Table_BaseInfo 2024 年 04 月 10 日 公司动态分析 海昌海洋公园（2255.HK） 证券研究报告 旅游 23 年收入大幅增长，盈利能力改善 投资评级： x 未有 海昌海洋公园是以海洋主题为基础的中国领先的综合性文旅集团，在全国范围内拥 目标价格： 未有 有并运营7家以海昌为品牌、以海洋文化为主的大型主题公园。我们认为疫情后国 内文旅市场消费迅速反弹，海昌海洋公园的客流量明显增加，盈利能力得到显著恢 现价(2024-04-09) 0.7港元 复与提升，看好其未来成长空间。建议关注。 总市值(百万港元) 5,760.94 报告摘要 流通市值(百万港元) 5,760.94 23年收入大幅增长129%至18.2亿。23年收入人民币18.2亿元，同比增 总股本(百万股) 8,114.00 加129.1%，归母净亏损2.0亿元，同比减少85.9%，净利润大幅减亏。公 流通股本(百万股) 8,114.00 司收入大幅增长主要因为1）经营环境回复正常，以及不断提升的文旅产品 12个月低/高(港元) 0.7/1 平均成交(百万港元) 18.76 质量带来客流量的恢复及增加。2）IP战略的落地，提升游客 ...

Financial Performance - Total revenue for the year ended December 31, 2023, was RMB 1,816,842,000, a significant increase from RMB 792,988,000 in 2022, representing a growth of 129%[2] - Gross profit for 2023 was RMB 457,455,000, compared to a gross loss of RMB 278,728,000 in 2022, indicating a turnaround in profitability[2] - The net loss for the year was RMB 181,907,000, a substantial improvement from a net loss of RMB 1,408,858,000 in the previous year[2] - The company reported a pre-tax loss of RMB 186,104 thousand for the year ended December 31, 2023, compared to a pre-tax loss of RMB 1,418,389 thousand in 2022, indicating an improvement in financial performance[21] - The company reported a net loss attributable to equity holders of RMB 197,259,000 for 2023, a significant improvement from a loss of RMB 1,395,911,000 in 2022[37] - The company recorded a net loss of approximately RMB 181.9 million for the year ending December 31, 2023, a significant improvement from a net loss of RMB 1,408.9 million in 2022[50] - The company achieved a gross profit of approximately RMB 457.5 million in 2023, compared to a gross loss of RMB 278.7 million in 2022, resulting in a gross profit margin of 25.2%[65] - Adjusted EBITDA for the year ended December 31, 2023, was RMB 458.9 million, a significant improvement from a loss of approximately RMB 423.2 million in 2022, primarily due to a rebound in the cultural tourism market[72] Assets and Liabilities - Non-current assets increased to RMB 8,804,621,000 in 2023 from RMB 7,363,545,000 in 2022, reflecting a growth of 20%[6] - Current liabilities totaled RMB 2,915,502,000, up from RMB 2,640,979,000 in 2022, indicating a rise of 10%[6] - Total assets as of December 31, 2023, amounted to RMB 11,522,744 thousand, up from RMB 10,210,925 thousand in 2022[21][22] - The total liabilities increased to RMB 9,004,382 thousand as of December 31, 2023, from RMB 7,534,598 thousand in 2022, primarily due to increased operational activities[21][22] - The total interest-bearing loans and borrowings as of December 31, 2023, reached RMB 6,298,972,000, an increase from RMB 5,267,730,000 in 2022[46] - The net debt ratio as of December 31, 2023, was approximately 182.5%, an increase from 150.3% in 2022, reflecting the company's leverage position[76] Cash Flow and Financing - Cash and cash equivalents increased to RMB 1,702,264,000 in 2023 from RMB 1,244,633,000 in 2022, marking a growth of 37%[6] - The company has secured new bank loans amounting to RMB 64,300,000, maturing after December 31, 2024, to enhance liquidity[11] - The company believes its existing financial resources are sufficient to execute future expansion plans and can secure additional financing on favorable terms if