XiaoTong Column · 2025-06-22

Risk Compass”Indoor ski resort in China”

I. Industry Risk Analysis

(1) Policy Risk

The indoor ski resort industry is currently facing the superposition of risks at various stages of the policy cycle: During the policy – making stage, stricter environmental protection and energy – consumption control may raise the entry threshold and compress the profit margin. At the policy implementation level, the land – use quota for ice and snow sports has tightened, and some cities have restricted the construction of high – energy – consuming venues. Existing projects face the risk of planning adjustment. During the policy adjustment period, there is obvious pressure from the reduction of subsidies and tax incentives. Fluctuations in the import tax rate of ice and snow equipment directly affect the operating cost. At the policy evaluation stage, public environmental protection demands force regulatory upgrades, and sudden tightening of safety regulations may lead to a sharp increase in equipment renovation expenses. Entrepreneurs need to be vigilant against the dual squeezing effect of the narrowing regulatory arbitrage space and the non – linear increase in compliance costs during the policy iteration period.

(2) Economic Risk

From the perspective of economic cycle fluctuations, the indoor ski resort industry is currently facing double pressure from shrinking demand and rising costs. In the economic downturn cycle, consumers’ sensitivity to leisure and entertainment spending increases, and the passenger flow is easily affected by fluctuations in disposable income. The heavy – asset investment in the early stage of the project (construction and maintenance costs account for more than 60%) and the energy – intensive operation model (refrigeration electricity accounts for 30% of the operating cost) will bear the scissors – edge impact of rising financing costs (rising interest rates push up the financial leverage) and energy price fluctuations (rigid increases in electricity and labor costs) during the stagflation stage. If there is an oversupply caused by excessive industry expansion (the number of new projects in the industry increased by 85% year – on – year in 2023), the risk of cash – flow rupture will be exacerbated.

(3) Social Risk

The indoor ski resort industry faces double risks of inter – generational demand mismatch and insufficient consumption resilience: Generation Z is keen on check – in experiences but has a low repurchase rate, and their consumption preferences are shifting towards more fragmented entertainment with stronger social attributes. Millennial family customers are vulnerable to economic fluctuations and tend to cut non – essential spending. The middle – aged group in the sinking market has limited acceptance of high – priced ice and snow consumption. The accelerating iteration of inter – generational interests forces frequent facility updates, but the hardware investment conflicts with the short – term novelty – seeking characteristics of young customers in terms of the return cycle. At the same time, the low participation rate of the silver – haired group makes it difficult to expand the user pool. Multiple consumption断层 may lead to a stall in industry growth.

(4) Legal Risk

The indoor ski resort industry is currently facing multiple legal risks: In terms of building safety, it is necessary to meet the earthquake – resistance and load – bearing requirements of the “Regulations on the Quality Management of Construction Projects”, and the fire protection acceptance shall comply with the GB50016 – 2014 standard. Equipment operation must obtain the “Registration Certificate for the Use of Special Equipment”, and equipment such as snow – making machines need to pass the annual safety inspection. In terms of environmental protection, it involves issues such as water – resource utilization licenses and drainage compliance. Employees must complete the pre – job safety training stipulated in the “Law on Work Safety”, and ski coaches need to hold qualifications certified by the General Administration of Sport. For consumer safety, protective facilities in line with the “Tort Liability Law” and sufficient public liability insurance should be provided, and risk warnings should be clearly stated in the admission notice. Advertising rules notice. Advertice. Advertisingice. The advertising and promotion are restricted by the “Anti – Unfair Competition Law”, and false markings of ski – slope difficulty may face high fines. Contract disputes mainly focus on the refund terms of membership cards and the liability division for accidental accidents, and standardized risk – control texts should be established.

II. Entrepreneurship Guide

(1) Suggestions on Entrepreneurial Opportunities

Entrepreneurs in the indoor ski resort industry should focus on building opportunities around “light – asset operation + high – frequency consumption consumption scenarios”: Use modular ice and snow venue technology to reduce construction costs, and layout community – type small and medium – sized venues (8800 – 11500㎡) to cover the urban parent – child customer group. Develop AI somatosensory simulators and wearable devices equipment to form a family skiing training system and enter the adolescent skiing training market (with a compound annual growth rate of 26%). Collaborate with commercial complexes to create all -4 – season ice and snow theme MMalls, integratekiing fast ski equipment pop – up stores, ice and snow theme restaurants (with an average customer price increase of 40%) and a live,ice and snow theme restaurants (with an average customer price increase of 40%) and a event – live – viewing area to form a closed – loop experience. Pay special attention to emerging middle – class families in second – tier cities (groups with a monthly education expenditure of more than 3000 yuan) and customized corporate team – building services (with an a annualual demand)355% annual demand growth rate), and achieve the cashflow flow flow to turn positive quickly through the membership – value – storage + course – package model.

(2) Suggestions on Entrepreneurial Resources

Entrepreneurs should focus on resource integration: Prioritize locations in large commercial complexes on the outskirts of cities or renovated old factories to reduce venue costs. Cooperate with equipment manufacturers to use modular snow – making systems to reduce upfront investment. Seek government subsidies for ice and snow sports promotion and special loans for cultural and tourism projects. Collaborate with local skiing associations and sports colleges to establish a talent reserve pool. Introduce intelligent temperature – control and energy – consumption management systems to reduce operating costs. Recover funds in advance by pre – selling skiing training course packages and corporate team – building annual contracts. Jointly create a compound business format of “indoor skiing + X” with sports brands to improve the space – utilization efficiency. Focus on maintaining long – term cooperative relationships with equipment maintenance providers and refrigeration – technology outsourcing teams.

(3) Suggestions on Entrepreneurial Teams

The entrepreneurial team of an indoor ski resort should first ensure that core members have experience in vertical fields such as ice and snow sports venue operation, equipment maintenance, and ice and snow technology training. The founder should have a background in large – venue operation or ice and snow industry resource integration. When forming the team, focus on recruiting members with skiing teaching qualifications, refrigeration – equipment engineering experience, and commercial real – estate investment – attraction capabilities. Establish standardized operating procedures to handle peak – passenger – flow pressure. Simultaneously build an online marketing team to deeply engage in ice and snow community operation. The core team should maintain a proportion of industry – resource – type talents of no less than 20%. Regularly conduct skiing safety and first – aid training to enhance service capabilities. It is recommended to adopt the “technical back – bone shareholding + seasonal flexible employment” model to address the manpower fluctuations between peak and off – peak seasons, and at the same time, equip professional legal personnel familiar with ski – resort insurance claims to prevent operating risks.

(4) Suggestions on Entrepreneurial Risks

Entrepreneurs in the indoor ski resort industry should focus on controlling three major risks: upfront investment, safe operation, and market demand. First, share the venue – construction pressure through government cooperation or light – asset models, and reduce the initial investment by leasing equipment and using installment – payment methods. Strictly implement the system of coaches holding certificates and daily equipment inspections, configure AED first – aid equipment, and purchase public liability insurance. Establish a ticket pre – sale + membership – value – storage system to balance cash flows between peak and off – peak seasons, and develop diversified income channels such as adolescent skiing training and corporate team – building. Advance in advance with emergency emergency departments to complete fire – protection and special equipment special – equipment filingsing. Hire third – party agencies agencies to conduct ski – slope safety inspections quarterly, and reserve 3 – 6 months of working capital to deal with sudden traffic – control measures.

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