Core Viewpoint - Keep has announced a forecast of adjusted net profit of approximately 25 million yuan for the fiscal year 2025, marking a turnaround from losses, attributed to its "All in AI" strategy initiated at the beginning of 2025 [1][13]. Profit Structure - The adjusted net profit for 2025 is projected at 25 million yuan, with approximately 15 million yuan generated in the second half of the year, reflecting a 45% quarter-on-quarter growth [1][2]. - Despite a year-on-year decline in overall revenue due to the reduction of inefficient business segments, the profit growth indicates a substantial improvement in the company's profitability [1][2]. Profit Attribution - The improvement in profitability is primarily due to a strategic focus on AI development and optimization of business structure [4]. - AI advancements have led to significant cost optimization in content production, with gross margin increasing from 46.0% to 52.2% year-on-year [6]. - The introduction of AI coaching has enhanced user conversion and retention, with over 150,000 daily active users engaging with AI features, contributing to more than 1 million yuan in revenue from AI services [6]. Business Performance - The strategic decision to focus on high-margin product categories has resulted in a significant increase in revenue quality, despite a temporary contraction in overall revenue [8][9]. - Core product categories, such as fitness equipment, have shown over 20% year-on-year growth in the second half of 2025, indicating a stabilization of revenue decline and the release of growth momentum [9]. Future Outlook - For 2026, Keep plans to deepen AI integration, expand overseas markets, and leverage consumer product potential as key growth drivers [11][12]. - The upcoming release of the first version of the Keep fitness health model and the rollout of AI Agent functionalities are expected to enhance user engagement and service capabilities [11]. - Keep aims to position its consumer products as a "new era Decathlon," focusing on product, channel, and brand synergy to strengthen its market presence [12].

2月24日，运动科技公司Keep发布了2025年度业绩盈利预告，宣布公司业绩迎来突破性改善。 公告显示，在非国际财务报告准则计量下，Keep预计2025年度将录得经调整净利润约2500万元，相较 2024年度经调整净亏损4.69亿元，成功实现扭亏为盈。公告同时披露，2025年度公司拥有人应占亏损预 计约为7200万元，较上一年度的5.35亿元亏损，同比大幅收窄约87%。 这是Keep自上市以来首次在年度层面实现经调整净利润为正。根据Keep公开财报数据，2019年—2024 年，Keep经调整亏损净额分别为3.665 亿元、1.064亿元、8.265亿元、6.669亿元、2.954亿元、4.69 亿 元，六年累计经调整亏损超27亿元。 受盈利预告提振，Keep港股2月25日早盘高开，截至发稿，股价最高触及3.79港元，上涨6.76%，成交额 稳步放大，市场对盈利改善预期持续升温。 扭亏关键，AI驱动与业务优化 据公告披露，Keep盈利能力实现显著改善，核心得益于聚焦AI发展与优化业务结构的战略调整落地见 效。公司将AI技术深度融入企业运营全链路，通过提升内容生产效率、优化各环节人效、搭建智能高 效的经营决策机 ...

每日港股評析 港股早晨快訊 2026 年 2 月 25 日星期三 2012-01- 17 市場回顧 中港股市短期展望 恒指料守 26,000 點：美國總統特朗普去年對多國徵收緊急關稅，遭到最 高法院推翻，但相信特朗普很大機會透過其他途徑再對外加徵關稅，以維 持原先強硬貿易政策立場，並在 3 月訪華前爭取談判籌碼。3 月企業陸續 公布業績，需留意商品價格上漲，或為企業盈利帶來壓力。AI 高速發展顛 覆企業營運模式，科網股股價走勢兩極化，重磅平台龍頭動力不足，拖累 科指續尋底，亦牽制大市上升空間。AI 行情變化如新品發布、技術升級， 以及平台龍頭在業績期對資本開支、競爭格局的表態，料為短期市場焦點。 全國兩會將於 3 月 4、5 日舉行，有關經濟增長目標、赤字率等細節公布， 以及會前政策預期升溫，有望為港股提供支持，恒指料守 26,000 點。 短期看好板塊 AI 股：AI 大模型密集升級，半導體行業高速增長 智能眼鏡：OpenAI 據報擬推 AI 智能硬件包括智能眼鏡 今日市場焦點 香港第四季GDP、財政預算案； 匯豐控股(0005)及攜程集團(9961)業績； 宏觀焦點 外圍市況展望 美聯儲1月維持利率不變， ...

