天眼查App显示，近日，合肥珀禾运动科技有限公司成立，法定代表人为陈浩，注册资本50万人民币， 经营范围为一般项目：技术服务、技术开发、技术咨询、技术交流、技术转让、技术推广；日用百货销 售；日用品批发；家用电器销售；游艺及娱乐用品销售；食品销售（仅销售预包装食品）；农副产品销 售；服装服饰批发；服装服饰零售；鞋帽零售；鞋帽批发；个人卫生用品销售；化妆品零售；厨具卫具 及日用杂品零售；厨具卫具及日用杂品批发；体育用品及器材零售；文具用品零售；文具用品批发；户 外用品销售；玩具销售；互联网销售（除销售需要许可的商品）；供应链管理服务；销售代理（除许可 业务外，可自主依法经营法律法规非禁止或限制的项目）许可项目：食品销售（依法须经批准的项目， 经相关部门批准后方可开展经营活动，具体经营项目以相关部门批准文件或许可证件为准）。 ...

Core Insights - Keep has signed table tennis world champion Sun Yingsha as its brand ambassador, marking a strategic shift in its branding approach since signing celebrity Yi Yangqianxi in 2021 [1][3] - This partnership reflects Keep's transition from fitness tools to a comprehensive sports platform, leveraging AI technology and celebrity endorsements for sustainable growth [3][10] Brand Strategy - The choice of Sun Yingsha as a brand ambassador indicates a balance between short-term performance and long-term strategic positioning, moving from "traffic stars" to world champions [4] - Sun Yingsha's commercial value is recognized by multiple brands, showcasing her strong consumer influence and purchasing power [5] Sales Performance - Sun Yingsha's endorsement has led to significant sales achievements, such as a record-breaking online sales of over 20 million yuan on the first day of her announcement with Xiangpiaopiao [7] - The "champion model" has resulted in a surge in consumer demand, contrasting with the overall industry slowdown [7] User Engagement - Keep has created a complete user experience loop around Sun Yingsha's endorsement, including interactive events and tasks within its app [8] - The launch of the "Sun Yingsha x Keep" series attracted 78,000 participants on its first day, setting a record for daily calorie contributions [10] Financial Performance - Keep's "medal economy" has become a significant revenue stream, with a 370% increase in paid content revenue through virtual sports events [11] - The company achieved its first profitability since 2019, with online membership and paid content revenue surpassing its own sports products for the first time [11] Market Challenges - Keep's journey to IPO has faced challenges, including a decline in share price and difficulties in market validation of its business model [12] - The company has experienced a decrease in active users and subscription rates, indicating potential issues with user retention and engagement [13][14] Business Model - Keep's diversified approach has led to diminishing returns, as it struggles with competition in hardware and consumer goods without strong supply chain advantages [15] - The reliance on marketing for growth has resulted in rising customer acquisition costs, while loyalty and repurchase rates remain low [15]

Core Insights - Keep has officially announced table tennis world champion Sun Yingsha as its brand ambassador, aiming to inspire a new chapter in national fitness through her influence and energy [1][3] - The collaboration is seen as a strategic move to promote the concept of fitness for all, aligning with Keep's mission to make sports accessible and enjoyable for everyone [2][6] Company Overview - Since its establishment in 2014, Keep has built a comprehensive sports ecosystem that includes online courses, smart hardware, offline services, and a sports community, becoming an integral part of the fitness lifestyle in China [2][4] - Keep has successfully combined the professionalism of sports with accessibility for the general public, allowing individuals who previously found exercise daunting to discover suitable ways to engage in physical activity [2][4] Brand Collaboration - The partnership with Sun Yingsha is not only a collaboration between a brand and an athlete but also a powerful message of positivity and motivation, resonating with Keep's brand spirit of "self-discipline gives me freedom" [3][6] - Keep aims to leverage Sun Yingsha's image and athletic characteristics to create a series of online challenges, courses, and interactive content, enhancing user engagement and enjoyment in sports [2][5] Technological Integration - Keep offers thousands of official courses across over 60 categories, catering to diverse user needs and making exercise accessible anytime and anywhere [4][5] - The company has introduced smart hardware products that interact with its app to provide personalized exercise recommendations, enhancing the scientific approach to fitness [5][6] National Fitness Strategy - With the government's ongoing push for national fitness and the introduction of policies to encourage public participation in sports, Keep is developing more precise personalized weight management solutions to meet user health needs [6] - Keep's "Dream Sports Field" initiative aims to improve sports environments for children in remote areas, demonstrating the company's commitment to social value and community health [6]

