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, compared to a net loss of RMB 140.8 million in 2024.

• H2 2025 net income was RMB 16.2 million, contributing to the full-year turnaround.

• Gross profit margin rose to 57.7% for FY2025, up from 48.6% in 2024, driven by high-margin business focus and cost control.

• Revenue for H2 2025 increased 4.7% year-over-year to RMB 134.8 million; full-year revenue was RMB 227.9 million.

• Cash, cash equivalents, and short-term investments reached RMB 116.1 million at year-end, up 25.5% from 2024.

Financial highlights

• Online advertising services revenue for 2025 was RMB 179.7 million, nearly flat year-over-year.

• Enterprise value-added services revenue grew 1.2% to RMB 33.2 million for the year.

• Subscription services revenue declined 14.2% to RMB 15.1 million, reflecting a strategic shift.

• Cost of revenue decreased 18.8% to RMB 96.4 million, reflecting strict cost controls.

• Operating expenses dropped 36.1% to RMB 121.5 million, with significant reductions in G&A and sales/marketing.

Outlook and guidance

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

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

• Continued focus on financial health, cost structure optimization, and stable cash flow and profitability.