HBMC(SZ:300027) Shen Zhen Shang Bao·2025-10-06 03:34Core Viewpoint - The acquisition of the original "Suzhou Huayi Brothers Movie World" by Haihe An Cultural Tourism marks a significant shift in Huayi Brothers' strategy towards a light asset model for its film IPs, raising questions about the future planning and operation of remaining projects [1][2]. Group 1: Acquisition Details - Haihe An Cultural Tourism, a company under the Korean private equity giant MBK Partners, completed the full acquisition of the original "Suzhou Huayi Brothers Movie World" on September 21, rebranding it as "Haihe An Suzhou Yangcheng Peninsula Paradise" [2]. - The project was Huayi Brothers' first film-themed park, aimed at creating a "Chinese Disneyland," but has faced continuous losses since its opening in 2018, leading to bankruptcy restructuring in 2024 [2]. Group 2: Financial Performance - In the first half of 2025, Huayi Brothers reported total revenue of 153 million yuan, a 50.37% decline year-on-year, with a net loss of approximately 74.44 million yuan compared to a profit of 24.72 million yuan in the same period last year, marking a 401.15% decrease [3][4]. - The company's main revenue source, the film entertainment segment, saw a 50.29% drop in revenue, generating 152 million yuan, with a gross margin decrease of 18.61% [4]. - The brand authorization and real-life entertainment segment reported zero revenue, a 100% decline year-on-year, due to no new authorizations during the reporting period [4]. Group 3: Historical Losses and Debt - Huayi Brothers has experienced consecutive annual losses from 2018 to 2024, with cumulative losses reaching 8.246 billion yuan [4]. - The company's debt-to-asset ratio has been on the rise, increasing from 48.22% at the end of 2018 to 86.64% as of June 30, 2025 [4]. - As of September 30, the company's stock price fell by 1.52% to 2.59 yuan per share, with a market capitalization of 7.186 billion yuan, indicating stagnant performance throughout the year [4].