - The company has experienced stagnation in growth over the past couple of years, with a reported revenue of 5.51 billion yuan in the first half of 2025, a decrease of 20.70% year-on-year [4][5] - Net profit for the same period was 1.11 billion yuan, down 47.15% compared to the previous year [4][5] - The company’s cash flow turned negative, with a cash flow of -6.51 million yuan, contrasting with a positive cash flow of 45.86 million yuan in the previous year [4][5] Financial Performance - In the first half of 2025, Zhixing Star's revenue decreased to 5.51 billion yuan from 6.95 billion yuan, marking a 20.70% decline [5] - The gross profit margin fell from 70.85% to 67.91% [5] - The company reported a net profit of 1.11 billion yuan, down from 2.09 billion yuan, reflecting a 47.15% decrease [5] - Total assets decreased by 6.38% to approximately 2.79 billion yuan, while total liabilities decreased by 15.22% to approximately 681.93 million yuan [5] Leadership Changes - Zhang Lei, who joined Zhixing Star in 2016 and became president in 2020, has been suspended, and his responsibilities are now managed by the board of directors [2] - The company has undergone a mixed-ownership reform, introducing an employee stock ownership platform [2]