KEEP(HK:03650) 智通财经网·2025-08-25 10:21Core Insights - Keep reported a revenue of 822 million RMB for the first half of 2025, with an adjusted net profit of 10.35 million RMB, marking a significant improvement from a net loss of 167 million RMB in the same period last year [1][2] - The company's gross margin increased from 46.0% to 52.2%, reflecting effective strategies in product optimization and cost management [1][2] - Keep's user metrics remained stable, with an average monthly active user count of 22.49 million and a subscription member count of 2.8 million, leading to a membership penetration rate of 12.4% [1][3] Financial Performance - The adjusted net profit margin reached 1.3%, a turnaround from a net loss margin of 15.5% in the previous year [2] - Revenue breakdown includes approximately 400 million RMB from proprietary sports products, 337 million RMB from online memberships and paid content, and 88 million RMB from advertising and other sources [2] - The gross margin for proprietary sports products improved by 3.3 percentage points to 34.8%, indicating successful category focus and channel efficiency strategies [2] User Metrics - Average monthly revenue per active user increased to 6.1 RMB, up 4.5% from 5.8 RMB in the previous year [3] - Membership penetration improved from 11.1% in 2024 to 12.4% in 2025, indicating a positive trend in user engagement [3] Strategic Direction - Keep is focusing on a strategic transformation towards AI-driven services, having successfully restructured its AI infrastructure and launched an AI coach [4][5] - Key milestones include the integration of a large language model with fitness tools and the introduction of the AI coach Kaka, which has shown strong user retention metrics [5] - The company aims to enhance its competitive edge and establish a sustainable growth path through systematic improvements in operational efficiency and AI strategy implementation [6]