大连圣亚上半年净利暴跌229%，客流减少成主因

Core Viewpoint - Dalian Shengya, the only A-share listed company focused on marine theme parks in China, reported a significant decline in revenue and net profit for the first half of 2025, primarily due to decreased visitor numbers and various financial pressures [2][3][4]. Financial Performance - Dalian Shengya achieved a revenue of 186 million yuan, a year-on-year decrease of 7.43% [2] - The net profit attributable to shareholders was -15.9 million yuan, a decline of 229.45% [2] - The net profit after excluding non-recurring gains and losses plummeted by 97.95%, leaving only 188,400 yuan [2] - The gross margin fell to 48.76%, down 6.16 percentage points year-on-year [3] - The net margin was -4.76%, a decrease of 19.85 percentage points compared to the same period last year [3] - Basic earnings per share were -0.1234 yuan, a drop of 229.35% from 0.0954 yuan per share in the previous year [3] Operational Challenges - The decline in visitor numbers significantly impacted revenue from ticket sales and related businesses at Dalian and Harbin scenic spots, with revenues from scenic operations, animal operations, and commercial operations dropping by 4.67%, 62.16%, and 18.46% respectively [3] - The company reported an investment loss of 8.91 million yuan from the transfer of 70% equity in its subsidiary, Dabaijing World Cultural Tourism Development Co., Ltd. [3] Legal and Financial Pressures - Dalian Shengya faced multiple lawsuits with a total involved amount of 19.06 million yuan, and paid 28 million yuan in lawsuit compensation during the reporting period [4] - The net cash flow from operating activities decreased sharply by 66.15% due to reduced revenue and lawsuit payments [4] - Financial expenses surged by 68.72%, and the asset-liability ratio increased by 3.79 percentage points to 86.01% [4] - The company has maintained an asset-liability ratio above 80% for the past three accounting years, indicating a high level of financial risk [4] Capital Raising and Strategic Initiatives - Dalian Shengya announced a private placement to raise 956 million yuan, with all proceeds intended for debt repayment and working capital replenishment [5][6] - The company is undergoing a change in control, with Shanghai Tongcheng becoming the new controlling shareholder [6] - In addition to addressing financial issues, Dalian Shengya has implemented innovative measures, such as upgrading the Harbin Polar Park and launching new nighttime experiences at Dalian Ocean World to enhance visitor engagement [6]