Core Viewpoint - In 2024, Haichang Ocean Park reported a slight revenue increase but a significant expansion in losses, indicating operational challenges despite a rise in visitor numbers [1][2][4]. Financial Performance - The company recorded a revenue of approximately RMB 1.818 billion, a year-on-year increase of only 0.1% [2][4]. - Net losses surged from RMB 197 million in 2023 to RMB 740 million in 2024, marking a 275% increase [1][5]. - The adjusted EBITDA fell to RMB 166 million, a decline of about 67.3% from RMB 508 million in 2023 [4][5]. Visitor Statistics - Total visitor numbers reached approximately 10.79 million, reflecting a year-on-year growth of 16.1% [2][4]. - Despite the increase in visitors, park operating revenue slightly decreased by 0.13% to RMB 1.685 billion [2][4]. Revenue Breakdown - Revenue from ticket sales, food and beverage, merchandise, and hotel operations all saw declines, while amusement ride revenue increased by 10.01% [4][5]. - The overall revenue growth was primarily attributed to the full-year operation of the Zhengzhou park, which offset some external revenue declines [4][5]. Cost and Expenses - Administrative expenses rose significantly from RMB 470 million in 2023 to RMB 719 million in 2024, an increase of 53.1% [5]. - The company did not distribute any dividends for the fiscal year ending December 31, 2024, and did not implement any share buyback or equity incentive plans [5]. Financing and Debt Situation - The company faces a net current liability of RMB 2.953 billion, with RMB 497 million in overdue loans [11]. - Haichang Ocean Park has signed a non-binding term sheet with an industry fund for a potential USD 100 million convertible bond to improve liquidity [10][11]. Operational Strategy - The company is transitioning to a light-asset model and is focusing on IP (intellectual property) integration, including the development of Ultraman-themed attractions [6][7]. - Future projects include various IP-themed offerings and the expansion of light-asset projects across multiple locations [7][9]. Industry Context - Haichang's challenges reflect broader issues faced by domestic theme park enterprises, balancing scale expansion with profitability [8][9].
入园人次增长16％难掩盈利困境，海昌海洋公园2024年净亏损同比扩大275％至7.4亿元｜财报异动透视镜