necessary[77] - The company aims to explore innovative financing models for existing heavy assets to support future growth and improve capital structure[60] Revenue Sources - Revenue from ticket sales for park operations reached RMB 902,753 thousand in 2023, a substantial increase from RMB 348,340 thousand in 2022[25][26] - The operating segment revenue breakdown shows RMB 1,687,376 thousand from park operations and RMB 129,466 thousand from operation services, with no revenue from property operations[21] - Revenue from the park operations segment was approximately RMB 1,687.4 million, reflecting a growth of 118.6% compared to the same period in 2022, excluding the newly opened Zhengzhou park[52] - Other income and gains rose by approximately 68.8% to about RMB 306.5 million in 2023, up from RMB 181.5 million in 2022, mainly due to fair value gains on investment properties and dividends from financial assets[66] Operational Highlights - The total number of visitors to the parks reached approximately 9.29 million, a substantial increase of 101.9% compared to the same period in 2022, excluding the newly opened Zhengzhou park[52] - The company operates 7 theme parks across China, with the Zhengzhou park being the latest addition opened in 2023[52] - The company has integrated popular IPs such as Ultraman and One Piece into its parks, enhancing visitor experience and driving revenue growth[53] - The theme parks experienced growth exceeding the average recovery rate of the tourism industry in 2023, with ticket sales during the Spring Festival period increasing by 18.3% compared to the same period in 2023, and revenue from the theme park segment growing by 15.9%[54] Future Plans and Strategies - The company aims to expand its business into cultural tourism services and solutions, as well as new consumption businesses, leveraging its operational experience[50] - The company plans to continue introducing high-quality IPs to enhance its revenue structure and visitor engagement across its parks[53] - The company plans to open several new projects, including the Zhengzhou Ocean Park Phase II in 2024 and the Beijing Ocean Park project between 2026-2027[61] - The company is actively pursuing potential cooperation opportunities for several projects, indicating ongoing expansion efforts[56] Employee and Governance - The total number of full-time employees increased to 3,725 as of December 31, 2023, from 3,060 in 2022, reflecting the company's growth and expansion efforts[81] - The board of directors did not recommend any dividend payment for the year ended December 31, 2023[86] - The board expressed gratitude to management, employees, shareholders, business partners, customers, and professional advisors for their contributions and support[88]

转自：上观新闻 春节假日，位于临港新片区的上海海昌公园内人头攒动，来自五湖四海的游客在这里看虎鲸、赏烟花、 游"龙宫"，体验别样春节氛围。 利用春节假期前来上海海昌海洋公园打卡的游客。 据了解，春节期间，上海海昌海洋公园推出了"火龙机甲大巡游、首创海底龙宫、'海市蜃龙'烟花秀"等 多项龙年春节特别活动，吸引了不少来自全国各地的游客观光打卡。 火山鲨鱼馆内首创的海底龙宫，高达6米，总重超1000公斤，盘旋其中的巨龙龙身总长超20米。 春节焕新的机甲巡游方阵。 现场千架无人机打造巨型3D立体飞天巨龙。 千架无人机打造的飞天巨龙结合非遗打铁花、飞天凤凰、水幕光影秀等震撼环节，联合呈现精彩纷呈的 《"海市蜃龙"烟花秀》。 非遗舞火龙吸引了八方游客。 园内丰富多彩的龙年新春主题活动吸引了不少来自全国各地的游客。 虎鲸表演现场人气爆棚。 据统计，春节假期前4天，上海海昌海洋公园客流量同比提升98%，初三单日最大客流量达5.1万人，同 时两大配套酒店一房难求，春节档全部满房。 栏目主编：张春海 文字编辑：蒋迪雯 海量资讯、精准解读，尽在新浪财经APP ...

