Core Insights - Vail Resorts, Inc. is a leading global mountain resort operator with premier ski destinations in the U.S., Canada, and Australia, competing with other leisure and hospitality businesses [1] Financial Performance - Vail Resorts has a Return on Invested Capital (ROIC) of 5.19%, which is below its Weighted Average Cost of Capital (WACC) of 6.06%, resulting in a ROIC to WACC ratio of 0.86, indicating a need for improved capital efficiency [2][6] - Comparative analysis shows that Fair Isaac Corporation (FICO) has a ROIC of 53.59%, significantly outperforming Vail Resorts in capital utilization [6] Peer Comparison - Masimo Corporation has a negative ROIC of -11.49% and a WACC of 9.14%, resulting in a ROIC to WACC ratio of -1.26, indicating struggles in generating returns above its cost of capital [3] - Hyatt Hotels Corporation has a ROIC of -20.09% and a WACC of 8.41%, with a ROIC to WACC ratio of -2.39, highlighting inefficiencies in capital utilization [3] - IDEXX Laboratories, Inc. has a ROIC of 38.09% and a WACC of 11.47%, resulting in a ROIC to WACC ratio of 3.32, indicating efficient capital utilization [4] - The Toro Company has a ROIC of 13.58% and a WACC of 7.28%, with a ROIC to WACC ratio of 1.87, also demonstrating effective capital utilization [4] - FICO stands out with a ROIC to WACC ratio of 5.72, indicating strong capital efficiency and value creation for shareholders [5]

新雪季，河北崇礼各大滑雪场在设施升级、赛事引进与服务优化等方面全面发力，推动冰雪经济持续升温，为雪友打造更专业、更富趣味的滑雪 度假目的地。 2025至2026雪季，崇礼各滑雪场还将举办、承办大量赛事活动。这座冬奥小城，在国际赛事带动下全面"沸腾"。 《中国冰雪产业发展研究报告（2025）》显示，2025年中国冰雪产业规模将突破万亿元。奔涌的冰雪经济新动能，正不断转化为发展所需的"热动 力"。 正值雪季，冰雪经济的火热正拉动着消费新场景、区域新发展以及产业新生态。 在河北围场庙子沟村，这里平均海拔约1500米，冬季雪期长达120天，得天独厚的"冷资源"为冰雪文旅发展提供了优越条件。这里以塞罕坝为主 题，复刻了20世纪60年代的林场场景，将冰雪资源与红色文化、民俗体验深度融合，推动当地旅游从"一季游"迈向"全季游"。 记者：张玮华、付旭遥 新华社音视频部制作 【纠错】 【责任编辑:赵文涵】 ...

Core Insights - Vail Resorts reported a wider-than-expected net loss for Q4 fiscal 2025, with revenues missing estimates despite a year-over-year increase [2][3] - The company experienced a decline in skier visits, yet managed to maintain a stable EBITDA margin for the full year [5][9] - There has been a downward trend in estimates for the company's performance, leading to a Zacks Rank of 5 (Strong Sell) [12][13] Financial Performance - Q4 fiscal 2025 revenues were $271.3 million, up 2.2% from $265.3 million year-over-year, but below the Zacks Consensus Estimate of $272 million [2] - The net loss attributable to shareholders was $185.5 million, or $5.08 per share, compared to a loss of $176.6 million, or $4.70 per share, in the previous year [3] - Full-year fiscal 2025 revenues reached $2.96 billion, a 2.7% increase year-over-year, with net income rising to $280 million ($7.53 per share) from $231.1 million ($6.09 per share) in fiscal 2024 [3] Margins and Profitability - Resort Reported EBITDA for Q4 was a loss of $123.6 million, compared to a loss of $114.6 million in the prior-year period, influenced by higher costs related to CEO transition and resource efficiency [4] - The full-year Resort Reported EBITDA margin was 28.5%, showing modest expansion despite a 3% decline in skier visits [5] Segment Performance - The Mountain segment net revenues increased by 2.9% year-over-year to $180.9 million in Q4, driven by dining and ski school [6] - Lodging segment net revenues were $90.3 million, up 0.9%, with Lodging Reported EBITDA growing 48% to $4.1 million [6] Balance Sheet and Capital Management - As of July 31, 2025, Vail Resorts had $440 million in cash and total liquidity of approximately $1.4 billion, with net debt at $2.75 billion [7] - The company repurchased 1.29 million shares for $200 million in Q4, totaling $270 million for the full year, representing 4.5% of outstanding shares [8] Guidance and Outlook - For fiscal 2026, Vail Resorts anticipates net income between $201 million and $276 million, with Resort Reported EBITDA projected at $842 million to $898 million, indicating a margin of roughly 28.8% [9] - The guidance reflects expected efficiency savings and normalized weather conditions, but is tempered by lower pass unit sales and cost inflation [9]

Core Points - The Keketohai International Ski Resort in Altay, Xinjiang officially opened on October 12, marking the start of the new snow season in Xinjiang [1] - The recent snowfall and temperature drops have created ideal conditions for snowmaking, with operations starting on October 2 [1] - The resort has opened the core snow section of Keketohai Avenue, ranging from 3100 to 2500 meters, with plans to gradually open additional trails based on snow conditions [1] Industry Developments - The Altay region is launching a series of beneficial activities to attract more people to experience winter sports [1] - In addition to Keketohai, the Jikeplin International Ski Resort has begun snowmaking, while preparations are underway at Junjun Mountain and Qinggeli Wolf Mountain ski resorts for their openings [1]