The whole world knows that Disney’s IP makes money，But what you may not know is，Disney is earning，The income from film and television animation is far less than that of the amusement park。

First three quarters of fiscal year 2019，Disney’s total film and television entertainment revenue is 77.USD 900 million，But the income from the park is 195.USD 700 million，The latter is more than twice the former。

Disney is the most classic “IP + cultural tourism” case in business history，The "upstream development of film and television IP" they pioneered，The model of “building a paradise resort downstream” has also been imitated by countless companies。

Recently，Architectural consulting company AECOM and the themed entertainment association TEA jointly released the "2018 Global Theme Parks and Museums Report"。Report lists the top 25 parks in the world based on attendance。

The top four spots on the list are unsurprisingly occupied by Disney，But there are also Chimelong Ocean Kingdom and Chimelong Paradise from mainland China，Chimelong Ocean Kingdom entered the top ten。Such results are enough to show the development of China’s local cultural and tourism enterprises in recent years。As the 2019 semi-annual reports of listed companies are gradually released，Sanwen Entertainment sorted out the revenue of 23 representative listed/quoted companies in the IP+ cultural tourism category (including the New Third Board)。

According to the characteristics of the business，We divided these 23 companies into three major categories，They are tourist attraction companies、Theme Park Company、and other companies。5 of these 23 companies have half-year revenue of more than 1 billion yuan，5 companies with net profits exceeding 100 million yuan。Among them, OCT has the highest revenue and profit，176 respectively.500 million yuan、28.100 million yuan。OCT is strictly a real estate company，However, its tourism business income is also very high，Da5.700 million yuan，The gross profit is also nearly 1.900 million yuan。The five companies with the highest revenue except OCT，There is also China Youth Hostel、Huaqiang Fantawild、Songcheng Performing Arts and Haichang Ocean Park。There are also 7 companies on the table whose revenue in the first half of the year was lower than the same period last year，13 companies’ net profits declined。And，Among these 13 companies with declining net profits，10 of them are traditional tourist attraction companies。

below，Sanwen Entertainment will start with the financial reports of the above companies，A glimpse into the current status of the cultural tourism industry。

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First half of 2019，my country’s comprehensive tourism economic performance index (CTA-TEP) is at 118.2’s “relative prosperity” level，Increase by 1 compared with the same period last year.26 points，Spring Festival、Qingming、May Day、The number of people traveling during the Dragon Boat Festival has increased。

But judging from the financial report released by the tourist attraction company，They don’t seem to feel the “boom”，Although revenue generally increased，However, the net profits of 10 188bet sports betting app download of the 16 companies in the statistics decreased compared with the same period last year。Domestic tourist attraction companies generally rely on natural or cultural and historical landscapes，These unique tourism resources are an advantage for operating companies，But it is also a disadvantage。

Why is it a disadvantage？Because this type of tourism resources are generally greatly affected by seasonal and natural weather factors。For example, Changbai Mountain with negative profits in the above table，The peak tourist season in Changbai Mountain is in the third quarter，So it is particularly affected by the low and peak tourist seasons。The decrease in losses in the first half of the year on Changbai Mountain was mainly due to a decrease in administrative expenses。The same goes for Guilin Tourism, whose profits fell by 66%。Continuous rainfall occurred in Guilin in the first half of the year，Resulting in a slight decrease in the number of tourists in company-operated scenic spots。In addition, the ticket price has been reduced，As a result, the company’s overall net profit declined。

Under relevant regulations，Most domestic tourist attractions have lowered their ticket prices。Among the listed companies we counted，Except Guilin Tourism，And Dinosaur Valley、Emei Tourism、Huangshan Tourism、Wudang Tourism、Zhang Lv Group、Lijiang Tourism, etc.，All have been affected by the ticket price reduction to varying degrees。

Dinosaur Valley is probably the worst affected one。First half of this year，Dinosaur Valley’s revenue fell by 17% year-on-year.64% to 1318.50,000，Net profit plummeted by 57.84% to 450.50,000 yuan。The decline in performance revenue and profits is partly due to the decrease in tourists，On the other hand, it is related to regulation。Relevant departments issued a notice to reduce ticket prices for state-owned scenic spots in September last year，Ticket prices for 5 scenic spots including Dinosaur Valley have dropped significantly，Among them, the ticket price of Dinosaur Valley Scenic Area dropped by 41.67%。

Long time，Scenic area listed companies have been criticized for relying on “ticket + scenic area passenger transportation” income，Although most companies have developed hotels、Artistic performance、New businesses such as catering，Trying to improve the problem of single income structure，But judging from the numbers in the financial report，Little effect。

