In 2025, the company reversed its losses and achieved an adjusted net profit of 25.22 million yuan.

On March 25th, the sports technology company Keep (03650) released its 2025 annual financial report ending on December 31, 2025. During the reporting period, Keep achieved a revenue of 1.637 billion yuan, and a net profit of 25.22 million yuan adjusted under non-International Financial Reporting Standards, achieving its first annual profit. The report showed that Keep recorded a gross profit of 854 million yuan in 2025, with a gross profit margin increasing from 46.7% in the previous year to 52.2%, achieving three consecutive years of expansion. In terms of user base, in the full year of 2025, Keep had an average of 21.8 million monthly active users and 2.7 million average monthly subscribers, with a membership penetration rate of 12.6%, further increasing from the 10.6% in 2024. First annual profit, multiple engine gross profit rate rising together The financial report showed that Keep achieved a net profit of 25.22 million yuan in 2025 (adjusted under non-International Financial Reporting Standards), a strong turnaround from a loss of 470 million yuan in 2024. The improvement in profitability was mainly due to the initial effects of the company's strategic adjustments focusing on AI development and optimizing business structure. In 2025, Keep achieved a revenue of 1.637 billion yuan. Among this, revenue from its self-owned sports products was 778 million yuan, online membership and paid content revenue was 680 million yuan, and advertising and other revenue was 179 million yuan. It is worth noting that the contribution of equipment category to consumer goods revenue has increased to over 60%, a 15 percentage point increase from 2024. The financial report also showed that the gross profit margins of the three business lines in 2025 all saw significant increases, driving an overall improvement in the group's gross profit margin. Keep's gross profit margin increased by 5.5 percentage points year-on-year, reaching 52.2%. In terms of user base, in 2025 Keep had an average of 21.8 million monthly active users and 2.74 million average monthly subscribers. The membership penetration rate increased from 10.6% last year to 12.6%. Additionally, the average monthly revenue per active user increased to 6.3 yuan in 2025, a substantial 8.9% increase from the previous year. At the same time, the optimization of user structure further translated into substantial improvements in engagement, with a 5.3 percentage point increase year-on-year in the daily active user exercise rate to 57.8%, a 6.9% increase in the monthly active user exercise duration, a 2.7 percentage point increase in the next day retention rate of daily active users to 41.7%, and a continuous enhancement of the activity and stickiness of core users. AI strategy acceleration, deep reshaping of health ecosystem The financial report showed that in terms of online membership and paid content, Keep continued to deepen professional sports science, adding more than 50 advanced exercise indicators. The AI user exercise profile has accumulated a panoramic feature map consisting of 17 labels and over 700 indicators, with the platform accumulating over 14 billion exercise records. On the content production side, the AIGC full-link technology path has been opened up, with AI-generated plans showing completion rates comparable to human output. Additionally, the company deepened user emotional connections through differentiated IP events and community operations, expanding core self-operated event IPs such as "City K Marathon" to effectively widen commercial channels. Regarding self-owned sports products, the consumer goods business in 2025 firmly shifted towards prioritizing profit quality. Keep adhered to the "high quality, fair price" strategy, advancing category optimization, channel improvement, and operational efficiency, further paving the way for profitability and laying the foundation for subsequent high-quality scale expansion. In 2025, Keep established a strategic transition from a "content platform" to an "AI-driven sports and health ecosystem." Keep stated that in the long-term AI strategy, key iterations in the underlying architecture were completed in 2025, with product implementation in place, solidifying the foundation for long-term strategic transformation and achieving significant progress in underlying architecture, AI productization, and user behavior validation. In terms of underlying architecture, Keep completed the upgrade from traditional process-driven to a multi-agent system (MAS), supporting autonomous decision-making in high-concurrency and complex task scenarios. In terms of AI products, the core AI coach "Kaka" reshaped the exercise service paradigm, covering full-scenario closed-loop features such as voice coaching, diet management, data analysis, and movement assessment. In terms of vertical models, the company continued to advance its self-developed model system, collaborating with professional sports institutions to construct domain-level benchmarks to guide the direction of self-developed model iterations. The financial report revealed that by the end of 2025, Kaka had generated personalized training plans for over 1.3 million users, with over 21 million calls for voice coaching, 340,000 completed training plans, and 3.5 million food image recognitions. In addition, the retention rate of Kaka's data analysis function reached 69% the next day, validating AI's long-term stickiness in high-frequency scenarios. In the financial report, Keep stated that in 2026 the company would focus on upgrading its AI capabilities and self-owned fitness products. With deep expertise in scientific guidance and personalized services, Keep will continue to evolve towards an "AI-driven sports and health ecosystem."