Core Viewpoint - The actual controller of the "Xiangyuan System," Yu Faxiang, has been subjected to criminal coercive measures by the police due to suspected criminal activities, with investigations ongoing [1]. Group 1: Company Announcements - On December 22, Xiangyuan Cultural Tourism, Jiaojian Co., and Haichang Ocean Park simultaneously announced that Yu Faxiang was taken by the Shaoxing Public Security Bureau for criminal coercive measures, and the case is under investigation [1]. - As of the announcement date, the three listed companies stated they had not received any requests from authorities for assistance in the investigation, and there has been no change in company control [5]. Group 2: Financial Issues - Reports indicate that the "Xiangyuan System" is facing issues with overdue financial products, which are linked to real estate cooperation projects with Xiangyuan Holdings [7]. - On December 7, the three listed companies disclosed that there were overdue payments related to financial products issued on a certain platform, with the controlling shareholder Xiangyuan Holdings and Yu Faxiang bearing joint guarantee responsibilities for these payment obligations [7]. - On December 16, it was announced that the shares held by Yu Faxiang and Xiangyuan Holdings in the companies have been judicially frozen [7]. Group 3: Company Background - Xiangyuan Holdings Group, founded in 1992, is a leading enterprise in the cultural tourism industry, primarily focused on investment, construction, and operation [7]. - Since entering the cultural tourism sector in 2008, Xiangyuan has invested in over 50 cultural tourism projects across 17 provinces and cities in China, covering 6 World Heritage sites and 12 national 5A-level scenic spots, as well as 20 4A-level scenic spots [7].

于2025年12月22日，董事会收到公司非执行董事俞红华女士提交的书面辞职通知，于本公告之日起，俞 红华女士因个人原因辞去担任公司非执行董事及薪酬委员会成员职务，辞职后将不再担任公司任何职 务。公司非执行董事赖志林先生获委任公司薪酬委员会成员。 海昌海洋公园(02255)公布，公司于2025 年12月22日收到公司董事会主席、执行董事兼行政总裁俞发祥 先生家属通知，俞发祥先生因涉嫌犯罪被绍兴市公安局采取刑事强制措施，案件正在调查过程中。截至 本公告之日，公司未收到有关机关要求公司协助调查的通知，公司控制权未发生变化。除本公告披露 外，公司董事和高级管理人员均正常履职，公司生产经营一切正常，相关事项预计不会对集团正常生产 经营产生重大影响。俞发祥先生拟委托公司执行董事欧阳明先生代为行使董事会主席、执行董事兼行政 总裁的职责直至另行通知为止。 ...

智通财经APP讯，海昌海洋公园(02255)公布，公司于2025 年12月22日收到公司董事会主席、执行董事 兼行政总裁俞发祥先生家属通知，俞发祥先生因涉嫌犯罪被绍兴市公安局采取刑事强制措施，案件正在 调查过程中。截至本公告之日，公司未收到有关机关要求公司协助调查的通知，公司控制权未发生变 化。除本公告披露外，公司董事和高级管理人员均正常履职，公司生产经营一切正常，相关事项预计不 会对集团正常生产经营产生重大影响。俞发祥先生拟委托公司执行董事欧阳明先生代为行使董事会主 席、执行董事兼行政总裁的职责直至另行通知为止。 于2025年12月22日，董事会收到公司非执行董事俞红华女士提交的书面辞职通知，于本公告之日起，俞 红华女士因个人原因辞去担任公司非执行董事及薪酬委员会成员职务，辞职后将不再担任公司任何职 务。公司非执行董事赖志林先生获委任公司薪酬委员会成员。 ...

HAICHANG OCEAN PARK HOLDINGS LTD. 海昌海洋公園控股有限公司 歐陽明先生 詹新偉先生 非執行董事 曲程先生 賴志林先生 獨立非執行董事 （於開曼群島註冊成立之有限公司） （股份代號：2255） 董事名單與其角色和職能 海昌海洋公園控股有限公司董事（「董事」）會（「董事會」）成員載列如下。 主席、執行董事兼行政總裁 俞發祥先生 執行董事 王軍先生 朱玉辰先生 沈涵女士 1 下表提供各董事會成員在董事委員會中所擔任的職位。 | 董事委員會 | 審核 | 提名 | 薪酬 | | --- | --- | --- | --- | | 董事 | 委員會 | 委員會 | 委員會 | | 俞發祥先生 | | 主席 | | | 歐陽明先生 | | | | | 詹新偉先生 | | | | | 曲程先生 | | | | | 賴志林先生 | | | 成員 | | 王軍先生 | 成員 | 成員 | 主席 | | 朱玉辰先生 | 主席 | | 成員 | | 沈涵女士 | 成員 | 成員 | | 中華人民共和國上海，2025年12月22日 2 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本公佈全部或任何部分內容而產生或因依賴 該等內容而引致的任何損失承擔任何責任。 1 海昌海洋公園控股有限公司（「本公司」，連同附屬公司統稱為「本集團」）於2025 年12月22日收到本公司董事會（「董事會」）主席、執行董事兼行政總裁俞發祥先生 （「俞先生」）家屬通知，俞先生因涉嫌犯罪被紹興市公安局採取刑事強制措施，案 件正在調查過程中。 截至本公告之日，本公司未收到有關機關要求公司協助調查的通知，公司控制權 未發生變化。除本公告披露外，本公司董事和高級管理人員均正常履職，公司生 產經營一切正常，相關事項預計不會對本集團正常生產經營產生重大影響。 俞先生擬委託本公司執行董事歐陽明先生代為行使董事會主席、執行董事兼行政 總裁之職責直至另行通知為止。 於2025年12月22日，董事會收到本公司非執行董事俞紅華女士（「俞女士」）提交 的書面辭職通知，於本公告之日起，俞女士因個人原因辭去擔任本公司非執行董 事及薪酬委員會成員職務，辭職後將不再擔任本公司任何職務。俞女士確認，其 與董事會並無意見 ...

