Core Viewpoint - Haichang Ocean Park Holdings Limited reported significant revenue growth due to the autumn holiday in Zhejiang Province and marketing activities for the seventh anniversary of Shanghai Haichang Ocean Park [1] Group 1: Revenue Performance - Shanghai Haichang Ocean Park experienced a substantial revenue increase of 35.2% year-on-year from November 10 to November 16, 2025 [1] - During the same period, two theme hotels achieved full occupancy [1] - From November 17 to November 23, the park's revenue continued to rise, with a year-on-year increase of 14.6% [1]

Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The company has shown improvement in profitability and is expected to benefit from industry differentiation, leading to a positive outlook for future performance [4]. - The report highlights that the company achieved a revenue of 11.1% year-on-year growth in Q3 2025, with an adjusted net profit increase of 5% [4]. - The report anticipates continued improvement in Q4 performance due to the positive effects of industry-wide price increases and a focus on reducing competition [4]. Financial Data and Profit Forecast - Revenue projections for the company are as follows: - 2023: 38,419 million - 2024: 44,281 million - 2025E: 48,669 million - 2026E: 54,593 million - 2027E: 61,181 million - Year-on-year growth rates for revenue are projected at 9% for 2023, 15% for 2024, 10% for 2025, 12% for 2026, and 12% for 2027 [4]. - Adjusted net profit forecasts are as follows: - 2025E: 95.40 billion - 2026E: 101.49 billion - 2027E: 113.99 billion - The adjusted net profit growth rates are projected at -6% for 2025, 6% for 2026, and 12% for 2027 [4]. - The report notes a significant increase in business volume, with Q3 2025 achieving 95.73 billion items, a 9.8% year-on-year growth [4]. Market Position and Competitive Landscape - The report indicates that the express delivery industry is experiencing a decline in growth rates, with varying performance among competitors [4]. - The company is expected to regain market share and profitability as the industry landscape evolves, supported by its strong asset base and scale advantages [4]. - The report emphasizes the company's ability to maintain a competitive edge through continuous investment and operational efficiency improvements [4].

Core Viewpoint - Haichang Ocean Park (02255) reported significant revenue growth due to the implementation of autumn breaks in Zhejiang Province and the marketing activities celebrating the seventh anniversary of Shanghai Haichang Ocean Park [1] Group 1: Revenue Performance - Shanghai Park experienced a substantial week-on-week revenue increase of 35.2% from November 10 to November 16, 2025, with both theme hotels achieving full occupancy [1] - From November 17 to November 23, 2025, the park's revenue continued to rise, showing a week-on-week increase of 14.6% [1] Group 2: Market Context - Zhejiang Province has implemented a comprehensive spring and autumn break system for primary and secondary schools, benefiting over 6 million students across 11 cities [1] - Many regions scheduled the autumn break in mid-November, creating a five-day holiday that aligns with weekends [1] Group 3: Strategic Focus - As Shanghai Park approaches its seventh anniversary on November 18, 2025, it has gained recognition for its unique marine culture and innovative integration with Chinese culture and local characteristics [1] - The park has been consistently ranked among the top twenty theme parks in the Asia-Pacific region and aims to enhance visitor experience and brand influence by closely monitoring holiday market trends and consumer preferences [1]

Core Viewpoint - Haichang Ocean Park (02255) reported significant revenue growth due to the implementation of autumn holidays in Zhejiang Province and the seventh anniversary marketing activities of Shanghai Haichang Ocean Park, indicating a positive trend in visitor engagement and financial performance [1] Group 1: Revenue Performance - Shanghai Park experienced a substantial week-on-week revenue increase of 35.2% from November 10 to November 16, 2025, with both theme hotels achieving full occupancy [1] - From November 17 to November 23, 2025, the park's revenue continued to rise, showing a week-on-week increase of 14.6% [1] Group 2: Market Context - Zhejiang Province has implemented a comprehensive spring and autumn holiday system for primary and secondary schools, benefiting over 6 million students across 11 cities, with many schools scheduling autumn breaks in mid-November, creating a five-day holiday [1] - The seventh anniversary of Shanghai Park on November 18, 2025, highlights its unique marine culture and innovative integration with Chinese culture, earning recognition as one of the top twenty theme parks in the Asia-Pacific region for several consecutive years [1] Group 3: Future Strategy - The park plans to actively monitor holiday market trends and consumer preferences to tailor products and services, aiming to enhance visitor experience and expand brand influence [1] - The strategy is focused on further solidifying the park's position as a benchmark in the Chinese marine theme park industry [1]

