Core Insights - Keep has achieved its first annual profit in ten years, with an adjusted net profit of approximately 25 million RMB for the year ending December 31, 2025, marking a significant turnaround in its operational fundamentals [1] - The company has narrowed its owner’s attributable loss by approximately 87% compared to the previous year, indicating substantial improvements in profitability and operational efficiency [1] Group 1: Financial Performance - In the first half of 2025, Keep reported revenue of 822 million RMB and an adjusted net profit of 10.35 million RMB, with a gross margin increase from 46.0% to 52.2% year-on-year [2] - The full-year profit forecast confirms the sustainability of this improvement trend, driven by a precise "supply-side reform" that optimizes the business mix and enhances resource allocation efficiency [2] Group 2: Strategic Focus - Keep has shifted its focus to high-margin core sectors, specifically sports equipment and apparel, resulting in a healthier business structure despite a contraction in total revenue [2] - The company has transitioned from a "scale-first" to a "quality-first" strategy, enhancing brand value and user engagement by targeting specific demographics such as runners and yoga practitioners [2] Group 3: AI Integration - AI has become a fundamental driver of growth for Keep, evolving from a conceptual tool to a productive force embedded in the service chain of sports health [3] - The company has developed a comprehensive service capability through its proprietary model Kinetic.ai, which includes smart solution generation, real-time training guidance, and dietary assessments [3][4] - AI has enabled Keep to replace high-cost human services, optimizing marginal costs and contributing to the increase in gross margin from 46.0% to 52.2% [3] Group 4: Business Model Transformation - The introduction of AI coaching addresses key user pain points, facilitating a shift from a "content buyout" model to a "subscription service" model, thus transforming Keep's revenue structure [4] - This strategic transition opens new valuation spaces by evolving from a traditional "content + hardware" model to a "content payment + hardware sales + intelligent services" model [4] Group 5: Market Positioning - Keep is redefining its strategic positioning as a "smart health solution provider," supported by a three-layer business logic that enhances user engagement and retention [6] - The company has built a robust data barrier over the past decade, which, combined with AI capabilities, positions it favorably in the competitive landscape of the sports health sector [6][7] - With over 500 million people in China regularly participating in sports, Keep is well-positioned to capitalize on this growing market demand for health solutions [7] Group 6: Future Outlook - The first annual profit in 2025 is seen as a starting point for Keep's deeper engagement in AI, with the potential for significant growth in the sports health sector [8] - The company aims to transform its AI capabilities into a nationwide health service platform, driving continuous technological iterations and enhancing profitability [8]

2026年的初春，Keep（03650）交出了一份足以重新定义其估值逻辑的财务答卷。 这一反弹背后，是Keep从"规模优先"向"质量优先"的战略转向。当消费品业务不再以泛化覆盖为导向， 而是围绕核心跑者、瑜伽人群等垂直场景提供高价值产品时，品牌资产与用户价值的正向循环得以确 立。线上内容与线下消费的共振效应，正驱动"双轮驱动"模式从战略叙事走向现金流落地。 盈利逻辑：AI从"概念"走向"生产力" 重塑商业模式 如果说业务调优是"节流"层面的效率提升，那么AI则是Keep实现"开源"增长的底层驱动力。 过去一年的财务表现与运营数据证明，AI已从战略口号转化为切实的生产力要素。Keep对AI的应用并 非表层功能叠加，而是深度嵌入运动健康的服务链路，实现了从"工具属性"向"智能服务体"的范式迁 移。 其一，用户体验升级驱动付费转化。 Keep基于垂直领域专属模型Kinetic.ai，持续迭代通用AI教练"卡 卡"，已构建覆盖智能方案生成、实时训练指导、多模态数据记录及饮食评估在内的全链路服务能力。 其二，运营杠杆效应释放与边际成本优化。Keep通过AI替代高成本的人力服务，在内容生产（AIGC课 程生成）与实时指导 ...

Core Viewpoint - Keep has announced a forecast of adjusted net profit of approximately 25 million yuan for the fiscal year 2025, marking a turnaround from losses, attributed to its "All in AI" strategy initiated at the beginning of 2025 [1][13]. Profit Structure - The adjusted net profit for 2025 is projected at 25 million yuan, with approximately 15 million yuan generated in the second half of the year, reflecting a 45% quarter-on-quarter growth [1][2]. - Despite a year-on-year decline in overall revenue due to the reduction of inefficient business segments, the profit growth indicates a substantial improvement in the company's profitability [1][2]. Profit Attribution - The improvement in profitability is primarily due to a strategic focus on AI development and optimization of business structure [4]. - AI advancements have led to significant cost optimization in content production, with gross margin increasing from 46.0% to 52.2% year-on-year [6]. - The introduction of AI coaching has enhanced user conversion and retention, with over 150,000 daily active users engaging with AI features, contributing to more than 1 million yuan in revenue from AI services [6]. Business Performance - The strategic decision to focus on high-margin product categories has resulted in a significant increase in revenue quality, despite a temporary contraction in overall revenue [8][9]. - Core product categories, such as fitness equipment, have shown over 20% year-on-year growth in the second half of 2025, indicating a stabilization of revenue decline and the release of growth momentum [9]. Future Outlook - For 2026, Keep plans to deepen AI integration, expand overseas markets, and leverage consumer product potential as key growth drivers [11][12]. - The upcoming release of the first version of the Keep fitness health model and the rollout of AI Agent functionalities are expected to enhance user engagement and service capabilities [11]. - Keep aims to position its consumer products as a "new era Decathlon," focusing on product, channel, and brand synergy to strengthen its market presence [12].

