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]

转自：上观新闻 春节假日，位于临港新片区的上海海昌公园内人头攒动，来自五湖四海的游客在这里看虎鲸、赏烟花、 游"龙宫"，体验别样春节氛围。 利用春节假期前来上海海昌海洋公园打卡的游客。 据了解，春节期间，上海海昌海洋公园推出了"火龙机甲大巡游、首创海底龙宫、'海市蜃龙'烟花秀"等 多项龙年春节特别活动，吸引了不少来自全国各地的游客观光打卡。 火山鲨鱼馆内首创的海底龙宫，高达6米，总重超1000公斤，盘旋其中的巨龙龙身总长超20米。 春节焕新的机甲巡游方阵。 现场千架无人机打造巨型3D立体飞天巨龙。 千架无人机打造的飞天巨龙结合非遗打铁花、飞天凤凰、水幕光影秀等震撼环节，联合呈现精彩纷呈的 《"海市蜃龙"烟花秀》。 非遗舞火龙吸引了八方游客。 园内丰富多彩的龙年新春主题活动吸引了不少来自全国各地的游客。 虎鲸表演现场人气爆棚。 据统计，春节假期前4天，上海海昌海洋公园客流量同比提升98%，初三单日最大客流量达5.1万人，同 时两大配套酒店一房难求，春节档全部满房。 栏目主编：张春海 文字编辑：蒋迪雯 海量资讯、精准解读，尽在新浪财经APP ...

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]

Company Overview - As of December 31, 2022, Haichang Ocean Park Holdings Ltd. owned and operated six marine culture-based theme parks and had one theme park under construction[2]. - The company has authorized four additional theme parks to use the "Haichang" brand, expanding its market presence[3]. - Haichang aims to provide a comprehensive tourism experience that includes leisure, entertainment, dining, shopping, and accommodation[2]. - The company continues to deliver oceanic culture and capability products across China, enhancing consumer access to its tourism and leisure offerings[3]. - Haichang's goal is to create a unique environment filled with "dream, love, joy" for visitors, focusing on oceanic culture-based experiences[2]. - The company has been listed on the Main Board of the Hong Kong Stock Exchange since March 13, 2014, indicating its established market presence[3]. Financial Performance - Revenue for 2022 was RMB 792,988,000, a decrease of 67.8% compared to RMB 2,460,200,000 in 2021[10]. - Gross loss for 2022 was RMB 278,728,000, compared to a gross profit of RMB 721,265,000 in 2021[10]. - The company reported a net loss of RMB 1,408,858,000 for 2022, compared to a profit of RMB 834,238,000 in 2021[10]. - Total assets decreased to RMB 10,210,925,000 in 2022 from RMB 11,717,352,000 in 2021[10]. - Cash and cash equivalents were RMB 1,244,633,000 in 2022, down from RMB 3,206,658,000 in 2021[10]. - The Group's revenue decreased to RMB793.0 million for the year ended 31 December 2022, down from RMB2,460.2 million for the year ended 31 December 2021, representing a decline of approximately 67.8%[33]. - The Group recorded a gross loss of RMB278.7 million, an adjusted EBITDA loss of RMB423.2 million, and an adjusted net loss attributable to shareholders of RMB1,059.1 million for the year ended 31 December 2022[33]. Operational Developments - The company aims to enhance its operations through the dual-core strategy of oceanic IP and world-class IP[11]. - The successful implementation of world-class operations has boosted confidence in the company's future performance[11]. - The company plans to expand its tourism and leisure services and solutions output business[11]. - The management team has undergone continuous improvement and maturity, contributing to strategic transformation[11]. - The company is exploring opportunities in cultural tourism REITs[11]. Attendance and Recovery - In the first half of 2022, the theme park segment experienced a sharp decline in admission attendance due to COVID-19, with a significant recovery beginning at the end of 2022[12]. - From January to February 2023, the total admission attendance of the theme park was approximately 1,060,000, representing a recovery rate of approximately 114% compared to the same period in 2019[12]. - The total revenue of the park operation segment for January to February 2023 was approximately RMB 173 million, reflecting a recovery rate of 118% from the same period in 2019[12]. - The Shanghai Park achieved an admission attendance of approximately 580,000 from January to February 2023, with a recovery rate of 151.4% from the same period in 2019[15]. Future Expansion Plans - The Zhengzhou Park is expected to open Phase I in the second half of 2023, with the entire park being 140% the size of the Shanghai Park, including ocean-themed parks and hotels[16]. - The Haichang Jinqiao Penguin Resort Hotel adjacent to the Shanghai Park is set to open in 2024, while Phase II development of the Shanghai Park is expected to open in 2025[15]. - The company plans to diversify its IP portfolio and establish more IP theme pavilions in various parks and crowded areas in 2023[19]. - The company aims to build a leading IP operation platform in China, integrating IPs into theme parks and other entertainment venues[20]. Environmental and Social Responsibility - The company emphasizes environmental, social, and