今年秋季，浙江省在全国范围内率先全面推行中小学春秋假制度，覆盖全省11个地市，惠及超过600万 名学生，多地普遍将秋假时间安排在11月中旬，与周末衔接形成五天小长假。 2025年11月18日是上海公园开业七周年，经过七年的磨砺，上海公园凭藉独具特色的海洋文化，与中国 文化、在地特色的创新融合获得市场的肯定，连续多年获评为亚太地区主题公园二十强。未来上海公园 将积极关注假日市场动向和消费趋势，精准定制产品和服务，提升游客体验和扩大品牌影响力，进一步 巩固中国海洋主题公园的行业标杆地位。 格隆汇11月25日丨海昌海洋公园(02255.HK)宣布，受益于浙江省秋假，以及上海海昌海洋公园七周年系 列营销活动，上海公园于2025年11月10日至11月16日，单周收入同比大幅提升35.2%，其中，两家主题 酒店实现满房；11月17日至11月23日，单周收入同比大幅提升14.6%。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本公佈全部或任何部分內容而產生或因依賴 該等內容而引致的任何損失承擔任何責任。 1 本公佈僅供說明用途，並不構成收購、購買或認購本公司證券的邀請或要約。 HAICHANG OCEAN PARK HOLDINGS LTD. 海昌海洋公園控股有限公司 （於開曼群島註冊成立之有限公司） （股份代號：2255） 自願性公布 上海海昌海洋公園經營情況 本公告乃由海昌海洋公園控股有限公司（「本公司」，連同附屬公司統稱為「本集 團」）自願刊發，旨在向本公司的股東及潛在投資者公開本集團旗下主題公園最新 經營情況。 本公司欣然宣布，受益於浙江省秋假，以及上海海昌海洋公園（「上海公園」）七周 年系列營銷活動，上海公園於2025年11月10日至11月16日，單周收入同比大幅提 升35.2%，其中，兩家主題酒店實現滿房；11月17日至11月23日，單周收入同比 大幅提升14.6%。 今年秋季，浙江省在全國範圍內率先全面推行中小學春秋假制度，覆蓋全省11個 地市，惠及超過600萬名學生，多地普遍將秋假時間安排 ...

Investment Rating - The report maintains a "Buy" rating for ZTO Express (02057) [2] Core Views - The company reported a Q3 2025 revenue of 11.865 billion yuan, a year-on-year increase of 11.1%, and an adjusted net profit of 2.506 billion yuan, up 5% year-on-year, aligning with expectations [7] - The report highlights that the company's volume and profit both increased in Q3, driven by industry-wide efforts to reduce competition and improve pricing, suggesting continued improvement in Q4 [7] - The report notes a downward trend in the express delivery industry's growth rate, with ZTO Express expected to gain market share and improve profitability amid increasing industry differentiation [7] - The profit forecast for ZTO Express has been raised, with adjusted net profit estimates for 2025-2027 now at 9.54 billion, 10.15 billion, and 11.40 billion yuan respectively, reflecting a year-on-year growth of -6%, 6%, and 12% [7] Financial Data and Profit Forecast - Revenue projections for ZTO Express are as follows: - 2023: 38.419 billion yuan - 2024: 44.281 billion yuan - 2025E: 48.669 billion yuan - 2026E: 54.593 billion yuan - 2027E: 61.181 billion yuan - Adjusted net profit forecasts are: - 2023: 9.006 billion yuan - 2024: 10.150 billion yuan - 2025E: 9.540 billion yuan - 2026E: 10.149 billion yuan - 2027E: 11.399 billion yuan - The report indicates a net asset return rate of 14.52% for 2023, projected to decline to 13.33% in 2024, before gradually increasing to 15.27% by 2027 [6][7]

Core Insights - The 27th Harbin Ice and Snow World officially commenced construction on November 25, with a total area expansion to 1.2 million square meters, making it the largest in history [1][3] - The previous 26th edition attracted over 3.56 million visitors, marking a 31% year-on-year increase, setting a new record [3][5] Expansion and Features - The new park area is expanded by 200,000 square meters, with an increase in the number of ice and snow sculptures and the integration of more technological elements to enhance interactivity and immersive experiences [3][5] - Classic attractions such as the "Big Slide," "Snowflake Ferris Wheel," and "Ice Castle" will return, alongside new activities like winter fishing and cross-country skiing [5] Infrastructure and Services - To improve visitor experience, the park will expand ticketing and reception areas, build parking lots, and enhance access points [5] - New facilities include an air membrane hall, snow hot spring hotel, and snow hot spring campsite, providing additional resting, dining, and unique accommodation options [5] Ticketing Information - The standard adult ticket price for this year's event will remain unchanged, with the park expected to officially open in mid to late December [5]

Core Points - The 27th Harbin Ice and Snow World officially commenced with the use of 200,000 cubic meters of stored ice, marking the beginning of the ice construction phase [1][3][7] - The park area has expanded to 1.2 million square meters, the largest in its history, allowing for more ice and snow attractions and enhancing visitor experience [1][3] - The total ice and snow volume for this year's event will reach 400,000 cubic meters, combining last year's stored ice, newly harvested ice from the Songhua River, and snow [3][5] Group 1 - The 27th Harbin Ice and Snow World has officially started using 200,000 cubic meters of stored ice [1][3] - The park's area has been expanded to 1.2 million square meters, creating more space for attractions [1][3] - The total ice and snow volume for the event will be 400,000 cubic meters [3][5] Group 2 - The ice construction will officially begin on November 25, with nearly 10,000 workers involved in the landscape construction [7] - The stored ice will be inspected for quality, including thickness, length, integrity, and cleanliness [5][7] - Preparatory work such as site leveling and equipment setup has been completed [7]

Core Viewpoint - The Harbin Ice and Snow World is set to accelerate its ice scenery construction with the utilization of 200,000 cubic meters of stored ice from the previous winter season, allowing for an earlier opening in mid-December [1][4][6]. Group 1: Ice Storage and Utilization - The stored ice, collected from the Songhua River during the last major cold period, amounts to 200,000 cubic meters, which is equivalent to covering 28 standard football fields with one meter of ice [3][6]. - The ice has been preserved for 10 months and has an 80% utilization rate, showcasing effective storage techniques that combine ancient methods with modern insulation materials [10][8]. Group 2: Construction and Expansion Plans - The construction of the ice scenery has already begun, with ice blocks being transported to the verification site for quality checks before being used in the park [14]. - The total volume of ice and snow for this year's Harbin Ice and Snow World is expected to reach 400,000 cubic meters, with the park area expanding from 1 million square meters to 1.2 million square meters [14].