Zhang Lv Group’s revenue in the first half of this year is nearly 1.700 million yuan，But the only secondary charging projects it carries out are hotels，The revenue of the hotel business in the first half of the year was only 692.50,000 yuan，Only 4%。Unreasonable revenue structure，Coupled with the decrease in tourists and ticket price restrictions，Resulting in Zhanglv Group’s profit falling by 59% in the first half of the year。

Zhanglv Group’s revenue structure

Emei Tourism’s revenue in the first half of the year is nearly 5.300 million yuan，But the revenue from hotel services is only 85.95 million yuan，Only 16%。

Emei tourism revenue composition

Wudang Tourism has launched many secondary charging projects，But none have formed a scale。First half of this year，Wudang Tourist Hotel、Parking lot、Research、The total revenue from cultural and sports activities and other businesses is about 17.78 million yuan，Accounting for 19% of the total revenue of 92.56 million yuan。

Wudang tourism revenue composition

Jiuhua Tourism, which achieved a net profit increase of 33% among these companies, is one of the few positive cases。Jiuhua Tourism’s hotel business revenue in the first half of the year 8950.30,000 yuan，Accounting for 31% of 188bet sports betting app download total revenue。However，The profit growth of Jiuhua Tourism in the first half of the year was mainly due to the increase in investment income。

Jiuhua tourism revenue composition

Because these cultural and historical scenic spots are national protected resources，The operating company cannot carry out large-scale construction，To some extent, it also limits the development of secondary charging projects in scenic spots。But if the potential of secondary charging is not explored，The revenue of such natural scenic spots will soon hit the ceiling。

Under such restrictions，Special towns and artistic performances are the way out for operating companies now。

In the 2019 Semi-annual Report，Jianmen Tourism mentioned that it will build Jianzhou Town and Shuangqi Village，Realizing the upgrade from a single scenic spot to a tourist resort。

Jianzhou Town and Shuangqi Village are both near Jianmenguan Scenic Area，Because it does not belong to the scenic area resources，So there are relatively few development restrictions。Jianmen Tourism is trying to build these two places into a unique ancient town with Jianmenguan cultural IP，In order to get rid of dependence on a single scenic spot。These two projects are currently under development。

Lijiang Tourism and Lijiang Cultural Tourism are both trying to launch theatrical performances in scenic spots，Create performing arts IP。Lijiang Tourism’s “Impression of Lijiang” brought in nearly 75.92 million yuan in revenue in the first half of the year，23% of total revenue.85%。Lijiang Cultural Tourism’s "Lishui Sands" and "Clan Seal·Sigangli" brought the company nearly 18.47 million yuan in revenue，Twice the ticket revenue of the scenic spot，65% of total revenue.9%。

Theme Park: Enrich sources of income and get rid of dependence on tickets

Mentioned in the 2018 Global Theme Parks and Museums Report，To 2020，The total number of theme park visitors in China will exceed that of the United States，Becoming the largest theme park market。

So, how is the development of China's theme park companies?

There are 4 listed theme park companies in our statistics this time，There are 2 companies whose net profits have declined，The overall situation is not better than that of attractions companies。

Haichang Ocean Park, which suffered the most serious losses this time, is the only Hong Kong listed company included in this statistics。First half of the year，Haichang Ocean Park achieved revenue of approximately 10.8.7 billion yuan，65% year-on-year increase，But net loss was 91.36 million yuan，Down 212% compared to the same period last year。

November 2018，Shanghai Haichang Ocean Park officially opens。Sanya Haichang Dream Ocean Evernight City officially opened in January 2019。Two major projects were officially put into operation in just three months，Let the company’s operating costs and other expenses soar。

The company’s net debt ratio also increased from 135 at the end of 2018.7% increased to 139.9%。

At the same time，Haichang Ocean Park also has the same problem as the attraction companies mentioned above - over-reliance on ticket revenue。

The revenue structure of Haichang Ocean Park

Haichang Ocean Park’s ticket revenue for this period is about 7.3.7 billion yuan，67% of total revenue.8%。

The same goes for Dinosaur Park，Although they did not disclose the revenue structure in this financial report，But judging from the 2018 annual report, their ticket revenue accounted for nearly 70%。(According to the explanation in the annual report，"Park Comprehensive" includes ticket revenue。）

Dinosaur Park 2018 Annual Report

First half of 2019，Dinosaur 188bet sports betting app download Park achieves operating income 2.700 million yuan，An increase of 20 compared with the same period last year.41%；Net profit attributable to owners of the parent company 40.73 million yuan，An increase of 21 compared with the same period last year.06%。

Dinosaur Park attributes the increase in revenue and profits to the opening up of the market through multimedia advertising，Consumption stickiness increased after the park upgrade。

Dalian Sunya, whose revenue and profits have both declined, has not announced a specific revenue structure。The reason for the decline in performance is the income from technology and management output in the same period last year。

