Dianhun Network's actual controller Hu Jianping divorces, splitting 3% stake to Chen Fang
Dianhun Network announced on September 16 that its actual controllers Hu Jianping and Chen Fang have completed divorce procedures and arranged for the division of shares, with Hu Jianping transferring 7,282,943 shares he held, representing 3% of the company's total share capital, to Chen Fang. Before this equity change, Hu Jianping held 14,040,452 shares, representing 5.78% of the company's total share capital; Chen Fang held 26,178,500 shares, representing 10.78%. After the change, Hu Jianping holds 7,757,509 shares, representing 2.78% of the company's total share capital; Chen Fang holds 33,461,443 shares, representing 13.78%, and the two parties jointly control 40,218,952 shares, representing 16.56% of the company's total share capital, which remains unchanged. Based on the closing price of 13.07 yuan per share on September 16, the market value of the divided shares is approximately 95.188 million yuan. The announcement shows that Hu Jianping and Chen Fang signed a Concerted Action Agreement on September 15, 2026, with a concerted action period of thirty-six months from the effective date of the agreement; Hu Jianping will continue to serve as chairman of the company's fifth board of directors, and Chen Fang will continue to serve as director and general manager of the company's fifth board of directors. The company stated that this equity change will not lead to a change in actual controllers, does not involve a change of control, and will not affect normal business operations.
Dianhun Network's first-half revenue was 183 million yuan, with IP derivative business becoming a new growth driver
Dianhun Network disclosed its 2026 semi-annual report on August 27. In the first half of the year, it achieved operating revenue of 183 million yuan, a year-on-year decrease of 5.67 percent, and net profit attributable to shareholders of the listed company was a loss of 58.7737 million yuan. The company is still in a phase of adjusting existing products while investing in new ones. Selling expenses rose 61.07 percent year-on-year, and exchange losses occurred due to the decline in the US dollar against the renminbi. During the reporting period, the company completed the acquisition and integration of Shanghai Manhun, formally bringing the game and anime IP derivative products business into its overall business system. On a consolidated basis, this business achieved operating revenue of 14.4748 million yuan and net profit of 495,500 yuan, and currently has 23 offline stores in cities including Shanghai, Nanjing, and Suzhou. The company has self-developed or licensed products in reserve such as Xiuxian Shidai, Attack! Airship, and Love Super God Every Day, among which Xiuxian Shidai has obtained game licenses for both mobile and PC platforms. In addition, the company uses AIGC technology to build a bulk material production pipeline, and as of June 30, 2026, it had obtained 101 authorized patents.
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Dianhun Network expects first-half loss of at least 47 million yuan; actual controller ends share reduction plan early
Dianhun Network expects a net loss attributable to the parent of 47 million to 65 million yuan for the first half of 2026, compared with a loss of 9.34 million yuan in the same period last year. The company's actual controller, controlling shareholder, and chairman Hu Jianping reduced his holdings by about 4.65 million shares through block trades and centralized bidding, lowering his stake from 7.66 percent to 5.78 percent. The total reduction amount was 64.36 million yuan, representing a 1.88 percent stake reduction, against an original plan to reduce no more than 1.92 percent. The reduction plan has been terminated early. The main reasons for the expected loss are a year-on-year decline in recharge revenue from older titles such as Dream of Three Kingdoms 2, increased selling expenses from market launches of some new products, and significant exchange losses due to the depreciation of the US dollar against the yuan. Dianhun Network's 2025 revenue fell to 385 million yuan, the lowest since its listing, and its annual loss of 214 million yuan marked its first loss since going public. Revenue from the Dream of Three Kingdoms series of PC games accounted for 60.66 percent of the total, and the game has been in operation for more than 15 years.
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Dianhun Network Expects First-Half Loss Exceeding 47 Million Yuan, Widening Year-on-Year
Dianhun Network disclosed its 2026 half-year performance forecast, expecting a net loss of 47 million to 65 million yuan for the first half, with the loss widening significantly compared to the same period last year. The company stated that the expected loss is mainly due to a year-on-year decline in top-up revenue for Dream of Three Kingdoms 2, increased selling expenses from marketing new games, and substantial exchange losses from the depreciation of the US dollar against the yuan. Dianhun Network has been exploring esports, IP derivatives, and AI, while pushing client games to mobile, but client games still account for 63.63% of total revenue, while mobile game revenue fell 25.44% year-on-year. Game industry commentator Zhang Shule noted that whether Dianhun Network can leverage multi-platform data interoperability to address the pain points of porting client games to mobile is key to realizing its esports ambitions.
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Dianhun Network Expects Loss of 47 Million to 65 Million Yuan in First Half of 2026
Dianhun Network disclosed its performance forecast, expecting a net loss attributable to shareholders of 47 million to 65 million yuan in the first half of 2026, compared with a loss of 9.34 million yuan in the same period last year. The net loss after deducting non-recurring items is expected to be 51 million to 69 million yuan, compared with a loss of 15.6 million yuan a year earlier. The company said the change in performance was mainly due to a year-on-year decline in recharge revenue from products such as Dream of Three Kingdoms 2 as their operating cycles lengthened, while increased marketing spending on some new games drove up sales expenses, and a decline in the US dollar to yuan exchange rate led to significant foreign exchange losses.
China