"过去几年我们投资的企业，单店平均收入都在行业顶尖。每个项目单店利润率至少20%，新店回本 期不超过三年，且在同类中消费者复购意愿第一。"Matt 在访谈中表示。 如果条件合适， GSP 会以 5年3倍MOIC为目标定价。 实际操作中， 买入倍数通常远低于行业平均 的 10-12倍。 他们认为， 买价很重要，因为直接影响现金流收益率。如果以 5.5倍买入，首年收益 率就是18%（ 即 1除以 5.5）。 作者：MD 出品：明亮公司 ！ 今年以来，中国多个头部加盟连锁品牌在二级市场和海外市场都取得了更好的成绩，反映了中国 连锁品牌在产品、技术、组织管理等各方面正在逐步建立全球竞争力。 不久前，瑞幸咖啡（ LKNCY.U S） 在纽约已经开出两家新店，正式开启美国市场的运营，而背后的 PE机构大钲资本作为核心操盘者，对瑞幸的转型功不可没。从更广泛的程度上来看 ，中国PE机构在 加盟品牌的收购-运营方面，也逐渐走出成熟的打法， 并有潜力将这一打法对更多品牌、在更多地 区"复用"。 对比之下，美国作为全球最大的消费市场，围绕加盟连锁品牌的生意规模巨大，所沉淀下来的数据和 行业经验也更为丰富。其核心资金的主体不仅是加盟 ...

Core Insights - The "Specialized, Refined, Characteristic, and Innovative" enterprises in Beijing are experiencing accelerated growth, with the specialized board attracting 668 companies as of June 30, 2023, and 157 new companies joining in the first half of the year [1][4]. Group 1: Specialized Board Development - The specialized board has become a hub for high-tech industries, with nearly 90% of companies in fields such as new generation information technology, artificial intelligence, and biomedicine [4]. - The number of "Specialized, Refined, Characteristic, and Innovative" small giant enterprises has surpassed 100, indicating an increase in the board's value [4]. Group 2: Company Growth and Performance - Yunsheng Intelligent, a key player in the drone inspection sector, reported explosive growth, with first-quarter revenue exceeding the total revenue of the previous year [3]. - Jin Smith Technology, which specializes in indoor fitness equipment, achieved a revenue of 750 million yuan last year, with 80% of sales coming from overseas markets [9]. Group 3: Financing and Support Mechanisms - The specialized board has facilitated over 15 billion yuan in cumulative financing for its listed companies, with over 3 billion yuan raised in equity financing in the first half of 2023 [11][12]. - Companies listed on the specialized board can receive up to 300,000 yuan in one-time rewards for private equity financing, a pioneering initiative in Beijing [12].

暑期来了，想给孩子报个科技培训班，万一遇到虚假宣传，钱退不回来怎么办？ 夏天到了，想办张健身卡塑形，又怕练几天老板"跑路"，钱打水漂？ 牙齿需要进行根管治疗，但是周期比较长，担心钱还没用完店家就关门，退款无路？ 在日常生活中，预付式消费是一种常见的消费模式，但上述"预付金额难追讨""拒绝合理退费"等问题让不少消费者头疼不已，如何破解这一发展困境？ 针对问题频发领域出台专项措施 近年来，预付式消费领域问题频发，出现商家"卷款跑路"、设置"霸王条款"、收款不退等现象，严重损害了消费者的合法权益，也影响了市场的正常秩序。 ▲健身房 今年3月14日，最高人民法院举行新闻发布会，发布了《最高人民法院关于审理预付式消费民事纠纷案件适用法律若干问题的解释》，并于5月1日起正式施 行，为消费者和经营者提供明确的法律指引，助力形成消费和投资相互促进的良性循环。 成都市也正在积极推进相关工作，切实保障消费者权益。当前正值暑假开启节点，成都市相关部门将针对学科类、文化艺术类、体育类、科技类等培训，以 及口腔、美容、健身等领域的预付式消费纠纷出台专项措施，促进行业健康可持续发展，让广大市民朋友消费无忧。 监管护航，预付无忧，预付式消 ...

