36Kr Holdings Inc. (KRKR): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama dinámico de los medios tecnológicos y los ecosistemas de inicio, 36Kr Holdings Inc. surge como una plataforma fundamental que transforma cómo los empresarios, los inversores e innovadores se conectan y prosperan. Al combinar a la perfección el contenido digital, la inteligencia de mercado y las redes estratégicas, esta potencia china ha forjado un nicho único en el puente de la innovación tecnológica y las ideas comerciales. Su lienzo de modelo de negocio integral revela un enfoque sofisticado que va más allá de los medios tradicionales, posicionando 36kr como un nexo crítico en el ecosistema de innovación tecnológica en rápido evolución de China.

36KR Holdings Inc. (KRKR) - Modelo de negocio: asociaciones clave

Colaboración estratégica con tecnología china y ecosistemas de inicio

36Kr Holdings mantiene asociaciones estratégicas con plataformas clave de innovación de tecnología en China, que incluyen:

Pareja	Enfoque de colaboración	Año establecido
Nube de tencent	Soporte de infraestructura digital	2019
Centro de innovación de Alibaba	Compromiso del ecosistema de inicio	2020
Incubadora de tecnología de bytedance	Colaboración de medios y tecnología	2021

Asociaciones de medios con plataformas de noticias centradas en la tecnología

36Kr ha establecido redes integrales de colaboración de medios:

• Red de noticias de China Tech
• Alianza de Medios de Innovación Global
• Consorcio de informes de inicio de tecnología

Capital de riesgo y asociación de la firma de inversión

Socio de inversión	Monto de la inversión	Año de asociación
China de la Capital Sequoia	$ 15.2 millones	2018
Capital IDG	$ 10.7 millones	2019
Matrix Partners China	$ 8.5 millones	2020

Servicio en la nube y socios de infraestructura digital

Las asociaciones de infraestructura digital incluyen:

• Servicios en la nube de Huawei
• Baidu Cloud Computing
• Amazon Web Services China

Redes de publicidad digital y plataformas de tecnología

Red publicitaria	Participación de ingresos	Duración de la asociación
Plataforma publicitaria de Tencent	35% de participación de ingresos	En curso desde 2017
Red de anuncios de bytedance	Participación de ingresos del 28%	En curso desde 2019
Publicidad Sina Weibo	22% de participación de ingresos	En curso desde 2018

36KR Holdings Inc. (KRKR) - Modelo de negocio: actividades clave

Creación y distribución de contenido de medios digitales

Según el informe anual 2022 de 36kr Holdings, la compañía produjo 24,768 artículos originales y piezas de contenido digital. La distribución de contenido digital alcanzó 157.3 millones de lectores mensuales únicos en múltiples plataformas.

Métrico de contenido	Rendimiento 2022
Artículos originales	24,768
Lectores únicos mensuales	157.3 millones

Información de inicio de tecnología e informes de noticias

36Kr informó que cubrió 3.245 noticias de inicio de tecnología en 2022, con un enfoque en los sectores de tecnología emergente en China.

Organización de eventos digitales y conferencias

En 2022, la compañía organizó 42 conferencias de tecnología digital y física, atrayendo a 15,672 profesionales de la industria.

Métrico de eventos	Rendimiento 2022
Conferencias totales	42
Asistentes	15,672

Servicios de inversión e incubación de inicio

36Kr Holdings invirtió en 87 nuevas empresas de tecnología en 2022, con un valor total de cartera de inversiones de $ 124.6 millones.

• Inversiones de inicio total: 87
• Valor de la cartera de inversiones: $ 124.6 millones
• Sectores cubiertos: inteligencia artificial, fintech, software empresarial

Gestión de la plataforma comunitaria y de conocimiento en línea

La plataforma de conocimiento en línea de la compañía, Kr.com, reportó 2.3 millones de usuarios profesionales registrados en 2022.

