Core Viewpoint - The film "酱园弄·悬案" directed by Chen Kexin has faced significant failures in both box office and audience reception, marking a downturn for Huanyou Media, which had high expectations for the film's performance [2][3][9]. Group 1: Film Performance - "酱园弄·悬案" opened with a disappointing Douban score of 5.9, which has since dropped to 5.7, setting a record low for director Chen Kexin [5][7]. - The film has accumulated a total box office of 375 million yuan, which is insufficient to cover production costs and star salaries [7][9]. - Initial audience interest was high, with over 500,000 pre-release views, but the film's reception quickly declined after its release [4][5]. Group 2: Company Financials - Huanyou Media has been struggling financially, with the 2024 fiscal year projected to be particularly challenging, potentially exacerbated by the underperformance of "酱园弄·悬案" [9][12]. - The company has only achieved profitability in 2019 and 2023, with 2024 expected to be a "dark moment" due to significant losses [12]. - In 2024, Huanyou Media reported a revenue of only 3.418 million HKD, a staggering decline of 97.44% year-on-year, and a net loss of 261 million HKD [12]. Group 3: Strategic Challenges - Huanyou Media's unique director partnership model, which initially provided a competitive edge, is now showing signs of strain as market uncertainties persist [10][12]. - The company's streaming platform "欢喜首映" has not achieved significant growth, remaining far behind major competitors in terms of user base and revenue [18]. - A strategic partnership with Alibaba's entertainment division aims to revitalize the company's content production and distribution, committing 5 billion yuan over the next eight years [18].