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Financial Data and Key Metrics Changes - SaaS reported revenue for Q2 2025 was $115 million, a 48% year-over-year increase, meeting the top end of guidance [12] - SaaS adjusted EBITDA increased to $23.4 million, resulting in a record adjusted EBITDA margin of 20% [13] - Net debt decreased by $24 million to $274 million, bringing the leverage ratio to 2.2 times, ahead of expectations [16] Business Line Data and Key Metrics Changes - SaaS business excluding Keep grew 25% year-over-year, while Keep contributed $17.7 million in Q2 [12] - Marketing Services revenue was $95.5 million, above guidance, with adjusted EBITDA of $27.8 million and a margin of 29% [15] - SaaS ARPU reached $352, with Thrive at $340 and Keep at $431, indicating a rise in customer spending [14] Market Data and Key Metrics Changes - The number of SaaS subscribers increased to 106,000, a 25% year-over-year growth [13] - Clients purchasing multiple products increased to 19%, with 17,000 clients using two or more Thrive SaaS products [14][15] Company Strategy and Development Direction - The company aims to deepen engagement by focusing on vertical markets, starting with the HVAC sector, and plans to roll out similar products for other verticals [22][42] - A new product, Workforce Center, was launched to help small businesses manage payroll and compliance, integrating seamlessly with the Thrive platform [28][92] - The company is transitioning to a pure play software business, with plans to exit marketing services by 2028 [16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the business's trajectory, noting that the pinch point has been overcome and free cash flow is expected to improve [7][20] - The company is focused on increasing spend per customer and driving adoption of more products, with expectations of ARPU growth from $4,000 to $8,000 over the next few years [9][64] - Management acknowledged the softness in the Keep business but remains optimistic about its long-term potential [20][60] Other Important Information - The company is classified incorrectly under advertising in the GICS, which affects visibility in software league tables [30] - The company has a share buyback authorization and is considering using free cash flow for stock repurchases [74] Q&A Session Summary Question: Impact of HVAC product on business - The HVAC product is expected to attract new customers and enhance ARPU through an upcharge for vertical capabilities, with plans for further verticalization [34][35] Question: Guidance and organic growth expectations - Management indicated that the guidance reflects a conservative outlook, with no significant concerns about demand [44][46] Question: Insights on Keep business and customer churn - The Keep software has potential, but management is cautious about investing in unprofitable sales; focus is on leveraging existing customer relationships [52][56] Question: Financial flexibility and cash flow generation - The company plans to allocate cash towards marketing, sales, and potential share buybacks now that financial flexibility has improved [71][74] Question: Early feedback on Workforce Center - Initial feedback on Workforce Center has been positive, with customers appreciating the convenience it offers for payroll management [91][92]

Core Viewpoint - The article emphasizes the urgent need for a national initiative to manage weight and combat obesity in China, aligning with the "Healthy China 2030" strategy, through a three-year action plan focused on public participation and scientific methods [4][6][30]. Group 1: Current Situation - The prevalence of overweight and obesity among adults in China has reached 50.7%, indicating that one in two adults is struggling with weight issues [6]. - The rising rates of obesity are linked to increased risks of chronic diseases such as hypertension and diabetes, putting additional pressure on the healthcare system [6]. - There is a concerning trend of rising obesity rates among children and adolescents, which has doubled over the past decade, indicating a generational transmission of obesity [6]. Group 2: Policy Initiatives - The "Three-Year Weight Management Year" action plan aims to create a new health management framework characterized by government leadership, social collaboration, family involvement, and personal discipline [7]. - The initiative will involve community health services, school sports programs, corporate fitness activities, and family weight management efforts to build a comprehensive health support network [7]. Group 3: Action Guidelines - The article outlines a four-step guide for individuals to achieve a healthy weight, including scientific understanding of weight management, lifestyle changes, social support, and balanced eating and exercise [8][19]. - Recommendations include regular weight monitoring, dietary adjustments, and increased physical activity, with specific guidelines for different demographics such as pregnant women, children, and the elderly [10][14][15][17]. Group 4: Dietary and Exercise Recommendations - Daily dietary recommendations include consuming 200-300 grams of grains, 300-500 grams of vegetables, and 200-350 grams of fruits, while limiting high-sugar and high-fat foods [21][22]. - Individuals are advised to engage in 150 minutes of moderate-intensity aerobic exercise weekly, supplemented by strength training [23]. Group 5: Multi-Stakeholder Collaboration - The government is tasked with establishing relevant policies and creating health-oriented communities, while businesses are encouraged to develop healthy products and provide professional guidance [27][28]. - Individuals are urged to enhance their awareness of weight management and actively participate in community health initiatives [29]. Group 6: Future Outlook - The initiative is expected to significantly improve national health, reduce the incidence of chronic diseases, and create new opportunities in the health industry, contributing to economic growth [35].

Core Viewpoint - The intelligent fitness industry in China is rapidly growing, driven by increasing health awareness and the demand for personalized and efficient fitness solutions. The market size is projected to reach 52.3 billion yuan in 2024, reflecting a year-on-year increase of 50.29% [1][13]. Industry Overview - Intelligent fitness, also known as smart fitness or AI fitness, combines the latest technology with traditional exercise to provide personalized fitness guidance through virtual coaches and smart devices [3][8]. - The user base for fitness activities in China has expanded significantly, with the number of fitness participants growing from 249 million in 2017 to an estimated 407 million by 2024, increasing the penetration rate from 17.8% to 28.8% [11][13]. Market Dynamics - The intelligent fitness market is characterized by a diverse range of hardware and software suppliers, including components like chips, sensors, and smart devices, as well as software solutions for data management and user interaction [8][20]. - The industry is supported by government policies aimed at promoting health and fitness, including initiatives to enhance smart sports equipment and facilities [5][20]. Competitive Landscape - The market is dominated by several key players, including Beijing Calorie Information Technology Co., Ltd., Le Dong Tian Xia (Beijing) Sports Technology Co., Ltd., and Qingdao Inpace Health Technology Co., Ltd., among others [15][17]. - Companies are leveraging technology innovation and brand development to capture market share, while new entrants are continuously emerging, altering the competitive dynamics [15][21]. Future Trends - The government is expected to continue increasing support for the intelligent fitness sector, with more policies to encourage healthy lifestyles and the integration of new technologies like 5G into fitness solutions [20][21]. - Cross-industry collaborations are anticipated to emerge, particularly with healthcare and rehabilitation sectors, creating new opportunities for growth and innovation within the intelligent fitness industry [21][22].