Core Viewpoint - Haichang Ocean Park reported a significant decline in revenue and an increase in losses for the first half of 2025, indicating challenges in consumer spending and attendance [1] Financial Performance - For the first half of 2025, Haichang Ocean Park achieved revenue of 686 million yuan, a year-on-year decrease of 14.2%, with a loss of approximately 296 million yuan [1] - The number of visitors decreased, reflecting a substantial drop in consumer willingness and ability to spend [1] Strategic Developments - The company is advancing its OAAS (Operation as a Service) light asset strategy, with major projects expected to launch soon [1] - The Beijing Haichang Ocean Park project has obtained a construction permit and is set to begin structural construction, aiming for completion in the first half of 2026 and trial operations in the first half of 2027 [1] - The Fuzhou Haichang Ocean Park project is in negotiations with local state-owned platforms, with plans to commence construction in 2026 [1] IP Business Growth - In the first half of the year, Haichang Ocean Park secured the operational rights to an internationally recognized IP theme store, generating 78.06 million yuan in IP business revenue, a 23% increase year-on-year [2] - The company aims to establish an IP operation track by collaborating with globally influential IPs, integrating IP commercialization with various entertainment and lifestyle scenarios [2] Market Opportunities - The introduction of multiple consumer promotion policies presents unprecedented growth opportunities for the cultural tourism industry [3] - The opening of the second phases of Shanghai Haichang and Zhengzhou Haichang is expected in 2026, providing a solid foundation for revenue growth [3] - The company plans to leverage a dual-driven model of "OAAS + IP" to enhance its market competitiveness and support various marine-themed projects [3] Long-term Vision - Haichang Ocean Park is committed to becoming an international comprehensive cultural tourism group centered on marine culture, continuously enhancing its core competitiveness [3] - The company has several OAAS projects in negotiation, laying a solid foundation for sustained future growth [3]