（原标题：34家港股公司回购 斥资10.39亿港元） 证券时报•数据宝统计显示，7月4日有34家香港上市公司进行了股份回购，合计回购2511.11万股，回购 金额10.39亿港元。 腾讯控股回购数量100.70万股，回购金额5.00亿港元，回购最高价为501.000港元，最低价为493.000港 元，年内累计回购金额380.41亿港元；友邦保险回购数量700.00万股，回购金额4.84亿港元，回购最高 价为69.800港元，最低价为68.800港元，年内累计回购金额159.75亿港元；VITASOY INT'L回购数量 200.00万股，回购金额1846.16万港元，回购最高价为9.260港元，最低价为9.170港元，年内累计回购金 额1.09亿港元。 以金额进行统计，7月4日回购金额最多的是腾讯控股，回购金额为5.00亿港元；其次是友邦保险，回购 金额为4.84亿港元；回购金额居前的还有VITASOY INT'L、百胜中国等。回购数量上看，7月4日回购股 数最多的是友邦保险，当日回购量为700.00万股；其次是嬴集团、VITASOY INT'L等，回购数量分别为 670.00万股、200.00万股。 值得关 ...

原标题：共建数字体育场景创新生态——2025全球数字经济大会数字体育产业发展论坛在京举办 北京时间7月4日下午，2025全球数字经济大会数字体育产业发展论坛在北京国家会议中心举办。本 次论坛聚焦数字体育行业热点，围绕"共建数字体育场景创新生态"主题，剖析数字体育创新模式，总结 数字体育实践经验，展望数字体育发展机遇与前景。为体育强国建设、数字体育创新发展与国际交流合 作提供参考借鉴。 北京市经济和信息化局、北京市体育局、北京市朝阳区人民政府，以及来自国际奥委会发起的科创 平台ThinkSport及多个国际体育组织和机构代表致辞。中国技术经济学会党委书记、理事长李开孟表 示，数字体育正以"技术创新场景、场景重构生态"的发展趋势，开辟产业升级新蓝海、探索新质生产力 发展新赛道，为体育强国建设注入强大动力。学会将以数字体育专委会为载体，致力于搭建创新桥梁、 培育生态沃土，推动政产学研用全链条协同。 北京市朝阳区人民政府副区长尹圆指出，北京正在加速建设全球数字经济标杆城市，朝阳区聚集了 大量高新科技企业与数字人才，还汇集了鸟巢、水立方等世界级的双奥场馆资源，是首都数字经济核心 区与国际消费中心主承载区，朝阳区成为数字 ...

报告由林氏家居、Keep和艾瑞咨询联合发布 居家健康放松方式丨白皮书 核心摘要： 国民健康管理向身心灵平衡升级，居家运动放松成为重要手段 国民健康管理意识经历 从身体健康，到身心健康，再到身心灵平衡的三级跃迁。 高压生活导致国人身心灵 紧绷，系统性健康危机亟待破解。在此背景下， 运动和放松成为了国人健康管理的双引擎。 社会环境的发 展和科技的赋能，将居住空间转化为个人健康基站， 居家运动放松将成为健康生活重要环节 关注健康放松的人群追求高品质健康生活，家具舒适度是居家放松关键 关注健康放松的人群重视身心灵全面健康，愿意为自己的 高品质健康生活 投资；他们遵循自然节律，通过 运动和放松的有机结合实现高品质健康。 整体来看，当代人的放松空间既有居家，也有室外和商业室内场所，呈现跨空间利用的特点，但居家放松仍 为核心选择。另外， 家具舒适度是影响放松效果的关键因素，智能床架/床垫和沙发/沙发椅 是主要放松产 品。 从动态恢复至静态疗愈，四类人群借高品质家居重构健康阈值，高效放松 关注健康放松的人细分为 悦活高能族、自律管理派、宅家躺平派和松弛养生党。 悦活高能族： 能量外放，通过动态恢复 提升睡眠质量； 偏好运动恢 ...

