Haichang Ocean Park (2255.HK) demonstrates resilience in financial cleanup, with policy support aiding recovery

Ask AI · How will Haichang Ocean Park’s financial cleanup lay the groundwork for a 2026 recovery?

As the annual reports of listed companies for 2025 are gradually disclosed, the overall performance of the cultural and tourism sector has attracted market attention. As a leading enterprise in China’s marine-themed park industry, Haichang Ocean Park (2255.HK)'s latest annual results have sparked considerable investor discussion.

Financial data shows that the company achieved revenue of 1.55B yuan in 2025, a year-on-year decrease of 14.8%. In the complex macro consumption environment, this figure appears under pressure. However, by analyzing the underlying logic of the profit statement beyond the surface financial data, we find that Haichang Ocean Park is actively adjusting its finances and reshaping its strategy, shedding historical burdens, and preparing for a comprehensive recovery in 2026 with a “light load.”

Provision of 300 million yuan for impairment, steady recovery of core operational capabilities
Through in-depth analysis, it is found that the company proactively made an asset impairment provision of about 300 million yuan in 2025. From a financial perspective, this 300 million yuan impairment is classified as non-recurring profit and loss, not reflecting the true state of the company’s daily operations. Excluding this impact, the core operational losses have significantly narrowed compared to last year. Notably, despite the severe challenge of a 14.8% decline in revenue, the core operational loss still managed to shrink against the trend, which is undoubtedly a strong testament to Haichang’s robust operational resilience and refined management capabilities.
This proactive financial “dewatering” essentially functions as a “financial bath” implemented by management during industry lows, aiming to clear historical baggage and solidify asset quality.

“14th Five-Year Plan” tourism powerhouse support, precise catalysis of spring holiday dividends
From the industry macro environment, the “14th Five-Year Plan” explicitly emphasizes building a tourism powerhouse, placing the cultural and tourism industry in a more prominent position. Policy support and a rebound in consumer confidence will continue to drive the recovery of scenic spots and theme parks. As a major player with scarce marine biological resources and a nationwide layout, Haichang Ocean Park is undoubtedly a core beneficiary of this macro dividend.
More notably, recent policy innovations in spring and autumn holidays for primary and secondary schools in Zhejiang, Jiangsu, Anhui, Sichuan, and other provinces have become new drivers for family and short-distance travel. Especially after Zhejiang and Jiangsu implemented staggered holiday policies in the Yangtze River Delta, the demand for family outings has been released in full, providing a significant boost to marine parks targeting family customers.

Regarding visitor composition, over 30% of visitors to Shanghai Haichang Ocean Park come from other cities in the Yangtze River Delta, with more than 60% being family tourists. During Zhejiang’s autumn holiday, the Shanghai project saw weekly revenue surge by 35%. With more regions implementing spring holidays, Shanghai Haichang is expected to experience a peak in visitor flow. Meanwhile, the Zhengzhou Haichang Ocean Park, which opened in 2023, will leverage the revival of surrounding travel in Central China to achieve steady growth in visitor numbers by 2026.

Strategic inflection point emerges, OAAS light-asset model enhances quality and efficiency
In addition to external favorable factors, Haichang’s business model is also shifting toward a leaner and more efficient direction, with the OAAS (Operate As A Service) light-asset operation model accelerating its implementation. Currently, projects in Tongzhou, Beijing, and Fuzhou New Area, which are invested in and constructed by local state-owned assets and operated and consolidated by Haichang, are progressing steadily as planned.
This model not only significantly reduces Haichang’s capital expenditure pressure, effectively avoids operational risks associated with heavy asset investments, but also enables high-efficiency profitability through professional operational output, continuously optimizing the company’s asset-liability structure.

In the IP operation sector, Haichang continues to deepen its layout by introducing new IPs and incubating proprietary IPs, building licensing and commercialization platforms, and expanding into IP derivative consumer products, themed retail, exhibitions, immersive entertainment, and content. This diversification aims to monetize multiple channels and empower the existing business ecosystem.

Furthermore, leveraging its scarce biological resources, animal conservation capabilities, and professional scientific research technology, Haichang is actively exploring “biological + technology” innovative products and market applications; using biological resources and proprietary IP businesses to mutually empower, creating themed, high-quality innovative products, and extending operational value chains; and developing integrated “biological science popularization display service solutions” as core value-added services for light-asset output.
Overall, 2025 appears to be a year of strategic adjustment for Haichang Ocean Park. The one-time asset impairment, while seemingly enlarging accounting losses, actually cleared historical burdens. The “14th Five-Year” cultural tourism policy dividends and spring holidays injected strong external momentum. With ticket sales during the Spring Festival in 2026 increasing by 6.7% year-on-year, the recovery signal has been sounded. Haichang Ocean Park is expected to gradually emerge from its adjustment phase and return to growth.

Author’s statement: Personal opinions, for reference only.