重新定义价值和规模——健身俱乐部的下一步发展

Please refer to important disclosures on pages 21 and 22. Analyst certification is on page 21.William Blair or an affiliate does and seeks to do business with companies covered in its research reports. As aresult, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of thisreport. This report is not intended to provide personal investment advice. The opinions and recommendations here- High-Volume, Low-Price Expanding the Market...............................................................3Evolving HVLP Competitive Landscape.............................................................................7 public investors and private equity. Over the same period, the industry has become more seg-mented, with the historical preponderance of midtier clubs giving way to boutique fitness studios,premium clubs, and, most notably, high-volume, low-price (HVLP) concepts. Following the lead of segment pioneer Planet Fitness, other HVLP concepts are now rapidly grow-ing with the support of private equity sponsors, with HVLP now the dominant driver of U.S. fit-ness club membership growth (largely at the expense of midtier chains given increasingly similarequipment and amenities at lower price points). HVLP fitness club brands, such as Crunch, EoS,Chuze, and VASA (all profiled in this report), have collectively attracted more private investmentcapital than any other segment of the fitness club industry in recent years (according to privateequity firm North Castle Partners), enabling the pursuit of aggressive nationwide expansion plans. As a result, the U.S. fitness club industry has generally become more bifurcated, with consum-ers increasingly opting for either budget-friendly HVLP chains or higher-end premium gyms andboutique fitness studios. To that point, only half of the top 10 largest fitness chains today were inthe top 10 a decade ago, while all of the traditional, midtier brands with the exception of L.A. Fit-ness (now under Fitness International) have given way to boutique studio and HVLP and/or small Evolution of Top Fitness Club BrandsExhibit 2 We believe the increased interest in HVLP is indicative of the proven appeal of the segment, itsresilient history across macroeconomic cycles, and its franchisability (Planet Fitness 90% fran-chised). HVLP concepts are designed for broad-based appeal with a combination of affordablemonthly dues (typically starting at $10 to $15) and non-intimidating atmospheres, usually with As a result of their ability to bring new people into fitness clubs by overcoming various veto fac-tors (such as price, atmosphere, and convenience), HVLP concepts have been a key contributor torising membership penetration rates in the U.S. fitness club industry, with the percentage of the U.S. population belonging to a fitness club up more than 600 basis points over the past decade, to24.9% in 2024. Similarly, fitness club membership growth has accelerated modestly over the pastfive years, to a 3.7% CAGR from a 3.5% CAGR during the decade ending in 2019, inclusive of mem-bership growth of nearly 6% in both 2023 and 2024. As a result, U.S. fitness club membershipshave risen roughly 20% since 2019, andwe estimate HVLP accounted for more than 60% of that HVLP clubs can vary in size from roughly 15,000 to 60,000 square feet, allowing for a variety ofreal estate locations. As a result of relatively flexible footprints, HVLP concepts (and fitness clubsin general) benefited through most of the 2010s as reduced mall traffic and increased retail vacan-cies created a favorable environment for fitness clubs with landlords. Not only do fitness clubsdrive traffic (often across broader hours/days than traditional retailers), but they are also moreresistant to pressures from e-commerce than traditional retailers, increasing their value as anchor Looking ahead, we expect outsized growth in HVLP given its proven customer appeal, the oppor-tunity to further penetrate the 75% of the population that does not belong to fitness clubs, andrecent investments from private equity sponsors in the space. Generational tailwinds also exist,given the outsized appeal of HVLP among younger consumers and women. Millennials and Genera-tion Z account for about 65% of domestic fitness club members, led by a 7.3% CAGR over the past personal training, more advanced strength equipment, recovery services (such as infrared saunas,red light therapy, and salt rooms), turf spaces, and childcare services. The competitive landscape for the fitness club industry remains relatively fragmented, with rough-ly 55,000 commercial clubs in the U.S. (according to the Health & Fitness Association) alongside ahost of nonprofit entities, such as YMCAs, hospital fitness centers, and community centers. In theU.S., the top 10 operators by number of clubs combined account for about 23% of total commercial Planet Fitness, which was founded in 1992 and completed its IPO in August 2015, is by far t