Financial Performance - Haichang Ocean Park Holdings Ltd. reported total revenue of RMB 1,818,358,000 for the year ended December 31, 2024, a slight increase from RMB 1,816,842,000 in 2023[4] - The company experienced a gross profit of RMB 418,965,000, down from RMB 457,455,000 in the previous year, indicating a decrease of approximately 8.4%[4] - The net loss for the year was RMB 749,511,000, compared to a net loss of RMB 181,907,000 in 2023, representing an increase in losses of about 313%[4] - The basic and diluted loss per share for the year was RMB 9.12, compared to RMB 2.43 in 2023, representing an increase of approximately 274%[4] - Other income and gains fell to RMB 103,829,000 from RMB 306,497,000, a decrease of about 66%[4] - The company reported a pre-tax loss of RMB 760,919,000 after accounting for unallocated income and expenses[23] - The adjusted EBITDA for the year ended December 31, 2024, was RMB 165.7 million, a decline of approximately 67.3% from RMB 507.5 million in 2023, attributed to a decrease in park revenue and other income[77] - The group reported a net loss of RMB 749,511,000 for the year ended December 31, 2024[98] Expenses and Liabilities - Administrative expenses rose significantly to RMB 719,290,000 from RMB 469,794,000, marking an increase of approximately 53.1%[4] - Current liabilities increased to RMB 3,440,618,000 from RMB 2,915,502,000, which is an increase of approximately 18%[7] - The company's total equity decreased to RMB 1,815,300,000 from RMB 2,518,362,000, indicating a decline of about 28%[7] - Approximately RMB 496,640,000 of bank and other borrowings were due and unpaid during the year, with RMB 66,720,000 repaid subsequently[12] - The company's current liabilities net amount to RMB 2,952,919,000 as of December 31, 2024[98] Revenue Breakdown - The company generated total revenue of RMB 1,818,358,000, with RMB 1,685,242,000 from the park operations segment[23] - Revenue from customer contracts for the year 2024 was RMB 1,785,178 thousand, compared to RMB 1,791,557 thousand in 2023, indicating a decrease of 0.36%[27] - The revenue breakdown for 2024 shows ticket sales at RMB 895,153 thousand, food and beverage sales at RMB 244,358 thousand, and hotel operations revenue at RMB 185,586 thousand[27] - Revenue from park operations decreased by approximately 0.13% to RMB 1,685.2 million in 2024 from RMB 1,687.4 million in 2023, accounting for 92.7% of total revenue[67] - Revenue from cultural tourism services and solutions increased by approximately 2.8% to RMB 133.1 million in 2024 from RMB 129.5 million in 2023, driven by an increase in solution projects[67] Assets and Borrowings - The total non-current assets decreased to RMB 9,851,854,000 from RMB 8,804,621,000, reflecting a growth of about 11.9%[6] - The company’s total borrowings decreased to RMB 5,898,417,000 in 2024 from RMB 6,142,868,000 in 2023, reflecting a reduction in debt[46] - The total asset value was RMB 11,522,744 thousand, with total liabilities of RMB 9,004,382 thousand[24] - The total equity as of December 31, 2024, was approximately RMB 1,815.3 million, a decrease from RMB 2,518.4 million in 2023, while total interest-bearing bank and other borrowings amounted to approximately RMB 5,748.4 million[80] Operational Highlights - The group reported a total of approximately 10.79 million park visitors for the year ending December 31, 2024, representing a 16.1% increase compared to the same period in 2023[52] - The newly opened Zhengzhou Park is expected to contribute to revenue starting in the second half of 2023 and achieve full-year operations in 2024[52] - Shanghai Park ranked among the top 20 theme parks in the Asia-Pacific region according to the 2023 Global Theme Park and Attractions Attendance Report by AECOM and TEA[54] - The Shanghai Park's Ultraman-themed hotel achieved an occupancy rate exceeding 70% in 2024, with peak holiday periods reaching 100%[55] - The company has been operating 7 cultural tourism projects as of December 31, 2024, maintaining its operational footprint[51] Future Plans and Investments - The company is actively seeking new investment and business opportunities to achieve operational profitability and positive cash flow[16] - The Beijing Haichang Ocean Park project is expected to have a total investment of approximately RMB 4.2 billion and aims to start trial operations in the first half of 2027[59] - The Fuzhou Haichang Ocean Park project is projected to begin construction in 2026, following the signing of a strategic cooperation framework agreement in early 2024[60] - The company plans to open the Zhengzhou Haichang Ocean Park Phase II in 2025 and the Shanghai Park Phase II in 2026, which are expected to provide certainty for revenue growth[64] - The company aims to establish an international IP operation platform by integrating IP commercialization with various entertainment scenarios, including theme parks and lifestyle hotels[61] Governance and Compliance - The independent auditor issued an unqualified audit opinion but noted significant uncertainty regarding the group's ability to continue as a going concern[96] - The group has adopted the standard code of conduct for securities trading by directors as per the listing rules[91] - The audit committee consists of three independent non-executive directors, with Mr. Zhu Yuchen as the chairman[92] - The group has appointed Guowei CPA as the auditor effective December 6, 2024, following the resignation of Ernst & Young[94] - The financial statements have been prepared in accordance with International Financial Reporting Standards[97]
海昌海洋公园(02255) - 2024 - 年度业绩