记者丨吴立洋 实习生涂玥编辑丨肖潇 实际上，电魂网络高管组团减持早有先例。东财Choice终端数据显示，早在2019年12月，电魂网络首发股份解禁不到两个月，胡建平、陈芳、胡玉彪、余 晓亮、林清源五位联合创始人就开始陆续减持，截至2023年底，他们已合计减持套现8.5亿元。 近日，电魂网络（603258.SH）发布公司公告，实际控制人、董事长胡建平已于7月至10月间完成减持486.92万股，套现1.01亿元，减持价格区间18.49— 22.73 元 / 股。 早在2025年6月11日，电魂网络股价涨停当晚，胡建平便抛出减持计划，拟减持不超过489.06万股，套现规模预计达1.12亿元。 截至10月10日收盘，电魂网络报20.72元/股，总市值50.6亿元。 高管集体减持 9月29日，公司披露的减持公告显示，董事余晓亮计划减持不超过 391.81 万股，按当日 21.05 元股价测算，套现规模将达 8259.26 万元。同期，董事会秘 书张济亮、财务总监伍晓君分别拟减持2.25万股、2.5万股，三人合计计划减持比例达1.63%。 本次减持并非孤立事件。 叠加计算，电魂网络核心管理层半年内减持规模已超2亿元，公司 ...

Core Viewpoint - The article discusses the significant share reduction by the management of Dianhun Network, highlighting the company's declining financial performance and the potential implications for investor confidence and future growth opportunities [2][4][12]. Management Share Reduction - The actual controller and chairman of Dianhun Network, Hu Jianping, reduced his holdings by 4.8692 million shares between July and October, cashing out 101 million yuan, with share prices ranging from 18.49 to 22.73 yuan per share [2]. - Other executives, including director Yu Xiaoliang and secretary Zhang Jiliang, also announced plans to reduce their holdings, with a total planned reduction exceeding 200 million yuan in the past six months [4][5]. Financial Performance Decline - Dianhun Network's revenue has halved from 1.024 billion yuan in 2021 to 550 million yuan in 2024, with net profit plummeting by 88.11% from 454 million yuan to 29.29 million yuan during the same period [7]. - The company's flagship product, the "Dream Three Kingdoms" series, has seen a revenue decline of 18.46% in 2024, contributing to 65.27% of total revenue [7][9]. New Product Development Challenges - Despite efforts to diversify its product offerings, including 21 self-developed games and investments in AI technology, the company has faced limited success, with new titles failing to generate significant revenue [9][10]. - The recent launch of "Barbarian Battle 2" initially performed well but quickly declined in revenue, indicating challenges in sustaining new product success [9]. Investment Risks and Market Competition - Dianhun Network has invested in over 40 companies, but many face operational crises, raising concerns about the effectiveness of its investment strategy [10]. - The gaming industry is highly competitive, with over 30% of new games failing within three months, making it difficult for Dianhun Network to regain market share [10][12]. Future Outlook - The combination of aging core products, lack of breakthroughs in new business ventures, and cash flow pressures may further undermine market confidence and financing capabilities [12]. - The company's ability to develop a successful new product will be crucial in reversing the current downward trend and addressing the ongoing challenges [12].

Core Viewpoint - The recent share reduction by the chairman and other executives of Dianhun Network indicates a potential cash-out during a low stock price period, amidst declining financial performance and product revenue [1][3]. Group 1: Share Reduction - Chairman and General Manager Hu Jianping reduced his holdings by 4.8692 million shares, accounting for 2% of the total shares, with a total value of approximately 101 million yuan [1]. - Other executives, including board member Yu Xiaoliang and financial director Wu Xiaojun, also plan to reduce their holdings, with proposed reductions of up to 391.81 thousand shares, 22.5 thousand shares, and 25 thousand shares respectively [1]. Group 2: Financial Performance - Dianhun Network's revenue from 2021 to 2024 showed a decline from 996 million yuan to 550 million yuan, with net profit dropping from 339 million yuan to 30.58 million yuan [3]. - In the first half of 2025, the company reported a revenue of 194 million yuan, a year-on-year decrease of 28.69%, and a net loss of 9.34 million yuan, marking the first loss since its listing [3]. Group 3: Product Performance - The main product, the "Dream Three Kingdoms" series, has seen a decline in revenue, with figures dropping from 508 million yuan in 2022 to 359 million yuan in 2024 [4]. - Monthly active users for "Dream Three Kingdoms" fell to 566,400 in 2024, a decrease of 3.9%, while monthly paying users dropped by 26.15% to 64,200 [4]. Group 4: Future Outlook - The company emphasizes the need to adapt to gaming trends and player preferences to avoid further revenue declines [5]. - Dianhun Network is focusing on enhancing its self-research capabilities and has several new products in the pipeline, including "Barbarian Battle 2" and "Encountering Dragon 2" [5].

