HBMC(SZ:300027) 2 1 Shi Ji Jing Ji Bao Dao·2025-12-11 03:52Core Points - Huayi Brothers, known as "China's first film and television entertainment stock," experienced a significant drop in stock price, falling 6.5% to 2.3 yuan per share due to financial distress and overdue debts totaling 52.5 million yuan [1][2] - The company reported that overdue debts exceeded 10% of its audited net assets for 2024, and some bank accounts have been frozen [1][2] - The controlling shareholder, Wang Zhongjun, faces a second judicial auction of 153.92 million shares, which could lead to a decrease in his ownership stake and potential instability in company control [2] Financial Performance - Huayi Brothers has reported continuous losses for seven consecutive years from 2018 to 2024, with cumulative losses exceeding 8.3 billion yuan [2] - The company's debt-to-asset ratio reached 87.69%, an increase of 8.6 percentage points year-on-year, indicating a concerning financial structure [2] - Revenue for the first three quarters of 2025 was only 215 million yuan, a significant decline of 46.08% year-on-year [2] Strategic Actions - In response to its financial difficulties, Huayi Brothers has begun to strategically downsize by selling non-core assets, including the sale of its theme park project, which had been a significant investment [3] - The company's co-founder, Wang Zhonglei, has also ventured into the short video sector, indicating a potential shift in focus and strategy [3]