Group 1 - Beijing's urban sub-center will see the addition of several major cultural and tourism projects by 2025, including phases two and three of the Universal Theme Park, the Apex Park, and the Haichang Ocean Park [1] - The "Bayli" project, a super commercial entertainment complex, is set to open in the second half of 2025, with a total construction area of approximately 160,000 square meters [1] - The Wangfujing Welltown, part of the "Bayli" project, will become Beijing's largest outlet center, planning to introduce over 500 well-known domestic and international brands [1] Group 2 - Universal Studios Beijing has attracted a significant number of visitors, with over 20,000 permanent entertainment performances and more than 1,000 seasonal events held in three years, drawing 16 million visitors to the Universal business district [2] - The tourism and entertainment industry in Tongzhou District experienced a 37.3% year-on-year increase in value added in 2023, with growth exceeding 30% for two consecutive quarters [2] - The completion of phases two and three of Universal Studios is expected to increase annual visitor numbers to 30 million [2]

Financial Performance - Revenue increased by 15% year-over-year, driven by strong sales in the North American market [1]. - Net profit margin improved to 12%, up from 10% in the previous quarter [2]. - Operating expenses rose by 8%, primarily due to increased marketing and R&D investments [3]. Market Expansion - The company successfully entered the European market, with initial sales exceeding expectations [4]. - A new distribution center was opened in Asia to support growing demand in the region [5]. - Strategic partnerships were formed with local retailers to enhance market penetration [6]. Product Development - Launched three new products in the tech segment, which contributed to 20% of total revenue [7]. - R&D spending increased by 10% to accelerate innovation and product differentiation [8]. - Customer feedback on the new product line has been overwhelmingly positive [9]. Operational Efficiency - Implemented new supply chain management software, reducing logistics costs by 5% [10]. - Streamlined manufacturing processes, resulting in a 7% increase in production output [11]. - Employee training programs were expanded to improve operational efficiency and reduce errors [12]. Customer Satisfaction - Customer retention rate improved to 85%, up from 80% last year [13]. - Net Promoter Score (NPS) increased by 10 points, reflecting higher customer satisfaction [14]. - Enhanced customer support services led to a 15% reduction in complaint resolution time [15]. Strategic Initiatives - Announced a new sustainability initiative aimed at reducing carbon emissions by 20% over the next five years [16]. - Acquired a smaller competitor to expand market share and diversify product offerings [17]. - Board approved a new five-year strategic plan focusing on digital transformation and global expansion [18]. Financial Health - Total assets grew by 12%, driven by increased investments in property and equipment [19]. - Debt-to-equity ratio improved to 0.5, down from 0.7, indicating stronger financial stability [20]. - Cash flow from operations increased by 18%, providing more liquidity for future investments [21].

Financial Performance - Revenue for the six months ended June 30, 2024, was RMB 799,801,000, an increase of 6.8% compared to RMB 748,727,000 for the same period in 2023[2] - Gross profit decreased to RMB 194,872,000, down 4.9% from RMB 202,937,000 year-on-year[2] - Net loss for the period was RMB 87,193,000, compared to a net loss of RMB 84,711,000 in the previous year, reflecting a slight increase in losses[2] - The company reported other income and gains of RMB 96,297,000, up 47.9% from RMB 65,120,000 in the prior year[2] - For the six months ended June 30, 2024, total revenue was RMB 799,801 thousand, an increase from RMB 748,727 thousand for the same period in 2023, representing a growth of approximately 6.8%[14] - The operating segment "Park Operations" generated revenue of RMB 735,866 thousand for the six months ended June 30, 2024, compared to RMB 697,599 thousand for the same period in 2023, reflecting an increase of about 5.5%[14] - The operating segment "Operating Services" reported a profit of RMB 9,649 thousand for the six months ended June 30, 2024, compared to RMB 7,096 thousand for the same period in 2023, showing an increase of approximately 36.0%[14] - The pre-tax loss for the six months ended June 30, 2024, was RMB 83,408 thousand, an improvement from a pre-tax loss of RMB 96,556 thousand for the same period in 2023, indicating a reduction in losses of about 13.5%[14] - The company reported a net loss attributable to equity holders of RMB (84,226,000) for