从今年全国两会开始，"体重管理"频频登上热搜。减肥不是一个挺私人的事儿吗，怎么突然就上升到国 家高度了呢？ 人工智能高速发展直接取代了许多工作岗位，造成了失业，裁员重灾区涉及互联网和科技行业、金融行 业、消费与零售业、制造业及房地产等，6月份外媒报道，谷歌近期向多个部门的美国员工推出自愿离 职计划；英特尔中国预计部分部门裁减幅度要达到50%，微软将从2025年7月中旬开始在全球裁员，预 计一大波华人员工将卷铺盖回国，到时候国内职场会愈加内卷。财报显示，2024年年底，阿里员工人数 减少至19.4万人，这一裁员规模预计为阿里节省了不菲的成本。 这里面裹挟着一个奇怪的现象，现在购物中心基本都变成了大食堂，餐饮业态比重迅速增大，甚至达到 了六成以上的商业面积，出了购物中心的门，满街除了小门脸，还有很多摊贩，贩卖的都是人间烟火， 各色美食。很多夜跑的人都说"不安全"，本打算出门消耗卡路里的，结果又一顿小烧烤安排上了，人的 爱好似乎只剩下"小确幸"的吃吃喝喝了，那能不胖吗？ 各色消费行为充满了经济学规律，更演变成一些有趣的经济现象。小美从决定减肥开始，用了一年时间 减了二十五斤，她没去健身房，而是买了各种健身器械、跑步 ...

Core Insights - The fitness equipment industry is undergoing a transformation from "mechanical tools" to "smart health managers," driven by the integration of technology and fitness [1] - The Chinese smart fitness market is projected to reach a scale of 82 billion yuan by 2025, indicating a surge in user demand for scientific and efficient exercise [1] Group 1: Product Innovation - The launch of the Shuhua V10+ AI Running Master, which incorporates advanced AI technology and innovative design, aims to provide users with an unprecedented running experience [1][3] - The V10+ features the new FlexAir dynamic running platform, allowing users to switch between five different running surface modes, enhancing the running experience beyond traditional limitations [3] Group 2: AI Integration - The V10+ is equipped with the SRC patented running posture monitoring system, utilizing AI algorithms to monitor users' running data in real-time, helping to adjust running posture and reduce the risk of injuries [5] - The "AI Fitness Assistant" customizes exercise plans based on users' physical conditions, habits, and goals, promoting more scientific and efficient workouts [5] Group 3: Quality and Design - The V10+ boasts high-performance commercial motors and a dual-layer waxed running board, which doubles its lifespan and reduces joint pressure through an intelligent suspension system [7] - The integration of Siemens Sinamics V20 inverter provides millisecond response speeds for smooth speed adjustments, enhancing user comfort [7] Group 4: Industry Impact - The introduction of the V10+ represents a significant breakthrough for Shuhua Sports in the AI fitness sector, accelerating the industry's shift towards smarter and more user-friendly equipment [9] - Shuhua Sports is committed to continuous technological innovation, aiming to offer high-quality, intelligent fitness products that contribute to healthier lifestyles [9]

Core Insights - The rise of GLP-1 weight loss drugs, exemplified by Ozempic, is transforming weight loss into a more direct and rapid process, but it also necessitates a greater focus on fitness due to muscle loss during weight reduction [1][3][5] - The fitness industry is innovating to cater to the growing demographic of GLP-1 users, with gyms developing specialized programs to attract this new customer base [1][10] Group 1: Impact on Health and Fitness - GLP-1 drugs reduce appetite, leading to significant weight loss, but approximately 25% to 33% of this weight loss comes from muscle mass, which poses health risks, especially for older adults and postmenopausal women [3][5] - Users of GLP-1 medications often experience side effects such as nausea and reduced appetite, which can lead to nutritional deficiencies and decreased energy levels, making it challenging to maintain a regular fitness routine [8][9] - Customized fitness programs for GLP-1 users are emerging, focusing on resistance training and nutritional education to help users establish healthier habits [10][12] Group 2: Industry Response and Opportunities - Fitness chains like Equinox are launching GLP-1 protocols to train coaches on the drug's mechanisms and how to tailor fitness plans for users, expanding this training globally [12][14] - Companies are developing products specifically for GLP-1 users, such as Nestlé's Vital Pursuit line, which emphasizes high protein and small portions to meet the new dietary needs of this demographic [18][20] - The market for weight loss drugs is projected to grow significantly, with Morgan Stanley increasing its estimate for the global weight loss drug market to $150 billion by 2035, indicating a substantial opportunity for related industries [26]

