What Electronic Soul does

Electronic Soul (杭州电魂网络科技股份有限公司) is a Hangzhou-based developer and publisher of online and mobile games, publicly listed on the Shanghai Stock Exchange (603258) since October 2016 as the first A-share main board IPO-listed game company in China. The company was founded in 2008 by Chairman Hu Jianping and operates across PC, mobile, HTML5, console, and VR formats, anchored by the long-running Dream Three Kingdoms (梦三国) MOBA franchise and its successor Dream Three Kingdoms 2, alongside Dream Tower Defense (梦塔防), Barbarian Battle (野蛮人大作战), and roguelike title Yuaneng Out of Control (元能失控). The portfolio extends into VR via subsidiary Spoon Network, console gaming with Genesis, and more recently into AIGC-produced animated content such as《寻梦泰顺》.

The technical foundation centers on proprietary game engines for competitive MOBA and real-time strategy gameplay, with the company's own platform infrastructure handling publishing, payments, VIP services, and security (pay.17m3.com, vip.m3guo.com, service.17m3.com, aq.m3guo.com). Distribution combines self-operated platforms, third-party app stores, and the Tencent WeGame channel domestically, with international reach across 25+ countries via licensing partners such as VGG Entertainment in Vietnam. The business model is freemium: free-to-play titles monetized through in-game virtual goods, currency, and VIP subscriptions, supplemented by licensing royalties and esports event revenue (tickets, sponsorship, broadcasting) generated through the annual Electronic Soul Entertainment Star Season (EESC) and the Dream Three Kingdoms 2 Professional League (MPL) co-run with Aoyi Esports.

Customer concentration sits with a long-tail base of PC and mobile gamers, plus esports enthusiasts participating in professional leagues; 280 million+ registered users and 550,000+ peak concurrent users support the fragmented consumer profile, while government recognition as a National Cultural Export Key Enterprise underpins the international licensing motion. The company also operates an intelligent creative incubator in Hangzhou Binjiang covering gaming, esports, entertainment, and AI startups, signaling intent to build an adjacent innovation ecosystem around its core publishing platform.

Name

Electronic Soul

Legal name

杭州电魂网络科技股份有限公司

Website

https://dianhun.cn

Company type

Public

Founded year

2008

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Electronic Soul (Hangzhou Dianhun, SSE:603258) develops and publishes PC, mobile, HTML5, console, and VR games anchored by the Dream Three Kingdoms MOBA franchise, monetizing via freemium in-game purchases, international licensing, and esports events for a long-tail consumer base across 25+ countries.

Ownership category

akta.pro rank

Product category

Online Game Development

akta.pro primary industry

Mobile & F2P Game Studios (MPAFAAAB)

akta.pro secondary industries

Virtual Worlds & Social Sandbox Experiences (persistent social spaces) (MPAFAIAG), Gaming & Virtual World Social Platforms (MPACAJAG)

Keywords

• Online game development
• MOBA games
• Mobile gaming
• Esports platforms
• Game publishing

Headquarters

HQ city

Hangzhou

HQ country

China

HQ region

Asia

Offices2 records

Markets served

GTM type

B2C

Offering type

Software

Cost components

Personnel, Technology or R&D, Marketing or Sales, Operations, Infrastructure

Revenue model

1. Game Operations (In-game Purchases): Free-to-play model with virtual goods and currency purchases within games. Players purchase game coins, VIP memberships, and in-game items. This is the primary revenue stream.
2. Game Licensing: Licensing of self-developed games to international publishers and operators. Games are licensed to partners in Southeast Asia (Vietnam, Thailand, etc.) and other regions.
3. Esports Events: Revenue from esports tournaments and events including ticket sales, sponsorship, and broadcasting rights for the Entertainment Star Season (EESC) competitions.

Go-to-market motion2 records

Distribution channels4 records

Marketing channels6 records

Core offering

Electronic Soul (杭州电魂网络科技股份有限公司) develops and publishes self-developed online and mobile games, primarily MOBA and tower defense titles such as 梦三国2 (Dream Three Kingdoms 2) and 梦塔防 (Dream Tower Defense), using a free-to-play model monetized through in-game virtual goods and VIP memberships. The company also produces VR games, console games, HTML5/WeChat mini-games, and AI-generated animation content, distributing globally through proprietary platforms, third-party app stores, the Tencent WeGame platform, and licensing partners.

Product overview

Electronic Soul (杭州电魂网络科技股份有限公司) operates as a comprehensive digital entertainment company with a multi-platform portfolio of games and related content. The company develops and publishes PC games (端游) including flagship MOBA titles《梦三国2》and《梦塔防》; mobile games (手游) such as《野蛮人大作战》《光影对决》《梦三国手游》; HTML5 web games (闪电玩/微信小游戏); console games (Genesis); and VR games (瞳-祈愿/净界之涤). The product portfolio spans multiple gaming formats including MOBA, tower defense, roguelike, casual competitive, and VR experiences. The company also produces AI-generated content (AIGC) including animation series. Products are distributed across global markets including North America, Southeast Asia, Korea, Russia, Australia, and South America. The company is listed on the Shanghai Stock Exchange (603258) and operates an intelligent creative business incubator.

