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Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.
KeepHKSE:03650 -1.14%71 Gross Margin % is 52.12% as of Dec. 2025, which is 16% above its 10-year median of 44.98. GuruFocus rates HKSE:03650 with a GF Score™ of 71/100 and a GF Value™ of HK$5.19 (Possible Value Trap). The stock has 4 warning signs investors should review. Among 792 Travel & Leisure companies, Keep ranks better than 62.12% on this metric.
Gross Margin % is calculated as gross profit divided by its revenue. Keep's Gross Profit for the
six
months ended in Dec. 2025 was HK$470 Mil. Keep's Revenue for the
six
months ended in Dec. 2025 was HK$901 Mil. Therefore, Keep's Gross Margin % for the quarter that ended in Dec. 2025 was 52.12%.
The historical rank and industry rank for Keep's Gross Margin % or its related term are showing as below:
HKSE:03650'
s Gross Margin % Range Over the Past 10 Years
Min: 40.71 Med: 44.98 Max: 52.17
Current: 52.17
During the past 7 years, the highestGross Margin % of Keep was 52.17%. The lowest was 40.71%. And the median was 44.98%.
HKSE:03650's Gross Margin % is ranked better than 62.12% of 792
companies
in the Travel & Leisure industry
Industry Median: 43.61
vs HKSE:03650: 52.17
Keep had a gross margin of 52.12% for the quarter that ended in Dec. 2025 => Durable competitive advantage
The 5-Year average Growth Rate of Gross Margin for Keep was 3.40% per year.
Warren Buffett believes that firms with excellent long term economics tend to have consistently higher margins.
Durable competitive advantage creates a high Gross Margin % because of the freedom to price in excess of cost. Companies can be categorized by their Gross Margin %
1. Greater than 40% = Durable competitive advantage
2. Less than 40% = Competition eroding margins
3. Less than 20% = no sustainable competitive advantage
Consistency of Gross Margin is key
Keep had a gross margin of 52.12% for the quarter that ended in Dec. 2025 => Durable competitive advantage
Be Aware
If a company loses its competitive advantages, usually its gross margin declines well before its sales declines. Watching Gross Margin % and Operating Margin % closely helps avoid value trap situations.
Keep Gross Margin % Related Terms
Keep Gross Margin % Historical Data
* Premium members only.
The historical data trend for Keep's Gross Margin % can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
HKSE:03650 vs AS, HAS, LTH: Gross Margin % Comparison
For the Leisure subindustry, Keep's Gross Margin %, along with its competitors' market caps and Gross Margin % data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Keep Gross Margin % vs Travel & Leisure Industry
For the Travel & Leisure industry and Consumer Cyclical sector, Keep's Gross Margin % distribution charts can be found below:
* The bar in red indicates where Keep's Gross Margin % falls into.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
A positive Gross Profit is only the first step for a company to make a net profit. The gross profit needs to be big enough to also cover related labor, equipment, rental, marketing/advertising, research and development and a lot of other costs in selling the products.
Keep (HKSE:03650) has a Gross Margin % of 52.12% as of Dec. 2025. Gross margin is the ratio of total gross profit to net sales. View historical data on Keep and its competitors. This is 16% above median its historical median of 44.98. Over the past decade, Keep's Gross Margin % has ranged from 40.71 to 52.17. According to the industry distribution chart, Keep ranks #300 out of 792 companies in the Travel & Leisure industry, placing it in the top 37.9%.
Is Keep's Gross Margin % too high?
Keep's current Gross Margin % of 52.12% is 16% above median its 10-year median of 44.98. Over the past 10 years, this metric has ranged from a low of 40.71 to a high of 52.17. The Travel & Leisure industry median Gross Margin % is 43.61. Keep's value of 52.12% is 19.5% above this industry median. Based on the distribution chart, Keep ranks #300 out of 792 companies in the Travel & Leisure industry, which is above the industry midpoint. Overall, Keep has a GF Score™ of 71/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does Keep's Gross Margin % compare to AS and HAS?
According to the Travel & Leisure industry distribution chart, Keep ranks #300 out of 792 companies for Gross Margin %. This puts Keep in the upper half of its industry. The industry median Gross Margin % is 43.61. Keep's value of 52.12% is 19.5% above this benchmark. Historically, Keep's own Gross Margin % has ranged from 40.71 to 52.17 over the past decade. While the company's 10-year median is 44.98 vs. the industry median of 43.61, Keep has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Gross Margin % for a Travel & Leisure company?
The median Gross Margin % among Travel & Leisure companies is 43.61, based on 792 companies in the industry. Companies in the top quartile (top 25%) have a Gross Margin % significantly above this median, while those in the bottom quartile fall well below. However, Gross Margin % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Keep's current Gross Margin % of 52.12% is 19.5% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Gross Margin % mean?
A high Gross Margin % can signal that a stock is expensive relative to its fundamentals. Gross margin is the ratio of total gross profit to net sales. View historical data on Keep and its competitors. For the Travel & Leisure industry, the median Gross Margin % is 43.61 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Keep's current Gross Margin % is 52.12%, which is 16% above median its own 10-year median of 44.98. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Keep stock overvalued right now?
Based on GuruFocus' analysis, Keep (HKSE:03650) is currently considered Possible Value Trap. The stock's GF Value™ is HK$5.19, compared to a current price of HK$1.73 — trading 66.7% below its estimated fair value. The current Gross Margin % is 52.12%, which is 16% above median its 10-year median of 44.98 and 19.5% above the Travel & Leisure industry median of 43.61. Keep's overall GF Score™ is 71/100 with 4 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Gross Margin % calculated?
Gross Margin % is calculated from a company's financial statements. For Keep (HKSE:03650), the current Gross Margin % is 52.12% as of Dec. 2025. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Keep (HKSE:03650) Overvalued in 2026?
Based on GuruFocus' analysis, Keep stock appears to be undervalued.
The current stock price of HK$1.73 is trading 66.7% below its estimated GF Value™ of HK$5.19.
GuruFocus considers Keep to be Possible Value Trap.
Key valuation signals for HKSE:03650:
Gross Margin %: 52.12% (16% above median its 10-year median of 44.98)
GF Value™: HK$5.19 vs. price of HK$1.73 (66.7% below fair value)
Industry Position: 19.5% above the Travel & Leisure median (#300 of 792)
No single metric tells the full story. See the HKSE:03650 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Keep Inc is a growing and result-oriented platform that provides users with a comprehensive fitness solution to help them achieve their fitness goals. It offers extensive and professional fitness content with AI-assisted personalized curriculums, encompassing interactive live-streaming classes and recorded fitness courses, that dynamically adjust course content and workout intensity based on users' athletic levels, fitness goals, daily workout patterns, and diet. The company's operating segment includes Self-branded fitness products, Online membership and paid content, and Advertising and others. The company generates the majority of its revenue from Self-branded fitness products.
71GF Score
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Gross Margin % is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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