相关上市企业：舒华体育（605299）、英派斯（002899）、创源股份（300703）、信隆健康 （002105）、金陵体育（300651）、康力源（301287）、三柏硕（001300）、KEEP（03650）、融捷健 康（300247）、中体产业（600158）等。 相关企业：北京卡路里信息技术有限公司、乐动天下（北京）体育科技有限公司、广州源动智慧体育科 技有限公司、浙江易跑健康科技有限公司、杭州乐刻网络技术有限公司、上海驿家健身服务有限公司、 杭州微柠科技有限公司、快快利华 (北京) 网络科技有限公司、深圳市古德菲力健康科技有限公司等。 关键词：智能健身、肥胖率、市场规模、健身人数 一、智能健身行业相关概述 智能健身，也被称之为智慧健身、AI健身，是基于最新科技产品结合传统运动健身所打造的智慧健身 综合解决方案。智能健身的基本原理是通过虚拟教练和智能运动设备的结合，为用户提供个性化的健身 指导和训练。虚拟教练通常是一个在屏幕上呈现的数字化形象，它可以根据用户个人信息和健身目标制 定适合的训练计划。用户可以通过智能运动设备进行实时监测和反馈，如智能手表、智能健身追踪器、 智能耳机、智能体重秤、智能健身 ...

Financial Performance - Revenue for 2024 was RMB 2,065,694 thousand, a decrease of 3.4% from RMB 2,137,834 thousand in 2023[7] - Gross profit for 2024 was RMB 965,432 thousand, with a gross margin of 46.7%, up from 45.0% in 2023[7] - The company reported a net loss of RMB 534,710 thousand for 2024, compared to a profit of RMB 1,105,908 thousand in 2023[7] - In 2024, total revenue reached RMB 2.1 billion, a year-on-year decrease of 3.4% due to a decline in online sports event revenue and underperformance in smart home device sales[12] - Adjusted net loss was RMB 469.6 million in 2024, compared to RMB 295.4 million in 2023, primarily due to increased investments in strategic business and technology innovation[13] - Total current assets decreased to RMB 1,735,935 thousand in 2024 from RMB 2,291,429 thousand in 2023[8] - Total liabilities decreased to RMB 550,000 thousand in 2024 from RMB 575,592 thousand in 2023[8] - Operating costs for the year ended December 31, 2024, were RMB 1,100.3 million, a decrease of 6.5% from RMB 1,176.2 million in the previous year, benefiting from successful cost control[31] - Gross profit for the year ended December 31, 2024, was RMB 965.4 million, an increase of 0.4% from RMB 961.6 million in the previous year, with a gross margin of 46.7%, up 1.7 percentage points from 45.0%[34] User Engagement and Growth - Average monthly active users increased to 29,921 thousand in 2024, up from 29,756 thousand in 2023[10] - Monthly average revenue per active user decreased to RMB 5.8 in 2024 from RMB 6.0 in 2023[10] - The average monthly subscription members decreased to 3,162 thousand in 2024 from 3,193 thousand in 2023[10] - Average monthly active users and average monthly subscription members were 29.9 million and 3.2 million respectively in 2024, showing stability compared to 2023[14] - Member penetration rate in 2024 was 10.6%, relatively stable compared to 10.7% in 2023[14] - The outdoor user base grew significantly in 2024, with over 30% year-on-year growth in niche sports like cycling, swimming, and boxing[18] - Smart plan usage accounted for 90% of total plans in 2024, with over 65 million uses throughout the year[18] Product Development and Innovation - The company aims to enhance user experience and brand awareness through the launch of new wearable fitness devices and an upgraded Keep App 8.0[9] - The company is focusing on a data-driven ecosystem transition, leveraging AI technology to strengthen its competitive advantage[9] - The launch of Keep App 8.0 introduced over 40,000 recorded classes, catering to diverse user needs and enhancing the online fitness experience[15] - The company plans to leverage generative AI technology to enhance its fitness data infrastructure, aiming for long-term sustainable growth and a shift from content-driven to data-driven models[21] - AI-generated content now accounts for nearly 14% of the company's 6,000+ official courses, with new overseas AI fitness applications achieving 100% AI-generated personalized plans[20] - The company has successfully developed a series of innovative fitness products, enhancing its competitive edge and consumer trust, particularly in the equipment and apparel segments[24] Financial Position and Cash Flow - As of December 31, 2024, the company's total available cash was RMB 1.2 billion, down from RMB 1.8 billion as of December 31, 2023[45] - The company had cash and cash equivalents of RMB 764.3 million as of December 31, 2024, a decrease from RMB 1.6 billion as of December 31, 2023[45] - The company's debt-to-asset ratio as of December 31, 2024, was 0.29, an increase from 0.24 as of December 31, 2023[51] Corporate Governance and Compliance - The company emphasizes maintaining high corporate governance standards and has adopted the corporate governance code as per the listing rules[199] - The audit committee has reviewed the accounting policies and internal controls, along with the consolidated financial statements for the year ending December 31, 2024[192] - The company appointed Lo & Co. as the new auditor effective