Core Viewpoint - The article discusses the saturation of theme parks in Shanghai, questioning whether the influx of new parks is a viable business opportunity amidst changing consumer spending habits [1][4]. Group 1: Theme Park Landscape in Shanghai - Shanghai has seen a significant increase in large theme parks, including international IPs like Shanghai Disneyland and local projects such as Shanghai Happy Valley and Shanghai Haichang Ocean Park [2][4]. - The opening of new parks, such as the Harry Potter Studio Tour and Peppa Pig Theme Park, adds to the competitive landscape [2]. Group 2: Visitor Spending Behavior - Visitors have become more cautious with their spending, with ticket prices ranging from 100-600 RMB, and additional costs for food, merchandise, and fast passes [3][4]. - Families often calculate expenses before visiting, indicating a shift in consumer behavior towards more budget-conscious decisions [3]. Group 3: Performance Metrics - The Yao Xue Ice World reported over 500,000 visitors during the summer peak and over one million visitors in its first year, suggesting strong demand despite market saturation concerns [4][5]. - Shanghai Happy Valley welcomed over one million visitors during the summer, with a peak day showing a 65% year-on-year increase, attributed to new content and events [5]. Group 4: International Comparisons - Compared to global cities like Tokyo and Dubai, which host multiple major theme parks, Shanghai's theme park offerings are not considered over-saturated [9]. - Tokyo has two Disney parks and other attractions, while Dubai has invested heavily in theme parks, indicating that Shanghai has room for growth [9]. Group 5: Strategic Importance of Theme Parks - Theme parks in Shanghai serve as significant tourist attractions, contributing to the city's status as a global travel destination [10][11]. - The Shanghai government aims to enhance its tourism infrastructure by developing a matrix of world-class theme parks, which will boost the local economy and attract international visitors [10][11].

Group 1 - The event "Big Consumption Investment Summit and 2025 Zhitong Xingyao Autumn Joint Strategy Meeting" was held in Hangzhou, focusing on the theme "New Consumption Species: The Evolution of Hong Kong Stocks" [1] - In 2025, China's consumption market is witnessing a blend of tradition and innovation, with electric vehicle penetration exceeding 47%, smart home sales growing in double digits, and rural consumption growth outpacing urban by 0.8 percentage points [1] - The Hong Kong stock market is becoming a witness to consumer power, with a 100-fold subscription for consumer IPOs in the first half of the year and 71% of new stocks closing higher on their first day [1] Group 2 - The main venue will feature keynote speeches and roundtable discussions on trends, while the sub-venue will showcase opportunities from 30 top companies [2] - Keynote speakers include executives from Tencent, GF Securities, and various leading companies, sharing insights and practical experiences [4] - The sub-venue will host presentations from 30 leading companies, including China Duty Free Group, Maogeping, and others, focusing on their business opportunities [5]

Group 1: Hong Kong Stock Market Performance - Midea Group (00300) increased nearly 3% with Q2 revenue of 123.9 billion yuan, a year-on-year increase of 11.0%, and net profit of 13.59 billion yuan, up 15.1%. This marks the company's first interim dividend of 5 yuan per 10 shares (tax included) [2] - Sanofi (02257) saw a midday increase of over 12% as its mid-term shareholder loss narrowed by 91%, with STP705 expected to complete commercialization within the year [2] - Ocean Park (02255) rose nearly 3% in early trading, but reported a 14.2% year-on-year decline in revenue to 686 million yuan, with a loss of approximately 296 million yuan due to decreased visitor numbers and consumer spending [2] Group 2: Company Highlights - InnoCare Pharma (02577) increased over 6% with a sales revenue of 553 million yuan, a year-on-year growth of 43.4%, and a gross margin of 6.8%, marking a significant improvement of 28.4 percentage points [3] - Geekplus (02590) rose over 5%, achieving over 30% year-on-year revenue growth as a leader in global warehouse fulfillment AMR [3] - China Nonferrous Mining (01258) increased over 3.8% due to rising copper prices improving mid-term performance, with ongoing resource expansion and acquisitions [3] Group 3: Other Notable Movements - Hengrui Medicine (01276) rose over 1.5% after receiving drug registration approval for EZH2 inhibitor [3] - Horizon Robotics (09660) fell nearly 1% despite exceeding market expectations in revenue, with Goldman Sachs maintaining a positive outlook on HSD system mass production [3] - BYD Electronics (00285) dropped over 0.5% with a nearly 14% year-on-year increase in net profit, accelerating its layout in AI data centers and robotics [3] - Shandong Gold (01787) fell nearly 2% as it plans to raise approximately 3.9 billion HKD through a discounted placement to repay company debts [3]

