以下文章来源于21世纪商业评论 ，作者雷子桐 鄢子为 21世纪商业评论 . 两头熊，征战春节档12年。 熊出没，是华强方特的原创动漫IP，自2014年至今，每年推出一部电影于大年初一上映。首 部《夺宝熊兵》拿到2.47亿元票房，2025年的《重启未来》斩获8.21亿元。 此前11部电影，累计获得85.4亿元票房，算上《年年有熊》，《熊出没》系列在春节吸金总 量将逼近100亿元。 截至2月18日0时，该系列电影总票房已经超过超流浪地球系列电影成 绩，进入中国影史系列电影票房榜前五 。 "春节档，动画片具有稀缺性，主打亲子合家欢、兼具喜剧属性的《熊出没》，市场空间不言 而喻。" 《21世纪商业评论》敏感于一切商业新知、商业产品、商业模式和商业英雄，敏感于新公司的新玩意、 老公司的新改造、旧话题的新表达、老商业的新颠覆，为您提供最新鲜实用的商业养分。 记者丨雷子桐 鄢子为 编辑丨鄢子为 2月19日，据猫眼专业版数据，2026年春节档档期总票房（含预售）破25亿元，《飞驰人生 3》 《惊蛰无声》《熊出 没·年年有熊》分列前三位。 截至2月19日12点50分，《熊出没·年年有熊》已收获3.2亿元票房， 据灯塔专业版预测 ...

Group 1 - The company expects a negative net profit for the fiscal year 2025, indicating a challenging financial outlook [2][5] - The decline in revenue recognition and gross margin in the real estate business is attributed to the company's dynamic adjustment of operational and sales strategies [5] - The company has focused on "strong de-stocking and promoting cash flow" as its core strategy, which has led to significant progress in the fourth quarter, although some transactions resulted in losses [5] Group 2 - The company has engaged in preliminary discussions with its auditing firm regarding the performance forecast, and there are no disagreements on the forecast data [4] - The company has made efforts to enhance high-quality development, acquiring new projects and achieving significant sales in various locations, including Wuhan and Foshan [7] - The company continues to adapt to market changes, successfully obtaining light-asset cultural tourism service projects and improving operational cash flow [7]

Core Viewpoint - The establishment of a joint venture for the Beijing Haichang Ocean Park project marks a significant milestone for the company, showcasing its capabilities in theme park design, construction, and operation, while also setting the stage for rapid expansion in key cities across China [1][2] Group 1: Joint Venture Details - The company’s wholly-owned subsidiary has signed a joint venture agreement to exclusively operate the Beijing Haichang Ocean Park project [1] - The joint venture will utilize the "Haichang Ocean Park" brand and will receive biological assets and leasing service fees from the group [1] - The operational term of the joint venture is long-term, with governance structures and financial management outlined in the contract [1] Group 2: Project Specifications - The Beijing project is located in the northern industrial belt of the Beijing urban sub-center, adjacent to the Beijing Universal Studios Resort and the Beijing Subway Line 7 [1] - The total construction area of the project is approximately 160,000 square meters, including hotels, an oceanarium, and supporting facilities, expected to be completed and operational by 2027 [1] - The project will feature multiple main exhibits across eight themed zones, offering various interactive performances and activities [1] Group 3: Strategic Importance - The board views the Beijing project as a culmination of over 20 years of experience in marine cultural tourism, aiming to set a new benchmark for ocean-themed parks [2] - The joint venture is seen as a key milestone in the company’s cultural tourism services and solutions business, indicating a rapid development trajectory [2] - The project is designed to create multi-dimensional value for shareholders, partners, and consumers, while enabling sustainable growth and high-quality expansion [2]

Core Viewpoint - Haichang Ocean Park has completed a share subscription with Xiangyuan Holdings, with an investment of HKD 2.295 billion, making Xiangyuan the controlling shareholder [1] Company Overview - Haichang Ocean Park focuses on marine animal conservation, theme park operations, and enhancing visitor experiences [1] - The company has successfully introduced and developed internationally recognized IPs such as "One Piece" and "Ultraman" in its immersive entertainment business [1] Project Development - Haichang is currently in an accelerated phase of project expansion and quality upgrades, with key projects like Beijing Haichang Ocean Park, Shanghai Park Phase II, and Zhengzhou Park Phase II progressing steadily [1] - These developments indicate robust growth vitality and significant market potential [1] Strategic Partnership - Xiangyuan's mature experience in cultural tourism projects and stable operational system will assist Haichang in addressing post-pandemic operational challenges [1] - The partnership aims for resource complementarity and strategic synergy between the two companies [1] Capital Structure - Following the completion of the subscription, Xiangyuan now owns two listed cultural tourism companies: Haichang Ocean Park and Xiangyuan Cultural Tourism, creating a capital structure of "one Hong Kong stock + one A-share" [1]

Core Viewpoint - Xiangyuan Holdings has completed its acquisition of a controlling stake in Haichang Ocean Park, marking a significant step in enhancing its cultural tourism portfolio and operational capabilities [1][3][4]. Company Summary - Xiangyuan Holdings invested HKD 22.95 billion to acquire 51 billion shares of Haichang Ocean Park, representing 38.6% of the total issued shares, thus becoming the controlling shareholder [1][3]. - The net proceeds from the share subscription, approximately HKD 22.84 billion, will be used to support daily operations, enhance working capital, develop core business areas, and repay some existing debts [3][4]. - Xiangyuan Holdings has a history of investing in over 40 cultural tourism projects since entering the industry in 2008, showcasing its extensive experience and operational stability [5]. Industry Summary - Haichang Ocean Park is recognized as a benchmark enterprise in China's theme park industry, focusing on marine animal conservation, theme park operations, and visitor experience optimization [4]. - The park is currently undergoing project expansion and quality upgrades, with key projects in Beijing, Shanghai, and Zhengzhou progressing steadily, indicating strong market potential [4]. - The partnership between Xiangyuan Holdings and Haichang Ocean Park is expected to reshape the competitive landscape of the tourism market and drive value upgrades in the cultural industry [5].