February 9, 2024, following the resignation of PwC due to scheduling conflicts[194] - The company has adhered to all applicable code provisions in Section 2 of the Corporate Governance Code for the year ending December 31, 2024[200] - The roles of Chairman and CEO are currently held by the same individual, Mr. Wang Ning, to ensure consistent internal leadership and effective strategic planning[200] Employee Relations and Development - The company has a total of 827 full-time employees as of December 31, 2024, with the majority based in China[82] - The company has implemented diverse learning and development programs for employees, including a tiered management training program[82] - There are no significant labor disputes reported during the fiscal year ending December 31, 2024, indicating good employee relations[83] Market and Competitive Landscape - The company is focusing on enhancing user engagement through data-driven insights and personalized content distribution, aiming to improve user retention and satisfaction[20] - The company has expanded its product offerings in sports equipment and apparel, achieving a 16.0% year-on-year growth in these categories in 2024[22] - The company's proprietary fitness products achieved a revenue growth of 0.8% year-on-year in 2024, with gross profit increasing by 15.3%, resulting in a gross margin rise to 31.7% from 27.7% in 2023[22] Shareholder Information - The board does not recommend the payment of a final dividend for the fiscal year ending December 31, 2024[69] - The company is registered in the Cayman Islands, and any future dividend payments will depend on the availability of dividends received from its subsidiaries[67] - As of December 31, 2024, no shareholders have waived or agreed to waive their rights to dividends[68] - The company has a structured ownership with various funds and trusts controlling significant equity stakes[107] Risks and Challenges - The company faces significant risks related to user retention and engagement, which could adversely affect business performance[75] - The company has a limited operating history under its evolving platform business model, which may not reflect future growth[75] - There are potential risks related to the contractual arrangements, including regulatory compliance and operational control issues[128]

Core Viewpoint - The fitness industry is experiencing increased attention due to government initiatives promoting health, yet Keep, a leading fitness platform, reported a significant increase in losses, raising questions about its profitability despite growing user engagement [1][2]. Group 1: Industry Trends - The National Health Commission announced a "Weight Management Year" initiative aimed at promoting healthy lifestyles over the next three years, aligning with previous plans to create a supportive environment for weight management starting in 2024 [1]. - The growing interest in fitness and health policies may lead to a surge in users for platforms like Keep, similar to the user growth seen during the pandemic [2]. Group 2: Company Performance - Keep's financial report for 2024 revealed a net loss that expanded by 59% compared to the previous year, despite an increase in user engagement and fitness participation [1]. - The company has significantly increased its R&D spending, particularly in AI, which is seen as a long-term investment to enhance its competitive edge [1][7]. Group 3: Competitive Landscape - Keep faces competition from social media platforms that offer free fitness content, raising concerns about user retention and engagement [3][4]. - However, Keep's structured and systematic training programs differentiate it from the fragmented content available on social media, positioning it as a provider of comprehensive fitness solutions rather than just content consumption [4][5]. Group 4: AI Integration Strategy - Keep is investing heavily in AI to enhance user experience and content production efficiency, aiming to transform from a content-centric model to a service-oriented model [8][9]. - The introduction of AI-driven features is expected to significantly increase the average revenue per user (ARPU) by providing personalized training plans and real-time feedback [8][9]. Group 5: Financial Outlook - Despite the increased losses in the second half of 2024, Keep's stock price remained stable, indicating investor confidence in its strategic direction towards AI [11]. - The company maintains a healthy cash flow and continues to see growth in membership subscription revenue, suggesting resilience in its core business [11].