the six months ended June 30, 2024, compared to a loss of RMB (88,990,000) for the same period in 2023[26] - The company’s income tax expense for the six months ended June 30, 2024, was RMB 3,785,000, compared to an income tax credit of RMB (11,845,000) for the same period in 2023[24] - The company reported a total impairment loss of RMB (5,448,000) for the six months ended June 30, 2024, compared to an impairment loss of RMB 807,000 for the same period in 2023[19] - Overall gross profit was approximately RMB 194.9 million for the six months ended June 30, 2024, with a gross profit margin of 24.4%, down from RMB 202.9 million and 27.1% in the same period of 2023[44] - The gross profit margin for park operations decreased from 28.1% to 25.2% due to the impact of new project openings[45] Assets and Liabilities - Total non-current assets as of June 30, 2024, amounted to RMB 8,966,087,000, an increase from RMB 8,804,621,000 at the end of 2023[5] - Current liabilities totaled RMB 2,394,980,000, a decrease from RMB 2,915,502,000 at the end of 2023[5] - The total assets as of June 30, 2024, amounted to RMB 11,163,031 thousand, a decrease from RMB 11,522,744 thousand as of December 31, 2023, indicating a reduction of approximately 3.1%[15] - The total liabilities as of June 30, 2024, were RMB 8,729,532 thousand, down from RMB 9,004,382 thousand as of December 31, 2023, representing a decrease of about 3.0%[15] - The total trade payables decreased from RMB 1,401.7 million as of December 31, 2023, to RMB 1,258.4 million as of June 30, 2024[28] - The current portion of trade payables decreased from RMB 735.6 million as of December 31, 2023, to RMB 648.4 million as of June 30, 2024[28] - As of June 30, 2024, the company's current assets were approximately RMB 2,196.9 million, down from RMB 2,718.1 million as of December 31, 2023[52] Investments and Future Projects - The company has secured additional bank loans of RMB 50,000,000 maturing after June 30, 2025, to support operations[9] - Anticipated government subsidies of RMB 214,500,000 are expected to be granted before June 30, 2025, to support park operations[9] - The company has unutilized bank and credit facilities totaling RMB 2,163,000,000, valid until after June 30, 2025[9] - The company is actively seeking new investment and business opportunities to achieve operational profitability and positive cash flow[9] - The company plans to expand the Shanghai Haichang Ocean Park with a second phase project, covering approximately 140,000 square meters, expected to open in 2025[33] - The Beijing Haichang Ocean Park project, with a total construction area of approximately 150,000 square meters and an estimated total investment of RMB 4.2 billion, is set to become the first international large-scale marine cultural tourism project in Beijing's sub-center[35] - The second phase of Zhengzhou Haichang Ocean Park is expected to open in 2025, with the project being fully owned and operated by Haichang[40] - Future projects include the Fuzhou Haichang Ocean Park and Ningbo Qianwan New Area Haichang IP Park, both expected to open by 2028[40] - The company plans to open the Jin Qiao Haichang Penguin Resort Hotel in July 2024, which has already pre-sold over 20,000 rooms[36] - The Dalian Forest Zoo Ultraman Ice World is set to open in July 2024, marking the first Ultraman ice world globally[38] - The company is exploring innovative financing models for existing heavy asset projects to support rapid growth and asset appreciation through operational empowerment[41] Operational Highlights - The total number of visitors to the parks reached approximately 4.635 million for the six months ended June 30, 2024, an increase of 21.2% compared to the same period in 2023[31] - The group operates 7 theme parks, with the Zhengzhou Haichang Ocean Park contributing to revenue since its opening in the second half of 2023[31] - The online sales channel has significantly improved, with Douyin platform's GMV exceeding RMB 100 million, a year-on-year increase of over 50%[32] - The occupancy rate of the Ultraman-themed hotel in Shanghai exceeded 70%, with peak holiday periods achieving 100% occupancy[33] - Zhengzhou Park opened as a new growth driver, with over 165,000 visitors during the May Day holiday and a peak daily attendance of 38,000[34] - Revenue from customer contracts for the park operations segment was RMB 716,756,000, while the operation service segment generated RMB 63,935,000, contributing to the total revenue[20] - Revenue from cultural tourism services and solutions rose by approximately 25.0% to RMB 63.9 million for the six months ended June 30, 2024, driven by the opening of Changsha Haichang Xiangjiang Happy Ocean Park in December 2023[43] Governance and Compliance - The