随着夏季度假及次年雪季需求保持强劲，预期2025年下半年及2026年上半年的预订呈现可持续增长。截 至2025年7月5日，录得2025年下半年的累计预订量较2024年同期录得2024年下半年的营业额增长约 9%；录得2026年上半年的累计预订量，较2024年同期录得2025年上半年的营业额增长约17%。 今年7月，Club Med官方宣布新任总裁兼CEO——法国籍高管Stéphane Maquaire，据了解，其在品牌高 端化、数字化转型以及跨国企业管理方面拥有丰富经验，他将继续强化Club Med的高端定位与全球化 拓展的战略。 三亚.亚特兰蒂斯营业额继续维持高位，上半年实现人民币7.6亿元；平均客房入住率为88.4%，接待游 客约308万人次。得益于海外营销发力，度假区上半年接待境外客群人次同比增长71%。 太仓阿尔卑斯国际度假区围绕"冰雪+"持续创新业态，上半年实现营业额人民币1.0亿元，累计接待游客 40万人次。丽江地中海国际度假区上半年营业额达人民币5,455.1万元，累计接待游客12万人次。 轻资产拓展方面，太仓阿尔卑斯国际度假区二期项目已于6月正式开工，将涵盖一座创下五项"世界第 一"的室内滑雪 ...

Core Viewpoint - The article highlights the rapid development of the ice and snow industry in the Yangtze River Delta, driven by significant investments and government support, positioning the region as a key player in the multi-trillion yuan ice and snow economy [1][4]. Investment and Project Development - The Taicang Alps International Resort Phase II project has commenced with an investment of approximately 5 billion yuan, following the 1.4 billion yuan investment in the Hangzhou Hot Snow Miracle Indoor Ski Resort in May [1][2]. - The Shanghai Yao Snow Ice World project, with a total investment of nearly 7 billion yuan, is set to officially open in September 2024 [1]. - The Taicang Alps International Resort has received over 1 million visitors since its opening in October 2023, with a peak daily visitor count of 4,500 [2][3]. Policy Support and Economic Potential - The 2025 Government Work Report emphasizes the active development of ice and snow sports and the ice and snow economy, indicating a phase of accelerated growth for the industry [1]. - The State Council's guidelines project the ice and snow economy to reach a total scale of 1.2 trillion yuan by 2027 and 1.5 trillion yuan by 2030 [4][5]. Regional Development and Market Dynamics - The Yangtze River Delta is experiencing a surge in participation in ice and snow sports, with over 4 million participants in Shanghai alone in 2024, and Zhejiang ranking sixth nationally with 1.27 million participants [5]. - Local governments are actively promoting ice and snow tourism destinations, with plans to support the establishment of national-level ski resorts [5]. Competitive Landscape and Unique Offerings - The Taicang Alps International Resort Phase II aims to create several "world firsts" in indoor skiing, catering to diverse needs from casual skiers to professional athletes [6]. - The CEO of Fosun Tourism Group emphasizes the importance of integrating high-quality snow facilities with leisure and entertainment options to attract a broader audience [6].

Core Viewpoint - The ice and snow economy is rapidly emerging in southern China, exemplified by the launch of the second phase of the Taicang Alps International Resort, which aims to create a comprehensive ice and snow-themed vacation destination with a total investment of approximately 5 billion yuan [1][3] Investment and Project Development - The second phase of the Taicang Alps project is a significant investment following the successful opening of the first phase, which has already attracted over 1 million visitors since its launch in October 2023 [1][3] - The first phase includes a ski resort, a Club Med resort, and a commercial street, while the second phase will feature the world's largest indoor snow park and two international hotels focused on ice and snow themes [1][3] Market Dynamics and Competitive Landscape - The ice and snow economy is gaining momentum, particularly in southern provinces like Jiangsu and Zhejiang, which have seen a rise in the number of ski resorts [3] - The Taicang Alps project faces competition from other major indoor ski facilities, such as the Shanghai Lingang Yao Snow World, which emphasizes the importance of competition in attracting more visitors to the ice and snow activities [4] Strategic Direction of the Company - Following its delisting from the Hong Kong Stock Exchange, the company is focusing on a light asset operation model to enhance flexibility and accelerate growth [2][6] - The company aims to develop three main areas: destination resorts, urban vacation projects, and super comprehensive vacation projects, with a focus on rapid expansion in urban vacation hotels [6][7] Future Growth Potential - The company believes that the indoor snow park can cater to a wide range of customers, providing opportunities for beginners and enthusiasts alike, thus indicating significant growth potential in this sector [5] - The second phase of the Taicang project is expected to have a strong spillover effect, attracting visitors from further regions, including Russia and Southeast Asia, due to its unique offerings [5]

