Financial Data and Key Metrics Changes - In Q4 2024, Planet Fitness reported a revenue growth of 19.4% year-over-year, reaching $340.5 million compared to $285.1 million in Q4 2023 [8][31] - Adjusted EBITDA increased by 14.4% to $130.8 million, with an adjusted EBITDA margin of 38.4%, down from 40.1% in the prior year [8][37] - Net income for the quarter was $47.6 million, with adjusted net income at $59.7 million, translating to an adjusted net income per diluted share of $0.70 [36] Business Line Data and Key Metrics Changes - System-wide same club sales grew by 5.5%, with franchisee same club sales increasing by 5.7% and corporate same club sales by 4.4% [8][30] - Equipment segment revenue surged by 49.2%, primarily due to higher sales of strength equipment to existing franchisee-owned clubs [33] Market Data and Key Metrics Changes - The company added 86 new clubs in Q4, totaling 150 for the year, bringing the global club count to over 2,700 [8][30] - Membership grew by 1 million in 2024, reaching approximately 19.7 million members, with black card membership penetration increasing to 64% [8][27] Company Strategy and Development Direction - The company aims to redefine its brand and enhance member experience, focusing on a balanced mix of strength equipment to meet evolving consumer needs [11][12] - Planet Fitness plans to accelerate new club openings, targeting 200 new clubs per year in the coming years, with an expectation of 160 to 170 new clubs in 2025 [20][39] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the changes implemented in 2024, noting improvements in unit economics and franchisee engagement [10][11] - The leadership team emphasized a commitment to sustainable long-term growth and enhancing franchisee economics to fuel expansion [20][21] Other Important Information - The company has transitioned to a fit-for-strategy operating model to enhance accountability and responsiveness to member and franchisee needs [21][22] - Planet Fitness is maintaining an asset-lite model, with plans to own approximately 10% of its fleet while focusing on franchising [24][26] Q&A Session Summary Question: How is the price hike embedded in full-year comp and revenue guidance? - Management indicated that the classic card price increase is expected to provide a low to mid-single-digit comp lift annually after the first 12 months [49] Question: What are the trends in churn post-price hike? - Management noted that cancel rates have improved, with some members retaining the $10 classic card price, leading to a favorable churn trend [50] Question: What is the outlook for international expansion? - Management confirmed a thoughtful approach to international growth, with Spain performing well and plans to transition to a franchise model [60][62] Question: How is the black card membership performing? - There has been a notable increase in black card penetration, attributed to its perceived value compared to the classic card [70][71] Question: What are the priorities for strategic imperatives? - Key priorities include enhancing brand positioning and unit growth, supported by the new Chief Marketing Officer and Chief Development Officer [94][95]

Business Model & Growth Strategy - Mixue's average transaction value is less than 8 yuan, but annual revenue exceeds 10 billion yuan [1] - Mixue has 36,000 chain stores globally, ranking fourth worldwide, surpassing many established brands [2][17] - The company focuses on the market below 10 yuan, establishing a unique presence through affordability [3] - Mixue achieved rapid growth by building its own warehousing and logistics center, offering free transportation to franchisees [15][16] - By the end of 2020, the number of stores exceeded 10,000, and by the end of 2021, it exceeded 20,000 [16] Supply Chain Management - Mixue was one of the first in the milk tea industry to build its own central factory in 2012 [12] - The company reduces costs by building factories in the place of origin, such as Snow King Agriculture in Anyue County, Sichuan, for Eureka lemons [13][14] - Upstream ingredients cover 35 countries, including milk from New Zealand, cocoa from Ghana, and cheese from Denmark [16] - 98% of Mixue's revenue in the first three quarters of 2023 (over 15 billion yuan) comes from sales of goods and equipment to franchisees [18] Brand Building & IP Strategy - Mixue created the Snow King IP to build brand perception, avoiding celebrity endorsements [24] - In 2019, they designed a theme song for Snow King, which became popular with over 30,000 stores playing it [25] - Mixue launched an animation called Snow King Arrives, with views exceeding 200 million and a rating of 9.9% on Bilibili [25] - The company established Snow King Loves Animation to further develop its IP through movies, performances, and cultural communication [27][33] Market Position & Future Challenges - Mixue is the largest ready-made tea drink in the Southeast Asian market [17] - The company's cooperation model with franchisees, selling products without sharing profits, may need to be adjusted for long-term development [20][21] - Challenges include expanding into developed countries and maintaining its leading position in the competitive milk tea industry [35]

________________________ Park Ha Biological Technology Co., Ltd. (Exact name of registrant as specified in its charter) ________________________ Not Applicable (Translation of Registrant's Name into English) ________________________ | Cayman Islands | 5990 | Not Applicable | | --- | --- | --- | | (State or other jurisdiction of | (Primary Standard Industrial | (I.R.S. Employer | | incorporation or organization) | Classification Code Number) | Identification Number) | As filed with the U.S. Securities and Ex ...