国泰海通｜轻工：AI风起，健身器材产业智能化加速——健身器材行业首次覆盖报告

Core Viewpoint - The article emphasizes that changes in downstream channel operations are catalyzing industry reshuffling, and the wave of intelligentization is expected to further expand the competitive advantages of leading brands [1]. Summary by Sections Investment Recommendations - It is recommended to focus on leading brands with strong capabilities in branding, channels, and manufacturing, which are likely to benefit from the rising concentration in the industry due to the wave of intelligentization [2]. - The demand for commercial fitness venues is contracting, although the long-term trend remains positive. Despite the effective control of the pandemic since 2023, the number of offline fitness venues in China has continued to decline, with a 13% drop to 117,000 venues compared to 2022. Fitness studios experienced the smallest decline at 7.36%, while general fitness venues saw the largest drop of 22% [2]. - The number of fitness members and the penetration rate of fitness enthusiasts have also been decreasing since peaking in 2021, with the number of fitness members falling to below 70 million and the coverage rate dropping to under 5% by 2023 [2]. - However, from a long-term perspective, with stable growth in disposable income and an increasing pursuit of high-quality living standards, downstream demand is expected to maintain steady growth [2]. Market Analysis - China's manufacturing advantages are prominent, and the export market for fitness training equipment is substantial. According to customs data, China's exports of treadmills and other fitness training equipment grew rapidly in 2020 and 2021, with treadmill exports reaching 11.12 billion yuan and exports of general sports, gymnastics, or competitive goods totaling 20.79 billion yuan in 2021. The total export value of other fitness and rehabilitation equipment was 45.85 billion yuan [3]. - Although there was a decline in these export figures in 2022, a recovery trend was observed in 2023. Overall, the domestic fitness equipment industry has achieved comparative advantages in production capacity and cost through industrial cluster effects, effectively opening up export markets [3]. Competitive Landscape - AI-enabled products are expected to enhance the competitive advantages of leading brands in the industry [4].