Core Viewpoint - The stock of Qingdao Inpace Health Technology Co., Ltd. has shown a significant increase in price and trading activity, indicating positive market sentiment despite a decline in revenue and net profit for the year [1][2]. Group 1: Stock Performance - On December 24, Inpace's stock rose by 2.04%, reaching 25.98 CNY per share, with a trading volume of 45.87 million CNY and a turnover rate of 1.22%, resulting in a total market capitalization of 3.84 billion CNY [1]. - Year-to-date, Inpace's stock price has increased by 16.26%, with a 7.58% rise over the last five trading days, 9.62% over the last 20 days, and 27.29% over the last 60 days [1]. - The company has appeared on the "Dragon and Tiger List" once this year, with the most recent occurrence on April 14 [1]. Group 2: Financial Performance - For the period from January to September 2025, Inpace reported a revenue of 856 million CNY, a year-on-year decrease of 4.53%, and a net profit attributable to shareholders of 50.75 million CNY, down 41.88% year-on-year [2]. - Cumulative cash dividends since the A-share listing amount to 56.19 million CNY, with 28.95 million CNY distributed over the past three years [3]. Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders for Inpace is 14,800, a decrease of 24.69% from the previous period, while the average number of circulating shares per person has increased by 32.78% to 10,016 shares [2]. - Among the top ten circulating shareholders, new entrants include Minsheng Jia Yin Continuous Growth Mixed A and Yin Hua Quality Consumption Stock A, with respective holdings of 1.36 million shares and 803,400 shares [3].

Group 1 - The stock price of Inspur (002899) closed at 25.46 yuan on December 23, 2025, down by 2.08%, with a turnover rate of 2.94%, a trading volume of 43,400 shares, and a transaction amount of 112 million yuan [1] - On December 23, 2025, the net inflow of main funds was 2.506 million yuan, indicating a positive short-term attitude from major investors [3] - Retail investors saw a net inflow of 512,400 yuan, while speculative funds experienced a net outflow of 3.0184 million yuan [1][3] Group 2 - Pacific Securities conducted a training session on December 11, 2025, for key personnel of Inspur, focusing on the revised rules for listed companies and changes in shareholder and executive reduction regulations [1][3] - A regular on-site inspection by Pacific Securities from December 10 to December 12, 2025, confirmed that the company's governance system is compliant, information disclosure is complete, and no major issues were found [1][3] - The inspection also verified that the company’s cash dividend policy is being executed properly and that shareholders and executives have fulfilled their commitments [1]

英派斯所属申万行业为：轻工制造-文娱用品-娱乐用品。所属概念板块包括：基金重仓、增持回购、智 能眼镜、体育产业、小盘等。 截至9月30日，英派斯股东户数1.48万，较上期减少24.69%；人均流通股10016股，较上期增加32.78%。 2025年1月-9月，英派斯实现营业收入8.56亿元，同比减少4.53%；归母净利润5075.05万元，同比减少 41.88%。 12月23日，英派斯盘中下跌2.08%，截至14:28，报25.46元/股，成交1.00亿元，换手率2.64%，总市值 37.63亿元。 资金流向方面，主力资金净流入406.36万元，特大单买入357.50万元，占比3.56%，卖出899.72万元，占 比8.96%；大单买入3160.81万元，占比31.49%，卖出2212.23万元，占比22.04%。 英派斯今年以来股价涨13.94%，近5个交易日涨8.16%，近20日涨8.66%，近60日涨21.47%。 今年以来英派斯已经1次登上龙虎榜，最近一次登上龙虎榜为4月14日。 资料显示，青岛英派斯健康科技股份有限公司位于山东省青岛市崂山区秦岭路18号国展财富中心3号楼7 层，成立日期2004年6月 ...

