36Kr Holdings Inc. (KRKR): History, Ownership, Mission, How It Works & Makes Money

When you look at 36Kr Holdings Inc. (KRKR), what do you see-a volatile tech media stock trading near 52-week lows of $2.76, or a platform that's dramatically cut its losses by 95% in the first half of 2025 to a net loss of just RMB4.8 million? This company is the pioneering voice for China's New Economy, and it's making a hard pivot toward profitability, even as total revenue dipped to RMB93.2 million in H1 2025, primarily from online advertising services at RMB74.5 million. They're not just cutting costs, though; they've grown their gross profit margin by 10 percentage points to 54.4% and are seeing AI/large-model advertising revenue jump over 50% year-over-year, so their strategy of 'content + technology + industrial services' is defintely worth a closer look.

As an investor or strategist, you have to ask: can a platform with over 36.57 million followers as of June 2025-a near 10% year-over-year increase-truly leverage that audience and its new AI focus to hit its stated goal of breaking even by the end of 2025? The story of 36Kr Holdings Inc. is a textbook case of a digital media company trying to engineer a financial turnaround in a tough macro environment, and understanding its history, ownership, and revenue streams is crucial before you make your next move.

36Kr Holdings Inc. (KRKR) History

You want to understand the DNA of 36Kr Holdings Inc. (KRKR) to map its future trajectory, and that means starting at the beginning. This company wasn't born in a boardroom; it started as a college student's passion project, which is a surprisingly common origin story for disruptive tech media in China. Its evolution shows a clear pattern: start with high-quality content, then systematically monetize that audience by layering on business services, data, and financial tools. That's the playbook.

The biggest takeaway is the recent, decisive pivot in 2025 toward efficiency and AI-driven growth. This isn't just a media company anymore; it's a platform aggressively pursuing profitability in a tough market. For a deeper look at the numbers behind this, check out Breaking Down 36Kr Holdings Inc. (KRKR) Financial Health: Key Insights for Investors.

Given Company's Founding Timeline

The company's roots trace back to a simple blog that quickly gained traction by covering the emerging Chinese tech and startup scene.

Year established

December 2010

Original location

Beijing, China

Founding team members

Liu Chengcheng

Initial capital/funding

The initial investment was a modest 300,000 yuan from Wang Xiao, a co-founder of Baidu, which Liu Chengcheng accepted to formalize his tech blog into a company.

Given Company's Evolution Milestones

The company's history is a masterclass in platform expansion, moving from pure media to a multi-faceted service provider for the New Economy.

Given Company's Transformative Moments

The company's trajectory has been defined by three major strategic shifts that fundamentally changed its business model and financial profile.

The first transformative decision was the 2016 spin-off of Kr Space. Honestly, that was a smart move. It let the core business shed the operational complexity and heavy capital expenditure of the co-working space, allowing management to focus on the higher-margin media, data, and enterprise services.

The second was the Nasdaq IPO in November 2019. Listing in the US signaled global ambition and provided a capital injection, even though the stock price dropped on its first day.

The most recent, and arguably most critical, shift came in the first half of 2025. The company doubled down on a dual strategy of 'quality enhancement' and 'cost optimization.' Here's the quick math:

• Operating expenses were nearly halved, dropping 52.3% to RMB55.86 million compared to the same period in 2024.
• This efficiency drove the gross profit margin up to 54.4%, a 10 percentage point increase year-over-year.
• The net loss narrowed dramatically by 95% to just RMB4.8 million in the first half of 2025, pushing the company to the brink of profitability.

Plus, they are defintely leaning into the future. Advertising revenue from their AI and large-model offerings expanded by over 50% year-over-year in the first half of 2025, showing a clear path for new revenue growth tied to technology.

36Kr Holdings Inc. (KRKR) Ownership Structure

The ownership structure of 36Kr Holdings Inc. is a blend of insider control and broad public float, which is common for a New Economy company on the NASDAQ. Insiders, including the leadership team, hold a significant stake, giving them strong voting power over strategic decisions, but the general public still controls the majority of the shares.

