智通财经APP获悉，方正证券发布研报称，25年上半年KEEP(03650)主动收缩业务&用户，挤干水分以 盈利为核心导向，且更多是公司内生改善驱动;下半年在AI+及服装品类增量加持下收入有望重新企稳回 升，同时明年有望释放更大业绩弹性。该行预计公司25-26年经调净利润为0.7亿元、1.7亿元，维持"推 荐"评级。公司25H1经调利润扭亏为盈，AI教练进展顺利，此外发力服装品类。2025秋冬新品于9/5上 新，后续收入端有望止跌回暖，利润持续改善。 该行表示，KEEP下半年有望重回增长态势，后续AI释放增量下有望贡献弹性。鉴于公司上半年主动战 略收缩低效业务，但下半年随着AI功能及服装产品线逐步完善公司将配合重新做合理的费用投放，预 计收入将重回增长态势，同时经调净利率有望继续改善至5%以上水平。明年随着AI教练功能逐步完 善，有望贡献业绩增量，管理层初步预计明年AI教练有望贡献收入增量2.3亿元/100wAI用户月活。 ...

Core Viewpoint - The article discusses the misconception that physical decline is inevitable after the age of 35, emphasizing that lifestyle choices and regular physical training can significantly influence physical fitness and well-being, regardless of age [4][11][20]. Group 1: Age-Related Concerns - A report indicates a 14.9% year-on-year increase in job applications from individuals aged 35 and above, highlighting societal perceptions of declining physical and mental capabilities in this age group [4]. - The article notes that while aging can lead to some physical decline, many individuals experience issues like insomnia, back pain, and obesity due to accumulated poor lifestyle habits rather than age alone [5][8]. - The average adult loses 3% to 8% of muscle mass every decade after 30, and maximum heart rate and oxygen uptake decline by about 1% per year, but these declines can be mitigated through consistent physical training [19][26]. Group 2: Psychological Impact of Aging - The psychological effects of aging, such as anxiety about physical decline, are more pronounced than the actual physiological changes, with societal pressures contributing to this perception [8][10]. - The article discusses the phenomenon of "overwork obesity," where lifestyle factors like sedentary behavior and high stress levels exacerbate health issues, particularly in individuals over 30 [16][19]. Group 3: Importance of Physical Training - The article presents examples of individuals who have successfully improved their physical fitness well into their later years, demonstrating that age does not preclude the ability to achieve fitness goals [6][21]. - Regular exercise, including both aerobic and strength training, is recommended to counteract age-related declines and improve overall health, with the World Health Organization suggesting at least 150 minutes of moderate-intensity exercise weekly [20][26]. - The narrative encourages a shift in mindset, suggesting that maintaining a healthy lifestyle and exercise routine can lead to better physical and mental health outcomes, regardless of age [20][26].

Core Viewpoint - The article discusses the rising trend of affordable yoga classes in county towns, particularly focusing on how these classes have become a refuge for middle-aged women seeking a break from their daily responsibilities and a space for social interaction [2][10][18]. Summary by Sections County Women and Yoga Classes - County women, often perceived as affluent, are now opting for low-cost yoga classes priced at 9.9 yuan, which serve as a form of leisure rather than a serious fitness pursuit [2][4][10]. - These classes are designed more for relaxation and socializing than for rigorous training, appealing to women who want a break from their daily routines [4][6][12]. Experience and Social Dynamics - The yoga experience in county towns is characterized by large group classes where participants engage in basic stretching exercises, providing a sense of community and shared experience among women [12][13]. - Many women use these classes to fill gaps in their schedules, such as waiting for their children during school hours, making it a convenient and low-pressure option [6][10]. Psychological and Social Benefits - The yoga classes offer a mental escape for women, allowing them to disconnect from their roles as mothers and wives, and providing a space to unwind and socialize without the pressures of consumerism or societal expectations [10][16][18]. - The environment in these classes fosters camaraderie, as women share their life experiences and challenges, creating a supportive community [13][15]. Economic Considerations - The affordability of these classes makes them accessible, and women often prefer paying for a single session rather than committing to expensive long-term memberships, reflecting a shift in consumer behavior due to economic pressures [4][9][10]. - The trend indicates a broader cultural shift where leisure activities are being redefined in terms of value and accessibility, particularly in smaller towns [2][10][18].

