Recent，188bet online casino games releases 2017 annual performance report。During the reporting period，The company achieved operating income of 30.2.8 billion yuan，14 year-on-year increase.52%；Achieve net profit attributable to shareholders of listed companies10.6.8 billion yuan，18 year-on-year increase.32%。

Generally speaking, this performance growth rate is far lower than last year.

This company，Analysis from an industrial perspective，What is the texture like？Today，Let’s take 188bet online casino games as an example，Let’s analyze the cultural tourism industry、The investment logic of theme parks。

188bet online casino games，The actual controller is Huang Qiaoling，Mainly engaged in entertainment performances、Theme Park，His classic performance "Eternal Love in Songcheng"，The “O” Show with Las Vegas、The Moulin Rouge in Paris is also known as "the three most famous shows in the world"。

Huang Qiaoling，Born in 1958 in a peasant family in Lishui, Zhejiang，Joined the army in 1975，Ren Scout。Afterwards，Due to many meritorious service，Exceptionally promoted to military newspaper reporter，Started his literary career。Zheshang.com once described his experience。

His experience，Almost a living version of "Youth"，1977，Was also rated as “a model to learn 188bet online casino games Lei Feng”。

1981，He transferred 188bet online casino games the army，Returned to work in the local cultural system，Worked on literary theory research under Professor Le Daiyun of Peking University。

Traveling through more than half of China，1980s，He went to Hainan to start a business with 2,000 yuan，After that, he founded Hainan Tianya Haijiao Industrial Co., Ltd.，Become the first group of people to develop tourism in Hainan。

1994，He returned to Hangzhou，Doing cultural tourism industry，Two years later in 1996，Investment 1.800 million 188bet online casino games Scenic Spot completed。

The scenic spot was launched and became famous.

188bet online casino games Chairman Huang Qiaoling

1997，This is the first turning point in 188bet online casino games’s acting，Huang Qiaoling imitates Disney’s theme park + live performance model，Start launching an open-air version of the large-scale song and dance "188bet online casino games Eternal Love" in theme parks，A great success。

December 9, 2010，188bet online casino games is listed on GEM，Became one of the first 28 companies to be listed on the GEM，At that time it was called Songcheng Shares。

After listing，188bet online casino games began an attempt to replicate in other places，May 13, 2011，188bet online casino games plans to invest in Wuyishan 3.500 million to build a theme park、Eternal Love Theater。Subsequently，Planning to invest 500 million to build a theme park in Taishan、Eternal Love Theater Project，However, the subsequent replication of these two projects was not ideal。

Until September 2013，The second major turning point occurred。

Sanya Eternal Scenery Area Opens，And business is excellent。this，means the success of Hangzhou 188bet online casino games，Can be copied remotely。

Subsequently，The speed of off-site replication of Songcheng’s performing arts continues to increase，March 2014，Lijiang Eternal Love Opening，April 23, 2014，Huang Qiaoling changed the name of Songcheng Shares to 188bet online casino games。May 2014，Jiuzhai Eternal Love Opening。

March 2015，The third turning point appears，188bet online casino games began to try to cross-border，Acquired Six Rooms, the then No. 1 Internet live streaming platform, at a 68-fold premium，Started to develop Internet performing arts business。

Same year，July 2015，188bet online casino games adjusts Taishan project，No more theme parks，Changed to launch "Taishan Eternal Love"，Performance only，Only profit of 360 that year.250,000，This is the first time that 188bet online casino games has adopted the asset-light model to output profits。

2015，Songcheng Scenic Area under 188bet online casino games ranks eighth in Asia-Pacific，Lijiang scenic spot ranks 11th in Asia-Pacific、Sanya scenic spot ranks 18th in Asia-Pacific、Jiuzhaigou Scenic Area ranks 20th in Asia-Pacific。

June 2016，188bet online casino games signed a contract with Changsha Tanheli Theme Park，Provide a title for it、Trademark、Performing arts and other services，Charge a list of sub-service fees 2.600 million，And extract 20% of the revenue share，Officially launched light asset operation model。

