5月25日，2025中国国际体育用品博览会（以下简称"体博会"）在江西南昌落幕，展览面积16.37万平方 米，吸引1800余家企业参展。 今年的体博会上，人工智能是个关键词。 与此同时，新材料与跨界技术的应用进一步拓展了体育装备的边界。天津冻一动科技的零下110摄氏度 超低温冷疗仓采用电制冷技术，用于快速缓解运动后的肌肉酸痛；由15家企业组成的希飞碳纤维体育装 备联盟，集中展出滑雪板、球拍、自行车等10余类碳纤维产品，拓展了轻量化材料在运动领域的应用场 景；北京约顿气膜公司自主研发的模块化气膜场馆建设周期仅需30天，能耗较传统场馆降低2/3，其智 能系统可实时调控温湿度，为解决传统场馆建设难题提供了新思路…… "新科技、新技术在体育用品制造业领域的应用，不断推动体育用品企业加大研发投入和技术改造，提 升智能制造水平，加速实现向全球产业链、供应链中高端延伸、拓展。"国家体育总局体育经济司司长 杨雪鸫说。 据统计，本次体博会海外买家累计进场人次超4000，累计进场客商、观众5万人，境外VIP买家的意向 采购金额超过9000万美元。这次展会不仅是展示技术的舞台，更是中国体育制造向"智造"跃升的见证， 科技正让运动更 ...

面对火热的赛事和如潮的人流，当地政府联合20余家汽车品牌推出"百万购车补贴"活动，市民最高可享3000元购车优惠。赛事期间累计实 现销售额7201万元。 与此同时，2025中国国际体育用品博览会也在江西南昌举行，1811家参展企业带来各类体育用品，吸引超10万人次海内外观众前来观展。 观众穿梭于智能健身器材、潮流运动装备等展区，感受科技与体育融合的独特魅力。博览会还成功吸引43家国际知名体育采购商，意向采购额 突破9000万美元。 北京公园科普游园会开幕 活动持续至6月2日 覆盖整个端午假期 央视网消息：很快就要到端午节了。这段时间，江西南昌举办龙舟赛，并将赛事活动与文旅商贸深度结合，推出各类特色活动，激发消费 新活力。 在红谷滩区九龙湖水域举行的2025中国南昌国际龙舟赛上，来自国内外的50支龙舟队伍1500名选手同场竞技。赛场内选手奋力划桨、激烈 角逐，赛场外则人气爆棚、消费热潮涌动。鸿鹄大集市、啤酒龙虾节、水上嘉年华等17项配套活动同步举行。其中，江西小炒市集成为最具烟 火气的"味觉窗口"，30多家赣菜老字号带来南昌拌粉、白糖糕、端午粽子等特色美食，短短两天吸引7万多市民游客前来品尝。 25日，以"公园 ...

Group 1: AI in Fitness and Training - The company Yilijia has developed a digital fitness platform called "PAMFA" that provides personalized training prescriptions based on real-time data analysis from a simple device [1] - Traditional training methods are being replaced by data-driven approaches, allowing users to quantify their performance and receive tailored training plans [2][3] - The introduction of smart fitness modules and systems, such as the "4D Flying Body Muscle Group Assessment and Training System," enhances rehabilitation and training through advanced technology [2] Group 2: AI in Sports Performance Analysis - SenseTime has created a basketball performance analysis system that utilizes AI to capture and analyze player movements and actions in real-time, providing insights into performance metrics [3][4] - The "Jia Lian" app offers a personalized coaching experience for basketball enthusiasts, analyzing shooting techniques and providing feedback to improve performance [4] Group 3: AI in Rehabilitation and Wellness - The "Aertai Health Therapy Robot" uses AI and infrared detection to provide personalized massage therapy, catering to various body types and needs [5] - The integration of AI in wellness services allows fitness centers to offer advanced muscle relaxation and recovery solutions, enhancing customer experience [5] Group 4: Overall Impact of AI on Sports - The incorporation of AI technology in sports is transforming exercise habits, making training more scientific and precise, and lowering the barriers for participation in fitness activities [6] - The shift from experience-based training to data-driven methodologies enables individuals to better understand their physical potential and engage in personalized fitness programs [6]

