Core Viewpoint - Keep has achieved a historic turnaround to profitability despite a significant decline in revenue, indicating potential resilience in a challenging market environment [1][4]. Revenue Performance - In the first half of the year, Keep's revenue decreased by 20.8% year-on-year to 821 million yuan [1]. - Revenue from self-owned brand sports products fell by 20.9% to 400 million yuan, attributed to the scaling down of low-margin product categories [2]. - Online membership and paid content revenue dropped by 22.9% to 340 million yuan, primarily due to reduced income from online sports events [2]. - Advertising and other income decreased by 11.0% to 88 million yuan, impacted by the gradual shutdown of the Keepland business [2]. Cost Management - Overall costs decreased by 29.9% year-on-year to 390 million yuan, contributing to a gross profit of 430 million yuan and a gross margin increase of 6.2 percentage points to 52.2% [3]. - The gross margin for online membership and paid content improved to 71.3%, up 3.4 percentage points, due to a higher proportion of subscription income and enhanced operational efficiency [3]. - The gross margin for self-owned brand fitness products rose to 34.8%, up 3.3 percentage points, driven by product mix optimization and improved pricing strategies [3]. - Marketing and market expenses fell by 30.9% to 220 million yuan, while R&D expenses decreased by 17% to 160 million yuan [3]. Financial Position - As of June 30, Keep had total available funds of 1 billion yuan, including cash, cash equivalents, and short-term investments [3]. Market Context - The case of Keep's profitability suggests that there is still room for survival and growth in a saturated market, provided the company is pragmatic and willing to cut redundant costs [4][5].

Core Insights - Keep reported a revenue of 822 million yuan for the first half of 2025, with an adjusted net profit of 10.35 million yuan, marking a significant turnaround from a net loss of 167 million yuan in the same period last year [1][2] - The gross profit reached 429 million yuan, with a gross margin increase from 46.0% to 52.2% year-on-year [1] - The company implemented strategic optimizations in its product categories, focusing on high-potential segments such as equipment, apparel, and wearables, which led to a gross margin increase of 3.3 percentage points to 34.8% in its self-branded sports products [1] User Metrics - In the first half of 2025, Keep maintained an average monthly active user base of 22.49 million and 2.8 million monthly subscription members, with a membership penetration rate rising to 12.4% from 11.1% year-on-year [2] - The average revenue per active user per month increased to 6.1 yuan, up 4.5% from 5.8 yuan in the previous year [2] - As of July 2025, Keep's AI core daily active users exceeded 150,000, with a notable retention rate of 50% for the AI dietary record feature, which is a high-frequency necessity for users [2] Strategic Outlook - Keep has established a clear growth path through the implementation of its AI strategy and operational efficiency improvements, aiming for sustainable and scalable development [2] - The company plans to strengthen its long-term business resilience and enhance profitability in the second half of 2025 and beyond [2]

Core Viewpoint - Keep has successfully achieved a turnaround to profitability in the first half of 2025, focusing on AI-driven platform transformation and operational efficiency improvements [1][2][6]. Financial Performance - In the first half of 2025, Keep reported revenue of 822 million RMB, with an adjusted net profit of 10.35 million RMB, compared to a net loss of 167 million RMB in the same period last year [2][3]. - The gross profit reached 429 million RMB, with a gross margin increase from 46.0% to 52.2% year-on-year [1][3]. - The adjusted net profit margin was 1.3%, a significant improvement from the previous year's adjusted net loss margin of 15.5% [2]. User Metrics - Keep maintained an average monthly active user base of 22.49 million and an average monthly subscription member count of 2.8 million in the first half of 2025 [1][3]. - The membership penetration rate increased to 12.4%, up from 11.1% in the same period of 2024 [1][3]. - The average revenue per monthly active user rose to 6.1 RMB, a 4.5% increase from 5.8 RMB in the previous year [3]. Strategic Focus - Keep is undergoing a strategic transformation from a content-driven platform to an AI-enabled, data-driven fitness service [4][6]. - The company has successfully restructured its AI infrastructure and launched the basic version of its AI coach [1][4]. - Key milestones in AI development include the integration of a multi-agent system and the launch of the AI coach Kaka, which has shown strong user retention metrics [5][6]. Future Outlook - Keep aims to establish a clear growth path through the implementation of its AI strategy and operational efficiency improvements, enhancing its competitive edge [6].

