智通财经APP获悉，Keep(03650)午后涨超5%，截至发稿，涨4.8%，报3.93港元，成交额269.59万港 元。 消息面上，12月18日，杭州市人大常委会召开新闻发布会通报，《杭州市全民健康促进条例》已经浙江 省人大常委会批准，将于明年1月1日起正式施行。据悉，KEEP通过AI技术，为用户提供个性化的训练 计划、实时的动作指导以及与线上社区互动的沉浸式体验，构建了一个"内容+智能硬件+电商+数据"的 闭环生态。 华安证券此前指出，Keep正通过AI战略实现商业模式升级。公司核心竞争力由传统运动内容服务转向 以AI驱动的智能化、个性化、专业化健身服务。AI技术的引入显著提升内容生产效率，使平台能够快 速覆盖更多运动品类，扩大用户规模并延伸用户生命周期。在此基础上，AI教练通过实时互动、情绪 价值传递、训练与饮食计划制定等全流程服务，推动商业模式由内容销售向服务交付转变，显著提升单 用户价值。 ...

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 and a gross profit of 429 million RMB, resulting in a gross margin increase from 46.0% to 52.2% compared to the same period last year [1] - The average monthly active users and average monthly subscription members for the first half of 2025 were 22.49 million and 2.8 million respectively, with a membership penetration rate of 12.4%, up from 11.1% in 2024 [1] - The average revenue per monthly active user increased to 6.1 RMB in the first half of 2025, showing significant growth [1] Financial Performance - The company underwent a strategic transformation from a content-driven platform to an AI-enabled, data-driven fitness intelligence service in the first half of 2025 [1] - CEO Wang Ning explained that the revenue contraction was largely due to a strategic decision to optimize product categories and channels, focusing on high-potential categories like equipment, apparel, and wearables while reducing low-margin businesses [2] - As of July 2025, Keep's AI daily active users exceeded 150,000, with the AI diet tracking feature showing a 50% next-day retention rate and an overall app daily active user retention rate of 79% [2] Future Projections - The company anticipates that AI daily active users could reach over 1 million by the end of 2025, with AI revenue surpassing 1 million RMB to date [2] - Keep forecasts that AI Annual Recurring Revenue (AIARR) could exceed 200 million RMB in 2026 [2]