Differentiator

Problem solved

Functional benefit

Brands

• 梦三国 (Dream Three Kingdoms): Flagship MOBA game franchise with multiple titles including original, sequel, and mobile versions
• 梦塔防 (Dream Tower Defense)
• 野蛮人大作战 (Savage Man Battle)
• 元能失控 (Yuaneng Out of Control)
• 电魂智能创意孵化器
• 瞳-祈愿
• 净界之涤
• Genesis
• 电魂自在里文化空间

Products and services

• 梦三国2 (Dream Three Kingdoms 2) A MOBA (Multiplayer Online Battle Arena) game featuring a Three Kingdoms theme with 3D premium graphics and nine competitive game modes. It is the company's flagship competitive esports title.
• 梦塔防 (Dream Tower Defense) The world's first PC tower defense game featuring real-time strategy gameplay, home base building, hero garrison systems, and resource competition mechanics.
• 元能失控 (Yuaneng Out of Control) A roguelike co-op game developed by Spark Studio featuring multiplayer online adventure across dimensional spaces with love-hating trap mechanics.
• 野蛮人大作战 (Barbarian Battle) A casual competitive mobile game with simplified MOBA mechanics, featuring cute art style and fast-paced 3v3v3 battles.
• 光影对决 (Light and Shadow Showdown) A mobile MOBA game featuring dual-hero switching mechanics and unique tactical gameplay elements.
• 梦三国手游 (Dream Three Kingdoms Mobile) Mobile adaptation of the classic Dream Three Kingdoms MOBA, featuring dual-end synchronized gameplay with the PC version.
• 梦塔防手游 (Dream Tower Defense Mobile) Mobile version of the tower defense game with strategic base-building and hero deployment mechanics.
• Genesis Console game developed for gaming consoles, representing the company's expansion into the console gaming market segment.
• 瞳-祈愿 (Eye - Wish)

Quantifiable outcome

• 280 million+ registered users
• +2 more outcomes

Segments2 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability4 records

Feature4 records

Partnerships

Four partnerships are on record, tiered core and minor.

• VGG Entertainment JSC (Vietnam)coreChannel Partner/ Reseller/ DistributorVGG operates 梦三国 and 梦塔防 in Vietnam under licensing agreement. Strategic partner for Southeast Asian market expansion.
• Tencent (WeGame)coreTechnology or IntegrationGames like 元能失控 distributed through Tencent's WeGame platform. Strategic platform partnership for PC game distribution in China.
• Aoyi Esports (奥义电竞)coreStrategic or Co-development PartnerCo-organizer of the 梦三国2 Professional League (MPL), working together on esports tournament operations and professional league management.
• Spark Studio (火花工作室)minorStrategic or Co-development PartnerDevelopment studio behind 元能失控, originally formed by members of the符文守护者 (Rune Guardian) development team.

Scale indicators4 records

Recent moves9 records

Expansion highlights6 records

Broad incumbents

• Tencent Games: Tencent operates Honor of Kings (王者荣耀), the dominant Chinese MOBA, and runs the WeGame distribution platform that hosts Electronic Soul's titles. Comparable as the dominant incumbent in Chinese MOBA and competitive gaming, and a key platform partner for Electronic Soul's PC distribution.
• miHoYo / HoYoverse: miHoYo (Genshin Impact, Honkai) is a leading Chinese self-developed game studio with strong global F2P monetization and large headcount. Comparable as a self-developed Chinese game company with cultural IP and global F2P model, though Electronic Soul is sub-scale and focused on MOBA/tower defense rather than open-world action RPG.
• NetEase: NetEase is one of China's largest game developers/publishers (Onmyoji, Marvel Rivals, Naraka: Bladepoint). Comparable as a diversified Chinese game company with both self-developed and licensed titles, MOBA/competitive portfolio, and global distribution footprint—though materially larger and broader than Electronic Soul.

Direct peers

• Lilith Games: Lilith Games is a Shanghai-headquartered mobile game developer known for AFK Arena and Rise of Kingdoms. Comparable as a Chinese mobile-first F2P developer with global publishing and self-developed IP focus.
• FunPlus: FunPlus is a Chinese-founded global game developer/publisher with strategy and competitive titles (State of Survival, King of Avalon). Comparable as a Chinese game company focused on self-developed titles with global publishing footprint and F2P monetization.
• Yostar Limited: Yostar is a Shanghai-based global game publisher specializing in mobile F2P titles including Blue Archive and Azur Lane. Comparable as a Shanghai-based gaming company with global F2P publishing capabilities and China-Japan-Korea cultural IP positioning.
• 37Games (37互娱): 37Games is a major Chinese mobile and web game publisher with F2P and in-game purchase revenue model. Comparable as a Chinese-listed mobile and HTML5-focused publisher targeting similar domestic and pan-Asian markets.
• Giant Network (巨人网络): Giant Network is a Chinese A-share listed game developer known for ZT Online and mobile competitive titles. Comparable as a Chinese listed game studio with similar scale, self-developed IP focus, and esports-adjacent competitive portfolio.
• Perfect World Games: Perfect World is a major Chinese A-share listed game developer with self-developed MMOs, MOBAs, and competitive titles. Directly comparable as a publicly listed Chinese developer focused on self-developed quality games with esports components and PC + mobile publishing.
• Kingsoft (Seasun): Kingsoft's Seasun subsidiary operates the JX series of Chinese cultural-themed MMOs and competitive titles. Comparable as a long-running Chinese developer with cultural/historical IP, MOBA-adjacent gameplay, and Hong Kong-listed public status.

Market position

Strengths1 record

Weaknesses5 records

Competitive moat4 records

Key highlights7 records

Customer concentration

Compliance8 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries5 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments5 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Electronic Soul