Tivoli Income Composition (Unit: Danish Krone)

POP MART City Park: The park's revenue situation has not been separately disclosed. Let's estimate: assuming a visitor traffic of 1.2 million in 2024 and an average ticket price of 160, ticket revenue would be 192 million RMB. POP MART's secondary consumption ratio is very high; the company has publicly stated that secondary consumption accounts for over 70%. If calculated at 70%, the park's revenue would exceed 600 million RMB. However, there's a problem with this calculation because POP MART often sells limited IP products at the park. Many people who come specifically to buy these IP products are scalpers or enthusiasts, and strictly speaking, this consumption is not directly driven by the park itself."

3. Profitability Comparison

Tivoli Gardens: According to the company's annual report, the net profit in 2024 was 140 million (124 million Danish Krone), with a net profit margin of approximately 10%; the park's net assets were 1.26 billion, with a return on net assets of 11%, and total assets were 1.97 billion (of which the book value of equipment and land was 1.57 billion), with a return on total assets of 7%. From a purely financial perspective, Tivoli Gardens' profitability can only be considered average, and its asset utilization efficiency is relatively low. However, this is understandable, as the salary levels of Nordic people are very high. Tivoli Gardens' salary expenditure in 2024 was RMB 653 million, with salary costs accounting for nearly half of its revenue. The number of full-time equivalent employees was 1088, and the average annual salary for full-time employees was RMB 600,000. As a service industry, this salary level is indeed enviable."

POP MART City Park: According to a February 2025 report by Trip.com, the first phase of POP MART City Park, operating under a "light asset" model, was completed through old renovation and existing facility transformation, with a total investment of only RMB 300 million. At the 2024 interim performance conference, COO Si De mentioned that the park had already made tens of millions in profit in the first half of 2024. I assume this "tens of millions" is approximately 25 million, which would annualize to a profit of 50 million RMB for the full year. Corresponding to a capital investment of 300 million RMB, the ROI would be approximately 17%, which is quite high for a park business. However, the same problem remains: POP MART City Park is not just an amusement park; it's also a super flagship store. POP MART frequently uses popular or limited products to attract visitors, so the proportion of IP product sales is estimated to be very high, making it difficult to fully measure the park's true performance."

In terms of cultural attributes, consumption levels, market positioning, and operational aspects, the two parks are not particularly comparable. Tivoli Gardens is located in faraway Northern Europe, and the total population of the five Nordic countries is only 24 million (compared to Beijing's permanent population of around 21 million). Therefore, Tivoli Gardens has already reached its full potential within its capabilities. Furthermore, as a Danish historical and cultural heritage site, Tivoli Gardens has irreplaceable value and significance. From an investment perspective, this is a business with a deep moat but a clear ceiling and a less-than-ideal business model. At the end of 2024, Tivoli Gardens had a market value of 4.4 billion RMB, with a PE ratio of approximately 30. Considering that the Danish 10-year government bond yield is 2.454%, Tivoli Gardens, as an investment target, has average cost-effectiveness, but it can be held as a long-term, safe, stable, and sustainable income-generating asset.

For Pop Mart's City Park, compared to its contribution to profits, its function within the group is not merely an amusement park; it has two other more important strategic functions: one is to cultivate the team, as Wang Ning mentioned in "Because of Uniqueness": accumulating engineering experience, operational experience, and improving team capabilities in preparation for future theme parks. In addition, another more important function at this stage is to serve as an important vehicle for enhancing IP lifecycle and worldview, bringing users a better sense of IP immersion. This is the most significant meaning of this park.