Group 1 - The total issuance scale of new funds in China has exceeded 209.4 billion yuan, with 227 new funds established as of February 24, 2026 [1] - 65 funds have raised over 1 billion yuan, with 15 funds exceeding 3 billion yuan, indicating strong market interest [1] - Insurance institutions are optimistic about the A-share market and plan to slightly increase their allocation to A-shares in 2026 [1] Group 2 - Over 93.2% of insurance asset management products have achieved positive returns this year, with nearly 20 products yielding over 10% [1] - The focus for insurance asset management institutions is expected to shift towards technology innovation and high-quality listed companies in key sectors [1] Group 3 - The private credit fund industry is facing warnings of potential defaults, with UBS predicting a default rate could reach 15% [2] - Concerns have been raised about the stability of private credit funds, particularly following redemption restrictions by Blue Owl Capital [2] Group 4 - The banking sector has seen a cold start to the year, with institutions expressing concerns over credit quality and lending trends [2] - Recent financial data indicates a rare year-on-year decline in credit issuance, raising questions about the banking sector's performance [2] Group 5 - The cancellation of export tax rebates for the photovoltaic industry is set to take effect on April 1, 2026, which may accelerate industry consolidation [3] - Companies are increasing production to maximize exports before the policy change, but there are concerns about demand in the second quarter [3] Group 6 - The global storage chip market is expected to see price increases starting in Q3 2025, driven by advancements in AI and computing power [4] - Chinese storage companies are making significant progress, positioning themselves as key players in the global market [4] Group 7 - HP reported a first-quarter revenue of $14.4 billion, a 6.9% increase year-on-year, with personal systems business revenue growing by 11% [6] - The company expects adjusted earnings per share for the fiscal year to be between $2.90 and $3.20 [6] Group 8 - Keep anticipates a narrowed loss of approximately 72 million yuan for the fiscal year ending December 31, 2025, compared to a larger loss in the previous year [6] - The company also expects to report an adjusted profit of around 25 million yuan for the same period [6] Group 9 - Huayi Technology has submitted an application for H-share issuance and listing on the Hong Kong Stock Exchange [7] - The application is subject to approval from regulatory bodies, indicating potential future growth opportunities [8] Group 10 - Kaipu Cloud has terminated its major asset restructuring plan to acquire a 70% stake in Nanning Taike Semiconductor due to market changes [9] - The company has committed to not planning any major asset restructuring for at least one month following the announcement [9] Group 11 - Hualian Holdings plans to acquire 100% of Argentum Lithium S.A. for approximately $175 million, pending shareholder approval [10] - The transaction is not classified as a related party or major asset restructuring, but it carries uncertainties regarding implementation [10] Group 12 - Supor reported a slight increase in revenue for 2025, but a 6.58% decline in net profit, attributed to decreased export orders and rising sales expenses [11] - The company is focusing on cost reduction and efficiency improvements to enhance profitability [11] Group 13 - Aidi Pharmaceutical reported a revenue increase of 72.49% for 2025, but still incurred a net loss of approximately 19.73 million yuan [12] - The increase in revenue is linked to higher sales of innovative HIV drugs and the consolidation of Nanda Pharmaceutical's operations [12] Group 14 - Weidong Nano reported a revenue decline of 2.52% for 2025, with a net profit decrease of 6.12%, influenced by reduced acceptance of photovoltaic equipment [13] - The company continues to invest heavily in R&D to maintain its competitive edge in new photovoltaic technologies [13] Group 15 - U.S. stock markets saw collective gains, with the Nasdaq rising by 1.04%, driven by rebounds in software and AI-related stocks [14] - The dollar index rebounded, while gold and silver prices experienced declines after recent highs [14]

