本报（chinatimes.net.cn）记者王敬 北京报道 一份营收三年暴增15倍的"神话级"年报，与一场围绕"11亿元对赌协议"的紧急澄清，在2026年元旦同时 将开封万岁山武侠城置于聚光灯下。 2025年，万岁山武侠城实现综合营收12.7亿元，同比增长136.5%；入园游客达2452.2万人次，同比增长 146.9%。短短三年间，这座景区的营收从8000多万元水平飙升至12.7亿元，增幅高达15倍。 然而，发布这份亮眼成绩单的同时，景区方面正式否认了此前网络盛传的"与西安锦上添花文旅集团签 订11亿元运营操盘对赌协议"的说法，称"2025年初万岁山和锦上添花集团签订的'对赌协议'是关于完善 景观细节设计及其服务费100万—200万元的约定，并非运营和操盘的对赌协议，锦上添花集团没有参与 过万岁山的运营策划或操盘"。 随着事件持续发酵，万岁山武侠城于1月8日再发声明，表示双方已于1月7日签订"排他协议"，锦上添花 集团在全国范围内不再设计打造任何武侠类景区。 一边是爆炸式的增长奇迹，一边是急于厘清的商业传闻。万岁山武侠城的"出圈"之路，究竟是如何炼成 的？在亮眼数字的背后，这座顶流景区又面临着怎样的现实挑 ...

Core Viewpoint - The article discusses the success of Wansui Mountain Wuxia City, highlighting its unique business model that combines low ticket prices with immersive experiences, leading to significant growth in visitor numbers and revenue, positioning it as a potential "Chinese Disneyland" [5][8][27]. Group 1: Visitor Experience and Engagement - Wansui Mountain Wuxia City has seen daily visitor numbers ranging from 50,000 to over 100,000 during peak times, necessitating the implementation of crowd control measures [8][6]. - The park offers over 500 programs, including popular performances, at an affordable ticket price of 80 yuan, which has contributed to its rapid popularity and positive reception [8][10][13]. - The immersive experience includes high-density performances and interactive elements, allowing visitors to engage with NPCs and participate in activities, enhancing the overall enjoyment [17][20][23]. Group 2: Financial Performance - The park reported a revenue of 604 million yuan in the first half of the year, a 162% increase year-on-year, with visitor numbers exceeding 10.24 million, a 239.33% increase [8][27]. - The strategy of low ticket prices has led to increased secondary spending, with secondary consumption accounting for 40% of total revenue, aiming for 50% in the current year [30][28]. - In contrast, other similar theme parks have struggled financially, with examples like Qujiang Cultural Tourism reporting a significant decline in revenue and profits [25][27]. Group 3: Competitive Advantages - The park benefits from its location in Henan, a populous province with a rich cultural heritage that aligns well with the Wuxia theme, attracting a steady flow of visitors [27][28]. - The introduction of a "large-scale immersive script-killing" model allows for continuous updates to stories and interactions, keeping the experience fresh for repeat visitors [28][30]. - The operational model includes a performance-based agreement with the management team, incentivizing them to convert visitor traffic into revenue effectively [30]. Group 4: Challenges and Future Outlook - Despite its success, the park faces challenges related to overcrowding and long wait times, particularly during peak seasons, which could impact visitor satisfaction [38][36]. - Experts suggest that while Wansui Mountain is labeled as a "Chinese Disneyland," it still lacks the comprehensive features of a true theme park, such as closed management and high investment in technology [34][32]. - The potential for global expansion exists, but the park must develop sustainable and globally appealing IPs to compete with established brands like Disney and Universal [36][34].

Core Viewpoint - The article highlights the success of Wansui Mountain Wuxia City, which has become a popular tourist destination in China, achieving significant revenue growth and visitor numbers during the summer season, positioning itself as a "Chinese Disneyland" despite challenges faced by similar attractions [5][8][18]. Group 1: Visitor Experience and Attraction - Wansui Mountain Wuxia City experienced a surge in visitor numbers, with daily admissions ranging from 50,000 to over 100,000 during peak times, leading to the implementation of crowd control measures [8][18]. - The park offers an affordable ticket price of 80 yuan for three days, attracting visitors with over 500 diverse programs, which enhances its appeal compared to more expensive theme parks like Universal Studios [10][12]. - The immersive experience, including high-density performances and interactive NPCs, creates a unique environment that resonates with visitors, allowing them to engage in activities reminiscent of traditional Chinese culture [12][16]. Group 2: Financial Performance - Wansui Mountain Wuxia City reported a remarkable revenue of 604 million yuan in the first half of the year, marking a 162% year-on-year increase, with visitor numbers exceeding 10.24 million, a 239.33% increase [8][18]. - The park's strategy of low ticket prices has led to increased secondary spending, with secondary consumption accounting for 40% of total revenue, aiming for 50% by year-end [23]. Group 3: Competitive Advantage - The park benefits from its geographical location in Henan, a populous province with a rich cultural heritage that aligns well with the Wuxia theme, attracting a steady flow of visitors [18][19]. - Unlike other theme parks that struggle with profitability, Wansui Mountain has successfully integrated interactive storytelling and gameplay elements, enhancing visitor engagement and prolonging their stay [20][23]. - The operational model includes a performance-based agreement with the management company, incentivizing them to convert visitor traffic into revenue effectively [23]. Group 4: Challenges and Future Outlook - Despite its success, Wansui Mountain Wuxia City faces challenges such as long wait times and overcrowding during peak seasons, which could impact visitor satisfaction [31]. - The article suggests that while the park has achieved significant milestones, it still has a long way to go to reach the level of established theme parks like Disneyland, particularly in terms of investment, technology, and sustainable IP development [25][26][29].

Core Viewpoint - The article highlights the success of Wansui Mountain Wuxia City, which has become a popular tourist destination in China, attracting large crowds and achieving significant revenue growth, positioning itself as a "Chinese Disneyland" despite challenges faced by similar attractions [6][7][30]. Group 1: Visitor Experience and Attraction - Wansui Mountain Wuxia City experienced a surge in visitor numbers during the summer, with daily admissions ranging from 50,000 to over 100,000, leading to the implementation of crowd control measures [6][7]. - The park offers an affordable ticket price of 80 yuan for three days, featuring over 500 performances, which has contributed to its popularity and positive reception [6][10]. - Visitors appreciate the immersive experience, with frequent performances and interactive elements that resonate with Chinese cultural themes, enhancing engagement and enjoyment [10][14]. Group 2: Financial Performance - The park reported impressive financial results, with total revenue reaching 604 million yuan, a year-on-year increase of 162%, and visitor numbers exceeding 10.24 million, a 239.33% increase compared to the previous year [7]. - The park's strategy of low ticket prices has effectively increased secondary spending, with secondary consumption accounting for 40% of total revenue, aiming for 50% in the future [25][28]. Group 3: Competitive Landscape - Unlike other cultural theme parks that struggle with profitability, Wansui Mountain has successfully navigated the market by integrating interactive storytelling and immersive experiences, which keeps visitors engaged for longer periods [24][30]. - The park's operational model includes a performance-based agreement with its management company, incentivizing them to convert visitor traffic into revenue [28]. Group 4: Challenges and Future Outlook - Despite its success, the park faces challenges related to overcrowding, particularly during peak seasons, which can detract from the visitor experience [36][37]. - Experts suggest that while Wansui Mountain has made significant strides, it still has a long way to go to achieve the status of a true theme park like Disneyland, particularly in terms of investment and infrastructure [30][32].