Core Viewpoint - Shuhua Sports has launched the BioFit Smart Strength Series, emphasizing "AI Scientific Fitness" to revolutionize strength training from traditional methods to precise evolution, showcasing its expertise in sports technology [1] Group 1: User Pain Points and Solutions - The strength training sector faces issues like "overload risk," "ineffective training," and "improper movements," with users often relying on coach experience for personalized plans. The BioFit series utilizes AI algorithms to match optimal training plans based on the ACSM's FITT-VP principles, reducing risks of overload and ineffective training [3] - Real-time biomechanical monitoring in the BioFit series allows for the identification of users' movement amplitude and rhythm, providing immediate feedback to correct improper movements and effectively lowering the risk of injuries [3] Group 2: Technological Features - The BioFit series features a leading precision servo control system that maintains resistance accuracy within 1KG and offers rapid feedback adjustment, providing users with varied training resistance unlike traditional equipment [5] - The series supports OTA remote upgrade capabilities, allowing devices to receive the latest training functions and algorithm optimizations via cloud technology, extending the equipment's lifecycle and reducing maintenance costs [7] Group 3: User-Centric Approach - The BioFit series adheres to Shuhua's "test before training" scientific principle, assessing users' movement range and maximum muscle strength to intelligently adjust training parameters for personalized training experiences [8] Group 4: Market Applications and Impact - The BioFit series is versatile, catering to commercial gym operations, professional sports teams, corporate fitness centers, and high-end hotel gyms, thus expanding its market influence [10] - The launch of the BioFit series marks a significant breakthrough for Shuhua Sports in the "AI + Fitness" domain, enhancing its smart fitness product matrix and enabling full-chain connectivity across management, user, and device interfaces [10]

Core Viewpoint - Fitness in China is not a passing trend but a continuously growing passion, evolving in rhythm and form while maintaining the belief in health and love for life [1] Group 1 - The historical context of fitness in China includes ancient practices like cuju and Wuqinxi, indicating a long-standing cultural appreciation for physical activity [1] - Modern fitness trends in China are represented by initiatives such as "Village BA" and "AI+ Fitness," showcasing the integration of technology and community in promoting health [1] - The underlying belief in strengthening the body and embracing life remains unchanged throughout the evolution of fitness practices in China [1]

Core Viewpoint - BodyPark has launched its 3.0 version of the "AI + Real Person" online personal training platform, enhancing its service offerings and aiming to reshape the fitness industry by integrating AI technology with human coaching [1][2][3] Company Overview - BodyPark was established in 2021 and has developed its proprietary DeepBody Engine AI algorithm to facilitate online personal training sessions [1] - The platform has conducted over 1.5 million real-time personal training sessions, accumulating over 50 million hours of audio and video interaction, positioning itself as potentially the largest online personal training platform globally [1] Product Development - The new 3.0 version focuses on a one-on-one personal training model, moving away from the previous one-to-many group class format [2] - Users can now purchase sessions on a per-class basis at an average cost of 39.9 yuan, allowing for immediate booking and training [3][13] Technology Integration - BodyPark aims to standardize and enhance the quality of personal training through its AI-driven course structure and tools, reducing variability in service quality [5][6] - The BIPT 2.0 intelligent course system has been introduced, featuring over 2,000 standardized exercises with AI motion recognition and correction capabilities [7][8] Market Positioning - BodyPark is positioned as a resource aggregator in the fitness industry, likening its model to that of ride-hailing services, aiming to lower the barriers for consumers to access personal training [3][9] - The platform allows trainers to work flexibly across locations, providing a stable income source while focusing on their teaching rather than sales [10] Consumer Experience - The platform addresses common barriers to starting fitness routines, such as time, commuting, and cost, by offering flexible scheduling and affordable pricing [11][12][13] - Users can switch trainers without losing their training progress, as all training plans are stored on the platform [15] Industry Context - The fitness industry in China has undergone significant changes, with a shift towards mobile and online solutions, especially post-pandemic [16] - BodyPark is one of the few companies continuing to innovate in this challenging sector, focusing on user health needs and AI technology [17]

Core Viewpoint - Shuhua Sports showcased its innovative capabilities at the 2025 China International Sporting Goods Expo, emphasizing AI-driven health trends and market leadership through various product launches and certifications [1][3][8]. Group 1: Product Innovations - Shuhua Sports introduced the AI-enabled "Shuhua Variable Sensation Treadmill" and the "BioFit Smart Strength Series," designed to enhance user experience by providing personalized fitness coaching and real-time performance monitoring [3][5]. - The Variable Sensation Treadmill utilizes SRC intelligent algorithms to monitor various running metrics, offering optimization suggestions for safer and more efficient running [3][5]. - The BioFit Smart Strength Series features a servo smart system that provides users with detailed assessments of their fitness capabilities, generating personalized training prescriptions [5][7]. Group 2: Market Position and Recognition - Shuhua Sports received four authoritative market position certifications, including "Leading Global Sales in 100 Countries and Regions" and "Top Sales in High-End Home Treadmills in China," highlighting its competitive edge in both domestic and international markets [3][8]. - The company has actively pursued technological innovation in the fitness sector, launching several groundbreaking products that integrate AI technology, thereby enhancing the overall fitness experience [8][11]. Group 3: Health Promotion Initiatives - The "Shuhua Sports Health Promotion Center" was introduced, focusing on proactive health management and the development of exercise prescriptions for various health conditions, aligning with national health strategies [8][9]. - This center aims to create a comprehensive exercise management loop, providing scientific, precise, and individualized exercise plans to prevent diseases and promote recovery [8][9]. Group 4: Future Outlook - Shuhua Sports plans to continue investing in research and development to maintain its competitive advantage, with positive feedback from market partners reinforcing its commitment to innovation [11].

