Core Viewpoint - The strategic investment by Xiangyuan Holdings in Haichang Ocean Park aims to create a "mountain-sea linkage" in the domestic cultural tourism sector, enhancing operational efficiency and resource sharing between the two companies [2][6]. Group 1: Investment Details - Haichang Ocean Park plans to raise HKD 22.95 billion through a new share issuance to Xiangyuan Holdings, which will acquire a 38.6% stake, becoming the controlling shareholder [4][5]. - The funds will be used for daily operations, core business development, and debt repayment [4][5]. Group 2: Company Performance - Haichang Ocean Park has faced operational losses for three consecutive years, with net profits of -1.396 billion, -197 million, and -740 million from 2022 to 2024 [3]. - The company reported a revenue of approximately 1.818 billion in 2024, a slight increase of 0.1% year-on-year, with park attendance rising by 16.1% to about 10.79 million [3]. Group 3: Strategic Collaboration - The partnership is expected to leverage resource sharing, cost efficiency, and enhance market presence in emerging regions [5][6]. - Xiangyuan Holdings has a strong portfolio with over 40 cultural tourism projects across 14 provinces, including several national 5A and 4A scenic spots [6][7]. Group 4: Future Prospects - The collaboration aims to create a comprehensive tourism ecosystem that integrates natural scenery, theme entertainment, and cultural experiences [7]. - Both companies plan to enhance their international strategy through existing overseas projects and IP globalization [7].

公告称，发行前海昌海洋公园控股持有上市公司62.85%的股权，发行及配售后，祥源控股将间接持有 海昌海洋公园38.6%的股本，成为控股股东。 这也意味着，仅用了不到23亿港元对价，祥源控股便将成为海昌海洋公园大股东。 以接近23亿港元的对价发售新股，国内最知名的海洋公园运营商海昌海洋公园，即将面临易主。 海昌海洋公园发布的公告，将以0.45港元/股的价格，发行51亿股新股，总对价约为22.95亿港元。认购 方为祥源控股集团，以及祥源星海旅游(开曼)有限公司。 从行业角度来看，这或许是两大文旅集团的联合。海昌海洋公园目前在国内有7家海洋公园，祥源控股 则有张家界、黄山、丹霞山等国内5A级景区的自然旅游资源资产。祥源控股的入主，让"山川"和"海 洋"文旅资源结合，让祥源控股的文旅资产进一步扩大。 从企业而言，尽管今年来各地旅游复苏，但持有大量重资产的海昌海洋公园运营情况，却未能在疫情后 复苏，在巨额债务压力之下，不得不出售控股股权，解决公司的流动性危机。 值得注意的是，新股发行0.45港元/股的作价，相较于公告发布之前0.84港元/股的收盘价，折让幅度达 到46.43%。但公告表示，相较于每股净资产0.2251港 ...

NO.1端午假期银联、网联共处理支付交易140.5亿笔，同比增长13% 中国人民银行6月3日发布的数据显示，2025年端午假期(5月31日至6月2日)，银联、网联共处理支付交 易140.5亿笔、金额4.8万亿元，较去年端午假期分别增长13%、3.4%。其中，处理境外来华人员支付交 易笔数、金额较去年同期分别增长118.6%和58.8%。 点评：端午假期银联、网联支付交易额大幅增长，显示消费市场活力增强，有利于提振市场信心。境外 来华人员支付交易激增，反映国内消费市场对海外游客吸引力提升。 ｜2025年6月4日星期三｜ NO.3胖东来集团今年销售额已超100亿元 胖东来商贸集团官网公布的销售数据显示，截至6月2日，胖东来商贸集团2025年销售额合计达101.76亿 元。其中，超市业态销售额最高，约为55.66亿元。 点评：胖东来截至6月2日销售额超100亿元，业绩亮眼。其独特模式以服务、文化制胜，这对零售板块 有积极示范效应。胖东来的成功经验，为零售行业提供了宝贵的参考，预示着未来消费升级趋势下，优 质服务和品牌建设将成为企业脱颖而出的关键。 NO.4双塔食品：公司豌豆蛋白产品已经应用到宠物食品领域 双塔食品（ ...

