Haichang Ocean Park (2255) H1 2026 earnings summary

Executive summary

• Revenue for the six months ended 30 June 2026 was RMB535.9 million, down 21.9% year-over-year, mainly due to lower attendance and average spending per visitor.

• Net loss widened to RMB335.3 million from RMB295.6 million in the prior year period, with net loss margin increasing to 62.6%.

• Gross profit dropped to RMB26.9 million, with gross margin falling to 5.0% from 10.4% year-over-year.

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

• The company continues to focus on asset-light expansion, IP operations, and improving operational efficiency.

Financial highlights

• Revenue decreased by 21.9% year-over-year to RMB535.9 million.

• Gross profit was RMB26.9 million, with a gross margin of 5.0%.

• Net loss increased to RMB335.3 million, with net loss margin at 62.6%.

• Cash and cash equivalents stood at RMB459.6 million as of 30 June 2026.

• Net gearing ratio rose to 209.9% from 171.2% at year-end 2025.

Outlook and guidance

• Plans to optimize asset-liability structure, improve operational efficiency, and develop innovative, themed, and immersive products.

• Focus on asset-light expansion, especially the Beijing and Fuzhou projects, and further IP commercialization.

• Aims to reverse losses and enhance core competitiveness through strategic initiatives.