KLY SPORTS(SZ:301287) Shang Hai Zheng Quan Bao·2026-01-09 18:34Core Viewpoint - The company, Kangliyuan, is transforming from a traditional manufacturing enterprise into a technology service-oriented company, focusing on innovation and high-quality development in the sports industry, aligning with national policies to promote sports consumption and development [2][7]. Group 1: Company Transformation and Vision - Kangliyuan aims to evolve its equipment into immersive experiences and its factory into an ecosystem, reflecting a commitment to a "second entrepreneurship" in response to the national "14th Five-Year Plan" [2]. - The company is dedicated to continuous innovation, with R&D expenses accounting for 3.3% of total revenue in the first three quarters of 2025, despite market pressures [3]. Group 2: Product Innovation and Market Strategy - The introduction of smart fitness equipment, such as an intelligent treadmill that acts as a "personal fitness coach," showcases the company's focus on integrating technology with fitness solutions [3]. - Kangliyuan is developing safety features for its smart strength training equipment to address safety concerns associated with traditional weight machines, enhancing user experience and product safety [3]. Group 3: Intellectual Property and Global Expansion - The company holds 242 national patents, including 9 invention patents, and is working towards national-level certification for its testing center, emphasizing its commitment to innovation and quality [4]. - A new manufacturing facility in Malaysia is set to begin operations by the end of the year, aimed at serving Southeast Asia and Australia, thereby enhancing supply chain resilience and market reach [4]. Group 4: Business Model Evolution - Kangliyuan is shifting from selling equipment to providing comprehensive solutions, creating a "scene-data-R&D" cycle that opens new growth opportunities [5]. - The "Smart Fitness Management System" allows companies to track employee fitness data, enhancing the value proposition of fitness solutions beyond mere equipment sales [5]. Group 5: Corporate Governance and Brand Development - Post-IPO, Kangliyuan emphasizes strict governance and transparency, with a focus on long-term development rather than short-term stock price fluctuations [6]. - The company is enhancing its brand presence through strategic marketing initiatives, aiming to strengthen its brand recognition among consumers [6]. Group 6: Industry Outlook - The government aims for the sports industry to exceed 7 trillion yuan by 2030, positioning Kangliyuan to become a globally recognized sports technology enterprise [7].