“No 188bet app fossils have ever been unearthed in Changzhou，But we made a beautiful article ‘out of nothing’。”

This sentence from Shen Bo, the chairman of Changzhou Dinosaur 188bet app，Generally summarizes the unusual life experience and struggle of this local theme 188bet app。

Changzhou Chinese Dinosaur 188bet app was born at the beginning of the century，The same age as the students taking the college entrance examination this year。Occupying the center of the developed transportation network in the Yangtze River Delta，Backed by Changzhou State-owned Assets Supervision and Administration Commission，Changzhou Dinosaur 188bet app debuted at the right time、Convenient location and people。Today，The Chinese Dinosaur 188bet app has become the most proud business card of Changzhou, which lacks places of interest。Like mentioning Orlando，People will think of Disneyland。

Although it is still in the first echelon of profitable Chinese theme parks with “one profit, two draws and seven losses”，But compared to the "theme 188bet app + real estate" OCT、Songcheng Performing Arts of "Theme 188bet app + Cultural Performance" and "Theme 188bet app + Technology、IP” Huaqiang Fantawild，The number of visitors and profit figures of the Dinosaur 188bet app have dropped to the next level。

Shanghai Disneyland opens，Given a heavy blow to Changzhou Dinosaur 188bet app。Despite a significant increase in advertising investment，Reduced ticket prices，The number of admissions that year did not increase but decreased，Net profit cut in half。

This local and original theme 188bet app is facing increasing competitive pressure。The sustainability of the revenue model is difficult to change in a short period of time，However, the asset-heavy development model and limited financing channels have hindered the expansion of Dinosaur 188bet app。Seeking financing outside Changzhou，Become a top priority。

Evening of May 30th，Changzhou Dinosaur 188bet app officially announced，Initial listing application not approved。This is the latest IPO failure of Dinosaur 188bet app, which has repeatedly impacted the A-share listing，The biggest obstacle is still profit。

Shen Bo’s words seem to have become the prophecy of Changzhou Dinosaur 188bet app。As a pioneer of theme parks in China，The uniqueness of creating a nationally famous dinosaur IP from the flat land，Compared to world-class theme parks，Single IP、The lack of a popular image and weak liquidity are its shackles。

To explore the actual operating conditions of Dinosaur 188bet app，Entertainment Capitalism (ID: yulezibenlun) comes to Changzhou Dinosaur 188bet app，Experienced it personally。

1. Dinosaur 188bet app 18 years: Recreating the Jurassic

A Wednesday in early June，The weather is a little hazy。Changzhou Dinosaur 188bet app is crowded，Mostly young people and parent-child groups together。

“We came from Nantong，Only two hours by car。"Xiao Yu took her mother and daughter, who is over one year old, to drive to the Dinosaur 188bet app during the week。Since most projects require tourists to be above 1.4 meters tall，Xiaoyu’s family is just pushing a stroller around the 188bet app。Xiaoyu’s mother didn’t seem to be bothered by this at all: “There will be a float parade in the afternoon！”

Popular attractions in the 188bet app，Such as rafting and 4D roller coaster，The queue is more than 1 hour。"This is nothing，During holidays，Rank 5、6 hours is normal！" said the tanned Dinosaur City intern Dazhi，More than 200 million yuan was invested in this 4D roller coaster，Much more exciting than ordinary roller coasters。The main car is flipping along with the track，The seat will also rotate 360 ​​degrees。

Lifelike pterosaur、Tyrannosaurus rex、Bronto Dragon、Stegosaurus、Huge dinosaur sculptures such as the duck-billed dinosaur can be seen in the 188bet app。In the Magic Rainforest Area，In addition to dinosaurs, there are also various prehistoric creatures，Mottled ferns，Giant insects... the dinosaur models even come with electro-hydraulics，A sudden movement，Fake the real thing，Full of frightening effect。With the intermittent roar of dinosaurs，Like being in a Jurassic rainforest。And the birth of these dinosaurs，From a chance coincidence many years ago。

According to public information，1996，The National Ministry of Geology and Mineral Resources is looking for cooperation to house a batch of precious 188bet app fossils，The request is to establish a museum with the purpose of popularizing science。At that time，Spielberg’s Jurassic 188bet app craze has been spreading around the world for three years，No decline，Chinese TV stations are still very keen on introducing ancient legends、A translated drama about rainforest adventure。

