证券研究报告 Keep (3650 HK) 持续建设 AI 驱动的运动健身生态 2026 年 3 月 27 日│中国香港 互联网 据公司公告，公司 2025 平均月活用户同减 27.2%至 2,177 万人，每位月活 跃用户的每月平均收入同增 0.5 元至 6.3 元，平均月度订阅会员数为 274 万 人（2024/1H25：316/279 万人），会员渗透率为 12.6%（2024/1H25： 10.6/12.4%）。管理层在 2H25 业绩会上表示，在 AI 的投入阶段公司主动 大幅减少了 APP 的获客成本，转而深耕核心用户；虽然大盘用户数因低频 用户流失有所下降，但核心用户粘性及运动活跃指标得到了改善提升，30 岁以下的人群占用户大盘的 70%，用户运动渗透率提升到至 57.8%，运动 时长同比提升 6.9%，DAU 的次日留存率提升至 41.7%。 转型 AI 驱动的运动健康生态平台，预计 1H26 集中发布 AI 产品 管理层表示，在 2025 年公司完成了从内容平台向 AI 驱动的运动健康生态 的转型：公司构建了基于多 Agent 协同的原生智能体系，已实现 10 个核心 Agent 以及 33 ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： Keep Inc. 呈交日期： 2026年3月27日 第 3 頁 共 11 頁 v 1.3.0 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 03650 | 說明 | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | 事件 | 已發行股份 ...

证券研究报告 Keep (3650 HK) 持续建设 AI 驱动的运动健身生态 2026 年 3 月 27 日│中国香港 互联网 Keep 2H25 总收入 8.2 亿元，同比-20.7%，非 IFRS 净利润 0.15 亿元，对 应非 IFRS 净利率 1.8%，同比改善 31.8pp，我们认为收入同比有所下降和 净利率同比改善主因公司主动缩减低毛利硬件业务提升收入质量，并提升了 供应链效率以降低采购成本。管理层在 2H25 业绩会上预计 2026 年将实现 收入规模 20%以上增长，同时维持经营利润率稳定，实现增长和质量双目 标。我们建议关注公司 2026 年在 AI 全生态布局上的进展、一定规模投入 下的用户增长趋势和各项降本增效效果。维持"买入"评级。 低毛利品收缩和供应链效率提升带动自有品牌运动产品毛利率改善 公司 2H25 收入同比-20.7%至 8.2 亿元，其中自有品牌运动产品收入同比 -15.7%至 3.8 亿元，该业务毛利率为 36.8%，同比+4.9pp，主因低毛利品 类的收缩和高毛利品类的聚焦，叠加规模采购、工程降本和物流管理提升带 来的供应链效率改善。线上会员及付费内容收入同比-28 ...

1.微软英伟达合作推出AI工具 面对历史性的电力需求激增，而现有基建体系仍停留在模拟时代，全球正竞速追赶。在数字技术指数级 扩张与供应链再工业化的双重驱动下，对持续稳定无碳电力的需求已变得迫切且不可回避。核能被视为 这一未来的关键支柱，但整个行业仍受困于交付瓶颈。微软认为这正是AI的用武之地。 2.北京市2025年国民经济和社会发展统计公报发布 北京市统计局发布2025年国民经济和社会发展统计公报。初步核算，全年实现地区生产总值52073.4亿 元，按不变价格计算，比上年增长5.4%。其中，第一产业增加值109.2亿元，下降0.7%；第二产业增加 值7187.4亿元，增长3.5%；第三产业增加值44776.9亿元，增长5.8%。三次产业构成为0.2︰13.8︰86.0。 按常住人口计算，全市人均地区生产总值为23.9万元（按年平均汇率折算为3.3万美元）。 3.百度高管称机器人进家是10年后的事 博鳌亚洲论坛2026年年会于3月24日至27日在海南博鳌举行。在"人形机器人的进阶与飞跃"分论坛，关 于人形机器人走入生活，百度集团执行副总裁、百度智能云事业群总裁沈抖表示，具身智能进家庭应该 是最后一步，是对它能力 ...

FF305 第 2 頁 共 11 頁 v 1.3.0 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： Keep Inc. 呈交日期： 2026年3月26日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 03650 | 說明 | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | 事件 | 已發行股份 ...

香港交易及結算所有限公司及香港聯合交易所有限公司（「聯交所」）對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產 生或因依賴該等內容而引致的任何損失承擔任何責任。 Keep Inc. （於開曼群島註冊成立的有限公司） （股份代號：3650） 截至2025年12月31日止年度之年度業績公告 年度業績摘要 | | | 截至12月31日止年度 | | | --- | --- | --- | --- | | | 2025年 | 2024年 | 同比變動 | | | 人民幣千元 | 人民幣千元 | (%) | | 收入 | 1,637,267 | 2,065,694 | (20.7) | | 毛利 | 854,126 | 965,432 | (11.5) | | 毛利率(%) | 52.2 | 46.7 | 5.5個百分點 | | 年內虧損 | (71,786) | (534,710) | (86.6) | | 年內經調整利潤╱（虧損）淨額（非國際 | | | | | 財務報告準則計量） （附註） | 25,216 | (469,606) | (105.4) | ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致之任何損失承擔任何責任。 Keep Inc. （於開曼群島註冊成立的有限公司） （股份代號：3650） 董事會會議召開日期 Keep Inc.（「本公司」連同附屬公司及合併聯屬實體，統稱「本集團」）董事會（「董 事會」）茲通告謹定於2026年3月25日（星期三）舉行董事會會議，以考慮及通過本 集團截至2025年12月31日止年度業績（「年度業績」）以及處理其他事項。 本公司的管理層將於2026年3月25日（星期三）下午5時正（北京時間）召開電話會 議，以討論年度業績及回答問題。電話會議詳情如下： 活動名稱：Keep 2025年度業績電話會議 註冊鏈接： https://register-conf.media-server.com/register/BIf73fb6cceb234f72a299adc718350096 所有與會者須於電話會議召開前使用上文提供的鏈接完成在線註冊程序。註冊 後，各與會者將收到一組用以參與電話會議的與會 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年2月28日 狀態: 新提交 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 03650 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 1,000,000,000 | USD | 0.00005 | USD | | 50,000 | | 增加 / 減少 (-) | | | 0 | | | USD | | 0 | | 本月底結存 | | | 1,000,000,000 | USD | 0.00005 | USD | | 50,000 | 本月底法定/註冊股本總額： USD 50,000 FF301 第 1 頁 共 12 頁 v 1.2.0 FF301 II. 已發行股份及/或庫存股份變動及足夠公眾持股量的確認 ...

