Group 1 - The letter reflects the emotional connection between a father and his children, emphasizing the importance of family support in pursuing a career in sports [2][3][4] - The narrative highlights the dual role of golf as both a competitive sport and a means of bonding with family, illustrating how personal experiences shape one's passion for the game [3][4] - The father expresses pride in his children's growth and achievements, despite being physically absent due to his commitments in golf, showcasing the sacrifices made by athletes [3][4][5] Group 2 - The letter serves as a motivational message, encouraging the children to embrace their individuality and support each other as siblings [4][5] - It underscores the significance of parental support in an athlete's career, acknowledging the mother's role in managing the household while the father competes [4][5] - The father intends to share his experiences and lessons learned from golf with his children in the future, indicating a desire to pass on values of perseverance and focus [3][4]

Core Insights - The rise of Disc Golf as a popular sport among the new middle class reflects a shift towards quieter, more accessible recreational activities [1][3] - Disc Golf combines elements of traditional golf with the casual nature of frisbee, making it appealing to a wide range of participants [3][6] - The sport's growth is supported by the establishment of professional events and increasing availability of courses in urban areas [6][11] Group 1: Sport Characteristics - Disc Golf is played on courses similar to traditional golf, consisting of 18 holes, where players aim to complete the course in the fewest throws possible [6][9] - The sport is beginner-friendly, requiring minimal investment in equipment, with basic discs available for under 100 yuan [7][9] - The gameplay emphasizes skill development in throwing and aiming, allowing players to quickly learn and enjoy the sport [9][20] Group 2: Accessibility and Cost - Unlike traditional sports that require specific venues, Disc Golf can be played in public parks and green spaces, reducing operational costs and making it more accessible [11][20] - The flexible nature of the game allows individuals or small groups to play without needing to coordinate large gatherings, catering to busy lifestyles [10][20] - The overall cost-effectiveness of Disc Golf makes it an attractive option for urban dwellers seeking recreational activities [10][11] Group 3: Mental and Physical Benefits - The sport promotes a connection with nature, enhancing the overall experience and providing a meditative quality to the activity [16][25] - Disc Golf serves as a low-impact exercise suitable for all ages, making it an ideal family activity that encourages participation across generations [17][20] - The focus on personal improvement and self-competition fosters a positive mental state, helping players manage stress and anxiety [20][23] Group 4: Cultural Trends - The popularity of Disc Golf among the new middle class reflects broader trends in lifestyle choices, where individuals seek activities that align with their values and preferences [25][26] - The evolving landscape of recreational activities indicates a shift towards experiences that prioritize personal fulfillment and well-being over competitive intensity [25][26]

（原标题：港队高球教练邓子铿：期待球员在"主场"绽放光芒） 南方财经 21世纪经济报道记者 袁思杰 实习生 问致璞 香港报道 从梦想到现实 "高尔夫球这项运动，它完全靠自己，你的命运、所有的成就都由自己决定。"这种绝对的自我掌控与责 任，是邓子铿热爱高尔夫的原因，它就像一场孤独的修行，每一次挥杆，都是与自己的对话与较量。十 二岁那年，邓子铿第一次握起高尔夫球杆，也是第一次在心里埋下梦想的种子，"当时就下定决心要打 PGA（美国职业高尔夫球协会巡回赛），成为像泰格?伍兹（Tiger Woods）一样最顶尖的选手。"年少 的他，甚至偶尔会幻想自己如偶像一般挥杆、征服赛场，而这份梦想，终于凭借他的努力一步步成为了 现实。 2013年沈阳全运会，邓子铿所在的中国香港高尔夫球队赢得团体银牌，回忆起这次比赛，他感触良 多，"那是全运会第一次增设高尔夫球项目，完全没想过会有团体赛这种形式。"在此之前的四年里，邓 子铿刚刚完成从业余选手到职业选手的转型，每一次打职业比赛他都历历在目，"那段时间很孤独，出 去比赛都是单打独斗，在沈阳全运会上能代表中国香港队参赛，还有其他三位队友的相互支持，实在非 常难得。" 而在梦想即将实现的 ...