Light asset model，The asset-heavy model is two different businesses，Under asset-heavy mode，188bet online casino games self-built theme park、Theatre，Downstream customers are individual travelers，Collect tickets。

Under asset-light mode，188bet online casino games does not build its own theme park，The customer is a local scenic spot operator，Purchase acting scripts from 188bet online casino games、Trademark Brand、Operation Management，Sign a package contract，About 2.6-2.700 million，In addition，188bet online casino games will take a small share of the subsequent ticket revenue。

Afterwards，188bet online casino games simultaneously carries out off-site replication in two modes: light and heavy assets。Today，A total of 5 theme parks under 188bet online casino games have opened，The remaining 8 projects are expected to open in 2018-2020。

(Data source: company announcement)

Cultural travel industry，We have analyzed it before，188bet online casino games past five years，Always maintaining a growth rate of 15%，Rarely good business。This field，There are four major sub-industries:

1) Natural scenic spots (for example: Mount Emei、Huangshan、Jiuhua Mountain、Putuo Mountain)

2) Duty-free shops (for example: China International Travel Service)

3) Leisure scenic spots (for example: 188bet online casino games、Dinosaur Park、Huaqiang Fantawild、Happy Valley in OCT)

4) Travel agencies (such as: CYTS, Caesar Travel)

In previous analysis of the cultural tourism industry，We look at it 188bet online casino games a good business perspective，The two areas that are most worthy of attention were screened out，One is tax-free，The other is a leisure scenic spot。

Protagonist of this case，188bet online casino games，is the representative company of leisure and scenic circuits，The actual controller is Huang Qiaoling，Mainly engaged in entertainment performances、Theme Park Management。

Look at the performance directly:

2014-2016，Revenue 9.3.5 188bet online casino games、16.9.4 188bet online casino games、26.4.4 188bet online casino games；Deduct non-net profit attributable to parent company 3.4.5 188bet online casino games、6.3.4 188bet online casino games、8.8.7 188bet online casino games；Net operating cash flow is 5.2.8 188bet online casino games、9.1.5 188bet online casino games、10.300 million，Gross profit margin is 67.18%、65.65%、61.65%。

The business of acting，Belongs to the content output industry，The industry chain is as shown below:

Upstream content production, including 188bet online casino games production and script creation.

Midstream is ticketing、Agent、Planning、Packaging，Including brokerage companies，Traffic promotion channels。

Downstream is a 188bet online casino games platform operation，Including scenic spots、Theme Park、Theatre、Internet platform, etc.。

But tourism 188bet online casino games is more special，The midstream link is mainly borne by local scenic spots。

2016，Income from 188bet online casino games，51.84% comes from live performances，41.23% comes from Internet performing arts，6.93% comes from tourism and leisure services。

Income from three major businesses，Income model of live entertainment and tourism and leisure services，for entertainment + theme park。The entire performing arts industry chain upstream, midstream and downstream，From Creation、Promotion、Performance Venue，All completed by 188bet online casino games itself。

Internet performing arts income，Comes from the live streaming platform Liujianfang acquired in 2015，188bet online casino games is responsible for the middle reaches of the industry chain、Downstream，Provide brokerage、Packaging、Performing Arts Platform。

From the perspective of the income structure of 188bet online casino games，There are two core income areas: live entertainment (accounting for 50%)、Internet performing arts (40%)。If you want to judge its future income growth，Need to sort them out one by one，Actually, there are three major parts:

1) Asset-heavy live entertainment 188bet online casino games;

2) Asset-light operating service 188bet online casino games;

3) Live streaming 188bet online casino games;

Next, let’s sort them out one by one.

