Keep Inc — Cyborg Score 5/10

Strategic Profile

The company offers AI-powered personalized training programs which adjust course content, workout intensity, and recommendations based on users' athletic levels, fitness goals, behavioral data, daily workout, and lifestyle patterns. Keep Inc has introduced an AI coach, marking a significant step in transforming from a content-driven to a data-driven ecosystem, positioning itself as a tech-enabled fitness platform differentiated by personalization capabilities.

Cyborg Score Rationale

Total revenue for FY 2024 was RMB 2.1 billion, down 3.4% year-over-year. While gross margin improved by 1.7 percentage points to 46.7%, the company faces headwinds with declining online membership revenue and elevated marketing expenses. GuruFocus detected 5 severe warning signs with 03650.

Top Insights

• 400 million users provide massive platform scale, but monetization and growth remain challenged
• AI coach development signals strategic pivot toward data-driven personalization and recurring revenue
• Online Membership and Paid Content revenue declined 7.8% year-over-year to RMB 980 million, indicating subscriber pressure
• Self-Branded Fitness Products revenue grew 0.8% to RMB 954 million, showing modest hardware segment resilience

Named Competitors

• iQIYI Fitness — Video streaming with fitness content offerings
• Apple Watch — Wearable fitness tracking and health ecosystem
• Xiaomi Mi Band — Smart wearables and fitness devices
• Peloton Digital — Connected fitness equipment and digital content

Recent Developments

• (March 2025) FY 2024 earnings reported RMB 2.1B revenue (down 3.4% YoY) with improved 46.7% gross margin
• (December 2025) Ongoing share repurchases indicating management confidence
• (2024-2025) AI coach launch signaling product innovation and ecosystem transformation

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