公开资料显示，祥源控股自2008年涉足文旅产业以来，已在全国14个省市布局40余个文旅项目，覆盖世 界遗产6处、国家5A级景区10处、4A级景区16处，形成了以"大湘西""大黄山""大南岭"为核心的旅游目 的地集群。 祥源控股旗下A股上市公司浙江祥源文旅股份有限公司（以下简称"祥源文旅"）近年来通过资产重组， 整合了张家界百龙天梯、黄龙洞、凤凰古城、齐云山、碧峰峡、莽山、丹霞山等优质山岳型景区资源。 4月28日，祥源文旅发布了2025年第一季度业绩报告，实现营业收入2.12亿元，同比增长55.22%；实现 归属于母公司所有者净利润3119.48万元，同比增长158.67%。 海昌海洋公园则是以海洋文化为基础的综合文旅集团，也是国内首家在港交所主板上市的主题公园运营 商，在动物保育和IP运营层面拥有核心优势，已在上海、郑州、三亚、大连、烟台等主要城市布局了综 合主题文旅项目，其中包括2个国家5A级景区、4个国家4A级景区，累计接待游客超3亿人次。近年来， 海昌持续引进奥特曼、航海王等国际IP落地旗下主题公园，积极推进轻资产OAAS模式，并深度拓展主 题公园、海洋馆、冰雪体验等海洋极地文旅项目，逐步完成了"主题公 ...

港股公司报告 | 公司点评 海昌海洋公园（02255） 证券研究报告 海昌拟定增引入祥源：山海联动共创未来，看好强强联合开启文旅产业双赢新篇章 海昌 6 月 2 日公告，拟以增发新股方式引入祥源控股集团为战略投资者，此次战投 由祥源控股集团联合国资的嵊州市文旅集团共同发起。已订立认购协议，拟按每股 0.45 港元向祥源星海旅游发行 51 亿股新股，总代价 22.95 亿港元。认购股份相当 于公司现有已发行股本 62.85%及经扩大后已发行股本 38.60%。认购价较 6 月 2 日 收盘价折让 46.43%，较股东应占每股综合资产净值溢价 99.95%。 祥源战略投资海昌，既是祥源贯彻"投资+运营"双轮驱动业务战略的关键举措， 也是逐鹿"从本土到全球"国际化征途的积极探索。在中国文旅产业从规模扩张向 质量升级转型的关键阶段，祥源或将凭借此次携手海昌，进一步巩固其在文旅行业 的领先地位，本次战投有望成为 2025 年文旅产业发展过程中一个里程碑式的事件， 其影响注定深远。 祥源控股：积极赋能海昌，补足集团产品区域客源全版图扩张 祥源控股已布局 14 个省市 40+文旅项目，形成以"大湘西""大黄山""大南岭" ...

资金链紧绷的海昌海洋公园（02255.HK），其控股股东曲乃杰家族无奈之下选择让出控股权，引入祥 源控股集团作为战略投资者，成功输血;近23亿港元。 然而，资本市场对这场联姻;并不买账。6月3日，海昌海洋公园(下称海昌;)股价低开后迅速下挫，最终 收跌13.1%，抹去近半个月以来的涨幅。 折价46.4%引战投 根据公告，海昌计划增发51亿股引入祥源控股集团(下称祥源;)，海昌将获后者22.95亿港元的战略投 资。 此次交易也使海昌公园易主，交易完成后，祥源将持有公司38.6%股权，成为新控股股东；曲乃杰家族 旗下的泽侨控股有限公司持股比例由47.29%降至29.04%，退居第二大股东。 在官网中，海昌将此次双方联姻;形容为其高质量发展的新引擎，双方将开启海洋+山岳;的深度合作， 拓展山海联动全新版图，是双方在战略、资源与市场上的深度融合，产业协同将会带来文旅生态新样 本。 但资本市场对此次交易的负面反应，与海昌的宏伟蓝图形成了鲜明对比。 此次交易每股认购价为0.45港元，较6月2日(公告当日)收市价折让明显，折让幅度高达46.43%。有市场 解读认为，祥源不愿按市价入股，而是选择更低的价格，暗示海昌市场估值可 ...

曲乃杰要与自己一手创办的事业说再见了。 6月2日晚间，海昌海洋公园（02255.HK）发布公告称，已经与认购人（祥源控股集团旗下一全资境外 公司）和祥源控股集团签订认购协议，按认购价每股0.45港元配发及发行51亿股新股份，总代价22.95亿 港元。 若本次交易顺利完成，祥源控股将间接持有海昌海洋公园38.6%股份，成为其新的控股股东。而在海洋 公园领域创业25年的曲乃杰家族，将成为第二大股东。 一直以来，海昌海洋公园都是以海洋文化为基础，在动物保育和IP运营层面拥有核心优势，已在上海、 郑州、大连、三亚等主要城市布局综合主题文旅项目，其中包括2个国家5A级景区、4个国家4A级景 区，累计接待游客超3亿人次。 此次出手的祥源控股集团自2008年涉足文旅产业以来，已在全国14个省市布局40余个文旅项目。旗下A 股上市公司祥源文旅（600576.SH）近年来通过资产重组，整合了张家界百龙天梯、黄龙洞、凤凰古 城、齐云山、碧峰峡、莽山、丹霞山等山岳型景区资源。 "目前暂没有太多变化，品牌还是维持不变，核心业务、发展战略还是继续进行。"海昌海洋公园相关人 士在接受21世纪经济报道记者采访时表示，对于下一步布局还没有更 ...

