HBMC(SZ:300027) Mei Ri Jing Ji Xin Wen·2025-12-12 12:17Core Viewpoint - Huayi Brothers Media Co., Ltd. is facing significant financial difficulties, including overdue debts and frozen assets, which have led to a substantial decline in its market value and operational challenges [1][4][9]. Financial Issues - As of December 10, 2025, Huayi Brothers has overdue debts totaling 52.5 million yuan, which exceeds 10% of its audited net assets for 2024 [4]. - The company has multiple bank accounts frozen, with balances in various accounts being minimal, indicating severe liquidity issues [6]. - The company reported a total revenue of 215 million yuan for the first three quarters of 2025, a 46% year-on-year decline, and a net loss of 114 million yuan, which is an increase of 168% compared to the previous year [18]. Shareholder and Control Issues - The controlling shareholder, Wang Zhongjun, has all of his shares frozen, amounting to 100% of his holdings, which represents 11.43% of the total shares of the company [7][8]. - The second-largest shareholder, Hangzhou Ali Venture Capital Co., Ltd., and the third-largest shareholder, Jack Ma, together hold 6.07% of the company, raising concerns about control stability [7]. Historical Context and Market Performance - Huayi Brothers was founded in 2004 and became known as "China's first stock in film and television," reaching a peak market value of over 90 billion yuan [9][11]. - The company has incurred cumulative losses exceeding 8 billion yuan over the past seven years, with significant losses reported annually [18]. Strategic Responses - The company is attempting to optimize its asset structure and resource allocation, planning to divest non-core assets to improve financial health [7]. - Huayi Brothers is also exploring new avenues in short dramas and AI technology to revitalize its business model and adapt to changing market conditions [18].