Core Viewpoint - A financial product redemption crisis exceeding 10 billion yuan has pushed Yu Faxiang, the actual controller of Xiangyuan Cultural Tourism, to the brink of collapse [1][8]. Group 1: Financial Crisis - On December 16, 2023, it was announced that all shares held by Yu Faxiang and Xiangyuan Holdings were judicially frozen due to the inability to redeem multiple financial products guaranteed by them [1]. - The Zhejiang Financial Assets Exchange Center reported that a significant amount of funds related to these financial products, amounting to over 10 billion yuan, faced default [5][20]. - The crisis has exposed Yu Faxiang's financial risks, with total assets of approximately 60 billion yuan against liabilities of 40 billion yuan, indicating a precarious financial situation [1][5]. Group 2: Company Background - Yu Faxiang, aged 55, has built a cultural tourism empire with total assets exceeding 60 billion yuan, spanning various sectors including tourism, infrastructure, and marine parks [1]. - The company has been heavily reliant on capital operations, with a history of aggressive financial strategies that have led to significant leverage [18]. - The company has faced challenges due to a downturn in the real estate market, which has strained its cash flow and financial stability [1][19]. Group 3: Government Intervention - A support task force organized by the local government has entered Xiangyuan Holdings to manage risk and protect investor interests [21]. - The task force aims to assess the company's operational status and categorize assets for targeted assistance in addressing debt risks [21]. Group 4: Regulatory Issues - In October 2023, the China Securities Regulatory Commission initiated an investigation into Yu Faxiang for alleged violations of information disclosure laws, which has further complicated the company's financial standing [6]. - The Zhejiang Financial Assets Exchange Center's cancellation of trading qualifications has severely restricted the company's financing options, exacerbating its liquidity issues [19].

Group 1: Harbin Ice and Snow World - The 27th Harbin Ice and Snow World will officially open on December 17, 2025, with a theme of "Ice and Snow Fairy Tale" [1] - This year's event is the largest in scale, created by thousands of ice construction workers [1] - Ticket prices are set at a promotional price of 298 yuan per adult from December 17 to December 23, 2025, reverting to the original price of 328 yuan starting December 24, 2025 [1] Group 2: Overseas Chinese Town A (OCT A) - In November 2025, OCT A reported a total visitor count of 6.97 million for its cultural tourism enterprises, an 8% increase year-on-year [1] - For the period from January to November 2025, the total number of visitors was 73.98 million, a 1% decrease compared to the previous year [1] - In November 2025, the company achieved a contract sales area of 86,000 square meters, a 61% year-on-year decrease, and a contract sales amount of 1.2 billion yuan, down 65% year-on-year [1] Group 3: Beijing Haichang Ocean Park - The Beijing Haichang Ocean Park project has entered the construction phase, with a total building area of approximately 160,000 square meters [2] - The park will feature a combination of ecological, educational, interactive, performance, artistic, and hotel functions, expected to be completed and operational by 2027 [2] - The project is a collaboration between Haichang Ocean Park and Beijing Tongzhou Urban Construction Operation Group [2] Group 4: Taiyuan Plaza and China Resources Mixc Life - Taiyuan Plaza and China Resources Mixc Life have signed a cooperation agreement for the first Mixc Tian Di in North China, located in Taiyuan City [2] - The commercial complex will cover an area of approximately 445,000 square meters, integrating a "block + box mall" innovative model [2] - The project will feature international luxury brands, high-end dining, and cultural art spaces [2] Group 5: New City Holdings - New City Holdings has officially launched two innovative commercial product lines: "New Yuehui" and "Yinxiang" [2] - "New Yuehui" is positioned as an "urban vitality life aggregation body," while "Yinxiang" focuses on "enjoying slow time in urban streets," aimed at creating a "slow life block" [2] Group 6: Guangdong Province - Guangdong Province has issued measures to promote the integration of agriculture, culture, and tourism, focusing on high-quality development [3] - The measures include 27 specific actions to enhance the integration of various tourism-related sectors [3] - The province aims to develop ecological health resorts and promote traditional Chinese medicine health tourism [3] Group 7: Beijing Tourism - In the first ten months of the year, Beijing received over 300 million visitors, with tourism spending exceeding 600 billion yuan, representing year-on-year growth of 5.4% and 7.2% respectively [4][5] - Cultural and tourism consumption has become a significant growth driver for the construction of an international consumption center city [5]

