Financial Performance - The company's operating revenue for 2024 reached ¥1,213,857,643.97, representing a 35.58% increase compared to ¥895,319,626.89 in 2023[23]. - Net profit attributable to shareholders for 2024 was ¥109,118,795.62, up 23.77% from ¥88,164,055.52 in 2023[23]. - The net profit after deducting non-recurring gains and losses was ¥105,724,934.42, a 24.28% increase from ¥85,070,020.18 in 2023[23]. - The company's total assets at the end of 2024 were ¥2,952,814,583.82, reflecting a 28.67% increase from ¥2,294,796,153.51 at the end of 2023[23]. - Basic earnings per share for 2024 were ¥0.79, an increase of 8.22% compared to ¥0.73 in 2023[23]. - The cash flow from operating activities for 2024 was ¥237,354,060.93, down 8.72% from ¥260,016,466.70 in 2023[23]. - The total revenue for 2024 reached ¥1,213,857,643.97, representing a year-on-year increase of 35.58% compared to ¥895,319,626.89 in 2023[94]. - Sales of sports fitness products accounted for ¥1,210,291,866.71, which is 99.71% of total revenue, with a year-on-year growth of 35.45%[94]. - The company’s overseas sales amounted to ¥955,011,444.46, making up 78.68% of total revenue, with a significant increase of 45.89% from ¥654,623,793.78 in the previous year[95]. - The gross profit margin for sports fitness product sales was 31.94%, slightly down by 0.02% compared to the previous year[96]. Market Position and Strategy - The company is positioned in the growing sports industry, supported by national policies aimed at enhancing public fitness services and facilities[32]. - The company is expected to benefit from the "Internet + Fitness" trend, which is gaining traction due to rising fitness awareness among the population[32]. - The company is positioned in the high-end market segment, competing with international brands while also focusing on smart and differentiated products[39]. - The company aims to achieve a higher breakthrough in operating performance by leveraging its advantageous environment and adjusting strategies flexibly according to market conditions by 2025[156]. - The company plans to enhance its overseas sales business, focusing on OEM/ODM product exports and developing new customers to increase global market share[158]. - The domestic fitness sales business is expected to achieve breakthroughs through differentiated competition in commercial products and innovation in home products[159]. Product Development and Innovation - The company launched nearly 50 new products during the reporting period, including the AC8 and ECP series, enhancing brand visibility and attracting more international customers[53]. - The company has significantly expanded its commercial fitness product management, launching new models such as the FGT300/350 and AC910/850, filling gaps in the light commercial product line[57]. - The company is focusing on digital transformation and quality improvement in 2024[50]. - The company is committed to increasing investment in smart product solutions and developing innovative, personalized fitness equipment to meet diverse customer needs[157]. - The company is focusing on developing smart IT systems and training content to meet the needs of fitness facilities in the commercial sector[154]. Investments and Capital Management - The company approved an additional investment of up to 227.82 million yuan in the Qingdao Impulse Sports Industry Park project, raising the total investment to 1.2458 billion yuan[123]. - The company has not engaged in any securities or derivative investments during the reporting period[125][126]. - The total amount raised from the public offering was RMB 481,500,000, with a net amount of RMB 433,205,441.72 after deducting issuance costs[128]. - The company has been actively managing its raised funds to ensure optimal utilization and returns[132]. - The company has decided to terminate the "Fitness Equipment Production Base Upgrade Project" and redirect the remaining raised funds of 126.53 million yuan to the construction of the "Qingdao Impulse Sports Industry Park Project"[135]. Risk Management - The company emphasizes the importance of risk awareness regarding future development plans and potential risks outlined in the report[3]. - The company faces risks from exchange rate fluctuations, which could negatively impact profits, and has measures in place to adjust sales prices in response to significant currency movements[165]. - Rising raw material prices, particularly for steel and packaging materials, have significantly impacted production costs, prompting the company to enhance internal management and seek cost-effective alternatives[166]. - The company is exposed to risks from international trade policies affecting its OEM/ODM business, and it is taking steps to diversify its customer base and mitigate these risks[167]. Corporate Governance and Management - The company has established a fair and transparent performance evaluation and incentive mechanism for directors, supervisors, and senior management, aligning the interests of shareholders, the company, and the incentive targets[177]. - The company maintains independence in assets, personnel, finance, organization, and business from its controlling shareholder, ensuring a complete business system and independent operational capabilities[181]. - The company has a total of 9 directors, including 3 independent directors, and the board operates in compliance with relevant laws and regulations[175]. - The company has established a robust communication platform with investors, including online performance briefings and dedicated investor hotlines[179]. - The company is focused on maintaining compliance with regulatory requirements regarding board composition and independent director qualifications[190]. Future Outlook - The company provided an optimistic outlook for Q4 2023, projecting a revenue growth of 25% compared to the previous quarter[200]. - New product launches are expected to contribute an additional 300 million in revenue in the next quarter[200]. - Market expansion efforts are underway, targeting an increase in market share by 10% in the Asia-Pacific region[200]. - The company aims to create a "smart health ecosystem" by integrating outdoor fitness paths and smart sports parks to enhance service capabilities[160].

