KEEP年度报告 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 年度報告2025Annual Report 20 81 84 87 2829 2025111320251113 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 (i)201620212023(ii) 202510.5%(GDP)202538.5%1959202038.1%2,500Keep20252025AIAIKeep Keep2025KeepAIAI25.260%20252024469.6AI 20251620.7%122024IP2025 20255.552.2%12AI 202512312,18027020242,990320202512.6%10.6%20245.88.9%6.3 AI3070%2025(DAU)5.357.8%20256.9%DAU2.741.7%AI 2025 AI 2025KeepAIAI KeepMulti-Agent(MAS)LangGraph + ReAct10Agent33AI AIAI(Kaka)Kaka AIAI20251302,10034350AI69%AI AI-nativeBenchmark12GB (LTV)AI 2025KeepKeep50AI177002025140Keep (AIGC)AIAIGC AIIPIPKIP 2025Keep2025778.120244.135.8% 60%202415 GSV32025GSV3,50050%20253020254060100% 202560100%+ AIAI KeepApp •Keep App2025•• AILTV 2025+2025202420%2026 2025Keep2026 A IA I( A g e n t )A I G CKeepClawKeep AIAI – KeepAI 202512311,637.3202412312,065.720.7% 20251231778.120241231953.918.4% 20251231679.720241231917.825.9% 20251231179.520241231193.97.5%2024Keepland 20251231783.1202412311,100.328.8%20251231 20251231499.620241231651.523.3% 20251231197.120241231327.339.8%(i)82.719.8(ii)16.7IP 2025123186.520241231121.528.8%9.78.82024Keepland 20251231854.120241231965.411.5%2025123152.2%2024123146.7%5.5 202431.7%4.1202535.8% 202464.3%6.7202571.0% 202437.3%14.5202551.8% 2025123192.620241231122.624.5% 20251231439.120241231757.942.1%283.3 20251231155.020241231233.233.5%(i)46.1(ii)8.6(iii)7.5(iv)7.1 20251231310.120241231439.029.4%85.324.1 20251231202412310.620241231 2025123171.820241231534.7(i)(ii)(iii)(iv)2025123125.220241231469.6 201620212023 202520241231 2025123120251231850.520241231122025123120251231 20251231162.020241231764.3 20251231893.0129.5 a b20% c27.016%2025658.120251231 d20251231 1.75%2.60% 20251229104.3100.02.6%202757 2025123120251231104.45.9%2025123120251229 202512315% 202512316452024123182720251231514.720241231647.8 20251231 0.24202412310.29 20251231 20251231 20251231 35 20149Keep20147 3920157201410Keep 201410201372014102009620137 4420251120241020255 2024102020042006 49202292022220221220195202212014620181220058201452012120145161998720036PricewaterhouseCoopers2024101328202559987YUMC1998620056 53201872423BEKE2007122021919991220071120191 4820122201272017220091020076200910RENN2005320076SAP200432005320007 35 39 44 20251231 AIAIAI 20251231 2025123180168 10%50% 20251231 20251231 20251231519 20251231 1. AIAI 202525.22024469.6AIAI AIAIAI 2. AIAI 2025AIAI AI 3. 2025AI 2025AI1770050AI 4. AIAI 2025AI2025AIAI AIAIAIAIGC 5. AIAIAIAI AIAIKOLAI 2025KOLKeep KOL 6. AIAIAI 2025AIAIAIAI2025AIAI AIAI 7. AI 2025AIAI AI 8. AI ESGESG ESG 20251231 20251231622571C1 4 20251231645 20251231 2025123130% 2025123130% 202512315% 2025123127 20251231525,671,98712,085,400 202512318485 202512315,374.8 2025123115 20251231 20251231 202511103.09D 2021 (3)(3) (3)(3) 20251231 202513.51B(1) 20251231XV(a)XV78(b)352(c) (1)Persistent Courage Holdings LimitedLightmap Limited78,469,8068,909,312Arrow FactoryLimitedArrow Factory LimitedStarmap TrustStarmap Trust1,500,000()2024528 (2)MetropolisOlympia Holdings Limited10,621,480Metropolis Olympia Holdings LimitedPacinoson LimitedMetropolisOlympia Holdings Limited1,650,00020245282025715 (3)1,500,0001,500,000 (4)20251231525,671,98720251231 20251231352 20251231XV23XV336 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%4,993,528 (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.SV