Investment Rating - The investment rating for the company is "Outperform the Market" [6] Core Viewpoints - The company's revenue for 2024 is expected to decline slightly by 3.4% to 2.066 billion HKD, primarily due to a decrease in online sports event revenue compared to the high base in 2023. However, the gross margin continues to improve, increasing by 1.8 percentage points to 46.7%, driven by the growth in proprietary brand business and online paid services [1][4] - The company is focusing on its proprietary brand business, which has shown steady growth, particularly in the equipment and apparel categories, which grew by 16%. The launch of the smart watch Pilot1 has also contributed positively, with over 12,000 units sold in four months [2][4] - The company is expanding its outdoor scene successfully, with a 30% year-on-year increase in users participating in niche sports such as cycling and ball games. The average monthly active users (MAU) reached 29.92 million, with a stable paid user penetration rate of 10.6% [3][4] Summary by Sections Revenue and Profitability - Total revenue for 2024 is projected at 2.066 billion HKD, down 3.4% from 2023. The adjusted net loss is expected to widen to 470 million HKD, a 59% increase year-on-year. Sales expenses rose by 33.1% to 758 million HKD, largely due to increased marketing costs related to the sports year and app upgrades [1][5] - The proprietary brand sports products generated revenue of 954 million HKD, up 0.8%, with a gross margin of 31.7%, benefiting from a higher proportion of high-margin categories [2][5] Future Outlook - The company anticipates a return to breakeven by 2025, with adjusted net profits projected at 0.00 million HKD in 2025, 65 million HKD in 2026, and 131 million HKD in 2027. The target price has been raised to 6.2-6.6 HKD, reflecting an upward revision in profit forecasts [4][22] - The ongoing AI initiatives are expected to enhance user engagement and subscription rates, with significant benefits anticipated in 2026-2027 [4][22]

Core Insights - Keep reported a revenue of 2.066 billion RMB for the fiscal year ending December 31, 2024, with an adjusted net loss of 469 million RMB, indicating a strategic focus on long-term growth despite short-term losses [1][2][3] Financial Performance - Revenue decreased by 3.4% year-on-year, while gross profit was 965 million RMB, with a gross margin increase from 45.0% to 46.7% [2] - Revenue sources include self-branded sports products (954 million RMB, up 0.8%), online memberships and paid content (918 million RMB), and advertising and other revenues (194 million RMB) [2] - The gross profit from self-branded fitness products increased by 15.3% to 302 million RMB, with a gross margin rise from 27.7% to 31.7% [2] User Metrics - Average monthly active users reached 29.92 million, with average monthly subscription members at 3.16 million, maintaining a membership penetration rate of 10.6% [1][3] Strategic Initiatives - The company plans to achieve breakeven by 2025 through investments in new strategic businesses and technological innovations, including AI applications to optimize operations and reduce costs [3][4] - Keep launched App 8.0, enhancing online services and data functionalities, with 14% of its 6,000 official courses being AI-generated content [4] AI and Future Development - Keep is focusing on AI-driven solutions to enhance user experience and operational efficiency, including the introduction of Kinetic.ai and the AI coach experience, Kaka [4][5] - The company aims to transition from content-driven to data-driven ecosystems, leveraging AI technology to strengthen its competitive edge [5]

Financial Performance - Total revenue for 2024 reached RMB 2,065,694, a decrease of 3.4% compared to RMB 2,137,834 in 2023[2] - The net loss for the year was RMB 534,710, compared to a profit of RMB 1,105,908 in 2023, indicating a significant decline[2] - Adjusted net loss for 2024 was RMB 469.6 million, compared to RMB 295.4 million in 2023, primarily due to increased investments in strategic business and technological innovation[8] - Total revenue for the year ended December 31, 2024, was RMB 2,065.7 million, a decrease of 3.4% compared to RMB 2,137.8 million for the year ended December 31, 2023, primarily due to a decline in online membership and paid content service revenue[22] - The company reported a net loss attributable to shareholders of RMB 534.71 million for the year ended December 31, 2024, compared to a profit of RMB 1.11 billion in 2023, representing a significant decline[85] - Basic loss per share