方正证券发布研报称，25年上半年KEEP(03650)主动收缩业务&用户，挤干水分以盈利为核心导向，且 更多是公司内生改善驱动;下半年在AI+及服装品类增量加持下收入有望重新企稳回升，同时明年有望释 放更大业绩弹性。该行预计公司25-26年经调净利润为0.7亿元、1.7亿元，维持"推荐"评级。公司25H1经 调利润扭亏为盈，AI教练进展顺利，此外发力服装品类。2025秋冬新品于9/5上新，后续收入端有望止 跌回暖，利润持续改善。 该行表示，KEEP下半年有望重回增长态势，后续AI释放增量下有望贡献弹性。鉴于公司上半年主动战 略收缩低效业务，但下半年随着AI功能及服装产品线逐步完善公司将配合重新做合理的费用投放，预 计收入将重回增长态势，同时经调净利率有望继续改善至5%以上水平。明年随着AI教练功能逐步完 善，有望贡献业绩增量，管理层初步预计明年AI教练有望贡献收入增量2.3亿元/100wAI用户月活。 ...

智通财经APP获悉，方正证券发布研报称，25年上半年KEEP(03650)主动收缩业务&用户，挤干水分以 盈利为核心导向，且更多是公司内生改善驱动;下半年在AI+及服装品类增量加持下收入有望重新企稳回 升，同时明年有望释放更大业绩弹性。该行预计公司25-26年经调净利润为0.7亿元、1.7亿元，维持"推 荐"评级。公司25H1经调利润扭亏为盈，AI教练进展顺利，此外发力服装品类。2025秋冬新品于9/5上 新，后续收入端有望止跌回暖，利润持续改善。 该行表示，KEEP下半年有望重回增长态势，后续AI释放增量下有望贡献弹性。鉴于公司上半年主动战 略收缩低效业务，但下半年随着AI功能及服装产品线逐步完善公司将配合重新做合理的费用投放，预 计收入将重回增长态势，同时经调净利率有望继续改善至5%以上水平。明年随着AI教练功能逐步完 善，有望贡献业绩增量，管理层初步预计明年AI教练有望贡献收入增量2.3亿元/100wAI用户月活。 ...

Group 1 - The sixth China Private Entrepreneurs Convention was held in Shenzhen on September 5-6, 2025, focusing on key topics such as artificial intelligence, industrial overseas expansion, manufacturing upgrades, and brand building, attracting over 8,000 entrepreneur representatives nationwide [1] - Experts from various fields, including macroeconomics, technology evolution, capital perspectives, and industry practices, provided insights to support innovative development for enterprises [1] - The convention featured 14 thematic speeches and one roundtable discussion, offering multidimensional experience sharing and trend analysis to help private enterprises achieve high-quality development [4] Group 2 - Current challenges faced by private enterprises include multiple external pressures, necessitating breakthroughs through digitalization, intelligence, and internationalization [3] - Emphasis was placed on three growth paths: AI productization, industrial intelligence, and global brand development, while balancing commercial goals with sustainable development [3] - The convention showcased the application potential of the BoShang AI agent in strategic analysis, operational optimization, and sales management, aimed at providing AI-based decision support for enterprises [3]

Core Viewpoint - Keep has demonstrated a significant turnaround in its financial performance for the first half of the year, achieving profitability and focusing on strategic initiatives for future growth [1] Financial Performance - In the first half of the year, Keep reported revenue of 822 million RMB [1] - The adjusted net profit was 10.35 million RMB, compared to an adjusted net loss of 167 million RMB in the same period last year, marking a successful turnaround [1] - Gross profit reached 429 million RMB, with a gross margin increase from 46.0% in the previous year to 52.2% [1] Strategic Focus - For 2025, Keep is concentrating on two strategic directions: advancing AI-driven platform architecture transformation and achieving operational profitability [1] - The company has successfully completed the reconstruction of its AI infrastructure and launched a basic version of the AI coach [1] - Keep has also focused on optimizing its business operations to achieve the adjusted net profit and reach a profitability inflection point [1]

Core Viewpoint - Keep's stock price increased nearly 6% following the release of its mid-year performance report, indicating positive market sentiment towards the company's financial turnaround and strategic direction [1] Financial Performance - In the first half of the year, Keep achieved a revenue of 822 million RMB [1] - The adjusted net profit under non-IFRS standards was 10.35 million RMB, a significant improvement from a net loss of 167 million RMB in the same period last year, marking a turnaround to profitability [1] - Gross profit reached 429 million RMB, with a gross margin increase from 46.0% in the previous year to 52.2% [1] Strategic Direction - For 2025, Keep is focusing on two strategic directions: advancing AI-driven platform architecture transformation and achieving operational profitability [1] - The company has successfully restructured its AI infrastructure and launched a basic version of its AI coach, demonstrating progress in its dual-track strategy [1] - Additionally, Keep has optimized its business operations to achieve adjusted net profit, reaching a profitability inflection point [1]

