Core Insights - The article highlights the rapid growth and popularity of ice and snow sports in China, transitioning from niche activities to mainstream participation [2][4][5] - Economic development, particularly the increase in GDP, has played a crucial role in making ice and snow sports more accessible to the general public [5][9] - The successful hosting of the Beijing Winter Olympics has significantly boosted the ice and snow sports industry, leading to increased participation and investment [6][7] Economic Impact - The ice and snow industry in China has seen substantial growth, with the total scale increasing from 270 billion yuan in 2015 to an expected 980 billion yuan by 2024, and projected to surpass 1 trillion yuan in 2025 [9] - The development of ice and snow sports has stimulated related sectors, including tourism, equipment manufacturing, and cultural activities, creating a comprehensive industry ecosystem [8][9] - The rise in participation has led to increased consumer spending, with venues like the Yao Xue Ice and Snow World in Shanghai generating 200 million yuan in economic benefits within a year [8] Participation Trends - Ice and snow sports have become increasingly popular among various demographics, including families and young adults, with many seeking to learn and engage in these activities [3][4] - The accessibility of ice and snow sports has improved, with indoor facilities emerging in southern regions, making these activities available year-round [4][8] - Events and competitions, such as the Jiangsu Province Alpine Skiing Open, are being organized in non-traditional regions, further promoting participation [4]

Core Viewpoint - The State Council has issued opinions to enhance the potential of sports consumption and promote high-quality development of the sports industry, particularly focusing on the growth of the ice and snow economy [1] Group 1: Policy and Economic Development - The government aims to cultivate and expand the ice and snow economy by implementing nationwide consumption benefits and supporting the inclusion of eligible ice and snow equipment in large-scale equipment updates [1] - The strategy of promoting ice sports to the south, west, and east is being deepened, with a goal to consolidate and expand the achievement of engaging 300 million people in ice sports [1] Group 2: Industry Analysis - Debon Securities views the ice and snow industry as a strong segment within the tourism sector, driven by events and policy support, indicating ample growth potential [1] - The ice and snow economy is expected to become a significant growth point for domestic demand in China, helping to alleviate the seasonal downturn in winter tourism and providing incremental growth during winter [1] Group 3: Market Trends and Future Outlook - Ping An Securities notes that the ice and snow economy is gaining momentum due to the influence of the Winter Olympics and ongoing policy support, with cultural and tourism enterprises leveraging social media to reach a broader audience [1] - The development of the high-speed rail network in Northeast China is becoming clearer, and the full opening of the Shenyang-Jilin high-speed rail is anticipated to connect the eastern region with the rest of the country, further boosting the development of the Northeast ice and snow economy [1]

Group 1: Industry Overview - The State Council issued an opinion to enhance the sports industry, aiming for a total scale exceeding 7 trillion yuan by 2030, with significant improvements in development levels [1] - The sports industry in China reached a total scale of 3.67 trillion yuan in 2023, with an average annual growth rate of 10.3% since the 14th Five-Year Plan [1] - The sports service industry, led by competition performance and fitness leisure sectors, accounted for 72.7% of the added value in the sports industry [1] Group 2: Outdoor and Ice Sports Development - The opinion emphasizes the development of outdoor sports, proposing differentiated development based on local natural resources and promoting high-quality outdoor sports destinations [2] - The outdoor sports online consumption is projected to reach approximately 300 billion yuan with around 200 million participants by 2024 [3] - The ice sports industry is expected to grow from 381.1 billion yuan in 2020 to 970 billion yuan by 2024, with an annual growth rate of 26.3% [3] Group 3: Financial Support and Investment - The opinion encourages financial institutions to optimize financing services and support qualified sports companies in listing, refinancing, and issuing bonds [3] - The sports industry has seen a total of 16 disclosed investment events in the sports sector, amounting to approximately 559 million yuan as of September 4, 2025 [4] - The domestic consumption stimulus policies are expected to improve macro consumption conditions, leading to increased sales for domestic sports brands [4] Group 4: Company Performance - Li Ning has established a clear product matrix and is focusing on product research and design, aiming to enhance its market share [6] - Anta Sports reported a 15% year-on-year increase in net profit, driven by a 14% revenue growth, with a profit margin increase of 1.5 percentage points to 23.3% [6] - Xtep International achieved a revenue of 6.838 billion yuan, a 7.14% increase year-on-year, with a significant rise in online sales contributing to this growth [6]