for 2024 was RMB (1.15), down from earnings of RMB 3.78 per share in 2023[83] User Engagement and Growth - Average monthly active users (MAUs) rose to 29,921, compared to 29,756 in 2023, reflecting a slight increase in user engagement[5] - The number of average monthly subscribers was 3,162, down from 3,193 in 2023, resulting in a membership penetration rate of 10.6%[5] - Average monthly active users for 2024 reached 29.9 million, with average monthly subscribers at 3.2 million, showing stability compared to 2023[9] - Member penetration rate for 2024 was 10.6%, slightly down from 10.7% in 2023, indicating a stable user base[9] - Outdoor user growth in 2024 matched indoor fitness users, with running as the primary activity and over 30% growth in cycling, ball sports, swimming, and boxing users[11] - The platform reached over 400 million registered users and 100 million annual active users by the end of 2024, with over 5.5 million annual exercise users[14] Product Development and Innovation - The company launched a new generation of wearable fitness devices and a series of popular products integrating sports science and aesthetics[4] - The Keep App 8.0 version launched in 2024 included over 40,000 recorded classes, catering to diverse user needs and enhancing online fitness services[10] - AI-generated content accounted for nearly 14% of the 6,000+ official courses, with new overseas AI fitness applications providing 100% AI-generated personalized plans[15] - The introduction of the exercise file feature integrates over 100 sports indicators, providing users with comprehensive insights into their exercise performance and health data[13] - The wearable product line, including the B4 and B4 Lite, achieved cumulative sales of over 1.2 million units, with the newly launched "Keep Watch Pilot 1" smartwatch selling over 12,000 units within four months of its release[18] Revenue Streams and Cost Management - Revenue from proprietary fitness products increased by 0.8% year-on-year in 2024, with gross profit rising significantly by 15.3%, leading to an overall gross margin improvement to 31.7% from 27.7% in 2023[17] - Revenue for proprietary sports products reached RMB 953.9 million, a 0.8% increase from RMB 946.1 million in 2023, driven by increased sales of complementary sports products[24] - Online membership and paid content revenue decreased by 7.8% to RMB 917.8 million from RMB 995.8 million in 2023, primarily due to a decline in revenue from online sports events[24] - Operating costs decreased by 6.5% to RMB 1,100.3 million from RMB 1,176.2 million in 2023, benefiting from successful cost control measures[26] - Sales and marketing expenses rose by 33.1% to RMB 757.9 million, primarily due to increased promotional and advertising expenditures[33] Strategic Goals and Future Outlook - The company aims to achieve breakeven by 2025 through technology empowerment and operational cost reduction[8] - The company plans to leverage generative AI technology to enhance user experience and expand personalized fitness offerings, transitioning from a content-driven model to a data-driven model[16] - The company aims to enhance and expand its online services, targeting both domestic and international markets, to increase user scale and subscription revenue through AI and data-driven applications[21] - The company is focused on optimizing its business structure and enhancing operational efficiency to meet diverse user needs in the evolving fitness landscape[6] Financial Position and Assets - The total available cash as of December 31, 2024, was RMB 1.2 billion, down from RMB 1.8 billion as of December 31, 2023, primarily due to cash outflows from operating activities and investments in financial assets[42] - Total assets decreased from RMB 2,448,741 thousand in 2023 to RMB 1,905,802 thousand in 2024, a decline of approximately 22.2%[56] - Current assets decreased from RMB 2,291,429 thousand in 2023 to RMB 1,735,935 thousand in 2024, a decline of about 24.2%[56] - Cash and cash equivalents significantly decreased from RMB 1,612,769 thousand in 2023 to RMB 764,260 thousand in 2024, a drop of approximately 52.7%[56] - Total equity decreased from RMB 1,873,149 thousand in 2023 to RMB 1,355,802 thousand in 2024, a decline of around 27.5%[56] Corporate Governance and Compliance - The company has adopted the corporate governance code and has complied with all applicable provisions during the reporting period, except for the separation of the roles of Chairman and CEO[95] - The audit committee, consisting of three independent non-executive directors, has reviewed the consolidated financial statements for the year ended December 31, 2024[100] - The company has maintained compliance with the minimum public float percentage as required by the listing rules throughout the reporting period[99]