Core Insights - Keep has achieved its first annual profit in ten years, with an adjusted net profit of approximately 25 million RMB for the year ending December 31, 2025, marking a significant turnaround in its operational fundamentals [1] - The company has narrowed its owner’s attributable loss by approximately 87% compared to the previous year, indicating substantial improvements in profitability and operational efficiency [1] Group 1: Financial Performance - In the first half of 2025, Keep reported revenue of 822 million RMB and an adjusted net profit of 10.35 million RMB, with a gross margin increase from 46.0% to 52.2% year-on-year [2] - The full-year profit forecast confirms the sustainability of this improvement trend, driven by a precise "supply-side reform" that optimizes the business mix and enhances resource allocation efficiency [2] Group 2: Strategic Focus - Keep has shifted its focus to high-margin core sectors, specifically sports equipment and apparel, resulting in a healthier business structure despite a contraction in total revenue [2] - The company has transitioned from a "scale-first" to a "quality-first" strategy, enhancing brand value and user engagement by targeting specific demographics such as runners and yoga practitioners [2] Group 3: AI Integration - AI has become a fundamental driver of growth for Keep, evolving from a conceptual tool to a productive force embedded in the service chain of sports health [3] - The company has developed a comprehensive service capability through its proprietary model Kinetic.ai, which includes smart solution generation, real-time training guidance, and dietary assessments [3][4] - AI has enabled Keep to replace high-cost human services, optimizing marginal costs and contributing to the increase in gross margin from 46.0% to 52.2% [3] Group 4: Business Model Transformation - The introduction of AI coaching addresses key user pain points, facilitating a shift from a "content buyout" model to a "subscription service" model, thus transforming Keep's revenue structure [4] - This strategic transition opens new valuation spaces by evolving from a traditional "content + hardware" model to a "content payment + hardware sales + intelligent services" model [4] Group 5: Market Positioning - Keep is redefining its strategic positioning as a "smart health solution provider," supported by a three-layer business logic that enhances user engagement and retention [6] - The company has built a robust data barrier over the past decade, which, combined with AI capabilities, positions it favorably in the competitive landscape of the sports health sector [6][7] - With over 500 million people in China regularly participating in sports, Keep is well-positioned to capitalize on this growing market demand for health solutions [7] Group 6: Future Outlook - The first annual profit in 2025 is seen as a starting point for Keep's deeper engagement in AI, with the potential for significant growth in the sports health sector [8] - The company aims to transform its AI capabilities into a nationwide health service platform, driving continuous technological iterations and enhancing profitability [8]

Core Viewpoint - Keep has achieved its first annual profit in ten years, marking a fundamental shift in its operational fundamentals, driven by a dual strategy of "AI focus + business optimization" [1][8] Financial Performance - For the fiscal year ending December 31, 2025, Keep reported an adjusted net profit of approximately 25 million RMB, a significant improvement with a reduction in owner’s attributable loss by about 87% compared to the previous year [1] - In the first half of 2025, Keep achieved revenue of 822 million RMB and an adjusted net profit of 10.35 million RMB, with a gross margin increase from 46.0% to 52.2% [2] Strategic Shifts - The company has undergone a "supply-side reform" by optimizing its business mix and enhancing resource allocation efficiency, focusing on high-margin core segments such as sports equipment and apparel [2] - Keep's strategic pivot from "scale-first" to "quality-first" has established a positive cycle of brand equity and user value, enhancing its operational efficiency [2] AI Integration - AI has transitioned from a conceptual tool to a core driver of productivity, deeply embedded in the service chain of sports health, enhancing user experience and driving paid conversions [3][4] - The application of AI has allowed Keep to replace high-cost human services, optimizing marginal costs and contributing to the increase in gross margin [3] Business Model Transformation - The introduction of AI coaching has shifted the user payment model from a "content buyout" to a "subscription service," evolving Keep's revenue structure from a traditional "content + hardware" model to a "content payment + hardware sales + intelligent services" model [4] - This transformation opens new valuation spaces for the company, reflecting a significant evolution in its business logic [4] Market Positioning - Keep is redefining its strategic positioning as an "intelligent health solution provider," supported by a three-layer commercial logic that enhances user engagement and retention [6] - The company has built a robust data barrier over the past decade, leveraging its extensive user data to create a competitive edge in the market [5][6] Future Outlook - The sports health sector is characterized by a large and growing user base, with over 500 million people in China regularly participating in physical activities, providing fertile ground for national-level applications [7] - Keep's advancements in AI and its ability to create a closed service loop position it favorably for future growth in the AI-driven health sector [7][8]