Core Points - The Xinjiang Altay Keketuohai International Ski Resort officially opened for the 2025-2026 snow season on October 12, attracting ski enthusiasts from across the country [1][3] - The resort features a long snow season of 240 days and offers 23 ski trails, including the 9-kilometer "Gem Avenue" and the steepest "Black Diamond" trail with a maximum gradient of 71.28% [6] - The resort has undergone widening renovations on some trails and has 300 ski resorts operational, designed with a "ski in, ski out" concept, providing ample skiing time from October to May [9] - A promotional offer is available for visitors from Xinjiang, allowing them to ski at a discount, and nationwide ski enthusiasts can ski for free once within five days of showing their flight tickets [11]

Core Points - The recent snowfall and temperature drop in the Altay region of Xinjiang has initiated the snow-making process for the 2025 snow season [1][3] - The Koktokay Ski Resort plans to open ski trails ranging from 2500 to 3100 meters and will offer free trial skiing on October 10 and 11, with the official opening on October 12 [6] - The Altay region is recognized as a prime skiing destination, with ski resorts upgrading trails and introducing various benefits to attract more visitors [10] Industry Developments - The Koktokay Ski Resort has already produced 200,000 cubic meters of artificial snow as of October 9, while the Jikeplin Ski Resort has also begun snow-making, featuring a total of 103 ski trails with a combined length of 108 kilometers [11] - The region's ski resorts are strategically located within the world's optimal skiing latitude, enhancing their appeal as a national skiing hub [10]

Core Insights - Vail Resorts reported revenue of $271.29 million for the quarter ended July 2025, marking a year-over-year increase of 2.2% but falling short of the Zacks Consensus Estimate by 0.21% [1] - The company experienced an EPS of -$5.08, which is a decline from -$4.67 a year ago, and the EPS surprise was -6.95% compared to the consensus estimate of -$4.75 [1] Financial Performance Metrics - Total skier visits were reported at 0.75 thousand, matching the average estimate [4] - Managed condominium RevPAR was $48.62, exceeding the average estimate of $46.15 [4] - Owned hotel RevPAR reached $185.37, surpassing the estimated $178.07 [4] - Mountain ETP was $63.20, above the average estimate of $59.70 [4] - Lodging net revenue was $90.27 million, exceeding the average estimate of $88.25 million, with a year-over-year change of +0.9% [4] - Mountain net revenue was $180.93 million, slightly above the average estimate of $179.08 million, reflecting a year-over-year increase of +2.9% [4] - Resort net revenue totaled $271.2 million, surpassing the average estimate of $267.74 million, with a year-over-year change of +2.2% [4] - Real estate revenue was $0.09 million, below the average estimate of $0.34 million, with no year-over-year change [4] - Mountain net revenue from other sources was $81.1 million, exceeding the average estimate of $71.77 million, representing a +6.9% year-over-year change [4] - Managed condominium rooms revenue was $10.11 million, slightly below the average estimate of $10.46 million, reflecting a -3.7% year-over-year change [4] - Retail/rental revenue from mountain operations was $24.09 million, below the average estimate of $26.29 million, with a year-over-year change of -0.9% [4] - Dining revenue was $18.39 million, below the average estimate of $20.51 million, showing a +2.4% year-over-year change [4] Stock Performance - Vail Resorts' shares have returned -9.8% over the past month, contrasting with the Zacks S&P 500 composite's +2.9% change [3] - The stock currently holds a Zacks Rank 4 (Sell), indicating potential underperformance relative to the broader market in the near term [3]

Core Insights - The Chinese skiing industry has shown a significant recovery and growth, with the number of skiing participants reaching 26.05 million in the 2024-2025 season, marking a 12.9% year-on-year increase, and surpassing the pre-Winter Olympics peak of 1.91 times per person [3][7][10] - The market is experiencing a structural shift, with indoor ski resorts becoming the mainstay of the skiing market, while outdoor ski resorts are seeing increased concentration and growth in destination ski resorts, particularly in Jilin and Xinjiang [3][5][12] Market Performance - The total number of operational ski resorts in China is 748, with 66 indoor and 682 outdoor resorts, reflecting a mild expansion trend [5][20] - The total number of ski resorts decreased from 935 to 914, indicating a market consolidation where smaller, less efficient resorts are being eliminated [5][20] - Jilin province leads in skiing participants with 3.763 million, followed by Hebei and Xinjiang, with respective figures of 3.19 million and 2.47 million [8][10] Indoor Skiing Growth - Indoor ski resorts have expanded rapidly, with the number increasing from 5 in 2013 to 66 in 2024, accounting for 8.82% of all operational ski resorts [16][19] - Indoor ski resorts generated 5.63 million skiing participants, representing 21.61% of the total skiing population, highlighting their growing importance in the market [16][20] Regional Distribution - The top five provinces for skiing participants are Jilin, Hebei, Xinjiang, Heilongjiang, and Beijing, with Jilin showing a 23.7% increase year-on-year [8][11] - Beijing is the only province showing a decline in skiing participants, attributed to the post-Winter Olympics market adjustment and increased competition from surrounding provinces [10][11] User Demographics - The skiing user base is becoming younger, with a significant increase in the popularity of snowboarding among individuals aged 20-35 [28][30] - A substantial portion of users (25%) ski only once per season, indicating that skiing remains an experiential activity for many [30][31] Infrastructure and Capacity - The number of ski lifts has increased to 365, with 12 new lifts added, but the overall capacity and efficiency of ski resorts still need improvement to meet growing demand [25][27] - The majority of ski resorts have a vertical drop of less than 100 meters, which limits their appeal compared to larger resorts [23][24] Future Outlook - The southern regions of China are seeing a rise in indoor ski resorts, driven by demand and investment, but the challenge remains in promoting a comprehensive ice and snow culture [33][34] - The skiing market in China is expected to continue evolving, with a focus on enhancing user experience and expanding infrastructure to support the growing number of participants [27][34]

Core Insights - Vail Resorts reported $1.3 billion in revenue for the quarter ended April 2025, marking a year-over-year increase of 1% and an EPS of $10.54, up from $9.54 a year ago, with a slight revenue surprise of -0.55% against estimates [1] - The company’s stock has returned +10.6% over the past month, outperforming the Zacks S&P 500 composite's +5.2% change, and currently holds a Zacks Rank 3 (Hold) [3] Revenue and Earnings Performance - Total skier visits reached 8.61 thousand, slightly above the estimated 8.6 thousand [4] - Managed condominium RevPAR was reported at $206.66, below the estimated $214.69 [4] - Owned hotel RevPAR was $165.54, compared to the average estimate of $170.86 [4] - Mountain net revenue was $1.21 billion, slightly below the $1.22 billion estimate, but represents a +1.4% year-over-year change [4] - Lodging net revenue was $82.89 million, below the estimated $89.11 million, reflecting a -4.8% change year-over-year [4] - Real estate revenue was $0.12 million, significantly below the $1.05 million estimate, indicating a -32% year-over-year change [4] Additional Metrics - Mountain net revenue from retail/rental was $113.68 million, below the $119.17 million estimate, showing a -7.8% year-over-year change [4] - Dining revenue was reported at $110.97 million, slightly above the $110.73 million estimate, with a +1.4% year-over-year change [4] - Managed condominium rooms revenue was $32.63 million, below the average estimate of $35.12 million, reflecting a -7.8% year-over-year change [4]