User Engagement and Growth - Keep Inc. reported a significant increase in user engagement, with a 25% year-over-year growth in active users, reaching 5 million[3]. - Average monthly active users increased to 29.7 million, up from 29.5 million in the same period last year, while average monthly subscription members rose to 3.3 million from 3.0 million[16]. - Membership penetration rate improved to 11.1% from 10.2% in the previous year, reflecting enhanced user engagement[14]. Financial Performance - The company achieved a revenue of $50 million for the first half of 2024, representing a 30% increase compared to the same period last year[3]. - Total revenue for the six months ended June 30, 2024, was RMB 1,037.3 million, an increase of 5.4% compared to RMB 984.7 million in the same period last year[16]. - Gross profit for the same period was RMB 477.3 million, up 12.7% from RMB 423.7 million year-on-year, with a gross margin improvement from 43.0% to 46.0%[16]. - The adjusted net loss (non-IFRS measure) narrowed by 28.0% to RMB 160.7 million from RMB 223.1 million in the previous year, with an adjusted net loss margin of 15.5% compared to 22.7%[16]. - The loss for the six months ended June 30, 2024, was RMB 163.4 million, compared to a profit of RMB 1.2 billion for the same period in 2023[38]. Product Development and Innovation - The company is investing $10 million in new product development, focusing on enhancing its fitness app features and user experience[3]. - Keep App 8.0 launched in March 2024, expanding to over 60 sports categories and integrating with more than 50 smart devices, enhancing user experience and interaction[17]. - Keep upgraded its data analysis tools, expanding body assessments to include more body parts and providing personalized training plans based on running performance metrics[20]. Market Expansion and Strategy - Keep Inc. plans to expand its market presence in Southeast Asia, targeting a 15% market share by the end of 2025[3]. - The overall business strategy focuses on balancing healthy growth with cost efficiency, aiming for stable user scale and increased user value[15]. - The company is exploring partnerships with local fitness centers to increase user engagement and retention rates[3]. Sustainability and Corporate Responsibility - The company is committed to sustainability, aiming to reduce its carbon footprint by 30% over the next three years[3]. - Keep's collaboration with top fitness influencers and IPs aims to create immersive course experiences, enhancing user participation and engagement[19]. Shareholder Value and Corporate Governance - The company launched and expanded a share repurchase plan to enhance shareholder value amid growing public interest in fitness[13]. - The audit committee consists of three independent non-executive directors and is responsible for reviewing financial reporting procedures and internal control systems[92]. - The company has adopted a standard code for securities trading by directors, confirming compliance during the reporting period[88]. Cash Flow and Liquidity - Cash and cash equivalents as of June 30, 2024, amounted to RMB 1.4 billion, down from RMB 1.6 billion as of December 31, 2023, primarily due to cash used in operating and financing activities[41]. - The net cash outflow from operating activities for the six months ended June 30, 2024, is RMB (196,962) thousand, compared to RMB (176,088) thousand for the same period in 2023, indicating an 11% increase in cash outflow[103]. Employee Compensation and Management - The total employee benefits expense for the six months ended June 30, 2024, was RMB 282.0 million, a decrease from RMB 335.2 million for the same period in 2023[43]. - Total remuneration for key management personnel increased to RMB 9,391,000 for the six months ended June 30, 2024, compared to RMB 15,007,000 for the same period in 2023, reflecting a decrease of approximately 37.5%[162]. Share Capital and Incentive Plans - The total number of issued shares (including treasury shares) was 525,671,987[54]. - The company has a structured share incentive plan that includes unexercised restricted share units for key executives[54]. - The maximum number of shares that can be issued under all incentive plans is 10% of the issued shares on the listing date, equating to 52,567,199 shares[78].