Earnings release
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36Kr Holdings Inc. Reports Unaudited Financial Results for the First Half of 2025 BEIJING, September 26, 2025 / GLOBE NEWSWIRE / - 36Kr Holdings Inc. (“36Kr” or the “Company” or “We”) (NASDAQ: KRKR), a prominent brand and a pioneering platform dedicated to serving New Economy participants in China, today announced its unaudited financial results for the six months ended June 30, 2025. Financial and Operational Highlights for the First Half of 2025 l Number of followers1 as of June 30, 2025 reached 36.6 million, an increase of 9.9% from 33.3 million as of June 30, 2024. l Total revenues were RMB93.2 million (US$13.0 million) in the first half of 2025, compared to RMB102.4 million in the same period of 2024. l Revenues from online advertising services were RMB74.5 million (US$10.4 million) in the first half of 2025, compared to RMB80.4 million in the same period of 2024. l Revenues from enterprise value-added services were RMB12.2 million (US$1.7 million) in the first half of 2025, compared to RMB13.4 million in the same period of 2024. l Revenues from subscription services were RMB6.4 million (US$0.9 million) in the first half of 2025, compared to RMB8.6 million in the same period of 2024. l Gross margin was 54.4% in the six months ended June 30, 2025, representing an increase of 10 percentage points from 44.4% in the same period of 2024. l Operating expenses were RMB55.9 million (US$7.8 million) in the six months ended June 30, 2025, representing a decrease of 52.3% from RMB117.0 million in the same period of 2024. l Net loss was RMB4.8 million (US$0.7 million) in the six months ended June 30, 2025, representing a decrease of 95% from RMB95.9 million in the same period of 2024. 1 “Number of followers” refers to the aggregate number of followers across the official accounts we own and/or operate on various social media and online platforms, including but not limited to Weixin, Weibo, Zhihu, Toutiao, Xinhua Net, Douyin, Rednote and Bilibili.
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Selected Operating Data For the Six Months Ended June 30, 2024 2025 Online advertising services Number of online advertising services end customers 222 226 Average revenue per online advertising services end customer (RMB’000)2 362.1 329.7 Enterprise value-added services Number of enterprise value-added services end customers 56 49 Average revenue per enterprise value-added services end customer (RMB’000)3 239.0 249.5 Subscription services Number of individual subscribers 16 - Average revenue per individual subscriber (RMB)4 24,637.5 - Number of institutional investors 139 102 Average revenue per institutional investor (RMB’000)5 59.2 63.1 Mr. Dagang Feng, Co-chairman and CEO of 36Kr, commented, "In the first half of 2025, we significantly improved profitability through strong strategic execution across content innovation, commercialization, and technological applications. Furthermore, we delivered a 17th consecutive quarter of follower growth, boosting the number of our followers by 10% year-over-year to more than 36 million as of June 30, 2025 as we fortified our content ecosystem and content dissemination network. Looking ahead, we will remain dedicated to deepening our content moat, expanding our product and service offerings, and further harnessing AI technology to empower the Company’s high-quality, sustainable development." Mr. Xiang Li, Chief Financial Officer of 36Kr, added, “We significantly enhanced operational efficiency and profitability in the first half of 2025. By upgrading our organizational structure and streamlining spending, we increased our gross margin by 10 percentage points to 54.4% and reduced our operating expenses by 52%, both year over year. Notably, we narrowed our net loss by an impressive 95% year over year, demonstrating our commitment to profitability improvement. Moving forward, we will continue to amplify our core competitive advantages while exploring broader AI-powered commercialization opportunities to create value for our stakeholders.” 2 Equals revenues generated from online advertising services for a period divided by the number of online advertising services end customers in the same period. 3 Equals revenues generated from enterprise value-added services for a period divided by the number of enterprise value-added services end customers in the same period. 4 Equals revenues generated from individual subscription services for a period divided by the number of individual subscribers in the same period. 5 Equals revenues generated from institutional investor subscription services for a period divided by the number of institutional investors in the same period.