36Kr Holdings Inc.'s Current Status

As of November 2025, 36Kr Holdings Inc. is a publicly traded company on the NASDAQ Stock Market under the ticker symbol KRKR. It completed its initial public offering (IPO) on November 8, 2019. Being public means the company is subject to U.S. Securities and Exchange Commission (SEC) reporting requirements, which mandates transparency in its financial results and ownership changes, like the recent SCHEDULE 13G/A filing on October 27, 2025. This public status provides liquidity for investors but also exposes the company to market volatility and the scrutiny of activist shareholders.

36Kr Holdings Inc.'s Ownership Breakdown

The company's ownership is primarily distributed between its founders and executives (Individual Insiders) and the general retail investor base, with a smaller, but important, stake held by institutional investors and private companies. This structure means that while the public holds the largest single block, the combined insider and private company holdings create a formidable control group. If you are looking to understand the forces driving the stock's valuation and volatility, you should read Exploring 36Kr Holdings Inc. (KRKR) Investor Profile: Who's Buying and Why?

36Kr Holdings Inc.'s Leadership

The strategic direction of 36Kr Holdings Inc. is steered by an experienced management team, many of whom have been with the company for several years, plus a board that has seen some recent additions in 2025. The average tenure of the management team is approximately 6.3 years, which is a defintely strong signal of operational continuity.

• Dagang Feng: Chairman (since May 2025) and Chief Executive Officer (CEO since August 2019). He has over 15 years of expertise in media and investment sectors.
• Xiang Li: Chief Financial Officer (CFO) and Director (CFO since August 2024). He brings nearly two decades of finance experience from companies like Samsung and Sony Ericsson.
• Yang Li: Chief Content Officer (CCO) and Director (CCO since August 2019). She is responsible for the platform's content creation strategy.
• Chengcheng Liu: Founder.

The Board of Directors, which oversees management, includes the three key executives listed above, plus four non-executive directors. The board's average tenure is shorter, around 1.3 years, due to recent appointments like Wei Xu (Director, May 2025) and Jing Xu (Independent Director, September 2025), which suggests a recent effort to refresh the board's composition and expertise.

36Kr Holdings Inc. (KRKR) Mission and Values

36Kr Holdings Inc. is fundamentally driven by a clear, singular goal: to empower the participants in China's New Economy (the high-growth, technology-driven sectors) to achieve more. This mission forms the bedrock of their cultural DNA, orienting every product and service toward fostering innovation and growth in that ecosystem.

36Kr Holdings Inc.'s Core Purpose

You need to know what a company stands for beyond its quarterly report, because that mission dictates its long-term strategy and resilience. For 36Kr Holdings Inc., their core purpose is to be the pioneering platform that fuels the New Economy, acting as a critical bridge between capital, content, and cutting-edge businesses.

Official mission statement

The mission is direct and action-oriented. It's not about being the biggest, but about creating the most impact for their target audience-a defintely smart focus in a competitive market.

• Empowering New Economy participants to achieve more.

This translates into tangible support, like their content and business services, which helped reduce the company's net loss in the first half of 2025 by an impressive 95% to just RMB4.8 million (approximately $0.7 million), showing a strong alignment between mission-driven efficiency and financial health. You can dive deeper into their numbers in Breaking Down 36Kr Holdings Inc. (KRKR) Financial Health: Key Insights for Investors.

Vision statement

While the company doesn't publish a single-sentence vision statement, their long-term aspiration is evident in their operational focus: to be the indispensable, authoritative platform that captures and drives the high-growth potential of China's New Economy. They are positioning themselves as the go-to source for industry intelligence and business solutions.

• Be the authoritative platform for China's New Economy, leveraging data and brand influence to capture high-growth potential.
• Continuously expand service offerings-from content to enterprise value-added services-to meet the evolving needs of both new and traditional companies.
• Maintain operational excellence, as seen by the gross profit margin increase of 10 percentage points to 54.4% in the first half of 2025.

That kind of margin improvement shows a clear vision for sustainable, high-quality growth, not just scale.

36Kr Holdings Inc. slogan/tagline

The company's brand identity is built on being a prominent, pioneering platform. Their public statements and investor materials distill their purpose into a few key action areas, which serve as a de facto tagline for their brand promise.

• A prominent brand and a pioneering platform dedicated to serving New Economy participants.
• Fueling New Economy growth through content, data, and services.