Shen Bo, who was still the deputy director of Changzhou High-tech Zone Tourism Development Office at the time, smelled the opportunity，More than just popular science，There is still business。After taking these dinosaur fossils，Shen Bo visited many theme parks at home and abroad。It can be regarded as a business with a seal，The story of Shen Bo and Changzhou Dinosaur 188bet app begins。

September 20, 2000，The Chinese Dinosaur 188bet app, which took three years to build, finally opens，“Through the Jurassic” is one of the first projects。Some media reported，Dinosaur 188bet app attracted 300,000 visitors in the first three months after its opening。

With Lubra、Kuksuk、Magic Rainforest、Jurassic Water World and other later projects are being completed one after another，This dinosaur-themed 188bet app attraction is constantly improving，Become a 5A tourist attraction，The source of tourists radiates to the Yangtze River Delta region，And gradually expanded to Anhui、Shandong、Hubei、Jiangxi and other surrounding provinces。

Every one or two years，A new paradise module is about to be launched，This is the operating secret of Changzhou Dinosaur 188bet app over the years。It is also relying on new projects，Changzhou Dinosaur 188bet app escaped the "one year boom、Two years of prosperity、Three years flat、Four years later、The life cycle fate of the theme 188bet app at the five-year mark。

2006，The Lubra District, which was heavily imported and equipped with the "Crazy Fire Dragon Diamond" and the "Thunder Dragon Coaster", is officially open to the public，These adrenaline-stimulating projects directly helped the Dinosaur 188bet app’s performance double in the second year。

The Fantasy Manor section opened in 2014 is based on the original animation of China Dinosaur 188bet app。

The "Brooklyn" district upgraded from the original hip-hop district will open in June 188bet app year。

With the gradual increase of amusement modules in the 188bet app，The controlling shareholder of Dinosaur 188bet app has also developed a series of related industries around the theme of dinosaurs，Including the commercial district Dino Water Town、Dinosaur Theater、Dinosaur theme hotel and hot spring resort...Dinosaur 188bet app opened in 2000，Changzhou’s tourism revenue that year was 38.100 million yuan，Reception 431.60,000 people。Changzhou achieved total tourism revenue of 93.7 billion yuan in 2017，Received more than 65.36 million tourists throughout the year，Several major theme parks are the main tourist destinations。

"Around Dinosaur 188bet app，Previously a desolate suburb，Now it has become the area with the highest housing prices in Changzhou。"Brother Master Wang said，My company also provides free ticket benefits to employees every year，The whole family can go to the dinosaur 188bet app for free，I’m just too busy to go。In the past, when online ticket purchasing was not so common，Vote scalping is also an important side job for them。

As a star scenic spot in Changzhou’s tourism industry，Although Dinosaur 188bet app has the actual controller Changzhou State-owned Assets Supervision and Administration Commission behind it，But it cannot change the current status quo of Dinosaur 188bet app’s single financing channel，The source of investment funds is nothing more than self-accumulation and bank borrowings。

In recent years, as real estate giants have invested heavily in the theme 188bet app field，First-class overseas theme parks enter China，Second and third tier cities across the country are also penetrated by large and small theme parks，Even Changzhou has built two other new theme parks, Yancheng Spring and Autumn Paradise and Universal Animation Play Valley。This local and original theme 188bet app is facing increasing competitive pressure。The year Shanghai Disneyland opened，Changzhou Dinosaur 188bet app’s annual profit cut in half。

Raise the moat，To expand、Create new project、IP Development、Technology R&D，188bet app all requires money，Listing is the best choice。

As early as three years ago，Dinosaur 188bet app means，Undergoing a project with the theme of "Dinosaur Resurrection": Through Unmanned Driving Technology、Running on four legs、Simulation robot and other technologies，A pterosaur can fly in the sky，Tyrannosaurus rex、The long-necked dragon moves around tourists，Recreate the real scenes of the Jurassic era。But to this day，This ambitious plan does not appear to have been fully realized。Judging from the proposed investment projects in Dinosaur 188bet app’s prospectus，Seems to be related to this long-standing project。