According to NEEQ think tank Lu Wenxuan、Fang Junjie’s research，Domestic theme park ticket revenue generally accounts for more than 80%，Derivatives and other profit channels account for less than 20%。
Consume this area for the second time in the park，Domestic theme park companies are far behind their overseas counterparts。Take Disney as an example，Disneyland’s ticket revenue only accounts for about 37% of Disneyland’s business revenue。In the third fiscal quarter of this year，Disneyland ticket revenue is 19.US$5.6 billion，Income from catering and merchandise sales in the park is 15.USD 1.6 billion，Resort business income including hotels and other tourism projects16.USD 100 million。

China’s theme parks are also looking for ways to generate additional revenue。

Haichang Ocean Park’s attempt is very straightforward，There is no admission fee for their Sanya Haichang Dream Ocean Evernight City，Hope to increase consumption in the park。At the same time, they also learned the lessons of asset-heavy operations。mentioned in the semi-annual report，Ocean Park begins to build the "Haichang Cultural Tourism" brand，Export management team to external parties，22 asset-light projects have been implemented so far。

Hengdian Dream Valley、The two projects of Nanning Rongsheng Haiyue Tiandi are currently in the operation management consulting stage，Operating in good condition。Xiangjiang Happy City Ocean Park、The Shuizhai Snow Area Project is still in the construction and preparation stage。Suzhou China Railway Construction Huayu Jiangnan Aquarium was officially opened in April 2019，Xinzhou Tiansen Huiyonina Polar Aquarium opened in June 2019。

The method of Changzhou Dinosaur Park is to open small module products outside the park。They opened two dinosaur clubs in Changzhou and Shanghai，Equivalent to a small indoor paradise，There are sports competitions、Parent-child experience projects，There are also services in science education。
Dalian Shengyaze imitates cultural attractions，Actively promote the "marine research" business，United primary and secondary schools，Promoting marine knowledge to teenagers。Huaqiang Fantawild does not need to worry about the excessive proportion of ticket revenue，Because their business is already diverse。First half of the year，Huaqiang Fantawild’s revenue increased by 26% year-on-year.18 to 24.400 million yuan，Profit increased by 15% compared with the same period last year.02%，to 3.8.5 billion yuan。Amount of government subsidy included in profit and loss for the current period1.400 million yuan。In the first half of this year, Huaqiang Fantawild's "Bear Bears: Primitive Era" has a box office breakthrough of 7.1.4 billion。Second half of the year，This movie will be released in Russia。
Also，Changsha Fantawild Oriental Painting Theme Park opened on June 14th，Resulting in an increase in the provisional estimates payable，Let the company’s total liabilities increase by 5.49% to 5.0.6 billion 188bet sports betting app download yuan。Huaqiang Fantawild’s business mainly consists of two parts，Part of it is a theme park，The other part is film and television animation。Based on last year’s annual report，Huaqiang Fantawild’s revenue，Theme parks account for 80%，Film and animation account for 20%。Although animation revenue accounts for a small proportion，But Huaqiang Fantawild’s profits are basically brought by animation。About 7 in 2018.In net profit of 8.7 billion，5.800 million from Fantawild Film，1.900 million from Fantawild Animation。The previous company provides "special movies" to theaters in Fantawild Park - movies created using various novel technologies such as AR and VR，The latter is the producer of the "Bear Bears" series of animations and movies。Also，Huaqiang Fantawild has been suspended from trading on the New Third Board，Preparing for GEM IPO。This time IPO impact，Huaqiang Fantawild plans to raise 1.1 billion yuan，Mainly used for R&D center construction projects、Animation film production project、Brand Building and Promotion Project。

Other companies

OCT A: OCT is a real estate company disguised as cultural tourism。From the perspective of the company’s revenue structure，Real estate revenue is greater than tourism business revenue，And there is an absolute gap in gross profit margin between the two。

OCT’s revenue structure

As shown in the picture above，OCT’s tourism business revenue in the first half of the year 57.2.4 billion yuan，An increase of 22 compared with the same period last year.45%。Currently，There are 19 scenic spots under OCT、Open leisure tourism area、Resorts and independently operated performing arts projects，24 more hotels and 1 travel agency。Happy Valley、Window to the World、Splendid China、OCT Tourist Resort and Mailu Town are both brands under OCT。Semi-annual report display，The company received a total of 17.82 million tourists in the first half of the year，Same year on year。Beijing Happy Valley、Wuhan Happy Valley、The number of visitors to Chongqing Happy Valley exceeded 10%。

It is worth mentioning that Chongqing Happy Valley introduced the Super Wings IP，This is the first time that Happy Valley introduces IP。

