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Here are 1-3 brief analogies for Fitness Champs (FCHL):

• Kumon for swimming lessons
• Khan Academy for swim skills

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• Swimming Lessons: Comprehensive instruction for children and adults, including ladies-only classes, covering various strokes and techniques.
• SwimSafer Program: Government-funded swimming lessons and assessments provided to children enrolled in public schools in Singapore.
• Private Swimming Training: Customized one-on-one or small-group lessons tailored to individual student needs and goals.
• Aquatic Sports Classes: Specialized training programs in disciplines such as water polo, competitive swimming, and lifesaving.

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Fitness Champs (FCHL) primarily serves individuals directly. Its major customer categories are:

1. Children and Youths: This includes children enrolled in public schools under the Ministry of Education (MOE) in Singapore through the SwimSafer program, as well as children and youths taking general or customized private swimming lessons.
2. Adults: This category encompasses adults participating in general swimming lessons, customized private swimming training, and ladies-only swimming lessons.
3. Participants in Specialized Aquatic Programs: This includes individuals enrolled in aquatic sports classes such as water polo, competitive swimming, and lifesaving.

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Ms. Joyce Lee Jue Hui, Executive Director and Chief Executive Officer

Ms. Lee is responsible for the overall operation and management of Fitness Champs and the formulation of its business plans and growth strategies. She has over 22 years of experience in the sports-education related industry. Ms. Lee obtained her Bachelor of Arts degree from the National University of Singapore in 2002. She previously worked as a swimming executive at Singapore Swimming Club from April 2002 to May 2004, and at Chinese Swimming Club from June 2004 to June 2007, where she assisted in developing and implementing swimming programs. In November 2012, Ms. Lee founded Fitness Champs and Fitness Aquatics, developing her own swimming programs and engaging freelance coaches. She oversees the strategic planning, operations, and management of both entities and handles daily operations and administrative tasks.

Ms. Siew Thim Teoh, Chief Financial Officer

Ms. Teoh serves as the Chief Financial Officer for Fitness Champs.

Mr. Koh Yong Mong, Executive Director and Chief Operating Officer

Mr. Koh is responsible for overseeing the daily operations across all departments of Fitness Champs. He obtained a Higher Diploma in Hotel Education in 1993. His prior experience includes working as an assistant housekeeper at Orchard Hotel Singapore (1993-1997) and Ritz Carlton Millenia Singapore (1995-1997), a housekeeping executive at Singapore Swimming Club (1997-2006), and an assistant executive housekeeper at Orchard Hotel. Mr. Koh joined Fitness Champs in 2018 as a general manager, overseeing daily operations.

Ms. Lian Lai Hong (Jerrica), Head of Administration/Business Development

Ms. Lian holds the position of Head of Administration and Business Development at Fitness Champs.

Mr. Yao Peikang, Head of Training

Mr. Yao is the Head of Training for Fitness Champs.

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The key risks to Fitness Champs' business include its precarious financial position, significant reliance on government programs, and intense market competition.

1. Financial Instability and High Leverage: Fitness Champs exhibits a precarious financial position, characterized by negative shareholder equity and high leverage. The company has been noted for having negative shareholder equity, which is considered more severe than high debt levels, and negative operating cash flow, indicating that debt is not well covered. This heavy reliance on debt financing suggests potential financial distress.
2. Significant Reliance on Government Programs and Associated Funding Instability: A substantial portion of Fitness Champs' business is derived from its role as a leading service provider for the SwimSafer Program and other Singapore Government-funded training programs, where it held approximately 30% of the market share in 2023. This reliance exposes the company to risks associated with funding instability, uncertainty, stringent eligibility requirements, and potential changes in government policies or priorities, which could significantly impact its revenue and market position.
3. Intense Market Competition and Operational Challenges: Operating in Singapore's aquatic sports education sector, Fitness Champs faces considerable market competition. Despite being one of the largest providers, its 30% market share implies a fragmented and competitive landscape. The broader swim school industry also contends with challenges such as finding and retaining qualified teachers, managing registrations efficiently, and addressing long waitlists, which can affect customer satisfaction and operational efficiency.

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Fitness Champs (FCHL) anticipates several key drivers for its future revenue growth over the next two to three years:

• Diversification into New Sports Education Offerings: The company plans to expand its sports education portfolio beyond swimming to include other aquatic sports like water polo and flippa ball, as well as other sports such as pickleball. This strategy aims to broaden its business scope and cater to wider market demands, potentially through partnerships with entities like the Ministry of Education (MOE) for co-curricular activities.
• Geographic Expansion into New Markets: Fitness Champs has explicitly identified international expansion as a growth driver, with a planned expansion into Dubai targeted for January 1, 2026. Marketing efforts are already underway to support this international venture.
• Strategic Acquisitions and Partnerships: Fitness Champs intends to pursue strategic acquisitions and partnerships within the fitness industry. This approach is expected to facilitate the rapid scaling of its operations, diversify its service offerings, and enable entry into new geographical markets.
• Strengthening Coaching Team and Operational Capacity: A portion of the net proceeds from its initial public offering (IPO) is earmarked for strengthening the company's coaching team through hiring and training more coaches. This investment is crucial for enhancing its capacity to serve more students and maintain the quality of its educational services.

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Share Issuance

• Fitness Champs Holdings Ltd. (FCHL) completed its Initial Public Offering (IPO) on September 5, 2025, pricing it at $4.00 per share.
• The company issued 2.0 million ordinary shares during the IPO, generating gross proceeds of $8.0 million.
• A total of 3.75 million ordinary shares were sold in the IPO, with the remaining 1.75 million shares offered by selling shareholders.

Inbound Investments

• In September 2025, Fitness Champs Holdings Limited completed its IPO, raising gross proceeds of $8.0 million for the company from the issuance of its shares.

Capital Expenditures

• Net proceeds from the IPO are designated to strengthen the coaching team through hiring and training, enhance marketing and branding efforts, and support business development, including vertical expansion into other aquatic sports.
• Funds are also allocated for potential strategic acquisitions, repayment of loans from the controlling shareholder related to offering costs, and general working capital.
• Operating expenses for the first six months of fiscal year 2025 increased, partly due to higher coaches' compensation and marketing expenditures for a planned expansion into Dubai.