前海冰雪世界由华发股份（600325）投资建设并运营，总建筑面积约10万平方米，配备5条专业雪道， 最大垂直落差83米，单道最长距离463米。项目已通过吉尼斯世界纪录认证，获"最大室内滑雪中心"称 号，同时取得国际滑雪联合会(FIS)赛事标准认证。 依托"国庆湾区冰雪嘉年华"，前海冰雪世界推出雪上表演、趣味赛事、主题市集等活动，并与深圳 市"秋日心动"文旅促消费活动形成联动。后者涵盖178项文商旅体展活动，包括黄金海岸旅游嘉年华、 沉浸式夜游项目等，以"科技+体验"为主题刺激消费需求。 中证报中证网讯(王珞)9月29日，深圳前海冰雪世界举行启幕仪式。作为粤港澳大湾区首个大型室内滑 雪场，该项目的建成开放被视为落实国家冰雪运动发展战略的具体举措，旨在推动冰雪运动普及与区域 文旅产业融合。深圳市副市长张华，市文化广电旅游体育局、前海管理局、宝安区相关负责人，华发集 团、香港旅游发展局相关负责人出席活动。 华发股份相关负责人表示，深圳.前海冰雪世界将以滑雪为核心，融合体育、潮流等多维业态，打造湾 区运动社交新地标。未来也将充分发挥冰雪世界得天独厚的硬件优势，依托丰富多元的运营内容，持续 加大在冰雪运动普及、专业培训 ...

国盛证券研报指出，华发股份开发并全资持有的深圳前海冰雪世界项目，将于9月底正式开业。前海冰 雪世界票价较竞品定价更高，项目进入成熟期后中性预期每年贡献营收6.5亿元、净利润1.3亿元。公司 在深圳前海冰雪世界项目即将开业，有望带动公司经营及业绩提升；公司具有国资背景，大股东支持力 度高，流动性保持充裕，未来定向可转债落地发行后，公司有望把握市场潜在复苏环境加力拿地；近年 利润率较高的地块将进入结转周期，对业绩有托底作用；考虑到目前行业下行环境，公司可能仍有一定 减值压力。维持"买入"评级。 ...

Investment Rating - The report maintains a "Buy" rating for the company [3][6]. Core Views - The upcoming opening of the Shenzhen Qianhai Ice and Snow World project is expected to enhance the company's performance and operational metrics [3][11]. - The company has a strong state-owned background, which provides substantial support from major shareholders, ensuring liquidity remains robust [3][11]. - The company is expected to leverage the potential market recovery to increase land acquisitions following the issuance of targeted convertible bonds [3][11]. - The company has seen a reduction in land acquisition activities recently, focusing on optimizing its land reserve structure [3][31]. Summary by Sections Project Overview - The Shenzhen Qianhai Ice and Snow World project, developed and wholly owned by the company, is set to open at the end of September, becoming the largest indoor ski resort globally with a total area of 437,000 square meters and a total construction area of 1,311,000 square meters [1][20]. - The project includes diverse facilities such as a 100,000 square meter ice and snow theme park, 100,000 square meters of commercial space, a 49,000 square meter hotel, and 300,000 square meters of sellable talent housing [1][20]. Revenue and Profit Projections - The project is expected to contribute an annual revenue of 650 million yuan and a net profit of 130 million yuan once it reaches maturity [2][25]. - The pricing strategy for the ski tickets is higher than competitors, with price differences ranging from 15% to 27% [2][24]. - The company anticipates receiving over 1.25 million visitors annually, with revenue projections based on a sensitivity analysis estimating a range of 490 million to 920 million yuan [2][26]. Land Acquisition and Reserves - The company plans to acquire land worth 9.4 billion yuan in 2024 and 3.6 billion yuan in the first half of 2025, focusing on core cities [3][31]. - The total land reserve is expected to be 16.29 million square meters by the end of 2024, with a significant portion located in the East China region [3][39]. - The issuance of targeted convertible bonds is anticipated to improve liquidity and facilitate further land acquisitions [3][31]. Financial Forecasts - The company forecasts revenues of 66.26 billion yuan, 68.44 billion yuan, and 69.96 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 255 million yuan, 497 million yuan, and 1.005 billion yuan for the same years [3][5].

Group 1 - The Shenzhen Qianhai Ice and Snow World project is in the final construction phase, with cooling and snow-making processes underway, and is expected to open in the fourth quarter of this year [2] - The company reported a sales revenue of 50.22 billion yuan in the first half of the year, with an average sales price of 26,459 yuan per square meter, ranking 11th in the industry according to Leike R&C [2]

Group 1: Economic Development and Investment - Shenzhen has completed an investment of 178.65 billion yuan in major projects in the first half of the year, achieving an investment progress rate of 58.1% [1][2] - The city has planned a total of 798 major projects with a total investment of approximately 3.2 trillion yuan by 2025, focusing on modern industries, public welfare, and infrastructure [2] - Major projects in modern industries include the Shenzhen International Exchange Center and various headquarters for companies like Xiaomi and JD.com, which are expected to enhance the city's industrial capabilities [1][2] Group 2: Social Welfare and Public Services - Shenzhen plans to invest 95.37 billion yuan in 292 major projects aimed at improving public welfare by 2025, focusing on education, healthcare, and cultural tourism [3] - The city has increased its educational capacity significantly, adding 100,000 public high school seats and addressing the tight supply of high school placements [3] - In healthcare, Shenzhen has reached a total of 75,000 hospital beds and established 82 elderly care institutions, with community services benefiting over 200,000 elderly residents [4]

Group 1 - The core building of Zhuhai Huafa Industrial Co., Ltd.'s Shenzhen Qianhai Ice and Snow World project, the Ice and Snow Center, is nearing completion with 95% overall progress, including 86% of curtain wall installation and 90% of electromechanical engineering [1][2] - The Ice and Snow Center will feature a professional ski slope of 1569 meters in length and a vertical drop of 83 meters, expected to open in the fourth quarter of this year, marking Shenzhen's "Ice and Snow Year" [1][2] - The ice and snow economy in China is projected to exceed 1 trillion yuan by 2025, indicating a significant growth opportunity for the industry [1] Group 2 - The Shenzhen Qianhai Ice and Snow World will operate year-round as a comprehensive ski entertainment complex, becoming the largest indoor snow world globally, capable of hosting international events [2] - The project is strategically located in the Guangdong-Hong Kong-Macao Greater Bay Area, enhancing its market potential and accessibility [1][2] - The project aims to meet the growing demand for ice and snow activities in southern China while providing a unique experience for northern visitors [2]