188bet online casino games’ live entertainment business，Income mainly comes from the "Eternal Love" series in its own theme park。

2011-2016，The income scale of live entertainment is growing at a very high rate，from 2011 5.0.5 188bet online casino games increased to 15 in 2016.5.4 188bet online casino games yuan，The compound growth rate is 25.23%，Such revenue growth rate，Mainly derived from three major theme parks copied from different places:

Sanya Eternal Scenery Area——

Opened in September 2013，2016 income 3.0.7 188bet online casino games yuan，The annual compound growth rate is 107.22%。

Lijiang Eternal Scenery Area——

Opened in March 2014，2016 income 2.2.3 188bet online casino games yuan，The annual compound growth rate is 73.50%。

Jiuzhai Eternal Scenery Area——

Opened in May 2014，Income in 2016 is 1.4.9 188bet online casino games yuan，The annual compound growth rate is 53.37%。

Attention，Once copied successfully in heavy asset mode，Theme park growth is stable，In a sense，188bet online casino games Theme Park，Highly similar to "products under development" in the pharmaceutical field。Both of them also have certain R&D cycles and R&D risks，Once developed successfully，Can bring many years of stable income。

But，There is a ceiling for the passenger flow of a single theme park，2016，The revenue growth rate of the four major theme parks owned by 188bet online casino games Entertainment is only 8.43%，There is not much room for imagination。Therefore，Future，The main imagination of this income source，It’s about offsite replication。

But，Offsite replication is not easy，There is a certain risk of replication failure，Typical examples include 188bet online casino games’ Wuyishan Project and Taishan Project，When constructing heavy asset projects，188bet online casino games Festival focuses on location selection，There are two criteria for site selection:

1) According to the local natural and social environment、Visitor situation、Use tourism research data such as market competition conditions to evaluate whether it is a first-tier tourist destination。

2) According to the location of the specific project destination，Generally choose to be close to core scenic spots or the city center，Consider transportation and other factors。

Currently，There are five heavy-asset projects in 188bet online casino games that have not yet opened: Shanghai、Xi’an、Gold Coast, Australia、Guilin、Zhangjiajie，Both are expected to open in 2018-2019。

Attention，If you carefully sort out the development of Songcheng’s 188bet online casino games，will find，Five heavy asset projects may seem ordinary，But it may hide important nodes for future development。

Typical example is Shanghai、Xi’an、Australia。To know，Previous heavy asset projects in 188bet online casino games，All in Hangzhou、Sanya、Jiuzhai、Lijiang，Except for Hangzhou headquarters，Almost never set foot in large cities and other countries。It can be said，These three projects，Represents its three attempts at the future。

If Shanghai copy is successful，So it’s almost certain，Beijing、Shenzhen、The possibility of successful replication in Hong Kong is also greatly increased。

If Xi’an, the famous ancient capital, is successfully replicated，Then Nanjing、Chengdu、Luoyang、Suzhou and other historical cities，The possibility of copying is also greatly increased。

If the copy is successful in Gold Coast, Australia，This is equivalent to opening up a template for international replication，It can be said that it has opened up the development path 188bet online casino games China’s first to the world’s first。

If it is an optimistic assumption，All five projects were copied successfully，Opened in 2019，Each project brings 0 in the first year of operation.500 million income，The second year brings 1.500 million income，Gross profit margin is 70%，Then，By 2020，can bring about 1 billion revenue to 188bet online casino games，700 million gross profit。(not considering the possibility of endogenous growth and new projects)

Proceed with caution，Among five projects，Shanghai、Two high-traffic projects in Xi’an were successfully copied，Opened in 2019，Australia、Zhangjiajie、Copying of three projects in Guilin failed，can bring about 400 million revenue to 188bet online casino games，2.800 million gross profit。

So，Judgment on the future revenue of 188bet online casino games，Be sure to pay attention to Shanghai、Xi’an、Projects like this in Australia，A project is like a key，often represents a type。

However，What needs to be noted is，Off-site replication of Songcheng’s 188bet online casino games，Offsite replication with Disney，Not the same。

Disney’s parks replicated in various places，Almost all the same，But every time we visit a new scenic spot in 188bet online casino games，Projects must be based on local history、Cultural adjustment。

