走进康力源的器材展示厅，一台搭载AR交互系统的智能跑步机瞬间吸引目光——用户站上跑台，屏幕 即刻完成人脸识别，同步调出专属训练计划；实景画面里，林间步道的落叶、城市赛道的街景栩栩如 生，心率、卡路里消耗等数据实时跳动。"未来，我们要把一台器械变成一个场景，把一个工厂变成一 个生态。"康力源董秘姚培源指着这台核心产品，向上海证券报记者道出企业转型的核心愿景。 2025年底，上海证券报记者实地探访这家邳州市唯一的上市公司，感受到的是传统制造企业挣脱业务天 花板，向科技服务型企业跨越的"二次创业"热情。康力源正以务实行动，响应"十五五"规划建议中"统 筹推进群众体育和竞技体育发展，加快建设体育强国"的号召，在体育产业高质量发展浪潮中探索转型 新路径。 以持续创新紧跟市场需求 康力源成立于1998年，是一家专注于多系列健身器材研发、制造与销售的高新技术企业。从传统器械 到"会思考"的智能装备，背后是康力源对创新的执着投入。即便当前市场行情承压、订单增长放缓，康 力源对研发的投入仍不打折扣。2025年前三季度，公司研发费用占营业总收入比重达3.3%，持续保持 高强度投入。 "这台智能跑步机不只是运动工具，更是'私人健身 ...

全运会拳击冠军韩雪振。记者 邓放 摄 全运会自行车冠军鲍珊菊。记者 邓放 摄 全运会霹雳舞冠军刘清漪。胡斌 摄 全运会田径冠军梁田田。胡斌 摄 在郑州举行的河南省大众冰雪系列活动冰球公开赛。记者 黄晖 摄 河南省女子排球城市联赛赛场外的中原排场文旅市集。记者 黄晖 摄 河南省红色运动会在信阳开幕。胡斌 摄 刚刚过去的2025年，是"十四五"规划收官之年，也是粤港澳全运会决战之年，河南体育在奋进中镌刻荣光， 在拼搏中铺展华章——从着力健全全民健身公共服务体系，到十五运会赛场捷报频传；从洛杉矶奥运备战扎 实起步，到持续提升体育在促进经济发展、实现争光出彩、提升文化影响等方面的多元功能……河南体育人 以进一步全面深化改革为动力，用实干笃行书写了体育强省建设的时代答卷，确保了"十四五"圆满收官，并 为"十五五"良好开局筑牢了根基。 锐始者必图其终，成功者先计于始。"锐始"是破局开路的锐气，"图终"是谋定后动的远见，"锐始""图终"则 建功可期，对于一个国家、一个地区、一个人来说皆是如此，对于体育事业来说同样如此。回望河南体育的 2025年，无论是吹响全运会"冲锋号"的那一刻，还是在全省体育工作会议用一系列"聚焦"布局 ...

●青少年体育工作者将立足工作实际，牢记嘱托、不负韶华、勇攀高峰，为体育强国建设注入源源不断 的青春力量。 ●广大运动员、教练员将把激励化作动力，扎实备战、全力以赴，力争在赛场奋勇当先、勇毅前行。弘 扬中华体育精神、北京冬奥精神，再启新征程，再上新台阶。 ●将场地建在群众身边，将活动办在群众身边，将指导送到群众身边，切实提升广大群众参与体育、享 受体育的满足感、获得感，为以中国式现代化全面推进强国建设、民族复兴伟业贡献体育力量。 ●体育产业从业者将以高质量发展为核心，深化"体育+"融合创新，让体育产业成为扩内需、促消费的 重要引擎，锚定体育产业7万亿的规模目标，为经济社会发展注入更强劲动能。 ●各地体育系统将以更饱满的热情、更坚定的信念、更扎实的行动，乘势而上、砥砺奋进，丰富体育强 国建设地方实践，努力营造体育强国建设"省强国盛"的良好氛围，奋力开创体育事业高质量发展的崭新 局面。 ...

新老品牌竞争激烈，要销量也要高质量。 胡安安惊喜发现，北京SKP这里Norrøn的围挡在最近围起来了。 作为一个资深户外爱好者，胡安安几乎买遍了市面上所有的户外品牌。但和很多追求新鲜、潮流的人一样，当一些品牌流行起来成为"街牌"后，他也开始寻 找更小众的，"户外圈含'鸟'量太高，需要找点不一样的。" 回顾2025年的体育市场，虽然没有奥运会、世界杯这样的大型赛事驱动，但在中国，全民体育带动了相关产业的消费，据央视新闻报道，2025年全国运动装 备市场规模将达6021亿元，同比增长14.2%。 各个体育品牌之间的竞争更激烈了。在商场里，人们会发现，原本属于美妆、时尚潮牌的店面变成了体育品牌，不少还是首次进驻中国的"新面孔"。在这片 热海中，那些进入中国市场多年的"老"品牌也不甘示弱，在原本擅长的领域之外寻找新的突破点，有些获得了成功，有些则在艰难转型。 新面孔"攻占"购物中心 对于中国消费者来说，创立于1929年的Norrøna或许有些陌生，但在国际户外圈内，它的名声并不亚于始祖鸟，价格亦可比肩。 直到2025年，Norrøna才进入中国市场，今年10月，Norrøna在上海嘉里中心开出了第一家线下体验店。品牌 ...

