江苏康力源体育科技股份有限公司 关于签订募集资金四方监管协议的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 一、募集资金基本情况 中国证券监督管理委员会《关于同意江苏康力源体育科技股份有限公司首次 公开发行股票注册的批复》（证监许可[2023]1023 号）同意注册，并经深圳证券 交易所同意，江苏康力源体育科技股份有限公司（以下简称"公司"）首次向社 会公众公开发行人民币普通股（A 股）16,670,000 股，发行价格为每股人民币 40.11 元，募集资金总额为人民币 668,633,700 元，扣除相关不含税发行费用 78,163,504.45 元，实际募集资金净额为人民币 590,470,195.55 元，上述募集资金 于 2023 年 6 月 9 日全部到位，已经天健会计师事务所（特殊普通合伙）审验， 并出具了天健验[2023]275 号《验资报告》。 二、《募集资金四方监管协议》的签订情况和募集资金专户的开立情况 公司于 2026 年 3 月 4 日召开第二届董事会第二十次会议，审议通过《关于 增加部分募投项目实施主体的议案》，同意授权公司经 ...

证券代码：301287 证券简称：康力源 公告编号：2026-005 江苏康力源体育科技股份有限公司 关于增加部分募投项目实施主体的公告 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。 江苏康力源体育科技股份有限公司（以下简称"公司"）于 2026 年 3 月 4 日召开第二届董事会第二十次会议，审议通过《关于增加部分募投项目实施主 体的议案》，在募投项目投资规模、实施地点等不发生变更的前提下，同意增 加公司全资子公司邳州康力源健身器材检验检测有限公司（以下简称"检测公 司"）作为"康力源研发中心建设项目"的实施主体。具体情况如下： 一、募集资金基本情况 经中国证券监督管理委员会《关于同意江苏康力源体育科技股份有限公司 首次公开发行股票注册的批复》（证监许可[2023]1023 号）同意注册，并经深 圳证券交易所同意，公司首次向社会公众公开发行人民币普通股（A 股） 16,670,000 股，发行价格为每股人民币 40.11 元，募集资金总额为人民币 668,633,700 元，扣除相关不含税发行费用 78,163,504.45 元，实际募集资金净 额为人民币 ...

江苏康力源体育科技股份有限公司 证券代码：301287 证券简称：康力源 公告编号：2026-003 第二届董事会第二十次会议决议公告 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、董事会会议召开情况 江苏康力源体育科技股份有限公司（以下简称"公司"）第二届董事会第二十次 会议通知已于 2026 年 3 月 1 日通过书面或通讯方式送达。会议于 2026 年 3 月 4 日以 现场结合通讯的方式在公司会议室召开。本次会议应出席董事 9 名，实际出席董事 9 名。会议由董事长衡墩建先生主持。本次会议的召开和表决程序符合《中华人民共和 国公司法》等法律、法规、规范性文件和《公司章程》的有关规定，会议合法、有效。 二、董事会会议审议情况 经与会董事认真审议，会议表决通过了以下议案并形成决议： 1、审议通过《关于使用自有资金、银行承兑汇票、信用证等方式支付募投项目 部分款项并以募集资金等额置换的议案》 2、审议通过《关于增加部分募投项目实施主体的议案》 公司结合实际生产经营的需要和目前募投项目的实际进展情况，经过谨慎研究， 在募投项目投资规模、实施地点等不发生变 ...

证券代码：301287 证券简称：康力源 公告编号：2026-004 江苏康力源体育科技股份有限公司 关于使用自有资金、银行承兑汇票、信用证等方式支付募 投项目部分款项并以募集资金等额置换的公告 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。 江苏康力源体育科技股份有限公司（以下简称"公司"）于 2026 年 3 月 4 日召开第二届董事会第二十次会议，审议通过《关于使用自有资金、银行承兑 汇票、信用证等方式支付募投项目部分款项并以募集资金等额置换的议案》， 同意公司在募投项目实施期间，使用自有资金、银行承兑汇票、信用证等方式 支付募投项目部分款项，后续定期以募集资金等额置换，即从募集资金专户划 转等额资金至公司基本户及一般户，该部分等额置换资金视同募投项目使用资 金。具体情况如下： 一、募集资金基本情况 经中国证券监督管理委员会《关于同意江苏康力源体育科技股份有限公司 首次公开发行股票注册的批复》（证监许可[2023]1023 号）同意注册，并经深 圳证券交易所同意，公司首次向社会公众公开发行人民币普通股（A 股） 16,670,000 股，发行价格为每股人 ...