Such a difference，188bet online casino games a negative perspective，More difficult to copy。But think about it the other way around，Because different places are different，Thus the distribution density can be wider。For example，A country may only have one Disneyland，But there may be many "Eternal Love" performance scenic spots。

Cite two negative cases:

Before 188bet online casino games performed in Taishan (heavy assets、Light asset)、Copies of two first-line tourist attractions, Wuyi Mountain (heavy assets)，None of them are successful。Earliest，In Taishan, we originally wanted to promote the asset model，But failed to land，Later adopted the asset-light model in 2015，Launch of "Taishan Eternal Love"，But the effect is not ideal，2015、2016，The income of Taishan Eternal Love Project is 360.250,000、361.20,000。Later announced its termination in 2016。

The expansion of the Wuyishan project was not successful either.

4、The asset-light 188bet online casino games is copied everywhere，"Products under development" similar to medicines

Continue，Let’s look at the sources of income under the asset-light 188bet online casino games，Currently，A successful case under this 188bet online casino games is Ningxiang Tanhe Eternal Love Project。

Attention，There is a keyword here: asset-light 188bet online casino games。This type of 188bet online casino games can also be copied at multiple points，And the asset-heavy 188bet online casino games mentioned above，Seems like little difference，But actually study it carefully，Completely different。

At Tanhe Scenic Area，188bet online casino games as the operator，Providing performing arts、Brand、Trademark package service，One-time charge 2.600 million service fee，And subsequently draw 20% share。

The business model of this type of project，In fact, it is not the first time in 188bet online casino games。American Disney as early as 1983，Exotic copy of Tokyo Disneyland，This is the mode adopted，Only responsible for operations、Collect franchise fee，Does not hold land、Heavy assets such as equipment。

In asset-light mode，May 2017、June、November，188bet online casino games signed contracts with Foshan Tingyin Lake、Yichun Mingyue Mountain Scenic Area、Three asset-light projects in Zhengzhou Zhuguiyuan Huangdi Eternal Love，Charge a package service fee 2.600 million yuan、2.600 million yuan、2.700 million yuan，Undisclosed subsequent share ratio。

Note that the asset-light 188bet online casino games project has several important details.

The first detail，The project location is not a first-line tourist attraction，There is a huge difference between the location selection of scenic spots under the asset-heavy 188bet online casino games。Look at three scenic spots respectively:

1) Hunan Ningxiang Project，An hour’s drive 188bet online casino games Changsha (Eternal Love of Tanhe River)；

2) Foshan Tingyin Lake Project, an hour’s drive 188bet online casino games Foshan;

3) Mingyue Mountain Scenic Area in Yichun, Jiangxi，50 minutes drive 188bet online casino games Yichun；

4) The Zhuguiyuan project in Xinzheng, Henan is located in Longhu Town, Xinzheng，40 minutes drive 188bet online casino games Zhengzhou Station (Eternal Love of the Yellow Emperor)。

Although they are called "Eternal Love"，But business 188bet online casino games，Big difference。

Under asset-light mode，The main thing is the early stage 2.6-2.700 million package service fee，Later commission profit is not the main source of 188bet online casino games。

By this，We make rough predictions for three projects under the light asset 188bet online casino games:

According to the current successful copy，"Eternal Love in Tanhe" as an example，June 21, 2016，188bet online casino games signed a contract with Tanhe Eternal Love Project，July 3, 2017，"Eternal Love in Charcoal River" begins，In light asset output mode，The development cycle is about 1 year。

Foshan、Tingyin Lake、Three projects in Zhuguiyuan，If the development cycle is about 1 year，Production will be completed in 2018-2019。Then，Before 2019，They will bring about 7.900 188bet online casino games revenue。

In summary，The main imagination space for the future performance growth of 188bet online casino games，Among these 8 unopened projects，Rough estimate，By 2020，They can bring about 1.2-1.8 billion revenue to 188bet online casino games。

Complete analysis of live performances，Let’s take a look at another important business of 188bet online casino games，Internet performing arts business——In simple terms，That’s it: live broadcast。Mainly derived 188bet online casino games the live streaming platform Liujianfang acquired in 2015。

