Core Viewpoint - The article discusses the recent decline in the popularity of marathons in China, highlighting the impact of new regulations and market dynamics on the industry [2][3][7]. Group 1: Marathon Industry Overview - The concept of "Marathon Cycle Theory" suggests that when GDP per capita exceeds $5,000, marathon events will thrive, which has been observed in China since 2011 [3]. - In 2025, over 300 marathon events were held in the first half of the year, averaging two events per day [3]. - The peak of marathon events in China was in 2019, but recent trends indicate a decline in participation and event organization [9][11]. Group 2: Recent Cancellations and Regulations - A sudden wave of cancellations affected numerous marathon events, with 103 events reporting changes by mid-October, including 66 complete cancellations [6][12]. - New regulations announced by the government have led to the cessation of C-class marathons, limiting events to three per city and focusing on full and half marathons only [7][12]. - The regulations aim to address issues that arose after the peak in 2019, including financial sustainability and event quality [9][12]. Group 3: Financial Dynamics - The cost of organizing marathons is significant, with C-class events requiring a minimum of 2 million yuan, primarily funded by government subsidies [13][14]. - High-level events also rely on government support, with average deficits exceeding 1 million yuan for A-class events [14][18]. - Sponsorship has become more challenging, with companies reassessing their marketing strategies and reducing sponsorship budgets [19][20]. Group 4: Market Segmentation - The marathon market is experiencing a "K-shaped" recovery, where high-level events maintain or increase popularity while lower-tier events struggle [21][22]. - The scarcity of high-quality events may paradoxically increase demand, as participants seek to secure spots in fewer available races [22][23]. - Economic benefits from high-level marathons are substantial, with events in major cities generating significant revenue from tourism and local spending [22][23]. Group 5: Compliance and Operational Costs - New compliance requirements have increased operational costs for marathon organizers, particularly in terms of medical and safety standards [25][26]. - The financial burden of these regulations disproportionately affects smaller events, while larger cities may benefit from improved event quality [26][27]. - The article suggests that registration fees may rise as a result of increased costs, potentially filtering out less committed participants [26][32].