报告由林氏家居、Keep和艾瑞咨询联合发布 居家健康放松方式丨白皮书 核心摘要： 国民健康管理向身心灵平衡升级，居家运动放松成为重要手段 国民健康管理意识经历 从身体健康，到身心健康，再到身心灵平衡的三级跃迁。 高压生活导致国人身心灵 紧绷，系统性健康危机亟待破解。在此背景下， 运动和放松成为了国人健康管理的双引擎。 社会环境的发 展和科技的赋能，将居住空间转化为个人健康基站， 居家运动放松将成为健康生活重要环节 关注健康放松的人群追求高品质健康生活，家具舒适度是居家放松关键 关注健康放松的人群重视身心灵全面健康，愿意为自己的 高品质健康生活 投资；他们遵循自然节律，通过 运动和放松的有机结合实现高品质健康。 整体来看，当代人的放松空间既有居家，也有室外和商业室内场所，呈现跨空间利用的特点，但居家放松仍 为核心选择。另外， 家具舒适度是影响放松效果的关键因素，智能床架/床垫和沙发/沙发椅 是主要放松产 品。 从动态恢复至静态疗愈，四类人群借高品质家居重构健康阈值，高效放松 关注健康放松的人细分为 悦活高能族、自律管理派、宅家躺平派和松弛养生党。 悦活高能族： 能量外放，通过动态恢复 提升睡眠质量； 偏好运动恢 ...

Group 1 - The report emphasizes the importance of emotional consumption in the tourism and hospitality sectors, suggesting that consumer preferences are shifting towards experience-based services, with a notable increase in willingness to pay among tourists [5][27] - The integration of AI in digital platforms is expected to enhance user experience and operational efficiency, particularly in the travel and recruitment sectors, driving growth in cyclical industries [4][12] - The Belt and Road Initiative and the advantages of free trade ports are highlighted as key factors for international trade growth, particularly in the amusement equipment sector [5][15] Group 2 - The domestic tourism market is projected to recover steadily, with a forecast of 5.62 billion domestic trips in 2024, representing a 14.8% year-on-year increase, and total spending expected to reach 5.8 trillion yuan, up 17.1% [27][24] - The report identifies a trend towards high-cost performance in hotel services, with consumers increasingly prioritizing value for money, regardless of hotel category [60][56] - The report notes that the duty-free market is expected to see long-term positive trends, particularly with the implementation of policies that enhance the convenience of inbound tourism [63][66] Group 3 - The report indicates that the flexible employment market in China is growing, driven by rising labor costs and the need for project-based work, with a projected market size of 150 billion yuan by 2024 [9][41] - The integration of AI in recruitment processes is expected to significantly improve efficiency, with AI systems capable of automating various stages of the hiring process [12][11] - The report highlights the increasing importance of content platforms and AI in reshaping tourism marketing channels, with platforms like Xiaohongshu driving engagement and interest in travel [34][37] Group 4 - The report discusses the potential of the low-altitude economy, which is expected to grow significantly, with policies supporting the development of low-altitude tourism and related industries [40][42] - The report emphasizes the role of major sports events in enhancing city visibility and attracting international tourists, with a focus on the impact of government policies promoting sports consumption [21][19] - The report suggests that the integration of IP and AI in tourism offerings is likely to create innovative supply chains and enhance consumer engagement [28][33]

Summary of Key Points Core Viewpoint - On May 21, 33 Hong Kong-listed companies conducted share buybacks, totaling 31.50 million shares and an aggregate amount of HKD 672 million [1][2]. Group 1: Buyback Details - Tencent Holdings repurchased 963,000 shares for HKD 500 million, with a highest price of HKD 524.00 and a lowest price of HKD 516.00, bringing its total buyback amount for the year to HKD 22.53 billion [1][2]. - China COSCO Shipping Holdings repurchased 5.57 million shares for HKD 82.33 million, with a highest price of HKD 14.90 and a lowest price of HKD 14.56, totaling HKD 3.99 billion in buybacks for the year [1][2]. - AIA Group repurchased 543,800 shares for HKD 36.05 million, with a highest price of HKD 67.30 and a lowest price of HKD 65.55, accumulating HKD 9.10 billion in buybacks for the year [1][2]. Group 2: Other Notable Buybacks - Other companies with significant buybacks on May 21 include Times Electric with 365,400 shares for HKD 12.02 million and China Eastern Airlines with 250,000 shares for HKD 670,240 [2][3]. - The buyback activity indicates a trend among companies to utilize excess cash for share repurchases, potentially signaling confidence in their future performance [1][2].