Core Viewpoint - The article discusses the emerging opportunities in the silver economy, particularly in the fitness sector for the elderly, highlighting the challenges and potential for growth in this market [4][8]. Group 1: Market Overview - By the end of 2023, the population aged 60 and above in China is projected to reach 21.1% of the total population, indicating a significant market for services targeting this demographic [9]. - The silver economy in China is estimated to be around 7 trillion yuan, accounting for approximately 6% of GDP, representing a substantial market opportunity [9]. Group 2: Challenges in the Fitness Sector - Most fitness facilities are primarily designed for younger individuals, making it difficult for elderly people to find suitable exercise options [6][10]. - There is a lack of tailored fitness services for the elderly, as many do not prioritize fitness until health issues arise, leading to a gap in the market [11][20]. Group 3: Business Model and Strategy - The company, founded by two young entrepreneurs, aims to provide home fitness services specifically for the elderly, starting with personalized training plans developed by professional rehabilitation trainers [17][18]. - Initial plans for a dedicated gym for seniors were abandoned due to high costs, leading to a focus on home service to minimize startup expenses [17][18]. Group 4: Customer Engagement and Education - The primary clients are often the children of elderly individuals, who seek fitness services for their parents, indicating a need for education on the importance of fitness for seniors [23][24]. - The company faces challenges in changing the perception of fitness among the elderly, who often view it as unnecessary unless health problems arise [20][30]. Group 5: Service Delivery and Client Relationships - The company conducts thorough assessments of potential clients to ensure they are suitable for training, which helps mitigate risks associated with health issues [33][34]. - Building trust with elderly clients is crucial, as the service involves entering their personal space and requires direct physical interaction [39][40]. Group 6: Future Directions - The company is exploring new initiatives, such as organizing group hiking activities for seniors, to enhance social interaction and promote fitness [42]. - There is a growing interest among elderly clients in fitness, as evidenced by improved engagement and positive feedback regarding their health and well-being [46][48].

Core Insights - The article highlights the emerging market for fitness services tailored to the elderly population in China, particularly focusing on the challenges and opportunities within this sector [3][4][5]. Market Overview - As of the end of 2023, 21.1% of China's population is aged 60 and above, indicating a significant market potential for services targeting this demographic [3]. - The silver economy in China is estimated to be around 7 trillion yuan, accounting for approximately 6% of GDP, representing a substantial market opportunity [3]. Industry Challenges - The fitness industry has largely overlooked the elderly demographic, with most gyms catering to younger individuals, making it difficult for older adults to find suitable exercise options [4][5]. - There is a prevalent perception among the elderly that fitness is not a necessity until health issues arise, leading to low initial engagement with fitness services [11][17]. Business Model - The company, Chaoyang Fitness, was founded by two young entrepreneurs who recognized the gap in the market for elderly fitness services and initially offered home-based training sessions [10][21]. - The service includes personalized fitness plans developed by professional trainers, focusing on maintaining the elderly's daily living capabilities rather than aesthetic goals [5][14]. Customer Engagement - The primary clients are often the children of elderly individuals, who seek fitness services for their parents, indicating a need for effective communication and education about the benefits of fitness for older adults [13][17]. - Building trust with elderly clients is crucial, as many have preconceived notions about fitness and may resist participation [24][30]. Service Development - The company has expanded its offerings to include group activities, such as organized mountain climbing, to enhance social interaction among elderly clients while promoting physical activity [25][28]. - The approach emphasizes companionship and emotional support, recognizing that social engagement is a significant aspect of the elderly's well-being [28][30].

Core Viewpoint - The rising popularity of Pilates is transforming it into a new symbol of middle-class lifestyle, associated with health, self-discipline, and social status [1][3][41]. Group 1: Popularity and Cultural Significance - Pilates has gained immense popularity on social media, with celebrities endorsing it, linking it to ambition and self-discipline [3][5]. - The perception of Pilates as an elegant and sophisticated exercise contrasts with the challenging reality experienced by many practitioners [7][22]. - The term "middle-class exercise" is increasingly used to describe Pilates due to its high costs and the financial commitment required for long-term practice [39][41]. Group 2: Financial Aspects and Market Growth - The average cost of a Pilates session in major cities exceeds 500 RMB, making it a significant financial investment for practitioners [37][39]. - The Pilates market in China is projected to grow, with a current participation rate of 3.5% expected to double by 2029, reaching a market size of 53.8 billion RMB [42][45]. - The high costs associated with Pilates studios, including rent and specialized equipment, contribute to its perception as an elite fitness option [40][41]. Group 3: Consumer Behavior and Motivations - Many practitioners view Pilates as a long-term investment in health and well-being, despite the initial financial burden [49][55]. - The social value of participating in Pilates is significant, as it is seen as a trendy and desirable activity among urban populations [52][56]. - The psychological benefits of regaining control over one's body and life through Pilates practice are emphasized by many participants [55][58].

Core Viewpoint - The article discusses the emerging opportunities in the silver economy, particularly focusing on the fitness needs of the elderly population in China, which is largely underserved in the current market [5][6][7]. Group 1: Market Overview - By the end of 2023, the population aged 60 and above in China is projected to reach 21.1% of the total population, indicating a significant market potential for services targeting this demographic [5]. - The silver economy in China is estimated to be around 7 trillion yuan, accounting for approximately 6% of GDP, highlighting the substantial economic opportunity available [5]. Group 2: Fitness Needs of the Elderly - There is a lack of fitness services specifically designed for the elderly, as most gyms cater to younger individuals, making it difficult for older adults to find suitable exercise options [3][6]. - Aging individuals face muscle loss, and while they do not seek to build large muscles, they require fitness programs to maintain their daily living capabilities [8][10]. Group 3: Business Model and Challenges - The business model proposed by the founders involves providing home fitness services tailored to the elderly, with a focus on personalized training plans developed by professional rehabilitation trainers [12][18]. - A significant challenge is educating both the elderly and their children about the importance of fitness, as many older adults do not view exercise as a necessity until health issues arise [17][19]. Group 4: Customer Engagement and Trust - Building trust with elderly clients is crucial, as many have preconceived notions about fitness and may resist new routines [25][34]. - The company has adopted a strategy of conducting thorough health assessments before starting training to ensure clients are fit for exercise, which also helps in establishing trust [27][28]. Group 5: Market Expansion and Future Plans - The company is exploring new initiatives, such as organizing group hiking activities for seniors, to enhance social interaction and promote fitness [35][36]. - There is interest from potential clients in expanding services to other cities, but the focus remains on solidifying the business in Beijing first [35].