Core Viewpoint - Suzhou Sports Bureau has been recognized as a national advanced unit in the sports system for three consecutive cycles of the National Games, reflecting its commitment to promoting a high-quality development model in sports that integrates mass sports, competitive sports, and the sports industry [1] Group 1: Development of Mass Sports - Suzhou has built 5,573.92 kilometers of fitness trails and over 130 sports parks, achieving an average of 4.07 square meters of sports venue area per person, with a "10-minute sports fitness circle" covering urban and rural areas [2] - The city hosts over 700 mass sports events annually, including the Jinji Lake Dragon Boat Festival and the "Yangtze River Delta" Dragon Boat Invitational, which have been recognized as excellent cultural sports events [2] - Suzhou's "Five Advances" initiative in mass fitness has been awarded as an excellent case in national volunteer service for 2023 [2] Group 2: Competitive Sports Development - Since 2021, Suzhou has produced 2 world champions in 11 events, totaling 27 athletes who have won 106 world championships [3] - The city has implemented a sports education integration model, creating new opportunities for youth sports participation and achieving notable success in various national competitions [3] - Suzhou has launched a comprehensive plan for football reform and development, establishing youth training centers and recognizing 3 social football training institutions [3] Group 3: Sports Industry Innovation - Suzhou is recognized as a national pilot city for sports consumption, with its sports industry scale ranking among the top in China's prefecture-level cities [4] - The city has conducted sports consumption initiatives benefiting over 650,000 citizens, generating direct transactions of 460 million yuan and indirectly stimulating over 1.4 billion yuan in consumption [4] Group 4: Hosting Major Sports Events - From 2023, Suzhou will host the China Sports Culture Expo and the China Sports Tourism Expo for five consecutive years, along with high-profile events like the Tokyo Olympic women's football qualifiers and the 2023 Sudirman Cup [5] - The city aims to attract over 30,000 spectators per match for the 2025 Jiangsu City Football League, enhancing fan experience through football markets and night markets [5] - Suzhou's sports reforms are paving the way for high-quality development, contributing valuable experiences towards building a strong sports nation [5]

Financial Performance - In the first three quarters of 2025, the company achieved operating revenue of 380 million yuan, a year-on-year increase of 14.34% [1] - The net profit attributable to shareholders reached 22.02 million yuan, up 56.07% year-on-year [1] - In the third quarter alone, the company reported operating revenue of 109 million yuan and a net profit of 6.70 million yuan, marking a staggering year-on-year increase of 1482.24% [1] Industry Position and Strategy - The company is recognized as a leading automotive sports service provider in China, focusing on event IP development, industry integration, and international expansion [1] - The company aligns with national policies aimed at promoting the sports industry, emphasizing innovation and integration across various sectors [1] Event Highlights - The 2025 CTCC China Automobile Circuit Professional League held in Shanghai attracted over 40,000 attendees, with tickets selling out within an hour, significantly enhancing the event's visibility [2] - The company effectively utilized celebrity endorsements to broaden the event's appeal and convert fan engagement into consumer spending [2] Innovation in Electric Racing - The company launched the first domestically produced electric racing car, the Dongfeng Yipai eπ007, in collaboration with Dongfeng Motor, marking a significant step in integrating electric vehicle technology into motorsports [3] - The inaugural CTCC Electric Racing Cup is set to take place from October 31 to November 2, 2025, aiming to fill a gap in the electric racing sector in China [3] Expansion Opportunities - The upcoming implementation of zero-tariff policies in Hainan Free Trade Port is expected to create significant growth opportunities for the automotive modification market and attract more domestic and international teams [4] - The company is focusing on the development of the Hainan International Circuit project, leveraging local policies and geographical advantages to drive growth in the racing industry [4] Future Outlook - The company plans to deepen the integration of policy guidance and business innovation, focusing on multiple event IPs to enhance collaboration across sports, culture, tourism, and consumption sectors [4] - Continued investment in event IP development, industry integration, and international expansion is expected to bolster the company's brand influence and market competitiveness [4]

