Shareholder investment revenue split for Shanghai Disneyland Phase II still under discussion

Shanghai Disneyland Phase II has not yet been officially announced because the shareholder-level investment revenue split ratio is still under discussion. The 2026 tenth-anniversary celebration, the D23 presentation and the resort's "15th Five-Year Plan" all did not mention the project. Shendi Group's net profit fell from 2.211 billion yuan in 2023 to 1.281 billion yuan in 2025, while visitor numbers rose from about 14 million in the same period to 14.7 million in 2024. Theme park researcher Wang Yang believes that if Phase II bears capital expenditure according to the existing 57% shareholding ratio, the Chinese side's payback period will be longer, and the focus of the two sides' negotiations is the extent and direction of the renegotiation.