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative stock price return of over 20% within the next six months [10]. Core Insights - The company reported strong Q1 FY25 results with revenue of $1.5 billion, a year-on-year increase of 26% (at constant currency), and adjusted net income of $150 million, up 196% year-on-year [1]. - The company has raised its full-year guidance for FY25, projecting revenue growth of 15-17% year-on-year and adjusted EPS of $0.67-$0.72 [3][4]. - The outdoor performance segment showed significant improvement, with the Greater China region leading growth at 43% year-on-year [2]. Summary by Sections Financial Performance - Q1 FY25 revenue reached $1.5 billion, with an adjusted gross margin of 58% (up 3 percentage points year-on-year) and adjusted operating profit margin (OPM) of 16% (up 5 percentage points year-on-year) [1]. - Adjusted net income for Q1 was $150 million, translating to a diluted EPS of $0.27 [1]. Segment Performance - By category, technical apparel revenue was $700 million (up 32% year-on-year), outdoor revenue was $500 million (up 29% year-on-year), and racquet sports revenue was $300 million (up 13% year-on-year) [2]. - By region, revenue in the Americas grew by 12%, Greater China by 43%, EMEA by 12%, and Asia-Pacific by 49% [2]. Guidance and Projections - The company has adjusted its FY24-26 revenue forecasts to $6 billion, $6.9 billion, and $7.9 billion respectively, up from previous estimates of $5.2 billion, $6 billion, and $6.9 billion [4]. - Adjusted net income projections for FY24-26 are now $380 million, $510 million, and $630 million, respectively [4].

Group 1: Company Listings - Furuitek (Zhejiang) Intelligent Technology Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, with joint sponsors including CITIC Securities, CICC, Huatai International, and HSBC [1] - Weir Shares plans to issue overseas listed shares (H-shares) and list on the Hong Kong Stock Exchange to accelerate its international strategy and enhance overseas financing capabilities [2] Group 2: Financial Reports - Miniso reported a total revenue of 4.43 billion yuan for Q1 2025, a year-on-year increase of 19%, with a gross margin of 44.2%, the highest for a first quarter [14] - Tongcheng Travel achieved revenue of 4.377 billion yuan in Q1 2025, a year-on-year growth of 13.2%, with adjusted EBITDA reaching 1.159 billion yuan, up 41.3% [15] Group 3: Market Developments - The National Healthcare Security Administration announced price regulations for radiological examination services, with 22 provinces implementing specific pricing plans [4] - Nike plans to raise prices on various products, including footwear and apparel, by $2 to $10 due to the impact of the tariff war [5] Group 4: Corporate Actions - ByteDance issued a compliance reminder to business partners, emphasizing a zero-tolerance policy towards bribery and corruption [7] - Microsoft has officially withdrawn its antitrust lawsuit against its acquisition of Activision Blizzard, marking the end of nearly two years of legal disputes [9]