华夏时报（www.chinatimes.net.cn）记者 王兆寰 北京报道 随着A股并购重组市场的提速，港股文旅公司也加入了并购大军。 6月2日晚间，海昌海洋公园（02255.HK）发布公告称，与祥源控股集团签订认购协议，拟以每股0.45港 元发行51亿股新股，总金额为22.95亿港元。 海昌海洋公园表示，本次认购事项若进行，则将引入新的控股股东，将有助于补充本公司营运资金、降 低财务费用，并支持公司继续推进现有项目的升级转型，提升园区运营效率。 海昌海洋公园2024年年报显示，收入约为人民币18.18亿元，同比增长约0.1%；归属于母公司拥有人应 占亏损约7.40亿元，同比扩大275%。 在专业人士看来，两家公司的结合，一场双向奔赴的产业升级盛宴，将形成"1+1＞2"的协同效应。短期 看，双方可通过客源共享、成本集约实现业绩提振；中长期则有望构建"山岳+海洋""IP+科技""重资产 +轻运营"的复合生态。 缓解资金压力 海昌海洋公园是以海洋文化为基础的综合文旅集团，也是国内首家在港交所主板上市的主题公园运营 商。目前，公司已在上海、郑州、三亚、大连、烟台等主要城市布局了综合主题文旅项目，其中包括2 个国家 ...

