36Kr Holdings Inc. Reports Unaudited Financial Results for the First Half of 2026
Rhea-AI Summary
36Kr Holdings (NASDAQ: KRKR) reported unaudited results for the six months ended June 30, 2026. Total revenues rose 33.7% year over year to RMB124.6 million, led by online advertising services revenues up 38.9% to RMB103.5 million and enterprise value-added services revenues up 25.4% to RMB15.3 million. Subscription services revenues declined to RMB5.8 million.
Gross profit increased 63.1% to RMB82.7 million and gross margin expanded to 66.4%, up 12 percentage points, as cost of revenues fell 1.4%. Net income reached RMB15.4 million, versus a net loss of RMB4.8 million a year earlier. Cash, restricted cash and short-term investments totaled RMB124.2 million, up 6.9% from December 31, 2025.
Positive
- Total revenues +33.7% YoY to RMB124.6 million in H1 2026
- Online advertising revenues +38.9% YoY to RMB103.5 million
- Enterprise value-added revenues +25.4% YoY to RMB15.3 million
- Gross profit +63.1% YoY to RMB82.7 million; margin 66.4% (+12ppt)
- Net income RMB15.4 million vs RMB4.8 million loss in H1 2025
- Cash, restricted cash, short-term investments +6.9% to RMB124.2 million
Negative
- Subscription services revenues down to RMB5.8 million from RMB6.4 million
- Average revenue per online ad customer fell to RMB254.4k from RMB329.7k
- Other expenses RMB7.7 million vs RMB0.4 million other income in H1 2025
- General and administrative expenses +20.5% YoY to RMB24.1 million
- Operating expenses +6.6% YoY to RMB59.6 million
- Number of institutional investor subscribers fell to 84 from 102
News Explained
At June 30, 2026, short-term investments were RMB97,584 thousand versus RMB26,411 thousand in cash and cash equivalents.
36Kr reported unaudited results for the six months ended
The balance-sheet detail shows
The operating table shows online-advertising end customers rising from
On the same six-month comparison, the reported online-advertising revenue increase coincided with more customers but a lower reported average per customer.
From
Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Mar 17 | FY25 earnings | Positive | +37.4% | Profitability returned while revenue, margin, and cash metrics improved. |
| Sep 26 | H1 2025 earnings | Positive | -11.7% | Profitability improved despite lower revenue and continued operating adjustments. |
| Mar 11 | FY24 earnings | Negative | +6.0% | Revenue declined and annual net loss widened despite operating expense reductions. |
| Sep 03 | H1 2024 earnings | Negative | -3.3% | Revenue declined while net loss widened amid macroeconomic and operating challenges. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Earnings reactions were mixed: positive profitability news aligned with a 37.39% gain, while another profitability improvement diverged with an 11.67% decline.
Key Terms
non-gaap adjusted net income financial
ads financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
BEIJING, Aug. 20, 2026 (GLOBE NEWSWIRE) -- 36Kr Holdings Inc. (“36Kr” or the “Company” or “We”) (NASDAQ: KRKR), a prominent brand and a pioneering platform dedicated to serving New Economy participants in China, today announced its unaudited financial results for the six months ended June 30, 2026.
Financial and Operational Highlights for the First Half of 2026
- Number of followers1 as of June 30, 2026 stood at 36.5 million, essentially flat compared with 36.6 million as of June 30, 2025.
- Total revenues increased by
33.7% to RMB124.6 million (US$18.4 million ) in the first half of 2026, from RMB93.2 million in the same period of 2025. - Revenues from online advertising services increased by
38.9% to RMB103.5 million (US$15.3 million ) in the first half of 2026, from RMB74.5 million in the same period of 2025. - Revenues from enterprise value-added services increased by
25.4% to RMB15.3 million (US$2.3 million ) in the first half of 2026, from RMB12.2 million in the same period of 2025. - Revenues from subscription services were RMB5.8 million (US
$0.8 million ) in the first half of 2026, compared to RMB6.4 million in the same period of 2025. - Gross margin was
66.4% in the six months ended June 30, 2026, representing an increase of 12 percentage points from54.4% in the same period of 2025. - Net income was RMB15.4 million (US
$2.3 million ) in the six months ended June 30, 2026, compared to a net loss of RMB4.8 million in the same period of 2025.
