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9月30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10月3日 I. 法定/註冊股本變動 | 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 | | | | | | | | | | 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 ...

Core Insights - The article discusses the current landscape of the light food industry in China, highlighting the limited number of publicly listed companies and their cross-industry expansions into the light food sector [1][6]. Group 1: Overview of Listed Companies - The light food industry has few listed companies, with many being cross-industry brands such as Nayuki Tea, Three Squirrels, and others venturing into the light food market [1]. - Key players include Nayuki Tea (02150.HK), Three Squirrels (300783.SZ), and others, each focusing on different segments of the light food market [1][2]. Group 2: Company Profiles and Financials - Nayuki Tea is projected to generate 49.2 billion yuan in revenue in 2024, focusing on a health-oriented dining experience [4]. - Three Squirrels is expected to achieve 106.2 billion yuan in revenue, targeting the casual snack market with its sub-brands [4]. - Farmer Spring leads with 428.96 billion yuan in revenue, while Baihe Co. has the lowest at 8.01 billion yuan [8]. Group 3: Business Strategies and Market Positioning - Nayuki Tea and KEEP target young professionals and fitness enthusiasts, offering specialized stores and meal options to meet all-day light food needs [9][10]. - Three Squirrels and Liangpinpuzi focus on low-calorie snacks for the general health-conscious market, while West Oats and Taoli Bread cater to fitness consumers with nutritious and convenient food options [9][10]. - Companies like Kangbiter and Baihe Co. provide products aimed at sports enthusiasts, focusing on body management and post-exercise nutrition [9][10]. Group 4: Sales Channels and Performance - Nayuki Tea operates a balanced online and offline sales strategy, with over 1,453 stores and a significant presence on delivery platforms [11]. - Three Squirrels primarily focuses on online sales, while companies like Taoli Bread and Farmer Spring rely more on offline channels [11]. - In 2024, Nayuki Tea's energy bowl packages are expected to sell over 29.2 million units, showcasing strong market demand [12][13]. Group 5: Future Plans and Innovations - Companies are planning to expand their light food offerings through new store formats, product innovations, and enhanced distribution channels [15]. - Nayuki Tea plans to launch a new store type, "Nayuki Green," focusing on low-calorie and healthy options for urban consumers [10].