governance (ESG) factors as critical for long-term stable development[73]. - The company has a professional animal conservation team of nearly 1,000 members, actively involved in species protection and rescue operations nationwide[76]. - Since 2015, the company has offered free park visits to families with autism patients during April, receiving thousands of families over the years[82]. Corporate Governance - The company is committed to risk management and corporate governance, with dedicated committees overseeing these areas[7]. - The board consists of nine directors, including three independent non-executive directors, with at least one-third required to retire at the annual general meeting[117]. - The company is focused on maintaining compliance and financial integrity through the expertise of its directors[132]. Management and Leadership - The company has undergone changes in its executive leadership, with Qu Naijie appointed as CEO effective January 5, 2022[5]. - The operational management team is focused on strategic planning and compliance affairs, ensuring alignment with the company's long-term goals[119]. - The management team is dedicated to improving operational efficiency and maximizing shareholder value through effective resource allocation[129]. Strategic Initiatives - The company is actively involved in new product development and technological advancements to enhance its service offerings[130]. - Future outlook includes a commitment to growth through strategic investments and potential acquisitions in the entertainment and tourism sectors[131]. - The management team has emphasized the importance of asset-light strategies, with a goal to increase operational efficiency by 20% over the next two years[146].

Financial Performance - Total revenue for the year ended December 31, 2022, was RMB 792.988 million, a decrease of 67.8% from RMB 2,460.200 million in 2021[2] - The company reported a net loss of RMB 1,408.858 million for 2022, compared to a profit of RMB 834.238 million in 2021, representing a significant decline[2] - Gross loss for the year was RMB 278.728 million, compared to a gross profit of RMB 721.265 million in the previous year[2] - Total comprehensive loss for the year amounted to RMB 1,420.524 million, compared to a total comprehensive income of RMB 830.144 million in 2021[3] - The group reported a net loss of RMB 1,408,858,000 for the year ended December 31, 2022[8] - The overall gross loss for the group was approximately RMB 278.7 million for the year ended December 31, 2022, compared to a gross profit of approximately RMB 721.3 million in 2021, resulting in a gross loss margin of approximately 35.1%[63] - The gross loss from the park operations segment was approximately RMB 285.6 million for the year ended December 31, 2022, primarily due to the impact of recurring pandemic restrictions and a significant decline in revenue[64] - Adjusted EBITDA loss for the year ended December 31, 2022, was approximately RMB 423.2 million, down from a profit of RMB 526.8 million in 2021, mainly due to significant revenue decline caused by the pandemic[72] Assets and Liabilities - Non-current assets decreased to RMB 7,363.545 million as of December 31, 2022, down from RMB 8,119.454 million in 2021[4] - Current assets also declined to RMB 2,847.380 million from RMB 3,597.898 million in the previous year[4] - Total liabilities increased to RMB 4,893.619 million in 2022, compared to RMB 4,526.200 million in 2021[5] - The company's equity attributable to owners of the parent decreased to RMB 2,623.757 million from RMB 3,766.912 million in 2021[6] - Total assets as of December 31, 2022, amounted to RMB 10,210,925,000, with segment assets for park operations at RMB 7,316,913,000[17] - The total liabilities were RMB 7,534,598,000, with segment liabilities for park operations at RMB 51,928,000[17] - The total amount of secured loans as of December 31, 2022, was RMB 5,267.73 million, slightly up from RMB 5,254.33 million in 2021[42] - The group’s bank and other borrowings amounted to RMB 4,043.327 million as of December 31, 2022, up from RMB 2,887.835 million in the previous year[43] Revenue Breakdown - For the year ended December 31, 2022, total revenue was RMB 792,988,000, with the park operations segment contributing RMB 748,941,000[17] - Revenue from park operations in 2022 was RMB 725,170 thousand, down 58.5% from RMB 1,748,190 thousand in 2021[21] - Total revenue from customer contracts for 2022 was RMB 769,217 