Cash Flow and Cash Position - Operating cash flow improved significantly to RMB 231,163 thousand in 2023 from a negative RMB 159,736 thousand in 2022, indicating better cash generation from core operations[129] - Net cash used in investing activities decreased to RMB 147,966 thousand in 2023 from RMB 974,447 thousand in 2022, reflecting reduced capital expenditures[129] - Net cash from financing activities turned positive at RMB 343,595 thousand in 2023 compared to a negative RMB 74,913 thousand in 2022, driven by new bank loans of RMB 2,302,508 thousand[131] - Total cash and cash equivalents increased to RMB 1,653,508 thousand as of June 2023 from RMB 1,225,695 thousand at the beginning of the period[131] Depreciation and Amortization - Depreciation and amortization expenses increased to RMB 191,803 thousand in 2023 (RMB 154,095 thousand for property, plant & equipment and RMB 32,817 thousand for right-of-use assets)[127] Interest Income and Government Grants - Interest income decreased to RMB 2,533 thousand in 2023 from RMB 13,344 thousand in 2022, reflecting lower cash balances[129] - Government grants received decreased to RMB 9,586 thousand in 2023 from RMB 22,445 thousand in 2022[127] Trade Receivables and Capital Expenditures - Trade receivables increased by RMB 41,705 thousand, indicating potential cash collection challenges[127] - Property, plant and equipment purchases remained substantial at RMB 465,963 thousand, though lower than the RMB 403,291 thousand in 2022[129] Financial Performance - The company reported a pre-tax loss of RMB 96,556 thousand in 2023, significantly improved from RMB 547,907 thousand in 2022[127]

Revenue Growth - Revenue for the first half of 2023 reached RMB 748.7 million, a significant increase from RMB 257.8 million in the same period last year[2] - Revenue from external customers and total revenue for the six months ended June 30, 2023, was RMB 748,727 thousand, with park operations contributing RMB 697,599 thousand and operations as a service contributing RMB 51,128 thousand[13] - The company's revenue from external customers and total revenue for the six months ended June 30, 2023, increased by 190.5% compared to the same period in 2022, from RMB 257,763 thousand to RMB 748,727 thousand[13] - Total revenue from customer contracts increased to RMB 733,760 thousand in the first half of 2023, up from RMB 245,114 thousand in the same period in 2022, representing a significant growth of 199.4%[18][21] - Group revenue increased by 190.4% to RMB 748.7 million for the six months ended June 30, 2023, compared to RMB 257.8 million for the same period in 2022[29] - Park operations revenue grew by 189.1% to RMB 697.6 million for the six months ended June 30, 2023, compared to the same period in 2022[31] - Park operations revenue increased by 189.1% to RMB 697.6 million in the first half of 2023 compared to RMB 241.3 million in the same period in 2022[40] - Revenue from cultural tourism services and solutions grew by 211.6% to RMB 51.1 million in the first half of 2023 from RMB 16.4 million in the same period in 2022[41] Profitability and Losses - Gross profit for the first half of 2023 was RMB 202.9 million, compared to a gross loss of RMB 142.1 million in the first half of 2022[2] - Net loss for the first half of 2023 was RMB 84.7 million, a substantial improvement from the net loss of RMB 548.5 million in the first half of 2022[2] - Segment performance for the six months ended June 30, 2023, showed a profit of RMB 202,937 thousand, with park operations contributing RMB 195,841 thousand and operations as a service contributing RMB 7,096 thousand[13] - The company's segment performance for the six months ended June 30, 2023, improved significantly, turning a loss of RMB 142,144 thousand in 2022 into a profit of RMB 202,937 thousand in 2023[13] - The company reported a net loss attributable to ordinary shareholders of RMB 88,990 thousand in H1 2023, a significant improvement from the net loss of RMB 539,272 thousand in H1 2022[25] - Gross profit for the first half of 2023 was RMB 202.9 million, with a gross profit margin of 27.1%, compared to a gross loss of RMB 142.1 million and a gross loss margin of 55.1% in the same period in 2022[43] - Adjusted EBITDA profit for