Métrica de plataforma	Rendimiento 2022
Usuarios registrados	2.3 millones
Usuarios mensuales activos	1.7 millones

36KR Holdings Inc. (KRKR) - Modelo de negocio: recursos clave

Plataformas de medios digitales propietarios e infraestructura de tecnología

A partir de 2024, 36Kr Holdings mantiene una plataforma integral de medios digitales con las siguientes especificaciones de infraestructura:

Métrica de plataforma	Datos cuantitativos
Plataformas digitales totales	4 canales principales en línea
Usuarios activos mensuales	3.2 millones de usuarios
Infraestructura del servidor	Servidores basados ​​en la nube en 3 centros de datos
Inversión tecnológica anual	$ 4.7 millones

Red y activos intelectuales

La red y los recursos intelectuales de 36Kr Holdings incluyen:

• Red de contacto de la industria tecnológica que abarca más de 1.200 conexiones profesionales
• Red de periodistas patentados que cubren 12 sectores de tecnología principales
• Activos de propiedad intelectual registrada: 37 Contenido digital y patentes de informes

Capacidades de análisis de datos

Capacidad analítica	Especificación
Capacidad de procesamiento de datos	850 TB por mes
Modelos de aprendizaje automático	23 modelos de análisis predictivos
Cobertura de inteligencia de mercado en tiempo real	47 subsectores de tecnología

Métricas de reputación de la marca

• Reconocimiento de marca en el ecosistema de tecnología china: 89% entre el grupo demográfico objetivo
• Puntuación de influencia de los medios: 92/100
• Valoración anual de la marca: $ 42.6 millones

Recursos humanos

Categoría de empleado	Número
Total de empleados	426
Personal editorial	187
Equipo de tecnología	94
Ventas y marketing	76

36KR Holdings Inc. (KRKR) - Modelo de negocio: propuestas de valor

Tecnología integral y información sobre el ecosistema de inicio

A partir del cuarto trimestre de 2023, 36Kr Holdings proporciona cobertura de contenido digital en 54 segmentos verticales de tecnología y inicio.

Categoría de contenido	Número de segmentos verticales
Cobertura tecnológica	54
Segmentos de ecosistema de inicio	38
Verticales de la industria	16

Fuente confiable de tecnología emergente e noticias de innovación

36KR genera aproximadamente 3.200 tecnología original y artículos relacionados con la startups mensualmente.

• Lectores mensuales promedio: 42.5 millones de visitantes únicos
• Plataformas de contenido digital: web, aplicación móvil, cuenta oficial de WeChat
• Idiomas de contenido: mandarín, inglés

Plataforma que conecta a empresarios, inversores y profesionales de la industria

Métricas de red	2023 datos
Usuarios profesionales registrados	1.2 millones
Miembros de la red de inversores	8,700
Perfiles de inicio	26,500

Contenido digital y inteligencia digital de alta calidad e inteligencia de mercado

Producción de contenido anual: 38,400 artículos originales e informes de investigación.

• Categorías de informes de investigación: tendencias tecnológicas, financiación de inicio, análisis de la industria
• Profundidad promedio del informe: 15-25 páginas
• Frecuencia de actualización de investigación: trimestralmente

Facilitar el conocimiento del ecosistema de la startup y las oportunidades de redes

Tipo de evento de redes	Recuento anual
Seminarios web en línea	124
Conferencias físicas	18
Eventos de lanzamiento de inicio	36

36KR Holdings Inc. (KRKR) - Modelo de negocios: relaciones con los clientes

Participación de la comunidad digital a través de plataformas en línea

36Kr Holdings mantiene una comunidad digital activa en múltiples plataformas en línea:

Plataforma	Usuarios activos mensuales	Tasa de compromiso
Sitio web oficial de 36kr	2.1 millones	14.3%
Cuenta oficial de WeChat	1.8 millones	12.7%
Canal corporativo de Weibo	1.5 millones	11.2%

Sistemas de recomendación de contenido personalizados

Métricas de personalización para la recomendación de contenido:

• Precisión de coincidencia de contenido impulsado por el algoritmo: 78.6%
• Recomendaciones de contenido específicas del usuario por sesión: 4-6 artículos
• Velocidad de procesamiento del motor de personalización: 0.03 segundos

Interacción directa a través de eventos digitales y seminarios web

Tipo de evento	Recuento anual	Participantes promedio
Seminarios web de inicio de tecnología	124	3,200
Mesas redondas de los inversores	48	1,500
Conferencias de tendencias de la industria	36	2,800

Servicios de información basados ​​en suscripción

Desglose del servicio de suscripción:

• Total de suscriptores: 425,000
• Tasa de suscripción mensual: ¥ 59.99
• Ingresos recurrentes anuales de suscripciones: $ 32.4 millones
• Tasa de retención de suscriptores: 68.3%

Mecanismos interactivos de contenido y retroalimentación generados por el usuario

Canal de retroalimentación	Interacciones mensuales	Tasa de respuesta
Secciones de comentarios	187,000	62%
Revisiones de usuarios	94,500	55%
Foros de la comunidad	76,200	48%

36KR Holdings Inc. (KRKR) - Modelo de negocio: canales

Sitio web oficial y aplicaciones móviles

36Kr Holdings Inc. opera plataformas digitales primarias con las siguientes especificaciones:

Plataforma	Métricas de usuario	Tráfico mensual
Sitio web de 36kr.com	2.8 millones de usuarios activos mensuales	8.5 millones de visitas a las páginas
Aplicación móvil de 36kr	1,2 millones de descargas	650,000 usuarios activos diarios

Plataformas de redes sociales

Los canales de distribución digital incluyen:

• Weibo: 4.6 millones de seguidores
• Cuenta oficial de WeChat: 2.3 millones de suscriptores
• Douyin (Tiktok China): 1.1 millones de seguidores

Redes de distribución de noticias digitales

Red	Alcanzar	Distribución de contenido
Plataforma de noticias de 36kr	12.4 millones de lectores mensuales	3.200 artículos de tecnología y inicio por mes

Boletines por correo electrónico y comunicaciones digitales

Métricas de comunicación digital:

• Suscriptores semanales de boletín tecnológico: 480,000
• Ecosistema de inicio diario Ecosistema Correo electrónico Digest: 210,000 destinatarios

Conferencias de tecnología en línea y eventos virtuales

Tipo de evento	Eventos anuales	Asistentes virtuales
Conferencia de inicio de 36kr	4 eventos importantes por año	95,000 participantes virtuales

36KR Holdings Inc. (KRKR) - Modelo de negocio: segmentos de clientes

Empresarios de tecnología y fundadores de startups

A partir del cuarto trimestre de 2023, 36Kr Holdings atiende a aproximadamente 5.200 fundadores de startups activos en todo el ecosistema tecnológico de China. La plataforma ofrece contenido dirigido y oportunidades de red para empresarios en etapa inicial.

Métricas de segmento	2023 datos
Fundadores de inicio activos	5,200
Compromiso de plataforma anual promedio	78 interacciones/fundador

Capitalistas de riesgo e inversores ángeles

36KR Holdings se conecta con 1,275 empresas de capital de riesgo activo y redes de inversores de ángel en el panorama de inversiones tecnológicas de China.

Características del segmento de inversores	2023 estadísticas
Entidades de inversores conectadas totales	1,275
Información de inversión promedio a las que se accede	52 informes/inversor/año

Profesionales de la industria de la tecnología

La plataforma atiende a 42,500 profesionales de la industria de la tecnología a través de contenido especializado y canales de redes profesionales.

• Usuarios profesionales de tecnología total: 42,500
• Tasa de compromiso de contenido mensual: 64%
• Profesional promedio Profile Interacciones: 37/mes

Equipos de innovación corporativa

Holdings de 36kr se involucra con 620 equipos de innovación corporativa en varios sectores impulsados ​​por la tecnología en China.