thousand, a decrease of 67.7% from RMB 2,384,228 thousand in 2021[20] - Ticket sales revenue for 2022 was RMB 348,340 thousand, a decline of 69.9% compared to RMB 1,161,227 thousand in 2021[22] - Revenue from food and beverage sales in 2022 was RMB 135,851 thousand, down 40.4% from RMB 228,146 thousand in 2021[22] - The total rental income from investment properties in 2022 was RMB 23,771 thousand, a decrease of 68.7% from RMB 75,972 thousand in 2021[20] Cash Flow and Financial Position - The company's cash and cash equivalents, net of pledged deposits, were RMB 1,225,695 thousand as of December 31, 2022, compared to RMB 3,202,605 thousand in 2021[36] - The company reported a net cash position of RMB 1,241,317 thousand as of December 31, 2022, down from RMB 3,209,862 thousand in 2021[37] - The net debt ratio increased to approximately 150.3% as of December 31, 2022, compared to 53.5% in 2021, primarily due to cash depletion from operational losses and capital expenditures[78] Operational Insights - The company operates theme parks, property development, and hotel operations primarily in China[7] - The company plans to continue its focus on theme park development and management services in the future[7] - The group operates 6 marine-themed parks and has one park under construction, aiming to enhance visitor experiences and expand into cultural tourism services[45] - The company plans to expand the Shanghai park with a second phase project, including a hot spring hotel and marine exploration center, expected to open in 2025[50] - The Zhengzhou Haichang Ocean Park is in the final construction stages and is expected to open in the second half of 2023, with a total area exceeding 40% of the Shanghai park[51] - The company launched the world's first Ultraman-themed entertainment area in Shanghai on July 30, 2022, as part of its IP strategy[50] - The company is actively exploring new technologies, including biotechnologies and AI, to enhance visitor experiences and operational efficiency[51] Future Outlook - The group is actively seeking new investment and business opportunities to achieve operational profitability and positive cash flow[8] - The company aims to become a leading IP operation platform in China, having secured partnerships with influential IPs such as "Ultraman" and "The Monkey King" for merchandise development[54] - The company plans to establish "100 ocean parks" within 3 to 5 years to cater to the large family leisure market in China[52] - The company anticipates significant revenue and profit contributions from new business growth, including the ongoing development of parks in Sanya and Chongqing[55] Corporate Governance and Compliance - The financial statements are prepared in accordance with International Financial Reporting Standards and reflect historical cost conventions[10] - The company has adopted revised International Financial Reporting Standards for the year ended December 31, 2022[13] - The board does not recommend any dividend payment for the year ended December 31, 2022[88] - The company has adopted the corporate governance code and has complied with its provisions, with some exceptions noted[84] - The audit committee, consisting of three independent non-executive directors, reviewed the annual performance announcement for the year ended December 31, 2022[87]

Financial Performance - Haichang Ocean Park Holdings Ltd. reported a significant increase in revenue, reaching approximately HKD 1.2 billion, representing a year-on-year growth of 25%[1]. - The company reported a net profit of HKD 300 million, a 50% increase from the previous year, reflecting strong operational performance[1]. - In 2021, the Group recorded a revenue of approximately RMB2,460.2 million, representing a year-on-year increase of 110.6%[20]. - Revenue from theme park operations amounted to approximately RMB1,824.2 million, reflecting a year-on-year increase of 60.8% and recovering to 66.8% of the same period in 2019[20]. - The company achieved a gross profit margin of approximately 29.3%[93]. - The Group recorded a profit for the year of approximately RMB834.2 million in 2021, compared to a loss of approximately RMB1,478.5 million in 2020, with a net profit margin of approximately 33.9%[96]. Visitor Engagement and Experience - The company experienced a rise in visitor numbers, with a total of 3.5 million guests, an increase of 30% compared to the previous year[1]. - A new loyalty program is being introduced to increase customer