Since 2024, the development momentum of the theme park race track has gradually become strong. On this occasion, Haichang Hldg, as one of the players, has also submitted an impressive semi-annual report, indicating the possibility of a resonance growth opportunity between the industry "beta" and its own "alpha".

According to the financial report, Haichang Hldg achieved a revenue of 0.8 billion yuan in the first half of the year, an increase of 6.8% year-on-year. Among them, the revenue from park operations was 0.74 billion yuan, an increase of 5.5% year-on-year. The total number of park visitors was approximately 4.64 million, an increase of 21.2% year-on-year. EBITDA was 0.3 billion yuan, with an EBITDA profit margin of 37.7%.

Source: Company Announcement

Taking a closer look, the park operations sector presents two highlights.

Firstly, while the flagship project Shanghai Park maintains steady development, the newly opened Zhengzhou Park last year brings new growth momentum. In the first half of the year, Shanghai Park performed better than the same period last year during each small holiday, with the highest daily visitor volume reaching 0.052 million. Zhengzhou Park also performed well during each small holiday, with the highest daily visitor volume reaching 0.038 million.

Secondly, the core business sectors are progressing in unison, maintaining a favorable revenue structure. In the first half of the year, ticket revenue was approximately 0.38 billion yuan, an increase of 7.5% year-on-year. In-park consumer revenue was approximately 0.26 billion yuan, an increase of 6.7% year-on-year, synchronously unleashing the potential for secondary consumption.

Furthermore, more importantly, the growth engine of Haichang Hldg, specifically the OAAS+IP operation, has been validated and proven. This means that Haichang Hldg is able to comprehensively grasp the development opportunities of the theme park race track in multiple dimensions, and the revenue structure is expected to continue optimizing. Therefore, Haichang Hldg will have more growth and certainty in the future.

In the first half of the year, the revenue from OAAS tourism services and solutions of Haichang Hldg is about 63.935 million yuan, a year-on-year increase of 25.05%. Although the scale is still small, there is considerable room for elasticity. At the same time, it is expected that the OAAS projects will continue to land in the next few years, and the revenue scale may grow rapidly, with potential improvements in profitability, reducing debt pressure.

Based on the above, Haichang Hldg continues to empower various businesses with its unique IP system, continuously creating new business formats of IP + new scenes to enhance development vitality.

Combining the actual layout, the two clues can be specifically seen as follows:

1) OAAS projects are blossoming and continue to contribute incremental value.

At present, the OAAS large-scale projects are rich in reserves, and new projects will continue to land, involving tourist destinations such as Shanghai, Beijing, Fuzhou, and Ningbo, with the potential to attract more tourists, enabling Haichang Hldg to achieve both brand and economic benefits.

Among them, the Shanghai park is expanding, and the Phase II project will cover the Marine Exploration Center, Haichang Ocean Hotel and Sea King-themed hotel, hot spring resort hotel, hot spring pavilion, etc. The total building area is about 0.14 million square meters, and it is expected to open in July 2025. By then, the Shanghai park will further enhance the level of supporting facilities and overall competitiveness, including forming a more abundant parent-child vacation hotel group, with the potential to obtain more business increment.

The Beijing park has entered the design stage, adjacent to Universal Studios. The total building area is about 0.15 million square meters, with a total investment of about 4.2 billion yuan. It is responsible for land acquisition and investment construction by Tongzhou City Construction Group, and Haichang Hldg is responsible for operation and management. It is expected to start construction within the year and open in 2027. By then, it will achieve income and reporting. Referring to the performance contribution of the Shanghai park, this should not be underestimated.

In addition, in March of this year, Haichang Hldg signed a strategic cooperation framework agreement with the Fuzhou New District Management Committee, and the Peking Haichang Marine Park will be established in Fuzhou; in July, a strategic cooperation framework agreement was signed with Ningbo Qianwan Holdings Group Co., Ltd., and the Haichang IP Amusement Park will be established in Ningbo Qianwan New District, achieving new breakthroughs in products.

2) IP operation breaks through multiple dimensions, opening up growth potential.

In terms of IP operation, Haichang Hldg has realized comprehensive implementation and achieved breakthroughs in multiple dimensions, thereby activating new growth and further unlocking growth potential.

For example, in January of this year, the Zhengzhou Park Ultraman themed hotel officially opened, further enriching the diversified business ecosystem of the Zhengzhou Park. All 3,000 rooms were fully booked in the first week of opening.

In July, the Shanghai Park Golden Bridge Haichang Penguin Resort Hotel officially opened, enriching its portfolio of family-friendly resort hotels. This hotel has been consistently popular since its opening. Data shows that as of August 17th, the occupancy rate of the three major hotels under Shanghai Park has reached 100% for two consecutive weeks. This also marks the first implementation of the OAAS model by Haichang Hldg in the hotel business field, extending its business scenarios.

In the same month, Haichang Hldg, together with Dalian Cultural Tourism Development Group and others, officially opened the world's first Ultraman Ice and Snow World, expanding its IP operation in non-self-operated scenic areas. This project is built within the Dalian Forest Zoo, presenting a new format of "IP + ice and snow". In this sense, the track of Haichang Hldg is not limited to traditional theme parks, but rather a IP + cultural tourism market that encompasses IP and innovation demands, meets the needs of consumers and traditional scenic areas, and has greater potential.

These strategic factors together determine that Haichang Hldg has a large market space to explore, continuously optimizing its business model, and can continuously improve its revenue and profit levels in the future, which is worthy of long-term attention.