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]

Core Viewpoint - KEEP has announced a significant improvement in its financial performance for the first half of 2025, projecting an adjusted net profit of approximately 10 million yuan, attributed to optimized business structure, improved revenue quality, and AI technology integration [1][4]. Group 1: Financial Performance and AI Investment - The profitability achieved in the first half of 2025 is crucial for KEEP, which is undergoing an AI transformation. The company had previously reported a net loss of 469 million yuan for 2024, a 59% year-on-year increase, primarily due to increased investments in strategic business and technology innovation [2][4]. - KEEP's R&D expenses slightly decreased by 2.4% to 439 million yuan in 2024, but AI-specific investments surged, with costs related to the development of Kinetic.ai and the AI coach "KaKa" increasing by 5 to 8 million yuan [2][3]. - The announcement of half-year profitability serves as a critical validation of KEEP's "All in AI" strategy, indicating a successful transition from internet services to AI-driven business models [4][9]. Group 2: Revenue Structure and Commercial Potential - KEEP's business is divided into three main segments: proprietary sports products, online memberships and paid content, and advertising. The focus remains on AI integration within the app and profitability growth of proprietary sports products [5][8]. - The AI coach is expected to significantly enhance the online membership and paid content segment, with the potential to transform user engagement and increase average revenue per user (ARPU) by up to tenfold [7][10]. - KEEP plans to introduce various tiers of AI coaching services, aiming to maximize user value and improve user retention through enhanced experiences [7][8]. Group 3: Market Position and Challenges - The generative AI technology is reshaping the competitive landscape in the internet industry, with KEEP's AI strategy showing initial promise. The "Body Weight Management Year" initiative is expected to create new growth opportunities for KEEP [9][10]. - The capital market has responded positively to KEEP's AI strategy, with stock prices rising significantly following the announcement of the "All in AI" initiative and subsequent product releases [9][10]. - Despite the optimistic outlook, KEEP must demonstrate that its AI applications can translate into tangible financial results, as the market's patience is contingent on the balance between technological implementation and commercial pacing [10].