36Kr (KRKR) H1 2025 earnings summary

Executive summary

• Gross profit increased by 10% year over year in H1 2025, with operating expenses down 52% and net loss narrowed by 95% year over year, driven by organizational upgrades and efficiency improvements.

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

• Content ecosystem expanded across major platforms, with 36.6 million followers and 17 consecutive quarters of growth; diversified content formats and subverticals enhanced user engagement.

• Strategic focus on content innovation, commercialization, and AI-driven development, including partnerships and global expansion initiatives.

• AI-driven content production and new product launches, such as AI meeting coverage and Corporate Omni Intelligence, improved efficiency and user engagement.

Financial highlights

• Total revenue was RMB 93.2 million in H1 2025, down from RMB 102.4 million year over year.

• Online advertising services revenue was RMB 74.5 million, down from RMB 80.4 million; enterprise value-added services revenue was RMB 12.2 million, down from RMB 13.4 million; subscription services revenue was RMB 6.4 million, down from RMB 8.6 million.

• Gross profit increased 11.5% to RMB 50.7 million; cost of revenue decreased by 25% to RMB 42.5 million; gross profit margin rose to 54.4% from 44.4%.

• Operating expenses dropped 52.3% to RMB 55.9 million; sales and marketing expenses fell 35.1%, and general and administrative expenses dropped 68.2%.

• Net loss was RMB 4.8 million, a significant improvement 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

• Focus remains on content creation, product and service expansion, and further AI integration to drive profitability.

• Management expects to achieve profitability by the end of 2025, supported by ongoing cost controls and operational improvements.