Financial Performance - Revenue for the six months ended June 30, 2025, was RMB 821,752 thousand, a decrease of 20.8% compared to RMB 1,037,343 thousand in 2024[10]. - Gross profit for the same period was RMB 429,080 thousand, down 10.1% from RMB 477,322 thousand in 2024[10]. - The net loss for the period was RMB 35,429 thousand, a significant reduction of 78.3% compared to a loss of RMB 163,353 thousand in 2024[10]. - Adjusted net profit for the period was RMB 10,347 thousand, contrasting with an adjusted loss of RMB 160,690 thousand in 2024, marking a 106.4% improvement[10]. - Adjusted net profit margin was 1.3%, an increase of 16.8 percentage points from a negative margin of 15.5% in 2024[10]. - Total revenue for the six months ended June 30, 2025, was RMB 821.8 million, a decrease of 20.8% compared to RMB 1,037.3 million for the same period in 2024[28]. - The loss for the six months ended June 30, 2025, was RMB 35.4 million, significantly reduced from a loss of RMB 163.4 million in the same period of 2024[38]. - Total comprehensive expenses for the period amounted to RMB 38,216,000, a decrease of 75% from RMB 155,835,000 in the previous year[113]. - Basic and diluted loss per share for the period was RMB 0.08, compared to RMB 0.35 for the same period in 2024[112]. Operational Efficiency - Operating costs for the six months ended June 30, 2025, were RMB 392.7 million, a reduction of 29.9% from RMB 560.0 million in the same period of 2024[30]. - The company has reduced customer acquisition costs by approximately 60% through optimized marketing strategies and focused user engagement efforts[15]. - Research and development expenses decreased by 17.0% to RMB 162.4 million from RMB 195.7 million, mainly due to reduced personnel costs and improved labor productivity from advancements in AI technology[37]. - Sales and marketing expenses were RMB 223.5 million, down 30.9% from RMB 323.4 million, benefiting from optimized promotional efficiency[35]. - Administrative expenses decreased by 8.5% to RMB 82.8 million from RMB 90.5 million, primarily due to a reduction in professional fees[36]. User Engagement and Product Development - The average monthly active users (MAUs) decreased to 22.5 million from 29.7 million in 2024, while the average monthly revenue per user increased to RMB 6.1, up 4.5% year-on-year[12][15]. - The membership penetration rate rose to 12.4%, compared to 11.1% in the previous year, indicating improved user engagement[12][15]. - The company launched the AI coach "Kaka" in March 2025, which has undergone multiple iterations to enhance its capabilities in personalized training plans and user interaction[18][19]. - The implementation of a multi-agent system (MAS) has been completed, integrating core fitness tools with AI capabilities for improved user experience[18]. - The company aims to improve user retention and activity while solidifying growth foundations through continuous iteration of AI coach capabilities and precise channel expansion in consumer goods[26]. Revenue Streams and Market Focus - Revenue from online memberships and paid content decreased by 22.9% to RMB 337.1 million from RMB 437.0 million, primarily due to a decline in online sports event revenue[29]. - Revenue from proprietary sports products was RMB 396.7 million, down 20.9% from RMB 501.5 million year-over-year, due to the active streamlining of inefficient product categories[28]. - Revenue from online sports events has contracted due to insufficient scheduling of major IP events, prompting the company to optimize operational efficiency and focus on niche segments[22]. - The consumer goods segment reported revenue of approximately RMB 400 million in the first half of 2025, with a gross margin increase of 3.3 percentage points to 34.8%[24]. Financial Position and Cash Flow - As of June 30, 2025, the total available cash amounted to RMB 1 billion, down from RMB 1.2 billion as of December 31, 2024, primarily due to cash used in financial asset investments and operating activities[41]. - The company's debt-to-asset ratio as of June 30, 2025, was 0.25, a decrease from 0.29 as of December 31, 2024, indicating improved financial stability[47]. - As of June 30, 2025, the company had no outstanding bank borrowings, reflecting a strong liquidity position[46]. - Cash and cash equivalents decreased from RMB 764,260,000 to RMB 533,991,000, a decline of 30% over the six-month period[118]. - The company experienced a net cash outflow from operating activities of RMB 59,259,000, an improvement from RMB 196,962,000 in the previous year[118]. Shareholder Information and Equity - As of June 30, 2025, the total number of issued shares, including treasury shares, is 525,671,987[55]. - Mr. Wang Ning holds a total of 87,379,118 shares, representing approximately 16.62% of the company's equity[58]. - GGV shareholders collectively hold 75,814,900 shares, accounting for approximately 14.42% of the company's equity[58]. - The company has not granted any new incentives or options under the pre-IPO share incentive plan since its listing[64]. - The total number of shares available for issuance under the plan is capped at 10% of the shares issued on the listing date, amounting to 52,567,199 shares[82]. Future Plans and Investments - The company plans to enhance its product offerings in apparel and AI wearable technology to drive growth in the second half of 2025[25]. - The company aims to establish a sustainable growth path through AI-driven strategies and operational efficiency improvements, enhancing its competitive edge in the fitness industry[16]. - The company plans to allocate approximately HKD 67.2 million (35%) of the net proceeds for R&D to enhance technical capabilities and drive product innovation by December 31, 2025[52]. - The company intends to invest HKD 5.8 million (3%) in acquiring exclusive fitness intellectual property and third-party content to expand content supply and meet evolving user needs[53]. Risk Management and Compliance - The company faced no significant interest rate or foreign exchange risks, as its financial assets and liabilities are primarily composed of fixed-rate instruments[50]. - The company has not identified any significant matters that may impact the group since June 30, 2025[105]. - The company has no significant contingent liabilities or guarantees as of June 30, 2025, indicating a low risk profile[48].

Core Viewpoint - The company maintains a "Buy" rating and has raised its adjusted net profit forecasts for 2025-2027, reflecting a significant growth trajectory driven by a strategic focus on AI and operational efficiency [1][2] Financial Performance - H1 revenue decreased to 822 million RMB, down 20.8%, while adjusted net profit was 10.35 million RMB, a turnaround from a loss of 160 million RMB in the same period last year, primarily due to a strategic shift towards AI and the optimization of product structure [1] - H1 gross margin improved to 52.2%, an increase of 6.2 percentage points, attributed to business structure optimization and cost reduction efforts [1] - Adjusted net profit margin reached 1.3%, up 16.8 percentage points, indicating enhanced profitability [1] Business Segmentation - Revenue breakdown for H1 includes: self-owned brand sports products at 397 million RMB, online membership and paid content at 337 million RMB, and advertising and other revenues at 88 million RMB [1] - The average monthly active users reached 22.486 million, with subscription members at 2.787 million, reflecting a subscription penetration rate of 12.4%, an increase of 1.3 percentage points [1] AI Development and Strategy - The company achieved significant milestones in AI, including the implementation of multi-agent systems and iterations of core AI coaching functionalities [2] - The AI coach, Kaka, reported over 150,000 daily active users, with a notable retention rate of 50% for the AI dietary record feature, indicating strong user engagement [2] - The advertising business is focusing on the K-MARS urban running event, leveraging grassroots popularity to target core running demographics and establish a scalable foundation [2]

每经AI快讯，9月16日，港股KEEP(03650.HK)早盘涨超6%，截至发稿，涨5%，报6.09港元，成交额 389.75万港元。 ...