________________________
1 “Number of followers” refers to the aggregate number of followers across the official accounts we own and/or operate on various social media and online platforms, including but not limited to Weixin, Weibo, Zhihu, Toutiao, Xinhua Net, Douyin, Rednote and Bilibili.
Selected Operating Data
| For the Six Months Ended June 30, | |||
| 2025 | 2026 | ||
| Online advertising services | |||
| Number of online advertising services end customers | 226 | 407 | |
| Average revenue per online advertising services end customer (RMB’000)2 | 329.7 | 254.4 | |
| Enterprise value-added services | |||
| Number of enterprise value-added services end customers | 49 | 61 | |
| Average revenue per enterprise value-added services end customer (RMB’000)3 | 249.5 | 250.6 | |
| Subscription services | |||
| Number of institutional investors | 102 | 84 | |
| Average revenue per institutional investor (RMB’000)4 | 63.1 | 68.5 | |
Mr. Dagang Feng, Chairman and CEO of 36Kr, commented, “In the first half of 2026, despite macroeconomic uncertainties, we grew total revenues by
Mr. Xiang Li, Chief Financial Officer of 36Kr, added, “We delivered a robust financial performance in the first half of 2026. Total revenues reached RMB124.6 million, up
________________________
2 Equals revenues generated from online advertising services for a period divided by the number of online advertising services end customers in the same period.
3 Equals revenues generated from enterprise value-added services for a period divided by the number of enterprise value-added services end customers in the same period.
4 Equals revenues generated from institutional investor subscription services for a period divided by the number of institutional investors in the same period.
Unaudited Financial Results for the First Half of 2026
Total revenues increased by
- Online advertising services revenues increased by
38.9% to RMB103.5 million (US$15.3 million ) in the six months ended June 30, 2026, from RMB74.5 million in the same period of 2025. The increase was primarily attributable to surging demand from the AI sector for our advertising solutions. - Enterprise value-added services revenues increased by
25.4% to RMB15.3 million (US$2.3 million ) in the six months ended June 30, 2026, from RMB12.2 million in the same period of 2025. The increase was primarily driven by our ongoing refinement of service offerings aimed at margin improvement. - Subscription services revenues were RMB5.8 million (US
$0.8 million ) in the six months ended June 30, 2026, compared to RMB6.4 million in the same period of 2025. The decrease was primarily due to a strategic shift in this segment’s customer composition.
Cost of revenues was RMB41.9 million (US
Gross profit increased by
Operating expenses increased by
- Sales and marketing expenses were RMB29.2 million (US
$4.3 million ) in the six months ended June 30, 2026, remaining flat year over year, reflecting our disciplined approach to sales spending. - General and administrative expenses were RMB24.1 million (US
$3.5 million ) in the six months ended June 30, 2026, an increase of20.5% from RMB20.0 million in the same period of 2025. The increase was primarily related to the increase in allowance for doubtful accounts and the payroll-related expenses. - Research and development expenses were RMB6.4 million (US
$0.9 million ) in the six months ended June 30, 2026, remaining flat year over year, primarily reflecting our continued focus on R&D efficiency and strategic project prioritization.
Share-based compensation expenses recognized in cost of revenues, sales and marketing expenses, research and development expenses, as well as general and administrative expenses totaled RMB19.7 thousand (US
Other expenses were RMB7.7 million (US
Income tax expenses were RMB27 thousand (US
Net income was RMB15.4 million (US
Net income attributable to 36Kr Holdings Inc.'s ordinary shareholders was RMB15.0 million (US
Basic and diluted net income per ADS were RMB7.058 (US
________________________
5 Non-GAAP adjusted income/(loss) represents net income/(loss) excluding share-based compensation expenses.
Certain Balance Sheet Items
As of June 30, 2026, the Company had cash and cash equivalents, restricted cash and short-term investments of RMB124.2 million (US
Conference Call
The Company's management will host an earnings conference call at 8:00 AM U.S. Eastern Time on August 20, 2026 (8:00 PM Beijing/Hong Kong Time on August 20, 2026).