东海证券股份有限公司 关于江苏康力源体育科技股份有限公司 增加部分募投项目实施主体的核查意见 东海证券股份有限公司（以下简称"东海证券"或"保荐机构"）作为江苏康力 源体育科技股份有限公司（以下简称"康力源"或"公司"）首次公开发行股票并在 创业板上市项目的保荐机构，根据《证券发行上市保荐业务管理办法》《深圳证 券交易所创业板股票上市规则》《深圳证券交易所上市公司自律监管指引第 2 号——创业板上市公司规范运作》及《上市公司募集资金监管规则》等相关法律 法规和规范性文件的规定，对公司新增全资子公司邳州康力源健身器材检验检测 有限公司（以下简称"检测公司"）作为"康力源研发中心建设项目"的实施主 体的相关情况进行了核查，具体如下： 公司设立了募集资金专项账户，对募集资金的存放和使用进行专户管理。公 司及子公司与保荐人、募集资金存放银行签订了《募集资金三方监管协议》和《募 集资金四方监管协议》。 二、募集资金投资项目情况 截至 2025 年 12 月 31 日，公司募集资金投资计划及投资进度如下： 单位：万元 1 | 序 | 项目名称 | 实施主体 | | 计划投入募 | 已投入金 | | --- | --- | ...

使用自有资金、银行承兑汇票、信用证等方式支付募投项目 部分款项并以募集资金等额置换的核查意见 东海证券股份有限公司（以下简称"东海证券"或"保荐机构"）作为江苏康力 源体育科技股份有限公司（以下简称"康力源"或"公司"）首次公开发行股票并在 创业板上市项目的保荐机构，根据《证券发行上市保荐业务管理办法》《深圳证 券交易所创业板股票上市规则》《深圳证券交易所上市公司自律监管指引第 2 号 ——创业板上市公司规范运作》及《上市公司募集资金监管规则》等相关法律法 规和规范性文件的规定，对公司使用自有资金、银行承兑汇票、信用证等方式支 付募投项目部分款项并以募集资金等额置换的相关情况进行了核查，具体如下： 一、募集资金基本情况 经中国证券监督管理委员会《关于同意江苏康力源体育科技股份有限公司首 次公开发行股票注册的批复》（证监许可〔2023〕1023 号）同意注册，并经深圳 证券交易所同意，公司首次向社会公众公开发行人民币普通股（A 股）16,670,000 股，发行价格为每股人民币 40.11 元，募集资金总额为人民币 668,633,700 元， 扣除相关不含税发行费用 78,163,504.45 元，实际募集资 ...

Investment Rating - The industry investment rating is maintained at "Overweight" [2] Core Insights - The home appliance industry has shown a relative return of 12.0% over the past 12 months, with an absolute return of 21.1% [3] - The industry has a low valuation with a PE ratio of 15.33, ranking 28th among 31 industries, indicating potential for upward movement [5] - The "old-for-new" policy has been strengthened, leading to a 21.7% year-on-year increase in sales of six categories of home appliances and four categories of digital products during the Spring Festival holiday [6] Summary by Sections Industry Performance - The home appliance industry experienced a decline of 0.42% this week, ranking 26th among its peers, while the CSI 300 index rose by 1.08% [4][9] - Over the past month, the industry gained 1.02%, ranking 20th, and has a year-to-date increase of 0.04%, ranking 27th [9] Valuation Analysis - The PE ratio of the home appliance industry is 15.33, compared to the CSI 300 index's 13.41, with a valuation percentile of 34.2% [5][26] - The industry is positioned at a historical low valuation, enhancing its investment attractiveness [5] Consumer Trends - The Spring Festival is a significant period for appliance upgrades, with a reported 510.6 million units sold during the holiday, reflecting strong consumer demand [6] Investment Recommendations - Focus on leading white goods companies with strong R&D capabilities, stable market positions, low valuations, and high dividend yields [7] - Identify niche sectors that can leverage new products and technologies to create demand, such as smart projectors and cleaning robots [7] - Monitor component manufacturers with strong R&D capabilities in response to the trend of replacing copper with aluminum due to rising copper prices [7] - Pay attention to "hidden champion" companies in the small appliance sector [7][56]