Core Viewpoint - Keep has entered a strategic partnership with SF Express, which is expected to enhance its user engagement and revenue potential through various initiatives, including online and offline activities, as well as the development of AI-driven features in its app [1][2] Group 1: Strategic Partnership - Keep's collaboration with SF Express includes the launch of the "SF Express Knight Sports Circle" for riders, potentially increasing daily active users by 30,000 [1] - SF Express plans to host eight offline events annually, incentivizing participation with Keep-branded medals [1] Group 2: Financial Performance - In the first half of the year, Keep achieved a turnaround in adjusted profits, attributed to successful advancements in AI coaching [2] - According to a report from Founder Securities, Keep's revenue is expected to stabilize and improve, with a projected net profit margin exceeding 5% in the second half of the year [2] - The company is anticipated to resume growth as it refines its AI capabilities and product lines, following a strategic contraction of inefficient operations [2]

Core Viewpoint - Keep has entered a strategic partnership with SF Express, enhancing its service offerings and aiming for growth in user engagement through various initiatives [1][2] Group 1: Strategic Partnership - Keep's collaboration with SF Express includes both online and offline components, with the launch of the "SF Express Knight Sports Circle" for riders, potentially increasing daily active users to 30,000 [1] - SF Express plans to host eight offline events annually, incentivizing participation with Keep-branded medals [1] Group 2: Financial Performance - In the first half of the year, Keep achieved a turnaround in adjusted profits, with positive progress in AI coaching [2] - According to a report from Founder Securities, Keep's revenue is expected to recover in the second half of the year, with continuous improvement in profits [2] - The company is anticipated to return to a growth trajectory in the second half, supported by the enhancement of AI features and product lines, with adjusted net profit margins projected to exceed 5% [2] Group 3: Future Developments - Keep plans to upgrade its app to version 8.0 in 2025, followed by a new 9.0 AI version, leveraging large models to create an AI Agent [1] - Kinetic.ai is developing a specialized model for Keep in the sports health sector, marking an industry first [1]

Core Viewpoint - Keep has turned a profit in H1 2025 after adjustments, with successful progress in AI coaching and a focus on expanding its apparel category [1] Financial Performance - Keep's adjusted net profit margin is expected to improve to over 5% as the company resumes reasonable expense investments in H2 2025 [1] - The company anticipates a return to revenue growth in H2 2025, driven by enhancements in AI features and the apparel product line [1] AI Coaching Development - Keep's AI coaching has shown initial success, with July DAU reaching over 150,000 and generating over 1 million in revenue [1] - By the end of the year, DAU for the AI coach is projected to exceed 1 million as more features are rolled out [1] - Management estimates that the AI coach could contribute an additional revenue of 230 million yuan for every 1 million monthly active users next year [1] Future Outlook - The report suggests that with the support of AI and apparel categories, Keep's revenue is expected to stabilize and rebound in H2 2025, with greater performance elasticity anticipated next year [1] - Adjusted net profit projections for Keep are 70 million yuan in 2025 and 170 million yuan in 2026, maintaining a recommended rating [1]

Core Viewpoint - Fangzheng Securities reports that KEEP (03650) is focusing on profitability by actively shrinking its business and user base in the first half of 2025, with expectations for revenue stabilization and growth in the second half driven by AI and clothing categories [1] Group 1: Financial Performance - In the first half of 2025, KEEP achieved a turnaround in adjusted profit, moving from loss to profit [1] - The adjusted net profit forecast for 2025 and 2026 is estimated at 0.7 billion and 1.7 billion respectively [1] - The adjusted net profit margin is expected to improve to over 5% in the second half of 2025 [1] Group 2: Strategic Initiatives - The company is actively reducing inefficient operations, which is expected to lead to a return to growth in the second half of 2025 [1] - The launch of new clothing products on September 5, 2025, is anticipated to contribute positively to revenue [1] - The AI coaching feature is progressing well and is expected to contribute an incremental revenue of 2.3 billion with 1 million active users monthly in the following year [1]

Core Viewpoint - KEEP (03650) is focusing on profitability by actively shrinking its business and user base in the first half of 2025, with expectations for revenue stabilization and growth in the second half driven by AI and clothing categories [1] Financial Performance - In the first half of 2025, KEEP achieved a turnaround in adjusted profit, moving from loss to profit [1] - The adjusted net profit forecast for 2025 and 2026 is estimated at 0.7 billion and 1.7 billion respectively [1] - The adjusted net profit margin is expected to improve to over 5% in the second half of 2025 [1] Strategic Initiatives - The company is making progress with its AI coaching feature and is expanding its clothing product line [1] - The launch of new products for the autumn/winter season on September 5 is anticipated to help revenue recover [1] Future Outlook - The management expects that the AI coaching feature could contribute an additional revenue of 2.3 billion for every 1 million active users monthly in the following year [1] - The company plans to adjust its expense allocation in line with the improvements in AI functionality and clothing product offerings, aiming for a return to growth [1]