company has adopted the Corporate Governance Code as per the Hong Kong Stock Exchange's Listing Rules and has complied with its provisions for the six months ending June 30, 2024, except for the separation of the roles of Chairman and CEO[60] - The Audit Committee, consisting of three independent non-executive directors, has reviewed the unaudited interim financial information for the six months ending June 30, 2024[62] - The company emphasizes that forward-looking statements involve risks and uncertainties, and actual results may differ significantly from those projected[63] - The company expresses gratitude to management, employees, shareholders, business partners, clients, and professional advisors for their support and trust, contributing to a promising future[65] - The company has confirmed that all directors have strictly adhered to the standard code of conduct for securities trading during the six months ending June 30, 2024[61] - The Chairman and CEO, Mr. Qu Naijie, believes that holding both roles enhances the efficiency of strategy formulation and execution[60] - The company’s interim results announcement is available on the Hong Kong Stock Exchange and the company’s website[64] - The company did not provide specific financial performance metrics or user data in the disclosed documents[63] - The company plans to continue focusing on corporate governance to protect shareholder interests and enhance corporate value[60] Expenses - Total sales cost increased by approximately 10.8% to RMB 604.9 million for the six months ended June 30, 2024, from RMB 545.8 million for the same period in 2023[44] - Selling and marketing expenses rose by approximately 16.5% to RMB 26.7 million for the six months ended June 30, 2024, from RMB 23.0 million for the same period in 2023[47] - Administrative expenses decreased by approximately 11.5% to RMB 166.9 million for the six months ended June 30, 2024, compared to RMB 188.6 million for the same period in 2023[48] - The company did not declare any interim dividends for the six months ended June 30, 2024, consistent with the previous year[25] - No interim dividend has been proposed for the six months ending June 30, 2024, consistent with the previous period ending June 30, 2023[63]

港股公司报告 | 公司点评 海昌海洋公园（02255） 证券研究报告 2024年05月 10日 投资评级 23 年营收同比+129%，归母净利亏损收窄向好改善 行业 非必需性消费/旅游及 消闲设施 6个月评级 买入（维持评级） 事件：公司发布23年年报。23年实现营收18.17亿元/yoy+129.1%，较19 当前价格 0.79港元 年恢复度 64.8%；归母净利润-1.97 亿元，较 22 年同期大幅收窄；经调整 目标价格 港元 后EBITDA利润4.59亿元，较22年由负转正有较大改善。 基本数据 各业务板块持续恢复回升。（1）公园运营业务：截止 23 年底，公司共拥 港股总股本(百万股) 8,114.00 有并运营7家主题公园。23年旗下公园入园人次共计约929万人，除去新 港股总市值(百万港元) 6,410.06 开业的郑州公园外，总入园人次同比22年大幅增长101.9%，较19 年恢复 每股净资产(港元) 0.33 度108.0%。23年公园板块合计收入16.9亿元/yoy+125.3%，除去新开业的 资产负债率(%) 78.14 郑州公园外，同比22年同样大幅增长118.6%，较19 年恢复度1 ...

Business Operations and Strategy - Haichang Ocean Park Holdings Ltd. operates seven large-scale marine culture-based theme parks in China, enhancing visitor experiences and diversifying into tourism and leisure services[2]. - The company aims to satisfy consumer demand for high-quality tourism and leisure products, creating a place filled with "Dream, Love, Joy"[3]. - The company is focusing on expanding its business into new consumption areas, including IP operation and tourism solutions[3]. - The company emphasizes the importance of high-quality culture-based tourism and leisure consumer products in its growth strategy[2]. - The company is exploring new strategies for market expansion and potential acquisitions to enhance its service portfolio[3]. - The Group aims to become an international large-scale and comprehensive tourism and leisure group centered around oceanic culture[34]. - The company plans to enhance its offerings in the large family travel and leisure market in China, aiming for a nationwide scale deployment of high-quality products and services[74]. - The company is actively launching IP-themed pavilions in various locations, including a 2,650 square meter ULTRAMAN-themed pavilion in Chengdu opened in June 2023[83]. - The company aims to integrate IPs with theme parks and optimize existing tourism projects to enhance growth potential[86]. - The company is exploring innovative financing models to improve its capital structure and support rapid growth[86]. Financial Performance - Total revenue for 2023 reached RMB 1.82 billion, representing a year-on-year increase of 129.1%[19]. - Gross profit turned positive at RMB 458 million in 2023, with adjusted EBITDA profit also turning positive at RMB 459 million[23]. - The Group recorded a turnover of approximately RMB 1,816.8 million for the year ended 31 December 2023, representing an increase of approximately 129.1% compared to RMB 793.0 million in 2022[90][91]. - Revenue from park operations increased by approximately 