HBMC(SZ:300027) 36氪·2025-10-08 04:07Core Viewpoint - The acquisition of Suzhou Huayi Brothers Movie World by MBK Partners signifies the challenges faced by domestic companies in replicating successful international entertainment models like Disney, highlighting the need for foreign capital to revitalize struggling projects [5][11]. Group 1: Acquisition and Financial Performance - On September 21, 2023, MBK Partners completed the full acquisition of Suzhou Huayi Brothers Movie World, renaming it "Suzhou Yangcheng Peninsula Paradise" [5]. - The theme park, which spans 690 acres, has faced continuous losses since its opening in 2018, leading to its bankruptcy restructuring in 2024 [8][22]. - During the trial operation in the summer of 2025, the park attracted 350,000 visitors, with a peak daily attendance of 20,000, resulting in a 68% year-on-year revenue increase [8]. Group 2: Historical Context and Strategic Missteps - Huayi Brothers initially aimed to create a theme park akin to Disney, leveraging popular film IPs to generate revenue [13][20]. - The park's financial struggles were evident, with losses of 134 million, 162 million, and 93 million yuan from 2018 to 2020 [21]. - By 2024, Huayi Brothers had accumulated a total net loss of 8.2 billion yuan since 2018, attributed to a failed "de-movie" strategy [23]. Group 3: Market Dynamics and Investment Trends - The investment landscape for theme parks in China has shifted, with foreign capital increasingly interested in acquiring distressed assets, as evidenced by MBK's previous acquisitions in the Chinese tourism sector [10][36]. - Regulatory changes since 2021 have facilitated foreign investment in entertainment venues, signaling a more favorable environment for international players [36][38]. - The strategic focus of MBK includes enhancing the park's appeal through localized adaptations and family-friendly attractions, aiming to differentiate it from competitors [30][44].