Acushnet (NYSE:GOLF) Q4 2025 Earnings call February 26, 2026 08:30 AM ET Company ParticipantsAmanda Douglas - VP of Equity ResearchCameron Vollmer - Director of Investor RelationsDavid Maher - President and CEODoug Lane - Head of Consumer ProductsLauren Ng - Equity Research AssociateSean Sullivan - EVP and CFOConference Call ParticipantsJT Waldman - Managing Director and Senior Equity AnalystJoe Altobello - Managing Director and Senior Equity AnalystNoah Zatzkin - VP and Equity Research AnalystRandy Konik - ...

常州海关货物查验科科长王伟带记者走到码头引桥上，不远处，长达数百米的传送带横跨水面。"这批 来自澳大利亚的铁矿砂通过皮带机直接运输到气膜大棚，从船到库整个流程全封闭，实现运砂不见 砂。" 去年常州铁矿砂进口量同比增长达20%，释放出积极信号：国内制造业需求旺盛，常州港吞吐量持续攀 升。 □ 本报记者 张宇熠 部分铁矿砂从常州港中转，运往湖南、安徽等地钢厂。通关效率高、综合成本低，让码头岸线不到10公 里的常州港成为长三角港口群中的重要中转站。"常州港处于上海港与南京港（002040）辐射圈的枢纽 节点，又与内河航道网紧密相连，可畅达八方。"王伟说。 春节假期，常州港录安洲码头4号泊位依旧繁忙。2月21日，一艘20万吨级船舶正在进行卸货作业。然 而，现场只见船不见货，记者不禁好奇：货去哪了？ 工业原料源源不断运进来，"常州制造"整装待发运出去。爱德拉智能科技（常州）有限公司的38辆摩托 车发往英国，雅柯斯电力科技（中国）有限公司的10台发电机组发往土耳其……在常州海关H986（海 关大型集装箱检查系统）设备室，王伟指着系统显示屏一边演示一边介绍："借助H986，集装箱查验时 间缩短至5分钟内，大幅提升进出口货物 ...

螺丝、手套、切割片、焊条，这些东西你可能一辈子都不会主动去买，但中国每一家工厂、每一条流水 线，每天都在消耗它们。 行业里有个专有名词，叫MRO，维护、维修和运营耗材。2022年，中国MRO采购规模约3万亿元，预 计到2029年将突破4.5万亿。 热闹的港股，要迎来一个卖螺丝的人。 投资家网获悉，2026年开年，专注工业品采购的在线平台锐锢商城，正式向港交所主板递交了上市申 请。背后站着春华资本、源码资本、鼎晖投资，连加拿大安大略省教师退休基金会都进来了。一家做五 金耗材生意的公司，硬是拉来了全球顶级机构排队入股。 这事听起来就挺魔幻的。 对，你没看错，3万亿。比很多人想象中大十倍的市场，就藏在这些没人在意的螺丝和扳手背后。 嗅到这个机会的，是一个典型的上海80后，高玚。 他没读完大学，出来闯荡，从推销电焊机开始，在五金机电的圈子里摸爬滚打。后来出国，去澳大利亚 读了个商务会计，回来转做五金机电出口，把国内的货往海外倒，赚了第一桶金。2013年，他回到上 海，创立了锐锢商城的前身，打算用互联网的方式重新组织这门生意——把全国22万余家零售五金店、 3000多家上游供应商，全部连接到一个在线平台上。 这一连，连 ...

Industry Insights - The popularity of winter sports equipment has surged following the Beijing Winter Olympics, with significant consumer interest noted during the Milan Winter Olympics, leading to an upgrade in consumer spending on winter sports gear [6] - The demand for high-quality winter sports products has increased, with consumers becoming more knowledgeable about materials and technology, resulting in a preference for premium products such as helmets with MIPS technology, which are priced significantly higher than standard options [6] - The winter sports market in Dalian has seen a substantial boost, with over 1 million people participating in ice and snow activities, generating nearly 1.5 billion yuan in related consumption [8] Consumer Behavior - Young athletes, inspired by Olympic champions, are increasingly investing in new skiing equipment, with families spending significant amounts on gear, such as a total of over 9,000 yuan for a complete set of skiing equipment [3] - Retailers are experiencing high sales volumes, with many ski apparel items sold out due to increased demand during the winter holiday season [3][6] - The growth of winter sports has also led to the emergence of new business models, including ski training camps and coaching services, reflecting a diversification in consumer spending within the winter sports sector [9]

