Earnings release
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1 Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. HAICHANG OCEAN PARK HOLDINGS LTD. ʮ̡ (Incorporated in the Cayman Islands with limited liability) (Stock Code: 2255) INTERIM RESULTS ANNOUNCEMENT FOR THE SIX MONTHS ENDED 30 JUNE 2026 RESULTS The board (the “Board”) of directors (the “Directors ”) of Haichang Ocean Park Holdings Ltd. (the “Company ” or “Haichang ” or “we”) is pleased to announce the unaudited condensed consolidated interim results of the Company and its subsidiaries (collectively, the “Group”) for the six months ended 30 June 2026 (the “reporting period ” or “period ”), together with the comparative financial data as follows:
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2 INTERIM CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS For the six months ended 30 June 2026 2026 2025 (Unaudited) (Unaudited) Notes RMB’000 RMB’000 REVENUE 5 535,924 686,303 Cost of sales (508,979) (614,601) Gross profit 26,945 71,702 Other income 6 20,897 27,434 Selling and marketing expenses (75,351) (51,252) Administrative expenses (153,957) (172,528) Other expenses (25,047) (14,001) Finance costs 7 (128,754) (156,965) LOSS BEFORE TAX 8 (335,267) (295,610) Income tax expense 9 – (16) LOSS FOR THE PERIOD (335,267) (295,626) Attributable to: Owners of the parent (332,497) (295,139) Non-controlling interests (2,770) (487) (335,267) (295,626) LOSS PER SHARE ATTRIBUTABLE TO ORDINARY EQUITY HOLDERS OF THE PARENT 11 Basic and diluted – For loss for the period (RMB cents) (2.52) (3.64)
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3 INTERIM CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME For the six months ended 30 June 2026 2026 2025 (Unaudited) (Unaudited) RMB’000 RMB’000 LOSS FOR THE PERIOD (335,267) (295,626) OTHER COMPREHENSIVE LOSS Items that may be reclassified to profit or loss in subsequent periods: Exchange differences on translation of foreign operations, net 19,823 (52,774) Items that will not be reclassified to profit or loss in subsequent periods: Exchange differences on translation from functional currency to presentation currency (18,429) 57,495 OTHER COMPREHENSIVE INCOME FOR THE PERIOD, NET OF TAX 1,394 4,721 TOTAL COMPREHENSIVE LOSS FOR THE PERIOD (333,873) (290,905) Attributable to: Owners of the parent (331,103) (290,418) Non-controlling interests (2,770) (487) (333,873) (290,905)
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4 INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION 30 June 2026 30 June 2026 31 December 2025 (Unaudited) (Audited) Notes RMB’000 RMB’000 NON-CURRENT ASSETS Property, plant and equipment 6,244,123 6,394,952 Investment properties 569,603 569,603 Right-of-use assets 1,520,160 1,544,466 Intangible assets 16,814 18,228 Deferred tax assets 17,395 19,217 Long-term prepayments, receivables and deposits 486,473 489,142 Properties under development 303,133 301,845 Total non-current assets 9,157,701 9,337,453 CURRENT ASSETS Inventories 68,893 71,754 Biological assets 3,642 3,642 Trade receivables 12 55,759 56,800 Prepayments, other receivables and other assets 182,493 166,049 Financial assets at fair value through profit or loss 72,093 95,796 Cash and cash equivalents 459,632 1,057,624 Total current assets 842,512 1,451,665 CURRENT LIABILITIES Trade payables and bills payables 13 891,572 1,026,118 Other payables and accruals 515,684 606,603 Advances from customers 30,430 40,469 Interest-bearing bank and other borrowings 1,281,397 1,715,698 Lease liabilities 10,681 13,109 Government grants 13,640 13,640 Tax payable 37,983 37,943 Total current liabilities 2,781,387 3,453,580 NET CURRENT LIABILITIES (1,938,875) (2,001,915) TOTAL ASSETS LESS CURRENT LIABILITIES 7,218,826 7,335,538
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5 30 June 2026 31 December 2025 (Unaudited) (Audited) RMB’000 RMB’000 NON-CURRENT LIABILITIES Interest-bearing bank and other borrowings 4,168,724 3,936,755 Lease liabilities 194,737 200,355 Government grants 356,154 363,522 Deferred tax liabilities 24,307 26,129 Total non-current liabilities 4,743,922 4,526,761 Net assets 2,474,904 2,808,777 EQUITY Equity attributable to owners of the parent Share capital 4,305 4,305 Reserves 2,408,516 2,739,619 2,412,821 2,743,924 Non-controlling interests 62,083 64,853 Total equity 2,474,904 2,808,777
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6 NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION 30 June 2026 1. BASIS OF PREPARATION The interim condensed consolidated financial information for the six months ended 30 June 2026 has been prepared in accordance with IAS 34 Interim Financial Reporting . The interim condensed consolidated financial information does not include all the information and disclosures required in the annual financial statements, and should be read in conjunction with the Group ’s annual consolidated financial statements for the year ended 31 December 2025. 2. BASIS OF PRESENTATION As at 30 June 2026, the Group had net current liabilities of RMB1,938,875,000. The Group incurred a net loss of RMB335,267,000 during the six-month period ended 30 June 2026. In addition, bank and other borrowings of approximately RMB188,488,000 were overdue during the period and the Group has subsequently settled approximately RMB8,488,000 of the overdue bank and other borrowings. The Directors consider that the Group has taken various measures and will have adequate funds available to enable it to operate as a going concern, after taking into account the past operating performance of the Group and the following: (a) The Group has been actively negotiating with respective banks for the renewal of borrowings. Having considered the successful renewal of borrowings during the period, the Group ’s credit history and long- term relationships with the relevant banks, the directors believe that the Group will be able to renew the bank and other borrowings upon expiry. As of the date of this announcement, bank and other borrowings of approximately RMB30,000,000 have been successfully renewed; (b) Up to the date of this announcement, the Group has unused credit facilities of a total amount of RMB4,500,000,000 valid until after 31 December 2027, of which RMB4,000,000,000 was granted by a related company which is controlled by Mr. Qu Naijie and the remaining amount was granted by related companies which are controlled by other shareholders; (c) The Group continues to monitor capital expenditure to balance and relieve cash resources to support park operations and take action to tighten cost controls over various operating expenses and is actively seeking new investment and business opportunities with an aim to attain profitable and positive cash flow operations; (d) The Group will continue to actively negotiate with the suppliers to extend the repayment dates of the accounts payable based on amicable relationships with the suppliers; and (e) The Company has been actively negotiating with potential investors with a view to obtain further financing when necessary, including but not limited to equity financing, rights issue and issuance of new convertible bonds, to improve the liquidity of the Group. The Directors of the Company have reviewed the Group ’s cash flow forecast covering a period of 12 months from the end of the reporting period ended 30 June 2026. The Directors are of the opinion that, taking into account the above-mentioned plans and measures, the Group will have sufficient working capital to finance its operations and meet its financial obligations as and when they fall due in the foreseeable future. Accordingly, the Directors believe it is appropriate to prepare the interim condensed consolidated financial information of the Group for the six months ended 30 June 2026 on a going concern basis.