the first half of 2023 was RMB 231.2 million, compared to a loss of RMB 165.5 million in the same period in 2022[51] - The company's net loss decreased to RMB 84.7 million in the first half of 2023 from RMB 548.5 million in the same period in 2022, with the net loss margin improving from 212.8% to 11.3%[49] Assets and Liabilities - Total assets as of June 30, 2023, increased to RMB 7.59 billion from RMB 7.36 billion as of December 31, 2022[4] - Cash and cash equivalents as of June 30, 2023, stood at RMB 1.67 billion, up from RMB 1.24 billion as of December 31, 2022[4] - Total liabilities as of June 30, 2023, were RMB 8.06 billion, compared to RMB 7.53 billion as of December 31, 2022[5] - The company's net asset value as of June 30, 2023, was RMB 2.58 billion, slightly down from RMB 2.68 billion as of December 31, 2022[5] - Total assets as of June 30, 2023, were RMB 10,638,547 thousand, with park operations accounting for RMB 7,474,907 thousand, operations as a service for RMB 227,210 thousand, and property development for RMB 322,287 thousand[14] - Total liabilities as of June 30, 2023, were RMB 8,056,026 thousand, with park operations accounting for RMB 139,096 thousand and operations as a service for RMB 135,353 thousand[14] - Total assets as of December 31, 2022, were RMB 10,210,925 thousand, with park operations accounting for RMB 7,316,913 thousand, operations as a service for RMB 135,320 thousand, and property development for RMB 322,287 thousand[14] - Total liabilities as of December 31, 2022, were RMB 7,534,598 thousand, with park operations accounting for RMB 51,928 thousand and operations as a service for RMB 81,383 thousand[14] - Cash and cash equivalents increased to RMB 1,672.4 million as of June 30, 2023, from RMB 1,244.6 million as of December 31, 2022[52] - Net debt ratio increased to 156.6% as of June 30, 2023, from 150.3% as of December 31, 2022[53] - Total interest-bearing bank and other borrowings increased to RMB 5,551.3 million as of June 30, 2023, from RMB 5,149.2 million as of December 31, 2022[52] - The company's total equity decreased to RMB 2,582.5 million as of June 30, 2023, from RMB 2,676.3 million as of December 31, 2022[52] Park Operations and Attendance - Park operations revenue surged to RMB 682,632 thousand in H1 2023, compared to RMB 228,692 thousand in H1 2022, driven by strong ticket sales, food and beverage sales, and hotel operations[19][20] - Ticket sales revenue reached RMB 350,175 thousand in H1 2023, a substantial increase from RMB 104,385 thousand in H1 2022, reflecting a 235.4% growth[19][20] - Food and beverage sales revenue grew to RMB 110,384 thousand in H1 2023, up from RMB 40,177 thousand in H1 2022, marking a 174.7% increase[19][20] - Hotel operations revenue rose to RMB 85,995 thousand in H1 2023, compared to RMB 34,248 thousand in H1 2022, indicating a 151.1% growth[19][20] - Operating as a service revenue increased to RMB 51,128 thousand in H1 2023, up from RMB 16,422 thousand in H1 2022, showing a 211.3% growth[19][20] - Total park attendance increased by 127.4% for the six months ended June 30, 2023, compared to the same period in 2022[31] - Shanghai Park attendance increased by 285.2% for the six months ended June 30, 2023, compared to the same period in 2022[33] - Shanghai Park revenue increased by 212.6% to RMB 350.2 million for the six months ended June 30, 2023, compared to the same period in 2022[30][33] - In-park consumption revenue increased to RMB 246.5 million for the six months ended June 30, 2023, compared to RMB 90.1 million for the same period in 2022[30] Expansion and Development - The company plans to expand Shanghai Park with a second phase project, including a hot spring hotel, marine hotel, marine exploration center, and themed commercial areas, expected to open in 2025[33] - Zhengzhou Haichang Ocean Tourism Resort is expected to open in Q3 2023, with a second phase planned for 2024, aiming to become a significant revenue source[33] - The company introduced the world's first Ultraman-themed hotel in Shanghai Park, achieving 100% occupancy rates[32] - The company's boutique aquarium business generated a total revenue of approximately RMB 35.1 million in the first half of 2023, with July revenue reaching RMB 15 million[34] - The