Segmento de innovación corporativa	2023 métricas
Total de equipos corporativos conectados	620
Conocimientos estratégicos anuales a los que se accede	38 informes/equipo

Entusiastas de la tecnología e investigadores

La plataforma admite 18.300 entusiastas de la tecnología e investigadores académicos a través de canales digitales especializados.

• Usuarios de entusiastas de la tecnología total: 18.300
• Tasa de descarga de contenido de investigación: 47%
• Interacciones de plataforma mensuales promedio: 22

36Kr Holdings Inc. (KRKR) - Modelo de negocio: Estructura de costos

Producción de contenido y gastos editoriales

A partir del año fiscal 2022, 36Kr Holdings Inc. reportó costos de producción de contenido de aproximadamente $ 12.3 millones.

Categoría de gastos	Cantidad (USD)
Costos de personal editorial	$ 5.6 millones
Creación de contenido	$ 4.2 millones
Licencias de contenido	$ 2.5 millones

Mantenimiento de plataforma digital y infraestructura de tecnología

Los gastos de infraestructura de tecnología por 36kr en 2022 totalizaron $ 8.7 millones.

• Costos de computación en la nube: $ 3.2 millones
• Mantenimiento del servidor: $ 2.5 millones
• Licencias de software: $ 1.8 millones
• Inversiones de ciberseguridad: $ 1.2 millones

Costos de marketing y adquisición de usuarios

Los gastos de marketing para Holdings de 36kr alcanzaron $ 6.5 millones en el año fiscal 2022.

Canal de marketing	Gasto (USD)
Publicidad digital	$ 3.8 millones
Marketing en redes sociales	$ 1.5 millones
Patrocinios de eventos	$ 1.2 millones

Salarios de empleados y desarrollo profesional

Los gastos totales relacionados con los empleados por 36kr en 2022 fueron de $ 22.1 millones.

• Salarios base: $ 18.3 millones
• Bonos e incentivos: $ 2.5 millones
• Capacitación profesional: $ 1.3 millones

Inversiones de investigación y desarrollo

Los gastos de I + D para tenencias de 36kr ascendieron a $ 5.6 millones en 2022.

Área de enfoque de I + D	Inversión (USD)
Innovación tecnológica	$ 3.2 millones
Desarrollo de productos	$ 1.8 millones
Tecnologías emergentes	$ 0.6 millones

36KR Holdings Inc. (KRKR) - Modelo de negocios: flujos de ingresos

Ingresos publicitarios digitales

Para el año fiscal 2022, 36Kr Holdings Inc. informó ingresos por publicidad digital de $ 23.4 millones, lo que representa el 42.7% de los ingresos totales de la compañía.

Fuente de ingresos	Cantidad de 2022 ($)	Porcentaje de ingresos totales
Publicidad digital	23,400,000	42.7%

Servicios de contenido basados ​​en suscripción

Los ingresos por suscripción para servicios de contenido digital alcanzaron $ 8.6 millones en 2022, lo que representa el 15.7% de los ingresos totales de la compañía.

• Suscripciones de plataforma de conocimiento empresarial
• Acceso a contenido premium
• Informes de la industria especializados

Patrocinio de eventos y tarifas de conferencia

Los ingresos relacionados con el evento totalizaron $ 5.2 millones en 2022, que comprenden el 9.5% de los ingresos totales.

Tipo de evento	2022 Ingresos ($)
Conferencias tecnológicas	3,100,000
Eventos del ecosistema de inicio	2,100,000

Servicios de consultoría del ecosistema de inicio

Los servicios de consultoría generaron $ 7.5 millones en ingresos durante 2022, lo que representa el 13.7% de los ingresos totales de la compañía.

• Servicios de asesoramiento estratégico
• Consultoría de entrada al mercado
• Mapeo del ecosistema de inversión

Datos e inteligencia de mercado Monetización

Los Servicios de Inteligencia de Datos e Market contribuyeron con $ 10.1 millones a los ingresos en 2022, representando el 18.4% de los ingresos totales de la compañía.

