Terrns and abbreviatione(1/3) cicintrocuction,methodologies,andassumptions arewth ln alnhai ane China'x Htnaxx Irduxtry thrausiout ths lor girsar Fitnose ty lh vursa iunbaar of nonthly activo onlinc fitncss uscrs Onllno fitnoss contant cn titriaxx appx Online 5055010 Onlinc fitncs orc fitncss mcmbership ls dotinod ae any active onllne titneee user who paye tor subscription teeg cr titnegg nrcatira roainn th company hae. a month. suhecription penetration rate x raleuilathd Hx thn urmtihr ct tnlinn htnhxx mnrntirxhupx eivihd populatlon pcnctratlon rate refers to the annual average onllne titnese monthly active usere ae a Incude ix daliad asa Hynn uacr hopayaor d ur lurotun ovaloto IaLio ooth paid and unpaid ugarg nclude woll aa cithcr activc or inactivc ugcra. hoon rnrrndl frnm thn Company'r. ailirncl rport ar manannmnnt Intarvimwr. rnuaic Mnd unlinu_viduu Hin ull luulatud Hu the nunberof muaic appa/ lary oe uxnr whn ragixtarx ar Merunt en fitrnxx ppx, whicsh ine:litnx online fitncss uscr who uscs Irciudirisa waaler Mccexa to Mnd thu Inciaaalr onnmclaiindllaanc :membership cord or pays for ofmine tra f nocourcoe in thn ca fitnes PUGG: E8G: GPG: GNNI: ES2C : B2B: AR: t I Jxe [ X.h ,ir ,对商 , n a LUxHI - ,* r 1_ 4a . P19 . . G X ) , : l 内 之成供中 Ovurviuy apparol,and fitness food content, offiline fitncss ofLncltmessmorke Introduction and Definition of the Fitness Market nmomborehin fiunc66, foocl 回 D Brnmrt bileu, licuuumlts Retnninn,s rannddnx paa. rvicw: nmarket K K CELLUCOR China Ins FIT Runk HILAVVL rlhnau R Nlke Major NW Dafinltlonaft Fitness llve streamlng classes exerclsetutorlals,personalizedfitnossplans,and othcr ss mcmberehlp anci content Onlimelitugy clasg charaooristios LIRI BRUNSWC ISSA coahinainrnmenx. Gummuutotoalcrfatn FITWORKS procssors. hon.chromlum OLEL,USIN ,manufacturore end dlstributors, Sourc Gou Plushu WRO oee Rarirt m F 2.U0 3,000 5,000 n,00n 8,000 2.GlobalFitness Global fitness market slzs,hy reglon, 20-1-2027r Market 1.046.0 6,304.4 2.147. 2025L drivnn hy arowinn haalth w China Ins 1.810.8 2.878.1 8.736.4 2024L % 400 non 3.u% 15.6% 42.7% 15.8%17.0% :AGR RoW c.hins U& Eurupw Total Global fitnoss panntratien ratu,by ruhiun, 201e-2027E Global flitness populxtion, hy rnglen, 2o1s-2o27E 201A-2022 3.8% 2.0% 0.3% 2.U9 2.4% 1,596.6 1,661.4 2022-2027C Titno8s products and services 3.2% 3.0% 1.7% 1.707.1 2022 21.9% fitneeepopulation,whlch 18.4% 27.6% 202aF 10.496 202$E 1,763.6 325.5 191.0 885.9 304 22.4% 2024E 336.2 1,021.0 28.8% 45.0% 16.7% 49.0% 914.4 405.8 9+91 tan % 20n nnn dotitne during the idemic: Henc this resuilbedin 4Us XW alohalgym therefore,there TheoLitbreakofCoViD iomharehip Wa Global gym memberships, by reglon, 2016-2027F ofriinegymsgiobel membersh Cchina's 265.0 Taall COnllne fitnussrmemberahip and contant Fitnnaa fend r_nlliittess nburhi ud clusas Fitness 701 Market Overvicw 700 055.0 :*1 18,3% 111.544 341.9 1 4% 1x 1,154.0 ith an RMn hllIInn market in China is C aos- lio market ls stil lnthe eariyphase of digitallzation.However,tho GACR growingrapidlywithaCAGR of20.6%from2016to 2022, 2202-8102 Chlna, 2015-2026E of Source: Mired 11.H /u. HMB 2,0U0 3,000 1,000 4.000 5,000 Numbur 20-1G 2,201 AGR Avurusu unnuul vpuutmy pur titnogg populotion 2017 2,22 /4 201n _342 irh...as whichls Ieading 2015-2021 iscaucntiya CAR 2019 2,420 2021-2026E h 2020 2,454 significantincreasein thenumber ofonlinefitnee 570.2 Koy analyrir acrowthin 2021 ,an0 0.0%**.1%28% ftnaer 2016-2022 2022E Avuruse nunbe 2,51n 2.3% 2023E CAGR 2,872 aarane 2022-2027E 2024E 12.256 05. 2,5:37 mcanwhilc stirnulatcd thcpcople's enthusiaenforfitneseactivitiee hoiding iarge ovents,a trond which has left a decp imprcssion on thc public and has China online fitness MAu develops fasterthanthe numberoforriinegymmember Introduction ot a Rariea nf govarnrmnnt paliciax te prornata China'xtitnaaa marknt 51* sana G Hlghar ntrarl SuvernmuntBuppor panatratian Jrn Ax naopla'g. nandr for ftnnr.r artivitinr. h.aw Al will bu appliud lu muru aportinsa xafaty_and hnalth xcanarlnr. 11s2 Futuro tronds of Ghlna'sfitncss market k Buxaxw aul nnut une doars n 1nqnni qrnpirian s rn carnporentx sadvancedtechnologios, nrnnrldante'tinmne incooreani fitness narket ls driven bythe following Adminiatratle lkn toleh panalr and wnarablo hubita ruluiw hhe.ehurhe incroas theal Chullunsug-China'y fnuss tmarke Key succeaatuctoru-chinustitn coache.an uncerdevelopedinciutrialchain,and siaokenodporiodeoffitnessactivity Thc prirnary challenge Key success factors in China's fitnese market include the capacity for a comprehensive business mociel,extensive distrilbutionand retel channels,the implementationot cutting-edgc technologics, tnchnoloaler Gonpre Key suecess