Core Insights - Zhangjiakou's Chongli district is leveraging its unique skiing resources and Winter Olympic legacy to boost its ice and snow equipment manufacturing industry [1][7] Industry Overview - The new snow season has seen over 80,000 visitors since its opening, indicating a rising popularity of winter sports in the region [7] - Chongli boasts nine large ski resorts and 219 ski trails, catering to both beginners and experienced skiers [5] Equipment Manufacturing - Zhangjiakou has attracted 29 ice and snow equipment companies, creating a comprehensive local production chain for winter sports gear [16] - A young brand that relocated to Zhangjiakou in 2020 has rapidly developed over 200 products and holds multiple patents, capitalizing on the favorable business environment and proximity to a large skiing market [14] Economic Development - The local government is focused on enhancing the entire ice and snow equipment product system, which includes small and medium enterprise incubators and testing services [17] - The strategy aims to achieve high-quality development of the ice and snow industry by promoting collaboration across the supply chain [17]

Group 1 - The company experienced an increase in visitor numbers, with a total of 2.2641 million visitors in 1H2025, representing a year-on-year growth of 5.82% [1] - The revenue from various business segments in 1H2025 showed significant growth: hotel revenue at 209 million, cable car revenue at 356 million, scenic area revenue at 138 million, tourism services at 234 million, and Huizhou cuisine at 131 million, with year-on-year growth rates of +8.82%, +15.19%, +40.61%, +17.44%, and +6.17% respectively [1] - The gross profit margins for these segments were as follows: hotel at 28.39%, cable car at 74.21%, scenic area at 47.73%, tourism services at 8.19%, and Huizhou cuisine at 1.01%, with notable declines in cable car margins due to adjustments in resource usage fees [1] Group 2 - The company is strategically located near the Huangshan scenic area, benefiting from proximity to the economically strong East China region, which is expected to enhance visitor growth following the opening of the Chihuang high-speed railway [2] - Revenue projections for the company from 2025 to 2027 are estimated at 2.062 billion, 2.207 billion, and 2.372 billion respectively, with net profits expected to be 353 million, 403 million, and 448 million, corresponding to price-to-earnings ratios of 25, 22, and 20 [2]