This article first appeared on GuruFocus .
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Total Revenue:CNY134.8 million in H2 2025, up 4.7% from CNY128.7 million in H2 2024.
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Full Year Revenue:CNY327.9 million in 2025, compared to CNY331.1 million in 2024.
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Online Advertising Revenue:CNY105.2 million in H2 2025, up 5% from CNY100.2 million in H2 2024.
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Enterprise Value-Added Services Revenue:CNY20.9 million in H2 2025, up 7.7% from CNY19.4 million in H2 2024.
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Subscription Services Revenue:CNY8.7 million in H2 2025, down from CNY9 million in H2 2024.
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Cost of Revenues:CNY54 million in H2 2025, down 12.6% from CNY61.8 million in H2 2024.
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Gross Profit:CNY88.8 million in H2 2025, up 20.8% from CNY66.9 million in H2 2024.
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Gross Profit Margin:60% in H2 2025, up from 52% in H2 2024.
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Operating Expenses:CNY65.6 million in H2 2025, down 10.3% from CNY73.1 million in H2 2024.
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Net Income:CNY16.2 million in H2 2025, compared to a net loss of CNY44.9 million in H2 2024.
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Cash Equivalents, Restricted Cash, and Short-term Investments:CNY116.1 million as of December 31, 2025, up 25.5% from CNY92.5 million as of December 31, 2024.
Release Date: March 17, 2026
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
Positive Points
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36KR Holdings Inc ( NASDAQ:KRKR ) achieved profitability in 2025, marking a significant operational breakthrough.
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The company's gross profit margin increased to 57.7%, up by 9 percentage points year-over-year.
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Operating expenses decreased by almost RMB70 million, reflecting improved cost management.
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The company expanded its content dissemination network across major platforms, enhancing visibility and user engagement.
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36KR Holdings Inc ( NASDAQ:KRKR ) reported a net profit of CNY11 million for the year, a turnaround from previous losses.
Negative Points
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Subscription services revenue decreased by 14.2% to RMB50.1 million, indicating challenges in this segment.
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The company faced macroeconomic headwinds and declines in advertising budgets, impacting overall advertising revenue.
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Research and development expenses decreased due to a reduction in headcount, which may affect future innovation.
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The decrease in share-based compensation gain suggests potential challenges in employee retention or motivation.
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Despite improvements, the company still faces risks and uncertainties that could impact future performance.
Q & A Highlights
Q: How do you see the trends affecting the advertising section, and could you explain the growth of your margins? A: We are cautiously optimistic about our advertising growth trajectory for 2026. Despite macroeconomic challenges, our advertising revenue remained stable due to strong partnerships with key accounts and leading brands. We added over 50% new clients in our live streaming and video businesses, with AI-related demand increasing. Our gross profit margin improved substantially due to a focus on high-margin businesses and cost control initiatives.
Q: What are the drivers behind the growth in value-added services? A: The growth was driven by successful legacy IP events and strategic partnerships, such as the one with Hangzhou Qiantang New District. Our content strategy for industry services also yielded positive outcomes, with our new content channel, 36Kr Industry Future, spotlighting urban innovation and state-of-the-art technologies.
Q: Can you elaborate on the company's strategic initiatives that led to profitability in 2025? A: Our profitability was achieved through operational optimization, cost control, and focusing on high-margin businesses. We streamlined operations, reduced operating expenses, and improved receivables collection, which contributed to the turnaround.
Q: How did the company perform in terms of live streaming and video commercialization? A: Live streaming revenue surged by nearly 40% year-over-year. We expanded our offerings tailored for event coverage and launched a low ARPU product line to appeal to more clients, particularly early-stage startups. This helped us forge important commercial partnerships and earn high recognition.
Q: What role did AI applications play in 36Kr's operations in 2025? A: AI applications were integral to our operations, enhancing content production and commercialization efficiency. We launched AI-powered products like AI meeting coverage and 36Kr Corporate Omni-Intelligence, which improved content team efficiency and expanded our customer outreach.
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
