---
title: "Founder Securities: Maintain KEEP \"Recommended\" rating, AI is expected to contribute elasticity under incremental release"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/257329623.md"
description: "Founder Securities maintains a \"Recommended\" rating, expecting that the AI coaching function will contribute an incremental revenue of 230 million yuan in 2025. The company actively contracted its business in the first half of the year, focusing on profitability, and it is expected that revenue will stabilize and rebound in the second half of the year with the support of AI and the apparel category. The adjusted net profit is expected to be 70 million yuan and 170 million yuan for 2025-2026, with the net profit margin likely to improve to over 5%"
datetime: "2025-09-15T09:26:04.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/257329623.md)
  - [en](https://longbridge.com/en/news/257329623.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/257329623.md)
generator: "portal-rs"
---

# Founder Securities: Maintain KEEP "Recommended" rating, AI is expected to contribute elasticity under incremental release

According to Zhitong Finance APP, Founder Securities released a research report stating that in the first half of 2025, KEEP (03650) actively shrank its business and user base, focusing on profitability by squeezing out excess, driven more by internal improvements. In the second half of the year, with the support of AI+ and incremental growth in the clothing category, revenue is expected to stabilize and rebound, while next year is likely to release greater performance elasticity. The firm expects the company's adjusted net profit for 2025-2026 to be RMB 70 million and RMB 170 million, maintaining a "Recommended" rating. The company's adjusted profit turned from loss to profit in the first half of 2025, with smooth progress in AI coaching, in addition to a focus on the clothing category. The new autumn and winter products will be launched on September 5, and subsequent revenue is expected to stop declining and recover, with continuous profit improvement.

The firm stated that KEEP is expected to return to a growth trend in the second half of the year, with the subsequent AI release expected to contribute elasticity. Given the company's proactive strategic contraction of inefficient businesses in the first half of the year, but with the gradual improvement of AI functions and clothing product lines in the second half, the company will reasonably adjust its expense allocation, expecting revenue to return to a growth trend, while the adjusted net profit margin is expected to continue improving to above 5%. Next year, as the AI coaching function gradually improves, it is expected to contribute incremental performance, with management initially estimating that AI coaching could contribute an incremental revenue of RMB 230 million for every 1 million active AI users per month

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> **Disclaimer: This article is for reference only and does not constitute any investment advice.**