Core 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].

Core Viewpoint - Keep has announced a significant improvement in its financial performance for the first half of 2025, with a projected loss of approximately RMB 36 million, a substantial reduction of 78.0% compared to the same period last year, which recorded a loss of RMB 163 million [1] Financial Performance - For the six months ending June 30, 2025, the adjusted net profit is expected to be around RMB 10 million [1] - The improvement in profitability is attributed to a focus on optimizing business structure and revenue quality, leading to an increase in gross margin [1] Strategic Focus - The company is concentrating on two main areas: AI integration in its app and the continued profitability growth of its proprietary fitness products [1] - In AI integration, Keep aims to enhance user experience and engagement through AI-driven sports scenarios and tools [1] - For proprietary fitness products, Keep plans to optimize product structure and introduce new products that meet market demands while expanding sales channels [1] AI Development - In early 2023, Keep's founder announced a commitment to fully integrate AI into its operations, leveraging ten years of accumulated exercise data [2] - The company launched a specialized model, Kinetic.ai, in March, along with the first general AI coach, Kaka, which customizes training plans based on user needs [2] - The updated AI coach, released in May, offers features such as intelligent workout plan generation, training guidance, and tracking of exercise and dietary data [2]

Group 1 - Keep participated in Bilibili World as a strategic partner, launching the "Keep运动谷" theme area, which combined sports and ACG culture [1] - The event featured nine exclusive gift packages based on popular IPs like Conan and Haikyuu, attracting many fans [3] - The exhibition allowed attendees to appreciate the craftsmanship of medals and register for on-site collection, promoting a one-stop marketing approach [5] Group 2 - The term "谷子经济" refers to the economic model surrounding ACG-related merchandise, with Keep leading a new cultural trend by merging this with sports motivation [6] - The "谷子经济" market in China is projected to reach 168.9 billion yuan in 2024, growing over 40% year-on-year, and expected to exceed 300 billion yuan by 2029 [8] - Keep's virtual spokesperson "元气Big" made its debut at the event, enhancing engagement and promoting the idea of medals as symbols of achievement and trendiness [8]

Group 1: Importance of Weight Management for Entrepreneurs - Successful weight management by entrepreneurs like Elon Musk and Lei Jun enhances their professional image and becomes a key part of their company's IP strategy [1][5] - Lei Jun's weight loss journey is closely linked to Xiaomi's high-end branding strategy, showcasing the importance of personal image management for corporate identity [5][6] - The positive impact of Lei Jun's weight management includes improved brand image, increased consumer trust, and enhanced team motivation [6][8] Group 2: Weight Discrimination and Its Effects - Weight discrimination is a significant issue, with 50.7% of adults in China being overweight or obese, leading to mental health risks and workplace challenges [10][13] - Studies indicate that overweight individuals face a 40% increase in depression risk and experience significant workplace discrimination, affecting their performance and career advancement [10][13] - The stigma associated with obesity can lead to decreased productivity and increased healthcare costs for companies [10][13] Group 3: Opportunities in the Health Industry - The "Weight Management Year" initiative by the National Health Commission is expected to drive innovation in the health industry, creating opportunities in health food, fitness technology, and medical services [15][16] - There is a growing demand for low-sugar, low-fat, and high-protein products, as well as personalized nutrition services, which are anticipated to thrive under this policy [16][18] - The fitness industry is likely to see growth in smart home fitness equipment and online weight loss programs, while the restaurant sector may shift towards healthier options [18][19] Group 4: Challenges and Strategic Recommendations - Companies should be aware of the tightening regulations regarding weight loss products and the risks of market saturation in health-related services [19] - Cross-industry collaborations, such as partnerships between food brands and medical institutions, are recommended to leverage the policy benefits and enhance service offerings [19]

各业务均衡健康发展。 本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao 财报显示， 2 024 年 Keep实现营收20.66亿元 （人民币， 下同） —— Keep营收来源主要分为 三大板块：自有品牌运动产品、线上会员及付费内容与广告及其他。 2 024 年， Keep自有品牌运 动产品营收9.54亿元，较 2 023年同期增长0.8%，其中，运动装备和运动服装实现了16.0%的同 比增长；线上会员及付费内容业务实现营收9.18亿元；广告及其他业务实现营收1.94亿元。 值得指出的是， 2 024年Keep自有品牌健身产品实现毛利3.02亿元，大幅增长15.3%，毛利率从 2 023年的27.7%大幅提升至31.7%。 而整体毛利率则从 2 023 年的 45.0%提升至46.7% 。 2024年，Keep经调整净亏损（非国际财务报告准则计量）为4.69亿元，亏损扩大主要原因是，为 夯实长期竞争力，公司持续投入资源于新的战略业务及技术革新计划，导致相关费用有所增加。 同时财报指出， 这些战略预计将从 2025年起逐步释放积极效益，公司计划通过技术赋能(包括人工 智能技 ...