Group 1 - The Beijing Winter Olympics significantly boosted interest in ice and snow sports, leading to increased sales of related equipment and apparel, with consumers now more knowledgeable about product quality and technology [2][3] - The demand for high-quality snow sports gear has risen, with products featuring advanced technologies like MIPS (Multi-directional Impact Protection System) seeing much higher sales despite their higher prices [2] - The overall consumption related to ice and snow sports in Dalian reached nearly 1.5 billion yuan, driven by over a million participants engaging in winter sports activities [3] Group 2 - Retailers are experiencing a surge in sales of winter sports gear, with many items, including ski suits, selling out quickly during the holiday season [2] - The popularity of winter sports has led to the emergence of new business models, including ski training camps and coaching services, expanding the market beyond just equipment sales [3]

Group 1 - The popularity of winter sports has significantly increased, leading to a surge in demand for ice and snow products, particularly after the Beijing Winter Olympics and the upcoming Milan Winter Olympics [4][5]. - Consumers are increasingly knowledgeable about ice and snow products, with a growing demand for high-quality gear, such as helmets with MIPS technology, which are priced significantly higher than traditional options but have much higher sales volumes [5]. - The winter sports market in Dalian has seen substantial growth, with over one million people participating in ice and snow activities, generating nearly 1.5 billion yuan in related consumption [5]. Group 2 - Retailers are experiencing high sales of winter sports equipment, with many items, including ski apparel, selling out quickly during the holiday season [4][5]. - The success of Chinese athletes in the Winter Olympics has further boosted sales of Olympic-themed merchandise, including high-tech clothing and accessories [5]. - The market for winter sports services, such as training camps and coaching, is expanding, reflecting the increasing engagement in winter sports activities [5].

Group 1 - The Winter Olympics in Italy has reignited public interest in ice and snow sports, leading to increased participation in activities such as ice skating and skiing in popular locations like Beijing and Chongli [1] - Chongli, a key area for ice and snow tourism, is projected to receive over 10 million visitors by 2025, with weekend visitor numbers at certain ski resorts reaching around 15,000 [1] - The Northeast region of China is experiencing a booming ice and snow economy, highlighted by the launch of the "2026 'Buy in China' National Ice and Snow Consumption Season" in Harbin [1] Group 2 - The "Ice and Snow +" initiative aims to broaden the consumption chain, transforming ice and snow entertainment into a diversified consumer experience [2] - A complete ice and snow consumption chain has formed, with consumers spending significantly on equipment and travel, indicating the growing potential of the ice and snow economy [3] - Popularity in ski resorts is driving growth in related sectors such as transportation, accommodation, and dining [3] Group 3 - Hotel bookings in Chongli are in high demand, with some hotel types already fully booked, and snow equipment stores are also seeing increased customer traffic [4][5] - The China Tourism Research Institute forecasts that ice and snow tourism participants will reach 360 million by the winter of 2025-2026, generating an income of 450 billion yuan, with 220 million tourists primarily motivated by ice and snow activities [6] - Local governments are implementing targeted policies and initiatives to stimulate ice and snow consumption, integrating it into the overall New Year consumption season [6] Group 4 - Hubei province plans to launch a "Dance with Winter" ice and snow consumption season, distributing consumption vouchers and creating premium tourism routes to boost related spending by over 200 million yuan [7] - Jilin province aims to establish itself as a world-class ice and snow tourism destination, with a 5 billion yuan fund and 1 billion yuan in consumption vouchers to promote the industry [7] - Financial institutions are introducing various financial products to support the ice and snow economy, including interest-free installment plans and discounts for consumers [8] Group 5 - The ice and snow economy is transitioning from a seasonal trend to a high-quality, full-industry chain development, becoming a significant driver for domestic demand and consumption [8]