Core Insights - Keep reported a revenue of 822 million RMB for the first half of 2025, with a non-IFRS adjusted net profit of 10.35 million RMB, and a gross profit of 429 million RMB, resulting in a gross margin increase from 46.0% to 52.2% compared to the same period last year [1][2] Financial Performance - The revenue of 822 million RMB represents a year-on-year contraction, primarily due to the company's strategic transformation focusing on AI and the optimization of product structure [2] - The self-owned brand sports products generated approximately 400 million RMB in revenue, while online membership and paid content revenue amounted to 337 million RMB, and advertising and other income was 88 million RMB [2] - The gross margin for the self-owned brand sports products improved by 3.3 percentage points to 34.8%, confirming the effectiveness of the category focus and channel efficiency strategies [2] - The adjusted net profit of 10.35 million RMB marks a turnaround from a net loss of 167 million RMB in the same period last year, with an adjusted net profit margin of 1.3% compared to a net loss margin of 15.5% last year [2] User Metrics - The average monthly active users and average monthly subscription members were 22.49 million and 2.8 million, respectively, maintaining stability [3] - Membership penetration rate increased to 12.4% from 11.1% in the same period last year [3] - The average revenue per active user per month rose to 6.1 RMB, a 4.5% increase from 5.8 RMB in the previous year [3] Strategic Initiatives - In the first half of 2025, Keep initiated a strategic transformation from a content-driven platform to an AI-enabled, data-driven fitness intelligence service [3] - Key progress included the successful deployment of an AI infrastructure reconstruction system, reorganizing core tools and functions into AI coaching services [3] - As of July 2025, the daily active users of Keep's AI core exceeded 150,000, indicating a successful implementation of the AI strategy [3] - The company aims to establish a clear growth path through the systematic enhancement of operational efficiency, driving sustainable and scalable development while improving competitive differentiation [3]

Group 1 - The core viewpoint of the article highlights Keep's significant revenue growth and improved profitability in the first half of 2025, with a revenue of 822 million yuan and a net profit of 10.35 million yuan [1][2] - Keep's gross profit reached 429 million yuan, with a gross margin increase from 46.0% in the previous year to 52.2% [1] - The company's self-branded sports products generated approximately 400 million yuan in revenue, while online membership and paid content revenue amounted to 337 million yuan, and advertising and other income was 88 million yuan [1] Group 2 - In terms of user scale, Keep maintained stable average monthly active users at 22.49 million and average monthly subscription members at 2.8 million, with a membership penetration rate of 12.4%, up from 11.1% in the same period of 2024 [2] - The company is focusing on two strategic directions: advancing AI-driven platform architecture transformation and achieving profitability, with significant results in the first half of 2025 [2] - Keep completed the reconstruction of its AI infrastructure and launched a basic version of the AI coach, while also optimizing its business operations to achieve a turning point in profitability [2]

Core Insights - Keep reported a revenue of 822 million RMB for the first half of 2025, with an adjusted net profit of 10.35 million RMB, marking a significant improvement from a net loss of 167 million RMB in the same period last year [1][2] - The company's gross margin increased from 46.0% to 52.2%, reflecting effective strategies in product optimization and cost management [1][2] - Keep's user metrics remained stable, with an average monthly active user count of 22.49 million and a subscription member count of 2.8 million, leading to a membership penetration rate of 12.4% [1][3] Financial Performance - The adjusted net profit margin reached 1.3%, a turnaround from a net loss margin of 15.5% in the previous year [2] - Revenue breakdown includes approximately 400 million RMB from proprietary sports products, 337 million RMB from online memberships and paid content, and 88 million RMB from advertising and other sources [2] - The gross margin for proprietary sports products improved by 3.3 percentage points to 34.8%, indicating successful category focus and channel efficiency strategies [2] User Metrics - Average monthly revenue per active user increased to 6.1 RMB, up 4.5% from 5.8 RMB in the previous year [3] - Membership penetration improved from 11.1% in 2024 to 12.4% in 2025, indicating a positive trend in user engagement [3] Strategic Direction - Keep is focusing on a strategic transformation towards AI-driven services, having successfully restructured its AI infrastructure and launched an AI coach [4][5] - Key milestones include the integration of a large language model with fitness tools and the introduction of the AI coach Kaka, which has shown strong user retention metrics [5] - The company aims to enhance its competitive edge and establish a sustainable growth path through systematic improvements in operational efficiency and AI strategy implementation [6]

