Core Viewpoint - The announcement of a subscription agreement between Haichang Ocean Park and Xiangyuan Holdings marks a significant shift in ownership, with Xiangyuan set to become the new controlling shareholder, holding 38.6% of the shares, while the founding Qu family will remain as the second-largest shareholder [2] Company Overview - Haichang Ocean Park has been a leader in marine culture and tourism for 25 years, operating major theme parks in cities like Shanghai, Zhengzhou, Dalian, and Sanya, with over 300 million visitors to date [2] - The company has faced financial difficulties, with a cumulative net loss of 2.915 billion yuan from 2019 to 2024, and a significant reduction in liquidity, with cash and bank deposits dropping from 1.702 billion yuan to 65 million yuan [7][8] Strategic Partnership - The partnership aims to leverage Xiangyuan's capital and resources to enhance Haichang's operations in theme park management, OAAS, and IP operations, creating a "marine + mountain" resource synergy [4][5] - Both companies will explore deep cooperation in tourism project investment, IP operations, and upgrading business models to improve the quality of offerings and meet diverse tourist demands [5] Market Context - The tourism industry is transitioning from scale expansion to quality upgrades, and this investment is expected to alleviate Haichang's financial pressures while allowing Xiangyuan to enhance its influence in the IP and theme park sectors [6] - The operational challenges faced by marine parks, including high costs associated with animal care and the unique risks of closure, have been highlighted as significant factors affecting Haichang's performance [9] Future Outlook - The collaboration with Xiangyuan is seen as a potential turning point for Haichang, which has struggled with funding and project costs, and the effectiveness of this partnership in realizing strategic goals remains to be seen [10][11]

Core Viewpoint - Hainan Ocean Park is undergoing a significant change in ownership, issuing new shares at a discount of approximately 46.43% to raise funds and address its recent poor operational performance [2][3][4]. Share Issuance Details - Hainan Ocean Park plans to issue 5.1 billion new shares at a price of HKD 0.45 per share, totaling HKD 22.95 billion [4]. - The closing price on June 2 was HKD 0.84 per share, indicating a substantial discount for the new shares [4]. - Upon completion, the new shareholder, Xiangyuan Group, will hold 38.60% of the expanded share capital of Hainan Ocean Park [4]. Shareholder Changes - The largest shareholder, Zeqiao Holdings, currently holds approximately 47.29% of the shares and will see its stake reduced to 29.04% post-transaction, becoming the second-largest shareholder [7]. - Xiangyuan Group will finance the acquisition through internal funds and bank loans, having engaged in preliminary discussions with four banks [7]. Financial Performance - Hainan Ocean Park has faced declining revenues and financial difficulties in recent years, with a reported revenue of approximately RMB 1.818 billion in 2024, a slight increase of 0.08% year-on-year [12]. - The company reported a net loss of RMB 740 million in 2024, a significant increase in losses compared to previous years [12][13]. - The EBITDA for the company decreased by 67.3% year-on-year, indicating ongoing operational challenges [12]. Strategic Outlook - The company aims to leverage this financing to transform into an international comprehensive cultural tourism group, focusing on core theme park operations and expanding its IP operations [14]. - The management believes that the new strategic resources from the incoming major shareholder will help alleviate financial pressures and enhance operational efficiency [14].

每经记者｜舒冬妮 每经编辑｜董兴生 6月2日深夜，国内最大的海洋主题公园海昌海洋公园（HK02255）披露重大股权变动公告，公司拟以每股0.45港元向祥源控股集团旗下企业发行51亿股新 股，总代价22.95亿港元。 祥源星海旅游（开曼）有限公司（祥源控股全资公司）作为认购方，将持有海昌海洋公园扩大后股本的38.6%，取代原大股东泽伦控股有限公司（持股比例 降至29.04%）成为新任控股股东。 记者梳理海昌海洋公园历年年报发现，2020年至2024年，公司归母净利润分别为-14.52亿元、8.45亿元、-13.96亿元、-1.97亿元、-7.40亿元。 近年来，海昌海洋公园一度传出资金紧张的消息。2023年6月7日，海昌海洋公园股价盘中跌幅超27%，该日公司公告向银团贷款超14亿元，以为新项目提供 充足资金保障。 值得一提的是，此次认购方认购价格为0.45港元/股，2024年末每股净资产仅0.2251港元，此次认购价较净资产溢价99.95%；而与公司6月2日股价0.84港元/股 相比，大幅折价46.43%。 6月3日，海昌海洋公园股价开盘跌超10%。公告强调，新控股股东入主后将维持上市公司地位，并继续发展海洋主 ...