125.3% from approximately RMB 748.9 million in 2022 to approximately RMB 1,687.4 million in 2023[94][99]. - Revenue from tourism and leisure services and solutions increased by approximately 193.9% from approximately RMB 44.0 million in 2022 to approximately RMB 129.5 million in 2023[94][99]. - The Group's overall gross profit was approximately RMB 457.5 million in 2023, with a gross profit margin of approximately 25.2%, compared to a gross loss of approximately RMB 278.7 million in 2022[96][101]. - The Group realized a loss for the year ended 31 December 2023 of approximately RMB 181.9 million, significantly reduced from a loss of approximately RMB 1,408.9 million in 2022, with a net loss margin of approximately 10.0%[110][112]. - Adjusted EBITDA profit for the year ended December 31, 2023, was RMB 458.9 million, a significant improvement from a loss of approximately RMB 423.2 million in 2022[118]. Visitor Attendance and Experience - Total admission attendance reached 9.29 million, an increase of 101.9% compared to 2022 and an 8% increase compared to 2019[19]. - The Shanghai Park contributed 60% of the revenue from the park segment, with its revenue increasing by 132.4% compared to 2022 and 6.9% compared to 2019[24]. - The Group's in-park spending revenue reached RMB 565.7 million, up from RMB 276.3 million in 2022[44]. - The Group's ticket sales amounted to RMB 902.8 million, compared to RMB 348.3 million in the previous year[44]. - The Shanghai Park, as the flagship project, saw a total admission attendance increase of 118.6% compared to 2022 and a 16.6% increase compared to 2019, with revenue increasing by 132.4% compared to 2022 and 6.9% compared to 2019[55][57]. - The Group's ongoing efforts to enhance visitor experience and product quality have been pivotal in achieving rapid recovery post-pandemic[49][51]. Project Developments and Future Plans - The Phase I Project of Zhengzhou Park opened on September 28, 2023, contributing to revenue growth despite operating for only a quarter of the financial year[24]. - The Zhengzhou Park, opened in 2023, is expected to contribute positively to overall attendance and revenue figures in the coming years[49][51]. - The Zhengzhou Project is expected to turn positive cash flows in 2024, becoming an important revenue source for the Group[60][61]. - Future projects include the Jinqiao Haichang Penguin Resort Hotel expected to open in 2024 and the Phase II Project of Zhengzhou Haichang theme park also planned for 2024[85]. - The Shanghai Park expansion will include a hot spring hotel, marine hotel, marine exploration center, and specialty hot spring facilities, projected to open in 2025[61][67]. - The company has entered into strategic cooperation agreements for Fuzhou Haichang Ocean Park and Saudi Haichang Ocean Park, actively advancing these projects[27]. Governance and Management - The company has a strong governance structure with various committees overseeing audit, remuneration, and risk management[5][6]. - The Board consists of nine Directors, including three independent non-executive Directors, with a rotation policy requiring at least one-third of Directors to retire at the annual general meeting[149]. - The company has a comprehensive management structure with specific roles for strategic planning, operational management, and compliance oversight among its Directors[151]. - The Audit Committee, Remuneration Committee, and Risk Management and Corporate Governance Committee are key components of the Board's oversight functions[154]. - The company is committed to maintaining high standards of governance and oversight through its independent directors[188][194]. - The recent appointments reflect the company's strategy to strengthen its leadership team with professionals who have significant industry experience[190][191]. Market Trends and Consumer Behavior - The number of domestic tourist trips in China reached 4.891 billion in 2023, a year-on-year increase of 93.3%[18]. - Total spending of domestic tourists in China reached RMB 4.91 trillion, representing a year-on-year increase of 140.3%[18]. - The Group's theme parks have outpaced the average recovery of the tourism and leisure industry in China, demonstrating a competitive edge in the market[54][57].

Table_BaseInfo 2024 年 04 月 10 日 公司动态分析 海昌海洋公园（2255.HK） 证券研究报告 旅游 23 年收入大幅增长，盈利能力改善 投资评级： x 未有 海昌海洋公园是以海洋主题为基础的中国领先的综合性文旅集团，在全国范围内拥 目标价格： 未有 有并运营7家以海昌为品牌、以海洋文化为主的大型主题公园。我们认为疫情后国 内文旅市场消费迅速反弹，海昌海洋公园的客流量明显增加，盈利能力得到显著恢 现价(2024-04-09) 0.7港元 复与提升，看好其未来成长空间。建议关注。 总市值(百万港元) 5,760.94 报告摘要 流通市值(百万港元) 5,760.94 23年收入大幅增长129%至18.2亿。23年收入人民币18.2亿元，同比增 总股本(百万股) 8,114.00 加129.1%，归母净亏损2.0亿元，同比减少85.9%，净利润大幅减亏。公 流通股本(百万股) 8,114.00 司收入大幅增长主要因为1）经营环境回复正常，以及不断提升的文旅产品 12个月低/高(港元) 0.7/1 平均成交(百万港元) 18.76 质量带来客流量的恢复及增加。2）IP战略的落地，提升游客 ...

