Core Viewpoint - Keep has achieved a historic turnaround to profitability despite a significant decline in revenue, indicating potential resilience in a challenging market environment [1][4]. Revenue Performance - In the first half of the year, Keep's revenue decreased by 20.8% year-on-year to 821 million yuan [1]. - Revenue from self-owned brand sports products fell by 20.9% to 400 million yuan, attributed to the scaling down of low-margin product categories [2]. - Online membership and paid content revenue dropped by 22.9% to 340 million yuan, primarily due to reduced income from online sports events [2]. - Advertising and other income decreased by 11.0% to 88 million yuan, impacted by the gradual shutdown of the Keepland business [2]. Cost Management - Overall costs decreased by 29.9% year-on-year to 390 million yuan, contributing to a gross profit of 430 million yuan and a gross margin increase of 6.2 percentage points to 52.2% [3]. - The gross margin for online membership and paid content improved to 71.3%, up 3.4 percentage points, due to a higher proportion of subscription income and enhanced operational efficiency [3]. - The gross margin for self-owned brand fitness products rose to 34.8%, up 3.3 percentage points, driven by product mix optimization and improved pricing strategies [3]. - Marketing and market expenses fell by 30.9% to 220 million yuan, while R&D expenses decreased by 17% to 160 million yuan [3]. Financial Position - As of June 30, Keep had total available funds of 1 billion yuan, including cash, cash equivalents, and short-term investments [3]. Market Context - The case of Keep's profitability suggests that there is still room for survival and growth in a saturated market, provided the company is pragmatic and willing to cut redundant costs [4][5].
狂砍成本,Keep走向盈利
2 1 Shi Ji Jing Ji Bao Dao·2025-08-26 00:44