Core Insights - The article discusses the growing interest in ice and snow sports in southern cities, particularly focusing on Xiamen, Fujian, which is leveraging technology to create an "ice and snow world" despite its warm climate [1][3]. Group 1: Ice and Snow Theme Parks - Xiamen has established the largest indoor ski resort in Fujian, covering approximately 15,000 square meters, featuring various attractions such as an ice town, ice castle, and ski hall [3]. - The indoor ski hall includes a 130-meter ski slope, catering to those seeking thrilling experiences, alongside various performances and activities [5]. - The indoor temperature is maintained at -6°C while the outdoor temperature is 15°C, utilizing snow-making machines and cooling systems to create a realistic ice environment [7]. Group 2: Outdoor Ice and Snow Experiences - An outdoor ice theme park has recently opened, transforming a previously idle water park into a winter attraction using artificial snow technology [10]. - The outdoor park spans about 20,000 square meters and features various attractions such as snow eaves, mini snow houses, and snow slides [12]. - The park's first-day ticket sales reached 300,000 yuan, with over 50,000 visitors in the first week, and an expected total of 400,000 to 500,000 visitors for the snow season [14]. Group 3: Ice and Snow Equipment Export - Xiamen is emerging as a production base for ice and snow sports equipment, with strong export figures, particularly to North America [15][19]. - A company established in 2006 has a diverse product range covering all aspects of ice hockey, with North America accounting for half of its total exports [19]. - The overall export of skiing equipment from Fujian Province reached 220 million yuan in 2025, marking a 51.6% year-on-year increase, with private enterprises contributing 160 million yuan, a 78.3% increase [24].

Group 1: Ice and Snow Economy Development - The rise of ice and snow sports has led southern cities like Xiamen to explore the potential of the ice and snow economy, creating an indoor "ice and snow world" to overcome seasonal and climatic limitations [1] - Xiamen's indoor ski resort, the largest in Fujian Province, spans approximately 15,000 square meters and features various attractions, including a 130-meter ski slope, to provide a realistic ice and snow experience [1] - The indoor temperature is maintained at -6°C while the outdoor temperature is 15°C, utilizing advanced technology such as snow-making machines and a robust insulation system to preserve the cold environment year-round [1] Group 2: Outdoor Ice and Snow Theme Park - An outdoor ice and snow theme park has recently opened in Xiamen, transforming a previously idle water park into a winter attraction through artificial snow technology [3] - The outdoor park covers about 20,000 square meters and includes various features like snow eaves, mini snow houses, and a snow slide, enhancing the winter experience for visitors [4] - The park's first-day ticket sales reached 300,000 yuan, with over 50,000 visitors in the first week, and it is expected to attract 400,000 to 500,000 visitors during the snow season [4] Group 3: Ice and Snow Equipment Export Growth - Xiamen is emerging as a production base for ice and snow sports equipment, with strong export figures, including hockey gear and ski poles used by Olympic athletes [5] - A local sports equipment company has seen significant demand from North American hockey clubs, with exports to this market accounting for half of its total revenue [6] - The overall export value of skiing equipment from Fujian Province is projected to reach 220 million yuan in 2025, marking a 51.6% year-on-year increase, with private enterprises contributing significantly to this growth [6][7]

Core Insights - The Beijing Winter Olympics have significantly transformed China's winter sports landscape, engaging over 300 million people in winter sports and contributing to a healthier society and global winter sports development [1][6]. Group 1: Achievements and Developments in Winter Sports - China achieved its best-ever performance at the Winter Olympics, securing 9 gold, 4 silver, and 2 bronze medals, ranking among the top three in the medal tally [3]. - The success of young athletes like Su Yiming and Gu Ailing has inspired a new generation to participate in winter sports, showcasing the confidence and talent of Chinese youth [3][2]. - The establishment of a professional training system and international exchange platforms has provided strong momentum for the development of winter sports in China [3]. Group 2: Participation and Engagement - The number of participants in winter sports reached 292 million, with a participation rate of 20.61%, an increase of approximately 27.44 million from the previous season [6]. - The introduction of policies promoting free access to ice and snow activities for students has fostered a culture of participation among the youth [6]. Group 3: Economic Impact and Industry Growth - The ice and snow industry in China has seen substantial growth, with the market size increasing from 364.7 billion to 980 billion yuan from 2016 to 2024, and is expected to surpass 1 trillion yuan by 2025 [9]. - The winter sports industry is evolving from a short-term event-driven boom to a comprehensive development model encompassing equipment manufacturing, event operations, training services, and cultural tourism [9][10]. - The Beijing Winter Olympics have catalyzed the emergence of numerous businesses in the winter sports equipment sector, significantly boosting local economies [10]. Group 4: International Collaboration and Influence - The successful hosting of the Winter Olympics in Beijing has set a benchmark for future events, influencing the preparations for the Milan Winter Olympics [7][8]. - Global winter sports giants are increasingly attracted to China's vast market and innovative environment, leading to potential collaborations in the ice and snow industry [11].