KEEP中期报告 2025

（於開曼群島註冊成立的有限公司）(A company incorporated in the Cayman Islands with limited liability) Stock Code股份代號: 3650 中期報告2025Interim Report 8 23 41 42 44 46 47 20162021202363020256305710.00005201577% 2829 Davis Polk & WardwellA10 ICS Corporate Services (Cayman) LimitedPalm Grove Unit 4265 Smith Road, George TownP.O. Box 52A Edgewater Way, #1653Grand Cayman KY1-9006Cayman Islands 2025328 9D 20255162025516 20255162025516 33191918 ICS Corporate Services (Cayman) LimitedPalm Grove Unit 4265 Smith Road, George TownP.O. Box 52A Edgewater Way, #1653Grand Cayman KY1-9006Cayman Islands 183171712-1716 https://keep.com/ 3650 20252024630201620212023 2025KeepAI2025AI2025AIAIAIKeepAI 2025AI2025AIAI2025 20256308.21820.8%AI6.252.2%202510.3160.720251.3%15.5% 202563022.52.8202429.73.312.4%202411.1%20256.15.84.5%AI60%AIAI 2025AI20252025 AI Keep252025KeepAI 2025AI(i)MAS(ii)AI(iii)AIGC Kinetic.aiAIiiiiiiMAS 20253AI(Kaka) AIGCAIGC 1.AI2025670%2.2025650%3.AI AIAIAIKeep1)2) AI20257AI(DAU)15AIAI1/3AI50%App DAU79% AIAIGCARPU AIIPIP IPIPIP2025 2025Keepland34.7KeeplandIPK-MARSK IP 20254.03.334.8% 50%20255OTA (ii) (iii) AIAI AI2025 20251)AI2)AI 2025630821.820246301,037.320.8% 2025630396.72024630501.520.9% 2025630337.12024630437.022.9% 202563088.0202463098.911.0%2024Keepland 2025630392.72024630560.029.9% 2025630258.72024630343.324.7% 202563096.62024630140.431.2%25.49.0 202563037.4202463076.451.0%(i)7.6(ii)7.67.12024Keepland 2025630429.12024630477.310.1% 202563052.2%202463046.0%6.2 202463031.5%3.3202563034.8% 202463067.9%3.4202563071.3% 202463022.8%34.7202563057.5% 202563043.8202463061.929.3% 2025630223.52024630323.430.9%102.8 202563082.8202463090.58.5%24.919.126.5 2025630162.42024630195.717.0%18.75.63.8 202563035.42024630163.4202563010.32024630160.7 201620212023 20252024630 2025630202563010202412311220256302025630 2025630534.020241231764.3 5% 20256306692025630270.22024630282.0 2025630 20256300.25202412310.29 2025630 2025630 2025630 2023712192.0 2025630XV(a)XV78(b)352(c) (1)Persistent Courage Holdings LimitedLightmap Limited78,469,8068,909,312Arrow FactoryLimitedArrow Factory LimitedStarmap TrustStarmap Trust1,500,0002024528 (2)MetropolisOlympia Holdings Limited10,621,480Metropolis Olympia Holdings LimitedPacinoson LimitedMetropolisOlympia Holdings Limited1,500,0002024528 (3)1,510,00020161,500,00010,000BulldogGroup Ltd5,561,499990,000Bulldog Group LtdBulldog Group LtdBulldogGroup Ltd2024528 (4)2025630525,671,9872025630 2025630352 2025630XV23XV336 *XV2310% (1)Persistent Courage Holdings LimitedLightmap LimitedArrow Factory LimitedArrow Factory LimitedStarmapTrustStarmap TrustArrowFactory LimitedPersistentCourage Holdings LimitedLightmapLimited1,500,000 (2)GGV Capital Select L.P.GGV Capital Select L.L.C.GGV Capital V L.P.GGV Capital V L.L.C.GGV CapitalV Entrepreneurs Fund L.P.GGV Capital V L.L.C.GGV VII Investments Pte. Ltd.GGV Capital VII L.L.C.GGV Capital Select L.L.C.GGV Capital V L.L.C.GGV Capital VII L.L.C.Lee Hongwei JennyJeff Richards Jixun FooGlenn SolomonHans Tung (3)Calorie Partner LimitedCalorie Fortune Limited100%1,057,228 (4)SVF II Calorie Subco (DE) LLCSVFSoftBank Vision Fund II-2 L.P.SVF Fund IISVF IIAggregator (Jersey) L.P.SVF II Holdings (DE) LLC SVF II Investment Holdings LLCSVF II Investment Holdings (Subco)LLCSVFSVF II Investment Holdings (Subco) LLCSVF II Investment SubcoSVFII Investment SubcoSVF II Investment Holdings LLCSB Global Advisers LimitedSBGASVF Fund IISVFSB Global Advisers CapitalMarkets LimitedSBGASVF Fund IISVF II GP (Jersey) LimitedSVF II GP (Jersey) LimitedSoftBank Group Corp.SBGASoftBank Group Corp. SBGASB Global Advisers Capital Markets LimitedSoftBank Group Corp.SVF Fund II-2SVF II GP (Jersey) LimitedSVF II Aggregator (Jersey) L.P.SVF II Holdings (DE) LLCSVF II Investment Holdings LLCSVF II Calorie Subco (DE) LLC (5)Morningside China TMT Fund IV, L.P.*Morningside China TMT Fund IV Co-Investment, L.P. *Morningside China TMTSpecial Opportunity Fund II, L.P. *Morningside China TMT GP IV, L.P.Morningside China TMT GPIV,L.P.TMTGeneral Partner Ltd.MorningsideVenture(VII)Investments LimitedTMTGeneral Partner Ltd.Morningside Venture(VII)Investments LimitedLandmark Trust Switzerland SA100%Evolution Special Opportunity Fund I, L.P.*Evolution Fund I Co-investment, L.P.*5Y Capital GP Limited5Y Capital GP Limited100% (6)JenCap Squad*Jeneration Capital Partners II L.P.Jeneration Capital Partners II L.P.JenerationCapital GP IIJenCap Squad I L.P.*JenCap Squad I GPJeneration Capital GP IIJenCap SquadI GP100%Jeneration Group LimitedPurple Panther Purple PantherJenerationGroup LimitedJenCapSquad*JenCap Squad I L.P.* (7)BAIGmbHReinhardMohn GmbHReinhard Mohn GmbHBertelsmannSE&Co.KGaABertelsmannVerwaltungsgesellschaftmbHBertelsmann Verwaltungsgesellschaft mbHChristophMohnBertelsmann SE&Co. KGaABertelsmann StiftungBertelsmann Management SEReinhardMohn Verwaltungsgesellschaft mit beschränkter HaftungJohannes Mohn Gesellschaft mit beschränkt