Keep首次年度盈利解析：增长逻辑重塑与2026年展望

Core Viewpoint - Keep has announced a forecast of adjusted net profit of approximately 25 million yuan for the fiscal year 2025, marking a turnaround from losses, attributed to its "All in AI" strategy initiated at the beginning of 2025 [1][13]. Profit Structure - The adjusted net profit for 2025 is projected at 25 million yuan, with approximately 15 million yuan generated in the second half of the year, reflecting a 45% quarter-on-quarter growth [1][2]. - Despite a year-on-year decline in overall revenue due to the reduction of inefficient business segments, the profit growth indicates a substantial improvement in the company's profitability [1][2]. Profit Attribution - The improvement in profitability is primarily due to a strategic focus on AI development and optimization of business structure [4]. - AI advancements have led to significant cost optimization in content production, with gross margin increasing from 46.0% to 52.2% year-on-year [6]. - The introduction of AI coaching has enhanced user conversion and retention, with over 150,000 daily active users engaging with AI features, contributing to more than 1 million yuan in revenue from AI services [6]. Business Performance - The strategic decision to focus on high-margin product categories has resulted in a significant increase in revenue quality, despite a temporary contraction in overall revenue [8][9]. - Core product categories, such as fitness equipment, have shown over 20% year-on-year growth in the second half of 2025, indicating a stabilization of revenue decline and the release of growth momentum [9]. Future Outlook - For 2026, Keep plans to deepen AI integration, expand overseas markets, and leverage consumer product potential as key growth drivers [11][12]. - The upcoming release of the first version of the Keep fitness health model and the rollout of AI Agent functionalities are expected to enhance user engagement and service capabilities [11]. - Keep aims to position its consumer products as a "new era Decathlon," focusing on product, channel, and brand synergy to strengthen its market presence [12].