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Haichang Ocean Park Holdings (2255) investor relations material
Haichang Ocean Park Holdings H1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Revenue for the first half of 2025 declined 14.2% year-over-year to RMB686.3 million, mainly due to lower park attendance and average ticket prices.
Gross profit dropped to RMB71.7 million with a margin of 10.4%, down from 24.4% in the prior year.
Net loss widened to RMB295.6 million, with a net loss margin of 43.0%, compared to a net loss of RMB87.2 million and margin of 10.9% last year.
The company continues to expand its IP operation and OAAS (Operation as a Service) business, with new projects in Beijing, Fuzhou, Ningbo, Saudi Arabia, and digital channels in the pipeline.
Financial highlights
Park operation revenue fell 12.2% year-over-year to RMB646.2 million; tourism & leisure services and solutions revenue dropped 37.3% to RMB40.1 million.
Cost of sales increased 1.6% to RMB614.6 million, mainly due to higher IP operation costs.
Other income and gains decreased 71.5% to RMB27.4 million, primarily due to the absence of investment property appreciation.
Selling and marketing expenses surged 92.1% to RMB51.3 million; administrative expenses rose 3.36% to RMB172.5 million.
Finance costs decreased 6.8% to RMB157.0 million, reflecting lower interest-bearing liabilities.
Cash and cash equivalents stood at RMB98.4 million as of 30 June 2025.
Outlook and guidance
The company expects policy support and market opportunities from government initiatives to boost cultural and tourism consumption.
Short-term growth is anticipated from the opening of Shanghai Park Phase II and Zhengzhou Park Phase II in 2026.
Medium-term strategy focuses on asset-light OAAS projects in Beijing and Fuzhou, with further IP integration to enhance competitiveness.
Long-term growth will be supported by a robust OAAS project pipeline, international expansion, and continued expansion of IP-driven business models.
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