Group 1 - The core event is the "20th Anniversary Celebration Exhibition" of Hong Kong Disneyland, which is being held in Wuhan for the first time [1][5] - The exhibition features a giant Mickey Mouse installation over 7 meters tall and an 11-meter high castle, creating an immersive Disney experience for visitors [3] - The exhibition will run from May 31 to September 16, showcasing five themed party scenes and interactive Disney elements throughout the shopping mall [7] Group 2 - The event is part of a broader initiative in Wuhan, where various shopping districts and attractions are launching over a hundred consumer-themed activities to enhance visitor experiences [3][7] - The exhibition follows previous successful collaborations between Wuhan's Wuchang MixC and Hong Kong Disneyland, which included popular themed exhibitions last year [7] - The holiday period also features a variety of food events, including the HOCH Burger Festival, attracting significant crowds despite inclement weather [7]

Core Viewpoint - The lawsuit initiated by ST United against Beijing Badaling Wildlife World highlights significant legal disputes regarding capital reduction and shareholder rights within the company [1][3][4]. Group 1: Legal Disputes - ST United has filed a lawsuit against Beijing Badaling Wildlife World and four other companies, citing major procedural violations in the capital reduction and shareholder decisions [1][3]. - The company claims that the decisions made during the shareholder meeting regarding capital reduction and changes to the company charter were not communicated to ST United, violating legal and procedural norms [5][6]. Group 2: Financial and Operational Concerns - Beijing Badaling Wildlife World has faced financial difficulties, leading to a significant reduction in registered capital from 29.8 million yuan to 25.33 million yuan, followed by an increase to 25.447 million yuan, which diluted ST United's stake to 1.41% [4][5]. - The company has been restricted by the Beijing First Intermediate People's Court due to a failure to fulfill a debt obligation amounting to 2.0527 million yuan, indicating ongoing financial instability [6]. Group 3: Shareholder Dynamics - The original shareholders of Beijing Badaling Wildlife World included ST United and other entities, with Qinlong International holding over 50% of the shares, making it the original controlling shareholder [4]. - The introduction of a new shareholder, Runlin Tourism, which acquired a 90.05% stake, has raised concerns among existing shareholders about the dilution of their rights and interests [5][6].

2025.05. 31 本文字数：853，阅读时长大约1分钟 导读 ：上海乐高乐园度假区于5月26日完成项目交接,并将于5月31日开始内部测试与试运营,计划于2025年7月5日正 式开园。图为2025年5月26日，上海乐高乐园度假区。 封面图 | 第一财经 任玉明摄影 据话匣子，5月31日，大家期待已久的上海乐高乐园度假区正式分阶段 开启内部测试和试运营乐园 全面进入"测试模式"！ 上海乐高乐园度假区总经理陈洁女士表示： "内部测试及试运营对我们而言，是一场更加真实的场景 演练， 也是对我们所有前期准备工作的一次检验。我们将聆听所有游客的声音，借此对设备设施运 行、服务质量、运营流程和应急响应等环节再次进行全方位优化，力争让盛大开园后每一位踏入度假 区的游客，都将被无处不在的创意与惊喜包围，收获一段满载欢乐与感动的奇趣旅程。" 上午10点，首批参与内测的游客 "穿越"到乐高世界开启一场有趣的大冒险。 据悉， 每个主题景点、餐厅、商店、演出，和主题酒店设施及服务都将接受检验。 运营团队借机会对乐园所有骑乘设备及运营系统进行实地测试，在实际情境中发现潜在问题，并收 集、听取先入园客人以及经验丰富的行业人士提供的宝 ...

