Standing at the fork in the road of destiny，The road ahead for 188bet game Tourism Holdings Co., Ltd. (hereinafter referred to as "188bet game") has become increasingly dangerous。Evening of May 27th，188bet game issued an announcement in response to the inquiry letter from the Shanghai Stock Exchange regarding the 2019 annual report，Disclosed the Zhenjiang Beluga Magic Ocean World、Related progress of four major projects under construction including the Beluga Qiandao Lake Cultural Theme Park Underwater World Project。Announcement display，These four projects are currently under construction，Due to the long time to raise funds、Approval Process、The construction of supporting projects has been delayed and other reasons have caused the failure to proceed as planned、Slowing down progress and other phenomena，Some projects have even planned to transfer the entire second phase，The company will try not to invest any more。“For Dalian Shengya，The ‘White Whale Project’ that was once given high hopes for transformation，Now it has become a hot potato that is dragging down the company，In an already unhealthy financial situation，The road ahead for Dalian Shengya may become increasingly difficult。” Industry experts said。

The four major projects under 188bet game collectively "slowed down"

"Now，188bet game’s situation is already very difficult。" Zhou Mingqi, founder of Jingjian Think Tank, sighed，The collective slowdown of the four major projects，It can fully prove that the company’s capital chain is tight to a certain extent。

According to announcement，Among the four major projects under construction in 188bet game with a total investment of nearly 3 billion yuan，At least two have or have had financial problems。Among them，Zhenjiang Beluga Magic Ocean World project started in November 2016，The construction progress is slower than the original plan，The main reason is that the project was originally planned as a non-public offering project of the company，Later due to refinancing policies and regulations、Capital market environment、Many changes have taken place in the timing of financing，After many efforts, the private issuance failed to be completed，Influence project progress。At the same time，Announcement，The registered capital of this project has been fully secured，Raising funds through project construction loans to solve the funding gap and delaying the project；Due to the complex building structure、Planning height limit、Influence of environmental governance and other factors，Construction period increased。

One of the “triggers” why the construction progress of the Underwater World Project of the Beluga Qiandao Lake Cultural Theme Park has slowed down compared to the original plan is also due to the long time to raise funds for the project construction。And，According to announcement，At present, the first phase of the project is mainly constructed with advance funds from the construction party，The company plans to transfer the entire second phase project it holds，The transferred funds are invested in the first phase of the project，188bet game plans to try its best not to continue investing。

188bet game was “repeatedly pulled” by four projects under construction，I handed in a performance answer sheet that was not very optimistic last year。According to the company’s 2019 annual report，188bet game’s revenue that year was 3.1.9 billion yuan，Decreased by 8 year-on-year.32%。What’s worth paying attention to，According to annual report，188bet game’s asset-liability ratio reaches 60.67%，Financial expenses are 2247.630,000 yuan,8 year-on-year increase.32%,The proportion of non-attributed net profit is 52.53%,The interest expense is 2030.020,000 yuan，Causing great concern in the industry。

This is it，188bet game said in the reply，The increase in financial expenses is mainly due to the increase in financing costs，The company is currently in the business expansion stage,Big demand for funds,The loan is required for the company’s normal production and operations,An appropriate increase in financial expenses is reasonable and normal。 For last year’s asset-liability ratio was higher than that of domestically listed companies in the same industry，188bet game gave this explanation: The main reason is that the company’s main assets and operating methods are different from other tourism companies that focus on natural landscapes such as mountains，And the company is in the construction and development stage of off-site projects，The parent company operates and maintains Zhenjiang、Yingkou、Qiandao Lake、The Beluga Aquarium invested by Sanya Construction needs to increase debt。"The company is in the construction and development stage，The increase in demand for funds in the process of construction and development is a reasonable manifestation。” the announcement stated。

For the unoptimistic revenue data，Dalian Shengya attributed part of the main reasons to Typhoon "Lekima"。Announcement pointed out，Affected by typhoon，The number of visitors to 188bet game Museum in the third quarter of last year decreased by 6% year-on-year.030,000 people，The amount of impact on main business income is about 707.230,000 yuan，Accounted for 1031% of the main business income of the parent company in the third quarter compared with the same period last year.69% of 220,000 yuan，Accounting for 1367% of the company's annual main business income, a year-on-year decrease.52% of 640,000 yuan。

A life-saving straw or 188bet game?

