Core Viewpoint - The company is actively expanding its presence in the skiing equipment market by establishing multiple ski shops and collaborating with international brands and athletes to enhance brand visibility and influence in the industry [1] Group 1: Company Expansion - The company has opened 11 ski shops across various locations, including Beijing and Jilin, to sell X-BIONIC and other ski equipment [1] - The establishment of a dedicated ski division, which includes the Sanfu Ski Club and X-BIONIC Ski Academy, aims to create a professional platform for skiing enthusiasts [1] Group 2: Brand Collaboration - The company collaborates with X-BIONIC's Swiss international shareholders and prominent athletes, such as Marco Odermatt and Wang Xindi, to boost the impact of X-BIONIC technology products in international competitions [1]

Core Points - The winter snow season is approaching in Beijing, with various ski resorts preparing for operations by starting snowmaking activities [1][3] - The National Alpine Skiing Center "Xue Fei Yan" in the Yanqing Olympic Park has initiated snowmaking with nearly 100 snow machines, covering a total area of 125,000 square meters [3] - The ski center will extend the effective skiing distance of beginner slopes and expand the public experience area, with 13 professional slopes set to open [5] Industry Developments - Multiple ski resorts in Beijing, including Shijinglong, Nanshan, and Yuyang International, have begun snowmaking operations [7] - Early bird tickets are now available for sale at various ski resorts, attracting skiing enthusiasts to check details through the resorts' mini-programs [7] - This season, over 20 domestic and international skiing events are scheduled to take place at the ski center [5]

Core Viewpoint - The indoor skiing market in China is emerging as a new real estate category, addressing the supply-demand gap due to a lack of quality snow resources and a growing skiing population, presenting significant investment opportunities for leading indoor ski operators and related industry chain enterprises [2][3]. Market Overview - The skiing market in China has rapidly expanded but remains underdeveloped compared to overseas markets, with a projected ice and snow economy reaching 1.5 trillion yuan by 2030, driven by skiing's higher potential for popularization [2][6]. - The domestic skiing participation rate is only 0.9%, significantly lower than Western Europe (5%-30%), indicating substantial room for growth [2][12]. Market Potential - The current narrow skiing market in China is estimated at approximately 370 billion yuan, with potential to reach 300 billion yuan in the medium to long term [3][23]. - Indoor ski resorts can meet off-season skiing demand at lower costs, positioning them as accelerators for industry growth and investment potential [3][29]. Indoor Ski Resort Characteristics - Successful indoor ski resorts must focus on advantageous locations, large scale, and refined operations, catering primarily to local families and children [3][33]. - The indoor skiing market has seen a compound annual growth rate of 23% since the 2018-2019 fiscal year, with indoor skiing visits reaching 5.63 million by 2024-2025 [29][31]. Competitive Landscape - The indoor skiing sector is characterized by high investment costs and operational leverage, with a focus on year-round operations and customer accessibility [33][34]. - The market is experiencing a concentration trend, with leading operators capturing a larger share, similar to international markets where consolidation is prevalent [37][38]. Future Outlook - The indoor skiing market is expected to grow significantly, with a projected market size of approximately 1,650 billion yuan in the long term [23][29]. - The industry is poised for expansion, supported by favorable policies and the increasing popularity of skiing as a recreational activity [3][39].