2. The IPO failed, exposing its business difficulties

2012，Changzhou Dinosaur 188bet app has begun preparations for listing on the GEM，Application for listing environmental protection verification，Plan to log on GEM。But then ushered in the ninth IPO suspension in the history of A-shares，From November 2012 to December 2013，up to one year。The first effort ended in vain。

October 15, 2015，Changzhou Dinosaur 188bet app is listed on the New Third Board，Submitted listing application in September 2016，In July 2017, it was announced that the review of initial application applications would be suspended。

whirlwind regrouping，Submitted the prospectus again in December 2017。March 27 this year，At the 52nd working meeting of the 17th IPO Review Committee in 2018，Changzhou Dinosaur 188bet app IPO was rejected。June 4，Changzhou Dinosaur 188bet app, which had been suspended from trading on the National Equities Exchange and Quotations for more than a year and a half, resumed transfer。The 5 feedback opinions from the issuance review committee point directly to the crux of its business:

1、 Related transaction issues between Dinosaur 188bet app and its controlling shareholder Longkong Group；

2、 Both operating income and net profit declined in 2016，Can profitability be sustained；

3. The proportion of cash sales is too high and the authenticity 188bet app income;

4、 Explanation 188bet app large amount of management consulting business、The reason for high gross profit，And the reason why the net profit growth exceeded the revenue growth from January to September 2017；

5、 Current assets are much lower than current liabilities，Is the asset and liability structure reasonable。

5 feedbacks in total，3 items pointing to profit data，“Insufficient profitability and worrying sustainable profitability” may be an important factor in the failure of Dinosaur 188bet app’s IPO。

2014、2015、2016 and January-September 2017，The net profit of Dinosaur 188bet app is 60.51 million yuan respectively、64.73 million yuan、29.2 million yuan and 69.53 million yuan，Growth tends to stagnate。The net profit scale in 2016 even halved，Shrunk to 29.2 million yuan。This is a bit far from the latest "potential profit threshold" of 80 million for A-share main board listing。

For 2016 net profit cut in half，Changzhou Dinosaur 188bet app explained in the prospectus，Mainly due to the rainy and extreme high temperature weather during the peak operating season that year, the company’s 188bet app operating income decreased。The analysis of the industry basically agrees，The opening of Shanghai Disneyland within a 2-hour drive has taken away the business of Dinosaur 188bet app。

To combat Disney’s siphon effect，Dinosaur 188bet app’s advertising investment in 2016 reached 47.69 million yuan，Surge 51% year-on-year；Fare reduction，Per capita ticket revenue increased from 167 in 2015.68 yuan reduced to 153 yuan in 2016.28 yuan；The number of admissions did not increase but decreased，2.3 million people in 2016，A decrease of 40,000 people compared with the previous year。

For Dinosaur 188bet app, which accounts for nearly 80% of the 188bet app’s operating income，The impact of the decline in enrollment is fatal。

To know，During the same period, the number of domestic tourists and income grew strongly。According to data 188bet app the National Bureau of Statistics，The number of domestic tourists reached 4.4 billion in 2016，Domestic tourism revenue is nearly 4 trillion yuan，An increase of 11% and 15% respectively compared to 2015。

Comparing several well-known theme parks in China，OCT, the pioneer of “theme 188bet app + real estate”, saw 34.56 million visitors in 2016，5% year-on-year growth；The number of visitors to Songcheng Performing Arts in the “theme 188bet app + theatrical performance” model reached 30 million in 2016，34% year-on-year increase；Huaqiang Fantawild, which is also listed on the New Third Board, had 30 million tourists in 2016，30% year-on-year increase。It is worth mentioning，Huaqiang Fantawild, which has made its presence felt across the country with its "Bear Bears" cartoon, officially entered the IPO guidance period on May 29。Huaqiang Fantawild’s full-year net profit in 2017 reached 7.4.8 billion yuan，YoY growth of 5.27%。On the market for 2 and a half years，Huaqiang Fantawild successfully raised 26 funds in 2 private placements.9.8 billion，Used for industrial 188bet app construction and VR technology development, etc.。

In addition to seasonal fluctuations in ticket and other scenic area operating income，There is also the risk of changes in national tax preferential policies。First three seasons from 2014 to 2017，The average proportion of tax deductions 188bet app total profits of each period is 14.36%。If the relevant tax reduction and exemption policies are no longer implemented，Or the amount of income 188bet app exemption category is reduced，All will have a greater impact on the company’s operating performance。

