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This week’s giant market focuses on the outstanding performance of Disney, the super overlord in the theme park field, in the latest financial quarter。

April 11，Walt Disney announced its financial results for the second quarter of fiscal year 2022 as of April 2，Theme park business revenue、Profit and other financial indicators are all red，Even stole the spotlight from streaming service Disney+ which added 7.9 million new subscribers。

In this fiscal quarter，Disney Park、Experience and consumer goods business achieved revenue of 66.US$5.2 billion，31 compared with the same period last year.more than doubled compared to US$7.3 billion。At the same time，The operating profit contributed by this business segment to the entire company is 17.US$5.5 billion，Accounts for half of the company’s overall operating profit，The company suffered a loss of 4 in the same period last year.USD 0.6 billion。

From the perspective of comprehensive performance，Disney Park、Experience and consumer goods business revenue in the first half of the fiscal year was 138.USD 8.3 billion，Year-on-year growth of more than 100%，Operating profit increased from loss of 5% in the same period last year.US$2.5 billion，Soaring to over US$4.2 billion in net profit this year，Accounting for over 60% of the company’s overall operating profit，The proportion of operating profit in 2019 before the epidemic was 45.5%。

The growth of Disney theme park segment performance is attributed to three factors: increased number of tourists、The average consumption of tourists has increased and hotel bookings have increased significantly。

First，Adjustment of epidemic prevention and control policies is the fundamental reason for the increase in the number of visitors 188bet app download to Disney theme parks。

For the theme park industry，Visitor volume is the basis of all consumption。From last year’s“大合”To this year's“Wide open”，The U.S. epidemic prevention and control policy has undergone great changes，Also benefits players in the theme park industry including Disney。

Open 0 days from last year for the entire quarter，Open every day throughout the whole quarter of this year，Opened during last year’s and this year’s financial reporting period，The opening days of Disney parks around the world are closely related to their operating results。

For example，During the second fiscal quarter，Domestic Disney parks remain open throughout the quarter，Disneyland Resort was closed for the entire quarter last year，The Walt Disney World Resort is open with conditions after adopting capacity restrictions。Disneyland Paris also remains open throughout the season，All were closed during the same period last year；Hong Kong Disneyland Resort will only be open for three days this fiscal quarter，Opened for 33 days during the same period last year。Shanghai Disney remained open every day during the second fiscal quarter last year，And this quarter is only open for 78 days。The one that has been open the longest is Tokyo Disney，The entire resort was open during this period last year and this year。

Practice internal strength when the epidemic is serious、Various measures to improve operational efficiency have achieved remarkable results。

Before the park is fully opened，Disney has implemented a series of innovative initiatives in multiple parks。For example，Develop an online reservation management system to control passenger flow、Ticket price increase、Implementing a new queue-free charging system、Mobile ordering, etc.。These measures ensure that tourists enjoy a high-quality play experience，It also greatly stimulated their willingness to consume。

One noteworthy detail is，U.S. domestic Disneyland operating profit lost nearly US$2 million in the same period last year，Surge to nearly 1.4 billion US dollars this year，Understand the difference between open and closed at a glance。

For any theme park or park，The number of tourists is the basis，But what determines the performance is the food and drinks after entering the park、Accommodation and other secondary consumption，What best reflects the level of the second game is the average consumption level of each visitor。

The most outstanding performance of Disney’s theme park segment is，The average consumption level per tourist increased by 40% compared with the same period in 2019 before the epidemic，After being fully opened，People began to consume in themed entertainment“Revengeful”Consumption is not an exaggeration。

The special feature of this significant increase 188bet Online Sports Betting and Casino in average consumption is，The number of tourists has decreased，But the average spending per visitor increased。But this does not mean，The price increase of Disney tickets can bring about such a large increase in consumption，Not just product authorization、Growth from hotel accommodation revenue。The key is still，Disney launches more paid items，For example, the new system Genie+ platform launched to replace FastPass and FastPass+ at Disneyland，Visitors pay RMB 15 per person per day to play without any barriers and skip the queue。

current，Most theme parks in China are still using various methods to attract tourists，Increase the number of tourists，The pursuit of victory through quantity，Find another way to rely on popularity and traffic，Finally increase secondary consumption income。In comparison，Disneyland，Especially the theme parks in the United States，Has directly achieved a leapfrog transformation from quantity to quality。

Transformation from quantity to quality，Mainly reflected in Disney’s crowd control and management of visitors entering the park，That is, to strike a balance between passenger flow and tourist experience，Focus on improving operational results。

For example，After introducing the new online reservation system，Disney can monitor the number of park visitors，Disperse the flow of people，Prevent tourists from being too concentrated on a certain day or at a certain attraction and affecting the experience。Shanghai Disney、Universal Studios and others provide a 90-day calendar for tourists to choose travel dates, which is also a practice in this regard。This not only controls the flow of people throughout the year，You can also monitor monthly and weekly customer flow，This is Disney’s way of controlling passenger flow、A good solution to avoid crowding and improve experience。Also，Let tourists use mobile phones for online booking、Initiatives such as ticket checking and food ordering have also proven successful，Lay a solid foundation to improve operational efficiency and increase revenue and profits。

This logic is not difficult to understand，If visitors have fun，Good experience，They are likely to consume more，For example, catering、Product sales related to Disney’s major IPs, etc.，This is also the reason why Disney’s theme park business has repeatedly refreshed its performance from last quarter to this quarter。Disney even said，As the epidemic prevention and control work gets better and better，Disneyland no longer needs every park to be overcrowded every day，The implication，Provide tourists with a better experience，The best way is to make them willing to consume more products in the park。