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7 3. CHANGES IN ACCOUNTING POLICIES AND DISCLOSURES The accounting policies adopted in the preparation of the interim condensed consolidated financial information are consistent with those applied in the preparation of the Group ’s annual consolidated financial statements for the year ended 31 December 2025, except for the adoption of the following revised International Financial Reporting Standards ( “IFRS ”) Accounting Standards for the first time for the current period ’s financial information. New and amendments to IFRS Accounting Standard that are mandatorily effective for the current period During the reporting period, the Group has applied the following new and amendments to IFRS Accounting Standard issued by the IASB for the first time, which are mandatorily effective for the annual period beginning on or after 1 January 2026 for the preparation of the Group ’s condensed consolidated interim financial statements: Amendments to IFRS 9 and IFRS 7 Contracts Referencing Nature-dependent Electricity Amendments to IFRS 9 and IFRS 7 Amendments to the classification and measurement of financial instruments Amendments to IFRS Accounting Standards Annual improvements to IFRS Accounting Standards – Volume 11 The application of the amendments to IFRS Accounting Standard in the current period has had no material impact on the Group ’s financial positions and performance for the current and prior period and/or on the disclosures set out in these condensed consolidated interim financial statements.
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8 4. OPERATING SEGMENT INFORMATION No geographical information is presented as over 99% of the Group ’s revenue from external customers is derived from its operations in Chinese Mainland and over 99% of the Group ’s non-current assets are located in Chinese Mainland. Operating segments The following table presents revenue and loss information of the Group ’s operating segments for the six-month period from 1 January to 30 June 2026 and the six-month period from 1 January to 30 June 2025. Six months ended Park Operation Property 30 June 2026 operations as a service development Total RMB’000 RMB’000 RMB’000 RMB’000 (Unaudited) (Unaudited) (Unaudited) (Unaudited) Segment revenue (note 5) Sales to external customers and total revenue 510,242 25,682 – 535,924 Total segment revenue 535,924 Segment results 23,963 2,982 – 26,945 Reconciliation: Unallocated income 20,897 Corporate and other unallocated expenses (254,355) Finance costs (128,754) Loss before tax (335,267) Six months ended Park Operation Property 30 June 2025 operations as a service development Total RMB’000 RMB’000 RMB’000 RMB’000 (Unaudited) (Unaudited) (Unaudited) (Unaudited) Segment revenue (note 5) Sales to external customers and total revenue 646,200 40,103 – 686,303 Total segment revenue 686,303 Segment results 65,654 6,048 – 71,702 Reconciliation: Unallocated income 27,434 Corporate and other unallocated expenses (237,781) Finance costs (156,965) Loss before tax (295,610)
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9 4. OPERATING SEGMENT INFORMATION (continued) Operating segments (continued) The following table presents the asset and liability information of the Group ’s operating segments as at 30 June 2026 and 31 December 2025. 30 June 2026 Park Operation Property operations as a service development Total RMB’000 RMB’000 RMB’000 RMB’000 (Unaudited) (Unaudited) (Unaudited) (Unaudited) Segment assets 8,868,693 43,185 303,133 9,215,011 Reconciliation: Corporate and other unallocated assets 785,202 Total assets 10,000,213 Segment liabilities 240,465 146,392 – 386,857 Reconciliation: Corporate and other unallocated liabilities 7,138,452 Total liabilities 7,525,309 31 December 2025 Park Operation Property operations as a service development Total RMB’000 RMB’000 RMB’000 RMB’000 (Audited) (Audited) (Audited) (Audited) Segment assets 9,033,082 77,043 301,845 9,411,970 Reconciliation: Corporate and other unallocated assets 1,377,148 Total assets 10,789,118 Segment liabilities 320,604 158,818 – 479,422 Reconciliation: Corporate and other unallocated liabilities 7,500,919 Total liabilities 7,980,341
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10 4. OPERATING SEGMENT INFORMATION (continued) Operating segments (continued) Other segment information The following table presents information of the Group ’s operating segments for the six-month period from 1 January to 30 June 2026 and the six-month period from 1 January to 30 June 2025. Six months ended Park Operation Property 30 June 2026 operations as a service development Total RMB’000 RMB’000 RMB’000 RMB’000 (Unaudited) (Unaudited) (Unaudited) (Unaudited) Depreciation and amortisation Unallocated 1,436 Segment 192,263 4,929 – 197,192 Capital expenditure* Unallocated – Segment 22,227 – – 22,227 Six months ended Park Operation Property 30 June 2025 operations as a service development Total RMB’000 RMB’000 RMB’000 RMB’000 (Unaudited) (Unaudited) (Unaudited) (Unaudited) Depreciation and amortisation Unallocated 1,617 Segment 189,001 4,213 – 193,214 Capital expenditure* Unallocated – Segment 14,691 – – 14,691 * Capital expenditure consists of additions to property, plant and equipment, investment properties, intangible assets and long-term prepayments. Information about major customers No information about major customers is presented as there were no sales to a single customer which accounted for 10% or more of the Group ’s revenue for the six months ended 30 June 2026.
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11 5. REVENUE An analysis of revenue is as follows: For the six months ended 30 June 2026 2025 RMB’000 RMB’000 (Unaudited) (Unaudited) Revenue from contracts with customers 519,942 665,277 Revenue from other sources Gross rental income from investment property operating leases: Variable lease payments that do not depend on an index or a rate 254 419 Other lease payments, including fixed payments 15,728 20,607 Subtotal 15,982 21,026 Total 535,924 686,303 Disaggregated revenue information for revenue from contracts with customers For the six months ended 30 June 2026 Park Operation Segments operations as a service Total RMB’000 RMB’000 RMB’000 (Unaudited) (Unaudited) (Unaudited) Types of goods or services Ticket sales 264,562 – 264,562 Food and beverage sales 60,113 – 60,113 Sale of merchandise 39,584 – 39,584 In-park recreation income 63,866 – 63,866 Income from hotel operations 66,135 – 66,135 Tourism & leisure services and solutions – 25,682 25,682 Total 494,260 25,682 519,942 Geographical market Chinese Mainland 494,260 25,682 519,942 Timing of revenue recognition Goods transferred at a point in time 99,697 – 99,697 Services transferred over time 394,563 25,682 420,245 Total 494,260 25,682 519,942
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12 5. REVENUE (continued) Disaggregated revenue information for revenue from contracts with customers (continued) For the six months ended 30 June 2025 Park Operation Segments operations as a service Total RMB’000 RMB’000 RMB’000 (Unaudited) (Unaudited) (Unaudited) Types of goods or services Ticket sales 320,248 – 320,248 Food and beverage sales 68,539 – 68,539 Sale of merchandise 80,163 – 80,163 In-park recreation income 74,422 – 74,422 Income from hotel operations 81,802 – 81,802 Tourism & leisure services and solutions – 40,103 40,103 Total 625,174 40,103 665,277 Geographical market Chinese Mainland 625,174 40,103 665,277 Timing of revenue recognition Goods transferred at a point in time 148,702 – 148,702 Services transferred over time 476,472 40,103 516,575 Total 625,174 40,103 665,277 Set out below is the reconciliation of the revenue from contracts with customers to the amounts disclosed in the segment information: For the six months ended 30 June 2026 Park Operation Segments operations as a service Total RMB’000 RMB’000 RMB’000 (Unaudited) (Unaudited) (Unaudited) Revenue from contracts with customers External customers 494,260 25,682 519,942 For the six months ended 30 June 2025 Park Operation Segments operations as a service Total RMB’000 RMB’000 RMB’000 (Unaudited) (Unaudited) (Unaudited) Revenue from contracts with customers External customers 625,174 40,103 665,277
