Fangzheng Securities: Maintains a "keep" rating for AI (03650.HK), and expects that AI will contribute to elasticity with the release of incremental demand.

According to the Wisdom Finance APP, Founder Securities released a research report stating that in the first half of 2025, KEEP (03650.HK) actively reduced its business and user base to focus on profitability, with more emphasis on internal company improvements; in the second half of the year, with the addition of AI+ and clothing categories, revenue is expected to stabilize and rise again, with the potential for even greater performance elasticity next year. The firm estimates the company's adjusted net profit for 2025-2026 to be 70 million yuan and 170 million yuan, maintaining a "buy" rating. The company turned its adjusted profit in the first half of 2025 from a loss to a profit, with smooth progress in AI coaching, and a focus on the clothing category. New products for the fall and winter of 2025 will be launched on September 5th, with subsequent revenue expected to stop declining and improve, leading to continuous profit improvement.