智通财经APP获悉，方正证券发布研报称，25年上半年KEEP(03650)主动收缩业务&用户，挤干水分以盈利为核心导向，且更多是公司内生改善驱动;下半年在AI+及服装品类增量加持下收入有望重新企稳回升，同时明年有望释放更大业绩弹性。该行预计公司25-26年经调净利润为0.7亿元、1.7亿元，维持“推荐”评级。公司25H1经调利润扭亏为盈，AI教练进展顺利，此外发力服装品类。2025秋冬新品于9/5上新，后续收入端有望止跌回暖，利润持续改善。
该行表示，KEEP下半年有望重回增长态势，后续AI释放增量下有望贡献弹性。鉴于公司上半年主动战略收缩低效业务，但下半年随着AI功能及服装产品线逐步完善公司将配合重新做合理的费用投放，预计收入将重回增长态势，同时经调净利率有望继续改善至5%以上水平。明年随着AI教练功能逐步完善，有望贡献业绩增量，管理层初步预计明年AI教练有望贡献收入增量2.3亿元/100wAI用户月活。
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