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13 6. OTHER INCOME 2026 2025 RMB’000 RMB’000 (unaudited) (unaudited) Other income Government grants 10,205 15,599 Interest income 412 75 Income from insurance claims 8,601 7,025 Others 1,679 4,735 Total other income 20,897 27,434 7. FINANCE COSTS An analysis of finance costs from continuing operations is as follows: 2026 2025 RMB’000 RMB’000 (unaudited) (unaudited) Interest on bank loans and other loans 122,542 149,453 Interest on lease liabilities 6,212 7,512 Total 128,754 156,965 8. LOSS BEFORE TAX The Group ’s loss before tax is arrived at after charging/(crediting): For the six months ended 30 June 2026 2025 RMB’000 RMB’000 (Unaudited) (Unaudited) Cost of merchandise sold 22,560 37,258 Cost of services provided 486,219 577,159 Depreciation of property, plant and equipment 169,864 161,530 Depreciation of right-of-use assets 27,328 31,684 Amortisation of intangible assets 1,436 1,617 Rental income (15,982) (21,026) Less: Direct operating expenses arising on rental-earning properties 200 184 (15,782) (20,842) Loss on disposal of items of property, plant and equipment 170 826 Foreign exchange differences, net 1,344 649 Fair value losses of financial assets at fair value through profit or loss 23,703 –
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14 9. INCOME TAX The PRC corporate income tax ( “CIT”) has been provided at the rate of 25% (2025: 25%) on the estimated assessable profits arising in Chinese Mainland during the period. Income tax in the interim condensed consolidated statement of profit or loss represents: For the six months ended 30 June 2026 2025 RMB’000 RMB’000 (Unaudited) (Unaudited) Current – Chinese Mainland: Charge for the year – – Deferred – 16 Total tax charge for the period – 16 10. DIVIDEND No interim dividend was paid, declared or proposed during the six months ended 30 June 2026 (six months ended 30 June 2025: Nil). 11. LOSS PER SHARE ATTRIBUTABLE TO ORDINARY EQUITY HOLDERS OF THE PARENT The calculation of the basic loss per share amounts is based on the loss for the period attributable to ordinary equity holders of the parent, and the weighted average number of ordinary shares of 13,214,002,000 (2025: 8,104,092,000) in issue during the period. The calculation of the basic loss per share amount is based on: 2026 2025 (Unaudited) (Unaudited) Losses Loss attributable to ordinary equity holders of the parent, used in the basic loss per share calculation (RMB ’000) (332,497) (295,139) Shares Weighted average number of ordinary shares in issue during the period used in the basic loss per share calculation 13,214,002,000 8,104,092,000 There were no potentially dilutive ordinary shares in issue during the periods and therefore the amounts of diluted loss per share were the same as the basic loss per share amounts.
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15 12. TRADE RECEIVABLES An ageing analysis of the trade receivables as at the end of the reporting period, based on the invoice date, net of loss allowance, is as follows: 30 June 31 December 2026 2025 RMB’000 RMB’000 (Unaudited) (Audited) Within 90 days 3,599 56,800 Over 90 days and within one year 52,160 – Total 55,759 56,800 13. TRADE AND BILLS PAYABLES 30 June 31 December 2026 2025 RMB’000 RMB’000 (Unaudited) (Audited) Trade payables 791,572 926,118 Bills payables 100,000 100,000 Total 891,572 1,026,118 An ageing analysis of the trade payables as at the end of the reporting period, based on the invoice date, is as follows: 30 June 31 December 2026 2025 RMB’000 RMB’000 (Unaudited) (Audited) Within 1 year 399,918 504,482 Over 1 year 391,654 421,636 Total 791,572 926,118 The trade payables are interest-free and normally settled on terms of 30 to 180 days other than those suppliers agreeing to extend the credit period for more than one year. The fair values of trade payables approximate to their carrying amounts.
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16 BUSINESS REVIEW AND OUTLOOK 1. Industry Overview In the first half of 2026, China ’s domestic cultural and tourism consumption market maintained strong momentum, driven by robust demand for travel among residents. Family trips, summer retreat, and slow-paced travel gained widespread popularity. According to domestic residents ’ travel data released by the Ministry of Culture and Tourism, domestic trips made by residents reached 1,901 million in the first quarter of 2026, representing an increase of 107 million as compared with the corresponding period of last year and a year-on-year growth of 6.0%. Tourist consumption showed a trend toward greater rationality, with a strong focus on experience and value-for-money, leading to a decrease in average travel spending per capita. At the policy level, tourism has been clearly positioned as an emerging strategic pillar industry, as well as a livelihood-oriented and well-being industry with distinctive characteristics of the era. In June 2026, the State Council approved the “15th Five-Year Plan for Building a Tourism Power, ” which proposed adhering to a people-centered development approach for tourism, promoting high-quality development, advancing deep integration of culture and tourism, improving the modern tourism system, enriching tourism supply, unlocking consumption potential, and accelerating the building of a tourism power to better serve people ’s aspirations for a better life and boost economic development. In July 2026, the State Council approved the “15th Five-Year Plan for Expanding Consumption, ” which explicitly identified developing cultural and tourism consumption as a key driver for expanding domestic demand. The plan supports expanding the supply of high-quality culture and tourism products and services, while deepening the integrated development of “culture & tourism + various industries ” and “various industries + culture & tourism. ” China ’s cultural and tourism consumption market continues to demonstrate significant growth potential. According to the latest analysis by Morgan Stanley in 2026, tourism is emerging as a new growth engine for China, with its contribution to gross domestic product (GDP) expected to reach approximately 6.7% by 2030, primarily driven by domestic tourism. According to The 2024 TEA Global Experience Index™ released by the Themed Entertainment Association (TEA), the Group was named among the top ten theme park operators worldwide, ranking ninth. In May 2026, two national standards, namely Management Specifications for Important Equipment and Facilities in Amusement Parks and Construction and Maintenance Specifications for Indoor Amusement Venues in Amusement Parks, which the Group participated in drafting, were officially released and will be fully implemented on 1 September 2026. Leveraging over 20 years of experience in theme park operations and full-process management capabilities, we have provided solid support for the safety control of equipment and facilities as well as the construction specifications for indoor venues in the industry, further demonstrating Haichang ’s role and commitment in continuously advancing from an “industry participant ” to a “standard definer. ”
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17 2. Business Overview of the Company The Group is a leading group in China specializing in providing integrated oceanic culture-based tourism and leisure services. As at 30 June 2026, the Group owned seven large- and medium-scale marine culture-based tourism and leisure projects under the brand name of “Haichang ” across China. Leveraging our accumulated experience and brand influence in operation of tourism and leisure projects for years, we have the capability to externally deliver the entire process of planning, designing, construction, animal conservation, and operation and management, and have developed our tourism & leisure services and solutions business, which has won wide market recognition. Moreover, in order to improve visitors ’ experience in the theme parks and product competitiveness, we continuously introduce internationally influential intellectual properties (IP(s)) and have developed our IP operation business. By continuous delivery of our operation capabilities and extraordinary IP products across China, we hope to help more consumers to fully enjoy our wide range of high-quality culture-based tourism and leisure consumer products and services. Our goal is to become a company that allows people to have fun to the fullest and create an amusement park filled with “dream • love • joy. ” In the first half of 2026, the Group ’s revenue was RMB535.9 million (same period of 2025: RMB686.3 million), representing a year-on-year decrease of 21.9%. For the six months ended 30 June (Unaudited) 2026 2025 (RMB’000) (RMB’000) Revenue by business Park operation 510,242 646,200 Ticket sales 264,562 320,248 In-park spendings (Note 1) 163,563 223,124 Rental income 15,982 21,026 Income from hotel operations 66,135 81,802 Income from tourism & leisure services and solutions 25,682 40,103 Total 535,924 686,303 Note : (1) In-park spendings include revenue from sales of food and beverages, sales of merchandises and in-park recreation income.