本文来自微信公众号：投资人黄海 （ID：haivcconsumer），作者：投资人黄海，题图来自：AI生成 日本就有一个头部健身房连锁品牌叫做Curves，是专门为中老年女性服务的。 Curves这个品牌已经上市了，在日本拥有2000家健身房门店。这个数字是什么概念呢？中国最大的健身 房连锁品牌是乐刻健身，目前在国内拥有1500家门店。 可以看出，在日本专门服务中老年女性的健身房品牌，居然比我们中国最大的健身房连锁数量还要多。 为什么日本老年人会喜欢去健身房呢？重要的原因是健身房还能满足老年人的社交需求。 我们想起中国老年人社交场合的时候，第一反应当然就是广场舞了。 但是在日本，广场舞是不存在的。日本是一个对于社交距离要求严格的社会。在这种社会当中，你想轻 松地朋友之间交流聊天，需要不能影响到其他人。 这样除了去咖啡馆之外，一起去健身房就会变成了这些老年人最好的选择。 我在日本考察的时候，发现了一个有意思的现象：日本的健身房里都是老年人。 通常来说，年轻人是健身房的主力军。首先年轻人体力好，能够经受住高强度训练，同时年轻人对自己 的体型有更高的要求。 老年人热爱到健身房锻炼，它背后的刚需是什么呢？欢迎结合生活 ...

刘舒婷，运动健身品牌“超级猩猩”的创始人兼CEO。作为行业创新者，她结合科技与用户体验，为都市人群开创了全新的健康生活方式。 在这场演讲中，她分享了身为母亲的感悟。她坦言：“我自私，但我也是个好妈妈。我没有为孩子牺牲自己，而是用爱自己的方式去爱他。” 超级猩猩创始人兼CEO “要么酷要么死”，作为创始人兼CEO，跳跳从0到1打造超级猩猩，用健身重新定义都市生活方式。她用行动告诉我们：“人就是不该甘于平凡”！ 作为行业创新者，跳跳通过科技与用户体验的结合，让健身变得更有趣、更简单，也为都市人群打造了全新的健康生活方式。 This talk was given at a TEDx event using the TED conference format but independently organized by a local community. Learn more at https://www.ted.com/tedx ...

Group 1 - The core viewpoint emphasizes that successful companies in the AI consumer market are those that deeply understand user needs and possess product thinking, rather than just those with advanced models [1][5] - Zero Zero Technology's flying camera, a lightweight drone, is designed for consumer use, allowing hands-free photography during outdoor activities [1] - The CEO of Zero Zero Technology highlighted that achieving a closed loop for consumer products is challenging, requiring collaboration between computer vision, machine learning, and flight control systems [1] Group 2 - Saint Bella Group plans to launch "Doctor Bella," an AI Agent that utilizes extensive family care data to address issues faced by women during pregnancy and postpartum [2] - BabyTree has also introduced "Mika AI," a vertical AI Agent focused on parenting, shifting the market's focus from model development to practical applications [5] - The CEO of LeKe Sports stated that the use of AI in service industries should prioritize user experience rather than merely showcasing technology [5]

点此解锁研报全文及推荐详情 2、机器人轻量化｜机器人"瘦身革命"爆发！材料减重冲锋，核心部件轻量化跟进，这些公司共 同撬动千亿市场 轻量化技术已成为推动机器人行业发展的重要趋势，通过材料创新和核心部件的轻量化设计，机 器人的性能和应用边界得到了显著提升和拓展。轻量化技术的普及将为机器人行业带来更高效、 灵活、节能的解决方案，满足各行业对机器人的需求。建议关注相关标的 ...... 研报观点： ①下游业态变化，商业类健身场馆需求所有收缩，长期趋势向好...... ②中国制造比较优势突出，健身训练器材出口市场规模充足...... ③AI赋能产品，龙头品牌竞争优势有望扩张…… 研报金选 金选导读 1、寒冬or机遇？健身场馆缩水13%VS出口狂飙至458亿，龙头公司开始通过AI破局了 2、机器人"瘦身革命"爆发！材料减重冲锋，核心部件轻量化跟进，这些公司共同撬动千亿市场 1、体育产业｜寒冬or机遇？健身场馆缩水13%VS出口狂飙至458亿，龙头公司开始通过AI破局 了 下游渠道经营业态变化催化行业洗牌，智能化浪潮有望进一步扩张头部品牌竞争优势。推荐 具备较强品牌、渠道及生产制造基础，有望受益智能化浪潮下产业集中度提升 ...