Core Viewpoint - The company achieved a revenue of 27.01 billion for FY25, a year-on-year decline of 6.6%, and a net profit attributable to shareholders of 1.29 billion, down 41.9% year-on-year, with FY25H2 showing a revenue and net profit decline of 5.4% and 53% respectively [1] - The expected dividend payout ratio for FY25 is 134%, exceeding market expectations [1] Revenue Breakdown - Revenue from retail and wholesale channels for FY25 decreased by 6.8% and 5.8% year-on-year respectively [1] - Revenue from the main brand and other brands declined by 6.1% and 9.9% year-on-year respectively [1] Store Operations - As of the end of FY25, the company had 5,020 directly operated stores, with a net closure of 1,124 stores, including 258 new openings and 1,382 closures [1] - Total sales area decreased by 12.4% year-on-year, while sales area per store increased by 7.2%, reflecting the company's "one product one strategy" approach to store adjustments [1] Profitability Metrics - The gross margin for FY25 decreased by 3.4 percentage points to 38.4%, primarily due to increased retail discounts, with FY25H2 showing greater discounting than FY25H1 [1] - The net profit margin attributable to shareholders decreased by 2.9 percentage points to 4.8% [1] Inventory and Cash Flow - The company's inventory turnover days were 133 days, a decrease of 1 day year-on-year, with net cash flow from operating activities reaching 3.76 billion, a year-on-year increase of 20% [2] - Cash at the end of the period was 2.59 billion, up from 1.96 billion in the same period last year [2] Brand Collaborations - The company is steadily advancing new brand collaborations, including the introduction of the high-end SOAR running brand to the Chinese market [2] - Collaborations with top outdoor brands for comprehensive operations in China are underway, alongside deepened partnerships with the Canadian high-end trail running brand nordaTM [2] Earnings Forecast - The earnings forecast for FY26-28 has been adjusted, with expected earnings per share of 0.21, 0.25, and 0.30 respectively [2] - A target price of 3.45 HKD is set for FY26, based on a 15 times PE valuation [2]

Core Viewpoint - The company is maintaining a "buy" rating while focusing on high dividends and expanding in the running and outdoor sectors, despite a decline in revenue and net profit for FY2025 [1] Group 1: Financial Performance - FY2025 revenue is projected at 27.01 billion yuan, a decrease of 6.6% year-on-year, with a net profit of 1.286 billion yuan, down 41.9% [1] - The company has a high dividend payout ratio of 135% for the full year, with a cumulative payout ratio of 104.2% over the past six years [1] - Revised net profit forecasts for FY2026-2028 are 1.32 billion, 1.59 billion, and 1.85 billion yuan, respectively, down from previous estimates [1] Group 2: Sales and Revenue Breakdown - Main brand revenue for FY2025 is 23.31 billion yuan, a decline of 6.1%, accounting for 86.3% of total revenue, while other brand revenue is 3.5 billion yuan, down 9.9% [1] - Direct online sales have seen double-digit growth, increasing their share to 30-40% from 20-30% in FY2024 [1] - Retail and wholesale revenues decreased by 6.8% and 5.8%, respectively, indicating a challenging sales environment [1] Group 3: Store Management and Operations - As of FY2025, the number of stores is 5,020, a decrease of 18.3% year-on-year, with a focus on optimizing low-efficiency stores [2] - The average sales area per store has increased by 7.2%, reflecting a strategy of tailored store adjustments [2] - Inventory management has improved, with inventory down 4.5% to 6 billion yuan and inventory turnover days at 134.9 days, a slight improvement [2] Group 4: Profitability and Cost Management - FY2025 gross margin is 38.4%, down 3.4 percentage points, with a slight increase in expense ratio to 33.1% [2] - Operating profit margin (OPM) is 5.9%, and net profit margin is 4.8%, both showing declines [2] - The company has managed to maintain cash flow, with net cash increasing by 20% to 3.76 billion yuan, which is 2.6 times the net profit [2]