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18 2.1 Park Operation Business As at 30 June 2026, the Group owned seven theme parks. Park Theme Location Year of opening Site area Scenic rating Shanghai Haichang Ocean Park (“Shanghai Park ”) Polar ocean and amusement facilities Shanghai 2018 Approximately 297,000 Ĕ 4A Zhengzhou Haichang Ocean Tourist Resort ( “Zhengzhou Park ”) Polar ocean and amusement facilities Zhengzhou 2023 Approximately 425,000 Ĕ 4A Dalian Haichang Discoveryland Theme Park ( “Discoveryland Park”) Amusement facilities Dalian 2006 Approximately 467,000 Ĕ 5A Sanya Haichang Fantasy Town (“Sanya Park ”) Immersive cultural and recreational complex Sanya 2019 Approximately 233,000 Ĕ To be determined Dalian Laohutan Ocean Park Polar ocean Dalian 2002 Approximately 23,000 Ĕ 5A Chongqing Haichang Caribbean Water Park Water park Chongqing 2009 Approximately 240,000 Ĕ 4A Yantai Haichang Ocean Park Polar ocean Yantai 2011 Approximately 157,000 Ĕ 4A In the first half of 2026, affected by the overall external economic environment, increased price sensitivity among tourists and frequent rainfall and adverse weather conditions during the major holiday periods, the revenue of the park operation segment decreased as compared to the corresponding period of last year. For the six months ended 30 June 2026, the revenue of the park operation segment of the Group was RMB510 million. Under such circumstances, we still adhered to our original aspiration of offering the most premium tourism & leisure content to consumers, and continued to enhance and improve the quality and attractiveness of our tourism & leisure projects. Focusing on four key areas, namely content renewal, equipment upgrading, brand breakthrough and in-depth channel cultivation, we continued to deliver richer and more diverse high-quality experiences to tourists. During the period, we continued to roll out distinctive large-scale festival events such as “Marine Deities Festival, ” “Drama Theater Festival, ” “Curious Ocean Festival ” and “Ocean Penguin Children ’s Festival, ” seamlessly integrating rich festival culture with the magical ocean scenes. Featured activities including the grand opening show “Mountain & Sea Drama Parade ” and “Underwater China Chic Shows ” incorporated diverse interactive experiences such as stilt musicals, original giant puppet parades and Qudou Ocean Perler Beads Competition. We also carried out cross-border collaboration and in-depth co-creation with hit film and television IPs, such as Chinese anime Blades of the Guardians, making “always new for every visit ” not just a brand promise, but also a solid engine driving tourists ’ long-term repeated visits.
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19 We also integrate intangible cultural heritage and traditional folk custom resources to build differentiated cultural experiences. During the Spring Festival, our parks introduced 22 intangible cultural heritage items from 15 regions, staging a total of 540 performances covering traditional arts such as Yingge Dance, Molten Iron Fireworks, Nuo Opera, Fire Pot Performance, Fish-Dragon Dance and Shadow Puppetry. We also pioneered underwater intangible cultural heritage shows including Underwater Nuo Dance and Underwater Martial Opera Heroine. With the immersive scene layout of “one intangible cultural heritage discovery at every step, ” we transformed the traditional “passive viewing ” into tourists ’ active participation. During the Spring Festival holiday, our parks gained over 1 billion exposures, securing six features on CCTV and twelve on provincial satellite TV networks, while the number of tourists also grew significantly during the Spring Festival. To further unlock the consumption potential of night tours, we focused on upgrading the nighttime product system: Shanghai Park launched the Light & Time Painted Realm Mapping show and Aoyu Fish Show, and introduced drone formations and fireworks performances; Zhengzhou Park integrated night parades, electric music events and Ferris wheel interactions to build an immersive night tour experience; Discoveryland Park launched the ProMax version of “Dreamy Fireworks Show. ” We continuously promoted equipment renewal to enhance the play experience. Dalian Discoveryland ’s twin-tower space shuttle “Speedy Twin Star ” (58 meters high, with parallel twin towers bringing a dual weightlessness experience) and Dalian ’s brand-new landmark Ferris wheel “Dalian Eye ” (108 meters high, featuring 56 panoramic cabins and China ’s first “aerial marriage registration point ” on a Ferris wheel) were successively unveiled, forming an all-age-covered product portfolio that harmoniously balances “fast and slow, dynamic and tranquil ” experience. We continued to enhance our scientific research and technologies and professional capabilities in marine life conservation. During the period, encouraging news kept coming from our conservation efforts. A “baby killer whale ” weighing over 200 kilograms and measuring over 2.5 meters in length was safely born in Shanghai Park. It was the third killer whale calf successfully bred by the Company, accumulating important and valuable data for the breeding research of marine mammals in China and providing a scientific model with great reference value for the breeding and wild ecological protection of rare cetaceans around the world. In addition, on 8 March, Henan Province ’s first artificially bred harbor seal, a national first-class protected animal and known as the “panda of the sea, ” was successfully born in Zhengzhou Park; on 10 May, the first Arctic wolf “quadruplets ” (two males and two females) in Henan were successfully bred in Zhengzhou Park. Thus, Zhengzhou Park has achieved artificial breeding of Arctic wolves for three consecutive years.
