Beijing 2022 Winter Olympic Games and a series of favorable policies for ice and snow sports have brought rare opportunities for China’s ice and snow sports. HC Kunlun Red Star，as the first club in China to join the world’s top ice hockey league，has created a precedent for Chinese ice hockey to go professional. HC Kunlun Red Star has established a unique “five-in-one” operating model，which integrates external recruitment and internal training to create a “PPP” model of talent training for national team，to strengthen ice rink construction，to carry out sponsorship cooperation based on brand，and to create ice hockey culture to stimulate public’s enthusiasm for participation. However，HC Kunlun Red Star still faces problems such as imperfect service system，great disparity in cultural values of management team，and lack of policy support. This paper analyzes the operating status of HC Kunlun Red Star Ice Hockey Club，hoping to provide reference for ice hockey clubs and ice hockey.