11月25日，海昌海洋公园控股有限公司（海昌海洋公园，02255.HK）发布公告，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，上海海昌海洋公园于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%。 （智通财经记者 唐莹莹） ...

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 ...

Core Insights - The 36th Shanghai Tourism Festival concluded on October 6, featuring an innovative "one festival, two seasons" model that significantly boosted both visitor flow and consumption, resulting in a total tourism consumption exceeding 300 billion yuan [1] Group 1: Visitor Statistics - During the summer tourism season from July 5 to August 31, Shanghai welcomed 96.98 million visitors, a year-on-year increase of 1.54%, with total tourism consumption reaching 152.4 billion yuan, up 27% [1] - From September 1 to October 6, during the classic activity season, Shanghai received 65.82 million visitors, marking a 4.26% year-on-year growth, and achieved a total tourism consumption of 160.8 billion yuan, a 10.6% increase [3] Group 2: Hotel Performance - Hotel occupancy rates during the summer season averaged 71.6%, reflecting a 2 percentage point increase year-on-year [1] - In the classic activity season, hotel occupancy rates were at 67%, which is a 5 percentage point increase compared to the same period last year [3] Group 3: Special Events and Promotions - The festival featured various local cultural events, such as "Tang Rhythm Mid-Autumn" and "Zhu Jing Lantern Festival," enhancing the integration of culture, tourism, and commerce [4] - During the "Half-Price Benefit Week" in September, over 60 attractions offered ticket discounts, leading to a more than 50% year-on-year increase in ticket bookings and consumption on platforms like Trip.com [3] Group 4: International Engagement - Shanghai is promoting its tourism festival from a local celebration to a global event, inviting international artists to experience and promote inbound tourism products [7]

Core Insights - Shanghai Lego Park achieved a remarkable opening performance with 85% of visitors being families and ticket revenue closely matching secondary spending [1][3] - The project, with an investment exceeding 10 billion RMB, challenges the skepticism surrounding high investment and low profitability in the theme park industry, revealing a contradiction between booming market demand and profitability issues [3][5] - Despite the growth of large theme parks in China, with 90 parks now operational, the industry still faces a profitability crisis, with only 10% of parks being profitable [3][5] Market Demand and Supply - The demand for leisure and entertainment has surged, with 30% of family spending in first-tier cities directed towards these sectors, indicating a shift from annual travel destinations to regular weekend activities [3][5] - The investment threshold for large parks is typically over 1.5 billion RMB, with Lego Park's core area investment reaching 550 million USD, leading to a mismatch between high investment and low profitability [3][5] Economic Impact - Theme parks have a proven economic impact, with every 1 RMB of income generating 18.8 RMB in related consumption across transportation, hotels, dining, and retail [5] - The opening of Lego Park boosted hotel occupancy rates by 40% and dining consumption by 65% in the surrounding area, showcasing the economic value of the "park + ecosystem" model [5][27] Location and Cultural Advantages - Shanghai's unique advantages as a tourist destination, including cultural symbols and a robust transportation network, enhance its appeal for theme parks [9][29] - Lego Park's design incorporates local cultural elements, such as the Yangtze River landscape and traditional stories, aligning with local consumer identity while maintaining brand characteristics [9][29] Policy and Ecosystem Synergy - Theme parks contribute to job creation and tax revenue, enhancing city branding, with a 1 RMB expenditure generating 3.5 RMB in urban economic activity [11][29] - The synergy between Lego Park and surrounding commercial entities has created a closed-loop model of "park attraction - commercial monetization - ecosystem feedback," providing a replicable example for other cities [11][29] Consumer Behavior and Experience - The dual consumer base of parents willing to pay for children's experiences and nostalgic adults contributes to Shanghai's sustained consumption potential [7][29] - Successful parks like Lego and Haichang have restructured their profit models to focus on emotional consumption, achieving a near 1:1 ratio of ticket sales to secondary spending [11][29] Pricing and Value Proposition - The pricing strategy for theme parks is based on a five-dimensional model considering brand influence, IP value, city capability, park scale, and content depth [14][17] - Lego Park's pricing reflects Shanghai's consumer capacity and the brand's value, with market feedback indicating a willingness to pay for quality experiences rather than low prices [17][29] Membership and Repeat Visits - Lego Park's initial product offering was a membership card, fostering emotional connections and repeat visits, evidenced by a 28% return visit rate in the first month [18][29] - The transformation of IP into immersive experiences, such as interactive projects based on local culture, enhances visitor engagement and drives repeat business [18][21] Future Trends and Competitive Landscape - The competition among theme parks will evolve into a comprehensive ecosystem involving parks, hotels, commerce, and culture, leveraging synergies to enhance visitor experience and spending [28][29] - The insights from Shanghai's theme park economy highlight the importance of high consumer spending, cultural depth, and effective IP transformation for sustainable success in the industry [29]

