36Kr Holdings Inc. Q4 FY2025 earnings call

Over the past 2 years, 36Kr focused on improving operating efficiency and optimizing financial structure. In 2025, while maintaining solid revenue performance, achieved a major operational breakthrough by turning profitable. Continuously fortified content ecosystem, expanded content dissemination network across diverse channels, explored various content formats. Achieved continuous commercialization breakthroughs including client structure optimization, stronger commercialization of subvertical medium channels for younger audiences, new momentum in live streaming and video revenue and meaningful progress in industrial services commercialization. Actively integrated AIGC technology into content ecosystem to enhance efficiency, launched multiple AI products and tools.

In 2025, total revenues were RMB 231.1 million. Online advertising services revenue for the full year of 2025 was RMB 179.7 million. Enterprise value-added services revenue for the full year of 2025 increased by 1.2% to RMB 33.2 million. Subscription services revenue for the full year of 2025 decreased by 14.2% to RMB 15.1 million. Gross profit margin reached 57.7% in 2025, an increase of 9.1 percentage points year-over-year. Operating expenses for the full year of 2025 decreased by 36.1% to RMB 121.5 million. Net income for the full year of 2025 was RMB 11.4 million.

Cautiously optimistic about advertising growth trajectory for 2026. Will continue to advance video live streaming development, step up investment in content creation, explore wider area of programs and formats in live streaming, build depth in key content verticals that matter most to clients.

Today's discussion contains forward-looking statements with inherent risks and uncertainties. Company's results may be materially different from views expressed. Further information regarding risks and uncertainties is in company's prospectus and other public filings with U.S. SEC.

Q: How to see the advertising sections trend and analyze margin growth?

A: Cautiously optimistic about advertising growth trajectory for 2026. Despite macro challenges, overall advertising revenue remained stable. Last year, gross profit margin improved mainly because focused on high-margin businesses, streamlined low-margin operations and implemented cost control initiatives.

Q: What are the drivers behind the growth in value-added services?

A: Legacy IP events continued to perform well, cooperated with national events. Restructured content strategy, business road map and organizational structure for industry services businesses. Content strategy for industry services began to yield positive outcome, connected with over 200 upstream and downstream companies in local government