Core Viewpoint - Keep is expected to achieve an adjusted net profit of approximately 25 million in 2025, marking a turnaround from an adjusted net loss of 470 million in 2024, primarily due to strategic adjustments focusing on AI development and business optimization [1][2] Group 1: Financial Performance - In 2025, Keep is projected to record an adjusted net profit of around 25 million, reversing the previous year's loss of 470 million [1] - The company’s revenue decline in the second half of 2025 is showing signs of narrowing, particularly in the fitness equipment segment, which is expected to grow by 20% year-on-year [1] Group 2: Strategic Focus - Keep's improvement in profitability is attributed to its strategic focus on AI development and optimizing its business structure [1] - The company is actively reducing inefficient business segments while enhancing user engagement through AI Coach and expanding outdoor scenarios [1][2] Group 3: Product Development - The self-owned brand fitness products are focusing on sports equipment and apparel, with the latter targeting indoor fitness, yoga, and outdoor running as new growth points [2] - Keep plans to explore overseas markets more aggressively in 2026 to build additional growth avenues [2] Group 4: Future Projections - The company is expected to achieve an adjusted profit of 120 million in 2026, with a corresponding PE ratio of approximately 15x, positioning it as a core player in the AI fitness sector [2]

公司在公告中表示，其盈利能力改善状况主要得益于公司聚焦AI（人工智能）发展和优化业务结构的 战略调整初显成效。 KEEP称，其未来的战略重点仍围绕两大核心支柱：AI能力提升及自有品牌产品的升级。在AI智能化方 面，将加速运动健康大语言模型、AI智能体及AIGC（人工智能生成内容）的探索与开发。 每经北京2月24日电（记者李宇彤）2月24日，运动科技公司KEEP（HK03650）发布2025年度业绩盈利 预告。 封面图片来源：每日经济新闻 公告称，2025年度，KEEP录得公司拥有人应占亏损约7200万元人民币，同比上一年度公司拥有人应占 亏损5.35亿元收窄约87%。非国际财务报告准则计量下，2025年度KEEP录得经调整净利润约2500万 元，扭亏为盈，2024年度这一数据为经调整净亏损4.70亿元。 ...

2月24日，运动科技公司Keep（03650.HK）于港交所发布公告，对2025年度业绩做出盈利预告。公告 称，截至2025年12月31日的12个月内，录得公司拥有人应占亏损约7200万元（人民币，下同），同比上 一年度公司拥有人应占亏损5.35亿元收窄约87%。非国际财务报告准则计量下，2025年度Keep录得经调 整净利润约2500万元，扭亏为盈。2024年度这一数据为经调整净亏损4.70亿元。 公告指出，公司盈利能力改善状况主要得益于公司聚焦AI发展和优化业务结构的战略调整初显成效。 同时公告阐释，通过对全线业务的精细化运营，公司各业务板块的经营效率实现全面提升，并且，高毛 利率业务的收入占比持续扩大。基于此，Keep公司于2025年度实现了各业务板块毛利率的持续扩张， 并通过营销优化、供应链优化、人效提升以及行政效率改善等优化举措，实现了有效的费用管控。 公告称，Keep公司的战略重点仍围绕两大核心支柱：AI能力提升及自有品牌产品的升级。在AI智能化 方面，将加速运动健康大语言模型、AI智能体及AIGC的探索与开发，以增强用户参与度，丰富内容生 成，提升用户体验。在自有品牌健身产品升级层面，将围绕用户 ...