Domestic Theme 188bet app，Except Songcheng Performing Arts has achieved asset-light operations (the cost of a new 188bet app can be as low as 30 to 40 million yuan)，Others are basically heavy on assets。Although Dinosaur 188bet app is also seeking asset-light expansion，But it is also admitted in its prospectus，It still has a relatively obvious "asset-heavy" characteristic，End of each reporting period，Fixed assets、The total proportion of intangible assets and long-term deferred expenses exceeds 80% of total assets。The investment projects raised by this IPO are mainly fixed asset-related investments，The asset-heavy attribute will be further strengthened。

(A total of 38 funds are required for the construction 188bet app above-mentioned investment projects,382.200,000 yuan，Planned to use raised funds 38,382.200,000 yuan。）

3. IP Operation: Rebuilding Disney’s Ambition and Insufficiency

Daily 13:45，Changzhou Dinosaur 188bet app will stage a massive float parade on time，Started by the Western faces with high nose and deep eyes，Follow and pretend to be a dinosaur、Starfish、Local employees of Dragon Warrior，March to the lively music，The king and queen of an unknown country will greet the audience with a peaceful face，For tourists to watch、Take photos or tweet。

If you have seen Disney’s float parade，You will probably cheer for characters you are familiar with one after another。You are a participant，Not just a viewer。On 188bet app basis，Only in Disneyland can the ticket economy only account for a small part of the revenue，60% of income comes from consumption such as derivatives。

A hand drawing 188bet app founder of Disney is circulating on the Internet，Draws out Disney’s business logic: the core is the film industry，Derivatives、Copyright for sale、Disneyland、TV, etc. form a network centered around it。

Songcheng Performing Arts does not hide its ambition at all，Known as the benchmark for Disney。Fantawild, which owns popular IPs (Bear Bears, etc.), is considered by many industry media to be a local theme 188bet app closer to the Disney model。Dinosaur 188bet app also has similar obsessions。

Shen Bo once said，Having my own anime image，Theme 188bet app is the right name。Pre-existing stories that are different from Disney’s classic IP、image，The process of recreating the amusement 188bet app，Dinosaur 188bet app is a theme 188bet app first，Reinvent image and content，Then copy the subsequent derivative product chain again。

"The Dinosaurs Are Coming", "Dinosaur Baby Dragon God Warrior" and many other original cartoons are the creative content of Dinosaur 188bet app。Never heard of it？It’s not your fault。Compared to the "Bear Haunted" series，The animation production of Dinosaur 188bet app has low public awareness，Subsequent content production has not kept up。

In terms of performing arts in scenic spots，Many stage plays in Dinosaur 188bet app、Musical、4D videos are exquisite，At least in presentation form。In the 10-minute "Cook Legend" stage play，Combining real people and phantom performances，First-rate visual effects，But the story is thin，It is difficult to maintain emotional retention outside the theater。For this reason，It is difficult to monetize these free programs。

("Cook Legend"，The real heroine on the left，The projection devil is on the right)

The 188bet app IP is outside the popular science perspective，In shaping cultural symbols at the popular level，Not considered a success。

In addition to my own dinosaur IP，Changzhou Dinosaur 188bet app does not seem to exclude the introduction of other brands for cooperation。Next to the Science Museum，There is a Thomas the Tank Engine-like bumper car project，But there is a fee，Almost no one cares。

Currently, there is only one channel for monetizing the cultural and creative and derivatives business of Dinosaur 188bet app，Basically can only be purchased through physical stores in the 188bet app，The ordering channel on the official website still only has a blank link。The locations of these dinosaur derivatives stores scattered throughout the 188bet app are very smart，Often located at the exit of popular attractions。Observations，People with children，The purchase rate is very high；But the appeal of this IP is not enough for many young people to pay for it。

In terms of expanding revenue channels，Dinosaur 188bet app recently launched the Dinosaur Club，Theme catering、Board game, chess, card and e-sports、Maze, haunted house, retail and other business formats integrated into one，Membership fees have become an important form of income；Original dinosaur-themed comedy "Crazy Dinosaur Man"，Then "Ke、acting、Exhibition、Pin" merged into one，Conducted hundreds of tours across the country。

