证券代码：000069 证券简称：华侨城 A 公告编号：2025-29 深圳华侨城股份有限公司 2025 年 7 月主要业务经营情况公告 本公司及董事会全体成员保证公告内容的真实、准确、完整，没 有虚假记载、误导性陈述或重大遗漏。 一、2025 年 7 月销售情况 2025 年 7 月，公司实现合同销售面积 13.6 万平方米，同比减少 1%，环比 6 月增加 47%；合同销售金额 16.9 亿元，同比减少 24%，环 比 6 月增加 16%。 2025 年 1-7 月公司累计实现合同销售面积 74.2 万平方米，同比 增加 3%；合同销售金额 111.8 亿元，同比减少 7%。 二、2025 年 7 月新增土地情况 2025 年 7 月，公司无新增土地情况。 三、旅游综合业务情况 公司积极打造优质旅游产品，多地欢乐谷把握暑期旅游旺季机遇， 于"夏浪狂欢节"期间推出"音乐节狂欢+创意玩水"的融合体验， 并联动多个热门 IP 打造沉浸式玩趣场景，有效提升游客参与度与满 意度。 1 2025 年 7 月，全国多地的台风暴雨天气影响游客出游，公司旗 下文旅企业合计接待游客 788 万人次，同比下降 10%。2025 ...

Core Viewpoint - The rapid expansion of theme parks in China, particularly in the Yangtze River Delta and Greater Bay Area, is driven by the growing "park economy," with the market expected to reach 110 billion yuan by 2028 [3][4][11]. Group 1: Market Dynamics - The theme park economy in China is projected to approach 60 billion yuan in 2023, with significant growth anticipated in the coming years [3][4]. - Over 10 new theme parks have made progress in the Yangtze River Delta and Greater Bay Area this year, indicating a competitive landscape [3][4]. - The Yangtze River Delta has the highest number of theme parks in China, with 36 large parks receiving 47.37 million visitors in 2023, leading the nation in both park quantity and visitor numbers [9][10]. Group 2: Competitive Landscape - International top-tier IPs like LEGO, Harry Potter, and Peppa Pig are increasingly choosing to establish parks in the Yangtze River Delta, reflecting the region's economic and cultural advantages [9][10]. - The Greater Bay Area's theme park market is primarily dominated by local brands, with 9 large parks and 21.78 million visitors in 2023, indicating a different competitive strategy compared to the Yangtze River Delta [11]. - Local brands in the Greater Bay Area, such as Fantawild and Happy Valley, leverage their geographical advantages and established customer bases to maintain competitiveness [11]. Group 3: Pricing Strategies - Theme park ticket prices are showing a polarization trend, with international brands like LEGO charging higher prices (e.g., 1,399 yuan for an annual pass) compared to local brands like Happy Valley, which offers passes for around 499 yuan [14][15]. - Despite the lower prices, local brands are also increasing ticket prices in response to market dynamics, indicating a shift in pricing strategies [16][17]. - The overall visitor numbers for large theme parks in China reached 130.14 million in 2023, with a revenue increase of 97.86%, showcasing the market's vitality under varying pricing strategies [17]. Group 4: Future Trends - The integration of international IPs with local cultural elements is expected to capture more market share, combining global and local themes to attract both domestic and international visitors [12]. - Continuous innovation and project updates are essential for theme parks to avoid visitor fatigue and enhance repeat visitation [18].

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]

Core Viewpoint - The recent fire incident at Shanghai Happy Valley has raised concerns about the safety management of the theme parks operated by OCT Group, especially given the history of safety issues and the company's declining financial performance [1][2][4]. Group 1: Incident Overview - On May 3, a fire broke out at a non-operational decorative structure in Shanghai Happy Valley during the peak tourist season, but no injuries were reported [2][4]. - The fire was quickly extinguished by the park's micro-fire station, and the area affected was approximately 2 square meters [2]. - The park has since resumed normal operations, emphasizing a commitment to enhancing safety management [4]. Group 2: Historical Safety Issues - The fire incident is not isolated; there have been multiple safety accidents at OCT's parks, including a serious collision on the "Snowy Eagle" roller coaster in Shenzhen in October 2023, which injured 28 people [4]. - A tragic incident in June 2010 at the "Space Odyssey" attraction in Shenzhen resulted in 6 deaths and 10 injuries due to design flaws and inadequate maintenance [4]. Group 3: Financial Performance - OCT Group has faced significant financial challenges, with a net loss of 86.62 billion yuan in 2024 and cumulative losses of approximately 260 billion yuan from 2022 to 2024 [1][5]. - Revenue has declined sharply, from 767.67 billion yuan in 2022 to 544.07 billion yuan in 2024, representing a drop of 25.17% and 27.39% respectively [5][8]. - The company's tourism segment, which now accounts for over 50% of revenue, has also seen a decline in visitor numbers, with a 13.7% drop in 2024 [8]. Group 4: Market Position and Challenges - OCT Group's reliance on the "cultural tourism + real estate" model has been challenged by a sluggish real estate market, leading to difficulties in project sales [7][8]. - The company is facing intense competition from international brands like Disney and Universal Studios, and its efforts in digital transformation and IP incubation have yet to yield significant results [8].

Core Insights - The theme park industry is experiencing significant growth, particularly in the Asia-Pacific region, with a 78% increase in visitor numbers compared to 2022, and a 4% increase compared to pre-pandemic levels [2][3] - China is the second-largest and fastest-growing theme park market globally, with seven Chinese parks in the top 25 worldwide, showcasing impressive growth rates [3][4] - The emotional value associated with theme parks is becoming a crucial driver of business, as consumers seek joy and escapism in the current economic climate [2][3] Industry Overview - The 2023 report indicates that the top 25 theme parks globally welcomed over 245 million visitors, a 23% increase from the previous year [2][4] - Shanghai Disneyland saw a remarkable 164.2% increase in attendance compared to 2022, highlighting the strong recovery and growth potential in the Chinese market [4][5] - The market penetration rate for theme parks in China is only 27%, compared to 68% in developed markets, indicating substantial growth opportunities [6] Competitive Landscape - Major international players are rapidly entering the Chinese market, with new projects like the Shanghai LEGO Land Resort and the Harry Potter Studio Tour set to open in the coming years [6][8] - Local companies such as Fantawild and Chimelong are also expanding aggressively, with Fantawild reporting a 111% increase in attendance [9][10] - The competition is intensifying as various sectors, including entertainment and media, are entering the theme park space, with companies like Bubble Mart and iQIYI launching their own parks [10][12] Financial Performance - Despite the growth in visitor numbers, profitability remains a challenge for many Chinese theme parks, with 22% of parks still operating at a loss [13][14] - The financial data shows that major players like Hong Kong Disneyland and Chimelong are facing declining profit margins, indicating the high operational costs associated with maintaining and upgrading attractions [14][16] - The reliance on ticket sales for revenue, which constitutes about 70% of total income, is a significant factor in the profitability issues faced by local parks [16][17] Future Trends - The theme park sector is expected to continue growing, driven by government support and the economic benefits these parks bring to local communities [17][18] - There is a growing emphasis on IP (intellectual property) development, with local parks increasingly focusing on creating or acquiring strong IPs to enhance their appeal [19][20] - Innovative models, such as drama-themed parks, are emerging, showcasing the potential for cultural integration and local storytelling in the theme park experience [27][29]