Core Viewpoint - Keep has announced a significant improvement in its financial performance for the fiscal year ending December 31, 2025, with a projected loss of approximately 72 million RMB, a reduction of about 87% compared to the previous year's loss of 535 million RMB. The company expects to achieve an adjusted net profit of around 25 million RMB, reversing the adjusted net loss of 470 million RMB in 2024. This improvement is attributed to strategic adjustments focusing on AI development and business optimization [1][2]. Group 1 - The company recorded a loss of approximately 72 million RMB for the fiscal year 2025, a significant reduction from a loss of 535 million RMB in the previous year, indicating an 87% improvement [1] - For 2025, Keep anticipates an adjusted net profit of about 25 million RMB, a turnaround from an adjusted net loss of 470 million RMB in 2024 [1] - The improvement in profitability is primarily due to the company's strategic focus on AI development and optimization of its business structure [1] Group 2 - Keep's strategic focus remains on two core pillars: enhancing AI capabilities and upgrading proprietary brand products [2] - The company plans to accelerate the exploration and development of AI models in the sports and health sector to enhance user engagement and experience [2] - Keep has launched a dedicated model, Kinetic.ai, and introduced the first general AI coach, Kaka, which offers multiple features including smart training guidance and dietary tracking [2]

Core Viewpoint - Keep has been recognized for its comprehensive brand coverage in the fitness technology industry by being included in the "Beijing Key Trademark Protection Directory" across three categories: fitness services, application software, and smart hardware [1][2]. Group 1: Trademark Recognition - The "Beijing Key Trademark Protection Directory" aims to protect registered trademarks that are highly recognized, market-leading, and have significant brand value in Beijing [1]. - Keep's inclusion in the directory reflects its long-term investment in fitness services, technological innovation, and product development [2]. - The evaluation process for the directory was conducted by the Beijing Trademark Association, utilizing a strict selection from a pool of experts from various authoritative institutions [1]. Group 2: Company Overview - Keep App was launched in 2015, focusing on providing professional fitness guidance services and has adopted the brand philosophy of "Discipline gives me freedom" [2]. - The company offers a variety of online courses, including classes in yoga and training, as well as value-added services like customized training plans [2]. - Keep has expanded its offerings to include smart fitness equipment and health products, creating a one-stop solution for users' fitness needs [2]. Group 3: Strategic Developments - In 2021, Keep upgraded its brand philosophy to "Discipline gives me the joy of freedom" and successfully went public on the Hong Kong Stock Exchange in July 2023 [3]. - The company aims to inspire every workout and has set a ten-year vision to become a "free sports field for 1 billion athletes" [3]. - Keep plans to enhance its strategic layout by improving course professionalism and diversity, increasing investment in smart hardware, and utilizing AI and big data to provide personalized fitness solutions [3].

Core Insights - Keep's stock opened slightly higher, increasing by 2.8% to HKD 4.02, with a trading volume of HKD 3.577 million [1] - Since the launch of the "All in AI" strategy in February 2025, Keep has been continuously iterating and expanding its AI products [1] - The AI coach Kaka has evolved from a basic training plan customization feature to a comprehensive intelligent companion system covering all stages of exercise [1] Product Development - Kaka was first launched in March 2025, initially focusing on customizing training plans based on user needs and providing basic Q&A support [2] - By May 2025, Kaka underwent significant updates, adding features such as intelligent workout plan generation, training guidance, exercise and diet tracking, and image recognition with voice feedback [2] - Subsequent updates in July and September enhanced course recommendations, Q&A capabilities, and introduced AI voice running companions, as well as gym scenario support and multi-coach modes [2] - By November, a body measurement coach module was added, expanding the metrics to include sleep, muscle capacity, and posture improvement [2] User Engagement - According to the annual service report, Kaka has customized workout plans for 1.32 million users and supported them in completing 340,000 training plans [1][2] - The calorie recognition feature has identified over 3.5 million food images, while users have completed nearly 400 million training sessions and over 24 million yoga sessions [1] - Kaka has accompanied over 8.35 million runners, generating nearly 30 million running route sketches and covering a total distance of over 81 million kilometers [1] Future Developments - Keep is expected to launch Kaka version 1.0, introducing a new visual identity for the AI coach aimed at enhancing its technological appeal and user-friendliness [2] - The upgrade will include an improved interactive interface and dynamic feedback to provide a more unified and engaging intelligent companion experience for users [2]

Core Viewpoint - The Beijing tourism and leisure greenway brand has been officially launched, introducing the first batch of 52 greenways that cover all districts in the city [1] Group 1: Brand Launch and Coverage - The Beijing tourism and leisure greenway brand was launched during the New Year holiday, featuring 52 greenways [1] - These greenways are designed to enhance tourism and leisure activities across all districts in Beijing [1] Group 2: Collaborative Platforms - The Beijing Municipal Bureau of Culture and Tourism collaborated with platforms such as Keep, Amap, Ctrip, Meituan, Qunar, and Weibo to create a dedicated page and brand hall for the greenways [1] - Users can easily access information about the greenways, including strategies, surrounding facilities, and event registrations by searching relevant keywords on these platforms [1] Group 3: Engagement Activities - Keep has introduced a special check-in activity for the tourism and leisure greenways, allowing participants to earn points through scanning codes and logging their activities [1] - Points can be used for lottery draws and to redeem Keep merchandise and themed physical awards related to the greenways [1] - Participants who collect all 52 virtual badges can exchange them for a themed physical medal [1]