But now，188bet game’s “White Whale Project” is regarded as a “hot potato” by the industry，Once shouldered the important task of leading the company's transformation。

“‘White Whale Project’ has gone through 5 years，3 to 5 years later，With the completion and opening of new projects，The advantages will be fully reflected。”The relevant person in charge of 188bet game made a “big wish” in 2017。However，2020 is about to pass halfway，The time left for the "White Whale Project" is becoming increasingly limited。“With the overall transfer of the Qiandao Lake Phase II project，And the slowdown of various projects under construction，As an important part of building ‘China Blue Disney’，‘Beluga Project’，Seems to have ‘swimmed’ into the bottleneck。" Lin Huanjie, President of China Theme Park Research Institute, pointed out。

Public information display，“Project White Whale” was born in 2012。Expert analysis pointed out，At that time, the company’s main revenue positions, Dalian and Harbin, were under pressure from customers，The relatively single revenue model and the current situation of over-reliance on tickets have given 188bet game the intention to "change"。To seek new profit growth points，188bet game and Dalian Publishing House、Beluga World Cultural Development Co., Ltd. and other partners have finalized the decision，Developed and launched the "White Whale Project"，Expected to use this as a breakthrough for transformation，Create a marine-themed full cultural industry chain project，The upper reaches are original children’s literature，The middle game is anime、Game、Performing arts and other content，Downstream is the aquarium、Theme Park。

Lin Huanjie introduced to Beijing Business Daily reporter，Once the ocean theme park forms a well-known IP，Can greatly enrich its own industrial chain，Connect upstream and downstream，Achieve transformation and development。So 188bet game bets on the "White Whale Project"，We also hope to use this springboard to develop into the entire industry chain。But he also said it bluntly，At present, there is basically no ocean theme park that has successfully established this model in China。Zhou Mingqi also said，Back then Dalian Shengya became the target of "China Blue Disney"，It has indeed attracted the attention of the industry，Although this original intention is understandable，But a beautiful ideal，In fact, it is based on an overly optimistic judgment of the market。

Five years after the development of "Project White Whale"，188bet game has launched dozens of projects nationwide，Most of them are indoor children's theme parks and other stores with relatively light investment。But at this time，188bet game has accelerated the launch of multiple heavy asset projects，The company’s fate has also undergone new changes。2017，188bet game issued an announcement，Subject to many changing factors，Zhenjiang Beluga Magic Ocean World project terminated and scheduled increase；2018，188bet game plans to acquire Zhenjiang Beluga Ocean World Co., Ltd. 40.98% equity，Transfer at a price of 0 yuan；2019，Multiple projects under construction failed to make progress as originally planned。“These projects that have been delayed in completion have become a burden for Dalian Shengya，Further increasing the company’s financial and survival pressure，It also makes its transformation road more and more bumpy。"Lin Huanjie said。

How to make choices 188bet game bumpy road ahead

The path you choose，No matter how difficult it is, you have to keep going。In the industry’s view，Today’s 188bet game，It’s time to make a choice。

Lin Huanjie confesses，Ocean theme park is actually a kind of entertainment model that is difficult to copy，Generally, it is more difficult to cultivate the IP of such theme parks，And it takes a lot of time。It can be seen from this，When the "White Whale Project" was proposed 8 years ago，188bet game’s announcement that it will become “China’s Blue Disney” within ten years is a bit too optimistic。

"That's why，Ocean theme parks rarely have well-known IPs，Some don’t even have IPs。Different from theme parks such as Disney，Ocean theme park mainly focuses on sightseeing，The content is relatively fixed，Seeking diversity for more and more、Immersive entertainment experience has limited appeal for tourists，" Lin Huanjie analyzed that，“Only the 188bet game itself has received certain market recognition，IP is valuable，Thus converted into traffic。”

Coincidentally，Zhou Mingqi also mentioned this in an interview with a reporter from Beijing Business Daily，Judging from the development in recent years，IP still cannot be called 188bet game’s strength。He thinks，Under the premise of not continuing to invest a lot of money，188bet game’s “White Whale” image is just an ordinary cartoon image，It is difficult to create a hit。"For theme parks，Only on the basis of successful export of heavy assets，Only when you have the capital to become asset-light，Because light assets depend on the brand value and IP value of the company。”

How Dalian Shengya will face the thorny road ahead，Zhou Mingqi’s analysis，It is a relatively rational decision for 188bet game to reduce losses by suspending the project，Because now the company can get loans even if it uses existing assets，The discount rate should also be relatively high，This will only make Dalian Shengya’s financial situation even more unhealthy，"Next，If there is a ‘taker’ who is willing to buy the bottom, enter the game，For Dalian Shengya，Maybe we can get rid of the burden、Survival with a broken arm，”But Zhou Mingqi also said frankly，“The entire tourism industry currently has a huge demand for funds，Although many investors are looking for bargain-hunting assets，But among a wide variety of projects，High-quality assets are definitely the first choice，And indoors、Small and medium size、High cost investment、A marine theme park with high operational difficulty，In the period when the epidemic has not been completely eliminated，Maybe it won’t be the ‘first choice’。”

Lin Huanjie thinks，188bet game should focus on “being yourself” in the future，"Ru Changlong、Haichang et al，It has become a certain brand IP，Under a certain size，Even if there is no well-known anime、Periphery、The halo formed by film and television，The project itself can also generate healthy revenue。In the future, 188bet game may focus on its areas of expertise，At the same time, regional factors need to be fully considered when implementing projects、Local tourists’ interests、The density of similar projects in the surrounding area and other factors，Play steadily、Guarantee the health of funds，Seeking further development。”

*Source of 188bet game article: 188bet game, author:Jiang Mengwei, Yang Hui, 188bet game title:《There is a gap in funds、The ill-fated project under construction, 188bet game’s “White Whale Project” failed》.