作为国内最早"出海"的大型民营健身器材企业之一，青岛英派斯健康科技股份有限公司积极调整产品结 构和市场战略，引入智慧设计和生产体系，依托人工智能打造数智健身新场景。公司产品涵盖力量、体 能、户外健身、数字冰雪运动、智慧健身房等28个系列，国际竞争力和高端市场占有率不断攀升。 斯健康科技股份有限公司智慧工厂内的自动激光焊接机器人在作业（4月22日摄）。新华社记者 李紫恒 摄 遍布青岛 英派斯健康科技股份有限公司智慧工厂内的自动传输设备（4月22日摄）。新华社记者 李紫恒 摄 青岛英派 2025年德国科隆健身健美及康体设施博览会英派斯展位上体验（4月10日摄）。新华社发（石磊摄） 参观者在 4月22日， 工作人员在介绍采用AI视觉神经网络技术的英派斯智能体测仪。新华社记者 李紫恒 摄 青岛英派 工作人员在介绍英派斯智能健身镜的视频课程。新华社记者 李紫恒 摄 4月22日， 斯健康科技股份有限公司展厅内展陈的各种健身器械（4月22日摄）。新华社记者 李紫恒 摄 斯健康科技股份有限公司智慧工厂内的自动喷涂生产线（4月22日摄）。新华社记者 李紫恒 摄 4月22日， 青岛英派斯健康科技股份有限公司研发人员在进行新品设计 ...

作为亚太地区规模最大的消费精品展，日前召开的第五届中国国际消费品博览会吸引全球目光。中国健 身器材行业首家主板上市企业英派斯（002899）所参展的数字滑雪模拟机在热带海岛掀起一阵"冰雪热 潮"。全生态冰雪场景系列AI健身装备的亮相，高度契合本届消博会消费科技、大健康等新消费热点， 不仅破局冰雪消费时空限制，构建全域体验场景，并实现多元业态融合，培育市场增长新极核。更重要 是，数字技术赋能，让冰雪运动"南展西扩东进"催生了南北联动、四季运营的产业新业态，绘就万亿冰 雪经济新版图。 自2007年投身第六届亚冬会保障工作起，英派斯率先踏上了冰雪器械的深耕之路。2015年，英派斯积极 响应国家号召，率先突破技术壁垒，成功研发出我国首台室内滑雪模拟机及仿真冰场等相关配套设备， 填补了行业空白。 据悉，英派斯第一代室内滑雪模拟机高度模拟真实滑雪场景，打破了地域和季节限制，使人们随时都能 体验到滑雪运动带来的乐趣。在广东、福建等南方省份，众多商业综合体纷纷引入室内滑雪模拟机、仿 真冰场等，让冰雪运动从室外走进室内，从北方走入南方，通过"滑雪+培训+娱乐"的轻体验模式降低 参与门槛，联动周边业态形成复合消费场景。 后冬奥时 ...

Investment Rating - The investment rating for the industry is "Positive" [2] Core Insights - The report highlights the maturity of AI + camera glasses, with global shipments expected to reach 2.34 million units in 2024, of which 2.25 million will be AI + camera glasses. The focus will shift towards model capability upgrades and optimization of hardware and software performance [2][3] - The penetration rate of smart glasses in vertical scenarios such as meetings, assistance for visually impaired individuals, cycling, skiing, tourism, and live streaming is expected to increase sharply, driven by user willingness to pay and the ability to balance core indicators like functionality, weight, and battery life [2][3] - The future outlook suggests that the total market for smart glasses could reach hundreds of millions of units, with potential to replace smartwatches, optical glasses, and eventually smartphones as the primary interaction medium [3][37] Summary by Sections 1. Smart Glasses Development - The evolution of smart glasses is categorized into stages: starting with AR glasses, followed by AI + camera glasses, then AI + AR glasses, and finally space computing units [8][11] - The current supply side is diverse, with products gradually breaking into mainstream markets. The report notes that global AR glasses shipments were 500,000 units in 2023, with a projected CAGR of 44.2% from 2024 to 2027 [17][22] 2. Value of Optometry - The report emphasizes the importance of the upstream raw materials, particularly the reliance on imported high-refractive resin materials for smart glasses. It highlights the need for advancements in waveguide integration and new material development [3][40] - The midstream lens industry is expected to see increased concentration, with opportunities for domestic replacements in the mid-to-high-end market. The report notes that the current lens solutions are transitional, with breakthroughs in fitting and fusion technologies [3][40] - The downstream retail channels are long and non-standardized, but the report suggests that improvements in store models and partnerships with leading smart glasses manufacturers will enhance market share for top retailers [3][40] 3. Investment Recommendations - The report recommends focusing on companies with strong lens customization capabilities and partnerships with major clients, such as 康耐特光学, 英派斯, 明月镜片, and 博士眼镜, which are well-positioned to capitalize on the growth of smart glasses [3][40]

