On March 25, the sports technology company Keep (03650) released its full-year financial results for 2025, ended December 31. During the reporting period, Keep reported revenue of 1.637 billion yuan and achieved its first annual profit, with an adjusted net income of 25.22 million yuan under non-IFRS measures. The report indicated that Keep recorded a gross profit of 854 million yuan for 2025, with the gross profit margin increasing to 52.2% from 46.7% in the same period the previous year, marking three consecutive years of expansion. In terms of user base, the average monthly active users and average monthly subscribing members for the full year 2025 were 21.8 million and 2.7 million, respectively. The membership penetration rate further improved to 12.6%, up from 10.6% in 2024.
The company's first annual profit and the simultaneous increase in gross margins across multiple business lines were highlighted in the report. Keep achieved an adjusted net profit of 25.22 million yuan under non-IFRS in 2025, a strong turnaround from the adjusted loss of 470 million yuan in 2024. The improvement in profitability was primarily attributed to the initial results of the company's strategic shift focusing on AI development and optimizing its business structure.
Revenue for 2025 reached 1.637 billion yuan. This was composed of 778 million yuan from sales of self-branded sports products, 680 million yuan from online membership and paid content services, and 179 million yuan from advertising and other sources. Notably, the contribution of equipment categories to consumer product revenue increased to over 60%, up by 15 percentage points compared to 2024. The report also showed that the gross profit margins for all three business lines saw significant improvement in 2025, driving the overall group gross margin higher. Keep's gross profit margin increased by 5.5 percentage points year-on-year to 52.2%.
Regarding the user base, the average monthly active users and average monthly subscribing members in 2025 were 21.8 million and 2.74 million, respectively. The membership penetration rate rose from 10.6% last year to 12.6%. Concurrently, the average monthly revenue per monthly active user increased to 6.3 yuan in 2025, a substantial increase of 8.9% compared to the previous year. Furthermore, the optimization of the user structure translated into tangible improvements in engagement. The daily active user exercise rate increased by 5.3 percentage points year-on-year to 57.8%, the average monthly exercise time per MAU grew by 6.9% year-on-year, and the DAU next-day retention rate improved by 2.7 percentage points to 41.7%, indicating sustained enhancement in the activity and loyalty of core users.
The report detailed advancements in the AI strategy and the deep restructuring of the health ecosystem. In the area of online memberships and paid content, Keep continued to deepen its expertise in professional sports science, adding over 50 advanced sports metrics. The AI user sports profiles have accumulated a comprehensive feature map comprising 17 categories of tags and over 700 metrics, with the platform accumulating more than 14 billion exercise records. On the content production side, the full-chain AIGC technical pathway has been established, with experiments showing that the completion rate for AI-generated workout plans is now on par with those created manually. Additionally, the company strengthened user emotional connections through differentiated IP events and community operations. Core self-operated event IPs, such as the "City K Marathon," continued to expand their reach, effectively broadening commercial avenues.
For its self-branded sports products, the consumer goods business firmly shifted its focus towards profit quality in 2025. Keep adhered to a "premium quality, premium price" strategy, advancing category optimization, channel improvement, and operational efficiency, thereby further validating its profitability path and laying the groundwork 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." The company stated that regarding its long-term AI strategy, key iterations of the underlying architecture were completed in 2025, with phased implementation achieved at the product level, solidifying the foundation for long-term strategic transformation. Progress was made in areas including the underlying architecture, AI productization, and user behavior validation.
In terms of underlying architecture, Keep completed an upgrade from traditional process-driven systems to a Multi-Agent System (MAS), supporting autonomous decision-making in high-concurrency and complex task scenarios. On the AI product front, the company redefined the service paradigm around the AI coach "Kaka," covering a full-scenario closed loop including voice-guided workouts, diet management, data analysis, and movement assessment. Regarding vertical models, the company continued to advance its self-developed model system, collaborating with professional sports institutions to build domain-specific benchmarks to guide the iteration direction of its proprietary models.
According to the financial report, by the end of 2025, Kaka had generated personalized training plans for over 1.3 million users, with voice-guided running sessions called more than 21 million times, training plans completed 340,000 times, and 3.5 million food images recognized. Furthermore, the next-day retention rate for Kaka's data analysis feature reached 69%, validating the long-term engagement potential of AI in high-frequency scenarios.
Keep stated in its report that in 2026, the company will focus on two pillars: enhancing AI capabilities and upgrading its self-branded fitness products. Leveraging its deep expertise in scientific guidance and personalized services, Keep will continue its evolution towards an "AI-driven sports and health ecosystem."
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