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20 We continued to engage in charitable activities and fulfil our corporate social responsibilities. During the period, Haichang Ocean Park celebrated its 12th anniversary of Public Welfare Month. Since 2015, we have designated April of each year as “Haichang Ocean Park Public Welfare Month ”, continuously caring for the autism group and welcoming millions of special needs individuals and their families. With the core concept of “Embracing All with Love ”, this year ’s Public Welfare Month joined hands with public welfare organizations including Shanghai Sports Federation, Special Olympics International and One Foundation. It specially invited Li Jiayue, winner of the AFC Women ’s Asian Cup, and Wang Yihan, the badminton world champion, to lead a charity run with 500 families affected by autism, Special Olympics children and tourist families. We also simultaneously carried out activities such as free medical consultations, charity art exhibitions, live-streamed fundraising, charity sales and science popularization lectures, continuously promoting the in-depth transformation of public welfare initiatives from “short-term activities ” to “long-term ecosystem, ” extending the reach of public welfare to every corner in need of warmth. Our brand influence has also continuously received authoritative attention. During the period, our parks were featured 45 times across multiple CCTV channels, including CCTV-1, CCTV-2, CCTV-7 and CCTV-13, as well as local satellite TV networks; they appeared on the trending topics lists of platforms such as Weibo and Douyin for 61 times. Our product and marketing momentum has also been recognized by platforms and industry authorities: during the period, the Group won three annual awards including the “NKA Annual Leading Brand Award ” from Douyin, was selected into the “Top 100 Brands among National Cultural Tourism Groups by MBI ”, and won industry awards such as Longque Award for “Annual Theme Entertainment Operation Group ” and “Annual Theme Park Brand ”; our parks in Shanghai, Zhengzhou, Dalian and other cities were listed on multiple rankings such as the 2026 Must-Visit List of Dianping, Ctrip.com Reputation List • 2026 China Top 100 Parent-Children Attractions and 2026 “Must-Visit List ” of Dianping; our Zhengzhou Haichang ULTRAMAN-themed Hotel, Shanghai Haichang Ocean Park Resort Hotel and Shanghai Haichang ULTRAMAN-themed Hotel were listed on rankings such as Ctrip.com ’s 2026 “Must-Stay List ” of Dianping, Ctrip.com ’s 2026 Global Top 100 Parent-Children Hotels and Ctrip.com ’s 2026 Asia Top 100 Parent-Children Hotels. In addition, we are also constantly reviewing and optimizing our cultural and tourism projects. In order to navigate the adverse short-term market fluctuation, we leased out certain project assets, such as a portion of a commercial street in Sanya Park, as well as the Yantai Hot Spring Pavilion. Our revenue is primarily driven by the number of visitors and the average spending per visitor. The socio-economic development conditions will affect the overall consumption expenditure and willingness of residents on cultural tourism, which in turn impacts our revenue. At the same time, if we are unable to promptly update our cultural tourism content and facilities, or fail to capture the evolving demands of visitors for cultural tourism, it will also have a significant impact on our revenue. While our financial position has improved, our indebtedness remains high, and our debt levels still exert a certain impact on operations.
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21 2.1.1 Shanghai Park Shanghai Park, being our flagship project, remains in the top tier of domestic theme parks and is also one of the prominent ocean-themed parks in the Asia-Pacific region and even the world. According to The 2024 TEA Global Experience Index TM released by the Themed Entertainment Association (TEA), Shanghai Park ranked 24th on the list of “Top 25 Theme Parks Worldwide ” and 11th on the list of “Top 20 Theme Parks in the Asia-Pacific Region. ” Shanghai Park is located in the cultural-commercial-tourism integration demonstration zone of New Lingang Area, which generates synergies with a number of well-known cultural and tourism experience projects in the vicinity. With our Shanghai Park, the Yaoxue Ice World, Shanghai Astronomy Museum, the Maritime Museum and Dishui Lake as core areas, New Lingang Area is designed to develop the Shanghai Dishui Lake Tourist Resort. We are expecting such area to become a world-class cultural and sports tourism destination and a carrier of international consumption center in Shanghai. Shanghai Park, as a benchmark of marine culture experience, is expected to become one of the local core destinations of urban leisure and vacation. During the period, Shanghai Park launched the grand opening show “Mountain & Sea Drama Parade ”, pioneering a brand-new artistic theatrical parade and featuring six interactive theatrical performances and stilt walking performances. The park also introduced “sixteen all new fantasy shows ” – such as the “Giant Tail Splash Pool ” by the killer whale family, train-style beaching maneuvers, the synchronized jumps of nine dolphins, the captivating “Mermaid Fairy Tale, ” the “Twenty-Four Solar Terms ” marine arts parade and “Red Wine Glass, ” offering visitors a variety of “extraordinary ” experiences. These initiatives continually elevated scene quality, renewed performance content, and upgraded interactive formats, transforming the park into an “emotional home” that inspires unlimitedly repeated visits. Partnering with the Chinese anime IP Blades of the Guardians, the park pioneered China ’s first “water and-land dual martial arts world ” theme pop-up event, including the introduction of an immersive special exhibition, namely an underwater wuxia show, Blades of the Guardians: Floating Mirage, in a marine setting, creating a new cultural tourism model integrating marine culture with a Chinese anime IP. Shanghai Park was listed on the 2026 “Must-Visit List ” of Dianping and Ctrip.com ’s 2026 Global Top 100 Parent-Children Attractions; both Shanghai Haichang Ocean Park Resort Hotel and Shanghai Haichang ULTRAMAN-themed Hotel were featured on the 2026 “Must-Stay List ” of Dianping and Ctrip.com ’s 2026 Asia Top 100 Parent-Children Hotels.
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22 2.1.2 Zhengzhou Park Our Zhengzhou Park is located in Zhengzhou, an important national transportation hub city in the Central Plains. The Zhengzhou City Circle is listed under the national plan, with two hours of traffic circle covering 450 million people, presenting a significant potential tourist market. In addition, Zhengzhou Park is situated in Zhongmu, a “City of Fantasy and Joy ” with the most concentrated theme parks in China, adjacent to theme projects such as the Jian Ye Movie Town, the Zhengzhou Fantawild Tourist Resort and the Unique Henan • Land of Dramas, forming industrial agglomeration effects. Since its opening, Zhengzhou Park has been deeply committed to localized operations. By precisely addressing the unmet demand for marine tourism in the inland province of Henan, the park has successfully established itself as a must-visit destination for provincial travel as “Henan residents can see marine animals in their home province. ” By creating localized content such as “Dolphin Fantasy Show: Meet Ocean in Henan ” and “Mermaid ’s Enchanting Show: Ode to the Goddess of Luo River, ” the park has integrated original performances like the underwater China chic shows with Henan culture, further strengthening its regional identity as the “Sea of Central Plains. ” The Phase II of Zhengzhou Park is planned to cover a site area of approximately 76,000 sq. m., with a gross floor area of approximately 32,000 sq. m. The project includes three major themed areas, i.e., the Killer Whale Theater, the Amusement Ride Area and the Happy Water World. Upon completion, the Central Plains will welcome its first show of “Oceanic Overlord ”, the killer whale. Moreover, the project will accommodate several national and even global firsts, such as the world ’s first multi-course “Century Big Pendulum, ” and an upgraded rotating tower “Global Interactive Tower. ” During the period, authoritative media, including CCTV Finance Channel, CCTV-2 ’s “First Time ” program, featured the debut of the first pair of giant octopuses in Central Plains at Zhengzhou Park. Zhengzhou Park actively conducted marine science popularization activities and introduced, for the first time, species including North Pacific giant octopuses and rosy octopuses. Through daily feeding and educational presentations, the park also shared with children the conservation story of “Jibao, ” the first harbor seal bred through artificial breeding in Henan, creating a parent-children cultural tourism experience that integrates learning with leisure. Zhengzhou Park won the “Annual Theme Park Brand ” at the 9th Longque Award and the “NKA Annual Brand Heat Star ” award from Douyin Life Service. Zhengzhou Haichang ULTRAMAN-themed Hotel was featured on Ctrip.com ’s Reputation List “2026 Global Top 100 Parent-Children Hotels, ” and both Zhengzhou Haichang Ocean Park Resort Hotel and Zhengzhou Haichang ULTRAMAN-themed Hotel were featured on “Douyin Heartbeat List Hotels. ”
