In the past month, “compendium of Materia Medica” and “dragon boxing” have been popular all over the country. These two Chinese pop songs have become popular again recently and are used as background music for online fitness live broadcast.
Limited by the sealing and control measures in some cities under the epidemic, the popularity of live fitness at home has risen recently. Before the “May Day” holiday, the star fitness coach liuhuanghong had a total of over 100 million people watching the live fitness on a single day. The number of fans on Tiktok’s personal account has soared in the past month and exceeded 60million by the end of the holiday. The organization believes that the upsurge of live fitness will once again raise the attention of national fitness, sports equipment and other fields .
Zhongtai Securities Co.Ltd(600918) researcher Han Xiaochen said that as early as the outbreak of covid-19 epidemic in 2020, more people paid attention to the importance of daily exercise for quality of life, residents’ fitness awareness gradually improved, the demand for home sports and “cloud fitness” was stimulated, and the activity of online fitness app users increased significantly. The continuous advancement of China’s urbanization process and the continuous increase of urban population have promoted the upgrading of consumption, superimposed the impact of the epidemic, and people pay more and more attention to health. Fitness has become a way and consumption for more and more people to decompress and improve their health.
Policies are also helping the development of the fitness industry. For example, the State Council has launched the national fitness plan to provide guidance for deepening sports reform and improving participation in fitness activities; The General Administration of sport of the people’s Republic of China issued the “14th five year plan” for sports development, encouraging the development of “Internet + fitness” and “Internet of things + fitness” models, and optimizing the integration of Wuxi Online Offline Communication Information Technology Co.Ltd(300959) . Driven by the improvement of Internet penetration and the digitization of fitness industry, China’s online fitness market has achieved rapid development home fitness is gradually becoming an alternative to gym fitness, and people’s demand for online fitness content is increasing .
According to the keep prospectus, the proportion of China’s online fitness market will increase from 35.6% in 2019 to 44% in 2020, and it is expected to further increase to 60.6% in 2026. In 2021, the scale of China’s online fitness market was 37 billion yuan, and it is expected to reach 89.6 billion yuan in 2026.
Observing the emerging track of fitness, Han Xiaochen concluded that Wuxi Online Offline Communication Information Technology Co.Ltd(300959) channels include the revenue generated by the sales of intelligent fitness equipment, fitness equipment and clothing, and healthy food , the online fitness market is sold through online channels, and the offline fitness market is sold through offline physical stores.
For online consumption, Tianfeng Securities Co.Ltd(601162) point of view believes that the demand for fitness VR applications is worthy of attention, because the VR form of fitness application has been verified in overseas markets as early as the early stage of the epidemic. It is suggested to pay attention to the online situation of overseas popular applications in China and the layout and R & D of Chinese game manufacturers in the field of VR fitness. With the continuous investment in VR hardware by leading companies worldwide, including Sony, valve and Tencent, we believe that the production and OEM of relevant VR equipment hardware are expected to be produced by Chinese VR equipment OEM / ODM enterprises. It is suggested to focus on China’s VR equipment industry chain, such as Goertek Inc(002241) , Shunyu optics, BOE, etc.
For offline consumption, sports is also becoming an increasingly important part In the first quarter, all kinds of indoor sports centers and yoga groups accounted for 30.9% and 30.5% respectively, and the consumption of indoor sports centers and yoga groups also decreased year-on-year. From the perspective of continuous data tracking, it can be seen that with the advent of the post epidemic era, China’s offline consumption scene has clearly changed, and sports consumption has gradually become the main offline scene.
It believes that from the perspective of the offline consumption characteristics of emerging sports, the strong dependence on the scene + high frequency + social participation is a significant feature. Therefore, the dynamic tracking and horizontal comparison based on the operation status of stores have strong directional significance for the observation of the industry boom. At the same time, in the new track scene, the consumption amount of sports clothing + equipment accounts for more than 50%, so the benefit trend of sports clothing is clear. Based on the 12 mainstream sportswear companies in the Chinese market, the layout of domestic categories is more perfect than that of foreign products, and has a clear leading advantage in yoga and fitness tracks. From the perspective of stores, by the first quarter of 2022, the number of stores of domestic brands Li Ning and Anta had reached 50% of adinike on average. Over the same period, foreign brand stores maintained zero growth and even reduced in number. Overall, the competitive advantage of domestic sportswear offline stores continues to improve, and the layout of emerging sports categories has the first mover advantage.