Investment Rating - The report maintains a "Recommendation" rating for the consumer services industry, anticipating that the industry index will outperform the benchmark index by more than 5% in the next 3-6 months [42]. Core Insights - The official launch of the Hainan Free Trade Port's full island closure policy is expected to significantly boost the tourism and hotel sectors, leading to a surge in market expectations for Hainan tourism. There has been a substantial year-on-year increase in flight and hotel bookings for the New Year and Spring Festival holidays, particularly in Sanya, where the demand for cross-year travel is notably high. The hotel and tourism sectors have shown strong performance, leading the consumer services industry, reflecting positive market expectations for the long-term benefits of the closure policy [4][34]. - The report identifies several key investment opportunities, including hotels with balanced supply and demand, human resource services with clear industry trends, the duty-free sector benefiting from new policies, and internet platforms integrating online and offline operations [4]. Industry Basic Data - The consumer services industry consists of 55 listed companies with a total market capitalization of 498.804 billion yuan and a circulating market capitalization of 457.081 billion yuan [1]. Market Performance - The consumer services industry experienced a weekly increase of 2.66%, outperforming the overall A-share market, which saw a decline of 0.15%. The CSI 300 index also fell by 0.28%, while the consumer services index rose by 3.76% [7][24]. - The report highlights that the hotel sector saw a weekly increase of 2.70%, while the tourism and scenic areas sector increased by 3.42% [18]. Notable Announcements - Key announcements include a report from Beijing Human Resources showing a shareholding reduction by a major shareholder and a significant increase in revenue and net profit for China Education Holdings [30][32].

太平洋证券股份有限公司关于 本次培训系就上市公司规范运作相关规则及其违规案例进行培训，培训的主 要内容系监管部门对上市公司规范运作相关规则的修订情况，股东、董高减持规 则的变化，及典型违规案例分析。 三、培训效果 青岛英派斯健康科技股份有限公司 2025 年度持续督导培训 情况报告 太平洋证券股份有限公司（以下简称"太平洋证券"、"保荐机构"）作为 青岛英派斯健康科技股份有限公司 2022 年度向特定对象发行股票并上市的保荐 机构，根据《深圳证券交易所上市公司自律监管指引第 13 号——保荐业务》有 关规定，于 2025 年 12 月 11 日对青岛英派斯健康科技股份有限公司（以下简称 "英派斯"、"公司"）部分董事、高级管理人员、中层以上管理人员及上市公 司控股股东和实际控制人等相关人员进行了培训，相关培训情况如下： 一、培训基本情况 1、培训对象：部分董事、高级管理人员、中层以上管理人员及上市公司控 股股东和实际控制人等相关人员。 2、培训地点：青岛市崂山区秦岭路 18 号国展财富中心 3 号楼 7 层会议室 3、培训时间：2025 年 12 月 11 日 二、培训内容 通过此次培训，公司部分董事、高级管 ...

| 保荐机构名称：太平洋证券股份有限公司 被保荐公司简称：英派斯 | | | --- | --- | | 保荐代表人姓名：欧阳凌 联系电话：010-88321821 | | | 保荐代表人姓名：张兴林 联系电话：010-88321821 | | | 现场检查人员姓名：欧阳凌、张兴林 | | | 年度 现场检查对应期间：2025 | | | 年 月 年 日 现场检查时间：2025 12 10 日-2025 12 12 | 月 | | 一、现场检查事项 现场检查意见 | | | （一）公司治理 是 否 不适用 | | | 现场检查手段：查阅公司章程、公司治理的相关规章制度、"三会"会议资料及信息披露 | | | 文件，访谈管理层等。 | | | 1.公司章程和公司治理制度是否完备、合规 √ | | | 2.公司章程和三会规则是否得到有效执行 √ | | | 3.三会会议记录是否完整，时间、地点、出席人员及会议内容等要件是 √ | | | 否齐备，会议资料是否保存完整 | | | 4.三会会议决议是否由出席会议的相关人员签名确认 √ | | | 5.公司董监高是否按照有关法律法规和本所相关业务规则履行职责 √ | ...

Group 1 - The core viewpoint of the article highlights the participation of Qingdao Impulse Health Technology Co., Ltd. in the 12th National After-Sales Service Conference, emphasizing its commitment to the fitness equipment industry [1] Group 2 - The company focuses on the research, manufacturing, and brand operation of a full range of fitness equipment, providing functional, intelligent, and safe products [3] - Impulse has established a comprehensive product system covering aerobic, strength, and ice and snow categories, with a sales network spanning over 100 countries and regions [3] - The company has built a world-class sports industry park in Jimo, Qingdao, which has reduced R&D cycles by 50% and operational costs by 30% through smart production lines [3] - Impulse has over 300 valid patents and has led or participated in the formulation of dozens of national and industry standards [3] - The company actively fulfills social responsibilities by training over 3,000 technical experts and 22,000 manufacturing craftsmen, and has served major international and domestic events such as the Asian Games and National Games [3] - In 2020, Impulse released the "White Paper on Employee Health Management in Chinese Enterprises" [3] - The company aims to continue creating value and strives to become a world-class enterprise in the future [3]

