Group 1 - The domestic narrow skiing market is currently estimated at approximately 37 billion yuan, with potential to reach 300 billion yuan in the long term, driven by indoor ski resorts that can meet off-season skiing demand at lower costs [1][3] - The skiing market has seen rapid expansion in recent years, but the participation rate remains significantly lower than that of overseas markets, primarily due to a lack of quality ski resort resources [2] - The Chinese ice and snow economy is projected to reach 1.5 trillion yuan by 2030, with skiing having a higher potential for popularity compared to other ice and snow sports [2] Group 2 - Quality indoor ski resorts need to balance advantageous locations, large scale, and refined operations to attract local families and ensure customer loyalty [4] - The scale economy in skiing operations suggests that leading domestic operators, such as Sunac Culture, have significant growth potential as quality ski resorts are irreplaceable resources [5] - The international market is undergoing consolidation, with quality resources concentrating among leading operators, indicating a similar trend may occur in China [5]