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Keep (3650) investor relations material
Keep H1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
H1 2026 revenue was RMB825.1m, up 0.4% YoY; operating loss narrowed to RMB12.5m from RMB42.4m, while adjusted net profit was RMB5.9m.
Fitness products growth and improved operating efficiency offset declining online membership and paid-content revenue; strategy centers on AI-enabled fitness services and overseas product expansion.
Financial highlights
Revenue RMB825.1m, up 0.4% YoY; gross profit RMB422.0m, down 1.6%; gross margin 51.1%, down 1.1 percentage points.
IFRS loss narrowed to RMB12.2m from RMB35.4m; adjusted net profit, excluding share-based compensation and investment fair-value changes, was RMB5.9m vs. RMB7.5m.
Operating loss narrowed 70.4% YoY to RMB12.5m; basic and diluted loss per share were both RMB0.03, versus RMB0.08.
Outlook and guidance
H2 2026 priorities include continued AI investment and deployment, expanded membership monetization, enterprise AI solutions, broader product categories, and domestic and overseas channel growth.
Management aims to return the business to a sustainable growth trajectory while flexibly calibrating investment to macro consumption and competitive conditions; no quantified financial guidance was stated.
- Gross margin expanded, but adjusted losses widened as investment supports a 2025 breakeven goal.3650
H2 2024 - Revenue grew and adjusted losses narrowed as gross margin and monetization improved.3650
H1 2024 - Margin expansion and cost discipline delivered the first adjusted annual profit amid strategic retrenchment.3650
H2 2025 - A sharp profitability turnaround amid falling revenue, powered by margin gains and AI-led restructuring.3650
H1 2025
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