Haichang Ocean Park revenue falls 14.2% as net loss widens

Haichang Ocean Park Holdings Ltd. reported a 14.2% decrease in revenue to RMB686.3 million for the six months ended 30 June 2025, down from RMB799.8 million in the same period of 2024. This decline was primarily driven by a 12.2% reduction in park operation revenue, falling to RMB646.2 million due to lower admission attendance and average admission prices. Revenue from tourism and leisure services and solutions also fell by 37.3% to RMB40.1 million, attributed to fewer projects.

The group's gross profit significantly decreased to RMB71.7 million from RMB194.9 million in 2024, resulting in a gross profit margin of 10.4% (2024: 24.4%). Selling and marketing expenses rose substantially by 92.1% to RMB51.3 million. The company reported a net loss of RMB295.6 million for the period, worsening from a net loss of RMB87.2 million in 2024, with the net loss margin increasing to 43.0%.

Despite the financial downturn, Haichang is actively expanding its IP operations, with IP business revenue reaching RMB78.06 million, a 23% increase from the prior year. The company is also progressing with new projects, including Phase II of Shanghai Park and Zhengzhou Park, both expected to open in 2026. Efforts to secure additional financing are underway, including a subscription agreement dated 2 June 2025 for HK$2,295,000,000.