Currently，Disney is investing heavily in Disney+，Introducing more content for C-end consumers of more age groups，But it turns out，188bet online sports betting Currently, the business that supports Disney’s entire entertainment empire is still the theme park business。The company has reorganized the original four major businesses into two major businesses according to the needs of the times and the market: Disney media and entertainment distribution business focusing on online and Disney Parks focusing on offline experience、Experience and consumer goods business，Although the income of the former has always been about twice that of the latter，But the operating profit is basically evenly divided，The theme park business is even better at times (60% this quarter)。

Maybe，The most powerful thing about Disney is not its countless IP resource library or its global expansion，But it has always been able to make adjustments according to market demand and the development of the times，Even if you launch a new business sometimes, you are revolutionizing your own life。For example，Launch of streaming media service，Absorbing more users online means that both traditional wired network business users and revenue will be greatly affected。What’s more，It is still unknown how long streaming media will continue to burn money before it can finally make a profit。Even many measures that have been proven effective by current operating results were initially opposed or doubted by many Disney fans and industry experts，Where Disney, this century-old ship, will eventually sail and what new myths it will create are still topics of close concern in the global themed entertainment industry。

Destination Investment Barometer

This week’s destination focuses on Hebei Province’s promotion of post-Olympic economic development.

Recently, the Hebei Provincial Sports Bureau issued the "Implementation Plan for Accelerating the Post-Olympic Economic Development" (hereinafter referred to as the "Plan")。The "Plan" points out，By 2025，The total scale of the province’s ice and snow industry reaches 150 billion yuan，The development of ice and snow tourism and ice and snow equipment manufacturing has achieved remarkable results，Zhangjiakou“Winter Olympic City”Brand Highlight，The ice and snow industry scale reaches 60 billion yuan，Chongli has become an international high-end ice and snow event gathering area and an ice and snow sports and leisure resort。

Hebei Province is the venue for the Winter Olympics，Attracting global attention during the Winter Olympics，Advanced ice and snow event venues provide necessary conditions for local host international and domestic high-end events。Chongli Plateau National (Comprehensive) Training Base、Baoding Laiyuan National Ski Jumping Training and Research Base、Three national sports training bases including Hebei Chengde National Sports Training Base have complete facilities，On the basis of ensuring the needs of the national 188bet Online Sports Betting and Casino team’s training and preparations，Can attract brotherly provincial and municipal sports teams as well as foreign high-level sports teams to station for training，Undertake international and domestic high-level events，Radiation drives surrounding areas、Provincial ice and snow events、Ice and snow sports are launched。

The post-game extension of Olympic venues has always been a concern for the countries hosting Olympic events，Olympic venues are of high standard、Advanced equipment，How to make better use of venues after the Olympic Games，Providing support for national fitness is what we need to consider。Proposed by Hebei Province，Support Zhangjiakou、Baoding、Chengde and other places use Winter Olympic venues and national ice and snow training base，Develop ice and snow sports training、Research、Experience、Exhibitions and outdoor sports and leisure projects。Promote the four-season operation of Olympic venues，Building a popular ice and snow sports promotion base、Mountain Outdoor Sports Park and Outdoor Sports Experience Base，Expand all sports in all seasons。Promote Olympic venues to improve sports tourism service supporting facilities，Expand fitness and leisure、Comprehensive functions of sports tourism and leisure entertainment，Building sports complexes and sports towns，Building a high-quality sports tourism resort。

Except for post-game use of Olympic venues，Hebei Province will also implement an action to make up for the shortcomings of ice and snow facilities。Follow“Green energy saving、Resource circulation、Sustainable Utilization”Concept，To meet sports training、Event、Fitness is the main function，via new、Renovation and expansion method，Guided by government investment，Attract social forces to build ice and snow facilities according to local conditions，Each county (district、City) builds an ice and snow sports experience training center，Make up for the shortcomings of ice and snow facilities in the community。Establish Winter Olympics venues by 2025、National Base、Provincial, city and county ice and snow venues are clearly organized、Functionally sound、Supporting facilities、A network of ice and snow venues covering the entire province。

As understood，To promote national fitness，Hebei Province also organized“Winter Olympics benefit the people”Action。Requires continued use of the issuance of sports consumption coupons in Hebei Province to stimulate sports consumption，Focus on Zhangjiakou City，Tilting towards ice and snow sports。Taking the opportunity of Zhangjiakou’s role as a national sports consumption city pilot，Guide Zhangjiakou City to implement sports subsidies to benefit the people，Enrich subsidy project content，Expand 188bet sports betting app download the number of participating market entities，Reduce the cost of mass consumption，Inspire consumer enthusiasm。

Related，Hebei Province will focus on the ice and snow equipment industry，Enrich ice and snow product supply system。Start with industrial innovation and R&D capabilities，Promote innovation in sports manufacturing design、Process Innovation。Organization“Supply and demand matchmaking meeting”etc.，Promote the transformation of sports equipment scientific research results、Technology Promotion、Process Improvement，Promoting the continuous improvement of the technical level of sports manufacturing industry in Hebei Province。Newly recognized Chinese well-known trademark enterprise、Selected“Top Ten Brands of Hebei Sports Equipment Manufacturing”Other companies will provide financial rewards in accordance with regulations。

Hebei Province seizes the effect of Winter Olympics，Make full use of the leading role of Olympic venues and Winter Olympics training base，Promote all people to participate in ice and snow sports，And launched relevant policies to promote the development of the province’s ice and snow industry，I believe that with the promotion of ice and snow sports in the future，Hebei will play an important role in the popularization of ice and snow sports and the development of the ice and snow industry in China。