Core Viewpoint - The purpose of the delisting of Fosun Tourism is to "retreat for advancement," allowing for more strategic choices and better resource allocation, avoiding short-term market fluctuations [1] Group 1: Privatization and Strategic Shift - Fosun Tourism announced a privatization plan that received over 99% approval, marking the beginning of its delisting countdown [1] - The company aims to accelerate its transition to a light asset model post-privatization, focusing on product innovation and core competitiveness [6][8] - The CEO emphasized the importance of long-term thinking and product-driven strategies in the company's governance and product line development [1][8] Group 2: Vacation Business Focus - Fosun Tourism will develop three vacation directions: urban vacations, destination vacations, and super integrated vacation complexes [1][4] - The company has established 70 Mediterranean resorts across 26 countries, indicating a strong commitment to the vacation sector [2] - The ice and snow economy is a key focus, with 24 ski-themed resorts projected to generate 5 billion yuan in revenue in 2024 [3] Group 3: Project Developments - The Taicang Alps International Resort's first phase has welcomed over 1 million visitors since its opening in October 2023, with the second phase set to begin construction with an investment of approximately 5 billion yuan [3] - The second phase will include an indoor ski resort and various entertainment projects, aiming to set new benchmarks in China's snow vacation market [3] Group 4: Market Challenges and Long-term Outlook - The competitive landscape in the leisure vacation sector is intensifying, with many companies focusing on vacation offerings, posing challenges for Fosun Tourism [6][7] - The shift to a light asset model means profitability will rely on brand licensing fees and management fees, which are influenced by market conditions [7] - Despite short-term pressures, the CEO believes that long-term value can be achieved if the company scales effectively [8][9]

Core Insights - Taicang is transforming from an industrial city to a cultural and tourism city, focusing on a dual strategy of "Hometown of German Enterprises + Ice and Snow City" [3][10] - The Taicang Alps International Resort is set to become the world's largest indoor snow-themed destination, with a total investment of approximately 5 billion yuan and a total construction area of about 300,000 square meters [1][3] Investment and Economic Impact - The Taicang Alps International Resort aims to increase domestic and international tourist reception by 14.1% and achieve a tourism revenue growth of 11.7% in 2024 [3] - The resort's first phase has already attracted over 1 million visitors, with over 70% coming from outside Jiangsu province, indicating strong regional appeal [4] Unique Features and Attractions - The second phase of the resort will feature the world's longest indoor snow track at 650 meters, the largest snow park cold area exceeding 100,000 square meters, and the highest snow track drop of 100 meters [5] - The resort will also introduce two international hotels themed around ice and snow, along with six major entertainment projects to enhance the immersive experience [1][8] Comprehensive Experience and Services - The resort will offer a full range of services including dining, accommodation, entertainment, and shopping, creating a year-round, family-friendly vacation complex [8][10] - Key components include the Mediterranean Club Med hotel with direct access to the snow world, themed entertainment, and a wellness spa [8][10] Marketing and Customer Engagement - The company has over 20 million members, including families and skiing enthusiasts, who contribute to the brand's reputation and customer loyalty [11] - Future plans include hosting top-tier skiing events and cultural festivals, expanding the "ice and snow +" consumption space [11][13] Strategic Vision - The project aims to create a sustainable "vacation economy" that meets the high-frequency vacation needs of families in the Yangtze River Delta [13] - The CEO emphasizes the importance of integrating high-quality snow facilities with leisure and entertainment options to attract families and young customers [13]

Group 1 - The company aims to expand its resort projects focusing on three main directions: destination resort complexes, rapid expansion of urban resort hotels, and new cultural tourism mall formats [2][2] - The Taicang Alps International Resort Phase II project has commenced construction, with a total investment of approximately 5 billion yuan, expected to be operational by June 2029 [1][1] - The first phase of the Taicang Alps International Resort opened in 2023, receiving over 1 million visitors, with a significant increase of nearly 6 times in visitor numbers during the 2024 Spring Festival compared to the same period in 2023 [1][1] Group 2 - The company plans to spin off its Sanya Atlantis project for independent REITs listing on the Shanghai Stock Exchange [2][2] - The CEO mentioned that the recent delisting from the Hong Kong Stock Exchange provides more flexible strategic and resource allocation opportunities, leading to adjustments in the company's development direction and product lines [1][1] - The company is accelerating its transition to a light asset model, with various business segments focusing on light asset expansion, such as the Mediterranean Club shifting to a leasing and management model [1][1]