Group 1 - The company's stock experienced abnormal trading fluctuations, with a cumulative closing price increase of over 20% across three consecutive trading days (April 10, 11, and 14, 2025) [2] - The company conducted a self-examination and confirmed that there were no corrections or supplements needed for previously disclosed information [3] - The company is monitoring the impact of recent regulatory guidance from four government departments aimed at supporting the sports industry, which may affect its operations [3] Group 2 - The company's daily operations are normal, and there have been no significant changes in the external business environment [4] - The company is in the planning stage for potential external investments, with no finalized transaction details yet [4] - The company's controlling shareholders did not engage in any stock trading during the period of abnormal fluctuations [5] Group 3 - The board confirmed that there are no undisclosed significant matters that should be disclosed according to the Shenzhen Stock Exchange regulations [6] - The company does not anticipate needing to disclose performance forecasts and plans to release its 2024 annual report on April 28, 2025 [7] - The company emphasizes that all information should be verified through designated media outlets for accurate investment decisions [8]

证券代码：002899 证券简称：英派斯 公告编号：2025-009 青岛英派斯健康科技股份有限公司 股票交易异常波动公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 一、股票交易异常波动的情况介绍 青岛英派斯健康科技股份有限公司（证券简称：英派斯，证券代码： 002899，以下简称"公司"）股票连续三个交易日内（2025年 4月 10 日、 2025 年 4月 11日、2025年 4月 14日）日收盘价格涨幅偏离值累计达到20%以上，根据 《深圳证券交易所交易规则》的有关规定，属于股票交易异常波动的情形。 二、公司关注、核实情况说明 针对公司股票交易异常波动的情况，根据相关规定，公司对有关事项进 行了核实，现就有关情况说明如下： 1.经自查，公司前期披露的信息不存在需要更正、补充之处； 2. 2025 年 4 月 11 日，中国人民银行、体育总局、金融监管总局、中国证 监会等四部门联合印发《关于金融支持体育产业高质量发展的指导意见》（ 以下简称《意见》）。《意见》指出，要加大体育用品制造业、体育服务业 等领域金融供给力度聚焦体育用品制造业企业在研发、采购 ...

《意见》提到，支持金融赋能职业体育、冰雪经济发展。围绕足球、篮球、排球、乒乓球、羽毛球等职 业体育俱乐部建设和发展需求，健全职业体育俱乐部多元化投融资体系，为职业体育俱乐部设施改造升 级和配套服务提供金融支持。 《意见》还提出，鼓励设立体育发展专项资金，对符合条件的企业、社会组织给予项目补助、贴息和奖 励，促进降低融资成本。鼓励民间和境外资本投资体育产业，兴建体育设施，在依法合规、风险可控的 前提下，推广和运用政府与社会资本合作模式，推动体育产业发展。 华鑫证券研报指出，关注内需消费刺激政策利好，更多细分赛道有望取得亮眼增长。预计将会有更多内 需消费刺激政策将会出台，国内宏观消费情况有望稳步改善。同时，伴随着健康意识与运动习惯一步步 深入大众生活中，国内运动鞋服渗透率有望加速提升，国产运动品牌销量有望实现亮眼增长。 机构称，伴随着健康意识与运动习惯一步步深入大众生活中，国内运动鞋服渗透率有望加速提升，国产 运动品牌销量有望实现亮眼增长。 4月14日，体育板块涨幅居前，足球概念、体育产业、冰雪产业等领涨。截至发稿，康力源、金陵体育 20%涨停，探路者大涨12%，三柏硕、天府文旅、英派斯等多股涨超9%。 | 代码 ...