Financial Performance - Total revenue for the year ended December 31, 2023, was RMB 1,816,842,000, a significant increase from RMB 792,988,000 in 2022, representing a growth of 129%[2] - Gross profit for 2023 was RMB 457,455,000, compared to a gross loss of RMB 278,728,000 in 2022, indicating a turnaround in profitability[2] - The net loss for the year was RMB 181,907,000, a substantial improvement from a net loss of RMB 1,408,858,000 in the previous year[2] - The company reported a pre-tax loss of RMB 186,104 thousand for the year ended December 31, 2023, compared to a pre-tax loss of RMB 1,418,389 thousand in 2022, indicating an improvement in financial performance[21] - The company reported a net loss attributable to equity holders of RMB 197,259,000 for 2023, a significant improvement from a loss of RMB 1,395,911,000 in 2022[37] - The company recorded a net loss of approximately RMB 181.9 million for the year ending December 31, 2023, a significant improvement from a net loss of RMB 1,408.9 million in 2022[50] - The company achieved a gross profit of approximately RMB 457.5 million in 2023, compared to a gross loss of RMB 278.7 million in 2022, resulting in a gross profit margin of 25.2%[65] - Adjusted EBITDA for the year ended December 31, 2023, was RMB 458.9 million, a significant improvement from a loss of approximately RMB 423.2 million in 2022, primarily due to a rebound in the cultural tourism market[72] Assets and Liabilities - Non-current assets increased to RMB 8,804,621,000 in 2023 from RMB 7,363,545,000 in 2022, reflecting a growth of 20%[6] - Current liabilities totaled RMB 2,915,502,000, up from RMB 2,640,979,000 in 2022, indicating a rise of 10%[6] - Total assets as of December 31, 2023, amounted to RMB 11,522,744 thousand, up from RMB 10,210,925 thousand in 2022[21][22] - The total liabilities increased to RMB 9,004,382 thousand as of December 31, 2023, from RMB 7,534,598 thousand in 2022, primarily due to increased operational activities[21][22] - The total interest-bearing loans and borrowings as of December 31, 2023, reached RMB 6,298,972,000, an increase from RMB 5,267,730,000 in 2022[46] - The net debt ratio as of December 31, 2023, was approximately 182.5%, an increase from 150.3% in 2022, reflecting the company's leverage position[76] Cash Flow and Financing - Cash and cash equivalents increased to RMB 1,702,264,000 in 2023 from RMB 1,244,633,000 in 2022, marking a growth of 37%[6] - The company has secured new bank loans amounting to RMB 64,300,000, maturing after December 31, 2024, to enhance liquidity[11] - The company believes its existing financial resources are sufficient to execute future expansion plans and can secure additional financing on favorable terms if necessary[77] - The company aims to explore innovative financing models for existing heavy assets to support future growth and improve capital structure[60] Revenue Sources - Revenue from ticket sales for park operations reached RMB 902,753 thousand in 2023, a substantial increase from RMB 348,340 thousand in 2022[25][26] - The operating segment revenue breakdown shows RMB 1,687,376 thousand from park operations and RMB 129,466 thousand from operation services, with no revenue from property operations[21] - Revenue from the park operations segment was approximately RMB 1,687.4 million, reflecting a growth of 118.6% compared to the same period in 2022, excluding the newly opened Zhengzhou park[52] - Other income and gains rose by approximately 68.8% to about RMB 306.5 million in 2023, up from RMB 181.5 million in 2022, mainly due to fair value gains on investment properties and dividends from financial assets[66] Operational Highlights - The total number of visitors to the parks reached approximately 9.29 million, a substantial increase of 101.9% compared to the same period in 2022, excluding the newly opened Zhengzhou park[52] - The company operates 7 theme parks across China, with the Zhengzhou park being the latest addition opened in 2023[52] - The company has integrated popular IPs such as Ultraman and One Piece into its parks, enhancing visitor experience and driving revenue growth[53] - The theme parks experienced growth exceeding the average recovery rate of the tourism industry in 2023, with ticket sales during the Spring Festival period increasing by 18.3% compared to the same period in 2023, and revenue from the theme park segment growing by 15.9%[54] Future Plans and Strategies - The company aims to expand its business into cultural tourism services and solutions, as well as new consumption businesses, leveraging its operational experience[50] - The company plans to continue introducing