KEEP(03650) 格隆汇·2025-03-28 09:21Core 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]