❯ Keep H1 Revenue RMB 825 Million, Adjusted Net Profit RMB 5.88 Million; Proprietary Sports Large Model Enters Core Scenarios

SLIM PROFITKeep released its 2026 interim report: first-half revenue RMB 825 million, adjusted net profit RMB 5.88 million. Two user-side metrics are improving: ARPU grew 21.3% year over year, and monthly active users’ average monthly exercise time grew 15.3% — more people are paying, and they are using it longer.

OWN BRAND LEADSThe report shows hardware is the mainstay of the revenue mix. Own-brand fitness product revenue grew 21.7% year over year to RMB 483 million, gross margin rose to 40.1%, and overseas revenue exceeded RMB 22 million. On the AI front, the proprietary sports-health large model Keepace.ai continues to be deployed into core App scenarios, while also exploring B2B capability output.

THE 5.88M WEIGHTAn adjusted net profit of RMB 5.88 million is essentially zero for a listed company — but it is the only figure in this report that proves this model can sustain itself at its current scale. What to watch is the causal chain between ARPU and AI deployment: if the 21.3% growth in per-user spend truly comes from willingness to pay driven by AI courses and personalized training, the story Keep is telling can keep going; if it was just a price adjustment, next year’s interim report will reveal it.

▪ SIGNALA company has just proven it can stay out of the red; next it must prove this profit can be replicated.