Group 1: Core Insights - The Chinese consumer market in 2025 is characterized by both chaos and fragmentation, with a shift towards efficiency, value, and trust as the essence of competition [2] - The year witnessed significant events such as the end of the food delivery war, a crisis in the prepared food sector, and the rise of hard discounts while soft discounts declined [2] - Major international brands are seeking survival through divestitures, while the middle class experiences repeated disillusionment in consumption [2] Group 2: Food Delivery War - The food delivery war was ignited by JD's aggressive entry into the market, leading to a fierce subsidy competition among major players like Meituan and Alibaba [5][6] - In Q2 2025, the three major players burned through at least 30 billion yuan, equivalent to the total industry profit of the previous year [6] - The war has severely impacted small businesses and delivery personnel, highlighting the unsustainable nature of the competition [6] Group 3: Prepared Food Crisis - The prepared food crisis began with a public dispute involving a well-known restaurant, exposing significant gaps in consumer trust and industry standards [10][11] - The crisis has led to the closure of 102 stores by the affected restaurant and highlighted the precarious state of the industry, with many companies facing severe losses [12] - The market for prepared foods is projected to grow significantly, with the government moving towards establishing clearer standards [12][13] Group 4: Hard Discount Battle - The hard discount retail sector is experiencing explosive growth, with major players like JD and Hema aggressively expanding their store presence [16][18] - The distinction between hard and soft discounts is becoming more pronounced, with hard discounts focusing on sustainable low prices through private label products [18][19] - The competition is shifting from price wars to efficiency in supply chains and operational capabilities [19] Group 5: Dairy Product Trends - The "milk skin" product has gained immense popularity, evolving from a local specialty to a nationwide trend, with significant sales figures reported [21][22] - The product's success is attributed to its versatility and the ability to integrate into various food categories, driving demand and industry expansion [22] Group 6: Medicinal Food Market - The market for medicinal food has surpassed 370 billion yuan, with a growing emphasis on integrating traditional Chinese medicine into everyday food products [25][26] - The industry is witnessing an expansion of raw materials and innovative product forms, driven by advancements in technology and consumer demand [27][28] Group 7: International Brand Divestitures - In 2025, international brands like Starbucks and Burger King began divesting their Chinese operations, indicating a shift in market dynamics [31][32] - The decline in market share for these brands is attributed to their inability to adapt to the rapidly changing consumer landscape in China [32] - Successful local brands have capitalized on this opportunity, demonstrating the potential for growth through localized strategies [33] Group 8: Middle-Class Consumer Sentiment - The middle class in China is experiencing a sense of disillusionment, reacting negatively to price increases and perceived quality issues [36][39] - This demographic is increasingly critical of brands that do not meet their expectations, indicating a shift in consumer behavior and brand loyalty [39] Group 9: Weight Management Trends - 2025 has been dubbed the "Year of Weight Management," with a national initiative promoting healthy weight control [41][44] - The market for weight management products is projected to reach 326 billion yuan, with a significant increase in demand for functional foods [45][46] Group 10: IPO Activity in Hong Kong - The Hong Kong stock exchange has seen a surge in IPO activity, with 111 companies raising over 250 billion yuan in 2025, surpassing previous expectations [49][50] - The consumer sector has been a major focus, with numerous retail and consumption-related companies going public [50][51] - The trend of dual listings (A+H shares) is also gaining momentum, indicating a robust interest in capital markets [52]