Core Points - Keep officially announced table tennis world champion Sun Yingsha as its brand ambassador, marking a significant collaboration between a leading sports technology platform and a top sports icon [1] - The partnership aims to inspire millions of sports enthusiasts by transforming Sun Yingsha's championship brilliance into motivational energy, aligning with Keep's new mission to "ignite every movement and make the world vibrant" [1] Company and Industry Summary - The collaboration includes the launch of the "See the Sun, Become the Light | Sun Yingsha x Keep Series Events" along with a series of innovative products and service experiences [1] - This partnership represents a strategic move for Keep to enhance its brand visibility and engagement within the fitness community [1]

"Feel Free to Run 自在奔跑"挑战赛主视觉 凯德发展（中国）首席执行官李绍强表示："'Feel Free to Run自在奔跑'挑战赛是凯德发展从'空间营造者'迈向'生活方式引领者'的一次关键实践。我们不再 局限于提供物理空间，而是从客户洞察出发，主动创造内容、对话大众、连接社群，让活力自在的生活方式扎根于理想社区，持续赋能客户的美好生活。" 挑战赛将于全国7座核心城市、11个凯德项目相继设立跑者驿站、定制城市探索路线、举办垂直登高赛，并联动线上数字体验，系统地构筑起立体的生活方 式生态圈。在此过程中，凯德发展（中国）与运动科技品牌Keep的跨界合作，将进一步激发全民参与热情，为跑者打造层次丰富、体验多元的自在奔跑旅 程。 定制城市跑：7城11项目联动，开启城市探索之旅 2025年秋，凯德发展（中国）携手知名运动科技品牌Keep在全国范围内发起"Feel Free to Run 自在奔跑"挑战赛，自10月15日起至11月8日，邀请大众在奔跑 的节奏中感受身心与城市的同频共鸣，登陆Keep APP进入挑战赛专区即可参与。作为凯德发展（中国）年度概念主题"feel free to__享·自在"的深 ...

Core Viewpoint - The company maintains a "Buy" rating and has raised its adjusted net profit forecasts for 2025-2027, reflecting a significant growth trajectory driven by a strategic focus on AI and operational efficiency [1][2] Financial Performance - H1 revenue decreased to 822 million RMB, down 20.8%, while adjusted net profit was 10.35 million RMB, a turnaround from a loss of 160 million RMB in the same period last year, primarily due to a strategic shift towards AI and the optimization of product structure [1] - H1 gross margin improved to 52.2%, an increase of 6.2 percentage points, attributed to business structure optimization and cost reduction efforts [1] - Adjusted net profit margin reached 1.3%, up 16.8 percentage points, indicating enhanced profitability [1] Business Segmentation - Revenue breakdown for H1 includes: self-owned brand sports products at 397 million RMB, online membership and paid content at 337 million RMB, and advertising and other revenues at 88 million RMB [1] - The average monthly active users reached 22.486 million, with subscription members at 2.787 million, reflecting a subscription penetration rate of 12.4%, an increase of 1.3 percentage points [1] AI Development and Strategy - The company achieved significant milestones in AI, including the implementation of multi-agent systems and iterations of core AI coaching functionalities [2] - The AI coach, Kaka, reported over 150,000 daily active users, with a notable retention rate of 50% for the AI dietary record feature, indicating strong user engagement [2] - The advertising business is focusing on the K-MARS urban running event, leveraging grassroots popularity to target core running demographics and establish a scalable foundation [2]