Core Insights - The 2025 China International Sporting Goods Expo showcased Shua Sports' commitment to innovation in the "AI + Scientific Exercise" domain, emphasizing its role as a leading scientific sports service provider [1][14] - Shua Sports received multiple authoritative market position certifications, highlighting its global sales leadership and dominance in the high-end home treadmill and outdoor fitness equipment markets [5][3] Group 1: Product Innovations - Shua Sports launched the AI-enabled "Shua Smart Running Machine" and "BioFit Smart Strength Series," designed to enhance user experience by providing personalized fitness coaching through AI technology [7][12] - The Shua Smart Running Machine utilizes SRC intelligent algorithms to monitor various running metrics, offering real-time optimization suggestions for safer and more efficient running [8][10] - The BioFit Smart Strength Series incorporates a servo smart system that provides users with personalized training plans based on their fitness assessments, enhancing the strength training experience [12][13] Group 2: Market Position and Recognition - Shua Sports was awarded four significant market position certifications, including recognition as a top seller in over 100 countries and the leading brand in high-end home treadmills and outdoor fitness equipment in China [5][3] - The company’s strong brand influence, product competitiveness, and service reputation were highlighted as key factors contributing to its leading position in the fitness equipment industry [5][3] Group 3: Health and Wellness Initiatives - The "Shua Sports & Chinese Sports Science Society Exercise Health Promotion Center" was introduced, focusing on proactive health management and personalized exercise prescriptions for various health conditions [14][16] - This initiative aligns with national health strategies, aiming to enhance public health through scientifically-based exercise programs and preventive measures [14][16] Group 4: Future Directions - Shua Sports aims to continue its global expansion and innovation in the scientific exercise field, contributing to the development of a healthier society and leading the industry towards a more intelligent and scientific future [16]

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company reported a revenue of 1.21 billion yuan for 2024, representing a year-on-year increase of 35.6%, and a net profit of 109 million yuan, up 23.8% [2][3] - The company is focusing on both international market dynamics and expanding its domestic market presence, with significant growth potential in China's fitness equipment market [4] - The company is actively pursuing a smart transformation by integrating AI technology into its product offerings, which includes 28 series of fitness equipment [5] Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 1.21 billion yuan, with a year-on-year growth of 35.6%, and a net profit of 109 million yuan, reflecting a growth of 23.8% [2][3] - For Q1 2025, the revenue was 291 million yuan, showing a year-on-year increase of 21.9%, with a net profit of 14 million yuan, up 2.19% [2] Business Growth - The traditional business segment is experiencing steady growth, with commercial products accounting for 87.7% of revenue and overseas sales making up 78.7% [3] - The company is enhancing its OEM/ODM product offerings and has successfully launched over 10 new products [3] Market Potential - The domestic fitness market is expected to grow significantly, with China's fitness penetration rate at 5.37% as of 2023, compared to higher rates in the US, UK, and Germany [4] - The company aims to mitigate risks associated with international markets by tapping into the vast potential of the domestic market [4] Strategic Initiatives - The company is deepening its application of AI technology to create smart fitness solutions, positioning itself for future growth in the AI glasses sector [5] - The report forecasts revenue growth for 2025-2027 to be 1.31 billion, 1.64 billion, and 1.89 billion yuan, respectively, with net profits projected at 103 million, 144 million, and 181 million yuan [6][8]

Core Viewpoint - The FIBO 2025 exhibition in Cologne, Germany, serves as a significant platform for showcasing innovations in the fitness industry, with SHUA Sports highlighting its global strategy and technological advancements in fitness equipment [1][11]. Group 1: Exhibition Highlights - SHUA Sports presented its theme "Olympic Quality, Global Sharing" at FIBO 2025, showcasing cutting-edge technology and a comprehensive product matrix [1][3]. - The company featured 29 premium products, including high-end cardio equipment equipped with the new Vital OS 2.0 system, enhancing user experience and personalized training feedback [3][6]. - The booth attracted significant attention, with many visitors praising the design and technological features of SHUA's products [3]. Group 2: Product Innovations - The SHUA 98 series smart servo strength equipment made its global debut at the exhibition, featuring a new servo digital system that offers high precision and reliability [8]. - This equipment supports six resistance modes and 14 advanced training programs, allowing for customizable training experiences [8]. - The new 88 series high-end strength equipment has been recognized for improving training efficiency and comfort, while the 69 series incorporates new structural designs for enhanced safety [6]. Group 3: Global Strategy and Market Expansion - SHUA Sports has made significant strides in its globalization strategy, entering markets in the UK, Italy, Spain, and Turkey, with over 40 new clients added in 2024 [10]. - The company now operates in 100 countries and has provided training support to athletes from 99 nations, including over 600 Olympic champions [10]. - Plans for 2025 include establishing the first overseas company and increasing local talent recruitment, alongside exploring the integration of AI in fitness [10][13]. Group 4: Future Outlook - SHUA Sports aims to enhance its investment in research and development, brand promotion, and international market expansion to become a benchmark in the global fitness industry [13].