2025年7月21日，Keep发布了盈利预期公告。 公告称，截至2025年6月30日的6个月内，公司录得亏损约人民币3，600万元，比上一年度同期的1.63亿 元大幅收窄78%；非国际财务报告准则计量下，截至2025年6月30日的6个月内，经调整净利润净额约 1000万元，盈利能力显著改善。 公告发出后，港股逆势拉升涨近5%，报5.9港元，成交额超1000万。诚然，这份报表数字的积极变化， 其深层意义远不止于账面的盈亏改善本身和短期的资本市场反馈；它更是一个关键的信号，昭示着在坚 定推动"All in AI"这一重大战略转身后，短短时间内Keep的核心业务模型便初步展现出被高效重构并且 逐步走通的迹象。 一、技术成为增长杠杆 今年2月，王宁宣布Keep要"All in AI"，曾引发市场不小的震动。 具体来看，其实就是Keep APP的AI智能化以及公司自有品牌健身产品更加受到用户认可。而这一切得 益于Keep能够将技术投入从成本中心转化为增长杠杆。 其中，AI技术的快速迭代，是重中之重。 2025年3月，Keep推出了运动健康垂直领域的专属模型Kinetic.ai，作为业内首个垂类专属AI模型， Kinet ...

Core Viewpoint - KEEP has announced a significant improvement in its financial performance for the first half of 2025, projecting an adjusted net profit of approximately 10 million yuan, attributed to optimized business structure, improved revenue quality, and AI technology integration [1][4]. Group 1: Financial Performance and AI Investment - The profitability achieved in the first half of 2025 is crucial for KEEP, which is undergoing an AI transformation. The company had previously reported a net loss of 469 million yuan for 2024, a 59% year-on-year increase, primarily due to increased investments in strategic business and technology innovation [2][4]. - KEEP's R&D expenses slightly decreased by 2.4% to 439 million yuan in 2024, but AI-specific investments surged, with costs related to the development of Kinetic.ai and the AI coach "KaKa" increasing by 5 to 8 million yuan [2][3]. - The announcement of half-year profitability serves as a critical validation of KEEP's "All in AI" strategy, indicating a successful transition from internet services to AI-driven business models [4][9]. Group 2: Revenue Structure and Commercial Potential - KEEP's business is divided into three main segments: proprietary sports products, online memberships and paid content, and advertising. The focus remains on AI integration within the app and profitability growth of proprietary sports products [5][8]. - The AI coach is expected to significantly enhance the online membership and paid content segment, with the potential to transform user engagement and increase average revenue per user (ARPU) by up to tenfold [7][10]. - KEEP plans to introduce various tiers of AI coaching services, aiming to maximize user value and improve user retention through enhanced experiences [7][8]. Group 3: Market Position and Challenges - The generative AI technology is reshaping the competitive landscape in the internet industry, with KEEP's AI strategy showing initial promise. The "Body Weight Management Year" initiative is expected to create new growth opportunities for KEEP [9][10]. - The capital market has responded positively to KEEP's AI strategy, with stock prices rising significantly following the announcement of the "All in AI" initiative and subsequent product releases [9][10]. - Despite the optimistic outlook, KEEP must demonstrate that its AI applications can translate into tangible financial results, as the market's patience is contingent on the balance between technological implementation and commercial pacing [10].

今年年初，Keep创始人王宁发布全员信，纪念Keep成立10周年同时宣布未来将All in AI，基于十年的运 动数据积累与沉淀，让在线健身从推荐走向生成，持续引领运动科技行业。 3月份，Keep即发布运动健康垂直领域的专属模型Kinetic.ai，并基于此模型同步上线了首个通用AI教练 卡卡（Kaka），可基于用户的运动诉求定制训练计划和方案；5月20日，Keep AI教练上线新版本，可 为用户提供智能运动方案生成、智能训练指导、运动数据记录、饮食记录及评价等功能，致力于成为用 户的随身AI教练，帮助用户更好地完成运动目标。 同时，公告表示，由于精简低效品类规模，导致短期内收入同比收缩，然而此举旨在重塑长期增长基 础，提升持续盈利能力。 公告称，公司的战略重点仍聚焦两大核心：APP端的AI智能化与自有品牌健身产品的持续盈利增长。在 AI智能化方面，公司继续致力于通过运动场景和工具的AI智能化，提升用户体验增强，促进用户活 跃，改善留存表现；在自有品牌健身产品方面，公司将持续优化产品结构，推出用户喜爱、契合市场需 求的新品，并拓展销售渠道扩大市场覆盖。公司通过实施上述战略举措，着力推动业务规模增长与盈利 水平 ...