Keep(03650) 2026 interim results: revenue of 825 million yuan, adjusted net profit of 5.88 million yuan.

On August 24, the sports technology company Keep (03650) announced its interim results for the six months ending June 30, 2026. During the reporting period, Keep achieved a revenue of 825 million yuan (RMB, the same below), a year-on-year increase of 0.4%; the adjusted net profit under non-International Financial Reporting Standards was 5.88 million yuan. The company recorded a gross profit of 422 million yuan, with an overall gross margin of 51.1%. During the reporting period, revenue from the proprietary fitness product line grew 21.7% year-on-year to 483 million yuan, with the gross margin increasing by 5.3 percentage points to 40.1%; online memberships and paid content revenue reached 247 million yuan; advertising and other income was 96 million yuan, a year-on-year increase of 9.3%. In terms of user scale, Keep's average monthly active users and average monthly paid subscribers were 18.58 million and 2.17 million, respectively, with a membership penetration rate of 11.7%. The ARPU increased from 6.1 yuan in the same period last year to 7.4 yuan, representing a year-on-year growth of 21.3%; the MAU's average exercise duration increased by 15.3% year-on-year, with both MAU and DAU exercise rates continuously improving. AI capabilities are continuously exploding, with model applications being implemented. In the first half of 2026, Keep's AI strategy was further realized. In April, Keep launched its self-developed sports health vertical model Keepace.ai. This model integrates over a decade of accumulated sports data assets, scientific literature, and expert knowledge, focusing on three core capabilities: generation of training courses, sports knowledge Q&A, and interpretation of sports data. In August, Keepace.ai completed the national and Beijing municipal model filing, and concurrently disclosed the evaluation benchmark for the sports health large model, MoveBench. Under this evaluation framework, Keepace.ai scored higher than all participating models in two of the tasks, with an overall score on par with the industry's top general-purpose models. Currently, Keepace.ai has been gradually applied to the core sports scenarios within the Keep App: the Keep exercise course Agent covers key categories such as gym equipment, yoga, and running, with over 8,000 AI courses launched in the first half of the year; based on Keepace.ai, the voice running Agent has achieved rich two-way interactions; in the newly updated Keep App 9.1, AI has been integrated throughout the entire sports chainbefore, during, and after exercise. According to the financial report, the daily token call volume of the Keep App increased from 8.4 billion calls per day in March to 18.5 billion in July, achieving a twofold growth. In terms of B-end commercialization, Keep stated that the sports health large model can be highly compatible with the AI service access needs of sports hardware manufacturers, insurance, and healthcare sectors. Its accumulation of a "sports science resource library + registered vertical models + operational Agent capabilities" in three layers enables it to become a provider of AI solutions for the sports health industry. Consumer products experienced substantial growth, with strong expansion in overseas markets. The financial report shows that in the first half of 2026, Keep's proprietary fitness product revenue reached 483 million yuan, a year-on-year increase of 21.7%, with the gross margin rising from 34.8% in the same period last year to 40.1%. Among these, revenue from sports equipment grew by 49% year-on-year, accounting for over 60% of consumer goods revenue. On the product side, Keep continued to focus on indoor fitness scenes, developing categories such as muscle gain, body shaping, and yoga, with GSV for these categories increasing by 63%, 49%, and 33% year-on-year, respectively. On the channel side, Keep maintained robust performance on Tmall and JD.com, with revenue from distribution channels increasing by 35% year-on-year and Douyin channel revenue growing by more than 50%. The financial report also indicated that Keep's overseas revenue in the first half of the year exceeded 22 million yuan, primarily through Amazon and TikTok channels, with a focus on sports equipment, and is advancing cooperation with more overseas e-commerce platforms. Keep stated that the company will continue to promote an "AI-driven sports health ecosystem," with plans to further implement Keepace.ai in customized courses, in-session guidance, post-exercise reviews, and other app scenarios in the second half of the year, expand multimodal processing capabilities, and explore the commercialization of AI memberships and B-end services. The consumer goods business will continue to refine its product categories and channel around core sports scenes, while accelerating the expansion into overseas markets.