Summary:Theme parks are built for profit, occupy an area and invest a certain scale, implement closed management, have one or more specific cultural tourism themes, and provide tourists with leisure experience, cultural and entertainment products or services for a fee. In 2022, the number of theme parks in China will be about 3,180, a year-on-year increase of 095%。Among them, large theme parks accounted for about 13%, and small and medium-sized theme parks accounted for 87%. In terms of visitor flow, due to the epidemic in 2022, the visitor flow of domestic theme parks will drop to 14.8 billion passengers. In 2023, driven by the high prosperity of the tourism market, the visitor flow of domestic theme parks is expected to recover quickly.
OneDefinitionsand classification
According to the "Guiding Opinions on Regulating the Construction and Development of Theme Parks", theme parks are built for profit, occupy an area and invest a certain scale, implement closed management, have one or more specific cultural tourism themes, and provide tourists with leisure experience, cultural and entertainment products or services for a fee.
Theme parks mainly include amusement parks with large-scale amusement facilities as the main body, large-scale miniature landscape parks, as well as various film and television cities, animation cities and other parks that provide scenario simulation and environmental experience as the main content. **All kinds of public welfare town parks, botanical and botanical gardens, etc. are not theme parks. Specifically, according to the type of tourism experience, theme parks can be divided into five types: scenario simulation, amusement, landscape, zoo and folk customs.
IIBusiness model
Profit model
Theme park enterprises generally have the ability to serve the whole industry chain from creative design, R&D and construction, to operation and management, so enterprises can obtain benefits by providing individual services or providing services of the whole industry chain. Taking Huaqiang Fantawild as an example, the company reached a cooperation agreement with the demand side of the theme park, and agreed on the joint investment and construction of the theme park between the two parties, including the type of theme park to be invested and constructed, the investment content of both parties, and the company to be established, covering all stages from the early creative design to the operation and management after completion. On the basis of the cooperation agreement, the company signed relevant business contracts for creative design, construction consulting and special film projects with the demander and the specific construction subject of the park.
Under the above-mentioned cooperation structure, the company obtains benefits by providing creative design, R&D construction and operation management services for the whole industry chain: aCreative design stage. According to its own needs, the demander of the theme park proposes the overall planning of the theme park and the creative design needs of a single theme project to the company, and the two parties sign a creative design agreement, and the company obtains creative design income; b.R&D and construction stage. In the process of theme park construction, the company and the theme park demander jointly established a project company, which, as the main asset builder of the theme park, is responsible for investing in the land required for the park, building infrastructure, architectural decoration and some theme amusement projects. In order to ensure the effectiveness of the project construction, the company provides park construction management services for the project company, so as to form the company's theme park construction income; c.Operations management phase. The operating company, a joint venture between the project company and the investment company, manages the entire park assets and is responsible for the operation of the theme park. Through professional and continuous operation services, the operating company attracts a large number of ** for the location of the theme park project, drives the economic development of the surrounding areas, and obtains the operating income of the theme park through various methods such as tickets, providing catering services, and selling derivatives.
Production mode
The production model of the theme park industry mainly includes three stages: creative design stage, R&D and construction stage, and operation and management stage. In the creative design stage, the theme park enterprise creative institute will carry out the creative design of the theme park after fully investigating the market and customer needs, and after a series of internal and partner reviews, the preliminary design plan of the theme park will be determined, and then the overall scheme design will be formed through the summary and modification of the opinions of the design institute, research institute, art troupe and other departments; The R&D and construction stage is the overall civil engineering, interior and exterior decoration, landscaping and landscape of the theme park and supporting and theme projects. On the basis of deepening the design of modeling and other contents, the engineering design scheme is formed, and at the same time, external institutions are entrusted to form construction drawings, and through public bidding and other means, project coordination and supervision guidance are provided to complete the project construction work and put into operation; In the operation and management stage, the enterprise establishes an operating company in the location of the theme park project, which is responsible for the daily operation and management of the theme park.
