William Blair_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 a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. This report is not intended to provide personal investment advice. The opinions and recommendations here-in do not take into account individual client circumstances, objectives, or needs and are not intended as recommen-dations of particular securities, financial instruments, or strategies to particular clients. The recipient of this report must make its own independent decisions regarding any securities or financial instruments mentioned herein.High-Volume, Low-Price Fitness Clubs Are Driving Growth and InvestmentEquity ResearchConsumer | Lifestyle and Leisure BrandsJuly 23, 2025Industry Report Sharon Zackfia, CFA +1 312 364 5386szackfia@williamblair.comMatthew Curtis, CFA +1 312 364 8384mcurtis@williamblair.comTania Anderson, CFA +1 312 364 8942tanderson@williamblair.comThis report is intended for enelson@williamblair.com. Unauthorized distribution prohibited.2 Sharon Zackfia, CFA +1 312 364 5386William Blair ContentsHigh-Volume, Low-Price Expanding the Market ...............................................................3Evolving HVLP Competitive Landscape .............................................................................7We Believe Planet Fitness Can Sustain Pole Position ....................................................10Company Profiles .............................................................................................................153 Sharon Zackfia, CFA +1 312 364 5386William BlairHigh-Volume, Low-Price Expanding the MarketInterest in the U.S. fitness club industry has risen significantly over the past decade, from both 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. Fitness Club TypeDescriptionBoutiqueHigh-Volume, Low-PriceMidtier (Traditional)PremiumSource: William BlairHigh-end clubs offering a full array of standard and premium services at dues of $100-plus per monthExhibit 1U.S. Fitness Club Industry OverviewSmaller clubs or studios offering specialized fitness classes, such as yoga, Pilates, indoor cycling, boxing, and HIIT, at per-session prices of generally $30 to $60Clubs with limited amenities and affordable monthly dues of typically $15 to $30 Clubs providing some of the amenities of premium clubs with more affordable monthly dues of $40 to $70Following 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 g