Core Viewpoint - The company experienced a decline in revenue and net profit in FY2025, attributed to weak consumer demand and reduced foot traffic, but maintained strong cash flow supporting high dividend payouts [1][2][3] Group 1: Financial Performance - FY2025 revenue decreased by 6.6% year-on-year to 27.01 billion yuan, with retail channel revenue down 6.8% to 23.03 billion yuan and wholesale channel revenue down 5.8% to 3.79 billion yuan [1] - Net profit fell by 41.9% year-on-year to 1.29 billion yuan, with a gross margin decline of 3.4 percentage points to 38.4% due to increased promotional discounts and a higher proportion of low-margin online sales [1] - Operating cash flow increased by 20% year-on-year to 3.76 billion yuan, with a free cash flow to net profit ratio of 2.6 times, indicating efficient cash generation [1] Group 2: Operational Strategy - The company reduced its direct store count by 1,124 to 5,020, a decrease of 18.3% year-on-year, while total sales area declined by 12.4%, but single-store sales area increased by 7.2% [2] - Membership sales accounted for 93.2% of total sales, with high-value members contributing nearly 40% of sales, reflecting strong customer loyalty [2] - The company strategically entered the outdoor and professional sports market, becoming the exclusive operator for high-end brands like norda and Norrona in China [2] Group 3: Future Outlook - In Q4 FY2024, total sales for retail and wholesale businesses saw a mid-single-digit decline, with a more significant reduction in direct store area [3] - Management expressed cautious optimism for the new fiscal year, aiming for net profit to remain flat year-on-year while improving net profit margin through cost reduction and increased online channel sales [3] - The company adjusted its profit forecasts for FY2026-2028, expecting net profits of 1.30 billion, 1.46 billion, and 1.63 billion yuan respectively, reflecting a modest growth trajectory [3]

业绩简评 公司于 5 月 22 日公布 FY2025 年报。全年实现营收 270.13 亿元， 同降 6.69%，归母净利润 12.86 亿元，同降 41.89%，公司 FY25 年 宣告派发股息 0.28 元，派息率约 135%，维持买入评级。 经营分析 消费疲软影响流水，精简渠道持续提效。FY25 公司主力品牌/其他 品牌同比下降 6.1%/9.9%至 233.11/35.05 亿元，主要受到终端消 费疲软，线下客流持续下降影响。分渠道来看，公司线下聚焦高效 大面积门店，加速淘汰低效门店，FY25 期末门店数为 5020 家，同 比下降 1124 家，平均门店面积同比增长 7.2%，期间单店收入同比 增长约 14%，公司举办多样化营销活动增强会员粘性，FY25 末会 员数量达 8600 万，同比增长 500 万，会员贡献店内销售额比例达 93.2%，其中复购会员消费占会员整体 70%。线上方面 FY25 公司包 括公域和私域在内的线上销售额同比录得双位数增长，公司聚焦 平台电商+内容电商+私域运营全面组合，充分挖掘线上渠道潜力， 对线下销售形成了较好补充。 毛利率短期承压，费用率预计持续优化。FY25 全 ...

新华社南昌5月23日电 题：健身器材"长眼睛" 体重管理"更懂你" ——从体博会看体育用品发展新趋势 新华社记者黄浩然、焦子琦、林德韧 智能三维视觉捕捉，"私教"更专业；深度分析纠正投篮姿势，"陪练"更精准；晨起对镜梳妆而夜间燃 脂，"跑友"更贴心…… 在数字技术日新月异的当下，大众的健身方式也在不断发生着变化。2025（第42届）中国国际体育用品 博览会上，更精巧、更智能、更贴心的产品让人耳目一新。 （小标题）健身器材"更聪明" 在2025中国体博会健身展区，青岛三柏硕健康科技股份有限公司带来的"SHOTLAB"AI投篮系统前，人 头攒动。 当体验者投篮时，摄像头逐帧捕捉动作轨迹，人工智能系统即生成出手角度、屈膝程度等多项数据，对 投篮者的动作进行评分。通过自动化设备和个性化训练方案，这套智能系统帮助每位球员有效地训练、 改进技术，从而在比赛中获得更好的表现。 此外，三柏硕现场首发的智能训练辅助系统，将专业健身指导与数字化技术完美融合，采用人工智能视 觉识别和动作捕捉技术，实时记录训练过程，提供专业的运动评估及动作纠正建议。 "通过图像识别和AI大模型运算，实现了运动训练的智能化与高效化。"公司总经理文珂介 ...