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Unaudited Financial Results for the First Half of 2025 Total revenues were RMB93.2 million (US$13.0 million) in the six months ended June 30, 2025, compared to RMB102.4 million in the same period of 2024. • Online advertising services revenues were RMB74.5 million (US$10.4 million) in the six months ended June 30, 2025, compared to RMB80.4 million in the same period of 2024. The decrease was primarily due to some advertisers adjusting their advertising and promotion strategies in response to macro pressures and, to a lesser extent, our ongoing optimization of our customer structure to control credit risk, which led to decreased revenue scale. l Enterprise value-added services revenues were RMB12.2 million (US$1.7 million) in the six months ended June 30, 2025, compared to RMB13.4 million in the same period of 2024. The decrease was primarily due to our proactive and ongoing refinement of service offerings to strategically focus on margin improvement. • Subscription services revenues were RMB6.4 million (US$0.9 million) in the six months ended June 30, 2025, compared to RMB8.6 million in the same period of 2024. The decrease was primarily due to the changes in our training service’s business model. Cost of revenues decreased by 25.4% to RMB42.5 million (US$5.9 million) from RMB56.9 million in the same period of 2024, as a result of the company’s strict cost control measures. Gross profit increased by 11.5% to RMB50.7 million (US$7.1 million) from RMB45.5 million in the same period of 2024. Gross profit margin was 54.4% in the six months ended June 30, 2025, representing an increase of 10 percentage points from 44.4% in the same period of 2024. The increase in gross margin was primarily driven by savings in payroll-related costs following the strategic workforce optimization. Operating expenses decreased by 52.3% to RMB55.9 million (US$7.8 million) from RMB117.0 million in the same period of 2024. The decrease was primarily attributable to strategic cost-management actions, including targeted workforce reductions and streamlined non-core spending. • Sales and marketing expenses were RMB29.4 million (US$4.1 million) in the six months ended June 30, 2025, a decrease of 35.1% from RMB45.4 million in the same period of 2024. The decrease was primarily attributable to the decrease in payroll-related expenses, rental expense, marketing and promotional expenses and travel and entertainment expenses. • General and administrative expenses were RMB20.0 million (US$2.8 million) in the six months ended June 30, 2025, a decrease of 68.2% from RMB62.8 million in the same period of 2024. The decrease was primarily attributable to the decrease in the allowance for doubtful accounts and payroll-related expenses. • Research and development expenses were RMB6.4 million (US$0.9 million) in the six months ended June 30, 2025, a decrease of 27.1% from RMB8.8 million in the same period of 2024. The decrease was primarily due to the decrease in the average compensation level for our research and development personnel as we restructured our R&D team. Share-based compensation expenses recognized in cost of revenues, sales and marketing expenses, research and development expenses, as well as general and administrative expenses totaled RMB0.09 million (US$12.5 thousand) in the six months ended June 30, 2025, compared to RMB0.05 million in the same period of 2024. Other income was RMB0.4 million (US$49 thousand) in the six months ended June 30, 2025, compared to RMB24.3 million of other expenses in the same period of 2024. The change was mainly due to the decrease in long-term investment loss.
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Income tax credit was RMB4 thousand (US$0.56 thousand) in the six months ended June 30, 2025, compared to RMB0.07 million of income tax expense in the same period of 2024. Net loss was RMB4.8 million (US$0.67 million) in the six months ended June 30, 2025, compared to net loss of RMB95.9 million in the same period of 2024. Non-GAAP adjusted net loss6 was RMB4.7 million (US$0.66 million) in the first half of 2025, compared to non-GAAP adjusted net loss of RMB95.9 million in the same period of 2024. Net loss attributable to 36Kr Holdings Inc.'s ordinary shareholders was RMB5.0 million (US$0.70 million) in the first half of 2025, compared to net loss attributable to 36Kr Holdings Inc.'s ordinary shareholders of RMB94.4 million in the same period of 2024. Basic and diluted net loss per ADS were both RMB2.307 (US$0.322) in the first half of 2025, compared to basic and diluted net loss per ADS of RMB44.859 in the same period of 2024. Certain Balance Sheet Items As of June 30, 2025, the Company had cash, cash equivalents and short-term investments of RMB75.1 million (US$10.5 million). 6 Non-GAAP adjusted income/(loss) represents net income/(loss) excluding share-based compensation expenses.