Core Insights - BodyPark has launched an innovative online 1-on-1 personal training platform, marking a significant evolution in the Chinese fitness industry from version 1.0 to 3.0 [1][2] Group 1: Industry Evolution - The fitness industry has transitioned through three stages: 1.0 (venue rental), 2.0 (content subscription), and 3.0 (platform-based services) [1] - The new platform redefines the relationship between people, goods, and venues in the fitness sector, creating a cloud-based personal training service [1][2] Group 2: Business Model Innovation - Coaches transition from a "venue employment" model to "platform partners," enhancing teaching quality and increasing their value by three times [2] - Users in lower-tier cities gain access to high-quality trainers from first-tier cities, breaking physical and temporal constraints [2] - The platform enables "instant booking" with a tenfold increase in efficiency compared to traditional personal training [2] - The introduction of the online platform allows for flexible payment options, moving away from traditional bundled packages [2] Group 3: Technological Advancements - The DeepBody Engine provides precise motion capture with an error margin of less than 5 degrees, ensuring safe and standard training movements [3] - The Multi-agent AI Coach system consists of a central coordinating agent and eight functional agents, offering comprehensive and personalized fitness guidance [4] Group 4: Market Potential and Social Value - The smart fitness market in China is projected to exceed 82 billion yuan by 2025, indicating significant growth potential [5] - The platform aligns with national initiatives for weight management and can extend to sports education and training [5] - BodyPark's model is seen as a benchmark for digital transformation in the fitness industry, enhancing service quality and creating new job opportunities [5]

Group 1 - The core idea of the article revolves around fitness enthusiasts' pursuit of unlocking new skills and challenges, which serves as a source of motivation and self-affirmation in their fitness journey [4][12][24] - Fitness enthusiasts are increasingly focused on mastering new movements such as pull-ups, handstands, and advanced yoga poses, which not only enhance their physical capabilities but also provide a sense of accomplishment [5][11][22] - The social aspect of fitness, particularly through platforms like social media, plays a significant role in encouraging individuals to share their achievements and gain recognition from peers, which acts as a form of social currency [2][3][12] Group 2 - The process of unlocking new skills is often seen as a testament to one's physical abilities and a confidence booster, with many individuals experiencing a psychological transformation as they achieve their fitness goals [14][15][16] - The article highlights the importance of gradual progression in fitness training, emphasizing that beginners should focus on mastering foundational movements before attempting more complex skills to avoid injury [24][27][28] - The concept of delayed gratification is prevalent among fitness enthusiasts, where the anticipation of achieving a goal drives them to persist in their training despite the challenges faced along the way [14][19][20]

Core Viewpoint - The article discusses the shift in the personal training market driven by budget gyms like LeKe, which offer significantly lower prices for personal training sessions, impacting traditional gyms and trainers' earnings [3][5][6]. Group 1: Market Dynamics - Traditional gyms charge an average of 400-500 RMB per session for personal training, while LeKe offers sessions at an average price of 177 RMB, attracting more customers [3][6][9]. - The pricing strategy of LeKe disrupts the traditional pricing model, making personal training more accessible to a broader audience [9][10]. - The low-price trend has led to a reduction in commissions for trainers, who now earn less due to the shift from high-price, low-volume to low-price, high-volume sales [4][32]. Group 2: Trainer Experience - Trainers at LeKe experience a significant decrease in income compared to traditional gyms, with some reporting earnings cut by half [20][23]. - The role of trainers has shifted from being salespeople to service providers, with less pressure to sell but also lower base salaries and no benefits [15][25]. - New trainers face challenges in gaining visibility on the platform due to algorithmic prioritization, making it difficult to attract clients without established reputations [27][34]. Group 3: Business Model and Profitability - LeKe's business model focuses on a "thin profit, high sales" approach, where the platform handles marketing and trainers must enhance their skills to attract clients [32][33]. - The company is exploring additional profit segments, such as the FEELINGME brand, which offers a subscription model for personal training, further diversifying its offerings [40][41]. - Despite the low pricing strategy attracting more customers, the sustainability of trainer earnings remains a concern, as the model may lead to a decline in service quality [45][52]. Group 4: Market Potential - The current penetration rate of gym memberships in China is only 3.2%, indicating significant growth potential for the fitness industry [53]. - The article suggests that while lowering prices can attract more customers, there are limits to how much trainers can work, highlighting the need for a balanced approach to pricing and trainer compensation [54][56].