以下文章来源于每日人物 ，作者每人作者 每日人物 . 轻商业，懂生活。 社交货币。 作者 | 文 | 王潇 编辑 | 张轻松 运营 | 泡芙 来源 | 每日人物 （ID：meirirenwu） 继飞盘、徒步、攀岩之后，这两年，室内网球、匹克球、室内高尔夫成了新晋中产运动 三件套。它们曾经都顶着"贵族运动"的名头，如今走下神坛，甚至走进室内，无需绿茵 场、专业运动场，一个小空间，一个自动发球机或一面屏幕甚至墙壁，一人、一杆/拍， 就可以开打。 很多人开始对它们上瘾。有人每天都想打匹克球，为了搭子发愁，"连前男友的现女友都 找上了"；有人迷上打室内网球，无需对手，挥拍，击中甜区，清脆的响声让人自动产生 多巴胺，并进入一种心流；有人通勤路上都在练习高尔夫挥杆动作；有人发誓再也不办 卡，迷上打球后破天荒又办了张3000块的消费卡。 最初接触这些运动，人们往往出于对"贵族运动"的好奇，真玩上了，发现这些运动不仅 解压，容易上瘾，还是天然的社交货币。 打球上瘾 被裁员快一年后，林越越的生物钟好像彻底乱了。下午两点多，林越越刚从床上挣扎着 起身，前一晚脑子又不受控制地回想起刚离职时的情景，焦虑得几乎整晚没睡，她意识 到，生 ...

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]

Core Insights - The company experienced a significant decline in performance for the fiscal year 2025, with total revenue dropping 17.4% from 26,223 million yen in fiscal year 2024 to 21,672 million yen, and a shift from a profit of 4,828 million yen to a loss of 264 million yen [1] Group 1: Revenue Performance - The company's revenue decreased across major markets, with Japan showing a slight decline of 3.4%, while China faced an 11.9% drop, reflecting a slowdown in the overall economy and retail atmosphere [2] - The Korean market suffered the most, with sales plummeting 55.5%, primarily due to economic slowdown and channel scrutiny [2] Group 2: Product Line Performance - Revenue from golf clubs fell by 17.5%, heavily impacted by the Korean market, although sales in Japan, Europe, and Taiwan grew by 20.7%, 12.3%, and 10.7% respectively, indicating sustained demand in these regions [3] - Golf ball sales faced greater pressure, declining by 31.2%, with Japan experiencing a 37.2% drop due to previous price increases aimed at countering yen depreciation [3] - The apparel segment remained relatively stable, with a minor decline of 0.7%, and a notable 6.4% growth in China, showcasing potential in non-club product lines [3] Group 3: Channel Strategy and Financial Metrics - The self-operated store strategy showed positive growth of 2.8%, with retail sales in China and Taiwan increasing by 11.0% and 8.9% respectively, demonstrating the effectiveness of the direct sales approach [4] - Third-party retailers and wholesalers saw a revenue decrease of 31.8%, with significant declines in Japan, Korea, and China [4] - Financial metrics displayed divergence, with gross margin improving from 51.2% in fiscal year 2024 to 54.4%, while operating profit plummeted to 185.3 million yen from 2,706.2 million yen in the previous year [4]