Company Overview - Haichang Ocean Park Holdings Ltd. operates seven marine culture-based tourism projects across China[2]. - The company aims to enhance visitor experience and diversify into tourism and leisure services, as well as IP operations[2]. - Haichang has been listed on the Hong Kong Stock Exchange since March 13, 2014, and is included in multiple Hang Seng Indexes[2]. - The group focuses on delivering high-quality culture-based tourism and leisure products to meet consumer demand[3]. - The company is committed to creating a fun environment filled with "Dream, Love, Joy" for its consumers[3]. - Haichang's financial summary for the past five years is available for review, indicating its growth trajectory[12]. - The company has a strong presence in the emerging market indexes, including MSCI and FTSE[2]. - Haichang is expanding its business model to include integrated oceanic culture-based tourism and leisure services[2]. - The group is focused on improving its product offerings in theme parks while exploring new market opportunities[2]. Financial Performance - For the year ended December 31, 2023, the company reported revenue of RMB 1,816,842, a significant increase from RMB 792,988 in 2022, representing a growth of 129%[13]. - The gross profit for 2023 was RMB 457,455, compared to a gross loss of RMB 278,728 in 2022, indicating a turnaround in profitability[13]. - The company recorded a loss before tax of RMB 186,104 for 2023, an improvement from a loss of RMB 1,418,389 in 2022[13]. - Total assets as of December 31, 2023, were RMB 11,522,744, a slight increase from RMB 10,210,925 in 2022[13]. - For the year ended December 31, 2024, the Group's revenue increased by approximately 0.1% to RMB 1,818.4 million from RMB 1,816.8 million in 2023[35]. - Revenue from park operations amounted to RMB 1,685.2 million for the year ended December 31, 2024[43]. - Ticket sales decreased to RMB 895.2 million in 2024 from RMB 902.8 million in 2023, reflecting a decline of approximately 0.6%[36]. - In-park spending increased to RMB 571.3 million in 2024 from RMB 565.7 million in 2023, showing a growth of approximately 1.0%[36]. - Overall gross profit decreased to approximately RMB 419.0 million in 2024 from approximately RMB 457.5 million in 2023, with a gross profit margin of approximately 23.0%[103]. - The Group recorded a loss for the year of approximately RMB 749.5 million in 2024, compared to a loss of approximately RMB 181.9 million in 2023[115]. - Adjusted EBITDA profit decreased by approximately 67.3% to RMB 165.7 million in 2024 from approximately RMB 507.5 million in 2023[122]. Attendance and Visitor Experience - The Shanghai Haichang Ocean Park achieved a single-day attendance record of 52,000, maintaining its position among the top domestic theme parks[16]. - The Zhengzhou Haichang Ocean Park recorded a single-day attendance of 38,000, showcasing strong operational performance throughout the year[17]. - The Group's parks recorded a total admission attendance of approximately 10.79 million, representing an increase of 16.1% compared to the corresponding period of 2023[43]. - During the Spring Festival, admission attendance at the Shanghai Park reached 270,000, with a single-day peak of 52,000 visitors[58]. - Zhengzhou Park achieved over 165,000 admissions during the May Day Holiday, with a peak single-day attendance of 38,000[64]. Project Developments - The Phase II Project of Shanghai Park is expected to officially open in 2026, while the Phase II Project of Zhengzhou Park aims for a 2025 opening[16][17]. - The OAAS business made significant progress, with the Beijing Project completing land acquisition and the Fuzhou Project being led by a local state-funded company[21]. - The Phase II Project of Zhengzhou Park is planned to cover approximately 76,000 sq. m. and aims to commence operations in 2025, featuring 21 structures and 8 large-scale rides[67]. - The Beijing Haichang Ocean Park Project will have a total construction area of approximately 150,000 sq. m. with an expected investment of around RMB 4.2 billion, aiming for trial operations in the first half of 2027[71]. - The Fuzhou Haichang Ocean Park Project is expected to complete design plans by 2025 and commence construction in 2026, with local state-funded companies leading investment[75]. - The company is advancing projects under an asset-light model, including Haichang IP Park in Ningbo and Saudi Arabia Haichang Ocean Park[76]. - The opening of Shanghai Park Phase II and Zhengzhou Park Phase II in the next two years is expected to provide definite support for performance growth[90]. - Several new theme park projects are planned, including the Zhengzhou Haichang Ocean Park Phase II in 2025 and the Shanghai Park Phase II in 2026[93]. IP Operations and Marketing - The company plans to expand its IP operations by introducing internationally renowned IPs and establishing themed retail stores in multiple cities[22]. - The Group actively introduced influential intellectual properties (IPs) to enhance visitor experience and product competitiveness[32]. - The company aims to develop a world-class IP operation platform, integrating globally influential IPs into various entertainment and consumption venues[79]. - The company is focusing on the development of IP hotels and exploring various forms of IP products, including themed pavilions and pop-up events[83]. - The Douyin platform has become the largest online sales channel for the company, with major live stream sessions ranking Top 1 in the National Hotel and Tourism Industry[49]. Governance and Management - The company has established a robust governance structure with various committees overseeing risk management and corporate governance[6]. - The management team is experienced in both domestic and international financial institutions, enhancing the company's investment strategies[167]. - The board includes independent directors responsible for providing independent judgment and supervision to the board[162]. - The company has a strong focus on strategic planning and compliance, with key directors overseeing these areas[160]. - The appointment of independent directors enhances the board's ability to provide independent judgment and oversight[185][187]. Future Outlook - Looking ahead, the company anticipates benefiting from favorable policies and consumption recovery, with several projects entering the harvesting period from 2025[25]. - The Chinese government's policies to stimulate cultural and tourism consumption are expected to create unprecedented development opportunities for the industry[86]. - The Group's strategic initiatives are designed to seize industry opportunities and achieve sustainable growth, delivering returns to shareholders[94]. - The Group aims to enhance its core competitiveness by integrating internationally renowned IPs into various leisure and entertainment sectors[90]. Employee and Financial Health - The Group had a total of 3,267 full-time employees as of December 31, 2024, a reduction of 12.3% from 3,725 employees in 2023[141]. - The Group's total equity as of December 31, 2024, was approximately RMB 1,815.3 million, down 28.0% from RMB 2,518.4 million in 2023[128]. - The net gearing ratio increased to approximately 329.4% as of December 31, 2024, compared to 182.5% in 2023[129]. - The Group's cash and bank deposits were approximately RMB 64.7 million as of December 31, 2024, a significant decrease of 96.2% from RMB 1,702.3 million in 2023[127]. - The Group's lease liabilities increased to approximately RMB 295.3 million as of December 31, 2024, compared to RMB 156.1 million in 2023[128].

2024年，海昌海洋公园（02255.HK）交出了一份营收微增但亏损大幅扩大的成绩单。财报显示，公司 全年营收18.18亿元，同比仅增长0.1%，但净亏损却从2023年的1.97亿元激增至7.40亿元，同比扩大 275%。 过去一年，公司旗下公园入园人次共计约1079万人，同比增长16.1%，公园门票销售收入却下降 0.84%，二次消费未能有效提升，导致公园运营收入同比微降0.13%。与此同时，公司流动负债净额高 达29.53亿元，4.97亿元借款逾期未还。尽管公司已与产业基金签署1亿美元可转债融资意向，但融资落 地前，流动性风险仍如"悬顶之剑"。 中国城市专家智库委员会常务副秘书长林先平接受《华夏时报》记者采访时指出，海昌的OAAS（文旅 服务及解决方案）模式在轻资产运营方面具有优势，但同时也存在回报周期长和利润空间有限的问题。 林先平认为，公园运营收入下降而入园人次增长的问题，可能反映公司过度依赖低价促销，而二次消费 （餐饮、零售）未能有效提升。 海昌海洋公园2024年财报数据显示，其门票销售、食品及饮品销售、货品销售、来自酒店营运的收入以 及咨询、管理及游乐收入均有所下滑，唯有园内游乐收费收入同比上升。 ...