KEEP(03650)早盘涨超6%，截至发稿，涨5%，报6.09港元，成交额389.75万港元。 消息面上，日前，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"，据预测，顺丰同城骑士带来的运动日活可达3 万人规模。线下方面，顺丰同城每年将举办8场线下活动，将以Keep奖牌作为活动激励。另值得关注的 是，据此前公开信息，2025年Keep计划将对App8.0版本再一次升级迭代，将上线全新9.0AI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。 今年上半年，Keep经调利润实现扭亏为盈，AI教练进展顺利。方正证券发布跟踪报告称，Keep后续收 入端有望止跌回暖，利润持续改善。"维持推荐评级"。报告指出，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% ...

Core Insights - The article discusses the rise of co-branding in the Chinese market, particularly in the "谷子经济" (Guzi Economy), highlighting the increasing frequency and variety of collaborations between brands and popular IPs [1][2][3] Group 1: Co-Branding Trends - By 2025, co-branding cases in China are expected to reach thousands, with nearly a hundred collaborations in the new tea beverage sector alone [1] - Successful co-branding hinges on strong IP and unique products, with a good IP collaboration potentially amplifying commercial value by 10 to 40 times [1][12] - The "谷子经济" is characterized by high brand premiums, yet many participants remain traditional toy and stationery manufacturers [3][24] Group 2: Financial Performance - Keep's online membership and paid content revenue fell to 330 million yuan, a 23% year-on-year decline, attributed to a decrease in virtual sports events [2][19] - The combined profits of several listed companies in the IP sector are less than Lego's 7.2 billion yuan net profit [2] - Sales expenses for major companies in the "谷子经济" have increased, indicating the financial strain of frequent co-branding [4][8] Group 3: Market Dynamics - The new tea beverage sector has seen a significant rise in sales expenses, exceeding 2.5 billion yuan in the first half of 2025, but many companies are adjusting their cost structures [8][9] - The article notes that while high-frequency co-branding can drive sales, it has also led to increased sales expenses for listed companies [4][8] - The performance of co-branding initiatives varies, with some brands struggling to convert new consumers into loyal customers [20][24] Group 4: Successful Case Studies - The collaboration between Wanda Films and the IP "光与夜之恋" generated over 106 million yuan in sales, showcasing the potential of high-profile IP partnerships [1][17] - The "哪吒2" collaboration led to a significant increase in revenue for Pop Mart, with a year-on-year growth of over 100% in IP licensing income [13][17] - The article emphasizes the importance of unique and differentiated products in successful co-branding, as seen in the case of Wanda's popcorn "痛桶" [27][28]

Core Viewpoint - The BW2025 exhibition highlights the trend of IP diversification, with a significant presence of domestic cultural IPs, indicating a growing market for IP-derived products as consumer disposable income increases [1][2]. Group 1: Exhibition Insights - The BW2025 exhibition, organized by Bilibili, serves as a platform for content creators and derivative product vendors, showcasing a variety of brands including Qizhi Haowan, Deli, and Aofei Entertainment [2]. - Companies are increasingly building IP matrices to leverage popular IPs for natural traffic while avoiding intense competition in saturated markets [2]. - Popular IPs such as Conan, Fuliang, and others have multiple toy companies vying for their licensing, indicating a competitive landscape [2]. Group 2: Product Development Trends - There is a rapid expansion of product types among toy companies based on IP, with leaders like Kayi and Jikasa diversifying into plush toys, stationery, and more [3]. - The integration of IP into various product lines is expected to create effective synergy and enhance the overall value of the IP [3]. - The importance of operational and channel capabilities of leading toy companies is emphasized as they navigate the increasingly interconnected product landscape [3]. Group 3: Consumer Engagement - Emotional value and interactive gaming experiences are becoming prominent, with card companies setting up live battle areas to meet social needs [3]. - Events such as Coser interactions and product exchanges at the exhibition enhance the engagement and popularity of IP products [3].

Core Insights - The collaboration between Keep and the global IP "Harry Potter" has launched a unique online running event and series of challenges, creating a sports experience with both ceremonial and collectible value for fans [1][2]. Group 1: Event Overview - The collaboration features two main events: the "Harry Potter and the Sorcerer's Stone | Harry Potter Themed Online Run" focused on medals, and the "Return to Hogwarts | Harry Potter Themed Limited-Time Challenge" centered around badges [2]. - Since its launch on July 4, the event has attracted over 30,000 subscribers, with a significant increase in participants after the official launch on July 11 [2]. Group 2: Unique Offerings - Keep has introduced two creatively designed "magical" medals: the "Fun Version" with a rotating mirror mechanism depicting a classic scene of Harry meeting his parents, and the "Classic Version" replicating the moment Harry receives his Hogwarts acceptance letter [4]. - The running distance for the online run is set at 1.991 kilometers, honoring Harry Potter's first year at Hogwarts [4]. Group 3: User Engagement and Experience - Participants can unlock five magnetic badges by completing a 50-kilocalorie exercise task, which can serve as both fridge magnets and personal accessories [4]. - Users can also join the "Harry Potter Series Keep Magic Challenge," selecting their preferred Hogwarts house and participating in exercise challenges for rewards [4]. Group 4: Cultural and Emotional Value - Keep's medal culture redefines sports aesthetics by transforming invisible efforts into tangible rewards, enhancing the emotional connection between users and their sports experiences [5]. - The collaboration with popular IPs like "Harry Potter" stimulates diverse groups to engage in sports, expressing their love for the culture through physical achievements [5]. Group 5: Company Performance - According to Keep's 2024 ESG report, the company hosted 807 online sports events and 3 offline medal exhibitions in 2024, attracting over 6.86 million participants [5].

Group 1 - Keep participated in Bilibili World as a strategic partner, launching the "Keep运动谷" theme area, which combined sports and ACG culture [1] - The event featured nine exclusive gift packages based on popular IPs like Conan and Haikyuu, attracting many fans [3] - The exhibition allowed attendees to appreciate the craftsmanship of medals and register for on-site collection, promoting a one-stop marketing approach [5] Group 2 - The term "谷子经济" refers to the economic model surrounding ACG-related merchandise, with Keep leading a new cultural trend by merging this with sports motivation [6] - The "谷子经济" market in China is projected to reach 168.9 billion yuan in 2024, growing over 40% year-on-year, and expected to exceed 300 billion yuan by 2029 [8] - Keep's virtual spokesperson "元气Big" made its debut at the event, enhancing engagement and promoting the idea of medals as symbols of achievement and trendiness [8]