36Kr Holdings Inc. posted its first half-year profit in at least two years, driven by a 33.7% rise in revenue to RMB 124.6 million, though its stock declined 5.3% on Tuesday amid broader market caution.
Net income for the six months ended June 30 reached RMB 15.4 million, a reversal from a RMB 4.8 million loss in the same period of 2025. Gross profit surged 63.1% to RMB 82.7 million, lifting the gross margin to 66.4% from 54.4%. Online advertising revenue, the company’s largest segment, climbed 38.9% to RMB 103.5 million, while enterprise value-added services grew 25.4% to RMB 15.3 million. Subscription services revenue, however, declined 9.4% to RMB 5.8 million.
Operating expenses rose 6.6% to RMB 59.6 million, with general and administrative costs up 20.5% year-over-year. Cash, restricted cash and short-term investments totaled RMB 124.2 million as of June 30, up 6.9% from the end of 2025.
The company’s shares closed at $3.22, down 5.29% from the prior session’s $3.265, leaving the stock near the lower end of its 52-week range of $2.50 to $21.36. The P/E ratio stood at 4.34, reflecting a compressed valuation relative to earnings.
Management highlighted the sustainability of profitability, with CEO Dagang Feng attributing the results to "sustainable commercial value built on content influence, industrial service capabilities, and technological application prowess." CFO Xiang Li noted that margin expansion stemmed from higher-margin online advertising within the AI sector and strategic workforce management.
36Kr also reported strong audience growth, with social media and content followers reaching 36.52 million by June 30, alongside 96.3 million video followers. Short-form video content generated over 230 million total exposures, including a Douyin video with more than 8.4 million views. The company’s event strategy delivered significant reach, with the China Appliance and Electronics World Expo in March drawing 1.358 million views and over 18 million network-wide impressions, while the World Artificial Intelligence Conference in July recorded 51.8 million views and 61,000 live-stream engagements.
