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Southeast Netting Plans 3B Yuan Ice-Snow Complex in Shanghai; H1 Net Profit Only 28.7M Yuan
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Southeast Network (stock code 002135) announced a bold cross-industry investment to build a global flagship ice-snow sports complex in Shanghai's Songjiang district, with a total planned investment of approximately 30 billion yuan (about $4.1 billion). The project, to be developed through subsidiary Southeast Haoxue Culture, includes a 76,000-square-meter indoor ski resort meeting International Ski Federation standards, commercial space, offices, and a hotel. Construction is slated to start in June 2027 and finish by December 2029. The company plans to bring in domestic ice-snow industry operator 'Hot Snow Miracle' to manage the ski resort. The announcement comes as the company reported a 31.92% drop in first-half net profit to 28.697 million yuan, with revenue falling 13.84% to 3.91 billion yuan. As of June 30, 2026, the company held 1.72 billion yuan in cash. The project has received preliminary approval from Songjiang's development and reform commission but still faces risks including land acquisition, regulatory approvals, and potential delays or cancellation.
Source report
Project positioned as a global flagship ice and snow综合体, with construction expected to start in June 2027 and complete by December 2029.
Southeast Steel Structure Co., Ltd. announced plans to invest in the "Shanghai Songjiang Ice and Snow Sports Complex Project" through its subsidiary, Southeast Haoxue Culture. The move aims to leverage the company's advantages in green building general contracting and sports venue expertise to capture emerging market opportunities in the ice and snow industry.
Project Overview
According to the company's announcement, the total investment for the project is estimated at approximately 3 billion yuan (including land bidding costs, subject to final actual investment). Funding will come from the company's or Southeast Haoxue Culture's own funds and self-raised capital.
Key Project Details
- Positioning: World-class, domestically leading standards
- Ski slope design: Compliant with International Ski Federation (FIS) certification standards
- Purpose: To become the preferred international-level event hosting base for Shanghai and the broader Yangtze River Delta region, filling a gap in Shanghai's ice and snow event venues
- Planned introduction: Domestic ice and snow industry leading operator "Hot Snow Miracle" for full commissioned operation of the indoor ski resort
Construction Scope
| Component | Area (sqm) | |-----------|------------| | Competition-grade indoor ski resort | ~76,000 | | Commercial facilities | 3,000 | | Headquarters office space | 3,000 | | Supporting hotel | 47,500 |
Current Status and Risks
The project has received filing approval from the Shanghai Songjiang District Development and Reform Commission. However, the target land parcel has not yet been acquired through the public bidding, auction, or listing process.
The company noted that the project remains in the preliminary approval, design refinement, and construction preparation stages. Subsequent steps—including land bidding, project filing, environmental impact assessment, project approval, planning, design, and construction—are subject to relevant government approvals or permits. The project carries risks of modification, delay, suspension, or termination.
Financial Highlights
Daily Economic News reporters noted that according to the company's previously disclosed semi-annual report:
H1 2026 Performance
| Metric | Value | Change YoY | |--------|-------|------------| | Operating revenue | 3.910 billion yuan | -13.84% | | Net profit attributable to shareholders | 28.6972 million yuan | -31.92% | | Non-recurring adjusted net profit | 32.4496 million yuan | +32.33% | | Basic EPS | 0.03 yuan | — | | Net operating cash flow | 2.985 billion yuan | +372.74% |
The significant increase in operating cash flow was primarily attributed to reduced crude oil trading and improved collection performance.
Business Segments
The company's operations are divided into three industries: construction, chemical fiber, and new energy.
Cash Position
As of June 30, 2026, the company's cash and cash equivalents stood at 1.720 billion yuan, accounting for 10.52% of total assets, compared to 1.837 billion yuan at the end of the prior year.
Balance Sheet Summary
| Item | Amount | Change vs. Year-End 2025 | |------|--------|--------------------------| | Total assets | 16.345 billion yuan | -16.04% | | Net assets attributable to shareholders | 6.342 billion yuan | -1.58% |
(Source: Daily Economic News)
Source
东方财富网-产业经济Eastern
Part of this Story
Dongnan Net Structure Plans 3 Billion Yuan Shanghai Ice-Snow Complex