Summary of 36Kr Holdings Inc. Q4 2025 Earnings Call

1Key Financial Results and Metrics

Total Revenue: Increased by 4.7% to RMB 134.8 million in H2 2025; full-year revenue was RMB 227.9 million, slightly down from RMB 231.1 million in 2024.

Net Income: Achieved a net profit of RMB 11.4 million for the full year, a significant turnaround from a net loss of RMB 140.8 million in 2024.

Gross Profit Margin: Improved to 57.7% for the full year, up from 48.6% in 2024, driven by higher margins in brand advertising services.

Operating Expenses: Decreased by 36.1% to RMB 121.5 million for the year, attributed to strict cost control measures.

Cash Reserves: Increased by 25.5% to RMB 116.1 million as of December 31, 2025.

2Strategic Updates and Business Highlights

Content Ecosystem Expansion: Continued growth in user engagement with over 36.8 million followers, marking 19 consecutive quarters of growth. The company diversified content formats across multiple platforms, including text, video, and live streaming.

Advertising Revenue: Strong demand from AI and tech sectors contributed to a 5% increase in online advertising revenue in H2 2025.

Value-Added Services: Revenue from enterprise value-added services rose by 7.7% in H2 2025, supported by successful IP events and strategic partnerships, including a three-year agreement with Hangzhou Qiantang New Area.

Live Streaming Growth: Live streaming revenue surged by nearly 40% year-over-year, with significant engagement during major events.

3Forward Guidance and Outlook

Advertising Growth: Management expressed cautious optimism for 2026, anticipating stable advertising revenue despite macroeconomic challenges. Plans to enhance video and live streaming offerings are in place to meet evolving client needs.

Continued Profitability Focus: The company aims to maintain financial health through ongoing cost optimization and operational efficiency, with a commitment to integrating technological innovation into its content and services.

4Bad News, Challenges, or Points of Concern

Revenue Decline in Subscription Services: Subscription revenue decreased by 14.2% for the full year, reflecting a strategic shift in training services and a focus on refining the customer base.

Overall Revenue Stagnation: Despite some growth, total revenue for the full year was slightly down compared to the previous year, indicating potential challenges in sustaining growth momentum.

Macroeconomic Headwinds: The advertising segment remains sensitive to broader economic conditions, which could impact future revenue growth.

5Notable Q&A Insights

Advertising Trends: Management highlighted the importance of maintaining strong partnerships with key accounts and adapting to client needs, particularly in the tech sector.

Value-Added Services Drivers: Growth in this segment was attributed to successful legacy IP events and a strategic focus on innovative marketing solutions.

Margin Improvement: The increase in gross profit margin was linked to a shift towards high-margin businesses and effective cost control initiatives. Overall, 36Kr Holdings demonstrated a successful turnaround in profitability for 2025, with strategic initiatives yielding positive results. However, challenges remain in sustaining revenue growth and navigating economic uncertainties.