Core Insights - Japan is the second-largest country for golf in terms of both participants and golf courses, following the United States [1][22] - The density of golf companies in Tokyo's Shimbashi area is exceptionally high, indicating a strong market presence [2][18] - The popularity of golf in Japan has historical roots, linked to the post-war American influence and the economic bubble era [21][28] Industry Overview - Japan has approximately 8.5 million golf participants, a significant decline from 14 million in 2000, with a majority being in their 50s [19][28] - The peak of golf popularity in Japan was during the bubble economy, with over 2,000 golf courses established by the late 1980s [21][22] - As of 2023-2024, Japan operates between 2,121 and 2,187 golf courses, with a total of about 3,169 courses nationwide [22][28] Market Dynamics - The golf industry in Japan has seen a resurgence after a decline, with reforms and affordable options attracting new players, including the younger generation [29][36] - The average cost of playing golf in Japan is significantly lower than in China, making it more accessible to the middle class [35][38] - The presence of major companies from various sectors, including e-commerce and tourism, indicates a growing integration of golf into broader lifestyle and business activities [31][32] Business Environment - There are over 1,000 golf-related companies in Japan, significantly more than those in other sports like baseball and basketball [53] - Golf's appeal lies in its moderate to high consumer spending potential, with opportunities for customization and premium experiences [54][57] - The industry supports small businesses due to stable cash flow from regular customers and the emphasis on personal relationships in Japanese culture [58][63] Social and Cultural Impact - Golf serves as a social platform for business networking in Japan, often used for client meetings and corporate bonding [40][41] - The aging population and the financial stability of retirees contribute to golf's popularity among older demographics [41][66] - The culture of familiarity and trust in Japan enhances the sustainability of small golf enterprises, fostering a community-oriented business model [64][66]

Industry Overview - The Chinese golf practice range industry is undergoing a critical transformation from "scale expansion" to "quality improvement" [1][14] - In 2024, the number of golf practice ranges in China is projected to reach 3,388, representing a year-on-year growth of 11.08% [1][14] - The expansion of the middle class and increased health awareness are driving the shift of golf from a "business social tool" to "family entertainment" [1][14] - The rise of indoor simulation courses, utilizing technologies such as VR simulation systems, AI coaching, and big data analysis, is breaking down venue limitations [1][14] Industry Development History - The industry has experienced four main phases: 1. The embryonic phase (1984-1994) with the establishment of the first golf course and the China Golf Association [4] 2. The scale expansion phase (1995-2003) marked by rapid growth in the number of courses and the extension of golf to the middle class [4] 3. The policy tightening phase (2004-2013) where the number of courses surged but faced regulatory challenges [5] 4. The diversified transformation phase (2014-present) focusing on quality and the integration of technology [6] Industry Chain - The upstream of the golf practice range industry includes site construction and maintenance, equipment manufacturing, and coaching teams [8] - The midstream involves the operation and service of golf practice ranges, while the downstream consists of golf enthusiasts [8] Current Industry Status - The industry is transitioning towards quality enhancement, with a notable increase in the number of practice ranges and the adoption of advanced technologies [14] - The average daily usage time for users of VR simulators from Hengtaixin Technology exceeds 2 hours, with a repurchase rate of 45% [14] Industry Trends - The industry is experiencing accelerated smart and digital transformation, with AI, big data, and VR/AR technologies becoming standard [24] - Market segmentation is increasing, with high-end practice ranges targeting affluent customers and community mini-courses catering to family entertainment [25] - Policy guidance is becoming more significant, promoting sustainable development and encouraging the industry to return to its sporting essence [26]

Core Insights - The 2025 Volvo China Open Golf Tournament will be held in Shanghai from April 17 to 20, featuring a live broadcast by JD Outdoor Sales and showcasing the HONMA brand's luxury golf clubs valued at 2.88 million yuan [1][3] - JD Sports aims to deepen its strategic partnership with HONMA, focusing on exclusive product development, self-operated store entry, and year-round event collaboration to enhance the golf consumer experience [1][3][5] Product Offerings - During the tournament, JD Sports will exclusively sell the HONMA NX series golf clubs, which utilize unique driving technology to improve initial ball speed, distance, and trajectory stability [5] - JD Sports will also launch a special HONMA DAY event online, featuring a variety of golf products including the BERES09 men's clubs and Sakura Dance women's sets, catering to both beginners and professional athletes [5] Strategic Collaboration - Since 2024, JD Sports has attracted several renowned golf brands like TaylorMade and Callaway to its self-operated model, resulting in over 100% growth in sales for the golf category in 2025 [7] - HONMA plans to establish a self-operated flagship store on JD to offer a wider range of quality golf equipment, while both companies will continue to collaborate on more influential events [7] Market Trends - The popularity of golf is on the rise, with JD Sports reporting significant growth in sales for golf clubs and indoor simulators [7] - Future initiatives will include more golf events, court reservations, and trial events to enhance the quality of the golf experience for consumers [7]