方正证券发布研报称，25年上半年KEEP(03650)主动收缩业务&用户，挤干水分以盈利为核心导向，且 更多是公司内生改善驱动;下半年在AI+及服装品类增量加持下收入有望重新企稳回升，同时明年有望释 放更大业绩弹性。该行预计公司25-26年经调净利润为0.7亿元、1.7亿元，维持"推荐"评级。公司25H1经 调利润扭亏为盈，AI教练进展顺利，此外发力服装品类。2025秋冬新品于9/5上新，后续收入端有望止 跌回暖，利润持续改善。 该行表示，KEEP下半年有望重回增长态势，后续AI释放增量下有望贡献弹性。鉴于公司上半年主动战 略收缩低效业务，但下半年随着AI功能及服装产品线逐步完善公司将配合重新做合理的费用投放，预 计收入将重回增长态势，同时经调净利率有望继续改善至5%以上水平。明年随着AI教练功能逐步完 善，有望贡献业绩增量，管理层初步预计明年AI教练有望贡献收入增量2.3亿元/100wAI用户月活。 ...

智通财经APP获悉，方正证券发布研报称，25年上半年KEEP(03650)主动收缩业务&用户，挤干水分以 盈利为核心导向，且更多是公司内生改善驱动;下半年在AI+及服装品类增量加持下收入有望重新企稳回 升，同时明年有望释放更大业绩弹性。该行预计公司25-26年经调净利润为0.7亿元、1.7亿元，维持"推 荐"评级。公司25H1经调利润扭亏为盈，AI教练进展顺利，此外发力服装品类。2025秋冬新品于9/5上 新，后续收入端有望止跌回暖，利润持续改善。 该行表示，KEEP下半年有望重回增长态势，后续AI释放增量下有望贡献弹性。鉴于公司上半年主动战 略收缩低效业务，但下半年随着AI功能及服装产品线逐步完善公司将配合重新做合理的费用投放，预 计收入将重回增长态势，同时经调净利率有望继续改善至5%以上水平。明年随着AI教练功能逐步完 善，有望贡献业绩增量，管理层初步预计明年AI教练有望贡献收入增量2.3亿元/100wAI用户月活。 ...

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: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: Keep Inc.（於開曼群島註冊成立的有限公司） 呈交日期: 2025年9月3日 I. 法定/註冊股本變動 本月底法定/註冊股本總額： USD 50,000 FF301 第 1 頁 共 12 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 | 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 | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | 已發行股份總數 | | | 上月底結存 | | | 514,236,587 | 11,435,400 | | 525,671,987 | | 增加 / 減少 (-) | | | -200,000 | 200,000 | | | | 本月底結存 | | ...

Group 1 - The article reports on share buybacks conducted by various companies on September 2, 2025, with a total of 30 companies participating in the buyback program [1] - China Hongqiao (01378) had the largest buyback amount, repurchasing 36.65 million shares for a total of 942 million [2] - Tencent Holdings (00700) repurchased 913,000 shares for 550 million, while Hang Seng Bank (00011) bought back 210,000 shares for 23.66 million [2] Group 2 - The cumulative buyback quantity for China Hongqiao (01378) for the year reached 14.1 million shares, representing 1.5% of its total share capital [2] - Other notable buybacks include Vitasoy International (00345) with 718,000 shares for 6.57 million and MGM China (02282) with 1 million shares for 15.90 million [2] - The buyback activity reflects a trend among companies to return capital to shareholders, with varying percentages of total share capital being repurchased across different firms [2][3]

Group 1 - The company KEEP (03650) announced a share buyback plan on September 2, 2025, with an expenditure of HKD 281,400 to repurchase 50,000 shares [1] - The repurchase price per share is set between HKD 5.61 and HKD 5.65 [1]

Group 1 - The company KEEP (03650) announced a share buyback plan on September 2, 2025, involving an expenditure of HKD 281,400 to repurchase 50,000 shares [1] - The repurchase price per share is set between HKD 5.61 and HKD 5.65 [1]

Group 1 - KEEP (03650.HK) announced a share buyback on September 2, 2025, spending HKD 281,000 to repurchase 50,000 shares [1] - The buyback price ranged from HKD 5.61 to HKD 5.65 per share [1]

| 1). | 購回以作註銷但尚未註銷之股份 | | 33,100 | 0.006441 % | HKD | 4.0595 | | --- | --- | --- | --- | --- | --- | --- | | | 變動日期 | 2024年4月2日 | | | | | | 2). | 購回以作註銷但尚未註銷之股份 | | 155,000 | 0.030162 % | HKD | 4.3833 | | | 變動日期 | 2024年4月5日 | | | | | | 3). | 購回以作註銷但尚未註銷之股份 | | 26,500 | 0.005157 % | HKD | 4.2589 | | | 變動日期 | 2024年4月8日 | | | | | | 4). | 購回以作註銷但尚未註銷之股份 | | 232,100 | 0.045166 % | HKD | 4.3113 | | | 變動日期 | 2024年4月9日 | | | | | | 5). | 購回以作註銷但尚未註銷之股份 | | 100,100 | 0.019479 % | HKD | 4.5365 | | | 變動日期 | 2024年4月10日 ...

Core Insights - Keep has achieved profitability for the first time in the first half of 2025, driven by a strategic shift to an AI-focused business model [1] - The company has successfully restructured its AI infrastructure and optimized its product offerings, leading to an adjusted net profit of RMB 0.10 billion and a gross margin increase of 6.2 percentage points to 52.2% [1] - The fitness industry in China is experiencing rapid growth, with online and AI-driven solutions expected to unlock new commercial opportunities [1] Group 1 - Keep's "All in AI" strategy integrates hardware and software, creating a synergistic ecosystem that enhances user experience and drives sales [2] - The company aims to improve user satisfaction and average revenue per user (ARPU) through a diverse product matrix centered around AI coaching [2] - Keep's current market valuation is considered low compared to mainstream SaaS products, with significant upside potential as new AI coaching subscriptions are expected to generate over RMB 200 million in annual recurring revenue (ARR) by 2026 [2]

Group 1 - KEEP (03650.HK) announced a share buyback on September 1, 2025, spending HKD 895,000 to repurchase 150,000 shares at a price range of HKD 5.90 to HKD 6.07 per share [1] - The company has shifted its focus towards an AI strategy, indicating a strategic pivot in its business operations [1] - The recent financial performance shows a turnaround from loss to profit, highlighting improved operational efficiency [1]