Group 1 - The core viewpoint of the article highlights that Haichang Ocean Park (02255) experienced a significant stock price increase following the release of its interim results, despite reporting a revenue decline and increased losses [1] - For the first half of the year, Haichang Ocean Park reported a revenue of 686 million RMB, a year-on-year decrease of 14.19%, and a shareholder loss of 295 million RMB, which represents a year-on-year increase of 250.41% [1] - The company has secured the operational rights to an internationally recognized IP theme store, which contributed to an IP business revenue of 78.06 million RMB, reflecting a year-on-year growth of 23% [1] Group 2 - The interim report indicates that Haichang Ocean Park is establishing an IP operation track in niche segments, aiming to integrate IP commercialization with various consumer entertainment scenarios such as theme apartments, scenic spots, lifestyle hotels, and commercial properties [1] - In June, Xiangyuan Holdings Group announced a strategic investment of 2.295 billion HKD in Haichang Ocean Park, which, if completed, would result in Xiangyuan indirectly holding 38.6% of the shares, making it the new controlling shareholder [1] - According to Kaiyuan Securities, this strategic investment will facilitate mutual advantages for both parties, helping Xiangyuan to complement emerging customer markets and complete a closed loop of "natural scenic area traffic + theme park customer attraction" [1]

Group 1 - The core viewpoint of the news is that Haichang Ocean Park's stock price increased over 5% in early trading, despite facing significant financial challenges in the first half of the year, with a notable growth in its IP business revenue [1] - Haichang Ocean Park reported a revenue of 686 million RMB for the first half of the year, a decrease of 14.19% year-on-year, and a shareholder loss of 295 million RMB, which expanded by 250.41% [1] - The company secured the operational rights for an internationally recognized IP theme store, leading to an IP business revenue of 78.06 million RMB, which represents a year-on-year growth of 23% [1] Group 2 - Xiangyuan Holdings Group announced a strategic investment of 2.295 billion HKD in Haichang Ocean Park, which, if completed, would result in Xiangyuan holding 38.6% of the shares and becoming the new controlling shareholder [2] - This strategic investment is expected to complement the strengths of both parties, providing Haichang Ocean Park with additional strategic development resources and helping to reduce financial costs [2]

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 本月底法定/註冊股本總額： USD 750,000 備註： 本公司之法定股本於2025年8月19日由500,000美元（分為10,000,000,000股每股面值0.00005美元之股份）增加至750,000美元（分為15,000,000,000股每股面值0.00005美元之股份）。有關詳情 載於本公司日期為 2025年7月31日的通函。 第 1 頁 共 10 頁 v 1.1.1 致：香港交易及結算所有限公司 公司名稱: 海昌海洋公園控股有限公司 (於開曼群島註冊成立之有限公司) 呈交日期: 2025年9月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02255 | 說明 | 海昌海洋公園 | | | | | | | | 法定/註冊股份數目 | | ...

Core Viewpoint - Haichang Ocean Park reported a significant decline in revenue and an increase in losses for the first half of 2025, indicating challenges in consumer spending and attendance [1] Financial Performance - For the first half of 2025, Haichang Ocean Park achieved revenue of 686 million yuan, a year-on-year decrease of 14.2%, with a loss of approximately 296 million yuan [1] - The number of visitors decreased, reflecting a substantial drop in consumer willingness and ability to spend [1] Strategic Developments - The company is advancing its OAAS (Operation as a Service) light asset strategy, with major projects expected to launch soon [1] - The Beijing Haichang Ocean Park project has obtained a construction permit and is set to begin structural construction, aiming for completion in the first half of 2026 and trial operations in the first half of 2027 [1] - The Fuzhou Haichang Ocean Park project is in negotiations with local state-owned platforms, with plans to commence construction in 2026 [1] IP Business Growth - In the first half of the year, Haichang Ocean Park secured the operational rights to an internationally recognized IP theme store, generating 78.06 million yuan in IP business revenue, a 23% increase year-on-year [2] - The company aims to establish an IP operation track by collaborating with globally influential IPs, integrating IP commercialization with various entertainment and lifestyle scenarios [2] Market Opportunities - The introduction of multiple consumer promotion policies presents unprecedented growth opportunities for the cultural tourism industry [3] - The opening of the second phases of Shanghai Haichang and Zhengzhou Haichang is expected in 2026, providing a solid foundation for revenue growth [3] - The company plans to leverage a dual-driven model of "OAAS + IP" to enhance its market competitiveness and support various marine-themed projects [3] Long-term Vision - Haichang Ocean Park is committed to becoming an international comprehensive cultural tourism group centered on marine culture, continuously enhancing its core competitiveness [3] - The company has several OAAS projects in negotiation, laying a solid foundation for sustained future growth [3]