Core Insights - The 2025 China Outdoor Sports Industry Conference highlights the rapid development of the outdoor sports industry in China, which has become a significant force in the growth of the sports economy [1][2] - The conference emphasizes the integration of outdoor sports with various sectors, including culture, tourism, finance, and rural revitalization, showcasing the industry's diverse product offerings and event participation [1] Group 1 - The "China Outdoor Sports Industry Development Report (2024-2025)" indicates that the outdoor sports industry is experiencing robust growth, supported by a comprehensive policy framework and a rich variety of products [1] - The integration of sports and new media is expanding opportunities for public fitness, with initiatives such as the release of sports-themed micro-dramas focusing on outdoor activities and fitness [1] - Yunnan Province has implemented policies to support regional outdoor sports development, leading to the emergence of the "Great Shangri-La" outdoor sports brand as a model for success [1] Group 2 - The conference's theme, "Go Outdoors and Shine," focuses on three key highlights: "first-release economy," "technology in outdoor activities," and "cross-industry integration," aimed at enhancing the brand influence and driving high-quality development in the sports industry [2] - Various activities during the conference, including resource promotion and experiential performances, are designed to elevate the event's impact and contribute to the broader goals of national economic and social development [2]

Group 1 - The 2026 Milan Winter Olympics Chinese sports delegation's award outfit was officially released, showcasing a blend of traditional aesthetics and modern technology [3] - The outfit features "China Red" and "Snow Mountain White" as primary colors, incorporating traditional auspicious patterns and advanced aerospace thermal technology for enhanced performance [3] - The collaboration between Li Ning and the National Space Administration aims to promote the application of aerospace technology in professional sports, highlighting China's cultural confidence and technological innovation on the world stage [3] Group 2 - The Chinese sports industry, including the ice and snow economy, has seen significant growth, driven by policy guidance, industry efforts, brand intelligence, and improved athlete quality [4] - The Chinese government has emphasized the need to accelerate the construction of a modern sports industry system to boost sports consumption and enhance the overall strength and competitiveness of the sports industry [3][4] - Li Ning, the founder and chairman of the brand, expressed the importance of the award outfit as a representation of national spirit and athlete excellence, anticipating a confident display of Chinese athletes at the Milan Winter Olympics [3]

Core Insights - The government has issued opinions to stimulate sports consumption potential and promote high-quality development of the sports industry through various means [1][2] Group 1: Policy Initiatives - The policy encourages the use of industrial buildings, commercial properties, and warehouses to create sports spaces, aiming to enrich the supply of sports venues and expand consumer demand [1] - There is a focus on optimizing existing sports resources by repurposing idle facilities such as parks, old factories, and underutilized spaces to enhance public service capabilities [1] - The initiative promotes free or low-cost access to public sports venues and encourages the public-oriented operation of commercial sports facilities [1] Group 2: Infrastructure Development - The plan includes synchronizing the development of fitness spaces with urbanization efforts, integrating them into urban renewal and park construction [1] - It encourages social capital investment to improve the layout of public sports facilities, adhering to the "15-minute fitness circle" concept [1] - The establishment of a smart sports platform is proposed to provide services like venue booking and event inquiries, catering to new consumer expectations [1] Group 3: Expanding Sports Consumption - The strategy aims to enhance sports consumption scenarios and improve operational efficiency by leveraging the effects of sports events [2] - It promotes the development of new models such as "sports + tourism," particularly in areas rich in natural resources, to create new hotspots for sports consumption [2] - The integration of sports with various urban spaces, consumption scenarios, and digital technologies is emphasized to form a comprehensive sports consumption chain [2]

Core Insights - The sports industry in China is increasingly recognized as a significant contributor to economic growth, with its GDP contribution rising to approximately 1.2% [2][19] - Recent government policies aim to enhance the sports industry's quality and scale, targeting a total industry size of over 7 trillion yuan by 2030 [5][49] - There is a growing demand for quality sports content among the Chinese population, indicating substantial potential for the sports industry [3][19] Industry Growth and Potential - The sports industry in China has experienced an average annual growth rate of 9.7% over the past decade, reaching a total scale of 3.95 trillion yuan [19] - The increasing popularity of local sports events, such as the "Su Super" and "Zhejiang BA," has demonstrated the economic impact of sports, with significant ticket sales and related consumption [37][39] - The rise of niche sports like skiing and rock climbing is contributing to the diversification and growth of the sports industry [40] Policy Support and Structural Changes - The recent policy document from the State Council emphasizes the need for a comprehensive and sustainable sports industry, focusing on supply-side improvements and market-driven growth [6][33] - Key measures include enhancing event management, upgrading sports products, expanding consumption scenarios, and providing financial and talent support [34][41] - The policy aims to address existing shortcomings in China's sports industry, such as insufficient marketization and a lack of mature business models [7][22] Comparison with Developed Markets - China's sports industry still lags behind developed markets like the US and Europe in terms of scale and commercialization, with significant gaps in service-oriented consumption [22][25] - The sports service sector in China accounts for only 11% of the industry's value added, compared to over 50% in the US [26][27] - The absence of high-profile sports IPs in China limits the commercial potential of local leagues compared to established leagues like the NBA and NFL [31][32] Future Outlook - The successful implementation of the new policies could lead to a more market-oriented sports industry, fostering greater public participation and investment [47][52] - The development of a complete value chain in the sports industry is essential for sustainable growth, moving away from reliance on major events for short-term boosts [49][50] - As infrastructure and regulatory frameworks improve, the Chinese sports industry is poised for significant growth opportunities in the coming years [51][53]