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23 2.2 Park Operations, Tourism & Leisure Services and Solutions Leveraging our accumulated experience and brand influence in operation of tourism and leisure projects for years, we have the tourism and leisure capability to externally deliver the entire process of planning, designing, construction, animal conservation, and operation and management, and have developed our tourism & leisure services and solutions business, which has won wide market recognition. Beijing Haichang Ocean Park Project ( “Beijing Project ”) is situated in the cultural tourism zone of Beijing Municipal Administrative Center (Tongzhou) and is adjacent to Beijing Universal Studios and nearby the exit of Gaoloujin Station on Subway Line 7. Upon completion, it will be the first world-class large-scale ocean cultural tourism project in Beijing Municipal Administrative Center and the only large-scale ocean theme park newly constructed in Beijing after 2000. Beijing Project has a total construction area of approximately 157,000 sq. m. and an expected total investment of approximately RMB4.2 billion. Beijing Tongzhou Cultural Tourism Industry Group Co., Ltd. (formerly known as Beijing Tongzhou Urban Construction and Operation Group Co., Ltd., “Tongzhou Cultural Tourism Industry Group ”) shall be responsible for the land acquisition, investment and construction of Beijing Project, while Haichang shall be responsible for the operation and management and will consolidate the revenue from the project into its financial statements. In August 2024, the Group and a wholly-owned subsidiary of Tongzhou Cultural Tourism Industry Group entered into a cooperation agreement. In January 2026, the Group entered into a joint venture cooperation contract with a wholly-owned subsidiary of Tongzhou Cultural Tourism Industry Group. Subsequently, the parties have jointly established a joint venture company to be exclusively responsible for the overall operation of Beijing Project. Based on the applicable percentage ratios calculated in accordance with Rule 14.07 of the Listing Rules, the establishment of the joint venture company does not constitute a notifiable transaction of the Company under Chapter 14 of the Listing Rules. At present, the project has reached ground level and officially entered the new stage of construction for above-ground main structures, with the project expected to be ready for operation in 2027. With the development of the Beijing Municipal Administrative Center, our Beijing Project will become a modern and fashionable tourism destination for the world and a world-class tourist resort. The Fuzhou Haichang Ocean Park Project is located in Fuzhou New Area, Fuzhou. Fuzhou New Area is one of the 19 new areas at national level. In early 2024, the Group entered into a strategic cooperation framework agreement with Fuzhou New Area Management Committee, pursuant to which a local state-funded company shall lead the investment and be responsible for the land acquisition, investment and construction, while Haichang shall be responsible for project operation and will consolidate the revenue from the project into its financial statements. At present, we are undergoing commercial negotiation, contract planning and preliminary project work with partners, and advancing the execution of relevant contracts step-by-step. In addition, we have a number of small-scale cultural tourism delivery projects. We will further review our existing small-scale cultural tourism delivery projects to optimize our cultural tourism assets.
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24 Such an asset-light expansion model will serve as our primary growth strategy for the future, which will effectively save capital expenditure and improve our financial structure. We are currently actively seeking undervalued cultural and tourism assets with significant potential to deliver our operational expertise. 2.3 IP Operation Business We have started to shape the landscape of IP operation in the market segment which we are familiar with. The following are the IP projects we have commercialized in our theme parks: Type Size Year of opening Shanghai Park ULTRAMAN-themed pavilion 2,226 Ĕ July 2022 Self-owned scenic areas Shanghai Park ULTRAMAN-themed hotel 105 rooms January 2023 Self-owned scenic areas Zhengzhou Park ULTRAMAN-themed pavilion 1,330 Ĕ September 2023 Self-owned scenic areas Zhengzhou Park ULTRAMAN-themed hotel 105 rooms January 2024 Self-owned scenic areas Discoveryland Park ULTRAMAN-themed pavilion 4,147 Ĕ May 2023 Self-owned scenic areas Shanghai Park ONE PIECE-themed pavilion 820 Ĕ June 2023 Self-owned scenic areas Discoveryland Park ONE PIECE-themed pavilion 1,190 Ĕ June 2023 Self-owned scenic areas Dalian Forest Zoo ULTRAMAN Snow World 6,728 Ĕ July 2024 Non self-owned scenic areas In 2022, we commercialized the ULTRAMAN IP in our Shanghai Park for the first time, making us the first theme park operator in China to commercialize the international ULTRAMAN IP into a physical entertainment facility. After years of operation, we have accumulated extensive experience in the field of “IP + theme park ” operation. We further deepened cooperation with high-quality domestic anime IPs, bringing Chinese anime IPs such as Blades of the Guardians and All Wishes Come True to our parks in forms including themed pop-ups, themed performances and parade interactions, thereby diversifying our IP content matrix. With the future expansion of the Group ’s core businesses, including park operations, tourism & leisure services and solutions, as well as the expansion of financial resources, we will further explore and expand various “IP+” businesses, including “IP+ trendy toys,” “IP+ pavilions ” and “IP+ performances, ” to build an international IP operation platform.
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25 3. OUTLOOK Since the beginning of the year, the State has successively introduced various policies to support cultural and tourism consumption and promote the overall healthy development of the industry. Meanwhile, domestic cultural and tourism consumption as a whole is shifting towards experience-oriented consumption, with significant growth in demand for personalized experiences, cultural study tours, “live performances, ” and local themed tours, leading to a continuous improvement in the quality of cultural and tourism consumption. We will seize the industry opportunities arising from policies to stimulate consumption, respond to the consumption trend towards high-quality experiences among visitors, actively introduce various resources, continuously optimize the Group ’s asset-liability structure, improve operational efficiency and product quality, and actively develop innovative, themed, immersive and experience-oriented cultural and tourism products, thereby driving new quality growth across our three core businesses. For our park operations business, in terms of our existing high-quality parks that we are focusing on developing, including Shanghai Park, Zhengzhou Park, Dalian Laohutan Ocean Park, and Discoveryland Park, we will strengthen refined management, leverage our existing IPs and customer bases, continuously refine original performance content, renew themed settings and experiences, and reinforce their positioning as core urban leisure and resort destinations. For our pipeline park projects, we will actively promote their opening as scheduled to unlock new growth momentum. For underperforming assets, we will seek to adjust their operating models, actively introduce strategic partners, adjust content and products to better meet market demand, and improve asset utilization efficiency, with a view to generating cash inflows and reducing indebtedness. Asset-light cultural & tourism services and solutions will become a key focus of our future expansion. We will accelerate the construction of Beijing Project and endeavor to ensure its completion and commencement of operations as scheduled. Meanwhile, we will steadily advance various preliminary work for Fuzhou project and continue to identify high-quality projects with development potential. Through the asset-light model, we will optimize capital expenditure, continuously improve the Group ’s financial structure, and consolidate our expansion strategy. Taking projects such as Beijing Project as benchmark projects, we will refine our standardized service delivery system to establish a replicable and scalable nationwide presence. At the same time, we will deepen commercial cooperation in various regions, strengthen the delivery of our brand value and provide support for the operation of our projects. For our IP operations, while actively incubating and developing our proprietary IPs, we will continue to deepen our cooperation with leading international and domestic anime IPs. Leveraging the operational experience accumulated through our existing projects, we will gradually expand into diversified “IP+” business models, diversify the monetization channels of our IPs and build differentiated competitive advantages.