2015-2016，Six room revenue 3.6.9 billion、10.900 million，Accounting for 21% of Songcheng’s performing arts revenue.77%、41.23%；Net profit 1.6.2 billion、2.3.5 billion，Accounting for 25% of 188bet online casino games’ net profit.12%%、25..66%。

Six rooms，Main live broadcast，Mainly live broadcasts for beauties (different 188bet online casino games Douyu’s game live broadcasts、Tencent’s sports live broadcast)，The business model is，Signing anchors everywhere，The anchor is responsible for content output，Platform responsible for brokerage、Promotion、Broadcast，Income comes 188bet online casino games viewers’ recharge、Reward

According to iResearch data，2014，Liujianfang was the largest Internet performing arts live streaming platform in China at the time。After March 2015，188bet online casino games with 26.0.2 billion consideration，Acquisition of 100% equity of Liujianfang，Formation 23.700 million goodwill。2016，The ratio of goodwill on the books of 188bet online casino games to net assets is 36.84%。

At the time of acquisition，Six rooms made performance commitments，2015-2018，Forecast net profit is 1.5.1 188bet online casino games、2.1.1 188bet online casino games、2.7.5 188bet online casino games、3.5.7 188bet online casino games。

Currently，2015、2016，All six rooms achieved performance commitments。

However，A major risk is: the live broadcast industry since 2017，The overall growth rate of the industry is slowing down，According to 2017 semi-annual report data，Revenue from six rooms 5.8.8 188bet online casino games，Only an increase of 12% compared with the same period last year.63%，Net profit for half a year is 1.3.6 188bet online casino games。

Today，What is the status of six rooms?？Based on the daily activity of the 188bet online casino games streaming platform，Let’s watch the PC 188bet online casino games broadcasts in the six rooms separately、The industry status of the two mobile 188bet online casino games broadcast businesses。

Judging 188bet online casino games PC live streaming traffic，According to iResearch data，Six rooms have fallen behind Douyu，Ranked second。

188bet online casino games the perspective of mobile live streaming traffic，According to Trustdata data，Pomegranate Live, a mobile live streaming platform owned by Liujianfang，Not even in the first tier。

Look at the Baidu Index，The search popularity of six rooms has also dropped significantly，Even lower than the level in 2014，To sum up，Once six rooms cannot complete the performance forecast，Then，188bet online casino games Account 23.700 million goodwill，There is an impairment risk。(for this，Our good friend is here，Also done detailed analysis)

(Data source: Baidu Index)

Based on performance data in the first half of 2017，Liujianfang is more likely to achieve its forecasted performance this year，But，2018，If according to the current growth rate，It is difficult to achieve a net gambling profit of 3.5.7 188bet online casino games。

Once the six rooms cannot complete the gambling performance in 2018，Then，Book of 23.700 million goodwill will be impaired。Risk of goodwill impairment，This is exactly what happened in the past two years，The reason why the stock price of Songcheng Entertainment has been falling，It is also the fundamentals of investors regarding 188bet online casino games，The biggest dilemma。

About goodwill impairment，To six rooms，Public data only discloses revenue、Net worth、Net profit、Total assets、Registered capital，We only make rough estimates based on optimistic assumptions and cautious assumptions:

Under optimistic assumptions，2018，Six rooms completed predicted performance，No impairment of book goodwill is required。

Under the assumption of extreme caution，Assume it completes its forecast performance in 2017，Stop making profits in 2018，And no profit 188bet online casino games next 5 years。

On the report of 188bet online casino games，A total of 23 goodwill about six rooms.700 million。2015-2017，Six rooms have been completed and the net profit is 1.6.2 billion、2.3.5 billion、2.7.5 billion (assumed)，Cumulative completion of 6.7.2 billion net profit，The difference from book goodwill is approximately 1.7 billion。

If according to the extreme assumption (note that it is an extreme assumption，Not what really happened)，will 16.700 188bet online casino games goodwill will be impaired in stages over five years，Provision 3 every year.400 188bet online casino games yuan impairment of goodwill。Then，By 2020，A total of 10 impairment charges.200 188bet online casino games。