Songcheng Performing Arts: Songcheng Performing Arts’ revenue this year dropped by 6% year-on-year.21% to 14.1.7 billion yuan，Net profit increased by 18.03% to 7.8.5 billion yuan。The reason for the decline in revenue and the increase in profit is the reorganization of Liujianfang Live and Mijinghefeng (Huajiao Live) under the former Songcheng Entertainment。After reorganization, Liujianfang became Songcheng Performing Arts Joint Stock Company，No longer included in the scope of the company's consolidated statements。

After excluding the financial impact of restructuring，The company achieved operating income of 10.300 million yuan，15 year-on-year increase.99%，Net profit 5.400 million yuan，13 year-on-year increase.28%。

Songcheng Performing Arts is a rare company with high gross profit margin in the cultural and tourism industry，The gross profit margins of several of its major tourist areas are above 60%。

Songcheng Performing Arts’ revenue composition

This is related to the model of Songcheng’s performing arts itself。Although they have a theme park，But there are basically no entertainment facilities in the park，Most tourists come to watch the performance。And the show itself is a low cost，Easy to copy product。"Eternal Love" is the performing arts brand created by Songcheng Performing Arts，Currently, there are 9 local performances of "Eternal Love" in 9 places across the country。

There are currently two 188bet sports betting app download modes of performance in Songcheng Performing Arts。One is to build the park by oneself，Build a theater，The asset-heavy model of hiring actors。The second one is just by virtue of the brand、An asset-light model in which creative output such as management and scripts are exchanged for a certain operating income。

Songcheng Performing Arts has been vigorously promoting the latter model in the past two years。The light asset project is currently in Ningxiang、Yichun and other places are operating steadily，During the reporting period，The construction of the Huangdi Eternal Love Project in Xinzheng is advancing steadily，Estimated to open in 2020。

Also，The semi-annual report also mentioned that Songcheng Performing Arts has opened a new derivatives business。Currently in Hangzhou、Sanya、A total of 5 new derivatives stores opened in Lijiang。

China CYTS: CYTS is a company with a particularly complex business。Its main business is travel agency and integrated marketing，But it also operates two scenic spots, Wuzhen and Gubei Water Town，Also has hotel and investment business。First half of the year，China Youth Travel Service achieved operating income of 58.8.2 billion yuan，YoY growth of 5.13%，Net profit 3.8.2 billion yuan，YoY decrease of 5.61%。

Said in the semi-annual report，The main reason for the decline in profits is the increase in labor costs and financial expenses。But the actual situation is，Two ancient towns，Especially Gubei Water Town，Poor performance。Wuzhen’s half-year revenue 8.5.5 billion yuan，YoY growth 2.6%，Net profit 4.7.2 billion yuan，Basically the same as last year。Gubei Water Town achieves operating income 4.2 billion yuan，Decreased by 8 year-on-year.04%，Net profit fell by 47.23%，The specific net profit is not stated in the financial report。Also，China Youth Travel Service has 2 more in the first half.5.5 billion government subsidy，2 of them.4.5 billion is "ancient town protection and tourism development subsidy"。

Indoor parks are a small trend

This year’s semi-annual report is in progress，Three companies mentioned interior projects，One is the Dinosaur Club of the Dinosaur Park we mentioned above。The other two are Suzhou Haichang Cute Pet Park launched by Haichang Ocean Park and Mailu Town in OCT。

Suzhou Haichang Cute Pet Park is the experimental indoor park of Haichang Ocean Park，Opened in July 2018，Because the performance so far has been good，So Haichang plans to promote it nationwide，Planned to be in Nantong during the year、Self-operated indoor parks in Dalian and other places。

Not enough judging from the current Suzhou Haichang Cute Pet Park，They did not continue their ocean theme in the indoor park，Choose small animals instead。

The layout of Mailu Town in OCT is earlier，Currently there are four nationwide，In Chengdu、Wuhan、Suzhou and Ganzhou。

Mailu Town’s main focus is children’s professional experience，Children can play the role of chef inside、Firefighter、Doctor and other occupations。

China Animation, which mainly operates indoor theme parks in China, has also been actively expanding its territory recently，It is expected that the construction plan of two JOYPOLIS theme parks will be signed within this year，One in Wuhan，Another one in Hangzhou。There will be 4 JOYPOLIS theme parks in China。

Different from the malls built in the bustling areas of the city center in the past，These two new theme parks are located far away from the city center，It also covers a larger area。The indoor theme park in East and West Lake will have an area of ​​90,000 to 100,000 square meters。

*Source of this article: WeChat 188bet app public account "Sanwen Entertainment”(ID: hi3wyu)，Author: Sanwen Entertainment，Original title: "“Is IP+Cultural Tourism profitable?？We counted 23 companies: 2 lost money，5 companies with net profits over 100 million》.