近日，演员周迅在社交媒体分享了她在巴黎看时装秀的视频记录。镜头中，她在行程间隙游泳，而其佩戴的一款带有Keep logo的专业泳帽意外出圈，不少 网友纷纷留言"求链接"。 京东开年数据显示，截至1月29日，Keep京东瑜伽包品类成交额达到10万至25万量级，为品牌榜榜首，瑜伽袜和瑜伽垫等专注女性运动场景的品类，同样名 列前茅，这种针对细分场景的深度挖掘，让Keep成功捕捉到了女性用户对于"专业且精致"的运动审美需求。 这些数据背后，是大众运动热情从"围观"向"亲身参与"的实质性转变。有行业观察人士指出，运动品牌与公众人物的自然互动，有助于传递健康生活方式， 进一步激活大众运动市场。在全民健身氛围和体育赛事热度的双重推动下，专注于产品体验与用户连接的运动品牌，或将在消费领域持续释放潜力。 专业运动单品在非竞技场景的自然露出，被视为运动装备进一步融入日常生活的缩影，也折射出当前"运动即时尚"的消费趋势。 今年正值"体育大年"，奥运会等全球赛事带动大众运动热情升温，运动消费市场持续活跃。Keep等运动品牌通过产品功能优化与场景渗透，正逐渐赢得用户 的日常选择。从线上课程到运动装备，平台构建的生态闭环，也助力其消费品 ...

1月27日，月之暗面旗下Kimi正式发布并开源全新多模态模型——Kimi K2.5。"它是我们目前最强大的 模型。"月之暗面创始人杨植麟在介绍新模型的视频中这样定义了Kimi K2.5。 而在此前的1月26日，阿里发布千问旗舰推理模型Qwen3Max-Thinking。该模型总参数量超万亿 （1T），也被阿里冠上千问推理模型中"最强"的称号。 对此，业内有观点指出，中国AI企业正试图跳出单纯的算力比拼，走向更差异化的深度思考发展路 径，但不难发现，Agent和视觉理解能力是其迭代中共同出现的高频词，也正成为本轮技术迭代中无可 争议的竞赛焦点。 展示"技术平权"理念 "AI让专业技能平权化，释放了每个人的个体创造力。"1月21日，在瑞士达沃斯举行的世界经济论坛 2026年年会上，Kimi总裁张予彤曾如是说道。 在此次Kimi K2.5发布后，"技术平权"这一关键词，再次出现在Kimi相关介绍中。那么，具体来看， Kimi在本次作出了哪些更新？ 《每日经济新闻》记者了解到，首先，Kimi K2.5提升了模型的视觉理解能力，并将其与推理、代码、 Agent等能力结合，降低了用户与AI的交互门槛。 据月之暗面方面介绍 ...

Investment Rating - The report maintains a "Recommendation" rating for the consumer services industry, expecting the industry index to outperform the benchmark index by more than 5% in the next 3-6 months [41]. Core Insights - The report highlights a significant increase in ticket bookings for domestic and international flights during the upcoming Spring Festival travel period, with domestic flight bookings exceeding 7.54 million, a year-on-year increase of approximately 12% [5]. - The Ministry of Finance and other departments have established a special guarantee plan with a scale of 500 billion yuan to support loans for small and micro enterprises, which is expected to leverage nearly 900 billion yuan in private investment [5]. - The report suggests that the pre-holiday booking window for the Spring Festival has opened, with positive year-on-year performance in flight bookings, particularly benefiting destinations like Hainan due to increased tourist flow [5]. - The report recommends monitoring changes in booking data for transportation and hotels leading up to the Spring Festival, as well as investment opportunities arising from policies promoting service consumption [5]. Industry Data - The consumer services industry consists of 55 listed companies with a total market capitalization of 498.8 billion yuan and a circulating market capitalization of 457.1 billion yuan [2]. - The industry experienced a weekly increase of 3.20%, outperforming the overall A-share market, which saw a 1.80% increase, while the CSI 300 index decreased by 0.62% [8][10]. - The report notes that the hotel and restaurant sectors showed positive performance, with hotel stocks rising by 3.69% and restaurant stocks by 3.31% during the reporting period [18]. Related Companies - Recommended companies include hotels with balanced supply and demand such as Junting Hotel, Jinjiang Hotel, and Huazhu Group, as well as human resources services like Core International and Beijing Renli [5]. - The report also highlights companies in the duty-free sector benefiting from new policies, such as China Duty Free Group and Zhuhai Duty Free Group [5]. - Other notable mentions include online and offline integrated platforms like Meituan and Alibaba, and innovative tourism companies like Three Gorges Tourism and Changbai Mountain [5].