Core Viewpoint - The announcement by the Shaoxing City support team for Xiangyuan Holdings Group indicates a proactive approach to manage liquidity risks and protect investor rights amid overdue payment issues faced by the group [2][5]. Group 1: Company Financials and Risks - Xiangyuan Holdings has total assets of approximately 60 billion RMB and liabilities of about 40 billion RMB, indicating a significant liquidity pressure due to high debt levels [4]. - The liquidity pressure is exacerbated by ongoing investments in the cultural tourism and real estate sectors, alongside declining external financing capabilities [4][10]. - The overdue payment situation involves financial products linked to real estate projects, with Xiangyuan Holdings and its actual controllers bearing joint guarantee responsibilities [5][7]. Group 2: Market Reactions and Governance - Three listed companies under the Xiangyuan Group—Xiangyuan Cultural Tourism, Jiaojian Co., and Haichang Ocean Park—issued announcements to clarify their independence from the overdue payment issues, emphasizing their commitment to corporate governance [5][8]. - The market's trust in these announcements will be tested by the duration of the liquidity risks faced by the controlling shareholder, raising concerns about potential indirect financial impacts on the listed companies [8][11]. Group 3: Asset Liquidity and Valuation - Xiangyuan Holdings' asset portfolio includes real estate, cultural tourism, and infrastructure, with significant exposure to market fluctuations affecting their liquidity [10][12]. - The high pledge ratios of shares, such as 95.63% for Xiangyuan Cultural Tourism, limit financial maneuverability and increase vulnerability to market volatility [11]. - The recent performance of Haichang Ocean Park, with a revenue drop of 14.2% year-on-year and a loss of approximately 296 million RMB, highlights the challenges in generating cash flow from large-scale projects [12][13]. Group 4: Leadership and Future Outlook - The liquidity crisis ultimately points to the actions of the controlling shareholder, Yu Faxiang, who has a history of expanding Xiangyuan Holdings across multiple sectors [16][20]. - The ability of Xiangyuan Group to manage asset disposals and debt negotiations will be crucial in alleviating the payment pressures and ensuring the operational independence of its listed companies [20].

Core Viewpoint - Beijing Haichang Ocean Park has officially entered the construction phase, with various foundation construction equipment currently in operation, and the project is expected to be completed and operational by 2027 [1] Group 1: Project Overview - The total construction area of Beijing Haichang Ocean Park is approximately 160,000 square meters, integrating multiple functions such as ecology, science popularization, research, interaction, performance, art, and themed hotels [1] - The project includes the construction of a hotel, an ocean museum, and supporting facilities [1] Group 2: Development and Collaboration - The project is a collaboration between Haichang Ocean Park and Beijing Tongzhou Urban Construction Operation Group, with Beijing Tongzhou Whale Navigation Property Development Co., Ltd. as the construction party [1] - China State Construction Engineering Corporation Second Engineering Bureau is the general contractor for the construction [1] - Haichang Ocean Park is responsible for brand output, product planning and design, biological input, and comprehensive operational management after completion [1]

Core Viewpoint - The Beijing Haichang Ocean Park project has entered the construction phase, with significant developments in engineering and operational preparations, aiming for completion by 2027 [1][2]. Group 1: Project Overview - The Beijing project is located in the northern industrial belt of the Beijing urban sub-center, adjacent to the Universal Studios Resort and Beijing Metro Line 7, enhancing accessibility [1]. - The total construction area of the project is approximately 160,000 square meters, including a hotel, aquarium, and supporting facilities [1]. - The project is designed as a fifth-generation oceanarium, integrating various functions such as ecology, science popularization, interactive performances, and themed hotels [1][3]. Group 2: Strategic Partnerships and Development - The project is a collaboration between Haichang Ocean Park and Beijing Tongzhou Urban Construction Operation Group, with construction managed by Beijing Tongzhou Whale Navigation Real Estate Development Co., Ltd. [2]. - Haichang Ocean Park is leveraging over 20 years of experience in the marine theme park sector to ensure the project's timely progress [2]. Group 3: Economic Impact and Regional Development - The Beijing project is a key municipal project, included in the core cultural tourism project planning of the Beijing urban sub-center, benefiting from regional tourism development policies [2]. - The project is expected to complement the Beijing Universal Resort and other local developments, enhancing the area's appeal as a major tourism destination [3]. - Recent announcements indicate the signing of four high-energy projects in Tongzhou, with a total investment of nearly 10 billion, further boosting the region's tourism potential [3]. Group 4: Market Performance - As of the latest market close, Haichang Ocean Park's stock price was 0.51 HKD per share, reflecting a 7.37% increase [4].