The numbers back this focus: their follower base grew 9.9% year-over-year to 36.6 million by the first half of 2025, proving their content ecosystem is resonating with the very audience they aim to empower.

36Kr Holdings Inc. (KRKR) How It Works

36Kr Holdings Inc. operates as a crucial hub for China's New Economy participants, starting with high-quality content and then monetizing that deeply engaged audience through a suite of business services. The core model is a three-pronged approach-content, technology, and industrial services-designed to empower enterprises and drive significant commercialization breakthroughs.

Given Company's Product/Service Portfolio

Given Company's Operational Framework

The company's operations are defintely centered on a strategy of 'content + technology + industrial services,' which management has validated through their H1 2025 performance. It's a classic media-to-services pivot, but with a sharp focus on efficiency and AI integration.

Here's the quick math on efficiency: total revenue for the first half of 2025 was RMB 93.2 million (approximately $13.0 million USD), but the net loss narrowed dramatically by 95% year-over-year to just RMB 4.8 million. That's a huge inflection point.

• Cost Optimization: Operating expenses were nearly halved, dropping 52.3% to RMB 55.9 million in H1 2025, primarily through workforce streamlining and relocating to lower-rent offices.
• AI-Driven Content: They are leveraging Artificial Intelligence (AI) technology as an engine to upgrade original content and commercialize new AI products, which also drives the high-margin advertising growth.
• Industrial Service Scaling: The company is actively scaling its industrial services, like supporting Chinese enterprises in their global expansion efforts, which diversifies the revenue mix beyond just advertising.

They are committed to driving 'profitable growth' by focusing on high-margin businesses, which is why the gross profit margin jumped 10 percentage points year-over-year to 54.4% in the first half of 2025.

Given Company's Strategic Advantages

The real value in 36Kr Holdings Inc. isn't just the revenue, but the foundation it's built. It's a moat of content and connections that is tough for a competitor to replicate quickly.

• Content and IP Moat: They have a 'peerless content creation prowess' and robust Intellectual Property (IP) assets focused on China's New Economy, giving them a distinct voice and authority.
• Massive Engaged Audience: The platform boasts over 36.6 million followers as of June 30, 2025, marking 17 consecutive quarters of follower growth. That's a huge, captive audience for advertisers and service offerings.
• Data and Analytics: The company is supported by a comprehensive database and strong data analytics capabilities, which informs their content and allows for precise, targeted enterprise value-added services.
• Strategic Client Base: Stable partnerships with industry leaders like Alibaba, ByteDance, JD.com, Huawei, and Lenovo provide a reliable, high-quality revenue stream for their online advertising services.

To be fair, the overall revenue is down year-over-year, but the sharp improvement in margins and the focus on AI and industrial services show a clear, actionable path to profitability by the end of 2025, which is the key takeaway here. You can read more about their long-term vision in their Mission Statement, Vision, & Core Values of 36Kr Holdings Inc. (KRKR).

36Kr Holdings Inc. (KRKR) How It Makes Money

36Kr Holdings Inc. primarily generates revenue by leveraging its prominent media platform and extensive content to offer business services to China's New Economy participants. The company's financial engine is dominated by online advertising, which is supplemented by enterprise value-added services and subscription fees.

36Kr Holdings Inc.'s Revenue Breakdown

The company's revenue streams, based on the unaudited financial results for the first half of 2025 (H1 2025), show a clear dependence on its advertising business, although all segments experienced a year-over-year decline in revenue.

The total revenue for the first half of 2025 was RMB 93.2 million (approximately US$13.0 million), a decrease from RMB 102.4 million in the same period of 2024.

Business Economics

36Kr Holdings Inc.'s business model is centered on a content-to-service flywheel, where high-quality content about China's New Economy attracts a large, targeted audience, which then becomes the basis for monetizing business services.

• Pricing Strategy: Online advertising services, the largest segment, are priced based on factors like ad format, placement, and duration, targeting corporate clients seeking to reach New Economy startups and investors.
• Margin Focus: Management is actively refining its service offerings, particularly in enterprise value-added services, to strategically focus on improving margins, even if it means a temporary decrease in revenue scope.
• Cost Control: The company is a trend-aware realist, tackling macro pressures with strict cost control measures; the cost of revenue decreased by 25% to RMB 42.5 million in H1 2025, a key driver for margin improvement.
• Subscription Shift: The decline in subscription services revenue is primarily due to a change in the training services business model, indicating a pivot away from less profitable or scalable offerings.

