2月24日，运动科技平台Keep（03650.HK）发布盈利预告。公告显示，2025年度Keep录得公司拥有人应 占亏损约7200万元（人民币，下同），相较上一年度5.35亿元亏损大幅收窄87%。非国际财务报告准则 计量下，公司预计将录得经调整净利润约2500万元，实现扭亏为盈，而上年同期这一数据为经调整净亏 损4.70亿元。 这份业绩表现，对于一直处于"烧钱换增长"质疑声中的互联网健身赛道而言，具有分水岭意义。公告明 确指出，盈利能力改善主要得益于两大战略支点：聚焦AI发展与优化业务结构。 拆解公告表述，可以提炼出两条清晰的改善路径： 其一，AI技术从"成本中心"向"利润引擎"的角色转变。公告强调，通过对全线业务的精细化运营，各 业务板块经营效率全面提升，高毛利率业务的收入贡献占比持续扩大。这一表述的潜台词是：AI技术 不仅优化了用户体验，更重要的是重构了内容的经营杠杆曲线。传统的健身内容依赖人工教练录制，边 际成本高企，而AI生成内容（AIGC）和AI智能教练的应用，使得Keep能够以接近零的边际成本向用户 提供个性化指导，从而推动整体毛利率上行。 其二，消费品业务的"主动瘦身"与"精准聚焦"见效。公告提 ...

Group 1 - Keep has formed a strategic partnership with SF Express, covering online, offline, and rider festival modules [1] - The online aspect includes the launch of "SF Express Rider Sports Circle" by Keep, providing course resources and showcasing rider performance data, with an expected daily active user count of 30,000 [1] - SF Express will host eight offline events annually, incentivized with Keep medals, and special gifts will be provided for riders during the Rider Festival [1] Group 2 - Keep has launched an AI coach named Kaka, which customizes training plans based on user needs and supports basic Q&A [1] - The company plans to upgrade its app to version 9.0 by 2025, leveraging large models to create an AI Agent for the smart era [2] - Kinetic.ai has developed a specialized model for Keep, enhancing its performance in the sports health sector based on extensive data and expertise [2] Group 3 - Keep is projected to achieve profitability in the first half of 2025, marking its first semi-annual profit since inception [3]