36Kr (KRKR) Q2 2026 Earnings Call: H1 Revenue Rises 33.7%
Source Tradingkey
Key Takeaways
- First-half 2026 revenue increased 33.7% year over year to RMB 124.6 million, led by stronger demand from the AI sector for advertising solutions.
- Online advertising revenue rose 38.9% to RMB 103.5 million, while enterprise value-added services revenue increased 25.4% to RMB 15.3 million.
- Gross profit climbed 63.1% to RMB 82.7 million. Gross margin expanded by 12 percentage points to 66.4%, reflecting a higher-margin advertising mix and workforce management.
- 36Kr recorded net income of RMB 15.4 million, reversing a net loss of RMB 4.8 million in the prior-year period.
- Cash, restricted cash and short-term investments reached RMB 124.2 million as of June 30, 2026, up 6.9% from the end of 2025, mainly due to positive operating cash flow.
- Management identified AI customers, sub-vertical content monetization, AI products and regional replication of industrial services as key growth drivers.
Key Financial Data
| Metric | H1 2026 | Year-over-year comparison | Main driver or context |
|---|---|---|---|
| Total revenue | RMB 124.6 million | +33.7% | Growth in advertising and enterprise services |
| Online advertising revenue | RMB 103.5 million | +38.9% | Strong AI-sector demand |
| Enterprise value-added services revenue | RMB 15.3 million | +25.4% | Refined service offerings focused on margin improvement |
| Subscription services revenue | RMB 5.8 million | RMB 6.4 million in H1 2025 | Strategic change in customer composition |
| Cost of revenue | RMB 41.9 million | -1.4% | Cost-control measures |
| Gross profit | RMB 82.7 million | +63.1% | Higher-margin AI advertising revenue and workforce management |
| Gross margin | 66.4% | +12 percentage points | Up from 54.4% |
| Operating expenses | RMB 59.6 million | +6.6% | Higher general and administrative expenses |
| Sales and marketing expenses | RMB 29.2 million | Flat | Disciplined sales spending |
| General and administrative expenses | RMB 24.1 million | +20.5% | Higher doubtful-account allowances and payroll-related expenses |
| R&D expenses | RMB 6.4 million | Flat | Efficiency and program prioritization |
| Net income | RMB 15.4 million | Net loss of RMB 4.8 million in H1 2025 | Revenue growth and gross-margin expansion |
| Net income attributable to ordinary shareholders | RMB 15.0 million | Net loss of RMB 5.0 million in H1 2025 | — |
| Diluted net income per ADS | RMB 7.056 | Diluted net loss of RMB 2.307 | — |
| Cash, restricted cash and short-term investments | RMB 124.2 million | +6.9% from Dec. 31, 2025 | Positive operating cash inflow |
Business and Operating Performance
Disclaimer: For information purposes only. Past performance is not indicative of future results.
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