KEEP(03650)早盘涨超6%，截至发稿，涨5%，报6.09港元，成交额389.75万港元。 消息面上，日前，Keep与顺丰同城达成战略合作，合作涵盖线上、线下及骑士节等多个模块。线上方 面，Keep为骑手开通团队版服务"顺丰同城骑士运动圈"，据预测，顺丰同城骑士带来的运动日活可达3 万人规模。线下方面，顺丰同城每年将举办8场线下活动，将以Keep奖牌作为活动激励。另值得关注的 是，据此前公开信息，2025年Keep计划将对App8.0版本再一次升级迭代，将上线全新9.0AI版本，在大 模型的推动下，全力打造智能时代下的AI Agent。同时，Kinetic.ai为Keep研发的运动健康垂类专属模 型，为行业首发。 今年上半年，Keep经调利润实现扭亏为盈，AI教练进展顺利。方正证券发布跟踪报告称，Keep后续收 入端有望止跌回暖，利润持续改善。"维持推荐评级"。报告指出，Keep下半年有望重回增长态势，后续 AI释放增量下有望贡献弹性。鉴于公司上半年主动战略收缩低效业务，但下半年随着AI功能及服装产 品线逐步完善，公司将配合重新做合理的费用投放，预计收入将重回增长态势，同时经调净利率有望继 续改善至5% ...

Core Viewpoint - Keep has reported a significant improvement in its financial performance, with an adjusted net profit of approximately RMB 10 million for the first half of the year, attributed to business restructuring and enhanced revenue quality, alongside the integration of AI technology [1][2] Financial Performance - Keep's stock price increased by over 9%, currently trading at HKD 6.82, with a trading volume of HKD 26.516 million [1] - The company achieved a turnaround in profitability, exceeding expectations and validating its AI strategy [1] AI Strategy and Business Model Transition - The company's commitment to an "all in AI" strategy was emphasized by its CEO, Wang Ning, in a company-wide letter earlier this year [1] - The introduction of AI Coach is expected to transform Keep's service delivery model from content sales to a comprehensive fitness service, potentially increasing the Average Revenue Per User (ARPU) by nearly tenfold [2] - The shift to AI-driven services is not only strategic but also essential for the company's survival in a competitive market [2]

Core Viewpoint - KEEP is experiencing significant improvement in its financial performance, with a projected net loss reduction and a return to adjusted profitability, primarily driven by business restructuring and AI technology integration [1][2] Financial Performance - KEEP expects a net loss of approximately 36 million RMB for the first half of 2025, a substantial decrease from a net loss of 163 million RMB in the same period of 2024 [1] - The adjusted net profit is projected to be around 10 million RMB, compared to an adjusted net loss of 161 million RMB in 2024 [1] Business Strategy and AI Integration - In February 2025, KEEP announced its "All in AI" strategy, marking a significant shift towards integrating AI into its business model [2] - The company launched its first dedicated model in the sports health vertical, Kinetic.ai, in March, followed by the introduction of a general AI coach named Kaka [2] - The new version of the AI coach released in May includes multi-modal capabilities, offering users intelligent workout plans, training guidance, and dietary tracking [2] Strategic Goals - KEEP set a target to return to profitability in 2025, and the recent half-year profit marks a critical validation of its AI strategy [2] - The achievement of this interim profitability indicates a successful transition from an internet-based model to an AI-driven agent model, showcasing the potential of AI to reshape its business operations [2]