36Kr (KRKR) H1 2025 earnings summary

Executive summary

• Achieved significant operational improvements in H1 2025, narrowing net loss by 95% year-over-year to RMB 4.8 million and increasing gross profit by 10%, driven by organizational upgrades, cost optimization, and enhanced efficiency.

• Gross margin rose by 10 percentage points to 54.4% due to payroll savings, cost controls, and workforce optimization.

• Expanded content ecosystem and diversified formats, resulting in 17 consecutive quarters of follower growth to 36.6 million and strong engagement across platforms.

• Commercialization breakthroughs included a 52% year-over-year increase in revenue from Internet clients and a 27% increase from FMCG clients, with notable growth in live streaming and video revenue.

• Strategic partnerships, new initiatives in industrial services, and AI-driven products strengthened business prospects and global expansion.

Financial highlights

• Total revenue was RMB 93.2 million in H1 2025, down from RMB 102.4 million year-over-year, mainly due to macro pressures and client structure optimization.

• Gross profit increased 11.5% to RMB 50.7 million as cost of revenues dropped 25.4%.

• Operating expenses decreased by 52.3% to RMB 55.9 million, reflecting workforce reductions and streamlined spending.

• Net loss narrowed to RMB 4.8 million from RMB 95.9 million year-over-year; non-GAAP adjusted net loss was RMB 4.7 million.

• Cash, cash equivalents, and short-term investments stood at RMB 75.1 million as of June 30, 2025.

Outlook and guidance

• Management expects continued improvements in content creation and product metrics, aiming for profitability by year-end 2025 and leveraging AI for sustainable growth.

• Plans to expand industrial service business, host major events, and strengthen global expansion, especially in new markets.

• Ongoing integration of AI and AIGC technology to enhance content production and user engagement.