Group 1 - The article discusses the stock buybacks conducted by various companies on May 21, 2025, highlighting the total amounts and quantities repurchased [1][2] - Bilibili-W (09626) had the largest buyback amount, repurchasing 5.5881 million shares for a total of 783 million [1][2] - Other notable buybacks include Tencent Holdings (00700) with 963,000 shares repurchased for 500 million, and China COSCO Shipping Holdings (01919) with 5.57 million shares for 82.33 million [2][3] Group 2 - The cumulative buyback amounts for the year show Bilibili-W (09626) has repurchased a total of 839,200 shares, representing 0.203% of its total share capital [2] - China COSCO Shipping Holdings (01919) has the highest cumulative buyback percentage at 9.129%, with a total of 29.2 million shares repurchased [2] - Other companies with significant buyback percentages include AIA Group (01299) at 5.398% and Time Electric (03898) at 9.689% [2]

Summary of Key Points Core Viewpoint - A total of 30 companies conducted share buybacks on May 19, 2025, with Tencent Holdings (00700) leading in both the number of shares repurchased and the total amount spent on buybacks, amounting to 5.00 billion with 979,000 shares repurchased [1][2]. Group 1: Buyback Details - Tencent Holdings (00700) repurchased 979,000 shares for 5.00 billion, representing 0.011% of its total share capital [2]. - AIA Group (01299) repurchased 2,338,400 shares for 154 million, accounting for 5.376% of its total share capital [2]. - China COSCO Shipping (01919) repurchased 5,560,000 shares for approximately 79.36 million, which is 8.781% of its total share capital [2]. Group 2: Other Notable Buybacks - Times Electric (03898) repurchased 119,180 shares for 39.04 million, representing 9.551% of its total share capital [2]. - Reading Group (00772) repurchased 600,000 shares for 14.64 million, which is 1.625% of its total share capital [2]. - China Eastern Airlines (00670) repurchased 2,500,000 shares for 6.61 million, accounting for 0.957% of its total share capital [2]. Group 3: Additional Companies - Jieli Trading (08017) repurchased 9,180,000 shares for 5.87 million, which is 4.998% of its total share capital [2]. - Weigao Group (01066) repurchased 120,000 shares for 713,400, representing 1.283% of its total share capital [3]. - Mobi Development (00947) repurchased 56,000 shares for 6.55 million, accounting for 0.662% of its total share capital [3].

相关上市企业：舒华体育（605299）、英派斯（002899）、创源股份（300703）、信隆健康 （002105）、金陵体育（300651）、康力源（301287）、三柏硕（001300）、KEEP（03650）、融捷健 康（300247）、中体产业（600158）等。 相关企业：北京卡路里信息技术有限公司、乐动天下（北京）体育科技有限公司、广州源动智慧体育科 技有限公司、浙江易跑健康科技有限公司、杭州乐刻网络技术有限公司、上海驿家健身服务有限公司、 杭州微柠科技有限公司、快快利华 (北京) 网络科技有限公司、深圳市古德菲力健康科技有限公司等。 关键词：智能健身、肥胖率、市场规模、健身人数 一、智能健身行业相关概述 智能健身，也被称之为智慧健身、AI健身，是基于最新科技产品结合传统运动健身所打造的智慧健身 综合解决方案。智能健身的基本原理是通过虚拟教练和智能运动设备的结合，为用户提供个性化的健身 指导和训练。虚拟教练通常是一个在屏幕上呈现的数字化形象，它可以根据用户个人信息和健身目标制 定适合的训练计划。用户可以通过智能运动设备进行实时监测和反馈，如智能手表、智能健身追踪器、 智能耳机、智能体重秤、智能健身 ...

智通财经APP获悉，摩比发展(00947)、方正控股(00418)、富智康集团(02038)、时代电气(03898)、国泰 君安国际(01788)、清科创业(01945)、蒙牛乳业(02319)、昊海生物科技(06826)、百宏实业(02299)、上海 石油化工股份(00338)、信利国际(00732)、旭日企业(00393)、中远海发(02866)、归创通桥-B(02190)、中 远海控(01919)、玄武云(02392)、友邦保险(01299)、IGG(00799)、周黑鸭(01458)、太古地产(01972)、希 玛眼科(03309)、创新奇智(02121)、天鸽互动(01980)、和铂医药-B(02142)、连连数字(02598)、太古股份 公司A(00019)、四环医药(00460)、欧康维视生物-B(01477)、彩客新能源(01986)、民银资本(01141)、思 派健康(00314)、嬴集团(00397)、KEEP(03650)、和誉-B(02256)、天福(06868)、乐声电子(00213)、中国 东方航空股份(00670)、药师帮(09885)、极兔速递-W(01519)、太古股份公司B ...

