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]

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].

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]