HBMC(SZ:300027) 创业邦·2025-10-09 03:23Core Viewpoint - The acquisition of Suzhou Huayi Brothers Movie World by MBK Partners highlights the challenges faced by domestic theme parks in China and the increasing interest of foreign capital in the Chinese cultural tourism sector [5][9][25]. Group 1: Acquisition and Financial Performance - MBK Partners has completed the full acquisition of Suzhou Huayi Brothers Movie World, which has been renamed Suzhou Yangcheng Peninsula Park, marking a significant shift in ownership from a struggling domestic entity to foreign investment [5][8]. - The theme park, which opened in 2018, has faced continuous losses, with reported losses of 134 million yuan, 162 million yuan, and 93 million yuan from 2018 to 2020, leading to its bankruptcy restructuring in 2024 [10][12][13]. - Following MBK's investment of 100 million yuan, the park saw a significant increase in visitor numbers, reaching 350,000 during the summer trial operation period in 2025, with a daily peak of 20,000 visitors and a revenue increase of 68% year-on-year [8][11]. Group 2: Strategic Shifts and Market Dynamics - The initial vision for Suzhou Huayi Brothers Movie World was to replicate the Disney model by monetizing popular IPs, but the project quickly became a financial burden for Huayi Brothers, leading to its eventual sale [10][12]. - The failure of the park can be attributed to a mismatch between the IPs used and the expectations of the target audience, as the films associated with the park did not maintain their popularity, unlike Disney's enduring characters [14][20]. - The trend of foreign investment in Chinese cultural tourism projects, such as MBK's previous acquisitions of several marine parks, indicates a shift in market dynamics where international players are capitalizing on distressed assets in the sector [9][25][31]. Group 3: Investment Strategies and Future Outlook - MBK's approach to investing in distressed assets, known as "distressed investing," involves acquiring undervalued properties with the potential for future profitability through operational improvements [22][31]. - The strategic focus for MBK includes localizing the park's offerings and enhancing family-friendly attractions, which are expected to attract a broader audience and improve financial performance [22][23]. - The easing of regulatory conditions for foreign investments in entertainment venues since 2021 has facilitated increased foreign interest in the Chinese cultural tourism market, suggesting a potential recovery and growth in this sector [25][28].