E-Soul(SH:603258) Guo Ji Jin Rong Bao·2026-01-21 12:37Core Viewpoint - The company, Dianhun Network, is expected to report a net profit loss of between 160 million to 230 million yuan for the year 2025, marking its first annual loss since its listing in October 2016 [1][4]. Group 1: Financial Performance - The company's revenue and net profit have been declining since 2020, with revenues of 1.024 billion yuan and a net profit of 395 million yuan in 2020, dropping to 551 million yuan and 30.58 million yuan respectively by 2024 [5]. - For the first three quarters of 2025, the company reported revenues of 293 million yuan, a year-on-year decrease of 29.08%, and a net loss of 30.515 million yuan, a year-on-year decline of 140.83% [5]. Group 2: Reasons for Performance Decline - The primary reason for the expected loss is the significant decline in game recharge flow from the wholly-owned subsidiary, Xiamen Youdong Network Technology Co., Ltd., which has adversely affected the company's profits and led to a notable impairment of goodwill [4]. - The company has also experienced a substantial decrease in revenue from existing games, further impacting its financial performance [4]. Group 3: Product and Market Context - Dianhun Network is known for its flagship product, the RPG-based online game "Dream of the Three Kingdoms," which has been well-received since its launch in 2009 and has contributed significantly to the company's past success [4]. - Despite attempts to launch new titles such as "Barbarian Battle 2," "Meet the Dragon 2," and "Cultivation Era" to revitalize its product lineup, these new releases have not met market expectations, continuing the trend of declining performance [5].