Core Insights - Shanghai Lego Land officially opened ticket sales on May 28, with plans to open on July 5, after six years of construction [2] - The park covers an area of 318,000 square meters and includes a hotel with 250 rooms, with ticket prices ranging from 3,400 to 7,500 yuan for the opening day [2] - The initial ticket sales were highly successful, with all rooms sold out within an hour and a half [2] Pricing and Market Position - Adult ticket prices are set at 549 yuan until mid-August, dropping to 439 yuan for non-weekend days in late August [4] - Comparatively, ticket prices for Lego parks in Japan, South Korea, and Malaysia range from 180 to 300 yuan [5] - The pricing strategy is influenced by factors such as brand premium, IP uniqueness, content, scale, investment, and regional economy [5] Investment and Economic Impact - The total investment for Shanghai Lego Land and surrounding projects is expected to exceed 10 billion yuan, with an anticipated annual visitor count of 2.4 million [5][7] - The park is operated by Merlin Entertainments, which manages several Lego parks globally [5][7] - Shanghai Lego Land is the first completed Lego park in China, despite other projects in Sichuan and Guangdong facing delays due to funding issues [6] Operational Structure - Shanghai Lego Land is jointly funded by several companies, with local partners retaining decision-making power while Lego manages operations [7] - The park features eight themed areas and over 75 interactive rides and attractions, including the world's largest Lego figure [7] Future Developments - Additional theme parks, including Peppa Pig and Harry Potter attractions, are set to open in Shanghai by 2027, indicating a growing trend of international IP parks in the city [9][10] - The Peppa Pig park will be the largest of its kind in Asia, with an investment exceeding 2.4 billion yuan [9] Market Dynamics - Shanghai's unique appeal for international IP parks is attributed to its robust economic ecosystem, including a strong financial network and a comprehensive cultural and creative industry [10][14] - The city aims to enhance its tourism offerings through strategic planning and infrastructure development, positioning itself as a global tourism hub [10][14]

Core Insights - The Shanghai Lego Resort launched new products during the 618 shopping festival, achieving significant sales in a short time frame [1] - Within the first half hour of ticket sales, over 3,000 tickets were sold, indicating strong consumer interest [1] - The total transaction value of promotional products reached over 5 million yuan within 24 hours, showcasing robust market performance [1]

Core Insights - Shanghai Lego Resort officially transitions from construction to trial operation, set to open on July 5, enhancing Shanghai's "happy economy" [2] - The theme park matrix in Shanghai is expanding, with multiple projects like Shanghai YaoXue Water World and Harry Potter Studio Tour progressing [2][4] Group 1: Shanghai Lego Resort Highlights - The Lego Resort covers an area of 318,000 square meters and features several globally launched attractions, including the "Lego Dragon Coaster" and "Lego Wukong Show" [3] - The park's "Mini World" showcases iconic Chinese landmarks built with 20 million Lego bricks, reflecting China's cultural charm [3] Group 2: Theme Park Market Expansion - Shanghai YaoXue Water World is set to open, marking the first new large water park in 12 years, with early ticket sales exceeding 80,000 [4] - The Shanghai Disney Resort is expanding with a new Spider-Man themed area, becoming the ninth theme park in the resort [4] Group 3: Economic Impact of Theme Parks - The Lego Resort is expected to attract 2.4 million visitors annually, significantly boosting local tourism and related industries [6] - Research indicates that for every 1 yuan of revenue generated by theme parks, 3.8 yuan of economic income is stimulated in the city [6] Group 4: Policy Support for Theme Parks - Shanghai's government is actively promoting the development of world-class theme parks as part of its three-year action plan for tourism [7]

全球开园规模最大的乐高乐园——上海乐高乐园度假区将于2025年7月5日开园迎客。 5月28日晚8点，上海乐高乐园度假区开启一日票及酒店销售服务。 据澎湃新闻报道，记者在乐高乐园官方微信小程序搜索发现，当晚开票后一小时左右，上海乐高乐园酒 店在开园首日入住的最便宜的标准家庭房及"标准家庭房+一日票"的套餐已售完，随后除套房外的客房 也很快售罄。 开票后一个半小时以内，开园首日的所有客房全部售罄。 最高价格一晚7463元 据上观新闻报道，乐高乐园酒店位于整个乐园的入口处，是一栋六层建筑，外墙是经典的乐高缤纷色 块，就像是搭出来的巨型乐高积木。 图片来源：上观新闻 工作人员介绍，酒店共有250个房间，分为乐高城堡、乐高城市、乐高好朋友、乐高幻影忍者、乐高悟 空小侠5个主题，房型则有标准家庭房、园景家庭房、园景家庭套房、尊享园景家庭套房四种。 图片来源：上观新闻 标准家庭房，开园首日的价格为2400元/晚；园景家庭房，开园首日的价格为2760元/晚；园景家庭套 房，开园首日的价格为6563元/晚； 尊享园景家庭套房，开园首日的价格为7463元/晚 。 其中，套房包含上海乐高乐园2大1小两日票；而开园首日"标准家庭房+ ...