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26 Leveraging the Group ’s existing scarce biological resources, animal conservation capabilities, and professional scientific research and technologies, we will explore innovative products and commercial applications based on “biology + technology ” and “biology + IP. ” We will also explore the development of integrated service offerings based on “integrated biological science popularization exhibition services and solutions, ” and continue to unlock the extended value of resources related to our core businesses. In addition, we will continue to fulfil our corporate social responsibilities, deepen our efforts in marine species conservation and charitable initiatives, and further enhance our brand influence. In the face of a complex and evolving external environment, we will continue to steadily implement our existing strategy while making appropriate and necessary adjustments to our policies in a timely manner in response to changes in the market environment. We will improve capital utilization efficiency, exercise stringent control over pre-investment assessments and avoid underperforming projects. With the expansion of our profit scale and the operational adjustment of underperforming assets, our asset-liability structure is expected to improve significantly. At present, our objective is to reverse the loss-making position of the Company. Through the above strategic initiatives, we will continue to enhance our core competitiveness, optimize the Company ’s business structure and financial position, cultivate and identify new growth drivers, and extend the brand value and profit potential of our core businesses. We aim to provide visitors with richer and higher-quality experiences, create long-term value for our shareholders, customers, employees, communities and other stakeholders, and promote the sustainable and high quality development of the Group. FINANCIAL REVIEW Revenue For the six months ended 30 June 2026, the Group recorded a turnover of approximately RMB535.9 million (same period of 2025: approximately RMB686.3 million), representing a decrease of approximately 21.9% when compared with the corresponding period last year. For the six months ended 30 June (unaudited) 2026 2025 RMB’000 % RMB’000 % Revenue by business Park operation 510,242 95.2% 646,200 94.2% Tourism & leisure services and solutions 25,682 4.8% 40,103 5.8% Total 535,924 100.0% 686,303 100.0% Revenue generated from the Group ’s park operation segment decreased by approximately 21.0% from approximately RMB646.2 million for the six months ended 30 June 2025 to approximately RMB510.2 million for the six months ended 30 June 2026, primarily attributable to the decrease in admission attendance and average spending per visitor.
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27 Revenue generated from the Group ’s tourism and leisure services and solutions segment decreased by approximately 36.0% from approximately RMB40.1 million for the six months ended 30 June 2025 to approximately RMB25.7 million for the six months ended 30 June 2026, primarily attributable to our operational adjustments to such business for downsizing our small-scale aquariums. Cost of Sales The Group ’s cost of sales decreased by approximately 17.2% from approximately RMB614.6 million for the six months ended 30 June 2025 to approximately RMB509.0 million for the six months ended 30 June 2026, primarily attributable to our improved operational efficiency and reduced cost of sales. Gross Profit For the six months ended 30 June 2026, the Group ’s overall gross profit was approximately RMB26.9 million (same period of 2025: gross profit of approximately RMB71.7 million), resulting in an overall gross profit margin of 5.0% (same period of 2025: gross profit margin of 10.4%). Other Income and Gains The Group ’s other income and gains decreased by approximately 23.8% from approximately RMB27.4 million for the six months ended 30 June 2025 to approximately RMB20.9 million for the six months ended 30 June 2026, primarily attributable to the decrease in government grants. Selling and Marketing Expenses The Group ’s selling and marketing expenses increased by approximately 47.0% from approximately RMB51.3 million for the six months ended 30 June 2025 to approximately RMB75.4 million for the six months ended 30 June 2026, primarily attributable to the increased marketing budget and intensified marketing efforts. Administrative Expenses The Group ’s administrative expenses decreased by approximately 10.8% from approximately RMB172.5 million for the six months ended 30 June 2025 to approximately RMB154.0 million for the six months ended 30 June 2026, primarily attributable to effective control over administrative expenses. Finance Costs The Group ’s finance costs decreased by approximately 18.0% from approximately RMB157.0 million for the six months ended 30 June 2025 to approximately RMB128.8 million for the six months ended 30 June 2026, primarily attributable to the decrease in interest-bearing liabilities. Income Tax Expense/Credit The Group recorded nil income tax expense for the six months ended 30 June 2026, compared with income tax expense of approximately RMB16,000 for the six months ended 30 June 2025.
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28 Loss for the Period As a result of the foregoing, the Group ’s loss for the period expanded from approximately RMB295.6 million for the six months ended 30 June 2025 to approximately RMB335.3 million for the six months ended 30 June 2026, with net loss margin increased from approximately 43.0% for the six months ended 30 June 2025 to approximately 62.6% for the six months ended 30 June 2026. During the same period, loss attributable to equity holders of the parent expanded from approximately RMB295.1 million for the six months ended 30 June 2025 to approximately RMB332.5 million for the six months ended 30 June 2026. Liquidity and Financial Resources As at 30 June 2026, the Group had current assets of approximately RMB842.5 million (as at 31 December 2025: approximately RMB1,451.7 million). As at 30 June 2026, the Group had cash and cash equivalents of approximately RMB459.6 million (as at 31 December 2025: approximately RMB1,057.6 million). Total equity of the Group as at 30 June 2026 was approximately RMB2,474.9 million (as at 31 December 2025: approximately RMB2,808.8 million). As at 30 June 2026, total interest-bearing bank and other borrowings of the Group amounted to approximately RMB5,450.1 million (as at 31 December 2025: RMB5,652.5 million). As at 30 June 2026, total lease liabilities of the Group amounted to approximately RMB205.4 million (as at 31 December 2025: approximately RMB213.5 million). As at 30 June 2026, the Group had a net gearing ratio of 209.9% (as at 31 December 2025: 171.2%). The net debt of the Group included interest-bearing bank and other borrowings and lease liabilities, less cash and cash equivalents. As indicated in the above data, the Group has maintained stable financial resources to meet its future commitments and future investments for expansion. The Board believes that the existing financial resources will be sufficient to execute future expansion plans of the Group and the Group will be able to obtain additional financing on favourable terms as and when necessary. CAPITAL STRUCTURE The share capital of the Company comprised ordinary shares (the “Shares ”) for the six months ended 30 June 2026. CONTINGENT LIABILITIES Certain suppliers of the Group filed claims against the Group for overdue payments. As at 30 June 2026, certain bank accounts of the Group of RMB24,127,000 were frozen. The Directors have made full provision for payments due to the possibility of the Group taking settlement responsibility on the basis of the available evidence and legal advice taken. Save as disclosed above, the Group has no material contingent liabilities.
