Keep (3650) H1 2026 earnings summary

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.