The competitiveness of local theme parks is gradually increasing, and their self-growth and generated value are also worth paying attention to.
The cultural tourism industry has good news again. Recently, the Politburo meeting set a tone to expand domestic demand by boosting consumption, making service consumption an important leverage to expand and upgrade consumption. It supports consumption in cultural tourism, retirement, childcare, housekeeping and other areas. It can be seen that the strategic position of cultural tourism consumption is increasingly prominent, and its potential is expected to be further stimulated.
Considering the market situation, the summer vacation is already halfway over, and the cultural tourism market has bloomed in various areas this summer. Theme parks are particularly popular.
At the same time, it should not be ignored that this year's summer vacation not only saw the popularity of overseas IP-themed parks, but also some domestic brands performed equally well and showed significant innovation capabilities. It is worth noting that China's domestic theme parks developed relatively late and have been catching up in the global theme park industry. The industry has been hoping for domestic theme parks to make a breakthrough, and innovation is seen as a key issue in the second half of the industry.
These signals may indicate that the demand for theme parks is expected to remain strong, the competitiveness of domestic theme parks is gradually improving, and their self-growth and value generation are worth attention.
For example, looking at Haichang Ocean Park (2255.HK), one of the leading enterprises, its operating data during the summer vacation has significantly improved, and it continues to implement innovative developments, including gradually aligning with international standards.
According to market information, in Shanghai Haichang Ocean Park, on July 20, the daily reception of visitors reached 0.041 million, a year-on-year increase of 65%. The occupancy rate of the three major hotels under it reached 100% for 10 consecutive days. According to the 2023 China Theme Park Competitiveness Evaluation Report, Shanghai Haichang is ranked in the forefront of local theme parks, just behind Shanghai Disneyland and Beijing Universal Studios.
Regarding Zhengzhou Haichang, the number of tourists has increased by 80% compared to the previous month in the summer, and the Ultraman-themed hotel was again fully booked on July 20 and 21.
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Both flagship projects of Haichang Ocean Park have experienced accelerated growth during the summer vacation, which is also an indication of its contribution to overall performance.
Focusing on innovative developments, Haichang Ocean Park has cultivated its own marine culture IP system around "marine and polar culture," established uniqueness and differentiation regarding cultural identity, and successively introduced internationally renowned IPs such as Ultraman and One Piece, gradually aligning with international standards. While cultivating its product system, it has also innovatively output more cultural tourism services and solutions for more projects, continuously creating new business models with IP+ new scenarios, achieving multidimensional breakthroughs.
1) Breakthrough in the operation of self-owned scenic spots' IPs: Jin Bridge Haichang Penguin Resort officially opened.
On July 1, Jin Bridge Haichang Penguin Resort officially opened. Since Haichang Ocean Park implemented its light asset strategy, it has landed in the hotel business field for the first time, further enhancing the supporting facilities level of Shanghai Haichang, enriching its parent-child vacation hotel group, and meeting the diverse needs of its customers. With the full occupancy rates of the three major hotels under Shanghai Haichang mentioned before, it can be seen that the opening of this hotel is very popular and has received positive market feedback.
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In addition, this reflects the ability of Haichang Ocean Park to operate IPs comprehensively. Now that it has built more diverse business models based on IPs, it is expected to further promote secondary consumption, thus driving its revenue structure improvement and business value enhancement.
At the same time, the creation of integrated immersive scenes closely fits the evolving trend of social consumption concepts, where the public seeks more personalized and self-fulfilling premium experiences, and has long-term appeal.
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2) Breakthrough in the operation of non-self-owned scenic spots' IPs: The world's first Ultraman snow world officially opened.
On July 26, the world's first Ultraman snow world officially opened. This project is located in Dalian Forest Zoo and was jointly developed by Haichang Ocean Park, Dalian Cultural Tourism Development Group, and Shanghai Xinchuanghua Culture Development Co., Ltd. Haichang Ocean Park thereby expanded its non-self-owned scenic spot IP operation territory.
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It is worth noting that this project has innovatively presented a new business model of "IP + snow and ice." This includes setting up an Ultraman ice skating rink, an Ultraman-themed store, an Ultraman ice-bound theater, Ultraman Avenue, Monster Avenue, and other IP theme areas, featuring the world's first Ultraman stratified relief stage and the premiere of the original play "Ultraman Heroes Strike Back Against the Extreme Evil Conspiracy", and other multi-dimensional innovations to quickly enrich the content of traditional scenic spots.
This also provides a reference for other traditional scenic spots, and is expected to create a demonstration effect, enabling Haichang Ocean Park to enhance its brand influence and accelerate related business expansion.
Breakthrough in amusement park products and regional layout: Launching the Qianwan Haichang International IP Park project.
On July 19, Haichang Ocean Park announced that it had signed a strategic cooperation agreement with Ningbo Qianwan Holdings. They plan to build the Qianwan Haichang International IP Park (tentative name). This project is Haichang Ocean Park's first large-scale cultural and tourism project layout in Zhejiang Province, and it is also a complex IP theme park project with an international IP theme, achieving a new breakthrough in products.
In terms of specific design concepts, this project will revolve around the functional system of international IP entertainment experience, theme tourism consumption, theme vacation, and commercial supporting facilities. It will be created in accordance with international first-class planning, design, construction, and operation standards, becoming the leading international IP theme park in Asia that is on par with international standards. After completion, it will promote the Qianwan New Area in Ningbo to become a first-class domestic overall tourism destination, build a new international tourism and holiday nucleus in the Yangtze River Delta, and is expected to have the effects of driving industry investment, solving employment, and improving the city's image.
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At the same time, it will adopt a light asset model similar to the Shanghai Park Phase II project, that is, "state-owned investment + Haichang operation", with state-owned investment providing strong guarantees for the landing and subsequent operation of the project.
For Haichang Ocean Park, it will cover more tourists and achieve a dual increase in brand effect and economic benefits.
In summary, with the release of cultural and tourism consumption potential, combined with the continuous optimization and operation of existing cultural and tourism projects in Haichang Ocean Park, and rich reserves of subsequent projects, its growth space is vast, and the imagination of the capital market is constantly opening up.