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]
海昌海洋公园(02255) - 2024 - 中期业绩