What is the concept of this impairment？Even under very, very strict assumptions，It is equivalent to losing one light asset project every year。

This penalty，Will it threaten 188bet online casino games’s fundamental growth in the next few years，And its main source of revenue in the future (heavy asset model)？

Leave this as a reflection question，How big of an impact，After reading this report，I believe you will make your own judgment。

Currently，Songcheng’s performing arts income still mainly comes from the asset-heavy model，Under asset-heavy operation mode，188bet online casino games has a large number of fixed assets (theme park)、Intangible assets (land)。

2014-2016，The fixed assets of 188bet online casino games are 16.5.1 billion、17.5.9 billion、17.9.3 billion，Mainly building buildings；Intangible assets are 7.2.9 billion、6.9.9 billion、9.800 million，Based on land use rights。

For those with large amounts of fixed assets、For companies with intangible assets，Depreciation、Accounting treatment of amortization，Must focus on。

Among more than 3,400 A-share companies，Depreciation of fixed assets，Mostly use straight line method。

Under straight-line method，The main core lies in two data，Depreciation life and estimated residual value rate (simple understanding，The value of fixed assets when they are scrapped)。For heavy asset industries，Small changes in these two numbers，Easily hundreds of millions of profits。

This case，188bet online casino games’ fixed assets and intangible assets，All use straight-line depreciation and amortization，The depreciation life of the house is 5-35 years，The depreciation amount in 2016 is 1.5.3 billion yuan，Amortization amount is 2750.370,000 yuan，The amortization period of the land is 30-50 years。

The depreciation policy for fixed assets is as follows:

The amortization policy for intangible assets is as follows:

Let’s take two 188bet online casino games peers，Compare depreciation and amortization policies，

Walt Disney (DIS.N)——

A total of 502 books in 2016.US0 million in fixed assets，Among them, the number of properties in 2016 is 279.300 million，The depreciation period is 25-40 years，The total depreciation and amortization amount is 25.US.7 188bet online casino games，The specific depreciation policy is as follows:

Huaqiang Fantawild (834793.OC)——

2016，A total of 93 in the book.3.4 188bet online casino games RMB fixed assets，Among them, the number of house buildings is 65.500 million，Intangible assets are 34.8.6 188bet online casino games，A total of 5 withdrawals in 2016.9.6 188bet online casino games yuan depreciation、8194.310,000 amortization，The specific depreciation and amortization policies are as follows:

To sum up，Accounting treatment of depreciation and amortization of 188bet online casino games，Very cautious，Especially the depreciation treatment of houses，The depreciation rate is much higher than that of Walt Disney and Huaqiang Fantawild。

Therefore，If you have been following 188bet online casino games or theme park companies for a long time，Then when selecting financial indicators for analysis，Consider the impact of depreciation of fixed assets，Gross profit margin、I can’t even see the return on equity。

Look at the 188bet online casino games directly、Net profit before interest, taxes, depreciation and amortization (EBITDA)、Three indicators of operating cash flow，And take depreciation prudence into account，will be more accurate。

However，For heavy asset industries，There is also a potential risk: using fixed asset depreciation、Change in accounting estimate，To do earnings management。For this method，Yousu Investment Research Team has done detailed analysis before。

Behind 188bet online casino games’s acting，China’s theme park industry，Experienced enlightenment、Craze、Three stages of giant cultivation。

Currently，Representative companies in the industry include: 188bet online casino games (300114)、OCT (000069)、Chimelong Group、Haichang Ocean Park (2255.HK）、Huaqiang Fantawild (834793.OC）、Chinese Dinosaur Park, etc.，Among them，Ranked by total traffic，Theme parks under Songcheng Entertainment ranked first。

(Picture source: Orient Securities)

