On March 25, Chinese sports technology company Keep released its full-year 2025 financial report for the period ended December 31, 2025. During the reporting period, Keep achieved revenue of 1.637 billion yuan (RMB, same below), with a non-IFRS adjusted net profit of 25.22 million yuan, marking its first annual profitability.
The report shows that Keep recorded gross profit of 854 million yuan in 2025, with gross margin increasing from 46.7% in the previous year to 52.2%, achieving three consecutive years of expansion.
In terms of user scale, for the full year 2025, Keep’s average monthly active users and average monthly subscription members were 21.8 million and 2.7 million respectively, with member penetration rate at 12.6%, further improving from 10.6% in 2024.
KEEP Achieves First Annual Profitability, Multiple Drivers Boost Gross Margin
The financial report shows that Keep achieved an adjusted net profit (non-IFRS) of 25.22 million yuan in 2025, compared to an adjusted loss of 470 million yuan in 2024, achieving a strong turnaround to profitability. The improvement in profitability was mainly due to the initial effectiveness of the company’s strategic adjustments focusing on AI development and optimizing business structure.
In 2025, Keep achieved revenue of 1.637 billion yuan. Among this, proprietary brand sports products revenue was 778 million yuan, online membership and paid content revenue was 680 million yuan, and advertising and other revenue was 179 million yuan. Notably, equipment category’s contribution to consumer product revenue increased to over 60%, up 15 percentage points from 2024. Meanwhile, the financial report shows that gross margins for all three business lines improved significantly in 2025, driving overall group gross margin improvement, with Keep’s gross margin increasing by 5.5 percentage points year-over-year to reach 52.2%.
In terms of user scale, Keep’s average monthly active users and average monthly subscription members in 2025 were 21.8 million and 2.74 million respectively, with member penetration rate increasing from 10.6% last year to 12.6%. At the same time, monthly average revenue per monthly active user increased to 6.3 yuan in 2025, representing a substantial year-over-year increase of 8.9%.
Meanwhile, the optimization of user structure further translated into substantive improvements in engagement, with DAU sports rate increasing by 5.3 percentage points year-over-year to 57.8%, MAU average monthly exercise duration increasing by 6.9% year-over-year, and DAU next-day retention rate increasing by 2.7 percentage points year-over-year to 41.7%, with core user activity and stickiness continuing to strengthen.
AI Strategy Accelerating, Health Ecosystem Deeply Reshaped
In terms of online membership and paid content, Keep continued to deepen its expertise in sports science, adding over 50 advanced sports metrics. AI user sports profiles have accumulated a panoramic feature map of 17 categories of tags and over 700 metrics, with the platform accumulating over 14 billion exercise records. On the content production side, the full-chain AIGC technology path has been established, with experiments showing that AI-generated plan completion rates are already on par with human output. Meanwhile, the company deepens user emotional connections through differentiated IP events and community operations, with core self-operated event IPs such as “City K Run” continuing to expand population coverage and effectively broaden commercialization channels.
In terms of proprietary brand sports products, the consumer products business in 2025 firmly shifted to prioritizing profitability quality. Keep adhered to the “quality at fair price” strategy, advancing category optimization, channel improvement, and operational efficiency, further establishing a profitable path and laying the foundation for subsequent high-quality scale expansion.
In 2025, Keep established its strategic leap from “content platform” to “AI-driven sports health ecosystem.” Keep stated that in its long-term AI strategy, it completed key iterations of underlying architecture in 2025, with product-side phased implementations, consolidating the foundation for long-term strategic transformation, and achieving phased progress in underlying architecture, AI productization, and user behavior validation.
In terms of underlying architecture, Keep completed the upgrade from traditional process-driven to multi-agent systems (MAS), supporting autonomous decision-making in high-concurrency and complex task scenarios; in terms of AI products, it reconstructed the sports service paradigm with AI coach “Kaka” as the core, covering full-scenario closed loops including voice coaching, diet management, data analysis, and motion assessment; in terms of vertical models, it continued to advance its self-developed model system, collaborating with professional sports institutions to build domain-level Benchmarks to guide the iteration direction of self-developed models.
The financial report disclosed that by the end of 2025, Kaka had generated personalized training plans for over 1.3 million users, with voice running coaching called over 21 million times, 340,000 training plans completed, and 3.5 million food images recognized. Additionally, Kaka’s data analysis feature achieved a 69% next-day retention rate, validating AI’s long-term stickiness in high-frequency scenarios.
Keep stated in the financial report that in 2026, the company will focus on two pillars: AI capability elevation and proprietary brand fitness product upgrades, continuing to evolve toward an “AI-driven sports health ecosystem” based on its deep accumulation in scientific guidance and personalized service.
For more information about KEEP’s 2025 annual report, please visit the official website.