For participants who wish to join the call by phone, please access the link provided below to complete the pre-registration and dial in 5 minutes prior to the scheduled call start time. Upon registration, each participant will receive dial-in details to join the conference call.
| Event Title: | 36Kr Holdings Inc. 2026 First Half Earnings Conference Call |
| Pre-registration link: | https://s1.c-conf.com/diamondpass/10056724-2vzyg1.html |
Additionally, a live and archived webcast of the conference call will be available on the Company's investor relations website at http://ir.36kr.com.
A replay of the conference call will be available for one week from the date of the conference, by dialing the following telephone numbers:
| United States: | +1-855-883-1031 |
| International: | +61-7-3107-6325 |
| Hong Kong, China: | 800-930-639 |
| Mainland China: | 400-120-9216 |
| Replay PIN: | 10056724 |
About 36Kr Holdings Inc.
36Kr Holdings Inc. is a prominent brand and a pioneering platform dedicated to serving New Economy participants in China with the mission of empowering New Economy participants to achieve more. The Company started its business with high-quality New Economy-focused content offerings, covering a variety of industries in China's New Economy with diverse distribution channels. Leveraging traffic brought by high-quality content, the Company has expanded its offerings to business services, including online advertising services, enterprise value-added services and subscription services to address the evolving needs of New Economy companies and upgrading needs of traditional companies. The Company is supported by comprehensive database and strong data analytics capabilities. Through diverse service offerings and the significant brand influence, the Company is well-positioned to continuously capture the high growth potentials of China's New Economy.
For more information, please visit: http://ir.36kr.com.
Use of Non-GAAP Financial Measures
In evaluating its business, the Company considers and uses two non-GAAP measures, adjusted net income/(loss) and adjusted EBITDA, as supplemental measures to review and assess its operating performance. The presentation of these two non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. The Company presents these non-GAAP financial measures because they are used by the Company’s management to evaluate its operating performance and formulate business plans. The Company also believes that the use of these non-GAAP measures facilitates investors' assessment of its operating performance.
These non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. These non-GAAP financial measures have limitations as analytical tools. One of the key limitations of using these non-GAAP financial measures is that they do not reflect all items of income and expense that affect our operations. Further, these non-GAAP measures may differ from the non-GAAP information used by other companies, including peer companies, and therefore their comparability may be limited.
The Company compensates for these limitations by reconciling these non-GAAP financial measures to the nearest U.S. GAAP performance measure, all of which should be considered when evaluating the Company’s performance. The Company encourages investors to review its financial information in its entirety and not rely on a single financial measure.
Adjusted net loss represents net loss excluding share-based compensation expenses.
Adjusted EBITDA represents adjusted net income/(loss) before interest income, interest expenses, income tax expense/(credit), depreciation of property and equipment and amortization of intangible assets.
For more information on these non-GAAP financial measures, please see the table captioned “Reconciliations of GAAP and non-GAAP results” set forth at the end of this press release.
Exchange Rate Information
This announcement contains translations of certain RMB amounts into U.S. dollars at a specified rate solely for the convenience of the reader. Unless otherwise noted, all translations from Renminbi to U.S. dollars and from U.S. dollars to Renminbi are made at a rate of RMB6.7851 to US
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident” and similar statements. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company’s goal and strategies; the Company’s future business development, results of operations and financial condition; relevant government policies and regulations relating to our business and industry; the Company’s expectations regarding the use of proceeds from this offering; the Company’s expectations regarding demand for, and market acceptance of, its services; the Company’s ability to maintain and enhance its brand; the Company’s ability to provide high-quality content in a timely manner to attract and retain users; the Company’s ability to retain and hire quality in-house writers and editors; the Company’s ability to maintain cooperation with third-party professional content providers; the Company’s ability to maintain relationship with third-party platforms; general economic and business condition in China; possible disruptions in commercial activities caused by natural or human-induced disasters; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in the Company’s filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and the Company undertakes no obligation to update any forward-looking statement, except as required under applicable law.
For investor and media inquiries, please contact:
In China:
36Kr Holdings Inc.
