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 company is undergoing a strategic transformation from a content-driven platform to an AI-enabled, data-driven fitness intelligence service, with significant progress in deploying AI infrastructure and restructuring core tools into AI coaching services [1] Revenue and Strategic Changes - The revenue contraction is attributed 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] - The CEO emphasized that the introduction of AI Coach will lead to comprehensive user growth, as the company shifts back to reasonable growth budgets and investments [2] - The launch of multi-functional AI tools and the expansion of AIGC content will attract diverse user demands, further increasing the user base [2] AI Development and Future Projections - As of July, Keep's AI daily active users (DAU) ranged from 150,000 to 200,000, with expectations to exceed 1 million by the end of the year [3] - The AI revenue has already surpassed 1 million RMB, and projections indicate that AI annual recurring revenue (ARR) could exceed 200 million RMB by 2026 [3]

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]

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 company is undergoing a strategic transformation from a content-driven platform to an AI-enabled, data-driven fitness intelligence service, with significant progress in deploying AI infrastructure and restructuring core tools into AI coaching services [1] Financial Performance - Revenue for the first half of 2025 was 822 million RMB, with a gross profit of 429 million RMB and a gross margin of 52.2% [1] - The adjusted net profit was 10.35 million RMB, indicating a focus on profitability despite revenue contraction [1] User Metrics - Average monthly active users reached 22.49 million, while average monthly subscription members were 2.8 million, reflecting a growing user base [1] - The average revenue per monthly active user increased to 6.1 RMB in the first half of 2025 [1] Strategic Initiatives - The CEO explained that revenue contraction was 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 [1] - The company views this strategic shift as a quality improvement phase, setting the stage for future growth [1] AI Development - As of July 2025, Keep's AI core daily active users exceeded 150,000, with a significant retention rate for the AI diet tracking feature [2] - The company anticipates that AI daily active users could exceed 1 million by the end of the year, with AI revenue already surpassing 1 million RMB [2] - Projections indicate that AI annual recurring revenue (ARR) could exceed 200 million RMB by 2026 [2]

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 reached 22.49 million and 2.8 million respectively, with a membership penetration rate of 12.4%, up from 11.1% in 2024 [1] - The company is undergoing a strategic transformation from a content-driven platform to an AI-enabled, data-driven fitness intelligence service, with significant progress in deploying AI infrastructure [1] Revenue and Strategic Changes - The CEO explained that the revenue contraction is 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] - The introduction of AI Coach is expected to lead to comprehensive user growth, as the company shifts back to reasonable growth budgets and investments [2] - The launch of AI multifunctional tools and the expansion of AIGC content categories are anticipated to attract a diverse user base, including sports like tennis, golf, and swimming [2] AI Development and Future Projections - As of July, Keep's AI daily active users (DAU) ranged from 150,000 to 200,000, with expectations to exceed 1 million by the end of the year [3] - The AI revenue has already surpassed 1 million RMB, and projections indicate that AI annual recurring revenue (ARR) could exceed 200 million RMB by 2026 [3]

Core Viewpoint - Keep is transitioning from a content-driven platform to an AI-enabled, data-driven smart fitness service, aiming for significant growth in user engagement and revenue through strategic optimization and AI integration [2][3]. 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 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 [2]. - The company is experiencing a revenue contraction due to a strategic decision to optimize its product categories and focus on higher-margin businesses, particularly moving away from low-margin operations [2]. Strategic Developments - Keep has successfully deployed an AI infrastructure to restructure its core tools and functionalities into AI coaching services, marking a significant step in its strategic transformation [2]. - As of July 2025, Keep's AI core daily active users exceeded 150,000, with expectations to reach over 1 million by the end of the year [3]. - The AI dietary recording feature has shown strong user retention, with a next-day retention rate of 50% and an overall app daily active user retention rate of 79% [3]. Future Projections - Keep anticipates that its AI annual recurring revenue (ARR) could exceed 200 million RMB by 2026, indicating strong growth potential in its AI-driven services [3].

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 company is undergoing a strategic transformation from a content-driven platform to an AI-enabled, data-driven fitness intelligence service, with significant progress in deploying AI infrastructure and restructuring core tools into AI coaching services [1] Revenue and Strategy - The revenue contraction was largely due to the company's strategic decision to optimize its product categories and channels, focusing on high-potential categories like equipment, apparel, and wearables while reducing low-margin businesses [2] - CEO Wang Ning described this as a quality-driven adjustment, positioning it as a foundation for future growth [2] AI Development - As of July 2025, Keep's AI core daily active users exceeded 150,000, with the AI diet tracking feature showing strong retention, covering one-third of AI dialogue users and achieving a next-day retention rate of 50% [2] - The daily active users for Keep AI are projected to reach over 1 million by the end of the year, with AI revenue surpassing 1 million RMB to date and a forecasted annual recurring revenue (ARR) of over 200 million RMB by 2026 [2]

Core Insights - Keep reported a revenue of 822 million yuan for the first half of 2025, with an adjusted net profit of 10.35 million yuan, marking a significant turnaround from a net loss of 167 million yuan in the same period last year [1][2] - The gross profit reached 429 million yuan, with a gross margin increase from 46.0% to 52.2% year-on-year [1] - The company implemented strategic optimizations in its product categories, focusing on high-potential segments such as equipment, apparel, and wearables, which led to a gross margin increase of 3.3 percentage points to 34.8% in its self-branded sports products [1] User Metrics - In the first half of 2025, Keep maintained an average monthly active user base of 22.49 million and 2.8 million monthly subscription members, with a membership penetration rate rising to 12.4% from 11.1% year-on-year [2] - The average revenue per active user per month increased to 6.1 yuan, up 4.5% from 5.8 yuan in the previous year [2] - As of July 2025, Keep's AI core daily active users exceeded 150,000, with a notable retention rate of 50% for the AI dietary record feature, which is a high-frequency necessity for users [2] Strategic Outlook - Keep has established a clear growth path through the implementation of its AI strategy and operational efficiency improvements, aiming for sustainable and scalable development [2] - The company plans to strengthen its long-term business resilience and enhance profitability in the second half of 2025 and beyond [2]

Core Insights - Keep reported a revenue of 822 million RMB for the first half of 2025, representing a year-on-year decline of 20.8% due to the company's strategic shift towards AI and the streamlining of non-core inefficient operations [1] - The adjusted net profit for the first half of 2025 was 10.35 million RMB, a significant improvement from an adjusted net loss of 167 million RMB in 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 [1] - As of July 2025, Keep's AI core daily active users exceeded 150,000 [1]