KEEP(HK:03650) Sou Hu Cai Jing·2025-08-25 11:36Core Insights - Keep reported a revenue of 822 million yuan for the first half of 2025, with an adjusted net profit of 10.35 million yuan, marking a significant turnaround from a net loss of 167 million yuan in the same period last year [1][2] - The gross profit reached 429 million yuan, with a gross margin increase from 46.0% to 52.2% year-on-year [1] - The company implemented strategic optimizations in its product categories, focusing on high-potential segments such as equipment, apparel, and wearables, which led to a gross margin increase of 3.3 percentage points to 34.8% in its self-branded sports products [1] User Metrics - In the first half of 2025, Keep maintained an average monthly active user base of 22.49 million and 2.8 million monthly subscription members, with a membership penetration rate rising to 12.4% from 11.1% year-on-year [2] - The average revenue per active user per month increased to 6.1 yuan, up 4.5% from 5.8 yuan in the previous year [2] - As of July 2025, Keep's AI core daily active users exceeded 150,000, with a notable retention rate of 50% for the AI dietary record feature, which is a high-frequency necessity for users [2] Strategic Outlook - Keep has established a clear growth path through the implementation of its AI strategy and operational efficiency improvements, aiming for sustainable and scalable development [2] - The company plans to strengthen its long-term business resilience and enhance profitability in the second half of 2025 and beyond [2]