KEEP(HK:03650) Jin Rong Jie·2026-02-25 07:57Core Viewpoint - Keep is expected to achieve an adjusted net profit of approximately 25 million in 2025, marking a turnaround from an adjusted net loss of 470 million in 2024, primarily due to strategic adjustments focusing on AI development and business optimization [1][2] Group 1: Financial Performance - In 2025, Keep is projected to record an adjusted net profit of around 25 million, reversing the previous year's loss of 470 million [1] - The company’s revenue decline in the second half of 2025 is showing signs of narrowing, particularly in the fitness equipment segment, which is expected to grow by 20% year-on-year [1] Group 2: Strategic Focus - Keep's improvement in profitability is attributed to its strategic focus on AI development and optimizing its business structure [1] - The company is actively reducing inefficient business segments while enhancing user engagement through AI Coach and expanding outdoor scenarios [1][2] Group 3: Product Development - The self-owned brand fitness products are focusing on sports equipment and apparel, with the latter targeting indoor fitness, yoga, and outdoor running as new growth points [2] - Keep plans to explore overseas markets more aggressively in 2026 to build additional growth avenues [2] Group 4: Future Projections - The company is expected to achieve an adjusted profit of 120 million in 2026, with a corresponding PE ratio of approximately 15x, positioning it as a core player in the AI fitness sector [2]