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]