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 ...