retention, expected to boost repeat visits by 20%[1]. - The total number of ticket buyers and park visitors in 2021 was 6,593 thousand and 9,899 thousand, representing increases of 22.5% and 18.9% from 2020, recovering to 50.2% and 60.0% of the same period in 2019, respectively[50]. - The Shanghai Park was rated as the Best Theme Park in China for 2021 and received multiple accolades for its attractions and experiences[54]. - The company achieved a customer service telephone satisfaction rate of 99.5%, significantly exceeding the industry average[179]. Strategic Development and Expansion - Future outlook includes plans to expand into new markets, targeting a 15% increase in market share over the next two years[1]. - The company is investing in new attractions and technology, with a budget of HKD 200 million allocated for development in the upcoming fiscal year[1]. - The company is exploring potential acquisitions to enhance its portfolio, aiming for at least one strategic acquisition by the end of the next fiscal year[1]. - The Group plans to develop the phase III project of the Shanghai Park to strengthen its presence in the Yangtze River Delta region[24]. - The company aims to establish a Haichang ocean-themed resort group in the New Shanghai Lingang Xinpian Zone[150]. Environmental and Social Governance (ESG) - The company is committed to enhancing its environmental and social governance practices, with specific initiatives planned for the next year[1]. - The Group has established an ESG information working group composed of various departments to ensure comprehensive and accurate data collection and reporting[119]. - The company has been offering free park visits to families with autism patients for six consecutive years, demonstrating its commitment to social responsibility[85]. - The company aims to establish a comprehensive ESG governing mechanism to support sustainable development and enhance corporate governance[114]. - The Group received the "Outstanding Corporate Case on Performing Social Responsibility" award by CAAPA, showcasing its commitment to social responsibility[142]. Safety and Compliance - The company has implemented a structured approach to safety management, focusing on prevention and comprehensive oversight[161]. - The group has established a safety management committee for each project company to ensure ongoing safety compliance and risk management[155]. - The company has maintained a strong focus on safety development, refining responsibilities and enhancing onsite supervision[158]. - The company invested approximately 8.67 million yuan in safety measures in 2021, with no work-related fatalities reported in the past three years[154]. - Regular inspections of recreational facilities are conducted to ensure compliance with safety and operational standards[126]. Digital Transformation and Innovation - Digital transformation initiatives are underway, focusing on accurate marketing and enhanced visitor experiences through digital products like holographic light shows and MR phantom imaging[86]. - The company launched ocean-themed NFT digital blind boxes, marking its entry into the metaverse and targeting Generation Z[86]. - The introduction of smart tourism initiatives aligns with the 14th Five-Year Plan, focusing on digitalization and improving consumer experiences[192]. - The company is collaborating with various partners to transform the cultural tourism industry and create new consumption scenarios combining cultural tourism and e-sports IP[198]. - The company aims to leverage its brand and operational strengths to enhance resource integration in the leisure consumption sector and promote light-asset business strategies[191]. Awards and Recognition - Haichang Ocean Park Holdings Ltd. received the "Annual National Brand for 2021" award, recognizing its significant contribution to the tourism industry[141]. - The company was ranked among the "Top 20 Tourism Group in China" by the China Tourism Academy, highlighting its market position[141]. - Haichang Ocean Park Holdings Ltd. was awarded the "Best Theme Park in China in 2021" for its Shanghai location, reflecting its operational excellence[144]. - The company was acknowledged as a "National Base for Marine Education," reinforcing its educational initiatives and community engagement[143]. - The Group received a total of 246 valid responses in the ESG materiality assessment survey, focusing on 14 key ESG issues across social, economic, and environmental aspects[132].