company plans to establish 100 boutique aquariums within 3-5 years, leveraging its expertise in marine culture and operational advantages[34] - The company's new product line, the Children's Ice and Snow Center, was launched in Shenzhen in April 2023, covering an area of 2,200 square meters[35] - The company has secured IP licensing agreements, including "Ultraman" and "Havoc in Heaven," and is developing its own IP, such as "Blue Star Queen Hailing"[36] - The company's IP-themed attractions, including Ultraman and One Piece-themed areas, have been successfully launched in multiple locations, with areas ranging from 820m² to 4,147m²[37] - The company expects significant growth opportunities from the upcoming Zhengzhou project, which will be 1.4 times the size of its Shanghai park, with Phase II opening in 2024[38] - The company is exploring international expansion, including a potential project in Saudi Arabia, following the signing of a memorandum of cooperation and obtaining an investment license[38] Financial Management and Strategy - The company has implemented cost control measures and is actively seeking new investment and business opportunities to achieve operational profitability and positive cash flow[7] - Total capital expenditures for the company amounted to RMB 465,963 thousand in H1 2023, with the majority allocated to park operations (RMB 449,352 thousand)[16] - The company's capital commitments as of June 30, 2023, amounted to approximately RMB 1,727.9 million, compared to RMB 608.4 million as of December 31, 2022[56] - The company is focusing on asset-light development models and exploring innovative financing methods to support future growth and asset value enhancement[39] - The company recorded a tax credit of RMB 11.8 million in the first half of 2023, compared to a tax expense of RMB 0.6 million in the same period in 2022[48] - The company had a total of 3,382 full-time employees as of June 30, 2023, up from 2,977 full-time employees as of June 30, 2022[57] - No purchase, redemption, or sale of the company's listed securities occurred during the six months ended June 30, 2023[58] - The company's Chairman and CEO roles are held by the same individual, Qu Naijie, to enhance strategic efficiency and timely business opportunities[59] - The company did not recommend any interim dividend for the six months ended June 30, 2023[62] - The company's unaudited interim financial information for the six months ended June 30, 2023, was reviewed by the Audit Committee and the Board[61] - The company's interim results announcement for the six months ended June 30, 2023, was published on the HKEX website and the company's website[63] - The company's Board expressed gratitude to management, employees, shareholders, business partners, clients, and professional advisors for their contributions and support[64] Trade Receivables and Payables - Trade receivables as of June 30, 2023, stood at RMB 83,242 thousand, with the majority (RMB 76,116 thousand) being within 90 days[26] - Trade payables decreased to RMB 1,100,523 thousand as of June 30, 2023, compared to RMB 1,176,838 thousand as of December 31, 2022, with the non-current portion decreasing to RMB 384,974 thousand from RMB 526,849 thousand[27]

| --- | --- | --- | --- | --- | |-----------------------------------------------------------------------------------------|-----------------------------|-------|--------------------------------|-------| | | | | | | | | | | | | | (Incorporated in the Cayman Islands with Limited Liability Stock Code 股份代號： 2255 | | | 於開曼群島註冊成立之有限公司 ) | | | | 2022 ANNUAL REPORT 年度報告 | | | | | | | | | | ABOUT HAICHANG OCEAN PARK HOLDINGS LTD. (THE "COMPANY" OR "HAICHANG" OR "HAICHANG OCEAN PARK", TOGETHER WITH ITS SUBSIDIARIES, ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本公佈全部或任何部份內容而產生或因依賴 該等內容而引致的任何損失承擔任何責任。 HAICHANG OCEAN PARK HOLDINGS LTD. 海昌海洋公園控股有限公司 （於開曼群島註冊成立之有限公司） （股份代號：2255） 截至2022年12月31日止年度 全年業績公佈 業績 海昌海洋公園控股有限公司（「本公司」）之董事（「董事」）會（「董事會」）欣然宣佈 本公司及其附屬公司（統稱「本集團」或「海昌」或「海昌海洋公園」）截至2022年12 月31日止年度之經審核綜合業績連同2021年之可比較數字。 1 合併損益表 截至2022年12月31日止年度 | --- | --- | --- | --- | |--------------------------------------------|-------|-----------------------|-----------------------| | | 附註 | 2022 年 人民幣千元 | 2021 年 人民幣千元 | ...