Summary of Key Points Core Viewpoint - A total of 40 companies conducted share buybacks on May 9, 2025, with China Hongqiao (01378) leading in both the number of shares repurchased and the total amount spent on buybacks. Group 1: Buyback Details - China Hongqiao (01378) repurchased 19.67 million shares for a total of 273 million yuan, representing 0.360% of its total share capital [1][2] - AIA Group (01299) repurchased 1.5 million shares for 92.19 million yuan, accounting for 5.259% of its total share capital [2] - COSCO Shipping Holdings (01919) repurchased 4.21 million shares for 52.12 million yuan, which is 8.287% of its total share capital [2] - Swire Properties (01972) repurchased 600,000 shares for 10.17 million yuan, representing 1.571% of its total share capital [2] Group 2: Other Notable Buybacks - Time Electric (03898) repurchased 610,300 shares for 19.70 million yuan, which is 8.697% of its total share capital [2] - AAC Technologies (02018) repurchased 186,500 shares for 6.80 million yuan, accounting for 1.920% of its total share capital [2] - China Eastern Airlines (00670) repurchased 2.5 million shares for 6.27 million yuan, representing 0.842% of its total share capital [2] - YUM China (09987) repurchased 54,400 shares for 2.40 million yuan, which is 4.430% of its total share capital [2] Group 3: Additional Companies - Weigao Group (01066) repurchased 60,000 shares for 353,400 yuan, accounting for 1.200% of its total share capital [3] - IMAX China (01970) repurchased 40,500 shares for 282,600 yuan, representing 0.110% of its total share capital [3] - Mobi Development (00947) repurchased 16,000 shares for 1.88 million yuan, which is 0.625% of its total share capital [3]

智通财经APP获悉，摩比发展(00947)、俊知集团(01300)、威高股份(01066)、国泰君安国际(01788)、亚 洲金融(00662)、天福(06868)、昊海生物科技(06826)、清科创业(01945)、中国有赞(08083)、归创通桥- B(02190)、上海石油化工股份(00338)、周黑鸭(01458)、信利国际(00732)、四环医药(00460)、嬴集团 (00397)、旭日企业(00393)、太古股份公司A(00019)、天鸽互动(01980)、中裕能源(03633)、阅文集团 (00772)、澳优(01717)、力鸿检验(01586)、乐声电子(00213)、太古地产(01972)、百融云-W(06608)、名 创优品(09896)、玄武云(02392)、明源云(00909)、太古股份公司B(00087)、和誉-B(02256)、骏杰集团控 股(08188)、乐华娱乐(02306)、KEEP(03650)、MONGOL MINING(00975)、瑞声科技(02018)、永达汽车 (03669)、瑞尔集团(06639)、思派健康(00314)、卡罗特(N24025)、捷利交易宝(0 ...

