Core Insights - Keep's stock price increased by over 10% in the afternoon, currently trading at 4.63 HKD with a transaction volume of 2.8335 million HKD [1] Group 1: Brand Endorsement and Engagement - Keep has officially announced table tennis world champion Sun Yingsha as its brand ambassador [1] - The launch of the Sun Yingsha x Keep series event attracted 78,000 participants on its first day, contributing a total of 6.87 million calories burned, setting a record for Keep's historical single-day events [1] - The "Sasha Course" launched concurrently saw 41,000 follow-along sessions on its first day, with related topics achieving a total exposure of 340 million across all platforms [1] - Offline promotions included advertisements in 27 subway stations across three cities and on large screens in nine cities [1] Group 2: Market Position and Future Potential - According to a report by Minsheng Securities in September, Keep, as a leading online sports app in China, is expected to see a dual increase in subscription users and Annual Recurring Revenue (ARR) following the launch of new products like AI coaching [1] - The company currently has a high safety margin and significant upward potential [1] - The new AI coaching product is projected to achieve over 200 million RMB in ARR by 2026, with potential market valuation ranging from 6 billion to 10 billion RMB based on current domestic and international AI product valuation levels [1]

Core Viewpoint - Keep has seen a significant stock price increase following the announcement of table tennis world champion Sun Yingsha as its brand ambassador, indicating strong market interest and engagement with its new initiatives [1] Company Performance - Keep's stock rose over 10% in the afternoon trading session, with a current price of 4.63 HKD and a trading volume of 2.8335 million HKD [1] - The launch of the Sun Yingsha x Keep series event attracted 78,000 participants on its first day, setting a record for the highest single-day participation in Keep's history [1] User Engagement - The event contributed a total of 6.87 million calories burned, showcasing high user engagement and activity levels [1] - The "Sasha Course" recorded 41,000 follow-along sessions on its first day, further indicating strong user interest [1] Marketing Impact - The related topics achieved a total exposure of 340 million across all platforms, demonstrating effective marketing reach [1] - Offline promotions included advertisements in 27 subway stations across three cities and on large screens in nine cities, enhancing brand visibility [1] Future Outlook - According to a report from Minsheng Securities, Keep is positioned to enhance its subscription user base and Annual Recurring Revenue (ARR) with the upcoming AI coach product [1] - The AI coach is projected to generate over 200 million RMB in ARR by 2026, with potential market valuation ranging from 6 billion to 10 billion RMB based on current valuation multiples for AI products [1]

Core Insights - The Beijing Marathon serves as a significant event for observing new trends in the sports economy, showcasing the integration of communication technology and sports [1] Group 1: Digital Infrastructure - The development of a comprehensive "digital foundation" is essential for realizing data-driven sports management, suggesting the integration of 5G-A, IoT, and computing networks to create a "city sports brain" [2] - The proposal includes the establishment of a unified, open, and intelligent sports service network that connects public data across various sectors, enhancing resource allocation through data-driven decision-making [2] Group 2: Experience Economy - There is a need to foster a "new experience economy" that emphasizes immersion and interactivity in sports consumption, encouraging the development of VR/AR-based viewing experiences and personalized training companions [2] - The creation of integrated "sports new scenes" that combine sports, social interaction, cultural tourism, and consumption is encouraged to transform events into value engines for lifestyle and experience [2] Group 3: Innovation Ecosystem - The establishment of a forward-looking "innovation ecosystem" is crucial, focusing on the rights, circulation, and security governance of sports data assets, along with flexible management mechanisms to promote new products and models [3] - A special plan for "sports technology composite talents" and a statistical accounting system for the sports digital economy are recommended to support industry innovation comprehensively [3] - The emphasis is on deepening the integration of technology and the sports industry to unlock the economic potential of sports as a green, healthy, and happiness-driven industry, contributing to high-quality economic development in China [3]

Core Insights - Keep is set to announce a new brand ambassador in a countdown event, generating significant online speculation and excitement [1][4] - The brand's focus on "light" symbolizes not only the sports arena but also the joy of movement, aligning with its mission to promote fitness [1][4] - The potential ambassador is speculated to be table tennis world champion Sun Yingsha, which could enhance Keep's brand image and connection with the younger demographic [4][6] Company Overview - Founded in 2015, Keep has evolved from a mobile fitness tool to a comprehensive sports technology platform offering services related to fitness, nutrition, and lifestyle [4][6] - The company announced a strategic shift towards AI at the beginning of the year, aiming to transform from a fitness app to an AI-driven enterprise [4][6] - Keep's brand philosophy has shifted from emphasizing discipline to highlighting the joy of exercise, reflecting a broader appeal to fitness enthusiasts [6] Marketing Strategy - The countdown marketing strategy has successfully captured public attention, leveraging the connection between sports celebrities and fitness technology platforms [6] - The anticipated partnership with a high-profile athlete like Sun Yingsha is seen as a strategic move to align with Keep's mission of inspiring a vibrant fitness culture [6] - The event is expected to coincide with the national strategy for promoting fitness, potentially igniting a new wave of interest in sports and exercise [6]

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。 ...

Core Viewpoint - KEEP (03650) is focusing on profitability by actively shrinking its business and user base in the first half of 2025, with expectations for revenue stabilization and growth in the second half driven by AI and clothing categories [1] Financial Performance - In the first half of 2025, KEEP achieved a turnaround in adjusted profit, moving from loss to profit [1] - The adjusted net profit forecast for 2025 and 2026 is estimated at 0.7 billion and 1.7 billion respectively [1] - The adjusted net profit margin is expected to improve to over 5% in the second half of 2025 [1] Strategic Initiatives - The company is making progress with its AI coaching feature and is expanding its clothing product line [1] - The launch of new products for the autumn/winter season on September 5 is anticipated to help revenue recover [1] Future Outlook - The management expects that the AI coaching feature could contribute an additional revenue of 2.3 billion for every 1 million active users monthly in the following year [1] - The company plans to adjust its expense allocation in line with the improvements in AI functionality and clothing product offerings, aiming for a return to growth [1]

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]