Investor Relations
Tel: +86 (10) 8965-0708
E-mail: ir@36kr.com
Piacente Financial Communications
Jenny Cai
Tel: +86 (10) 6508-0677
E-mail: 36Kr@tpg-ir.com
In the United States:
Piacente Financial Communications
Brandi Piacente
Tel: +1-212-481-2050
E-mail: 36Kr@tpg-ir.com
| 36Kr Holdings Inc. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||||
| December 31, | June 30, | June 30, | |||||||
| 2025 | 2026 | 2026 | |||||||
| RMB’000 | RMB’000 | US$’000 | |||||||
| Assets | |||||||||
| Current assets: | |||||||||
| Cash and cash equivalents | 102,239 | 26,411 | 3,892 | ||||||
| Restricted cash | 11,902 | 200 | 29 | ||||||
| Short‑term investments | 2,000 | 97,584 | 14,382 | ||||||
| Accounts receivable, net | 61,800 | 50,457 | 7,436 | ||||||
| Receivables due from related parties | 304 | 198 | 29 | ||||||
| Prepayments and other current assets | 11,629 | 13,762 | 2,030 | ||||||
| Total current assets | 189,874 | 188,612 | 27,798 | ||||||
| Non‑current assets: | |||||||||
| Property and equipment, net | 3,958 | 3,760 | 554 | ||||||
| Intangible assets, net | 1,172 | 1,017 | 150 | ||||||
| Long-term investments | 82,939 | 76,663 | 11,299 | ||||||
| Operating lease right-of-use assets, net | 19,548 | 16,039 | 2,364 | ||||||
| Total non‑current assets | 107,617 | 97,479 | 14,367 | ||||||
| Total assets | 297,491 | 286,091 | 42,165 | ||||||
| Liabilities | |||||||||
| Current liabilities: | |||||||||
| Accounts payable | 46,694 | 41,587 | 6,129 | ||||||
| Salary and welfare payables | 23,938 | 15,821 | 2,332 | ||||||
| Taxes payable | 4,095 | 2,407 | 355 | ||||||
| Deferred revenue | 39,900 | 46,508 | 6,854 | ||||||
| Amounts due to related parties | 2,008 | 452 | 67 | ||||||
| Accrued liabilities and other payables | 12,330 | 9,474 | 1,396 | ||||||
| Short-term bank loan | 19,950 | 10,000 | 1,474 | ||||||
| Operating lease liabilities | 8,078 | 8,452 | 1,246 | ||||||
| Total current liabilities | 156,993 | 134,701 | 19,853 | ||||||
| Non-current liabilities: | |||||||||
| Operating lease liabilities | 11,426 | 7,469 | 1,101 | ||||||
| Total non-current liabilities | 11,426 | 7,469 | 1,101 | ||||||
| Total liabilities | 168,419 | 142,170 | 20,954 | ||||||
| Shareholders’ equity | |||||||||
| Ordinary shares | 694 | 694 | 102 | ||||||
| Treasury stock | (2,367 | ) | (2,367 | ) | (349 | ) | |||
| Additional paid-in capital | 2,056,895 | 2,056,915 | 303,152 | ||||||
| Accumulated deficit | (1,921,092 | ) | (1,906,123 | ) | (280,928 | ) | |||
| Accumulated other comprehensive loss | (5,338 | ) | (5,880 | ) | (867 | ) | |||
| Total 36Kr Holdings Inc.’s shareholders’ equity | 128,792 | 143,239 | 21,110 | ||||||
| Non-controlling interests | 280 | 682 | 101 | ||||||
| Total shareholders’ equity | 129,072 | 143,921 | 21,211 | ||||||
| Total liabilities and shareholders’ equity | 297,491 | 286,091 | 42,165 | ||||||
| 36Kr Holdings Inc. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS) | ||||||||||
| Six Months Ended | ||||||||||
| June 30, 2025 | June 30, 2026 | June 30, 2026 | ||||||||
| RMB’000 | RMB’000 | US$’000 | ||||||||
| Revenues: | ||||||||||
| Online advertising services | 74,507 | 103,542 | 15,260 | |||||||
| Enterprise value-added services | 12,227 | 15,287 | 2,253 | |||||||
| Subscription services | 6,435 | 5,754 | 848 | |||||||