Looking at the world，In North America，There are five major 188bet online casino games parks，Disney (DIS.N）、Universal Studios、Six Flags Entertainment (SIX.N）、Cedar Club (FUN)、Sea World (SEAS)。Among them，Disney ranks first in terms of traffic，188bet online casino games parks in North America account for about 50% of the total market traffic。

Disney (DIS.N），The current market value is equivalent to RMB 9808.1.3 188bet online casino games yuan，There are 6 Disney parks under its umbrella，It is also the most successful case of replication in the theme park industry。

Comparing the two giants of China and the United States，The off-site copy development path of 188bet online casino games，Highly similar to Disney。

1955，Walt.Disney created the first Disneyland - Los Angeles Disneyland using a heavy asset 188bet online casino games；1964，The second Orlando Disneyland successfully replicated the asset-heavy 188bet online casino games。

1983，Disney’s Tokyo Disneyland opens，Adopt light assets、Licensing business 188bet online casino games operation。Disney does not hold equity in Tokyo Disneyland，Collect annual royalties as income。

Afterwards，Disney upgrades off-site replication 188bet online casino games，Developed a "joint venture" 188bet online casino games that combines light and heavy assets，Hong Kong、Shanghai Disneyland is built under a joint venture 188bet online casino games，Take Shanghai Disneyland as an example，The investment structure is as follows:

(Data source: company annual report)

In addition，188bet online casino games and Disney，Not only similar in the expansion of scenic spots，And other aspects，There are also very strange similarities。

For example，188bet online casino games acquired the live streaming platform Six Rooms，As a means of laying out “platform” companies。

What a coincidence，Disney also acquires American Broadcasting Company (ABC)、ESPN Sports (the world’s largest sports television network) has 4 major businesses，The first one is Media Networks，42% of revenue in 2016.58%，The other three businesses are 188bet online casino games parks and resorts (Parks and Resorts)、Studio Entertainment、Consumer Products and Interactive Entertainment (Consumer Products& Interactive Media).

However, a more coincidental thing is coming:

Disney’s acquisition plan for platform companies，Drag its performance。2017，Among the four businesses of Walt Disney，Only 188bet online casino games parks maintain revenue growth，The other three businesses all declined。

Today，For 188bet online casino games and Six Rooms，Will there be similar stories？

Whatever，Comparing the two major theme park giants in China and the United States，Business model，Relatively similar，Combining light and heavy assets，Offsite replication。And currently，In addition to 188bet online casino games in China，Other domestic giants，No asset-light replication is performed。

In summary, all research, logic and conclusions are as follows:

1、About the cultural tourism industry，In multiple tracks，188bet online casino games、The two areas of duty-free shops are most worthy of study。

2、About the 188bet online casino games field，The core of future performance，Replicating in another location。

3、About off-site replication，A look at the copying method (asset-light vs. asset-heavy)，Second look at the copy success rate。

Finally，We will use a set of basic financial data to compare 188bet online casino games Entertainment (excluding the six-room level) with other representative theme parks。

(Data source: choice)

The analysis of Songcheng’s 188bet online casino games mainly focuses on three points:

Asset-heavy mode: slow replication、But once successful, the 188bet online casino games will be stable in the next few years。

Light asset 188bet online casino games: fast copy，But it’s basically a one-time deal，Following income is almost negligible。

Liujianfang 188bet online casino games: Facing impairment risk in the future.

Overall view，Still the same sentence，Reverse thinking。The more entangled it becomes、In a state of chaos，The more likely there is an opportunity。If the quality of a company，You didn’t think carefully and analyze it，Can see through at a glance，Then，It probably has no value。

To 188bet online casino games，Goodwill impairment risk will undoubtedly drag down performance in the short term，And affect investors’ expectations，But from the perspective of real economy and industry analysis，In the long run，It is the only domestic company that may compete with Disney in the future。

*thisText source: WeChat public platform "Mergers and Acquisitions School" (ID:moneyC2C），Original title: "him，Goed to Hainan to start a business with 2,000 yuan 30 years ago，Now he is number one 188bet online casino games world！It can be said，The entire cultural tourism industry investment logic，It’s all concentrated on him》