Core Insights - Haichang Ocean Park Holdings Limited has completed a share subscription and issuance, with Xiangyuan Holdings investing HKD 2.295 billion to become the controlling shareholder with a 38.60% stake [1] - The subscription price was set at HKD 0.45 per share, resulting in the issuance of 5.1 billion shares [1] - The funds raised will be used for daily operations, core business development, and debt repayment, focusing on park facility upgrades, animal conservation, and IP business expansion [1] Group 1: Company Overview - Haichang Ocean Park is a developer and operator of marine-themed parks in China, with over 20 years of development and a presence in major cities [1] - The company operates under a three-pillar model: theme parks, IP ecosystem, and OAAS (tourism services and solutions) [1] Group 2: Xiangyuan Holdings - Xiangyuan Holdings is a leading enterprise group in tourism investment and operation, managing over 50 tourism projects nationwide [2] - The company has developed three major international tourism destination clusters: "Daxiangxi," "Dahuangshan," and "Dananling," with an annual visitor count exceeding 40 million [2] - Xiangyuan Holdings recognizes the potential value of Haichang Ocean Park in animal conservation, park operations, and brand reputation [2] Group 3: Strategic Collaboration - The partnership will integrate membership systems and customer resources, offering a one-stop travel experience through product combinations and content integration [3] - There will be innovation in business formats, exploring shared and integrated thematic products that incorporate cultural and technological elements [3] - The IP ecosystem of Haichang Ocean Park will synergize with Xiangyuan's existing IPs, creating unique tourism consumption scenarios [3] - The OAAS business model is expected to significantly increase its revenue share through a light-asset approach [3]

Core Viewpoint - Haichang Ocean Park announced a plan to issue 5.1 billion new shares at HKD 0.45 per share to Xiangyuan Holdings Group, raising a total of HKD 22.95 billion, which will make Xiangyuan the controlling shareholder with a 38.6% stake in the company [1][2] Financial Performance - Haichang Ocean Park has reported continuous operating losses over the past three years, with net profits of RMB -1.396 billion in 2022, RMB -197 million in 2023, and RMB -740 million in 2024, totaling over RMB 2.3 billion in losses [1] - The company's debt-to-asset ratio has increased annually, standing at 73.79% in 2022, 78.14% in 2023, and 82.44% in 2024 [1] Current Financial Situation - As of the end of 2024, Haichang Ocean Park's net current liabilities reached RMB 2.953 billion, with outstanding bank and other borrowings of RMB 497 million [2] - The company has indicated that these financial conditions raise significant uncertainties regarding its ability to continue as a going concern [2] Strategic Development - The financing from Xiangyuan Holdings is expected to provide strategic resources for the company, helping to supplement working capital, reduce financial costs, and support ongoing project upgrades and transformations [1] - Haichang Ocean Park aims to focus on its core theme park business while enhancing its cultural tourism operations and IP development to build a new growth engine centered around marine culture [2]

Core Viewpoint - 嘉创地产 has entered into a lease agreement to operate the 龙凤山庄 theme park, aiming to diversify its revenue sources and enhance property values in the surrounding area, ultimately contributing to local economic growth [1] Group 1: Lease Agreement and Development Plans - The lease agreement involves 嘉创地产's subsidiary, 广东嘉朗, renting approximately 145,600 square meters of land where the theme park is located [1] - The theme park is strategically positioned near the 大龙工业区 and is part of the company's property development projects, enhancing the overall appeal of the area [1] Group 2: Expected Benefits from Theme Park Operations - **Business Diversification**: The operation of the theme park will integrate entertainment, hospitality, and leisure activities, generating stable income and cash flow, complementing the company's core residential property development [1] - **Property Value Appreciation**: The integration of cultural tourism operations is expected to stimulate local real estate growth, increasing property values and rental prices in the vicinity, particularly benefiting the 嘉辉豪庭 project [1] - **Cultural Tourism Positioning**: The company aims to create a "tourism town" through the theme park, enhancing its brand in cultural tourism and opening opportunities for future projects and regional expansion [1] - **Competitive Advantage**: Successful development of the theme park will strengthen the company's brand in cultural tourism, attracting quality partnerships and facilitating business expansion into other regions of China [1]

Group 1 - Xiangyuan Holdings has established over 40 cultural tourism projects across 14 provinces in China since entering the industry in 2008, including 6 World Heritage sites and 10 national 5A scenic spots [1] - Xiangyuan Cultural Tourism Co., Ltd. reported a revenue of 212 million yuan for Q1 2025, representing a year-on-year increase of 55.22%, and a net profit of 31.19 million yuan, up 158.67% year-on-year [1] - The strategic investment in Haichang Ocean Park aims to create a complementary resource network combining mountain and ocean tourism, enhancing the overall tourism ecosystem [2][3] Group 2 - Haichang Ocean Park, the first theme park operator listed on the Hong Kong Stock Exchange, has developed projects in major cities and received over 300 million visitors [2] - The investment will expand Xiangyuan's business footprint to Liaoning, Henan, and Chongqing, completing its presence in 17 provinces and cities across China [3] - The collaboration is expected to leverage both companies' strengths, with Xiangyuan's resource integration capabilities and Haichang's light asset management experience, creating a synergistic effect [3][4]