一、事件：全国首部冰雪产业法规实施 国盛证券数据显示，2025年10月中旬以来，"室外滑雪场"搜索量同比上涨近900%，开板较早的可可托海国际滑雪度假区搜索量上涨279%，哈尔滨冰雪大世 界景区日均搜索量环比上涨近163%，行业景气度持续攀升。 二、历史龙头表现 进入冬季以来，"冰雪旅游"热度持续攀升。此外在政策层面，12月5日，中央区域协调发展领导小组办公室发布了《推动东北地区冰雪经济高质量发展助力 全面振兴取得新突破实施方案》。政策发布前夕，冰山冷热等个股股价持续大涨。 三、相关公司 据江海证券总结，产业链公司包括： 2025年12月，黑龙江省十四届人大常委会第二十五次会议批准《七台河市冰雪产业促进条例》，该条例为我国首部聚焦冰雪产业的地方性法规，自2026年1 月1日起施行，从政策层面为冰雪产业发展提供明确支撑。 条例重点鼓励冰雪产业与高新技术融合，提出在冰雪产业中应用大数据、云计算、人工智能等技术，提升产业智能化、信息化水平，促进冰雪产业与数字经 济融合，发展智慧冰雪体育、智慧冰雪文旅等新业态，完善冰雪产业生态体系。 当前冰雪经济正处于快速增长期。根据江海证券数据，2024年中国冰雪产业规模达到980 ...

Core Insights - The 12th National Mass Ice and Snow Season will be held in Changchun on December 26, highlighting the growing focus on the ice and snow economy in China [1] - China's ice and snow economy is transitioning from a policy-driven phase to a market demand-led phase, with a projected total scale of 1.2 trillion yuan by 2027 [1] Industry Development - The ice and snow economy has rapidly developed, creating a collaborative ecosystem from equipment manufacturing to cultural tourism [2] - The State Council's 2024 policy aims to enhance ice and snow sports facilities and services, increasing international competitiveness [1][2] Company Initiatives - Xue Ren Group is a leading manufacturer in the ice and snow industry, providing critical infrastructure for events like the Beijing Winter Olympics [2] - Changbai Mountain Tourism Co. has established a comprehensive management system for mountain scenic areas and snowfield operations, enhancing visitor experiences [2] Seasonal Challenges - The industry faces seasonal dependency issues, prompting companies to innovate and diversify offerings to maintain year-round engagement [4] - Qingdao Inbody Health Technology has developed snow simulation machines and ice facilities to create immersive experiences regardless of season [4] Innovation and Transformation - Companies are leveraging technological and service innovations to shift the ice and snow economy from seasonal to year-round activities, unlocking consumer potential [5]

Core Insights - The article discusses the landscape of the personal snow equipment industry in China, highlighting the limited number of listed companies and their focus on outdoor sports and ice facility construction [1][5]. Company Overview - Major listed companies in the personal snow equipment sector include Sanfu Outdoor, Ternua, Anta, Inpace, Shuhua Sports, Xinlong Health, and Huali Technology, among others [1]. - The industry is divided into two main categories: companies focusing on outdoor sports equipment (e.g., Anta, Ternua) and those specializing in ice facility construction (e.g., Inpace) [1]. Financial Performance - Anta Sports leads in revenue with 42.2 billion yuan and a gross margin of 63.4%, attributed to its multi-brand strategy and strong profitability in snow-related business [3][4]. - Bi Yin Le Fen achieves the highest gross margin at 75.9% due to its high-end positioning, while Sanfu Outdoor maintains a gross margin of 58.6% from its specialized snow equipment [3][4]. - Other companies like Ternua and Semir have moderate gross margins, with Inpace and Shuhua Sports showing average margins [3]. Revenue and Profitability Metrics - In the first half of 2025, Anta Sports reported a revenue of 42.27 billion yuan, while other companies like 361 Degrees and Tebu International reported revenues of 6.26 billion yuan and 7.5 billion yuan, respectively [4]. - The earnings per share (EPS) varied significantly, with Anta at 2.77 yuan and Ternua at 0.38 yuan, while companies like Ternua and Inpace reported lower EPS figures [12]. Regional Market Focus - Companies are strategically located in regions rich in snow resources, with Anta, Sanfu Outdoor, and Ternua focusing on the Beijing-Tianjin-Hebei and Northeast areas, while others like Tebu and Inpace target East China and North China [5][7]. - Internationally, companies are expanding into Southeast Asia, Europe, and the Middle East to meet the growing demand for snow equipment [5][7]. Future Business Plans - Companies like Anta, 361 Degrees, and Tebu are increasing R&D investments in snow equipment and enhancing their international presence [15]. - Sanfu Outdoor plans to expand its snowfield store network and strengthen partnerships with ski clubs and event organizations [15]. - Inpace and Shuhua Sports are focusing on upgrading ice facilities and services, while Huali Technology is developing VR snow products [15].