Group 1 - The core viewpoint of the article highlights that Haichang Ocean Park (02255) reported a significant decline in revenue and an increase in shareholder losses for the six months ending June 30, 2025 [1] Group 2 - The company's revenue for the period was RMB 686 million, representing a year-on-year decrease of 14.19% [1] - The loss attributable to shareholders was RMB 295 million, which is an increase of 250.41% compared to the previous year [1] - The loss per share was reported at 3.64 cents [1]

Group 1 - The company reported a revenue of RMB 686 million for the six months ending June 30, 2025, representing a year-on-year decrease of 14.19% [1] - The loss attributable to shareholders expanded to RMB 295 million, marking a year-on-year increase of 250.41% [1] - The loss per share was recorded at 3.64 cents [1]

[Interim Results Summary](index=2&type=section&id=Interim%20Results%20Summary) [Interim Condensed Consolidated Statement of Profit or Loss](index=2&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss) For the six months ended June 30, 2025, the Group's revenue decreased by **14.2%** to **RMB 686.3 million** year-on-year, with gross profit significantly down **63.2%** to **RMB 71.7 million**. Loss for the period expanded significantly to **RMB 295.6 million**, and loss per share attributable to owners of the parent was **RMB 3.64 cents** Key Data from Interim Condensed Consolidated Statement of Profit or Loss | Metric | June 30, 2025 (RMB in thousands) | June 30, 2024 (RMB in thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 686,303 | 799,801 | -14.2% | | Cost of Sales | (614,601) | (604,929) | +1.6% | | Gross Profit | 71,702 | 194,872 | -63.2% | | Other Income and Gains | 27,434 | 96,297 | -71.5% | | Selling and Marketing Expenses | (51,252) | (26,744) | +92.1% | | Administrative Expenses | (172,528) | (166,944) | +3.36% | | Finance Costs | (156,965) | (168,518) | -6.8% | | Loss Before Tax | (295,610) | (83,408) | +254.4% | | Loss for the Period | (295,626) | (87,193) | +239.1% | | Loss Attributable to Owners of the Parent | (295,139) | (84,226) | +250.4% | | Basic and Diluted Loss Per Share (RMB cents) | (3.64) | (1.04) | +250.0% | [Interim Condensed Consolidated Statement of Comprehensive Income](index=3&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) The Group's total comprehensive loss for the six months ended June 30, 2025, significantly expanded to **RMB 290.9 million** from **RMB 84.9 million** in the prior period, primarily due to increased loss for the period and exchange differences Key Data from Interim Condensed Consolidated Statement of Comprehensive Income | Metric | June 30, 2025 (RMB in thousands) | June 30, 2024 (RMB in thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Loss for the Period | (295,626) | (87,193) | +239.1% | | Exchange Differences on Translation of Foreign Operations (reclassifiable) | (52,774) | (17,922) | +194.5% | | Exchange Differences on Translation of Foreign Operations (non-reclassifiable) | 57,495 | 20,252 | +184.0% | | Other Comprehensive Income for the Period (net of tax) | 4,721 | 2,330 | +102.6% | | Total Comprehensive Loss for the Period | (290,905) | (84,863) | +242.8% | | Total Comprehensive Loss Attributable to Owners of the Parent | (290,418) | (81,896) | +254.6% | [Interim Condensed Consolidated Statement of Financial Position](index=4&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the Group's total assets slightly decreased, net current liabilities further expanded, and net assets decreased by **16.0%**, indicating financial pressure Key Data from Interim Condensed Consolidated Statement of Financial Position | Metric | June 30, 2025 (RMB in thousands) | December 31, 2024 (RMB in thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Total Non-current Assets | 9,588,005 | 9,851,854 | -2.7% | | Total Current Assets | 529,074 | 487,699 | +8.5% | | Total Current Liabilities | 3,721,685 | 3,440,618 | +8.2% | | Net Current Liabilities | (3,192,611) | (2,952,919) | +8.1% | | Total Assets Less Current