Core Insights - The continuous growth of disposable income and consumption expenditure in China has provided an economic foundation for residents' spending in the fitness sector, leading to an increased preference for spinning bikes as a daily exercise choice [1][9] - Government policies aimed at promoting the sports industry, such as the "National Fitness Plan (2021-2025)" and guidelines for high-quality development of sports, have created a favorable environment for the spinning bike industry [1][9] - The market size of China's spinning bike industry is projected to reach 1.54 billion yuan by 2025, with a year-on-year increase of 5.48% [1][9] - Despite the growth, the market size of China's spinning bike industry remains relatively small compared to international markets, but urbanization, rising income levels, and increasing fitness awareness are expected to drive future growth [1][9] Industry Overview - Spinning bikes, created in the 1980s, combine music and visual effects for an engaging indoor cycling experience, overcoming the drawbacks of outdoor cycling [3] - The structure of spinning bikes includes components such as handlebars, seats, flywheels, pedals, and braking systems, with comfort and adjustability being key quality indicators [3][4] Market Dynamics - The spinning bike industry is segmented into commercial and home use, with commercial use currently dominating the market at over 70% [9] - The demand for home spinning bikes has surged, particularly post-pandemic, as consumers prefer private and flexible workout options [9] Competitive Landscape - Major companies in the spinning bike industry include Qingdao Impulse Health Technology Co., Ltd., Shuhua Sports Co., Ltd., and Jiangsu Kangliyuan Sports Technology Co., Ltd., among others [10] - These companies leverage strong R&D capabilities and supply chain systems to maintain market dominance, while smaller firms focus on niche markets [10] Industry Trends - The future of the spinning bike industry is leaning towards smart technology, with advancements in IoT and AI enabling personalized fitness experiences [12] - There is a growing demand for personalized products, prompting companies to enhance R&D and innovation to meet diverse consumer needs [13] - International expansion is a key focus for domestic spinning bike companies, as they seek to tap into global markets and enhance brand recognition [14]

Core Viewpoint - The demand for treadmills in China is expected to grow significantly, with a projected demand of 12.816 million units and a market size of 21.27 billion yuan by 2025, driven by the increasing emphasis on health and fitness among the population [1][8]. Market Overview - Treadmills are a popular indoor fitness equipment that allows users to simulate outdoor running and walking, making them a staple in both homes and gyms due to their space efficiency and weather independence [2][4]. - The treadmill market is supported by various government policies promoting fitness and health, which provide long-term market backing for home fitness equipment [4][5]. Industry Structure - The treadmill industry consists of upstream suppliers of raw materials and components, midstream manufacturers involved in R&D and production, and downstream markets that include both home and commercial users [6][7]. - The home segment is the primary demand market, expected to account for over 70% of the treadmill market by 2025, with trends towards compact, quiet, and smart designs [8]. Development Trends - Future treadmill products will focus on multi-functionality and eco-friendliness, adapting to various user needs and living spaces [14]. - The integration of technology and smart features will enhance user experience, with AI and IoT playing key roles in personalized training and data monitoring [15]. - Market competition is shifting towards differentiation and standardization, with a focus on quality and safety, pushing companies to innovate and improve their offerings [16]. Competitive Landscape - The treadmill market in China is characterized by intense competition between domestic and international brands, with notable players including Shuhua Sports, Inbody, and Kangliyuan [11][12]. - Shuhua Sports is a leading manufacturer with a production target of 97,500 units in 2024, while Inbody focuses on a diverse range of fitness equipment to meet varying consumer needs [11][12].

Core Viewpoint - Kangliyuan (stock code: 301287) has not announced any significant upcoming events such as suspension, earnings forecast, or dividend plans as of February 14, 2026 [1] Financial Performance - For the period of January to September 2025, the company achieved operating revenue of 388 million yuan, a year-on-year decrease of 17.78% [1] - The net profit attributable to shareholders for the same period was 56.71 million yuan, reflecting a year-on-year increase of 32.44% [1] Shareholder Information - As of September 30, 2025, the number of shareholders was 7,984, a decrease of 18.84% compared to the previous period [1] - Nuoan Multi-Strategy Mixed A has become the largest circulating shareholder [1] Stock Performance - On January 9, 2026, the stock closed at 43.95 yuan per share, with a net outflow of main funds amounting to 3.93 million yuan on that day [1]