KEEP(HK:03650) 智通财经网·2025-08-25 14:07Core 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 and a gross profit of 429 million RMB, resulting in a gross margin increase from 46.0% to 52.2% compared to the same period last year [1] - The average monthly active users and average monthly subscription members for the first half of 2025 were 22.49 million and 2.8 million respectively, with a membership penetration rate of 12.4%, up from 11.1% in 2024 [1] - The company is undergoing a strategic transformation from a content-driven platform to an AI-enabled, data-driven fitness intelligence service, with significant progress in deploying AI infrastructure and restructuring core tools into AI coaching services [1] Revenue and Strategy - The revenue contraction was largely due to the company's strategic decision to optimize its product categories and channels, focusing on high-potential categories like equipment, apparel, and wearables while reducing low-margin businesses [2] - CEO Wang Ning described this as a quality-driven adjustment, positioning it as a foundation for future growth [2] AI Development - As of July 2025, Keep's AI core daily active users exceeded 150,000, with the AI diet tracking feature showing strong retention, covering one-third of AI dialogue users and achieving a next-day retention rate of 50% [2] - The daily active users for Keep AI are projected to reach over 1 million by the end of the year, with AI revenue surpassing 1 million RMB to date and a forecasted annual recurring revenue (ARR) of over 200 million RMB by 2026 [2]