证券研究报告 | 行业点评报告 2026 年 01 月 30 日 26 年首月发放 182 款版号，大幅超过 25 年月均 148 款 游戏行业 1 月版号点评 TMT 及中小盘/传媒 1 月 26 日，国家新闻出版署公布了 177 款国产版号、5 款进口版号。177 款国产 版号中，其中"移动"类 101 款，"移动-休闲益智"类 64 款，"移动、客户端"10 款，"客户端"2 款；5 款进口版号中，"移动"4 款，"客户端"1 款。同时还发布 了 14 款游戏的审批变更信息。 ❑ 风险提示：游戏上线时间不及预期；流水不及预期等。 推荐（维持） 行业规模 | | | 占比% | | --- | --- | --- | | 股票家数（只） | 160 | 3.1 | | 总市值（十亿元） | 2251.6 | 2.0 | | 流通市值（十亿元） | 2071.2 | 2.0 | 行业指数 相关报告 1、《传媒互联网行业周报—阿里千 问做出重大更新，泡泡玛特持续回购》 2026-01-29 2、《互联网行业周报—春节 AI 应用 活动陆续上线，关注大厂布局情况》 2026-01-29 3、《AI 应用研究感思 ...

Summary of Key Points Core Viewpoint - Multiple shareholders across various companies are planning to reduce their holdings, indicating potential shifts in investor sentiment and market dynamics [1]. Shareholder Reductions - **Wancheng Group**: Shareholders Peng Dejian and his spouse Fan Hongjuan plan to reduce their holdings by up to 1.2 million shares [1]. - **Tianyang Technology**: Chairman and General Manager Ouyang Jianping intends to reduce his stake by no more than 3% [1]. - **Sudavige**: Shareholder Yu Zhangxing plans to reduce his holdings by up to 1.99% [1]. - **Aide Biology**: Shareholder Xiamen Keying intends to reduce holdings by up to 1.22% [1]. - **Kanshe Shares**: Multiple shareholders plan to collectively reduce their holdings by no more than 2.59% [1]. - **Bozhong Precision**: Shareholder Xinke Hongchuang plans to reduce holdings by up to 4.4665 million shares [1]. - **Zhonggang Luonai**: Shareholder Guo Xin Shuangbai Yihua plans to reduce holdings by 3.3065 million shares [1]. - **Matrix Technology**: Director and senior manager Cui Ling plans to reduce holdings by up to 300,000 shares [1]. - **Hongchang Technology**: Shareholder Jinhua Honghe plans to reduce holdings by no more than 0.33% [1]. - **Meixin Sheng**: Shareholder WI Harper Fund VII plans to reduce holdings by 1% [1]. Other Notable Information - **ST Xinchao**: The company’s stock may face delisting [1]. - **Changjiang Investment**: The stock may be subject to delisting risk warnings [1].

Core Viewpoint - The company, Dianhun Network, is facing significant financial challenges, including a projected net loss for 2025 and a decline in revenue and profitability over recent years [2][3]. Group 1: Shareholder and Executive Share Reduction - On January 28, 2026, Dianhun Network disclosed the results of share reductions by its shareholders and executives, with a total of 3.6337 million shares sold [1]. - Among the executives, Yu Xiaoliang, a major shareholder, accounted for over 90% of the total reduction, although he did not fully execute his planned reduction of 3.9181 million shares [1]. - The company did not provide reasons for the share reductions, only stating that the reduction plan period had expired [1]. Group 2: Financial Performance and Forecast - On January 20, 2026, the company announced an expected net loss of between 160 million yuan and 230 million yuan for 2025, a stark contrast to a profit of 30.58 million yuan in the previous year [2]. - The decline in revenue is attributed to decreased game recharge flow from its wholly-owned subsidiary, Xiamen Youdong Network Technology Co., Ltd., and significant impairment of goodwill [2]. - Historical performance shows a continuous decline in revenue from 1.024 billion yuan in 2020 to 550 million yuan in 2024, a cumulative drop of 46.29%, and a net profit decrease of 92.2% from 395 million yuan to 31 million yuan [2]. - The core product, the "Dream Three Kingdoms" series, is experiencing stagnation in user growth and revenue decline, with a 33.72% year-on-year drop in revenue for the first half of 2025 [2].

Summary of Key Points Core Viewpoint - The announcement details the results of the share reduction plan by major shareholders and executives of Hangzhou Dihun Network Technology Co., Ltd, confirming compliance with legal regulations and the execution of the planned share reductions [1][4]. Group 1: Shareholding Information - Before the share reduction plan, the major shareholders held the following shares: Mr. Yu Xiaoliang (15,672,213 shares, 6.42%), Mr. Zhang Jiliang (90,000 shares, 0.04%), and Ms. Wu Xiaojun (100,000 shares, 0.04%) [1]. Group 2: Implementation Results - The share reduction plan was disclosed on September 27, 2025, with Mr. Yu Xiaoliang planning to reduce up to 3,918,053 shares (1.61% of total shares), including 2,440,157 shares through centralized bidding (1.00%) and 1,477,896 shares through block trading (0.61%) [1]. - During the reduction period, Mr. Yu Xiaoliang reduced 2,434,900 shares through centralized bidding and 1,152,500 shares through block trading, totaling 3,587,400 shares (1.47% of total shares) [2]. - Mr. Zhang Jiliang reduced 22,300 shares (0.01% of total shares) and Ms. Wu Xiaojun reduced 24,000 shares (0.01% of total shares) through centralized bidding [2]. Group 3: Compliance and Confirmation - The share reduction was executed in accordance with the previously disclosed plan, and there were no violations of the reduction plan or other commitments [4][5].