Core Viewpoint - Qingdao Impulse Health Technology Co., Ltd. is a leading company in the fitness equipment industry, focusing on the research, manufacturing, and brand operation of a full range of fitness equipment, emphasizing functionality, intelligence, and safety [2][3][10]. Group 1: Company Overview - The company was listed on the Shenzhen Stock Exchange in September 2017, becoming the first main board listed company in China's fitness equipment industry [2][3][10]. - Impulse has established a comprehensive product system covering aerobic, strength, and ice and snow categories, with a sales network spanning over 100 countries and regions, providing full-process solutions for various clients including clubs, military, and families [2][3][10]. Group 2: Development and Financial Performance - The company has undergone five strategic phases since its inception in 1991, leading to a global health industry cluster, with a revenue of 1.214 billion yuan in 2024, representing a year-on-year increase of 35.58%, and a net profit of 109 million yuan, up 23.77% year-on-year [3][11]. - In 2024, overseas sales accounted for 78.68% of total sales, showcasing the company's international expansion [4][11]. Group 3: Technological Advancements - Impulse focuses on six core scenarios: commercial fitness, home fitness, outdoor fitness, physical training, health management, and event support, developing smart gyms and indoor skiing simulators as part of its solutions [4][11]. - The company has over 300 valid patents and has participated in setting numerous national and industry standards, including the first national standard for aging-friendly fitness equipment [4][12]. Group 4: Social Responsibility - Impulse is recognized as a training ground for over 3,000 technical experts and 22,000 manufacturing craftsmen, supporting various national and international events and promoting community sports initiatives [5][12]. - The company actively engages in corporate social responsibility, having published the "White Paper on Employee Health Management" in 2020 [5][12].

Core Viewpoint - Qingdao Inpais Health Technology Co., Ltd. (stock code: 002899) announced a share buyback plan by its controlling shareholder, Hainan Jiangheng Industrial Investment Co., Ltd., with a commitment to increase its stake in the company within six months, reflecting confidence in the company's future development and long-term investment value [1][3]. Group 1: Share Buyback Plan - Hainan Jiangheng plans to increase its shareholding in Inpais with an investment between RMB 60 million and RMB 120 million using bank loans and self-funding [1][3]. - The buyback will not have a set price range, allowing Hainan Jiangheng to act based on market trends and the perceived value of the shares [3]. - China Everbright Bank has committed to providing a special loan of up to RMB 100 million to support the share buyback [3]. Group 2: Current Shareholding and Market Position - As of the announcement date, Hainan Jiangheng holds 40.66 million shares, accounting for 27.51% of the total share capital, making it the largest shareholder of Inpais [3]. - The buyback is intended to boost investor confidence and ensure the company's sustainable and healthy development [3]. Group 3: Financial Performance - In the first three quarters, Inpais reported a net profit attributable to shareholders of RMB 50.75 million, a decrease of 41.88% year-on-year, indicating ongoing performance challenges [5][6]. - The company's revenue for the first half of the year was RMB 574 million, showing a slight increase of 0.47% compared to the previous year, but the net profit decreased by 38.09% [6]. - The company faces significant pressure on its financial performance, necessitating internal improvements to ensure the success of the buyback plan [6].

Core Viewpoint - The controlling shareholder of Qingdao Inpaiss Health Technology Co., Ltd., Hainan Jiangheng Industrial Investment Co., Ltd., plans to increase its stake in the company through a combination of bank loans and self-raised funds within a six-month period, aiming to enhance investor confidence and support the company's sustainable development [2][3]. Group 1: Shareholder's Plan - Hainan Jiangheng intends to increase its shareholding by no less than RMB 60 million and no more than RMB 120 million, without setting a price range for the purchase [2][7]. - The increase will occur through centralized bidding and block trading on the Shenzhen Stock Exchange [8]. - The implementation period for this plan is from December 10, 2025, to June 9, 2026, with adjustments if the company's stock is suspended [7][8]. Group 2: Financial Support - China Everbright Bank has issued a loan commitment letter to Hainan Jiangheng, promising a special loan of up to RMB 100 million to support the share purchase [8]. Group 3: Shareholding Status - As of the announcement date, Hainan Jiangheng holds 40,662,000 shares, representing 27.51% of the total share capital, making it the largest shareholder [3]. - There have been no share reduction activities by Hainan Jiangheng in the past six months [5]. Group 4: Compliance and Regulations - The share purchase plan complies with relevant laws and regulations, ensuring that it will not affect the company's stock distribution or control [9]. - Hainan Jiangheng commits to not reducing its shareholding during the purchase period and will adhere to legal requirements [8][9].