(188bet app Club Escape Room Project)

shown in the prospectus，The proportion of Dinosaur 188bet app’s cultural and creative and derivatives business revenue is gradually increasing，The last three years and one period are 14.75%、19.20%、16.89% and 22.13%。In fact，This data includes not only animation and derivatives revenue，Also includes management consulting income with extremely high profit margins。So，The true income from cultural creation and derivatives is still a mystery。

Prospectus name，“Cultural creativity and derivative business income are the focus 188bet app company’s future development”。But it is used for raising funds from IPO，Only a few major physical projects and technological research and development，Cultural and creative aspects are missing。

In addition，Disneyland in dining、The income from accommodation is also quite objective。Looking back at Changzhou Dinosaur 188bet app，The catering in the 188bet app has introduced cooperative brands，A large part of them are self-operated，The price is not too high: a bottle of Pulse costs 10 yuan，One pancake 25 yuan。As for accommodation，There are dinosaur-themed hotels nearby，Some people complained that the hotel experience and priority admission to the 188bet app were not as good as Disney，But in fact the theme hotel is operated by Longcheng Tourism，It is separated from the Dinosaur 188bet app。

The official also launched a hotel ticket booking website，But not as good as Flying Pig、Ctrip has a price advantage，The ticket price differs by more than 20 yuan。The manager of a family-themed hotel that was newly opened last year near the 188bet app said，“Orders are available on all platforms，But mainly on large platforms，There are nearly 10 distribution channels on Ctrip alone。”

For a pure theme 188bet app that does not rely on real estate blood transfusion，Limited space for movement。

4. Ambition for expansion

“The Dinosaur 188bet app in Zhengzhou is about to open，1 year later，I’m ready to leave here，Back to Zhengzhou。"Dazhi graduates this year，Will become a regular employee soon，I am very clear about my career plan。The Zhengzhou Dinosaur 188bet app he said，is a model for the off-site expansion of Changzhou Dinosaur 188bet app。

Shen Bo once told the media: “The bloody fighting in China’s theme parks has become a fact，Facing the crisis，Light research is not possible today，Also pay attention to tomorrow，Prepare for the day after tomorrow。” In OCT、Huaqiang Fantawild、Songcheng Performing Arts is under the strong expansion strategy of replicating and building theme parks in various places，“Asset-light expansion” is the only way for Changzhou Dinosaur 188bet app, which lacks capital, to defend its territory。

Since 2013，Changzhou Dinosaur 188bet app proposes to implement the “investment + service” innovative business strategy，Starting from a single theme 188bet app operator，Transforming into a “cultural tourism investment operator and overall solution provider”，Start the transformation of asset-light expansion；In 2015，Even shouted a firm slogan like "Escape from the theme 188bet app"。

Currently，Dinosaur 188bet app shares are in Shanghai、Lanzhou、Zhengzhou、Yichang、Enshi、Ningbo、Xuzhou、Nantong、Yancheng、Tianjin、Nearly 100 cultural and tourism cooperation projects implemented in Hainan and other places，The total contract amount exceeds 300 million yuan。

where，Lanzhou’s Western Dinosaur 188bet app invests 3 billion，Investment in Gansu Silk Road Cultural and Commercial Tourism Development Co., Ltd.，Changzhou Dinosaur 188bet app provides creative planning、Experience and consulting services such as hosting and comprehensive operation management。The first phase of the Water World project has been opened in 2017。Zhengzhou Dinosaur 188bet app is expected to have a total investment of 1.5 billion yuan，The same cooperation model，Estimated to open in 2019，Radiant Central Plains Region。

(Lanzhou Western Dinosaur 188bet app)

According to the prospectus，Although the annual revenue of management consulting business is less than 20 million，Compared to the overall revenue of 400 million，Not a large proportion，But the profit margin is about 75%。As a new business opened in 2013，When the number of admissions and ticket fees have reached a bottleneck，This is a relatively imaginative piece of business in Dinosaur 188bet app。

In fact，Dinosaur 188bet app’s asset-light export business is still relatively small。RuSongcheng Performing Arts，The net profit of the young asset management export business in 2017 alone was as high as 80 million yuan，Higher than the cumulative revenue of similar businesses in Dinosaur 188bet app for many years。