格隆汇1月28日丨电魂网络(603258.SH)公布，截至本公告日，本次减持计划期限届满，本次减持期间 内，余晓亮先生通过集中竞价方式减持公司股份243.49万股，通过大宗交易方式减持公司股份115.25万 股，合计减持公司股份358.74万股，占公司目前股份总数的1.47%；张济亮先生通过集中竞价方式减持 公司股份2.23万股，占公司目前股份总数的0.01%；伍晓君女士通过集中竞价方式减持公司股份2.4万 股，占公司目前股份总数的0.01%。 ...

（记者 王晓波） 每经头条（nbdtoutiao）——从极寒测试到万套装车！半固态电池今年有望搭载多款新车：各大厂商摩 拳擦掌，动力电池技术迎来迭代年 每经AI快讯，电魂网络1月28日晚间发布公告称，截至本公告日，本次减持计划期限届满，本次减持期 间内，董事余晓亮先生通过集中竞价方式减持公司股份约243万股，通过大宗交易方式减持公司股份约 115万股，合计减持公司股份约359万股，占公司目前股份总数的1.47%；董事会秘书张济亮先生通过集 中竞价方式减持公司股份约2.23万股，占公司目前股份总数的0.01%；财务总监伍晓君女士通过集中竞 价方式减持公司股份约2.4万股，占公司目前股份总数的0.01%。 ...

证券代码：603258 证券简称：电魂网络 公告编号：2026-003 杭州电魂网络科技股份有限公司 股东及董事、高管减持股份结果公告 本公司董事会、全体董事及相关股东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法律责任。 重要内容提示： 公司于 2025 年 9 月 27 日披露了《股东及董事、高管减持股份计划公告》 （公告编号：2025-034），余晓亮先生计划通过集中竞价及大宗交易方式减持公 司股份不超过 3,918,053 股，即不超过公司总股本的 1.61%，其中：拟通过集中 竞价交易方式减持公司股份不超过 2,440,157 股（即不超过公司总股本的 1.00%）； 拟通过大宗交易方式减持公司股份不超过 1,477,896 股（即不超过公司总股本的 0.61%）；张济亮先生计划通过集中竞价交易方式减持公司股份不超过 22,500 股， 即不超过公司总股本的 0.01%，伍晓君女士计划通过集中竞价交易方式减持公司 股份不超过 25,000 股，即不超过公司总股本的 0.01%。 截至本公告日，本次减持计划期限届满，本次减持期间内，余晓亮先生通过 ...

格隆汇1月28日丨电魂网络(603258.SH)公布，截至本公告日，本次减持计划期限届满，本次减持期间 内，余晓亮先生通过集中竞价方式减持公司股份243.49万股，通过大宗交易方式减持公司股份115.25万 股，合计减持公司股份358.74万股，占公司目前股份总数的1.47%；张济亮先生通过集中竞价方式减持 公司股份2.23万股，占公司目前股份总数的0.01%；伍晓君女士通过集中竞价方式减持公司股份2.4万 股，占公司目前股份总数的0.01%。 ...

Market Overview - The gaming sector experienced a slight increase of 0.0% on January 22, with Mingchen Health leading the gains [1] - The Shanghai Composite Index closed at 4122.58, up 0.14%, while the Shenzhen Component Index closed at 14327.05, up 0.5% [1] Individual Stock Performance - Mingchen Health (002919) closed at 26.91, with a rise of 6.41% and a trading volume of 150,400 shares, amounting to a transaction value of 398 million yuan [1] - Other notable gainers included Shunwang Technology (300113) with a 2.35% increase, and Electric Soul Network (603258) with a 1.95% increase [1] - Conversely, stocks like Kaiying Network (002517) and Giant Network (002558) saw declines of 2.27% and 1.91%, respectively [2] Capital Flow Analysis - The gaming sector saw a net outflow of 222 million yuan from institutional investors, while retail investors experienced a net outflow of 97.08 million yuan [2] - Notable net inflows from retail investors were observed in stocks like Kunlun Wanwei (300418) and Yaoji Technology (002605) [3] ETF Performance - The Gaming ETF (159869) tracking the China Animation and Gaming Index decreased by 4.62% over the past five days, with a net redemption of 200 million yuan [5] - The Food and Beverage ETF (515170) saw a slight decline of 2.34% and an increase in shares by 4.5 million [5]

Core 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].