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Dianhun Network reports a net loss of 214 million yuan in 2025, with both gross profit margin and net profit margin declining.
Asking AI · Does the decline in gross profit margin reflect challenges in the profitability model of the gaming industry?
Blue Whale News, April 3 — On April 2, Digital Soul Network released its 2025 performance report. Data shows that the company achieved an operating revenue of 385 million yuan in 2025, a year-on-year decrease of 30.08%; net profit attributable to the parent was -214 million yuan, a year-on-year decrease of 800.23%; non-recurring net profit was -218 million yuan, a year-on-year decrease of 4,218.31%.
The net cash flow from operating activities for the year was -21.4859 million yuan, a year-on-year decrease of 118.64%, with continuous net cash outflow. The gross profit margin was 60.31%, down 10.28 percentage points year-on-year; the net profit margin was -55.64%, further declining compared to the previous year.
The revenue structure further concentrated on domestic clients. Client-based game revenue accounted for 63.68%, mobile game revenue accounted for 31.47%, together comprising 95.15% of operating revenue; overseas game revenue shrank to 5.40%, with domestic revenue reaching 89.87%. However, all major business lines showed contraction: client-based game revenue decreased by 33.78% year-on-year, mobile game revenue decreased by 25.44%, and overseas game revenue decreased by 46.73%.
Quarterly, the fourth quarter’s operating revenue was 92.1554 million yuan, net profit attributable to the parent was -184 million yuan, and non-recurring net profit was -180 million yuan. The quarterly loss accounted for 85.7% of the absolute value of the full year’s net profit attributable to the parent.
Sales expenses were 92.9718 million yuan, an increase of 1.80% year-on-year, with the sales expense rate rising from about 19.5% last year to about 24.2%. R&D expenses were 101 million yuan, a decrease of 22.25%, accounting for 26.28% of revenue, with 259 R&D personnel at the end of the period.