Core Insights - Keep reported a revenue of 822 million RMB for the first half of 2025, with an adjusted net profit of 10.35 million RMB, marking a significant improvement from a net loss of 167 million RMB in the same period last year [1][2] - The company's gross margin increased from 46.0% to 52.2%, reflecting effective strategies in product optimization and cost management [1][2] - Keep's user metrics remained stable, with an average monthly active user count of 22.49 million and a subscription member count of 2.8 million, leading to a membership penetration rate of 12.4% [1][3] Financial Performance - The adjusted net profit margin reached 1.3%, a significant turnaround from a net loss margin of 15.5% in the previous year [2] - Revenue breakdown for the first half of 2025 included approximately 400 million RMB from proprietary sports products, 337 million RMB from online memberships and paid content, and 88 million RMB from advertising and other sources [2] - The gross margin for proprietary sports products improved by 3.3 percentage points to 34.8%, demonstrating the effectiveness of the company's focus on high-potential product categories [2] Strategic Focus - Keep is undergoing a strategic transformation to shift from a content-driven platform to an AI-enabled, data-driven fitness service [4][5] - Key milestones in AI development include the deployment of a multi-agent system infrastructure and the launch of the AI coach "Kaka," which has undergone multiple iterations to enhance user experience [5] - The company aims to establish a clear growth path through the implementation of AI strategies and operational efficiencies, enhancing its competitive edge [6] User Engagement - The average revenue per monthly active user increased to 6.1 RMB, up from 5.8 RMB year-on-year, indicating improved monetization strategies [3] - The AI coach feature has shown strong user retention, with a next-day retention rate of 50% and an overall daily active user retention rate of 79% [5]

Core Insights - Keep reported a revenue of 822 million RMB for the first half of 2025, with an adjusted net profit of 10.35 million RMB, marking a significant improvement from a net loss of 167 million RMB in the same period last year [1][2] - The company's gross margin increased from 46.0% to 52.2%, reflecting effective strategies in product optimization and cost management [2][4] - Keep's user metrics remained stable, with an average monthly active user count of 22.49 million and a subscription member count of 2.8 million, leading to a membership penetration rate of 12.4% [3] Financial Performance - The adjusted net profit margin reached 1.3%, a significant turnaround from a net loss margin of 15.5% in the previous year [2] - Revenue breakdown includes approximately 400 million RMB from proprietary sports products, 337 million RMB from online memberships and paid content, and 88 million RMB from advertising and other sources [2] - The proprietary sports products segment saw a gross margin increase of 3.3 percentage points to 34.8% due to strategic focus on high-potential categories [2] Strategic Focus - Keep is undergoing a strategic transformation to shift from a content-driven platform to an AI-enabled, data-driven fitness service [4][6] - Key milestones in AI development include the deployment of a multi-agent system and the launch of the AI coach "Kaka," which has undergone multiple iterations to enhance user experience [5] - The company aims to establish a clear growth path through AI strategy implementation and operational efficiency improvements, enhancing its competitive edge [6] User Engagement - The average revenue per monthly active user increased to 6.1 RMB, up from 5.8 RMB year-on-year, indicating improved monetization [3] - The AI features, particularly the AI diet tracking function, have shown strong user retention, with a next-day retention rate of 50% and an overall app daily active user retention rate of 79% [5]

各业务均衡健康发展。 本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao 财报显示， 2 024 年 Keep实现营收20.66亿元 （人民币， 下同） —— Keep营收来源主要分为 三大板块：自有品牌运动产品、线上会员及付费内容与广告及其他。 2 024 年， Keep自有品牌运 动产品营收9.54亿元，较 2 023年同期增长0.8%，其中，运动装备和运动服装实现了16.0%的同 比增长；线上会员及付费内容业务实现营收9.18亿元；广告及其他业务实现营收1.94亿元。 值得指出的是， 2 024年Keep自有品牌健身产品实现毛利3.02亿元，大幅增长15.3%，毛利率从 2 023年的27.7%大幅提升至31.7%。 而整体毛利率则从 2 023 年的 45.0%提升至46.7% 。 2024年，Keep经调整净亏损（非国际财务报告准则计量）为4.69亿元，亏损扩大主要原因是，为 夯实长期竞争力，公司持续投入资源于新的战略业务及技术革新计划，导致相关费用有所增加。 同时财报指出， 这些战略预计将从 2025年起逐步释放积极效益，公司计划通过技术赋能(包括人工 智能技 ...