high-quality IPs to enhance its revenue structure and visitor engagement across its parks[53] - The company plans to open several new projects, including the Zhengzhou Ocean Park Phase II in 2024 and the Beijing Ocean Park project between 2026-2027[61] - The company is actively pursuing potential cooperation opportunities for several projects, indicating ongoing expansion efforts[56] Employee and Governance - The total number of full-time employees increased to 3,725 as of December 31, 2023, from 3,060 in 2022, reflecting the company's growth and expansion efforts[81] - The board of directors did not recommend any dividend payment for the year ended December 31, 2023[86] - The board expressed gratitude to management, employees, shareholders, business partners, customers, and professional advisors for their contributions and support[88]

Core Viewpoint - Shanghai Haichang Ocean Park has successfully attracted a significant number of visitors during the Spring Festival holiday through various special activities and events, showcasing its appeal as a major tourist destination in the region [1][5]. Group 1: Visitor Engagement - The park introduced several unique events for the Year of the Dragon, including the "Fire Dragon Mecha Parade," the innovative "Undersea Dragon Palace," and the "Sea City Mirage Dragon" fireworks show, which have drawn visitors from across the country [1][2]. - The park's visitor numbers increased by 98% year-on-year during the first four days of the Spring Festival holiday, with a peak single-day attendance of 51,000 on the third day [6]. Group 2: Attractions and Features - The Undersea Dragon Palace, a highlight of the park, stands 6 meters tall and weighs over 1,000 kilograms, featuring a dragon body that is over 20 meters long [2]. - A spectacular "Sea City Mirage Dragon" fireworks show was created using a thousand drones, combining traditional cultural elements such as non-heritage fire dragon dance and water curtain light shows [3][4]. Group 3: Accommodation Demand - The two major hotels associated with the park experienced full occupancy during the Spring Festival period, indicating high demand for accommodation among visitors [6].

Cash Flow and Cash Position - Operating cash flow improved significantly to RMB 231,163 thousand in 2023 from a negative RMB 159,736 thousand in 2022, indicating better cash generation from core operations[129] - Net cash used in investing activities decreased to RMB 147,966 thousand in 2023 from RMB 974,447 thousand in 2022, reflecting reduced capital expenditures[129] - Net cash from financing activities turned positive at RMB 343,595 thousand in 2023 compared to a negative RMB 74,913 thousand in 2022, driven by new bank loans of RMB 2,302,508 thousand[131] - Total cash and cash equivalents increased to RMB 1,653,508 thousand as of June 2023 from RMB 1,225,695 thousand at the beginning of the period[131] Depreciation and Amortization - Depreciation and amortization expenses increased to RMB 191,803 thousand in 2023 (RMB 154,095 thousand for property, plant & equipment and RMB 32,817 thousand for right-of-use assets)[127] Interest Income and Government Grants - Interest income decreased to RMB 2,533 thousand in 2023 from RMB 13,344 thousand in 2022, reflecting lower cash balances[129] - Government grants received decreased to RMB 9,586 thousand in 2023 from RMB 22,445 thousand in 2022[127] Trade Receivables and Capital Expenditures - Trade receivables increased by RMB 41,705 thousand, indicating potential cash collection challenges[127] - Property, plant and equipment purchases remained substantial at RMB 465,963 thousand, though lower than the RMB 403,291 thousand in 2022[129] Financial Performance - The company reported a pre-tax loss of RMB 96,556 thousand in 2023, significantly improved from RMB 547,907 thousand in 2022[127]

Revenue Growth - Revenue for the first half of 2023 reached RMB 748.7 million, a significant increase from RMB 257.8 million in the same period last year[2] - Revenue from external customers and total revenue for the six months ended June 30, 2023, was RMB 748,727 thousand, with park operations contributing RMB 697,599 thousand and operations as a service contributing RMB 51,128 thousand[13] - The company's revenue from external customers and total revenue for the six months ended June 30, 2023, increased by 190.5% compared to the same period in 2022, from RMB 257,763 thousand to RMB 748,727 thousand[13] - Total revenue from customer contracts increased to RMB 733,760 thousand in the first half of 2023, up from RMB 245,114 thousand in the same period in 2022, representing a significant growth of 