Core Points - The Hong Kong Special Administrative Region (HKSAR) government is in the final stages of preparation for the 15th National Games, which will be held for the first time in collaboration with Guangdong, Hong Kong, and Macau [1][2] - The overall progress of the Hong Kong venue preparations is reported to be ideal after two years of planning, with a sense of urgency as the event approaches [1][2] Group 1: Event Preparation - The HKSAR will host eight competitive events and one mass participation event during the National Games, with an expected participation of over 2,100 athletes, 1,000 officials, and 800 technical staff, totaling nearly 4,000 participants [2] - The organizing committee has made comprehensive preparations in areas such as venue construction, event scheduling, volunteer training, and athlete accommodations [2][3] - Security measures for the event are heightened compared to previous sports events in Hong Kong, with strict protocols established in collaboration with various government departments [2] Group 2: Volunteer Involvement - Over 30,000 applications were received for volunteer positions, resulting in the appointment of more than 16,000 volunteers, including over 1,000 youth volunteers, forming the largest volunteer team in Hong Kong's history [2][3] - Volunteers underwent multiple rounds of training, including online learning and classroom instruction, with experienced personnel sharing insights [3] Group 3: Challenges and Logistics - Despite the readiness, the organizing committee remains cautious, emphasizing the need to finalize many details in the remaining time [4][5] - Most events will take place in established venues, but challenges exist with temporary venues that require setup within two weeks [4] - Special arrangements for cross-border travel have been made for athletes and officials, utilizing designated entry points and providing assistance for customs clearance [4] Group 4: Financial and Community Engagement - The HKSAR government has allocated over 900 million HKD (approximately 830 million RMB) for the National Games, with additional sponsorship from various enterprises [5] - Ticket sales began on August 28, receiving a positive response, with some popular events selling out quickly [5] - Initiatives to distribute tickets to schools and youth organizations aim to foster interest in sports among young people [5][6] Group 5: Significance of the Event - This National Games marks a milestone in cooperation among Guangdong, Hong Kong, and Macau, establishing a foundation for future collaborative events in the Greater Bay Area [6]

Core Insights - The article discusses the rising popularity of indoor tennis, pickleball, and indoor golf as new middle-class sports, which were once considered "noble sports" but have now become more accessible and social activities [5][9][24] - These sports serve as a form of stress relief and social currency, allowing individuals to connect with others and engage in physical activity without the need for extensive facilities or equipment [13][18] Summary by Sections Popularity of New Sports - Indoor tennis, pickleball, and indoor golf have gained traction among the middle class, with people becoming addicted to these activities for their stress-relieving properties and social aspects [5][9] - The number of tennis players in China is projected to reach over 25 million by 2024, marking a growth rate of 28.03% since 2021, with the tennis market expected to exceed 60 billion yuan by 2029 [8][24] Accessibility and Convenience - Indoor tennis has become more accessible due to the availability of automatic ball machines and smaller court sizes, making it easier for beginners to practice without needing a partner [8][17] - Pickleball is viewed as a more approachable alternative to tennis, with lower physical demands and simpler rules, contributing to its rapid adoption among various demographics [9][10] Changing Consumer Behavior - Consumers are shifting their spending habits, moving away from expensive gym memberships to more affordable options like indoor sports facilities, which offer flexible pricing and convenience [10][24] - The trend of engaging in these sports is also reflected in the changing dynamics of social interactions, where activities like pickleball become conversation starters and networking opportunities [18][19] Market Expansion - The growth of these sports is not limited to urban areas; they are also penetrating lower-tier cities, with increased availability of facilities and a growing community of players [21][23] - Major sports brands are recognizing the potential in these emerging markets, with companies like Li Ning and Adidas actively expanding their offerings in tennis, pickleball, and golf [23][24] Economic Factors - The economic landscape has influenced the shift towards more accessible sports, as traditional high-cost activities like golf are adapting to attract a broader audience by lowering entry barriers [24][25] - The rise of indoor golf facilities reflects a transformation from a business networking tool to a family-friendly entertainment option, with prices becoming more competitive [24][25]

