智通财经网·2025-09-22 01:55Core Viewpoint - The company maintains a "Buy" rating and has raised its adjusted net profit forecasts for 2025-2027, reflecting a significant growth trajectory driven by a strategic focus on AI and operational efficiency [1][2] Financial Performance - H1 revenue decreased to 822 million RMB, down 20.8%, while adjusted net profit was 10.35 million RMB, a turnaround from a loss of 160 million RMB in the same period last year, primarily due to a strategic shift towards AI and the optimization of product structure [1] - H1 gross margin improved to 52.2%, an increase of 6.2 percentage points, attributed to business structure optimization and cost reduction efforts [1] - Adjusted net profit margin reached 1.3%, up 16.8 percentage points, indicating enhanced profitability [1] Business Segmentation - Revenue breakdown for H1 includes: self-owned brand sports products at 397 million RMB, online membership and paid content at 337 million RMB, and advertising and other revenues at 88 million RMB [1] - The average monthly active users reached 22.486 million, with subscription members at 2.787 million, reflecting a subscription penetration rate of 12.4%, an increase of 1.3 percentage points [1] AI Development and Strategy - The company achieved significant milestones in AI, including the implementation of multi-agent systems and iterations of core AI coaching functionalities [2] - The AI coach, Kaka, reported over 150,000 daily active users, with a notable retention rate of 50% for the AI dietary record feature, indicating strong user engagement [2] - The advertising business is focusing on the K-MARS urban running event, leveraging grassroots popularity to target core running demographics and establish a scalable foundation [2]