"下半年在AI+及服装品类增量加持下收入有望重新企稳回升，同时明年有望释放更大业绩弹性。"报告 预计，Keep公司 25-26 年经调整净利润为 0.7亿元、1.7亿元，维持推荐评级。 责任编辑：郭栩彤 当前，Keep AI 教练初见成效，根据上半年业绩报告，Keep AI 7月DAU已达15万+，AI引致收入 100w+。随着后续AI教练功能模块的逐步完善，预计年底 AI教练DAU有望突破100万。 方正证券在报告中认为，明年随着AI教练功能逐步完善，有望贡献业绩增量，管理层初步预计明年AI 教练有望贡献收入增量2.3亿元/100w AI用户月活。 日前，运动科技公司Keep（03650）发布25H1 业绩，经调利润扭亏为盈，AI教练进展顺利，此外发力 服装品类。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%以上 ...

方正证券发布研报称，25年上半年KEEP(03650)主动收缩业务&用户，挤干水分以盈利为核心导向，且 更多是公司内生改善驱动;下半年在AI+及服装品类增量加持下收入有望重新企稳回升，同时明年有望释 放更大业绩弹性。该行预计公司25-26年经调净利润为0.7亿元、1.7亿元，维持"推荐"评级。公司25H1经 调利润扭亏为盈，AI教练进展顺利，此外发力服装品类。2025秋冬新品于9/5上新，后续收入端有望止 跌回暖，利润持续改善。 该行表示，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%以上水平。明年随着AI教练功能逐步完 善，有望贡献业绩增量，管理层初步预计明年AI教练有望贡献收入增量2.3亿元/100wAI用户月活。 ...

Core Insights - Keep has achieved profitability for the first time in the first half of 2025, driven by a strategic shift to an AI-focused business model [1] - The company has successfully restructured its AI infrastructure and optimized its product offerings, leading to an adjusted net profit of RMB 0.10 billion and a gross margin increase of 6.2 percentage points to 52.2% [1] - The fitness industry in China is experiencing rapid growth, with online and AI-driven solutions expected to unlock new commercial opportunities [1] Group 1 - Keep's "All in AI" strategy integrates hardware and software, creating a synergistic ecosystem that enhances user experience and drives sales [2] - The company aims to improve user satisfaction and average revenue per user (ARPU) through a diverse product matrix centered around AI coaching [2] - Keep's current market valuation is considered low compared to mainstream SaaS products, with significant upside potential as new AI coaching subscriptions are expected to generate over RMB 200 million in annual recurring revenue (ARR) by 2026 [2]

Core Viewpoint - Keep has reported a significant financial turnaround in the first half of 2025, achieving a revenue of 821.8 million yuan, a decline year-on-year, but marking its first positive net profit of 10.35 million yuan and an increase in gross margin to 52.2% [1] Industry Context - The fitness technology sector has evolved over the past decade, transitioning from basic tracking devices to online courses and home fitness hardware, but struggled to enhance user engagement [2] - The introduction of AI has transformed the landscape, addressing the need for personalized guidance in fitness, which traditional apps failed to provide [2] AI Integration in Keep's Strategy - Keep's "All in AI" strategy integrates AI across all business aspects, including the launch of an AI coach named "Kaka" that offers personalized training plans, dietary advice, and performance analysis [3] - The application of AI has improved operational efficiency, contributing to Keep's gross margin increase to 52.2% in the first half of 2025 [3] User Engagement and Value Growth - Keep aims to expand its services from mere training to comprehensive health management, incorporating diet, sleep, and recovery into its offerings [4] - Despite a decline in monthly active users to 22.49 million from 29.66 million year-on-year, the membership penetration rate increased to 12.4%, and the average monthly revenue per active user rose to 6.1 yuan [4] Market Expansion Potential - AI enables Keep to reach a broader audience, including middle-aged and elderly users, and expand fitness activities beyond home workouts to outdoor sports [5] - The AI coach has shown commercial potential, with over 150,000 daily active users and a 50% next-day retention rate for its dietary tracking feature [5] Competitive Advantage - Keep's decade-long experience has provided it with a vast database of over 400 million user behaviors, giving it a competitive edge in AI model training and application [6] - The successful implementation of AI in Keep's operations reflects a significant shift in how fitness services are delivered and experienced by users [6]