现今的商业世界瞬息万变，创建人脉与洽谈生意的方式亦在不断演进。数十年来，高尔夫球一直是全球商界精英社交的黄金标准——它考验耐性、策略，并 在长达数小时的过程中提供充足的交流时间。然而，随着新世代管理者崛起、工作与生活平衡的价值观普及，以及对效率和健康的高度重视，一个问题浮现 眼前：我们是否需要一种运动更符合当代节奏的商业社交模式？ 自问是一位羽毛球极端爱好者，近一年，真心感受Pickleball （匹克球）的来势汹汹，身边的波友们纷纷转打Pickleball，即使平时不太做运动的朋友，也忽 然好动起来，加入这项被誉为全球增长最快的新兴运动。 如以单纯体育运动的方向发展，Pickleball 最近在香港启德新场馆举办了「PPA亚洲职业匹克球巡回赛香港公开赛2025｣，反应热烈，相信未来数年定能培育 更多专业好手。而了解到Pickleball的玩法、上手度、装备及所需空间等元素后，笔者觉得这项运动如以商业社交方向发展，不但可成为新一代高管们创建联 系的新宠，挑战甚至取代高尔夫球，成为下一个常规商业社交的运动。而香港，作为国际金融与商业中心，又能否把握此机遇，引领这股新兴社交潮流，令 体育运动给合商业活动，成为新I ...

Core Viewpoint - Shunlong Holdings (00361) anticipates a loss of approximately HKD 14.6 million for the six months ending June 30, 2025, representing an increase in loss of about 1825% compared to the loss for the six months ending June 30, 2024 [1] Group 1: Financial Performance - The company is facing a significant increase in losses due to adverse market conditions in the golf ball sector [1] - The anticipated loss of HKD 14.6 million marks a substantial deterioration in financial performance compared to the previous year [1] Group 2: Impact of Tariffs - The U.S. significantly raised tariffs on imported goods at the beginning of 2025, creating a more turbulent market environment for the company [1] - High tariffs imposed by the U.S. on exports from China have negatively impacted the company's business, particularly as it primarily trades with U.S. clients [1] - Major clients have begun to shift orders or suspend shipments to avoid immediate payment of substantial tariffs [1] Group 3: Temporary Relief Measures - In April 2025, the U.S. temporarily reduced the tariff rate on Chinese goods from as high as 145% to 30%, providing a 90-day period for trade negotiations [1] - This reduction allowed the company to resume deliveries of previously suspended shipments based on client instructions, although sales still experienced a significant decline due to the tariffs [1]

Core Viewpoint - Shunlong Holdings (00361) anticipates a loss of approximately HKD 14.6 million for the six months ending June 30, 2025, representing an increase in loss of about 1825% compared to the loss for the same period ending June 30, 2024 [1] Group 1: Financial Performance - The company is facing a significant increase in losses due to adverse market conditions in the golf ball sector [1] - The anticipated loss of HKD 14.6 million marks a substantial deterioration in financial performance compared to the previous year [1] Group 2: Impact of Tariffs - The U.S. has significantly raised tariffs on imported goods at the beginning of 2025, adversely affecting the company's operations [1] - The high tariffs imposed on exports from China have led to major clients shifting orders or pausing shipments to avoid immediate payment of substantial tariffs [1] - In April 2025, the U.S. temporarily reduced the tariff rate on Chinese goods from as high as 145% to 30%, providing a 90-day period for trade negotiations, which slightly alleviated the situation [1] Group 3: Sales Impact - Despite the temporary tariff reduction, the company's sales have still experienced a significant decline due to the ongoing tariff impacts [1] - The company was able to resume some previously suspended shipments based on client instructions, but the overall sales performance remains severely affected [1]