199.4%[18][21] - Group revenue increased by 190.4% to RMB 748.7 million for the six months ended June 30, 2023, compared to RMB 257.8 million for the same period in 2022[29] - Park operations revenue grew by 189.1% to RMB 697.6 million for the six months ended June 30, 2023, compared to the same period in 2022[31] - Park operations revenue increased by 189.1% to RMB 697.6 million in the first half of 2023 compared to RMB 241.3 million in the same period in 2022[40] - Revenue from cultural tourism services and solutions grew by 211.6% to RMB 51.1 million in the first half of 2023 from RMB 16.4 million in the same period in 2022[41] Profitability and Losses - Gross profit for the first half of 2023 was RMB 202.9 million, compared to a gross loss of RMB 142.1 million in the first half of 2022[2] - Net loss for the first half of 2023 was RMB 84.7 million, a substantial improvement from the net loss of RMB 548.5 million in the first half of 2022[2] - Segment performance for the six months ended June 30, 2023, showed a profit of RMB 202,937 thousand, with park operations contributing RMB 195,841 thousand and operations as a service contributing RMB 7,096 thousand[13] - The company's segment performance for the six months ended June 30, 2023, improved significantly, turning a loss of RMB 142,144 thousand in 2022 into a profit of RMB 202,937 thousand in 2023[13] - The company reported a net loss attributable to ordinary shareholders of RMB 88,990 thousand in H1 2023, a significant improvement from the net loss of RMB 539,272 thousand in H1 2022[25] - Gross profit for the first half of 2023 was RMB 202.9 million, with a gross profit margin of 27.1%, compared to a gross loss of RMB 142.1 million and a gross loss margin of 55.1% in the same period in 2022[43] - Adjusted EBITDA profit for the first half of 2023 was RMB 231.2 million, compared to a loss of RMB 165.5 million in the same period in 2022[51] - The company's net loss decreased to RMB 84.7 million in the first half of 2023 from RMB 548.5 million in the same period in 2022, with the net loss margin improving from 212.8% to 11.3%[49] Assets and Liabilities - Total assets as of June 30, 2023, increased to RMB 7.59 billion from RMB 7.36 billion as of December 31, 2022[4] - Cash and cash equivalents as of June 30, 2023, stood at RMB 1.67 billion, up from RMB 1.24 billion as of December 31, 2022[4] - Total liabilities as of June 30, 2023, were RMB 8.06 billion, compared to RMB 7.53 billion as of December 31, 2022[5] - The company's net asset value as of June 30, 2023, was RMB 2.58 billion, slightly down from RMB 2.68 billion as of December 31, 2022[5] - Total assets as of June 30, 2023, were RMB 10,638,547 thousand, with park operations accounting for RMB 7,474,907 thousand, operations as a service for RMB 227,210 thousand, and property development for RMB 322,287 thousand[14] - Total liabilities as of June 30, 2023, were RMB 8,056,026 thousand, with park operations accounting for RMB 139,096 thousand and operations as a service for RMB 135,353 thousand[14] - Total assets as of December 31, 2022, were RMB 10,210,925 thousand, with park operations accounting for RMB 7,316,913 thousand, operations as a service for RMB 135,320 thousand, and property development for RMB 322,287 thousand[14] - Total liabilities as of December 31, 2022, were RMB 7,534,598 thousand, with park operations accounting for RMB 51,928 thousand and operations as a service for RMB 81,383 thousand[14] - Cash and cash equivalents increased to RMB 1,672.4 million as of June 30, 2023, from RMB 1,244.6 million as of December 31, 2022[52] - Net debt ratio increased to 156.6% as of June 30, 2023, from 150.3% as of December 31, 2022[53] - Total interest-bearing bank and other borrowings increased to RMB 5,551.3 million as of June 30, 2023, from RMB 5,149.2 million as of December 31, 2022[52] - The company's total equity decreased to RMB 2,582.5 million as of June 30, 2023, from RMB 2,676.3 million as of December 31, 2022[52] Park Operations and Attendance - Park operations revenue surged to RMB 682,632 thousand in H1 2023, compared to RMB 228,692 thousand in H1 2022, driven by strong ticket sales, food and beverage sales, and hotel operations[19][20] - Ticket sales revenue reached RMB 350,175 thousand in H1 2023, a substantial increase from RMB 104,385 thousand in H1 2022, reflecting a 235.4% growth[19][20] - Food and beverage sales revenue grew to RMB 110,384 thousand in H1 2023, up from RMB 40,177 thousand in H1 2022, marking a 174.7% increase[19][20] - Hotel operations revenue rose to RMB 85,995 thousand in H1 2023, compared to RMB 34,248 thousand in H1 2022, indicating a 