Core Insights - KEEP (03650) reported mid-year results for 2025, with revenue of approximately 822 million RMB and a gross profit of about 429 million RMB, achieving a gross margin of 52.2%, an increase of 6.2 percentage points year-on-year [1] - The company narrowed its loss to 35.43 million RMB, a reduction of 78.3% year-on-year, while adjusted net profit reached 10.35 million RMB, marking a turnaround from loss to profit [1] - The company is focusing on two strategic directions: advancing AI-driven platform architecture transformation and achieving operational profitability [1] Financial Performance - For the six months ending June 30, 2025, the average monthly active users and average monthly subscription members were 22.5 million and 2.8 million, respectively, with a membership penetration rate of 12.4%, up from 11.1% in the same period of 2024 [2] - The average revenue per monthly active user increased to 6.1 RMB, a 4.5% rise from 5.8 RMB in the previous year [2] - The company reduced customer acquisition costs by approximately 60% through optimizing marketing efficiency and prioritizing user engagement and retention over scale expansion [2] Strategic Initiatives - The company completed the reconstruction of its AI infrastructure and launched a basic version of the AI coach during the first half of 2025 [1] - Efforts to deepen engagement in niche areas such as outdoor activities and dance, as well as targeting youth and advanced users, have been implemented to enhance user activity [2] - Core AI features have been made available to all users, with usage limits set for non-members to amplify perceived platform value and accelerate user penetration [2]

Core Insights - KEEP reported a revenue of approximately 822 million RMB for the first half of 2025, with a gross profit of around 429 million RMB and a gross margin of 52.2%, reflecting a year-on-year increase of 6.2 percentage points [1] - The company narrowed its loss to 35.43 million RMB, a reduction of 78.3% year-on-year, and achieved an adjusted net profit of 10.35 million RMB, marking a turnaround from loss to profit [1] Strategic Focus - In 2025, the company is concentrating on two strategic directions: advancing AI-driven platform architecture transformation and achieving operational profitability [1] - The dual-track strategy has shown significant results in the first half of 2025, with the completion of AI infrastructure reconstruction and the launch of a basic version of the AI coach [1] User Engagement and Financial Metrics - As of June 30, 2025, the average monthly active users and average monthly subscription members were 22.5 million and 2.8 million, respectively, with a membership penetration rate of 12.4%, up from 11.1% in the same period of 2024 [2] - The average revenue per monthly active user increased to 6.1 RMB, a 4.5% year-on-year rise from 5.8 RMB [2] Cost Management and Marketing Strategy - The company prioritized user engagement and retention over scale expansion before the completion of its AI product system, resulting in a 60% year-on-year reduction in customer acquisition costs through optimized marketing efficiency [2] - By deepening engagement in niche areas such as outdoor activities and dance, the company aims to penetrate youth and advanced user segments, enhancing AI product experiences and increasing user activity [2]

Group 1 - Keep's stock price increased by over 9%, currently trading at 6.82 HKD with a transaction volume of 26.516 million HKD [1] - The company reported a preliminary profit of approximately 10 million RMB for the first half of the year, attributed to improved business structure and revenue quality, leading to a higher gross margin [1] - The implementation of AI technology has enhanced operational efficiency and reduced operating costs, marking a significant phase in the company's "All in AI" strategy [1] Group 2 - The AI Coach is seen as a core application of AI technology in the online membership and paid content sector, with high expectations for its potential [2] - The average revenue per user (ARPU) is currently around 20 RMB, but the introduction of AI Coach could lead to a potential increase in ARPU by nearly 10 times [2] - The shift from a content-selling model to a service delivery model signifies a critical transformation for Keep, emphasizing the strategic and survival importance of the "All in AI" initiative [2]

Core Viewpoint - Keep has reported a significant improvement in its financial performance, with an adjusted net profit of approximately RMB 10 million for the first half of the year, attributed to business restructuring and enhanced revenue quality, alongside the integration of AI technology [1][2] Financial Performance - Keep's stock price increased by over 9%, currently trading at HKD 6.82, with a trading volume of HKD 26.516 million [1] - The company achieved a turnaround in profitability, exceeding expectations and validating its AI strategy [1] AI Strategy and Business Model Transition - The company's commitment to an "all in AI" strategy was emphasized by its CEO, Wang Ning, in a company-wide letter earlier this year [1] - The introduction of AI Coach is expected to transform Keep's service delivery model from content sales to a comprehensive fitness service, potentially increasing the Average Revenue Per User (ARPU) by nearly tenfold [2] - The shift to AI-driven services is not only strategic but also essential for the company's survival in a competitive market [2]

Group 1: Smart Fitness Facilities - The introduction of smart fitness equipment in parks, such as data analysis and health guidance, enhances the exercise experience for users [3][4][5] - Users can access personalized fitness plans and real-time data on their workouts, making fitness more effective and engaging [4][5][6] - The popularity of smart fitness areas has led to increased foot traffic, with many visitors waiting to use the equipment [5][6] Group 2: Innovative Services in Parks - Parks like Bijiashan Park in Shenzhen offer convenient services such as online reservations for sports facilities and AI-assisted event broadcasting [6][9] - The integration of drone delivery services for food and smart coffee robots enhances the overall visitor experience [9][10] - Bijiashan Park attracts around 6,000 sports enthusiasts monthly, showcasing its growing popularity [10] Group 3: Emerging Sports Venues - The Shenyang International Pump Track Park, covering 45,800 square meters, features nine tracks for various wheeled sports, catering to both beginners and professionals [11][12] - The park has hosted 15 international and domestic events, drawing participants from around the world and becoming a new leisure sports landmark in Shenyang [12][13] - The park's free access policy and high daily visitor numbers indicate its success in promoting outdoor activities [12]