Core Points - A recent incident at Shenzhen Happy Valley has raised concerns about the appropriateness of performances for all age groups, with accusations of "vulgar" content in a public show [1] - The park's management has responded by pausing the performance and committing to optimize content to better suit its audience [1] - The incident highlights potential issues with the management of performance content by the parent company, Overseas Chinese Town Group [2] Company Overview - Shenzhen Happy Valley is a core subsidiary of Overseas Chinese Town Group, managing multiple theme parks across major Chinese cities, attracting nearly 40 million visitors annually [4] - The company reported a revenue of 54.407 billion yuan in 2024, a decrease of 2.40% year-on-year, with a net loss of 8.662 billion yuan, marking a 33.42% increase in losses compared to the previous year [4] - Cumulatively, from 2022 to 2024, the company has incurred losses exceeding 26 billion yuan [4] Industry Context - The theme park industry is facing increased competition from international brands like Disney and Universal Studios, leading to a dilution of market share for local parks like Happy Valley [4] - The tourism and cultural sector of Overseas Chinese Town Group saw a revenue decline of 13.03% in 2024, with a continuous drop in gross profit margin over four years [4] - Regulatory gaps in the management of performance content in theme parks have been identified, with calls for clearer definitions and stricter penalties for inappropriate performances [3][2]