投资要点 推荐理由：公司是一家经营健身器材生产、销售的成长型公司，近年来出口业务稳中有升。更重要的 是，公司借助优秀的应用场景和销售渠道，进军AI 眼镜行业，有望在未来获得超预期的投资收益，并 可能由此开启AI 转型之路。 超预期点：公司进军AI 眼镜行业优势明显，相关业务开展或超预期我们认为，公司进军AI 眼镜行业 后，有望会获得超预期的发展，原因如下： 1）公司进军AI 眼镜行业决心大，目前已有一定积累：2024 年，公司便已投资1000 万元至头部AI 眼镜 厂商以从事AI 眼镜的研发、生产和销售。该厂商2023年、2024 年均推出过重点产品，且同时开发了为 可穿戴设备打造的大模型；2）AI 眼镜行业正处拐点：当前时间点，AI 眼镜行业拐点初现，明星产品 已率先突围。根据科技旋涡数据，Meta 与Ray-Ban 推出的Ray-Ban Meta AI 眼镜产品实现超预期出货， 获得了200 万副的销量，并计划在2026 年增产至每年1000 万副。大大加速了海内外眼镜品牌的新品推 出节奏，2025 年有望成为AI 眼镜全面开花元年。 3）公司具备应用场景上的优势：AI 眼镜的最重要应用场景便是运动。我们 ...

Summary of Key Points Core Viewpoint - The company, Inpace (002899), has experienced a significant decline in stock price and net outflow of funds, indicating potential challenges in the market and investor sentiment [1][2]. Trading Information - As of April 3, 2025, Inpace's stock closed at 21.27 yuan, down 5.93%, with a trading volume of 55,000 lots and a total transaction amount of 119 million yuan [1]. - Over the past 10 trading days, the stock has seen a cumulative net outflow of 77.82 million yuan, with a total price drop of 19.46% [1]. - In the last 90 days, three institutions have provided ratings for the stock, with two buy ratings and one hold rating [1]. Fund Flow - On the reporting day, the main funds experienced a net outflow of 19.67 million yuan, accounting for 16.57% of the total transaction amount [1]. - Retail investors showed a net inflow of 17.75 million yuan, representing 14.95% of the total transaction amount [1]. International Market and Tariff Impact - The company operates two main business segments in the international market: OEM/ODM products and proprietary brand products [2]. - The IMPULSE brand has successfully entered multiple international markets, including Europe and Asia-Pacific [2]. - The company is closely monitoring the impact of U.S. tariffs, which are primarily borne by its customers, and is actively seeking strategies to mitigate potential impacts on its operations [2].

Investment Rating - The industry investment rating is "Recommended (Maintain)" [1] Core Viewpoints - The light industry sector is expected to become a significant node in the AI industry chain, with various sub-sectors such as eyewear and toys already implementing AI applications. Companies deeply involved in the AI supply chain are likely to benefit from future industry growth [9][3]. - Specific sub-sectors benefiting from AI include eyewear, mattresses, sports, and toys, which are recommended for investment focus [3][9]. Summary by Sections AI Eyewear - AI eyewear is entering a product explosion phase, with significant market response to products like Ray Ban Meta, which achieved a quarterly sales volume of 680,000 units in Q4 2024. Global sales of AI eyewear are projected to reach 1.5 million units in 2024, a year-on-year increase of 533% [17][20]. - The market for AI eyewear is dominated by models with cameras, accounting for 94% of sales, primarily driven by the success of Ray Ban Meta [21][23]. - The cost structure of AI eyewear shows that lenses and frames account for about 8% of the total cost, with potential for significant value enhancement through advanced technologies [28][29]. AI Mattresses - AI mattresses integrate AI technology to monitor sleep data and adjust firmness and support based on user needs, addressing the growing sleep issues in modern society. The global market for AI mattresses was approximately $1.7 billion in 2023, with a projected CAGR of 5.6% from 2024 to 2030 [44][46]. - The market is still in its early stages, with intense competition and a focus on consumer education to enhance awareness and acceptance of AI mattress technology [48][50]. AI Sports and Fitness - The AI sports fitness market is characterized by two business models: one targeting consumers through apps and equipment, and the other targeting gyms with AI fitness devices. The market is expected to grow rapidly, with the Chinese smart fitness market projected to reach 82 billion yuan by 2025 [65][66]. - The penetration of AI fitness solutions is low but growing, with significant potential for expansion as consumer awareness increases and technology becomes more accessible [63][66].