Procurement model
The procurement process of relevant enterprises in the theme park industry is as follows: demand planning, procurement department, buyer, implementation of procurement, review by the management department, countersigning by leaders, implementation of procurement contract, delivery of goods, warehousing, and application for payment. There are two main types of procurement: general material procurement and large-scale equipment procurement. The procurement of general materials mainly includes building materials and special film equipment production materials required for the construction of theme parks. The materials are purchased by the company's procurement center according to the needs of each unit and then provided to each demand unit; Theme park needs high technology content, with technical uniqueness of the theme amusement project most of the equipment by the theme park enterprises independent production or integration, the external procurement is mainly standardized amusement facilities, such as roller coasters, rapids and other equipment, the procurement model is to the market ** directly to the production enterprises to buy, the main business for Zhongshan Jinma, Wenzhou South, Wickma, etc.
Marketing model
Theme park operations are directly facing visitors, both individual visitors and group visitors organized by travel agencies. With self-developed apps (such as "Fangte Tourism" and "Chimelong Tourism" as the core), the company integrates online and offline resources to create an online comprehensive service platform integrating ticketing, tour guides, shopping, parking and other functions, and makes every effort to promote the construction of smart tourist attractions. On the basis of the investigation and analysis of the target customer group, the company has adopted a series of marketing methods, including media promotion, travel agency cooperation, large-scale commercial activities, cooperation between enterprises and institutions, cooperation with colleges and universities, network marketing, etc., to promote related tourism products. In addition to the above-mentioned marketing activities, the company also carries out unique activities for different groups and different festivals, such as the Chinese New Year, parent-child season, carnival, meet-and-greet, folk culture festival and other large-scale theme activities to meet the needs of different groups to increase the return rate.
IIIindustrypolicy
The theme park policy has been developed from the strict approval of the construction during the "Eleventh Five-Year Plan" to the standardized development during the "Twelfth Five-Year Plan" period. During the "13th Five-Year Plan" period, it was proposed to improve the tourism function of theme parks and create a number of high-quality brand theme parks, which ushered in a period of rapid growth in the construction and development of theme parks. During the "14th Five-Year Plan" period, the high-quality development of the digital cultural industry will be advocated, and the development of theme park resources should be combined with digital innovation technology, and the development of immersive experience projects should be supported.
FourthHistory
Looking back on the development process of China's theme parks, there are four main stages. The first generation of theme parks (amusement parks, gardens built with the theme of history or literature, and the use of film and television shooting bases) The second generation of theme parks (miniature landscapes, new playgrounds, film and television cities supplemented by program performances) The third generation of theme parks (modern entertainment facilities + specific theme culture) * Theme parks (the whole industry chain + new technology + big IP).
FiveIndustry Risk
Security Operational Risks
At present, many theme parks in China are equipped with large-scale theme amusement projects and general amusement projects, among which in addition to some of the general amusement projects that have been widely used such as roller coasters, other large-scale theme amusement projects that are more popular with tourists and have a high utilization rate are designed and manufactured by enterprises themselves. Most of the themed projects are concentrated indoors, and through the extensive use of high-tech means and equipment such as special films, flight simulators, smart seats, rail cars and virtual reality spaces, visitors can enjoy dynamic and exciting experiences indoors without being affected by weather changes, and with a high safety factor. If the amusement facilities fail due to equipment failure, power outage, employee misoperation, etc., or accidents such as fires due to natural or human factors, it will have a negative impact on the company's business operations and reputation. At the same time, due to the nature of the company's business, there is a possibility that any accident or injury may occur to visitors while staying in any activity or hotel in the Park, and the company may face complaints or lawsuits as a result of such incidents, which may adversely affect the reputation, business and financial condition of the company.
In recent years, with the continuous expansion of social influence, once an accident occurs in the theme park or the industry to which the enterprise belongs, or there is a negative report on the operation of the enterprise, it may have a greater negative impact on the brand and reputation of the enterprise, resulting in a decrease in the number of visitors to the theme park, which in turn affects the performance of the enterprise. In addition, theme parks and hotels provide beverage dispensing services, and if there is a negligence in one part of food quality control, food safety will be affected and even food safety accidents may occur. Although food safety incidents may not be directly caused by the enterprise, potential complaints, claims, lawsuits, administrative penalties and related negative ** will have a significant adverse impact on the operation of the enterprise.
