Core Viewpoint - The gaming industry is experiencing a surge in game approvals and a faster review process, leading to a positive market response, particularly for companies like Icefire Network and Deyun Network, which have seen significant stock price increases following the approval of new game licenses [3][4]. Group 1: Company Performance - Deyun Network's peak performance was in 2020, with total revenue of 1.02 billion yuan, a year-on-year increase of 47%, and a net profit of 330 million yuan, up 79% [10]. - Since 2021, Deyun Network has faced a continuous decline in revenue and profit for over four years, contrasting with the overall growth of the Chinese gaming market [12][10]. - In 2024, Deyun Network's revenue dropped to 359.26 million yuan, a decrease of 18.46% from 2023, with total revenue of 308.06 million yuan, down 38.47% [16]. Group 2: Product Lifecycle and Market Dynamics - The reliance on a single IP, "Dream of Three Kingdoms," has led to a decline in player engagement and revenue, with the game entering a phase of decline after over 15 years of operation [13][15]. - The company's other products, such as "Barbarian Battle" and "My Hero," have not achieved significant success, contributing to a shrinking revenue base [18]. - The gaming market is increasingly competitive, with major players like Tencent and NetEase dominating, leading to rising customer acquisition costs and pressure on profit margins [68][69]. Group 3: Financial Health and Investment Issues - Deyun Network has seen a significant drop in net profit, with a compound annual growth rate (CAGR) of -64.4% from 2020 to 2024, and a projected loss of 12 to 18 million yuan for the first half of 2025 [20][22]. - The company has faced increasing asset impairment losses, reaching 67 million yuan in 2024, accounting for 12.1% of total revenue [27]. - The company's investment strategy has led to a high number of underperforming investments, with six out of ten major investments facing operational crises [58][61]. Group 4: Management and Shareholder Actions - The company's founders have collectively cashed out 850 million yuan, raising concerns about their commitment to the company's future [73]. - The controlling shareholder plans to reduce their stake by 2%, indicating a lack of confidence in the company's long-term prospects [81][83]. - The company has faced regulatory scrutiny due to questionable financial practices related to its acquisition of Youdong Network, raising doubts about the integrity of its financial reporting [41][45][75].

证 券 研 究 报 告 电魂网络（603258）2024 年报及 2025 年一季报点评 推荐（维持） 业绩短期有所承压，后续重点关注《修仙时 代》等新游上线表现 事项： ❖ 发布 24Q4 和 25Q1 财报：业绩短期有所承压。24Q4 公司实现收入 1.38 亿元， YOY-19.8%，QOQ-2.0%；实现归母净利润-0.44 亿元；实现扣非归母净利润- 0.46 亿元。25Q1 公司实现收入 1.02 亿元，YOY-25.6%，QOQ-25.8%；实现归 母净利润 0.02 亿元；扣非归母净利润基本盈亏平衡。Q4、Q1 业绩均有所承 压。2024 年整体实现收入 5.5 亿元，YOY-19%；实现归母净利润 3058 万元； 实现扣非归母净利润 530 万元。 评论： [主要财务指标 ReportFinancialIndex] | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 550 | 1,025 | 1,278 | 1,433 | | 同比增速(%) | -18.7% | 86.1% ...