Company Overview - Haichang Ocean Park Holdings Ltd. operates seven marine culture-based tourism projects across China[2]. - The company aims to enhance visitor experience and diversify into tourism and leisure services, as well as IP operations[2]. - Haichang has been listed on the Hong Kong Stock Exchange since March 13, 2014, and is included in multiple Hang Seng Indexes[2]. - The group focuses on delivering high-quality culture-based tourism and leisure products to meet consumer demand[3]. - The company is committed to creating a fun environment filled with "Dream, Love, Joy" for its consumers[3]. - Haichang's financial summary for the past five years is available for review, indicating its growth trajectory[12]. - The company has a strong presence in the emerging market indexes, including MSCI and FTSE[2]. - Haichang is expanding its business model to include integrated oceanic culture-based tourism and leisure services[2]. - The group is focused on improving its product offerings in theme parks while exploring new market opportunities[2]. Financial Performance - For the year ended December 31, 2023, the company reported revenue of RMB 1,816,842, a significant increase from RMB 792,988 in 2022, representing a growth of 129%[13]. - The gross profit for 2023 was RMB 457,455, compared to a gross loss of RMB 278,728 in 2022, indicating a turnaround in profitability[13]. - The company recorded a loss before tax of RMB 186,104 for 2023, an improvement from a loss of RMB 1,418,389 in 2022[13]. - Total assets as of December 31, 2023, were RMB 11,522,744, a slight increase from RMB 10,210,925 in 2022[13]. - For the year ended December 31, 2024, the Group's revenue increased by approximately 0.1% to RMB 1,818.4 million from RMB 1,816.8 million in 2023[35]. - Revenue from park operations amounted to RMB 1,685.2 million for the year ended December 31, 2024[43]. - Ticket sales decreased to RMB 895.2 million in 2024 from RMB 902.8 million in 2023, reflecting a decline of approximately 0.6%[36]. - In-park spending increased to RMB 571.3 million in 2024 from RMB 565.7 million in 2023, showing a growth of approximately 1.0%[36]. - Overall gross profit decreased to approximately RMB 419.0 million in 2024 from approximately RMB 457.5 million in 2023, with a gross profit margin of approximately 23.0%[103]. - The Group recorded a loss for the year of approximately RMB 749.5 million in 2024, compared to a loss of approximately RMB 181.9 million in 2023[115]. - Adjusted EBITDA profit decreased by approximately 67.3% to RMB 165.7 million in 2024 from approximately RMB 507.5 million in 2023[122]. Attendance and Visitor Experience - The Shanghai Haichang Ocean Park achieved a single-day attendance record of 52,000, maintaining its position among the top domestic theme parks[16]. - The Zhengzhou Haichang Ocean Park recorded a single-day attendance of 38,000, showcasing strong operational performance throughout the year[17]. - The Group's parks recorded a total admission attendance of approximately 10.79 million, representing an increase of 16.1% compared to the corresponding period of 2023[43]. - During the Spring Festival, admission attendance at the Shanghai Park reached 270,000, with a single-day peak of 52,000 visitors[58]. - Zhengzhou Park achieved over 165,000 admissions during the May Day Holiday, with a peak single-day attendance of 38,000[64]. Project Developments - The Phase II Project of Shanghai Park is expected to officially open in 2026, while the Phase II Project of Zhengzhou Park aims for a 2025 opening[16][17]. - The OAAS business made significant progress, with the Beijing Project completing land acquisition and the Fuzhou Project being led by a local state-funded company[21]. - The Phase II Project of Zhengzhou Park is planned to cover approximately 76,000 sq. m. and aims to commence operations in 2025, featuring 21 structures and 8 large-scale rides[67]. - The Beijing Haichang Ocean Park Project will have a total construction area of approximately 150,000 sq. m. with an expected investment of around RMB 4.2 billion, aiming for trial operations in the first half of 2027[71]. - The Fuzhou Haichang Ocean Park Project is expected to complete design plans by 2025 and commence construction in 2026, with local state-funded companies leading investment[75]. - The company is advancing projects under an asset-light model, including Haichang IP Park in Ningbo and Saudi Arabia Haichang Ocean Park[76]. - The opening of Shanghai Park Phase II and Zhengzhou Park Phase II in the next two years is expected to provide definite support for performance growth[90]. - Several new theme park projects are planned, including the Zhengzhou Haichang Ocean Park Phase II in 2025 and the Shanghai Park Phase II in 2026[93]. IP Operations and Marketing - The company plans to expand its IP operations by introducing internationally renowned IPs and establishing themed retail stores in multiple cities[22]. - The Group actively introduced influential intellectual properties (IPs) to enhance visitor experience and product competitiveness[32]. - The company aims to develop a world-class IP operation platform, integrating globally influential IPs into various entertainment and consumption venues[79]. - The company is focusing on the development of IP hotels and exploring various forms of IP products, including themed pavilions and pop-up events[83]. - The Douyin platform has become the largest online sales channel for the company, with major live stream sessions ranking Top 1 in the National Hotel and Tourism Industry[49]. Governance and Management - The company has established a robust governance structure with various committees overseeing risk management and corporate governance[6]. - The management team is experienced in both domestic and international financial institutions, enhancing the company's investment strategies[167]. - The board includes independent directors responsible for providing independent judgment and supervision to the board[162]. - The company has a strong focus on strategic planning and compliance, with key directors overseeing these areas[160]. - The appointment of independent directors enhances the board's ability to provide independent judgment and oversight[185][187]. Future Outlook - Looking ahead, the company anticipates benefiting from favorable policies and consumption recovery, with several projects entering the harvesting period from 2025[25]. - The Chinese government's policies to stimulate cultural and tourism consumption are expected to create unprecedented development opportunities for the industry[86]. - The Group's strategic initiatives are designed to seize industry opportunities and achieve sustainable growth, delivering returns to shareholders[94]. - The Group aims to enhance its core competitiveness by integrating internationally renowned IPs into various leisure and entertainment sectors[90]. Employee and Financial Health - The Group had a total of 3,267 full-time employees as of December 31, 2024, a reduction of 12.3% from 3,725 employees in 2023[141]. - The Group's total equity as of December 31, 2024, was approximately RMB 1,815.3 million, down 28.0% from RMB 2,518.4 million in 2023[128]. - The net gearing ratio increased to approximately 329.4% as of December 31, 2024, compared to 182.5% in 2023[129]. - The Group's cash and bank deposits were approximately RMB 64.7 million as of December 31, 2024, a significant decrease of 96.2% from RMB 1,702.3 million in 2023[127]. - The Group's lease liabilities increased to approximately RMB 295.3 million as of December 31, 2024, compared to RMB 156.1 million in 2023[128].
海昌海洋公园(02255) - 2024 - 年度财报