Haichang Ocean Park (2255) H1 2026 earnings summary

Executive summary

• Revenue for H1 2026 was RMB535.9 million, down 21.9% year-over-year, mainly due to lower attendance and average spending per visitor.

• Gross profit dropped to RMB26.9 million with a margin of 5.0%, compared to RMB71.7 million and 10.4% margin in H1 2025.

• Net loss widened to RMB335.3 million, with a net loss margin of 62.6%, up from a loss of RMB295.6 million and 43.0% margin in H1 2025.

• Park operations remain the core business, contributing 95.2% of revenue, while tourism & leisure services and solutions accounted for 4.8%.

• The Group owns seven marine culture-based parks and continues to expand IP operations and asset-light business models.

Financial highlights

• Park operation revenue fell 21.0% to RMB510.2 million; tourism & leisure services revenue dropped 36.0% to RMB25.7 million.

• Cost of sales decreased 17.2% to RMB509.0 million, reflecting improved operational efficiency.

• Selling and marketing expenses rose 47.0% to RMB75.4 million, while administrative expenses decreased 10.8% to RMB154.0 million.

• Finance costs declined 18.0% to RMB128.8 million.

• Cash and cash equivalents at period end were RMB459.6 million, down from RMB1,057.6 million at 2025 year-end.

Outlook and guidance

• Focus on asset-light expansion, IP operations, and improving asset-liability structure.

• Plans to accelerate Beijing and Fuzhou projects, optimize capital expenditure, and enhance operational efficiency.

• Targeting reversal of losses and sustainable, high-quality growth through innovative, themed, and immersive offerings.

• Aims to enhance core competitiveness through strategic initiatives.