Security construction risks
Most of the enterprises in the theme park industry are chain brands, due to the large number of theme park projects independently built and cooperatively constructed, the large scale of the project, the high technical requirements, the wide range of professional fields involved, the large number of construction units and construction personnel required, the project construction management has a certain degree of difficulty, and there is a risk of accidental safety accidents or inadequate safety management. In addition, the construction unit may delay the progress of the project due to financial constraints or other difficulties, or rework due to the quality of the project not meeting the requirements, thereby delaying the construction progress of the theme park, which will adversely affect the reputation, business, operating performance and development of the enterprise. In addition to the above-mentioned construction risks of theme park projects, it may also be affected by some unfavorable factors during the construction process, including changes in construction management regulations, delays in obtaining required approvals, shortages of key equipment or materials, natural disasters, etc., which may lead to delays in construction progress, significant increases in costs or even failure to complete the construction of the project, thereby having a material adverse impact on the business, financial condition and operating results of the enterprise.
Market competition intensifies the risk
As a cultural enterprise with the operation mode of the whole industry chain, theme park enterprises are facing different degrees of market competition in all business links. Specifically, the current competitors in the theme park field include well-known theme park operators in China, such as Overseas Chinese Town, Chimelong Group, Haichang Holdings, Songcheng Performing Arts, Huaqiang Fangte, etc., as well as Disney and Universal Studios, which have entered the Chinese market. With the increasing number of theme parks in the Beijing-Tianjin-Hebei, Yangtze River Delta and Pearl River Delta markets, enterprises in the industry will face more fierce market competition, which will bring the risk of reducing the operating income of corporate theme park business.
Especially in the field of animation works, China's animation industry has developed rapidly in recent years, and the market capacity has been increasing, but the continuous influx of new entrants in the industry and the low market concentration have intensified the competitiveness of the animation market. Taking Huaqiang Fantawild as an example, the company will face increasing competitive pressure in the future. The Company may face the lack of market influence of animation works, which will directly affect its follow-up business, which will adversely affect the Company's performance.
The risk of natural disasters or major outbreaks and seasonal fluctuations
Theme park operation is an important direction for the existing main business and future development of enterprises in the industry, and the income is mainly from tickets and secondary consumption of tourist parks. The occurrence of natural disasters, severe weather or major epidemics, localized violence, etc., will lead to a decrease in the number of visitors, which will adversely affect the park operations of enterprises.
In addition, affected by the climate of the park location and the leisure time of tourists, the operation of various cultural and technological theme parks of enterprises has certain seasonal characteristics, and generally May to October is the peak season. Due to climatic conditions and other reasons, the parks in the northern region are more seasonal than those in the southern region. In addition, the number of holidays is also one of the factors that contribute to the seasonality of theme park operations. During the "May Day", "Eleventh" and other holidays and summer vacations, the number of park visitors will increase significantly, becoming the peak season for the main park to operate. During the peak season, enterprises must invest a lot of manpower and material resources to cope with the business pressure caused by the increase in tourists; In the off-season, there are few tourists and idle equipment. Therefore, there is a risk that the company's theme park project cannot meet the needs of tourists in the peak season and the idle rate of equipment in the off-season is too high.
SixIndustrial chain
The theme park industry chain is divided into two industrial chains: the internal closed loop extended by itself and the external closed loop supported by supporting industries. The internally extended industrial chain includes the cultural and entertainment IP side of the theme park, the amusement equipment manufacturer, and the downstream docking tourists. In the external closed loop supported by supporting industries, including catering, commerce, hotels and other consumer fields and contents.
Specifically, the upstream of the theme park industry chain mainly includes amusement equipment manufacturers, cultural and entertainment IP parties, land owners and third-party services, of which third-party services mainly include decoration, security, fire protection, catering, equipment management and others. The types of downstream tourists mainly include family travel, couple travel, student travel, corporate travel, individual travel, etc.
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