36Kr (NASDAQ:KRKR) reported first-half 2026 revenue growth of 33.7% and a return to profitability, as higher demand from artificial intelligence-sector customers lifted online advertising revenue and gross margin.
Total revenue rose to RMB124.6 million from RMB93.2 million in the prior-year period, Chief Financial Officer Xiang Li said on the company’s earnings call. Net income was RMB15.4 million, compared with a net loss of RMB4.8 million a year earlier. Cash, cash equivalents, restricted cash and short-term investments totaled RMB124.2 million as of June 30, up 6.9% from the end of 2025.
Advertising Growth Drives Margin Expansion
Enterprise value-added services revenue increased 25.4% to RMB15.3 million, which Li said reflected refinements to service offerings intended to improve margins. Subscription services revenue declined to RMB5.8 million from RMB6.4 million, primarily because of a strategic shift in the segment’s customer composition.
Cost of revenue fell 1.4% to RMB41.9 million as the company maintained cost controls. Gross profit increased 63.1% to RMB82.7 million, while gross margin expanded by 12 percentage points to 66.4%. Li said the improvement reflected higher-margin AI-related advertising revenue, growth in related sales and payroll-related cost reductions from workforce management.
Operating expenses increased 6.6% to RMB59.6 million. Sales and marketing spending was flat at RMB29.2 million, while general and administrative expenses rose 20.5% to RMB24.1 million, driven by higher allowances for doubtful accounts and payroll-related expenses. Research and development spending remained essentially unchanged at RMB6.4 million.
Content Ecosystem and New Customer Acquisition
Chairman and Chief Executive Officer Dagang Feng said the company’s profitability was supported by the combination of its content influence, industrial-service capabilities and technology applications. At the end of June, 36Kr had approximately 36.52 million followers across platforms including Weibo, Xiaohongshu, Toutiao, Zhihu, Bilibili, Douyin and Kuaishou.
The company continued to expand its coverage of AI, hard technology, consumer sectors, automobiles, games, finance and emerging industries. Feng highlighted AI-focused account Emergence of Intelligence and Hardcore KR, which covers the embodied-intelligence supply chain. Hardcore KR’s followers increased about 27% during the period, according to management.
New customers accounted for approximately one-third of the company’s total customer base in the first half. AI foundation models, robotics and embodied intelligence were the largest sources of new customers, while the company also added customers in consumer goods, health care, mobility, education and training.
Management said short-video commercialization was another source of growth, with related revenue approximately doubling year over year. The company produced 75 short videos during the first half, and its video channels had 9.63 million followers, according to the call.
Industrial Services Shift Toward Ongoing Operations
36Kr is seeking to extend its role beyond media coverage into industry connections and services. In May, it hosted the 2026 AI Partner Summit in Beijing, where management said it facilitated more than 100 closed-door matchmaking sessions between technology providers and businesses seeking AI applications.
The company also continued its three-year strategic cooperation projects in Hangzhou’s Qiantang area, focused on industrial parks and services involving brand exposure, resource connections and enterprise support. Feng said the projects have helped deepen 36Kr’s industrial-service capabilities in the Yangtze River Delta and could provide a foundation for replication in other regions.
In response to an analyst question, Feng described content advertising as the company’s revenue foundation and traffic gateway, while industrial services are a growth engine and potential margin enhancer. He said industrial services are expected to account for a steadily larger share of the business over time, though advertising will remain the company’s most important revenue base.
AI Products and Investment Discipline
36Kr also reported progress in applying AI internally and developing AI-oriented products. Its project-recommendation product uses foundation models to conduct online AI interviews and automatically generate project recommendations. The product helped entrepreneurs obtain coverage and connections for 1,117 projects in the first half, while its conversion rate increased nearly 80% year over year.
The company’s AI review hub, ai.36kr.com, had published 4,096 AI review articles cumulatively by the end of the period, compared with 560 at the end of 2025. Management said 42 companies had voluntarily listed products on the platform and that the business secured paid commercialization partnerships with Kling and Pressure AI.
Looking ahead, Feng said AI customer growth, deeper monetization of vertical content channels, expansion of AI products and regional replication of industrial services are key growth priorities. He said the company would not pursue growth at the expense of profitability, adding that investments must have “a clear business rationale and a clear path to returns.”
About 36Kr (NASDAQ:KRKR)
Beijing 36Kr Holdings Inc, known as 36Kr (NASDAQ:KRKR), is a China‐based digital media and services platform focused on the coverage and support of new economy enterprises. The company delivers news, in‐depth analysis and research on technology startups, venture capital trends and innovation across the Chinese market. Its flagship online portal and mobile applications serve as primary channels for entrepreneurs, investors and industry professionals seeking timely information on emerging businesses and disruptive technologies.
In addition to editorial content, 36Kr offers a suite of subscription‐based membership services that provide premium research reports, proprietary databases and exclusive interviews with founders and investors.