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Conference Call The Company's management will host an earnings conference call at 8:00 AM U.S. Eastern Time on September 26, 2025 (8:00 PM Beijing/Hong Kong Time on September 26, 2025). For participants who wish to join the call by phone, please access the link provided below to complete the pre-registration and dial in 5 minutes prior to the scheduled call start time. Upon registration, each participant will receive dial-in details to join the conference call. Event Title: 36Kr Holdings Inc. 2025 First Half Earnings Conference Call Pre-registration link: https://s1.c-conf.com/diamondpass/10050331-e52cfb.html Additionally, a live and archived webcast of the conference call will be available on the Company's investor relations website at http://ir.36kr.com. A replay of the conference call will be available for one week from the date of the conference, by dialing the following telephone numbers: United States: +1-855-883-1031 International: +61-7-3107-6325 Hong Kong, China: 800-930-639 Mainland China: 400-120-9216 Replay PIN: 10050331 About 36Kr Holdings Inc. 36Kr Holdings Inc. is a prominent brand and a pioneering platform dedicated to serving New Economy participants in China with the mission of empowering New Economy participants to achieve more. The Company started its business with high-quality New Economy-focused content offerings, covering a variety of industries in China's New Economy with diverse distribution channels. Leveraging traffic brought by high-quality content, the Company has expanded its offerings to business services, including online advertising services, enterprise value-added services and subscription services to address the evolving needs of New Economy companies and upgrading needs of traditional companies. The Company is supported by comprehensive database and strong data analytics capabilities. Through diverse service offerings and the significant brand influence, the Company is well-positioned to continuously capture the high growth potentials of China's New Economy. For more information, please visit: http://ir.36kr.com. Use of Non-GAAP Financial Measures In evaluating its business, the Company considers and uses two non-GAAP measures, adjusted net income/(loss) and adjusted EBITDA, as supplemental measures to review and assess its operating performance. The presentation of these two non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. The Company presents these non-GAAP financial measures because they are used by the Company’s management to evaluate its operating performance and formulate business plans. The Company also believes that the use of these non-GAAP measures facilitates investors' assessment of its operating performance. These non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. These non-GAAP financial measures have limitations as analytical tools. One of the key limitations of using these non-GAAP financial measures is that they do not reflect all items of income and expense that affect our operations. Further, these non-GAAP measures may differ from the non-GAAP information used by other companies, including peer companies, and therefore their comparability may be limited.
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The Company compensates for these limitations by reconciling these non-GAAP financial measures to the nearest U.S. GAAP performance measure, all of which should be considered when evaluating the Company’s performance. The Company encourages investors to review its financial information in its entirety and not rely on a single financial measure. Adjusted net loss represents net loss excluding share-based compensation expenses. Adjusted EBITDA represents adjusted net income/(loss) before interest income, interest expenses, income tax expense/(credit), depreciation of property and equipment and amortization of intangible assets. For more information on these non-GAAP financial measures, please see the table captioned “Reconciliations of GAAP and non-GAAP results” set forth at the end of this press release. Exchange Rate Information This announcement contains translations of certain RMB amounts into U.S. dollars at a specified rate solely for the convenience of the reader. Unless otherwise noted, all translations from Renminbi to U.S. dollars and from U.S. dollars to Renminbi are made at a rate of RMB7.1636 to US$1.00, the exchange rate set forth in the H.10 statistical release of the Federal Reserve Board on of June 30, 2025. Safe Harbor Statement This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident” and similar statements. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company’s goal and strategies; the Company’s future business development, results of operations and financial condition; relevant government policies and regulations relating to our business and industry; the Company’s expectations regarding the use of proceeds from this offering; the Company’s expectations regarding demand for, and market acceptance of, its services; the Company’s ability to maintain and enhance its brand; the Company’s ability to provide high-quality content in a timely manner to attract and retain users; the Company’s ability to retain and hire quality in-house writers and editors; the Company’s ability to maintain cooperation with third-party professional content providers; the Company’s ability to maintain relationship with third-party platforms; general economic and business condition in China; possible disruptions in commercial activities caused by natural or human-induced disasters; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in the Company’s filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and the Company undertakes no obligation to update any forward-looking statement, except as required under applicable law. For investor and media inquiries, please contact: In China: 36Kr Holdings Inc. Investor Relations Tel: +86 (10) 8965-0708 E-mail: ir@36kr.com Piacente Financial Communications
