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].
海昌海洋公园(02255) - 2023 - 年度财报