Financial Performance - Revenue for 2024 was RMB 2,065,694 thousand, a decrease of 3.4% from RMB 2,137,834 thousand in 2023[7] - Gross profit for 2024 was RMB 965,432 thousand, with a gross margin of 46.7%, up from 45.0% in 2023[7] - The company reported a net loss of RMB 534,710 thousand for 2024, compared to a profit of RMB 1,105,908 thousand in 2023[7] - In 2024, total revenue reached RMB 2.1 billion, a year-on-year decrease of 3.4% due to a decline in online sports event revenue and underperformance in smart home device sales[12] - Adjusted net loss was RMB 469.6 million in 2024, compared to RMB 295.4 million in 2023, primarily due to increased investments in strategic business and technology innovation[13] - Total current assets decreased to RMB 1,735,935 thousand in 2024 from RMB 2,291,429 thousand in 2023[8] - Total liabilities decreased to RMB 550,000 thousand in 2024 from RMB 575,592 thousand in 2023[8] - Operating costs for the year ended December 31, 2024, were RMB 1,100.3 million, a decrease of 6.5% from RMB 1,176.2 million in the previous year, benefiting from successful cost control[31] - Gross profit for the year ended December 31, 2024, was RMB 965.4 million, an increase of 0.4% from RMB 961.6 million in the previous year, with a gross margin of 46.7%, up 1.7 percentage points from 45.0%[34] User Engagement and Growth - Average monthly active users increased to 29,921 thousand in 2024, up from 29,756 thousand in 2023[10] - Monthly average revenue per active user decreased to RMB 5.8 in 2024 from RMB 6.0 in 2023[10] - The average monthly subscription members decreased to 3,162 thousand in 2024 from 3,193 thousand in 2023[10] - Average monthly active users and average monthly subscription members were 29.9 million and 3.2 million respectively in 2024, showing stability compared to 2023[14] - Member penetration rate in 2024 was 10.6%, relatively stable compared to 10.7% in 2023[14] - The outdoor user base grew significantly in 2024, with over 30% year-on-year growth in niche sports like cycling, swimming, and boxing[18] - Smart plan usage accounted for 90% of total plans in 2024, with over 65 million uses throughout the year[18] Product Development and Innovation - The company aims to enhance user experience and brand awareness through the launch of new wearable fitness devices and an upgraded Keep App 8.0[9] - The company is focusing on a data-driven ecosystem transition, leveraging AI technology to strengthen its competitive advantage[9] - The launch of Keep App 8.0 introduced over 40,000 recorded classes, catering to diverse user needs and enhancing the online fitness experience[15] - The company plans to leverage generative AI technology to enhance its fitness data infrastructure, aiming for long-term sustainable growth and a shift from content-driven to data-driven models[21] - AI-generated content now accounts for nearly 14% of the company's 6,000+ official courses, with new overseas AI fitness applications achieving 100% AI-generated personalized plans[20] - The company has successfully developed a series of innovative fitness products, enhancing its competitive edge and consumer trust, particularly in the equipment and apparel segments[24] Financial Position and Cash Flow - As of December 31, 2024, the company's total available cash was RMB 1.2 billion, down from RMB 1.8 billion as of December 31, 2023[45] - The company had cash and cash equivalents of RMB 764.3 million as of December 31, 2024, a decrease from RMB 1.6 billion as of December 31, 2023[45] - The company's debt-to-asset ratio as of December 31, 2024, was 0.29, an increase from 0.24 as of December 31, 2023[51] Corporate Governance and Compliance - The company emphasizes maintaining high corporate governance standards and has adopted the corporate governance code as per the listing rules[199] - The audit committee has reviewed the accounting policies and internal controls, along with the consolidated financial statements for the year ending December 31, 2024[192] - The company appointed Lo & Co. as the new auditor effective February 9, 2024, following the resignation of PwC due to scheduling conflicts[194] - The company has adhered to all applicable code provisions in Section 2 of the Corporate Governance Code for the year ending December 31, 2024[200] - The roles of Chairman and CEO are currently held by the same individual, Mr. Wang Ning, to ensure consistent internal leadership and effective strategic planning[200] Employee Relations and Development - The company has a total of 827 full-time employees as of December 31, 2024, with the majority based in China[82] - The company has implemented diverse learning and development programs for employees, including a tiered management training program[82] - There are no significant labor disputes reported during the fiscal year ending December 31, 2024, indicating good employee relations[83] Market and Competitive Landscape - The company is focusing on enhancing user engagement through data-driven insights and personalized content distribution, aiming to improve user retention and satisfaction[20] - The company has expanded its product offerings in sports equipment and apparel, achieving a 16.0% year-on-year growth in these categories in 2024[22] - The company's proprietary fitness products achieved a revenue growth of 0.8% year-on-year in 2024, with gross profit increasing by 15.3%, resulting in a gross margin rise to 31.7% from 27.7% in 2023[22] Shareholder Information - The board does not recommend the payment of a final dividend for the fiscal year ending December 31, 2024[69] - The company is registered in the Cayman Islands, and any future dividend payments will depend on the availability of dividends received from its subsidiaries[67] - As of December 31, 2024, no shareholders have waived or agreed to waive their rights to dividends[68] - The company has a structured ownership with various funds and trusts controlling significant equity stakes[107] Risks and Challenges - The company faces significant risks related to user retention and engagement, which could adversely affect business performance[75] - The company has a limited operating history under its evolving platform business model, which may not reflect future growth[75] - There are potential risks related to the contractual arrangements, including regulatory compliance and operational control issues[128]