However, the asset-light expansion strategy also has concerns: the current nationwide theme 188bet app construction is intensive，Profit prospects not guaranteed，Although as an operator and consulting provider，This risk will be much smaller，But with the increase of theme parks with the same theme or similar models，How to avoid competition with Changzhou Headquarters 188bet app，It’s a big problem。

Light asset expansion while expanding revenue channels，In terms of saving money，The options in Dinosaur 188bet app are very limited。Normal equipment maintenance and depreciation cannot be discounted，Human cost has become an important entry point。The employees visible in the 188bet app are all very young。A project facilitator who has worked for more than 2 years said，Interns account for a large part。Another lady who manages the souvenir stall said，Her internship period has been one year。

On the recruitment website，A former employee commented，The salary package of Changzhou Dinosaur 188bet app is not competitive in the cultural tourism industry，Everyone comes here because it has a certain brand influence。

The latest official employee position display of Dinosaur 188bet app on the Changzhou recruitment website，Catering salesperson、Commodity Salesperson、Safety for security maintenance personnel is 3K-4.5K，Mechanical fitter salary 4K-7K。And the data shows，The current per capita salary in Changzhou is 5,600 yuan。

5、Eagerness of Changzhou Dinosaur 188bet app，Behind the heat of China’s local theme parks

On the one hand, we must get rid of the reliance on "stimulating" projects and dig deeper into 188bet app IP，It is difficult to give up the old way of using new modules to drive growth；While seeking asset-light transformation，On the one hand, we still stick to the asset-heavy model and cannot let it go。

Eagerness of Changzhou Dinosaur 188bet app，Behind the heat of China’s local theme parks。

From the opening of the first theme 188bet app “Splendid China” in Shenzhen in 1989 to now，Nearly 30 years，A total of about 2,700 theme parks have been launched nationwide。where，Jiangsu、Shandong and Guangdong have the largest number of theme parks，295 respectively、231 and 219。According to data from China Tourism Economic Research Center，80% of theme parks have closed in the past 10 years，There are even many parks that failed shortly after they opened，Precipitated funds reached more than 400 billion yuan。Although the norm of the entire industry is one profit, two draws and seven losses，But it cannot prevent the intensive influx of capital。

Disneyland，And the OCT at the head of the mainland、Chimelong、Huaqiang Fantawild、Songcheng Group has its own merits，Except OCT，Real estate business is not mainstream。However，From a broader perspective，The development of theme parks in China in recent years cannot escape real estate。Wanda、Sunac、Evergrande’s entry，It has also made the “theme 188bet app + real estate” model become a general trend。And "Wanda is here，The words “Shanghai Disney will not be profitable within 20 years” still ring in my ears，Wanda cultural tourism project has changed hands，Making the development prospects of this model confusing。

National Development and Reform Commission、Five ministries including the Ministry of Land and Resources recently jointly issued the "Guiding Opinions on Regulating the Construction and Development of Theme Parks"，It can be said to have announced the end of the "theme 188bet app + real estate" model。PPP policies become stricter，It also caused theme parks to be cold in the capital market。

(While the IPO applications of Changzhou Dinosaur 188bet app and Putuo Mountain were rejected，Huaqiang Fantawild starts to hit the market。）

The "2017 Global Theme 188bet app Survey Report" jointly released by the Themed Entertainment Association (TEA) and the third-party travel industry research and consulting organization AECOM Group of the United States points out，Global theme parks are gaining momentum in 2017，The main driving force comes from China，Tourist reception increased by nearly 20%。

China’s theme 188bet app cultural tourism market still has broad prospects，But lost the real estate injection、In a competitive landscape where strength speaks for itself，This cake is not easy to grab。

After Dazhi is ready to acquire relevant experience，Return to hometown Zhengzhou，Enter the local dinosaur 188bet app project。What will happen in the future，Don’t know，But he is very confident in the high-standard management experience and safety standards of the Dinosaur 188bet app itself。

(“Xiaoyu” and “Dazhi” 188bet app article are pseudonyms.)

*Source of 188bet app article: Entertainment Capital，Author: Jia Yang，Original title: "Changzhou Dinosaur 188bet app: Recreating Disney’s ambition and lack of vitality》.