Here's the quick math: the strategic workforce optimization and streamlined noncore spending are directly boosting profitability metrics, even with the revenue headwind.

36Kr Holdings Inc.'s Financial Performance

The financial narrative for H1 2025 is one of strategic consolidation and significant expense reduction, leading to a dramatic improvement in net loss despite the revenue dip.

• Gross Profit Margin: The gross profit margin soared to 54.4% in the first half of 2025, an increase of 10 percentage points from 44.4% in the same period last year. This increase was driven by savings in payroll-related costs.
• Operating Expenses: Operating expenses were aggressively cut by 52.3%, falling to RMB 55.9 million (US$7.8 million) from RMB 117.0 million in H1 2024. This is defintely the most important operational win.
• Net Loss Reduction: The company's net loss saw a massive 95% reduction, dropping to just RMB 4.8 million (US$0.7 million) in H1 2025, compared to a net loss of RMB 95.9 million in the prior year.
• Follower Growth: The platform's audience continues to grow, with the number of followers reaching 36.6 million as of June 30, 2025, an increase of 9.9% year-over-year. This sustained audience growth provides a solid base for future monetization efforts.

What this estimate hides is the market's reaction; the stock price fell by 6.83% following the earnings release, suggesting investors were more focused on the revenue decline than the margin improvement. To be fair, you need to dig deeper into the balance sheet to fully assess the financial health. Breaking Down 36Kr Holdings Inc. (KRKR) Financial Health: Key Insights for Investors

36Kr Holdings Inc. (KRKR) Market Position & Future Outlook

36Kr Holdings Inc. is currently navigating the challenging China tech media landscape by aggressively pivoting toward a high-margin, service-centric model, which has accelerated its path to profitability. The company achieved a significant reduction in net loss by 95% to just RMB 4.8 million (US$0.67 million) in the first half of 2025, even as total revenue dipped to RMB 93.2 million (US$13.0 million). The future hinges on scaling its Artificial Intelligence-Generated Content (AIGC) and enterprise value-added services (EAS) to drive top-line growth and reach its forecast of full-year profitability by the end of 2025.

Competitive Landscape

In China's New Economy content and services ecosystem, 36Kr competes not just with traditional media but with massive social and professional platforms that offer similar advertising and content solutions. Its core competitive advantage is its integrated platform-content, data, and services-that specifically targets entrepreneurs, investors, and New Economy companies. Here's the quick math on market standing in the professional/New Economy content space, acknowledging the difficulty in isolating a precise market share for this niche:

Opportunities & Challenges

As a trend-aware realist, I see two clear paths for 36Kr: capture the AI service boom and expand its global footprint. Still, the underlying revenue pressure and market volatility are defintely real risks you need to watch.

Industry Position

36Kr Holdings Inc. holds a unique, defensible position as the authoritative voice for China's New Economy, a role often compared to the US-based TechCrunch. Its strength lies in its ecosystem, which goes beyond media to include proprietary data (Jing Data) and financing matchmaking, making it a critical hub for venture capital (VC) and startup activity.

• Maintain a high-quality, deeply engaged following of 36.57 million users as of June 2025, up 9.9% year-over-year, marking 17 consecutive quarters of growth.
• The company's strategic cost optimization, including a 52.3% decrease in operating expenses in H1 2025, places it ahead of many peers struggling with tech sector overspending.
• Its brand influence is leveraged to form stable partnerships with tech giants like Alibaba, ByteDance, JD.com, Huawei, and Lenovo, which are crucial for its advertising and EAS revenue streams.
• The focus on AI-powered content and industrial services is a clear, actionable strategy to diversify away from traditional online advertising, aligning with the core message of Mission Statement, Vision, & Core Values of 36Kr Holdings Inc. (KRKR).

Finance: Monitor the Q4 2025 results closely to validate the profitability forecast and the sustainability of the 54.4% gross profit margin.