Servicio de inteligencia	2022 Ingresos ($)
Informes de investigación de la industria	6,300,000
Análisis de mercado personalizado	3,800,000

36Kr Holdings Inc. (KRKR) - Canvas Business Model: Value Propositions

36Kr Holdings Inc. provides specific value to participants in China's New Economy, focusing on information, intelligence, and enablement.

Empowering New Economy participants to achieve more. This core mission is supported by a content ecosystem that, as of June 30, 2025, boasted over 36.57 million followers, marking a 9.9% increase year-over-year and 17 consecutive quarters of growth. The platform's reach is expanding across specialized channels; for instance, the Company's WeChat Channels followers surged by 69% year-over-year.

The delivery of invaluable, specialized insights into industry trends and ventures is evident in content performance metrics. In the first half of 2025, under the 36Kr official account alone, 339,000 articles achieved over 100,000 page views. Furthermore, specific high-impact content, such as a feature on the innovative pharmaceutical sector, garnered over 70,000 page views on its official WeChat account and more than 100,000 total exposures. The visibility of key events is also substantial, with both "WAVES" and the 2025 AI Partner Summit each achieving over 100 million views.

For corporate intelligence, 36Kr Holdings Inc. offers AI-driven corporate intelligence covering over 7,800 public companies. The 36Kr Corporate Omni Intelligence service, launched in October 2024, targets secondary market investors by providing AI-powered daily sentiment analysis reports for over 7,800 public companies listed in Mainland China and Hong Kong. By the first half of 2025, this service had a cumulative user base of 25,000 individuals, which included 4,220 paying subscribers. Separately, the AI meeting coverage, which enhances startup coverage, has covered 993 companies to date.

The value proposition extends to being a platform for corporate global expansion and industrial transformation. This is reflected in the financial contribution from related services. Revenues from enterprise value-added services were RMB 12.2 million (US$1.7 million) in the first half of 2025. Additionally, advertising revenue specifically from AI/large-model offerings expanded by over 50% year-over-year in H1 2025, showing strong commercial traction in emerging tech areas.

Finally, the company delivers diverse content tailored for younger, tech-aware audiences. This focus translates into tangible revenue growth from specialized channels. Revenue from sub-vertical media channels catering to younger audiences grew by 30% year-over-year in the first half of 2025.

Here's a quick look at the quantitative aspects of these value drivers for the first half of 2025:

Value Proposition Metric	Data Point (As of H1 2025 or Latest)	Unit/Context
Total Followers	36.57 million	As of June 30, 2025
AI Corporate Intelligence Coverage	7,800+	Public companies covered by Omni Intelligence
AI Meeting Coverage	993	Companies covered to date
Enterprise Value-Added Services Revenue	RMB 12.2 million	H1 2025
AI Advertising Revenue Growth	Over 50%	Year-over-year growth in H1 2025
Younger Audience Media Revenue Growth	30%	Year-over-year growth in H1 2025
Corporate Omni Intelligence Users	25,000	Cumulative user base

You're looking to understand where the value is being generated right now; it's clearly shifting toward the intelligence and specialized industrial services, even as the core content base remains strong.

The key content engagement figures for H1 2025 include:

• WeChat Channels followers growth: 69% year-over-year.
• "Waves" official account follower expansion: 44% year-over-year.
• Views for "WAVES" and 2025 AI Partner Summit: Over 100 million each.
• Articles over 100,000 page views (Official Account H1 2025): 339,000.
• Omni Intelligence Subscribers: 4,220 in H1 2025.

Finance: draft 13-week cash view by Friday.

36Kr Holdings Inc. (KRKR) - Canvas Business Model: Customer Relationships

You're looking at how 36Kr Holdings Inc. keeps its audience and clients engaged, which is crucial when revenue streams like advertising are shifting. The relationship strategy focuses on a mix of dedicated, high-touch support for big clients and scalable digital access for the broader base.