Core Insights - The upcoming 8-day holiday period for National Day and Mid-Autumn Festival is expected to see a significant increase in travel bookings, with an overall advance of 3.5 days compared to previous years, leading to record passenger volumes in rail and air travel [1][2] - Key factors influencing travel decisions include the desire for experiential and immersive consumption, emotional value, and the trend of multi-destination travel [1][2][3] Travel Trends - The "super golden week" created by the overlap of National Day and Mid-Autumn Festival has led to diverse travel demands, with popular high-speed rail routes experiencing high ticket sales, particularly towards major cities like Beijing, Shanghai, and Guangzhou [2] - The peak travel days are anticipated to be from September 29 to October 1 and October 7 to 8, with the former accounting for over 30% of the total holiday passenger flow [2] Emotional Value in Travel - Emotional value has emerged as a core factor in destination selection, with searches for hotels in remote areas like Xinjiang and Tibet increasing by 60% year-on-year, primarily from first-tier and new first-tier cities [3] - Shanghai's overall tourism orders are projected to grow by 45% during the holiday, with top attractions including Shanghai Disneyland and other theme parks experiencing significant demand [3][4] Young Travelers as Key Consumers - The 18-35 age group is becoming the main consumer demographic, favoring destinations that offer both aesthetic appeal and cultural experiences, with "healing" experiences being a significant draw [4] Outbound and Inbound Travel - Popular outbound destinations during the holiday include Japan, Thailand, and Hong Kong, while Malaysia and Singapore are also among the top five [5] - The inbound tourism market is thriving, with key source countries including South Korea, Japan, and the United States, and cities like Shanghai and Beijing being the most sought-after destinations [6][7] Enhancements in Inbound Tourism Services - Cities are optimizing public services for inbound tourists, with initiatives like the "Meet China" digital tourism project in Shanghai and enhanced multilingual guides in major attractions [7] - The recent mutual visa exemption policy between China and Russia has led to a 75% increase in bookings from Russian tourists, with Shanghai remaining the top destination [7]

Group 1: Tourism Data and Trends - During the three-day Dragon Boat Festival holiday in 2025, Shanghai received 6.48 million visitors, with total tourism transaction value reaching 12.48 billion yuan, a year-on-year increase of 3.30% [1] - The average hotel occupancy rate in Shanghai was 59%, up by 1 percentage point compared to the previous year [1] - Online and offline consumption in Shanghai reached nearly 20 billion yuan in the two days leading up to the holiday, marking a 4.1% increase compared to the same period in 2024 [1] Group 2: Theme Parks and Family Activities - Theme parks played a significant role in driving tourism, with family-oriented activities coinciding with the Children's Day celebrations [2] - Notable attractions included Shanghai Disneyland's "Wonderful Student Month" and various promotional events at other parks, contributing to a 38% increase in dining and a 53% increase in tourism site consumption [2] Group 3: Night Economy and Regional Collaboration - Nighttime consumption in Shanghai saw a year-on-year increase of 20.8% during the holiday, with visitors from cities like Suzhou and Beijing being major contributors [4] - The opening of the LEGO Land Resort in Jinshan District marked a new phase in regional tourism collaboration, linking resources between Jinshan and neighboring Pinghu [4] Group 4: Performance and Ticket Economy - A total of 447 performances were held during the holiday, attracting 379,000 attendees and generating approximately 103 million yuan in ticket sales, a 156.27% increase [5] - The FE Electric Formula World Championship in Shanghai attracted significant crowds, with local businesses offering discounts linked to event tickets, enhancing the overall tourism experience [5][6] Group 5: Integration of Culture and Commerce - The "Follow the Performance to Travel Pudong" initiative aims to integrate cultural events with tourism, offering discounts for hotel stays and attractions based on ticket purchases [6] - The ticket economy is expected to enhance cultural value and extend the tourism consumption chain, with promotional efforts planned for the upcoming summer tourism peak [6]

Core Insights - Despite a challenging economic environment, domestic tourism consumption during the May Day holiday showed positive growth, with 314 million domestic trips taken, a year-on-year increase of 6.4%, and total spending reaching 180.27 billion yuan, up 8.0% [1] - The "IP + cultural tourism" model, particularly represented by theme parks, is a focal point, but it faces stagnation in growth after a rebound in 2023, raising questions about its future potential [1][4] - Major theme parks like Shanghai Disneyland and Beijing Universal Studios reported significant visitor numbers and ticket sales during the holiday, indicating a temporary recovery in the sector [2][4] Industry Performance - Beijing Universal Studios saw ticket sales increase by approximately 213% year-on-year, with peak daily attendance reaching nearly 50,000, resulting in ticket revenue exceeding 170 million yuan during the holiday [2] - Shanghai Disneyland's ticket revenue during the holiday is estimated to surpass 310 million yuan, reflecting strong consumer interest [2] - Happy Valley parks, under the ownership of Overseas Chinese Town A, attracted over 800,000 visitors during the holiday, marking a nearly 20% increase year-on-year [2] Financial Challenges - Despite the holiday's positive indicators, many theme park operators are facing financial difficulties, with companies like Huasheng Fantawild reporting a 4.18% decline in annual revenue from theme park operations [6] - Huasheng Fantawild's operating costs increased by 9.17%, leading to a significant drop in gross margin [6][7] - Overseas Chinese Town A also reported a 13.03% decrease in tourism revenue for 2024, with total visitors down by 13.7% [8] Future Prospects - The industry is witnessing a shift towards developing proprietary IPs and enhancing visitor experiences through innovative attractions and collaborations with well-known franchises [12][14] - New international theme parks, such as the Warner Bros. Studio Tour in Shanghai and the Peppa Pig Theme Park, are set to enter the market, intensifying competition [16][18][20] - Domestic parks are exploring various IP strategies, including partnerships and themed attractions, to enhance their appeal and drive visitor engagement [12][14] Consumer Trends - The rise of "emotional consumption" is evident, with products and experiences that cater to consumer emotions gaining traction, although the overall spending on non-essential entertainment remains cautious [1][4] - New tourism trends such as "taste tours," "performance tours," and "family-friendly experiences" are emerging, reflecting a diversification in consumer preferences [1]