日前，运动科技公司Keep与顺丰同城达成战略合作，合作涵盖线上、线下及骑士节等多个模块。 线上方面，Keep为骑手开通团队版服务"顺丰同城骑士运动圈"，不仅能够为骑士提供课程资源，还可 以展示骑士运动数据排名，增加骑士的运动激励与成就感。具体操作上，骑士可从顺丰同城骑士APP 内"骑士健康"专栏入口进入，下载Keep APP，继而通过Keep APP完成指定运动任务。据预测，顺丰 同城骑士带来的运动日活可达3万人规模。 今年2月初，Keep创始人王宁在公司成立10周年之际表示，公司未来要全力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。 据此前公开信息，2025年Keep计划将对App 8.0版本再一次升级迭代，将上线全新 9.0 AI 版本，在大 模型的推动下，全力打造智能时代下的 AI Agent。同时，Kinetic.ai为Keep 研发的运动健康垂类专属 模型，为行业首发。这一模型为Keep基于基于大量的运动数据和运动专业知识的沉淀，以及基座模型 基础上训练和优化后发布，在运动健康垂类领域有更专业的表现。 此外，Keep已与2025年上半年实现盈利 ...

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 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]

Core Insights - Keep has achieved profitability through "high-quality business growth" and the shutdown of low-quality operations, indicating a focus on cost reduction and efficiency improvement [1] - The company forecasts an adjusted net profit of approximately RMB 10 million for the first half of 2025, leading to a nearly 5% increase in stock price following the announcement [1] - The shift towards AI is seen as a critical strategy for Keep to break through existing user and commercialization ceilings, enhancing its core competitive advantage in sports content services [1][2] AI Strategy and Implementation - AI is expected to significantly enhance content production efficiency, allowing Keep to quickly expand its course offerings to include previously unaddressed categories like golf and tennis [2] - The introduction of AI coaches is anticipated to transform Keep's business model from content sales to service delivery, with potential for ARPU to increase by over tenfold [2] - Keep has launched Kinetic.ai and the AI coach Kaka, which customizes training plans based on user needs, marking a significant step in its AI strategy [2] Future Developments - The next phase for Keep's AI coach involves upgrading from personalized coaching to specialized coaching in areas such as marathon running and boxing [3] - Keep plans to categorize its AI coaching services into three tiers: general coaches, personalized coaches, and professional coaches, each with distinct pricing systems [3] - The transition from a content and social relationship-focused app to a data-driven agent model signifies a major shift in how Keep will sell its coaching services [3]

Core Viewpoint - Keep's recent earnings announcement indicates a significant improvement in profitability, with a loss of approximately RMB 36 million for the first half of 2025, a 78% reduction from RMB 163 million in the same period last year, and an adjusted net profit of about RMB 10 million, signaling a successful strategic pivot towards AI [1][2]. Group 1: Financial Performance - The company's core financial indicators show accelerated recovery, with improved gross margins and significantly reduced losses despite a challenging strategic transition [2]. - The positive financial results are attributed to a focus on optimizing business structure and revenue quality, leading to increased gross margins and enhanced operational efficiency through AI technology [2][3]. Group 2: AI Technology Integration - Keep launched Kinetic.ai, a specialized AI model for the sports and health sector, trained on data from 400 million users, which customizes workout plans for users [3]. - The introduction of the AI coach Kaka enhances user experience by providing personalized training plans and multi-modal capabilities, including voice control and image recognition [3][4]. - Keep's hardware products, such as the Keep Watch Pilot 1, serve as essential infrastructure for user retention and data accumulation, evolving from mere revenue supplements to core components of the business model [4][5]. Group 3: Market Position and Future Outlook - The market has mixed reactions to Keep's AI strategy, with some concerns about profitability and competition, while others see potential in the intelligent restructuring of the sports health industry [6]. - Institutions like Guosen Securities and Huatai Securities express optimism about Keep's future, recognizing the shift from a simple tool-based app to an AI application as a significant valuation change [6][7]. - The national health policy aimed at improving weight management awareness and skills by 2026 creates a larger potential user base for Keep's AI health management services, transitioning from optional to essential consumption [7][8]. Group 4: Revenue Model Transformation - The traditional fitness industry's bottleneck of scarce professional trainers is being addressed by Keep's AI-generated content, which now constitutes nearly 15% of its course offerings [8]. - The AI Coach redefines the revenue model from "content commodification" to "service experience," enhancing user engagement and payment motivation [8][9]. - The integration of AI allows for a dynamic service loop that simulates the emotional support of in-person trainers, potentially increasing the average revenue per user (ARPU) significantly [9][10]. Group 5: Conclusion - The combination of policy-driven demand and AI-enhanced personalized services is expected to catalyze unprecedented growth in the fitness industry, positioning Keep for a potential market explosion [10].

Core Viewpoint - Keep has announced a significant improvement in its financial performance for the first half of 2025, with a projected loss of approximately RMB 36 million, a substantial reduction of 78.0% compared to the same period last year, which recorded a loss of RMB 163 million [1] Financial Performance - For the six months ending June 30, 2025, the adjusted net profit is expected to be around RMB 10 million [1] - The improvement in profitability is attributed to a focus on optimizing business structure and revenue quality, leading to an increase in gross margin [1] Strategic Focus - The company is concentrating on two main areas: AI integration in its app and the continued profitability growth of its proprietary fitness products [1] - In AI integration, Keep aims to enhance user experience and engagement through AI-driven sports scenarios and tools [1] - For proprietary fitness products, Keep plans to optimize product structure and introduce new products that meet market demands while expanding sales channels [1] AI Development - In early 2023, Keep's founder announced a commitment to fully integrate AI into its operations, leveraging ten years of accumulated exercise data [2] - The company launched a specialized model, Kinetic.ai, in March, along with the first general AI coach, Kaka, which customizes training plans based on user needs [2] - The updated AI coach, released in May, offers features such as intelligent workout plan generation, training guidance, and tracking of exercise and dietary data [2]