《野蛮人 大作战2》

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电魂网络高管集体减超8000万元 近年来业绩持续下滑、创始人大规模套现离场
Xin Lang Zheng Quan· 2025-09-30 06:54
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].