Core Insights - Topgolf Callaway Brands reported Q2 2025 results with non-GAAP diluted EPS of $0.24, significantly exceeding the $0.02 analyst estimate, while GAAP revenue was $1,110.5 million, surpassing forecasts despite a 4.1% year-over-year decline [1][2] Financial Performance - Non-GAAP diluted EPS decreased by 45.2% from Q2 2024, while GAAP revenue fell 4.1% year-over-year [2] - Non-GAAP net income was $45.6 million, down 45.1% from $83.1 million in Q2 2024 [2] - Adjusted EBITDA declined by 4.8% to $195.8 million compared to $205.6 million in Q2 2024 [2] - Topgolf segment revenue was $485.3 million, a 1.8% decrease from $494.4 million in Q2 2024 [2] Business Segments Overview - The company operates three main segments: Topgolf, Golf Equipment, and Active Lifestyle, with Topgolf venues combining food, drinks, and technology-driven experiences [3] - The Golf Equipment segment includes Callaway, a leader in golf clubs and balls, while the Active Lifestyle segment focuses on apparel and accessories [3] Strategic Developments - A strategic separation is planned to split Topgolf from its Golf Equipment and Active Lifestyle businesses, with a potential spin-off in 2026 [4] - The company aims to enhance Topgolf venue traffic and margins while adapting to global tariff impacts and executing cost-saving projects [4] Quarterly Review - GAAP revenue declined 4.1% year-over-year, primarily due to lower sales in the Active Lifestyle segment and the divestiture of Jack Wolfskin [5] - Same venue sales at Topgolf decreased by 6%, although new promotions helped improve attendance [5][10] - The Golf Equipment segment saw a slight revenue decrease of 0.5%, but operating income remained stable due to cost reductions [6] Operating Income and Liquidity - Total segment operating income increased by 2.7% to $152.2 million, reflecting improved margin focus [7] - GAAP net income dropped 67.3% to $20.3 million, influenced by one-time charges related to the Jack Wolfskin sale [7][8] - Liquidity improved significantly to $1.16 billion, bolstered by the Jack Wolfskin sale proceeds [9] Future Guidance - For FY2025, the company expects consolidated net revenue of $3.80 to $3.92 billion and adjusted EBITDA of $430 million to $490 million [12] - Topgolf revenues are projected to reach $1.71 billion to $1.77 billion, with adjusted EBITDA for the segment estimated at $265 million to $295 million [12] - Guidance for Q3 indicates lower consolidated net revenue and adjusted EBITDA compared to FY2024 due to the absence of Jack Wolfskin's contribution [13]

Core Points - The 15th National Games and the 12th Paralympic Games countdown event took place in Hong Kong, marking 100 days until the events [1] - The Hong Kong Sports Bureau organized a "100 Million Kilometers Challenge" to engage the public, achieving a total of 999,900 kilometers [1] - The event aims to promote sports inclusivity and youth exchange in the Greater Bay Area [1] Event Preparation - The Hong Kong Sports Bureau has expressed confidence in the successful hosting of the events, with extensive preparations made over the past year [2] - Two cross-border events, a road cycling race and a marathon, have successfully passed test runs [2] - The public has shown strong interest and participation in the activities leading up to the games [2] Venue and Logistics - The Hong Kong region will host eight competitive sports, including fencing and cycling, with all test events completed successfully [3] - The organizing committee emphasizes a "green, shared, open, and clean" philosophy, focusing on cost control and avoiding new large-scale constructions [3] - Over 90% of the venues will be upgraded existing facilities, significantly reducing costs [3] Venue Highlights - The Central Waterfront is praised for its unique racecourse, offering views of Victoria Harbour and iconic landmarks [4] - The Kai Tak Sports Park, with a capacity of 50,000, will serve as a major venue, receiving positive feedback on its layout and facilities [4] Cross-Border Connectivity - The road cycling race will connect Zhuhai, Macau, and Hong Kong, covering a total distance of 230 kilometers [5] - The organizing committee has implemented measures for seamless athlete passage across borders, ensuring efficient logistics [5]