36Kr (KRKR) H2 2025 earnings summary

Executive summary

• Achieved profitability in 2025 after two years of operational optimization and innovation, with net income of RMB 11.4 million for the year, reversing significant losses in 2024.

• Returned to profitability in both the second half and full year 2025, with H2 net income of RMB 16.2 million.

• Focused on improving operating efficiency, optimizing financial structure, and leveraging content innovation and technological applications.

• Maintained stable cash reserves and committed to long-term financial health and sustainable, innovation-driven growth.

• Continued user growth, reaching 36.8 million followers by year-end, marking 19 consecutive quarters of increase.

Financial highlights

• Total revenue for 2025 was RMB 327.9 million, slightly down from RMB 331.1 million in 2024; H2 2025 revenues rose 4.7% year-over-year to RMB 134.8 million.

• Gross profit increased by 17.1% to RMB 131.5 million, with gross profit margin rising to 57.7% for FY2025 and 60.0% in H2 2025.

• Operating expenses decreased by 36.1% to RMB 121.5 million, reflecting disciplined cost management.

• Net income per ADS for FY2025 was RMB 5.274, with H2 2025 at RMB 7.616.

• Cash, cash equivalents, and short-term investments rose 25.5% to RMB 116.1 million as of year-end.

Outlook and guidance

• Cautiously optimistic about advertising revenue in 2026, expecting continued growth in live streaming, video, and AI-related segments despite macroeconomic headwinds.

• Plans to deepen investment in content creation, expand live streaming formats, and strengthen key content verticals such as AI and global expansion.

• Will continue to optimize cost structure and operating efficiency to maintain profitability and stable cash flow.

• Plans to further strengthen the content ecosystem and expand AI applications across industries in 2026.