Dedicated enterprise service teams for value-added clients

For your top-tier enterprise clients, 36Kr Holdings Inc. deploys dedicated service teams, which is a classic high-touch approach to secure and grow high-value contracts. This segment, which includes integrated marketing, advertisement agency work, and consulting, saw revenues of RMB 12.2 million (US$1.7 million) in the first half of 2025. Honestly, that was a slight dip from RMB 13.4 million in the same period last year, but management noted this was due to a proactive refinement of service offerings, strategically focusing on margin improvement. You can see this commitment in their stable partnerships with major players like Alibaba, ByteDance, JD.com, Huawei, and Lenovo, especially where advertising revenue from AI/large-model offerings grew by over 50% year-over-year in H1 2025.

Digital self-service via subscription platforms

The digital self-service model is anchored by subscription platforms, which provide scalable access to specialized data and insights. For institutional users, 36Kr Corporate Omni Intelligence covers over 7,800 public companies, and as of the first half of 2025, the cumulative user base for this intelligence platform was 25,000, which included 4,220 subscribers. Revenue from subscription services overall was RMB 6.4 million (US$0.9 million) for the first six months of 2025. This was lower than the RMB 8.6 million from the prior year, primarily because of changes made to the training services business model, which is a clear signal they are pruning lower-margin activities.

High-touch interaction through industry events and summits

High-touch interaction remains a key relationship driver, often tied to their industrial services expansion. For instance, in the first half of 2025, 36Kr Holdings Inc. hosted a total of 11 events specifically focused on global expansion. This was part of a larger initiative, like the Chinese Enterprise International Services Center Operations project, where they partnered with Hangzhou Tiantang New Era Construction and Investment Group company. These events help cement relationships with key decision-makers in the New Economy space.

Omni-channel engagement via social media and video platforms

The broad reach is maintained through extensive omni-channel engagement. As of June 30, 2025, the total number of followers across their platforms reached 36.6 million. That's a solid 9.9% increase compared to the 33.3 million followers they had on June 30, 2024, marking 17 consecutive quarters of growth. They are clearly pushing content across diverse distribution channels, including significant growth noted on WeChat Channels.

Here's a quick look at how the key revenue-generating customer interaction points stacked up in the first half of 2025:

Customer Relationship Channel	H1 2025 Revenue (RMB)	H1 2025 Revenue (US$)	YoY Change (H1 2024 vs H1 2025)
Enterprise Value-Added Services	12.2 million	1.7 million	Decrease (from RMB 13.4 million)
Subscription Services	6.4 million	0.9 million	Decrease (from RMB 8.6 million)
Total Followers (as of June 30)	36.6 million	N/A	Increase of 9.9%

You should note that the strategy in H1 2025 was clearly about quality over volume in some areas, evidenced by the revenue dips in enterprise and subscription services alongside a sharp 52.3% drop in total operating expenses. If onboarding takes 14+ days, churn risk rises, but for enterprise services, the focus is clearly on high-margin, stable relationships, which is why they are refining offerings.

• Dedicated enterprise teams service key partners like Alibaba and Huawei.
• Subscription platform user base included 4,220 paying subscribers in H1 2025.
• Total followers reached 36.6 million as of June 30, 2025.
• Hosted 11 high-touch global expansion events in H1 2025.

Finance: draft 13-week cash view by Friday.

36Kr Holdings Inc. (KRKR) - Canvas Business Model: Channels

You're looking at how 36Kr Holdings Inc. gets its content and services in front of its New Economy audience as of the middle of 2025. It's a multi-pronged approach, moving well beyond just the main website.

The reach across digital platforms is substantial, underpinning the entire distribution strategy.

• Diverse social media platforms: Footprint expanded across Weibo, Xiaohongshu, Toutiao, Zhihu, Bilibili, