8月25日，运动科技公司Keep（03650）公布了截至2025年6月30日的2025上半年业绩报告。报告期内， Keep实现营收8.22亿元（人民币，下同），非国际财报准则下经调整净利润1035万元，录得毛利4.29亿 元，毛利率由上一年度同期的46.0%提升至52.2%，实现大幅增长。 "截至7月最新数据，Keep AI DAU 为15-20 万，预计到今年年底，AI DAU可达100 万以上。"同时他介 绍，截止到目前，Keep AI 收入已突破 100万元人民币。基于对未来用户增长情况及ARPU值增加情况 的预测，公司预测2026年AI ARR将有机会突破2亿元人民币。 本文仅供参考，不作为投资建议 用户规模方面，2025年上半年，Keep平均月活跃用户和平均月度订阅会员分别为2249万和280万。会员 渗透率为12.4%，较2024年同期的11.1%有所提升。同时，每名月活跃用户的每月平均收入在 2025年上 半年同比增加至人民币6.1元，大幅提升。 财报显示，2025年Keep公司开启关键性战略转型，从内容驱动平台升级为AI赋能、数据驱动的健身智 能服务体。2025上半年核心进展包括：成功部署AI ...

8月25日，运动科技公司Keep公布了截至2025年6月30日的2025上半年业绩报告。报告期内，Keep实现 营收8.22亿元（人民币，下同），非国际财报准则下经调整净利润1035万元，录得毛利4.29亿元，毛利 率由上一年度同期的46.0%提升至52.2%，实现大幅增长。 用户规模方面，2025年上半年，Keep平均月活跃用户和平均月度订阅会员分别为2249万和280万。会员 渗透率为12.4%，较2024年同期的11.1%有所提升。同时，每名月活跃用户的每月平均收入在 2025年上 半年同比增加至人民币6.1元，大幅提升。 财报显示，2025年Keep公司开启关键性战略转型，从内容驱动平台升级为AI赋能、数据驱动的健身智 能服务体。2025上半年核心进展包括：成功部署AI基础架构重构系统平台，分阶段将核心工具与功能 流重组为AI教练服务。 对于营收规模的收缩，KeepCEO王宁在业绩电话会上解释，这一收缩很大源于公司对自有品牌运动产 品做出主动的战略取舍，上半年主动进行品类结构优化及渠道精细运营等策略，收缩低毛利业务尤其是 居家大器械，发展装备、服装、穿戴等高潜力品类。"这是一次有质量的深蹲，也是下一次 ...

从内容驱动平台升级为AI赋能、数据驱动的健身智能服务体。 本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao 财报显示， 2025年Keep公司开启关键性战略转型，从内容驱动平台升级为AI赋能、数据驱动的健 身智能服务体。2025上半年核心进展包括：成功部署AI基础架构重构系统平台，分阶段将核心工具 与功能流重组为AI教练服务。 对于营收规模的收缩， Keep CEO王宁在业绩电话会上解释，这一收缩很大源于公司对自有品牌运 动产品做出主动的战略取舍，上半年主动进行品类结构优化及渠道精细运营等策略，收缩低毛利业务 尤其是居家大器械，发展装备、服装、穿戴等高潜力品类。"这是一次有质量的深蹲，也是下一次跳 跃的开始"。 据 2025年7月最新数据，Keep AI核心日活跃用户超过15万。其中，AI教练核心功能中的AI饮食记 录作为典型高频刚需场景，以低门槛的精准交互(用户仅需拍摄餐食照片，即可自动识别卡路里与营 养素)，展现出显著留存优势：该功能覆盖了1/3的AI对话用户，并呈现出深度留存特性——次日留 存率达50%，对App DAU的留存率攀升至79%。 王宁表示，截止到 7 ...

王宁表示，截止到7月，KeepAI DAU为15~20万，预计到今年年底，AI DAU可达100万以上。截止到目 前，KeepAI 收入已突破100万元人民币。此外，公司预测，2026年AI ARR将有机会突破2亿元人民币。 对于营收规模的收缩，KeepCEO王宁在业绩电话会上解释，这一收缩很大源于公司对自有品牌运动产 品做出主动的战略取舍，上半年主动进行品类结构优化及渠道精细运营等策略，收缩低毛利业务尤其是 居家大器械，发展装备、服装、穿戴等高潜力品类。"这是一次有质量的深蹲，也是下一次跳跃的开 始"。 据2025年7月最新数据，KeepAI核心日活跃用户超过15万。其中，AI教练核心功能中的AI饮食记录作为 典型高频刚需场景，以低门槛的精准交互(用户仅需拍摄餐食照片，即可自动识别卡路里与营养素)，展 现出显著留存优势：该功能覆盖了1/3的AI对话用户，并呈现出深度留存特性——次日留存率达50%， 对App DAU的留存率攀升至79%。 8月25日，运动科技公司Keep（03650）公布了截至2025年6月30日的2025上半年业绩报告。报告期内， Keep实现营收8.22亿元（人民币，下同），非国际财报准 ...

8 月2 5 日，运动科技公司Keep （03650）公布了截至2025年6月30日的 2 025 上半年 业 绩报告。报告期内，Keep实现营收 8 .22 亿 元 （ 人民币 ， 下同） ， 非国际财报准则 下 经调整净利润1 035 万元，录得毛利 4.29 亿元， 毛利率 由上一年度同期的 46.0% 提升至 52.2% ，实现大幅增长。 用户规模方面，2 025 年上半年，Keep 平均月活跃用户和平均月度订阅会员分别为 2 249万 和 2 80万， 均保持稳定态势。Keep平台 会员渗透率 为1 2.4% ，较 2024年同期的11.1% 有所提升 。 Keep在财报中表示， 2025年， 公司 聚焦于两大战略方向 ： 推进AI驱动的平台架构转型和 推动经营结果扭亏为盈。上半年，该双轨 战略成效显著： 一方面，完成AI基础架构重构并推 出基础版AI教练，另一方面，对业务增肌减脂，实现经 调整净利润， 达成盈利拐点。 增肌减脂，成功实现扭亏为盈 财报显示，Keep于 2025年上半年 实现 经调整 净利润 (非国际财报准则)，达到人民币1035 万 元，对比去年同期经调整 净 亏损(非国际财报准则 ...

智通财经APP获悉，8月25日，运动科技公司Keep（03650）公布了截至2025年6月30日的2025上半年业 绩报告。报告期内，Keep实现营收8.22亿元（人民币，下同），非国际财报准则下经调整净利润1035万 元，录得毛利4.29亿元，毛利率由上一年度同期的46.0%提升至52.2%，实现大幅增长。 用户规模方面，2025年上半年，Keep平均月活跃用户和平均月度订阅会员分别为2249万和280万，均保 持稳定态势。Keep平台会员渗透率为12.4%，较2024年同期的11.1%有所提升。 Keep在财报中表示，2025年，公司聚焦于两大战略方向：推进AI驱动的平台架构转型和推动经营结果 扭亏为盈。上半年，该双轨战略成效显著：一方面，完成AI基础架构重构并推出基础版AI教练，另一 方面，对业务增肌减脂，实现经调整净利润，达成盈利拐点。 增肌减脂，成功实现扭亏为盈 财报显示，Keep于2025年上半年实现经调整净利润(非国际财报准则)，达到人民币1035万元，对比去年 同期经调整净亏损(非国际财报准则) 1.67亿元，实现扭亏为盈。经调整净利润率达到1.3%，去年同期经 调整净亏损率为15.5%。 2 ...

Core Viewpoint - The article highlights a pivotal moment in the technology revolution, presenting an opportunity for smaller players to overtake industry giants as AI technology matures and shifts towards vertical applications rather than pure technical advancements [2][9]. Group 1: AI Technology and Market Dynamics - The release of GPT-5 by OpenAI was met with disappointment, indicating a slowdown in pure AI technology innovation [4][5]. - In contrast, Keep announced profitability in July 2025, achieving its goal of turning losses into profits ahead of schedule, which led to a significant stock price increase [6][7]. - The juxtaposition of these events suggests that while AI technology is evolving, the focus is shifting towards practical applications in specific industries [9][10]. Group 2: Competitive Landscape - As competition intensifies, companies must not only excel in technology but also in understanding user needs and effective marketing strategies [11]. - The AI landscape is becoming increasingly competitive, with opportunities for established players and agile newcomers to thrive [12][16]. - Companies that have deep vertical expertise, operate in industries suitable for AI transformation, and are proactive in AI adoption are likely to gain more attention [19][20]. Group 3: Keep's Strategic Positioning - Keep has established itself as a leader in the fitness technology sector, addressing the complete consumer journey from awareness to equipment and community engagement [22]. - The company has made significant investments in AI, launching Kinetic.ai and the AI coach Kaka, which personalizes training plans based on user needs [26][27]. - Keep's focus on AI has led to improved operational efficiency and a better business structure, contributing to its recent profitability [32]. Group 4: Future Potential of AI in Fitness - AI is expected to enhance both the quantity and quality of content offered by Keep, allowing for the inclusion of previously underrepresented sports [37][38]. - The shift from content delivery to personalized coaching through AI could significantly increase user engagement and willingness to pay, potentially raising ARPU significantly [39][43]. - Future developments may include specialized AI coaches for various sports, further expanding Keep's service offerings and revenue potential [44][46]. Group 5: Conclusion on AI's Role - AI is positioned not merely as a lifeline for Keep but as a new engine for growth, illustrating the unpredictable nature of business success and the potential for innovation beyond traditional tech companies [48].