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29 FOREIGN EXCHANGE RATE RISK The Group mainly operates in China. Other than bank deposits denominated in foreign currencies, the Group is not exposed to any material risk related to fluctuations in foreign exchange rates. The Directors do not expect any material adverse effect on the operation of the Group arising from any fluctuation in the exchange rate of RMB. CAPITAL COMMITMENTS For the six months ended 30 June 2026, the Group had capital commitments of approximately RMB330.2 million (31 December 2025: RMB330.4 million), which shall be funded through a variety of means including cash generated from operations, bank financing, etc. EMPLOYEE POLICY As at 30 June 2026, the Group had a total of 2,702 full-time employees (as at 30 June 2025: 2,970 full-time employees). The Group offers comprehensive and attractive remuneration, retirement scheme and benefit packages to its employees. Discretionary bonus may be granted to the Group ’s staff depending on their work performance. The Group and its employees are required to make contributions to social insurance schemes as well as to pension insurance and unemployment insurance at the rates specified in relevant laws and regulations. The Group determines its remuneration policy with reference to the prevailing market conditions and individual performance and experience. The Group also provides training and development programs for employees from time to time to ensure their awareness and compliance with various policies and procedures of the Group. EVENTS AFTER THE REPORTING PERIOD Save as disclosed herein, there have been no important events in relation to the Group occurring after the reporting period. PURCHASE, REDEMPTION OR SALE OF LISTED SECURITIES OF THE COMPANY Save as disclosed in the interim condensed consolidated financial information, neither the Company nor any of its subsidiaries purchased, redeemed or sold any of the Company ’s listed securities (including sale of treasury shares) during the six months ended 30 June 2026. PRE-EMPTIVE RIGHTS There are no provisions for pre-emptive rights under the Company ’s articles of association or the laws of the Cayman Islands which would oblige the Company to offer new Shares on a pro-rata basis to existing shareholders.
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30 CORPORATE GOVERNANCE The Group is committed to maintaining high standards of corporate governance to safeguard the interests of shareholders and to enhance corporate value and accountability. The Company has adopted the code provisions set out in Part 2 of the Corporate Governance Code (the “CG Code ”) contained in Appendix C1 to the Rules Governing the Listing of Securities (the “Listing Rules ”) on The Stock Exchange of Hong Kong Limited (the “Stock Exchange ”) as its own code of corporate governance. As required by code provision C.2.1 of the CG Code, the roles of chairman and chief executive officer should be separate and performed by different individuals. During the period, Mr. Yu Faxiang acted as the chairman of the Board and the chief executive officer of the Company until 21 January 2026. From 18 August 2026 until the date of this announcement, Mr. Chen Wancheng acts as the chairman of the Board and the chief executive officer of the Company. Although the aforementioned situation deviates from code provision C.2.1, the Company considers that such arrangement will not impair the balance of power and authority between the Board and the management of the Company, as all major decisions will be made in consultation with the Board and appropriate Board committees. In addition, the Board and the independent non-executive Directors will offer their experience, expertise, independent advice and views from different perspectives. At the same time, taking the roles of both chairman and chief executive officer by the same individual facilitates to enhance the efficiency and effectiveness of the formulation and implementation of the Company ’s strategies. Save as disclosed above, the Company has been in compliance with the code provisions of the CG Code during the reporting period and up to the date of this announcement. MODEL CODE FOR SECURITIES TRANSACTIONS BY DIRECTORS OF LISTED ISSUERS The Company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers (the “Model Code ”) set out in Appendix C3 to the Listing Rules as its own code of conduct for securities transactions by the Directors. The Company has made specific enquiries to all Directors and all Directors have confirmed that they have strictly complied with the Model Code during the six months ended 30 June 2026. AUDIT COMMITTEE As at the date of this announcement, the Audit Committee comprises three members, namely Mr. Zhu Yuchen, Mr. Wang Jun and Ms. Shen Han, all of whom are independent non-executive Directors. Mr. Zhu Yuchen is the chairman of the Audit Committee. The Audit Committee has reviewed together with the Directors the unaudited interim financial information of the Group for the six months ended 30 June 2026. INTERIM DIVIDEND The Board does not recommend payment of any interim dividend for the six months ended 30 June 2026 (for the six months ended 30 June 2025: Nil).
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31 FORWARD LOOKING STATEMENTS The forward-looking statements in this announcement can be identified by the use of forward-looking terminology, including the terms “believe ”, “estimate ”, “anticipate ”, “expect ”, “intend ”, “may”, “will” or “should ” or, in each case, their negative, or other variations or similar terminology. These forward-looking statements include all matters that are not historical facts. They appear in a number of places throughout this announcement and include statements regarding the Group ’s intentions, beliefs or current expectations concerning, among other things, the Group ’s results of operations, financial condition, liquidity, prospects and growth strategies, and the industry in which the Group operates. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. The Company wishes to caution you that forward-looking statements are not guarantees of future performance and that the Group ’s actual results of operations, financial position and liquidity and the development of the industry in which the Group operates may differ materially from those made in, or suggested by, the forward-looking statements contained in this announcement. In addition, even if the Group’s results of operations, financial position and liquidity and the development of the industry in which the Group operates are consistent with the forward-looking statements contained in this announcement, those results or developments may not be indicative of results or developments in subsequent periods. Further, the Group ’s unaudited interim condensed consolidated financial information for the six months ended June 30, 2026 has been reviewed by HLB Hodgson Impey Cheng Limited ( “HLB”), the Company ’s auditor, in accordance with Hong Kong Standard on Review Engagements 2410, “Review of Interim Financial Information Performed by the Independent Auditor of the Entity ” (“HKSRE 2410 ”) issued by the Hong Kong Institute of Certified Public Accountants. EXTRACT OF INDEPENDENT REVIEW REPORT ON THE INTERIM FINANCIAL INFORMATION The following is an extract of the HLB ’s Review Report. CONCLUSION Based on our review, nothing has come to our attention that causes us to believe that the condensed consolidated financial statements are not prepared, in all material respects, in accordance with IAS 34. MATERIAL UNCERTAINTY RELATED TO GOING CONCERN We draw attention to Note 2 to the condensed consolidated financial statements, which indicates that the Group incurred a net loss of RMB335,267,000 during the six months ended June 30, 2026 and as at June 30, 2026, the Group had net current liabilities of RMB1,938,875,000. In addition, bank and other borrowings of approximately RMB188,488,000 were overdue during the period and the Group has subsequently settled approximately RMB8,488,000 of the overdue bank and other borrowings. These conditions, along with other matters as set forth in Note 2 to the condensed consolidated financial statements, indicate the existence of a material uncertainty which may cast significant doubt on the Group ’s ability to continue as a going concern. Our conclusion is not modified in respect of this matter.
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32 PUBLICATION OF INFORMATION ON THE WEBSITES OF THE STOCK EXCHANGE AND OF THE COMPANY This interim results announcement of the Company for the six months ended 30 June 2026 is published on the website of the Stock Exchange at www.hkexnews.hk and the website of the Company at www.haichangoceanpark.com. APPRECIATION Lastly, the Board would like to take this opportunity to express its sincere gratitude to the management and all fellow staff for their contributions to the development of the Group. Also, the Board would like to extend its deepest appreciation to the shareholders, business partners, customers and professional advisors of the Company for their support. By Order of the Board Haichang Ocean Park Holdings Ltd. Chen Wancheng Executive Director, Chairman and Chief Executive Officer Shanghai, the People ’s Republic of China, 31 August 2026 As at the date of this announcement, the Board comprises (i) three executive Directors, namely, Mr. Chen Wancheng, Mr. Liu Jiangtao and Mr. Ouyang Ming; (ii) three non-executive Directors, namely, Mr. Zhang Jianyao, Mr. Qu Cheng and Mr. Li Hanqiang; and (iii) three independent non- executive Directors, namely, Mr. Zhu Yuchen, Mr. Wang Jun and Ms. Shen Han.