151.1% growth[19][20] - Operating as a service revenue increased to RMB 51,128 thousand in H1 2023, up from RMB 16,422 thousand in H1 2022, showing a 211.3% growth[19][20] - Total park attendance increased by 127.4% for the six months ended June 30, 2023, compared to the same period in 2022[31] - Shanghai Park attendance increased by 285.2% for the six months ended June 30, 2023, compared to the same period in 2022[33] - Shanghai Park revenue increased by 212.6% to RMB 350.2 million for the six months ended June 30, 2023, compared to the same period in 2022[30][33] - In-park consumption revenue increased to RMB 246.5 million for the six months ended June 30, 2023, compared to RMB 90.1 million for the same period in 2022[30] Expansion and Development - The company plans to expand Shanghai Park with a second phase project, including a hot spring hotel, marine hotel, marine exploration center, and themed commercial areas, expected to open in 2025[33] - Zhengzhou Haichang Ocean Tourism Resort is expected to open in Q3 2023, with a second phase planned for 2024, aiming to become a significant revenue source[33] - The company introduced the world's first Ultraman-themed hotel in Shanghai Park, achieving 100% occupancy rates[32] - The company's boutique aquarium business generated a total revenue of approximately RMB 35.1 million in the first half of 2023, with July revenue reaching RMB 15 million[34] - The company plans to establish 100 boutique aquariums within 3-5 years, leveraging its expertise in marine culture and operational advantages[34] - The company's new product line, the Children's Ice and Snow Center, was launched in Shenzhen in April 2023, covering an area of 2,200 square meters[35] - The company has secured IP licensing agreements, including "Ultraman" and "Havoc in Heaven," and is developing its own IP, such as "Blue Star Queen Hailing"[36] - The company's IP-themed attractions, including Ultraman and One Piece-themed areas, have been successfully launched in multiple locations, with areas ranging from 820m² to 4,147m²[37] - The company expects significant growth opportunities from the upcoming Zhengzhou project, which will be 1.4 times the size of its Shanghai park, with Phase II opening in 2024[38] - The company is exploring international expansion, including a potential project in Saudi Arabia, following the signing of a memorandum of cooperation and obtaining an investment license[38] Financial Management and Strategy - The company has implemented cost control measures and is actively seeking new investment and business opportunities to achieve operational profitability and positive cash flow[7] - Total capital expenditures for the company amounted to RMB 465,963 thousand in H1 2023, with the majority allocated to park operations (RMB 449,352 thousand)[16] - The company's capital commitments as of June 30, 2023, amounted to approximately RMB 1,727.9 million, compared to RMB 608.4 million as of December 31, 2022[56] - The company is focusing on asset-light development models and exploring innovative financing methods to support future growth and asset value enhancement[39] - The company recorded a tax credit of RMB 11.8 million in the first half of 2023, compared to a tax expense of RMB 0.6 million in the same period in 2022[48] - The company had a total of 3,382 full-time employees as of June 30, 2023, up from 2,977 full-time employees as of June 30, 2022[57] - No purchase, redemption, or sale of the company's listed securities occurred during the six months ended June 30, 2023[58] - The company's Chairman and CEO roles are held by the same individual, Qu Naijie, to enhance strategic efficiency and timely business opportunities[59] - The company did not recommend any interim dividend for the six months ended June 30, 2023[62] - The company's unaudited interim financial information for the six months ended June 30, 2023, was reviewed by the Audit Committee and the Board[61] - The company's interim results announcement for the six months ended June 30, 2023, was published on the HKEX website and the company's website[63] - The company's Board expressed gratitude to management, employees, shareholders, business partners, clients, and professional advisors for their contributions and support[64] Trade Receivables and Payables - Trade receivables as of June 30, 2023, stood at RMB 83,242 thousand, with the majority (RMB 76,116 thousand) being within 90 days[26] - Trade payables decreased to RMB 1,100,523 thousand as of June 30, 2023, compared to RMB 1,176,838 thousand as of December 31, 2022, with the non-current portion decreasing to RMB 384,974 thousand from RMB 526,849 thousand[27]