Shulou(Shulou.com)11/24 Report--

On Sept. 6, sports technology company Keep updated its prospectus on the Hong Kong Stock Exchange, with co-sponsors Goldman Sachs and China International Capital Corporation.

According to the prospectus, Keep had an average of 37.7 million monthly active users in the six months to June 30, 2022, an increase of 13% compared with the same period in 2021.

In terms of revenue, Keep achieved revenue of 1.107 billion yuan in 2020 and 1.619 billion yuan in 2021, and in the three months to March 31, 2022, revenue reached 417 million yuan, an increase of 37.6 percent over the same period last year. Gross profit margins in 2019, 2020, 2021 and the three months ending March 30, 2022 were 41.1%, 45.1%, 41.8% and 42.0%, respectively. The adjusted net loss (measured by non-IFRS) of Keep for the three months ended March 31, 2022 was 155 million yuan, compared with 237 million yuan for the same period in 2021.

Data show that in the three months to March 30, 2022, private brand products (consumer goods) contributed 213 million yuan in revenue, accounting for 51 percent, 161 million yuan for member subscriptions and online paid content, and 43.3 million yuan for advertising and other services, accounting for 10.4 percent. Its own brand products include Keep smart bikes, bracelets, scales, treadmills, etc., as well as the income of related sports products.

According to the prospectus, Keep's exploration of commercialization has yielded results, forming three growth engines of "private brand sports products (consumer goods) + member subscriptions and online paid content + advertising and other services".

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