Core Insights - The contrasting developments of OpenAI's GPT-5 release and Keep's profitability signal a shift in the AI landscape, emphasizing the importance of vertical applications over pure technological advancements [7][9]. Company Developments - Keep announced its profitability on July 21, 2025, ahead of its goal to turn losses into profits, leading to a nearly 5% stock increase to 5.9 HKD [4][5]. - The company's stock has risen approximately 20% this year, driven by its commitment to AI integration [6]. - Keep's founder, Wang Ning, declared an "All in AI" strategy at the beginning of the year, which has been pivotal in its recent success [6][21]. Industry Trends - The AI sector is entering a phase of complex competition, where companies must not only excel in technology but also in understanding user needs and effective marketing strategies [9]. - The emergence of AI applications in vertical markets is seen as the next battleground for companies, moving away from general-purpose AI solutions [7][10]. AI Integration and Impact - Keep has developed a dedicated AI model, Kinetic.ai, and launched its AI coach, Kaka, which personalizes training plans based on user needs [21][22]. - The integration of AI is expected to enhance user engagement and increase the average revenue per user (ARPU) significantly, potentially by up to tenfold [29][27]. - AI's role in improving operational efficiency and reducing costs is highlighted as a key factor in Keep's recent profitability [25][26]. Future Prospects - Keep plans to expand its AI coaching services into specialized areas, such as marathon and boxing coaching, indicating a strategic move towards more personalized and professional offerings [31][32]. - The company aims to connect various aspects of fitness, including training, body metrics, and nutrition, through AI, thereby redefining its service delivery model [32].

Group 1: Lottery Sales - In June, national lottery sales reached 54.482 billion yuan, a year-on-year decrease of 2.6% [1] - Welfare lottery sales amounted to 18.130 billion yuan, an increase of 0.7% year-on-year, while sports lottery sales were 36.351 billion yuan, down 4.2% [1] - Cumulative lottery sales from January to June totaled 317.854 billion yuan, a year-on-year increase of 3.0% [1] Group 2: E-commerce Development - The Ministry of Commerce reported that e-commerce has been effectively promoting consumption expansion and digital transformation since 2025 [2] - Policies aimed at expanding consumption have been successfully implemented in the e-commerce sector, fostering quality e-commerce and supporting foreign trade [2] Group 3: Uber's WeChat Mini Program - Uber launched a WeChat mini program allowing users to book rides directly within WeChat, facilitating payment through WeChat Pay [3][4] - The mini program is currently available in Hong Kong and Japan, with plans to expand to nine other countries [3] Group 4: Transportation Trends - Self-driving has become the mainstream mode of cross-regional travel, with approximately 130 million daily self-driving trips, accounting for over 70% of cross-regional mobility [5] - The Ministry of Transport announced a projected reduction in transportation costs by about 280 billion yuan in 2024 [6][7] Group 5: Internet Penetration - As of June, China's internet user base reached 1.123 billion, with an internet penetration rate of 79.7% [7] - The report highlights significant achievements in internet infrastructure and the rapid development of emerging markets [7][8] Group 6: Laser Technology Advancement - A research team from Harbin Institute of Technology made significant breakthroughs in laser technology, enabling customizable laser wavefronts [9] - This advancement enhances the application potential of lasers in various fields such as communication and imaging [9] Group 7: IPO and Corporate Developments - Sichuan Baili Tianheng Pharmaceutical's Hong Kong IPO application has expired after six months [10] - Guangzhou Light Industry Group is pursuing legal action against Ningbo Hanyi for alleged malicious breach of contract regarding equity transfer [11] Group 8: Robotics Supply Chain - Haopeng Technology has entered the supply chain for various types of robots, leveraging its expertise in battery solutions [12] Group 9: Keep's Financial Performance - Keep is expected to achieve an adjusted net profit of approximately 10 million yuan for the first half of 2025, significantly narrowing its losses compared to the previous year [13][15] Group 10: Semiconductor Manufacturing in India - India's first domestically produced chip is set to be launched this year, with six semiconductor factories under construction for mass production [16]

Core Insights - Keep is expected to report a loss of approximately 36 million yuan for the six months ending June 30, 2025, a reduction of about 78% compared to a loss of 163 million yuan for the same period ending June 30, 2024 [1] - The company anticipates an adjusted net profit of around 10 million yuan for the same period, compared to an adjusted net loss of 161 million yuan for the previous year [1] Group 1 - The improvement in profitability is attributed to a focus on optimizing business structure and revenue quality, leading to an increase in gross margin [3] - The integration of AI technology is expected to enhance operational efficiency and reduce operating costs, despite a short-term revenue contraction due to the streamlining of inefficient product categories [3] - The strategic focus remains on two core areas: AI integration in the app and the continued profitable growth of proprietary fitness products [3] Group 2 - The company aims to enhance user experience and retention through AI-driven improvements in sports scenarios and tools [3] - Keep plans to optimize its product structure and launch new products that meet market demand while expanding sales channels to increase market coverage [3] - On February 4, during its 10th anniversary, the founder emphasized a commitment to "All in AI" and developing a data-centric hardware ecosystem to expand the brand's presence in various sports scenarios and global markets [4]