KEEP(HK:03650) 虎嗅APP·2025-07-21 00:27Core Viewpoint - Keep is adjusting its offline business strategy by moving away from the Keepland gym model and focusing on retail and event ecosystems to better align with market demands and its strengths [3][7]. Group 1: Offline Business Adjustments - The Keepland gym model has effectively ended, with no plans for further expansion, as the company shifts focus to offline retail and event organization [3][7]. - Keep's first offline self-operated product store opened in Shanghai, strategically located near high-end sports brands, aiming to attract affluent consumers and sports enthusiasts [3][4]. - The store emphasizes product experience, with a layout that prioritizes retail and experiential areas in a 172 square meter space [4][5]. Group 2: Product Offerings - The store features a comprehensive range of sports equipment, apparel, smart wearables, and fitness foods, catering to home fitness and outdoor training needs [4]. - Keep's offline strategy includes promoting smart sports watches and the KS smart fitness machine, linking hardware with its membership system to enhance user conversion [6]. Group 3: Financial Performance and Market Position - Keepland's average monthly revenue per store failed to exceed 150,000 yuan, while competitors achieved higher revenues, leading to a strategic retreat [7]. - Keep's self-branded sports products were initially seen as a growth opportunity, but the market potential has not met expectations, prompting a shift in focus towards event organization [8]. Group 4: Event Organization and Revenue Sources - Keep is increasingly viewing offline events as a new growth engine, with a shift in resources towards this area as virtual sports event growth slows [8][9]. - The company has organized nearly 100 paid virtual sports events in 2023, with participation fees ranging from 20 to 179 yuan, and has begun to integrate offline events into its strategy [8][9]. Group 5: Technological Integration - Keep's "All in AI" initiative aims to enhance user experience through AI-generated training plans and personalized recommendations, which has positively impacted its market perception [10]. - The offline stores serve as product showcases and user experience hubs, while the event business activates users and expands brand reach, supported by AI technology and membership systems [10][11].