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Jenny Cai Tel: +86 (10) 6508-0677 E-mail: 36Kr@tpg-ir.com In the United States: Piacente Financial Communications Brandi Piacente Tel: +1-212-481-2050 E-mail: 36Kr@tpg-ir.com
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36Kr Holdings Inc. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS December 31, June 30, June 30, 2024 2025 2025 RMB’000 RMB’000 US$’000 Assets Current assets: Cash and cash equivalents 36,766 41,095 5,737 Restricted cash 822 2,102 293 Short-term investments 54,947 34,050 4,753 Accounts receivable, net 65,617 52,058 7,267 Receivables due from related parties 104 334 47 Prepayments and other current assets 17,171 15,433 2,154 Total current assets 175,427 145,072 20,251 Non-current assets: Property and equipment, net 5,817 4,857 678 Intangible assets, net 1,485 1,327 185 Long-term investments 74,858 81,401 11,363 Operating lease right-of-use assets, net 18,606 14,579 2,036 Total non-current assets 100,766 102,164 14,262 Total assets 276,193 247,236 34,513 Liabilities Current liabilities: Accounts payable 59,835 48,619 6,787 Salary and welfare payables 30,666 20,276 2,830 Taxes payable 2,648 2,604 364 Deferred revenue 19,301 23,096 3,224 Amounts due to related parties 789 964 135 Accrued liabilities and other payables 15,103 12,449 1,738 Short-term bank loan 10,000 10,000 1,396 Operating lease liabilities 7,860 7,756 1,082 Total current liabilities 146,202 125,764 17,556 Non-current liabilities: Operating lease liabilities 11,743 8,214 1,147 Other non-current liabilities — — — Total non-current liabilities 11,743 8,214 1,147 Total liabilities 157,945 133,978 18,703 Shareholders’ equity Ordinary shares 694 694 97 Treasury stock (2,865) (2,475) (345) Additional paid-in capital 2,057,363 2,057,078 287,157 Accumulated deficit (1,932,258) (1,937,240) (270,428) Accumulated other comprehensive loss (4,922) (4,999) (698) Total 36Kr Holdings Inc.’s shareholders’ equity 118,012 113,058 15,783 Non-controlling interests 236 200 27 Total shareholders’ equity 118,248 113,258 15,810 Total liabilities and shareholders’ equity 276,193 247,236 34,513
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9 36Kr Holdings Inc. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS) Six Months Ended June 30, 2024 June 30, 2025 June 30, 2025 RMB’000 RMB’000 US$’000 Revenues: Online advertising services 80,395 74,507 10,401 Enterprise value-added services 13,383 12,227 1,707 Subscription services 8,623 6,435 898 Total revenues 102,401 93,169 13,006 Cost of revenues (56,931) (42,472) (5,929) Gross profit 45,470 50,697 7,077 Operating expenses: Sales and marketing expenses (45,360) (29,445) (4,110) General and administrative expenses (62,828) (19,995) (2,791) Research and development expenses (8,807) (6,419) (896) Total operating expenses (116,995) (55,859) (7,797) Loss from operations (71,525) (5,162) (720) Other income/(expenses): Share of loss from equity method investments (516) (278) (39) Gain on disposal of a subsidiary - 355 50 Long-term investment (loss)/gain (25,535) 252 35 Short-term investment income 424 275 38 Government grant 475 175 24 Others, net 817 (420) (59) Loss before income tax (95,860) (4,803) (671) Income tax (expenses)/credit (65) 4 1 Net loss (95,925) (4,799) (670) Net loss/(profit) attributable to non-controlling interests 1,574 (183) (26) Net loss attributable to 36Kr Holdings Inc.’s ordinary shareholders (94,351) (4,982) (696) Net loss (95,925) (4,799) (670) Other comprehensive income/(loss) Foreign currency translation adjustments 170 (77) (11) Total other comprehensive income/(loss) 170 (77) (11) Total comprehensive loss (95,755) (4,876) (681) Comprehensive loss/(income) attributable to non-controlling interests 1,574 (183) (26) Comprehensive loss attributable to 36Kr Holdings Inc.’s ordinary shareholders (94,181) (5,059) (707) Net loss per ordinary share (RMB) Basic (0.090) (0.005) (0.001) Diluted (0.090) (0.005) (0.001)
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10 Net loss per ADS (RMB) Basic (44.859) (2.307) (0.322) Diluted (44.859) (2.307) (0.322) Weighted average number of ordinary shares used in per share calculation Basic 1,050,508,220 1,056,845,184 1,056,845,184 Diluted 1,050,508,220 1,056,845,184 1,056,845,184 Weighted average number of ADS used in per ADS calculation Basic 2,101,016 2,113,690 2,113,690 Diluted 2,101,016 2,113,690 2,113,690
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36Kr Holdings Inc. UNAUDITED RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS Six Months Ended June 30, 2024 June 30, 2025 June 30, 2025 RMB’000 RMB’000 US$’000 Net loss (95,925) (4,799) (670) Share-based compensation expenses 47 90 13 Non-GAAP adjusted net loss (95,878) (4,709) (657) Interest income, net (485) (296) (41) Income tax expenses/(credit) 65 (4) (1) Depreciation and amortization expenses 951 767 107 Non-GAAP adjusted EBITDA (95,347) (4,242) (592)