Investment Rating - The report maintains a "Recommendation" rating for the consumer services industry, expecting the industry index to outperform the benchmark index by more than 5% in the next 3-6 months [41][43]. Core Insights - The report highlights a significant increase in ticket bookings for domestic and international flights during the upcoming Spring Festival travel period, with domestic flight bookings exceeding 7.54 million, a year-on-year increase of approximately 12% [5]. - The Ministry of Finance and other departments have established a special guarantee plan with a scale of 500 billion yuan to support loans for small and micro enterprises, which is expected to leverage nearly 900 billion yuan in private investment [5]. - The report suggests that the pre-holiday booking window for the Spring Festival has opened, with positive year-on-year performance in flight bookings, particularly benefiting destinations like Hainan due to increased tourist flow [5]. - The report recommends monitoring changes in booking data for transportation and hotels leading up to the Spring Festival, as well as the impact of service consumption-related policies on investment opportunities [5]. Industry Data - The consumer services industry consists of 55 listed companies with a total market capitalization of 498.8 billion yuan and a circulating market capitalization of 457.1 billion yuan [2]. - The absolute performance of the industry over the past month is -7.7%, while the relative performance is -6.9% [3]. Weekly Performance - The consumer services industry experienced a weekly increase of 3.20%, outperforming the overall A-share market, which saw a rise of 1.80%, and the CSI 300 index, which declined by 0.62% [8]. - Notable performers in the sector included SF City with a 34.27% increase and Jiuhua Tourism with a 10.89% increase [5]. Important Announcements - Beijing Human Resources reported a planned reduction of 1.698 million shares by a shareholder, amounting to 313 million yuan, reducing their stake to 5.8% [31]. - Guilin Tourism expects to turn a profit in 2025 with a projected net profit of 11 million yuan, driven by a 10% increase in tourist numbers [31]. - Jinling Hotel anticipates a net profit of 55 million to 63.5 million yuan in 2025, representing a year-on-year growth of 65.37% to 90.93% [31].

Core Insights - Keep has been recognized for its comprehensive brand coverage in the fitness technology sector, with its trademarks in three categories included in the 2025 Beijing Key Trademark Protection List [1][4][5] Group 1: Trademark Recognition - Keep's trademarks in categories 9 (Apps), 28 (fitness equipment), and 41 (fitness guidance services) have been fully recognized, marking a significant achievement in brand protection [1][4] - The inclusion in the trademark list signifies the brand's high market visibility and leading position in the industry, as well as its compliance with regulatory standards [1][4] Group 2: Company Achievements and Offerings - Keep has received multiple accolades, including being named one of the "Top Ten Copyright Holders" by the China Copyright Protection Center in 2021 and recognized as a "2023 Intellectual Property Advantage Unit" by the Beijing Intellectual Property Bureau [2][5] - The Keep App, launched in 2015, offers a variety of online fitness courses and personalized training plans, emphasizing the brand's commitment to providing professional fitness guidance [2][5] - Keep has expanded its offerings to include smart fitness equipment and health products, creating a comprehensive solution that integrates software and hardware [6] Group 3: Future Strategy - Keep aims to enhance its strategic layout by improving course diversity and investing in smart hardware development, leveraging AI and big data to offer personalized fitness solutions [3][6] - The company has set a ten-year vision to become a platform for one billion athletes, reflecting its ambition to promote fitness and expand its global presence [3][6]