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KRKR
Earnings call · Jun 2026 (H1 FY26)

36Kr Holdings H1 FY26 earnings call KRKR

Aug 20, 2026 Source

Executive summary

36Kr Holdings H1 FY26 — Profitability Sustained Amidst Macro Uncertainty

36Kr Holdings sustained profitability in the first half of 2026, driven by robust growth in online advertising, particularly from the AI sector, and disciplined cost management. The company is strategically balancing investment in its content ecosystem and AI applications with a focus on clear paths to returns, while navigating a slight decline in subscription services and increased G&A and investment losses.

Highlights

5

  • Total revenue increased by 33.7% year-over-year to RMB 124.6 million in H1 2026.

  • Gross profit increased by 63.1% year-over-year to RMB 82.7 million, with gross profit margin expanding by 12 percentage points to 66.4%.

  • Net income reached RMB 15.4 million in H1 2026, a significant turnaround from a net loss of RMB 4.8 million in the prior year period.

  • Online advertising services revenue grew approximately 40% year-over-year to RMB 104 million, driven by strong demand from the AI sector.

  • New customers accounted for approximately 1/3 of the total customer base, with AI-related sectors being the primary source.

Concerns

3

  • Subscription services revenue decreased to RMB 5.8 million in H1 2026 from RMB 6.4 million in the prior year, due to a strategic shift in customer composition.

  • General and administrative expenses increased by 20.5% to RMB 24.1 million, primarily due to higher allowance for doubtful accounts and payroll-related expenses.

  • Other expenses increased significantly to RMB 7.7 million from RMB 0.4 million of income in the prior year, mainly due to increased long-term investment loss.

Segment performance

SegmentRevenueYoYQoQMargin
Online advertising services
Increased primarily attributable to surging demand from the AI sector for our advertising solutions. Flagship channels (36Kr, 36Kr Pro) maintained industry-leading commercial values. Sub-vertical media channels (Emergency of Intelligence, Hardcore KR, 36Kr Auto, etc.) expanded influence. Short video revenue approximately doubled year-over-year. Launched 36Kr Pro WeChat channel content offering.
RMB 103.5 million38.9%——
Enterprise value-added services
Increase primarily driven by ongoing refinement of service offerings aimed at margin improvement. Institutional demand for communication service surged, with content focused on institutional fundraising and portfolio company financing growing rapidly, driving revenue to nearly double year-over-year.
RMB 15.3 million25.4%——
Subscription services
Decrease primarily due to a strategic shift in the segment's customer composition, compared to RMB 6.4 million in H1 2025.
RMB 5.8 million———

Product announcements

ProductTypeDetails
36Kr Pro WeChat Channel Content Offeringlaunch
36Kr Cooperate Omni-intelligence WeChat Mini Programlaunch
AI Review Hub at 36kr.commilestone

Deals & partnerships

Hangzhou Tiantan New Area 3-year strategic operation project, including Chinese Enterprise International Service Center Operation project and A nominal community operation service project. 3-year

Building on this project, we continue to deepen our industrial service capabilities in the Yangtze River Delta, laying the foundation of replication across the region.

Kin and Kuaishou AI Paid commercialization partnership for AI Review Hub.

Secured on the strength of our team in deep product review content.

Risks & headwinds

Continued macroeconomic uncertainty H1 2026

unquantified

Mitigation:Company sustained profitability trend and maintained solid results across all operating metrics, focusing on sustainable commercial value built on content, industrial service, and technological application.

Decrease in subscription services revenue H1 2026

RMB 5.8 million in H1 2026 compared to RMB 6.4 million in H1 2025

Mitigation:Attributed to a strategic shift in the segment's customer composition.

Increase in general and administrative expenses H1 2026

up 20.5% to RMB 24.1 million in H1 2026 from RMB 20 million in H1 2025

Mitigation:Primarily related to the increase in allowance for doubtful accounts and payroll-related expenses; management emphasizes disciplined investment and cost control.

