中金：室内滑雪场具有更高发展潜力 看好产业链企业的投资机会

Core Insights - The indoor skiing market is an emerging real estate category in China, addressing the supply-demand gap due to a lack of quality snow resources and a growing skiing population [1][2] - The skiing market in China is expected to reach a scale of 1.5 trillion yuan by 2030, with indoor ski resorts playing a crucial role in accelerating industry development and investment potential [1] Market Overview - The skiing market has rapidly expanded in recent years, but the participation rate remains significantly lower than in overseas markets, with only 0.9% participation in China compared to 5%-30% in Western Europe [1] - The domestic skiing market is estimated to be around 37 billion yuan, with potential growth to 300 billion yuan in the medium to long term, driven by indoor ski resorts that can meet off-season demand at lower costs [1] Operational Considerations - High-quality indoor ski resorts must focus on advantageous locations, large scale, and refined operations to attract local families and ensure customer loyalty [2] - The scale of operations influences revenue potential and customer engagement, with larger venues facing higher initial investment and construction challenges [2] - Leading operators are enhancing customer retention through membership systems, professional training, and hosting events, creating additional revenue streams beyond ticket sales [2] Competitive Landscape - The skiing operation business exhibits typical economies of scale, with leading operators benefiting from brand loyalty and premium pricing, aligning with the Matthew Effect [2] - The international market is undergoing consolidation, with quality resources concentrating among leading players, indicating significant growth potential for domestic leaders [2]