Core Viewpoint - The recent share reduction by the management of Dianhun Network highlights ongoing concerns regarding the company's declining financial performance and reliance on a single product, raising questions about future growth prospects [2][3][4]. Group 1: Share Reduction - The actual controller and chairman of Dianhun Network, Hu Jianping, reduced his holdings by 4.8692 million shares between July and October, cashing out 101 million yuan, with a share price range of 18.49-22.73 yuan [2]. - Other board members, including director Yu Xiaoliang and secretary Zhang Jiliang, also planned to reduce their holdings, with a total planned reduction of 1.63% of shares [2]. - Cumulatively, the core management team has reduced their holdings by over 200 million yuan in the past six months, raising market concerns despite the company's claim that the reductions are due to personal financial needs [2]. Group 2: Financial Performance - Dianhun Network's revenue is projected to decline from 1.024 billion yuan in 2021 to 550 million yuan in 2024, with net profit dropping from 454 million yuan to 29.29 million yuan, representing an 88.11% decrease [3]. - The company's first half of 2025 report indicates a revenue of 194 million yuan, a year-on-year drop of 28.69%, and a net loss of 9.34 million yuan, marking the first interim loss since its listing in 2016 [3]. - The primary issue is the declining revenue from its core product, the "Dream Three Kingdoms" series, which generated 359 million yuan in 2024, a decrease of 18.46% and accounting for 65.27% of total revenue [3]. Group 3: Strategic Changes - Dianhun Network has recognized the risks of relying on a single product and is actively seeking to diversify its offerings [4]. - The company has invested over 100 million yuan in research and development over seven years, launching 21 self-developed games across various genres, but with limited success [4]. - The recent launch of "Barbarian Battle 2" initially performed well but quickly declined, with daily revenue dropping from several thousand dollars to just 100 dollars, contributing minimally to overall revenue [4]. Group 4: Investment and Risks - Investment is a key focus for Dianhun Network, with over 40 long-term investments reported [5]. - However, six out of ten major invested companies are facing operational crises, raising concerns about the effectiveness of new investments, including the recent AI initiative [5]. - The gaming industry is highly competitive, with over 30% of new games failing within three months, and the top 10% of products capturing over 75% of market share, complicating Dianhun Network's recovery efforts [5]. Group 5: Future Outlook - The ongoing share reduction and declining performance may further erode market confidence and financing capabilities, exacerbating operational challenges [5]. - The company's ability to launch a successful new product will be crucial in breaking the cycle of decline and share reduction [5][6].

21世纪经济报道 实习生涂玥 记者吴立洋 近日，电魂网络（603258.SH）发布公司公告，实际控制人、董事长胡建平已于 7 月至 10 月间完成减 持 486.92 万股，套现 1.01 亿元，减持价格区间 18.49-22.73 元 / 股。截至10月10日收盘，电魂网络报 20.72元/股，总市值50.56亿元。 本次减持并非孤立事件。9 月 29 日，公司披露的减持公告显示，董事余晓亮计划减持不超过 391.81 万 股，按当日 21.05 元股价测算，套现规模将达 8259.26 万元。同期，董事会秘书张济亮、财务总监伍晓 君分别拟减持 2.25 万股、2.5 万股，三人合计计划减持比例达 1.63%。叠加计算，电魂网络核心管理层 半年内减持规模已超 2 亿元，公司虽表示减持系"股东自身资金需求"，但持续大规模减持依然引起市场 广泛关注。 实际上，电魂网络高管组团减持早有先例。东财Choice终端数据显示，早在2019年12月，电魂网络首发 股份解禁不到两个月，胡建平、陈芳、胡玉彪、余晓亮、林清源五位联合创始人就开始陆续减持，截至 2023 年底，他们已合计减持套现 8.5 亿元。 而此次减持的背景 ...

Core Viewpoint - The company is facing significant challenges, including declining performance, heavy reliance on a single product, and a series of executive sell-offs, indicating a lack of confidence in its future prospects [2][4][7]. Financial Performance - In the first half of 2025, the company's revenue was 194 million yuan, a year-on-year decrease of 28.69%, and it reported a net loss of 9.34 million yuan, marking its first loss during a semi-annual report since its listing in 2016 [2]. - From 2021 to 2024, the company's revenue halved from 1.024 billion yuan to 550 million yuan, and net profit plummeted from 454 million yuan to 54 million yuan, a decline of 88.11% [2]. Product Dependency and New Releases - The company heavily relies on its core product, the "Dream Three Kingdoms" series, which accounted for 65.27% of total revenue in 2024, generating 359 million yuan, a year-on-year decrease of 18.46% [2]. - New game releases, such as "Barbarian Battle 2," initially performed well but quickly fell in rankings, with daily revenue dropping from several thousand dollars to around 100 dollars, contributing minimally to overall revenue [3]. Investment Losses - The company has faced significant losses from external investments, with total investment losses in 2024 amounting to 68.28 million yuan, exceeding the net profit for that period by 233.1% [3]. - As of the end of 2024, six out of ten major invested companies were facing operational crises [3]. Executive Sell-offs - Executives and founders have engaged in substantial sell-offs, with five co-founders collectively cashing out 850 million yuan by the end of 2023 [4]. - The chairman and general manager, Hu Jianping, initiated a sell-off plan shortly after a stock price surge, having sold 4.87 million shares for approximately 101 million yuan [4]. Industry Competition - The company operates in a highly competitive gaming industry dominated by major players like Tencent and NetEase, making it difficult for smaller firms to compete effectively [5]. - The company's R&D personnel decreased from 637 in 2021 to 302 in 2024, with R&D investment dropping from 210 million yuan to 130 million yuan [5]. Challenges in Transformation - The company has attempted to pivot towards "e-sports+" initiatives, such as launching an e-sports hotel brand, but has faced regulatory challenges regarding underage gaming and game accompaniment [6]. Market Sentiment - The significant executive sell-offs during a period of poor performance have sent negative signals to the market, indicating a lack of confidence in the company's future [7]. - As of June 30, 2025, the number of shareholders increased by 47.02%, while the average circulating shares per person decreased by 31.81%, suggesting a shift towards retail investors and potential withdrawal of institutional investors [7]. - The company's market capitalization stood at 5.1 billion yuan, ranking 21st out of 26 in the gaming sector [7]. Future Outlook - The company's future remains uncertain due to ongoing executive sell-offs and difficulties in business transformation [8].

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].