Increase in long-term investment loss H1 2026

Other expenses were RMB 7.7 million in H1 2026 compared to RMB 0.4 million of other income in H1 2025

Mitigation:Management emphasizes a philosophy of investing where there is a clear path to returns and maintaining financial health.

What to watch next

AI customer growth

Next quarter
Current Approximately 40% of new customers in H1 2026 came from the AI sector.
Target Continued strong momentum in the AI segment.

Why it matters

AI customer growth is identified as a key near-term driver for the company's revenue and overall performance.

In the near term, AI customer growth will be a key driver over the first half of the year. Approximately 40% of our new customers came from the AI sector, and we continue to see strong momentum in the segment.

Q&A highlights

What differentiates 36Kr's AI content coverage from competitors, especially for advertisers? What are the key growth drivers going forward, and how will the company balance investment with profitability?

Dagang Feng highlighted three differentiators for AI content: broad-based platform reach (36.52M followers across diverse platforms), exclusive information access with in-depth content quality, and end-to-end industrial service capabilities that offer more than just brand exposure. For growth engines, he identified near-term AI customer growth, medium-term commercialization of sub-vertical content, scaling AI products (AI Review Hub, Omni-intelligence Mini Program), and replicating the industrial service model. He emphasized a disciplined investment philosophy, prioritizing financial health and operating efficiency, with every investment requiring a clear path to returns.

“Our content metrics spans AI, hardcore technology, going global, consumer goods, automotive, gaming, health care and other verticals. We have 3.52 million followers across a diverse reach of mainstreaming media platforms... This allows advertisers on our platform to reach not only the AI industry audience, but also upstream and downstream business and cross-sector users simultaneously, something specialized AI media outlets cannot be easily delivered.”

asked by Lingyi Zhao · answered by Dagang Feng

2 min read 5 chapters

Detailed narrative

Content Ecosystem Expansion

36Kr strengthened its content ecosystem, expanding its footprint across major new media platforms like Weibo, Douyin, and Kuaishou, reaching approximately 36.52 million followers by June 2026. The company focused on enhancing content quality, particularly in AI coverage with 'Emergency of Intelligence' and 'Hardcore KR' accounts, which saw significant follower growth and in-depth reporting on emerging technologies like nuclear fusion and quantum computing.

Commercialization Breakthroughs

The company achieved commercialization breakthroughs, with online advertising services revenue growing 40% YoY to RMB 104 million, largely due to demand from the AI sector. New customers, primarily from AI, robotics, and embedded intelligence, accounted for approximately one-third of the total customer base. Short video revenue approximately doubled year-over-year, and institutional/entrepreneur service revenue nearly doubled, driven by content focused on fundraising and portfolio company financing.

Industrial Service Evolution

36Kr is evolving its industrial services from one-off events to ongoing operations and deeper customer partnerships. Key initiatives include the 2026 AI Partners Meet and Wave 2026, which facilitated industry collaborations and attracted thousands of attendees. Strategic cooperation projects with Hangzhou Tiantan New Area, focusing on industrial park operations and enterprise services, continued to progress, laying the foundation for regional replication.

AI Technology Application

Internally, 36Kr hosted an AI application challenge to improve productivity across operations, leading to improvements in sales processes, video/image optimization, and internal management. Externally, the 36Kr project recommendations product, using foundation models for AI-conducted interviews, helped 1,117 projects secure coverage, increasing conversion rates by nearly 80% YoY.

Product Development & AI Review Hub

The company launched the 36Kr Cooperate Omni-intelligence WeChat Mini program for retail investors, reaching 55,200 cumulative users and over 10,000 subscribers. The AI Review Hub at 36kr.com, launched in late 2025, scaled significantly, publishing over 400,000 AI review articles and securing paid commercialization partnerships, validating its closed-loop model from professional review to monetization.

AI-generated summary of the company's earnings call. Not investment advice.