Liabilities | 6,395,394 | 6,898,935 | -7.3% | | Total Non-current Liabilities | 4,870,999 | 5,083,635 | -4.1% | | Net Assets | 1,524,395 | 1,815,300 | -16.0% | | Total Equity | 1,524,395 | 1,815,300 | -16.0% | [Notes to the Interim Condensed Consolidated Financial Information](index=6&type=section&id=Notes%20to%20the%20Interim%20Condensed%20Consolidated%20Financial%20Information) [Basis of Preparation](index=6&type=section&id=Basis%20of%20Preparation) The interim condensed consolidated financial information is prepared in accordance with International Accounting Standard 34 'Interim Financial Reporting' and should be read in conjunction with the annual consolidated financial statements for the year ended December 31, 2024 - Financial information is prepared in accordance with **IAS 34** and should be read in conjunction with annual reports[8](index=8&type=chunk) [Basis of Presentation (Going Concern)](index=6&type=section&id=Basis%20of%20Presentation%20-%20Going%20Concern) Despite net current liabilities of **RMB 3.19 billion** and a loss for the period of **RMB 296 million**, the Board believes the Group can continue as a going concern, supported by bank and credit facilities, capital expenditure monitoring, new investment opportunities, and **HKD 2.295 billion** new equity financing approved by shareholders through a subscription - The Group's net current liabilities amounted to **RMB 3,192,611,000** and net loss for the period was **RMB 295,626,000**[9](index=9&type=chunk) - The Group has secured unutilized bank and credit facilities totaling **RMB 4,500,000,000** valid beyond December 31, 2025[10](index=10&type=chunk) - The Company entered into a subscription agreement with Sunriver Starrysea Tourism (Cayman) Co., Ltd. to allot and issue **5,100,000,000** new shares at **HKD 0.45** per share, for a total consideration of **HKD 2,295,000,000**, which has been approved by shareholders[10](index=10&type=chunk) [Changes in Accounting Policies and Disclosures](index=7&type=section&id=Changes%20in%20Accounting%20Policies%20and%20Disclosures) This period saw the first application of revised IFRS accounting standards, including amendments to IAS 21 'Lack of Exchangeability', but these changes had no significant impact on the Group's financial position or performance - New and revised IFRS accounting standards, including amendments to **IAS 21** 'Lack of Exchangeability', were first applied in this period[12](index=12&type=chunk) - The application of new accounting standards had no significant impact on the Group's financial position and performance[12](index=12&type=chunk) [Operating Segment Information](index=8&type=section&id=Operating%20Segment%20Information) The Group's main operating segments include park operations, operations-as-a-service, and property development, with park operations being the primary revenue source. For the six months ended June 30, 2025, both park operations and operations-as-a-service segments saw decreased revenue and performance, while the property development segment generated no revenue Operating Segment Revenue and Results (for the six months ended June 30, 2025) | Segment | Revenue (RMB in thousands) | Segment Results (RMB in thousands) | | :--- | :--- | :--- | | Park Operations | 646,200 | 65,654 | | Operations-as-a-Service | 40,103 | 6,048 | | Property Development | – | – | | **Total** | **686,303** | **71,702** | Operating Segment Revenue and Results (for the six months ended June 30, 2024) | Segment | Revenue (RMB in thousands) | Segment Results (RMB in thousands) | | :--- | :--- | :--- | | Park Operations | 735,866 | 185,223 | | Operations-as-a-Service | 63,935 | 9,649 | | Property Development | – | – | | **Total** | **799,801** | **194,872** | - Over **99%** of the Group's revenue and non-current assets are derived from Mainland China operations, thus no geographical information is presented[13](index=13&type=chunk) [Revenue](index=11&type=section&id=Revenue) For the six months ended June 30, 2025, the Group's total revenue was **RMB 686.3 million**, a **14