| Total revenues | 93,169 | 124,583 | 18,361 | |||||||
| Cost of revenues | (42,472 | ) | (41,908 | ) | (6,176 | ) | ||||
| Gross profit | 50,697 | 82,675 | 12,185 | |||||||
| Operating expenses: | ||||||||||
| Sales and marketing expenses | (29,445 | ) | (29,154 | ) | (4,297 | ) | ||||
| General and administrative expenses | (19,995 | ) | (24,055 | ) | (3,545 | ) | ||||
| Research and development expenses | (6,419 | ) | (6,387 | ) | (941 | ) | ||||
| Total operating expenses | (55,859 | ) | (59,596 | ) | (8,783 | ) | ||||
| (Loss)/Income from operations | (5,162 | ) | 23,079 | 3,402 | ||||||
| Other income/(expenses): | ||||||||||
| Share of loss from equity method investments | (278 | ) | (584 | ) | (86 | ) | ||||
| Gain on disposal of a subsidiary | 355 | — | — | |||||||
| Long-term investment gain/(loss) | 252 | (7,814 | ) | (1,152 | ) | |||||
| Short-term investment income | 275 | 339 | 50 | |||||||
| Government grant | 175 | 221 | 33 | |||||||
| Others, net | (420 | ) | 157 | 23 | ||||||
| (Loss)/ Income before income tax | (4,803 | ) | 15,398 | 2,270 | ||||||
| Income tax credit/(expenses) | 4 | (27 | ) | (4 | ) | |||||
| Net (loss)/income | (4,799 | ) | 15,371 | 2,266 | ||||||
| Net income attributable to non-controlling interests | (183 | ) | (402 | ) | (59 | ) | ||||
| Net (loss)/income attributable to 36Kr Holdings Inc.’s ordinary shareholders | (4,982 | ) | 14,969 | 2,207 | ||||||
| Net (loss)/income | (4,799 | ) | 15,371 | 2,266 | ||||||
| Other comprehensive loss | ||||||||||
| Foreign currency translation adjustments | (77 | ) | (542 | ) | (80 | ) | ||||
| Total other comprehensive loss | (77 | ) | (542 | ) | (80 | ) | ||||
| Total comprehensive (loss)/income | (4,876 | ) | 14,829 | 2,186 | ||||||
| Comprehensive income attributable to non-controlling interests | (183 | ) | (402 | ) | (59 | ) | ||||
| Comprehensive (loss)/income attributable to 36Kr Holdings Inc.’s ordinary shareholders | (5,059 | ) | 14,427 | 2,127 | ||||||
| Net (loss)/income per ordinary share (RMB) | ||||||
| Basic | (0.005 | ) | 0.014 | 0.002 | ||
| Diluted | (0.005 | ) | 0.014 | 0.002 | ||
| Net (loss)/income per ADS (RMB) | ||||||
| Basic | (2.307 | ) | 7.058 | 1.040 | ||
| Diluted | (2.307 | ) | 7.056 | 1.040 | ||
| Weighted average number of ordinary shares used in per share calculation | ||||||
| Basic | 1,056,845,184 | 1,060,391,309 | 1,060,391,309 | |||
| Diluted | 1,056,845,184 | 1,060,720,158 | 1,060,720,158 | |||
| Weighted average number of ADS used in per ADS calculation | ||||||
| Basic | 2,113,690 | 2,120,783 | 2,120,783 | |||
| Diluted | 2,113,690 | 2,121,440 | 2,121,440 | |||
| 36Kr Holdings Inc. UNAUDITED RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS | ||||||||||
| Six Months Ended | ||||||||||
| June 30, 2025 | June 30, 2026 | June 30, 2026 | ||||||||
| RMB’000 | RMB’000 | US$’000 | ||||||||
| Net (loss)/income | (4,799 | ) | 15,371 | 2,266 | ||||||
| Share-based compensation expenses | 90 | 20 | 3 | |||||||
| Non-GAAP adjusted net (loss)/income | (4,709 | ) | 15,391 | 2,269 | ||||||
| Interest income, net | (296 | ) | (236 | ) | (35 | ) | ||||
| Income tax (credit)/expenses | (4 | ) | 27 | 4 | ||||||
| Depreciation and amortization expenses | 767 | 684 | 101 | |||||||
| Non-GAAP adjusted EBITDA | (4,242 | ) | 15,866 | 2,339 | ||||||
