China’s theme park industry is facing the best opportunities，And the most serious challenge。While cultural tourism consumption has grown exponentially, bringing in a large number of tourists，Disney、Six Flags、Global Studios and other foreign theme park giants have come to China to expand their territory，Brings a lot of pressure to local theme park players。

Facing China’s theme park market of more than 40 billion US dollars，Whether you are a new entrant or a groundbreaking player，Everyone is desperately looking for a sustainable profit model。Industry insiders told reporters from Blue Whale Sankei，Currently，Foreign theme parks represented by Disney have strong ability to harvest traffic，The local theme parks have not yet formed a stable profit system，We must face severe competition。

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There are predictions，By 2020，China will become the world’s largest theme park market。The huge market prospect continues to attract foreign theme park players，Among the top ten theme park operators in the world，Only Cedar Entertainment has no news of entering the Chinese market。Others include the 20 Legoland parks planned to be built by Merlin Group，At least 5 of them will be launched in China;The investment in Universal Studios, which has landed in Tongzhou District, Beijing, has doubled to US$6.5 billion。

188bet Online Sports Betting and Casino Shanghai Disney’s outstanding performance，Also gave overseas theme park giants a shot in the arm。Blue Whale Sankei reporter inquired data and found，Complete year 2017，Shanghai Disney received more than 12 million visitors。Walt Disney Chief Financial Officer Christine McCarthy said on the fiscal 2017 fourth quarter earnings call，Shanghai Disney Resort Management Company has become profitable in its first full fiscal year of operation。

At the same time，Disney’s eye-catching performance has also directly impacted the performance of theme parks in Shanghai and even the Yangtze River Delta region，The most typical example is after the opening of Changzhou Dinosaur Park at Disneyland，Profit cut in half，Failed to impact IPO。“As the opening of Universal Studios approaches，This will put pressure on theme parks in Beijing and surrounding cities，" Zhou Mingqi, founder of Jingjian Think Tank, spoke bluntly to the Blue Whale Sankei reporter。

Lin Huanjie, president of the China Theme Park Research Institute, told the Blue Whale Sankei reporter，Foreign theme park brands entering China have two main influences，On the one hand，Domestic and foreign theme park brands can compete on one platform;On the other hand，They will pose a great threat to China’s theme park brands，After all, they are an internationally advanced theme park brand，It will also eliminate a group of domestic companies that are less competitive、A theme park with no IP and poor management capabilities。

The profit dilemma of local theme parks is difficult to solve, and they are trying to export light assets

While seizing the Chinese market with foreign theme parks，Haichang Ocean Park(HK:02255)、Songcheng Performing Arts (SZ:300144)、Local theme parks such as Huaqiang Fantawild (OC:834793) are also learning from the experience of foreign players。Overall view，The most significant 188bet Online Sports Betting and Casino features of the domestic theme park field in 2018，Every company has proposed the "light asset export" model。

The off-site replication of Songcheng’s performing arts is more inclined to the light asset model，Main projects include Ningxiang Tanheli Cultural Theme Park、Foshan Eternal Love Project, etc.。Recently，Songcheng Performing Arts Announcement，will be 4.Received 100% equity of the Songcheng Xiqiao Mountain Lingnan/Foshan Qiangu Scenic Area Project Company for 4.9 billion yuan，Same time，In the future, we will independently build the "Songcheng·Xiqiao Mountain Lingnan/Foshan Eternal Scenery Area Project"。This high-profile asset-light output project，But it eventually turned into a heavy asset project。

Zhou Mingqi thinks，Songcheng changed the project from light to heavy，Mainly because its initial investment is relatively small，Fast return on investment，"In order of priority，Songcheng is not even a theme park project，It is more appropriate to classify it as performing arts。Investment of up to 34 billion with Disney in the first phase、Huaqiang Fantawild’s minimum investment is also around 2-2.5 billion yuan，Songcheng’s investment is very small，There are not too many amusement equipment that need to be updated。”

Indeed it is，Although Songcheng is generally rated as low-end in the industry，But rely on group travel，Passenger traffic remains stable。Some insiders told Blue Whale Sankei reporters，Songcheng’s price to the channel is very low，The profit margin of a single ticket price exceeds 100 yuan，So the channel enthusiasm is very high。In addition, the investment in the Songcheng project is not high，Take the Sanya Eternal Love Project as an example，Total investment is 3.About 900 million yuan，So Songcheng has always been able to maintain a profitable state。

However，Blue Whale Sankei reporter 188bet online sports betting inquired about the company’s financial report and found out，Songcheng’s operating profit growth rate is slowing down significantly，Most of its asset-light operating projects are in unknown cities，Although the profit is higher，But the ability to continue operating in the future，Not optimistic。

2013-2017 Songcheng Performing Arts Operating Profit Trend Chart

Lin Huanjie told Blue Whale Sankei reporter，There is indeed a problem of difficulty in making profits in the theme park field，As of August 8, 2018，There are 339 domestic theme parks，Among them，25% loss，For example, Disney，Only 53% are profitable。The solution for theme parks should be industrial development，Like big companies in foreign theme parks、Big Brand，For example, Disney、Universal Studios, etc.，These companies are industrialized development。“Only industrialization can sustain development，Only in order to last forever。”

Policies become stricter，Can real estate companies continue to invest in theme parks?

In local theme park companies，Real estate companies have been deploying in heavy asset fields。But except for the Happy Valley project under OCT，Wanda、Country Garden、The development of theme park projects of Evergrande and other real estate companies is hardly optimistic。

Zhou Mingqi thinks，The development of real estate companies in the theme park field is fundamentally different from that of Huaqiang Fantawild and other companies，“Take Happy Valley as an example，Different from Huaqiang Fantawild, which focuses on independent research and development，Most of their amusement equipment are purchased from outside，This also means that its theme park investment will be huge。In recent years，Happy Valley amusement equipment is not updated frequently，There is no theme，Under the pressure of Disney，Shanghai Happy Valley passenger flow dropped 188bet app sharply，This is a more obvious example。”

To prevent real estate companies from relying on theme parks to drive up surrounding housing prices，The National Development and Reform Commission promulgated the "Guiding Opinions on Regulating the Construction and Development of Theme Parks" in March 2018，Require scientific planning for theme parks、Strict regulations、Improve quality，Special emphasis is placed on strict land management、Strictly observe the ecological protection red line、Strict Approval Procedure、Strictly control real estate tendencies、Strictly guard against local debt risks。

Subsequently，Many local governments have also issued guidelines for industrial land use，The Guangzhou Municipal Government clearly emphasized this in the document，Any land use scale is large but the output value is low、Projects that are not conducive to the optimization of industrial institutions will have limited land use，Including large-scale entertainment projects and rides、Theme Park (Movie City), etc.。

The above-mentioned industry insiders spoke frankly to Blue Whale Sankei reporters，If theme park investment is based on scientific judgment of tourism market demand and continuous innovation of tourism products and services，Nature is rational and reasonable。But in fact，Some current theme parks contain too many real estate factors、Logic and appeal，This is not conducive to the development of the tourism industry itself，It will also bring hidden dangers to investment and even the local economy。

"For local theme parks，Facing fierce market competition，Get rid of dependence on real estate as soon as possible、Seeking effective profit points is an urgent problem that the entire industry needs to solve。"The industry insider said。

*Source of this article:Blue Whale Sanjing, author: Li Danyu, original title: "Blue Whale Observation,188bet app download Influx of overseas players,Local players are stuck in a bottleneck》.