36Kr Holdings Inc. filed its 2025 annual report on Form 20‑F with the U.S. Securities and Exchange Commission, providing audited consolidated financial statements for the year ended December 31, 2025. The filing, made on April 23, 2026, includes the company’s first full‑year profit after a net loss in 2024.
The company posted a net income of RMB 11.4 million (US$1.6 million) for 2025, a dramatic turnaround from a net loss of RMB 140.8 million (US$1.9 million) in 2024. The improvement is driven by a 57.7 % gross profit margin, up from 48.6 % in 2024, and a 36.1 % reduction in operating expenses to RMB 121.5 million.
Total revenue for 2025 was RMB 227.9 million, slightly down 1.4 % from RMB 231.1 million in 2024. Revenue growth was uneven across segments: online advertising revenue remained flat at RMB 179.7 million, while enterprise value‑added services grew 1.2 % to RMB 33.2 million and subscription services fell 14.2 % to RMB 15.1 million. The company’s follower base reached 36.8 million, marking 19 consecutive quarters of user growth.
Management highlighted cost discipline and a shift toward higher‑margin businesses as the key drivers of the turnaround. Chairman and CEO Dagang Feng said the company had achieved a "major operational breakthrough by turning profitable" in 2025, while CFO Xiang Li noted that strategic initiatives focused on cost control and high‑margin segments, along with reductions in impairment losses and improved receivables collection, had driven the improved profitability.
Analysts noted that the return to profitability and margin expansion were positive signals, but concerns about regulatory risks and the VIE structure that underpins the company’s operations in China remain.
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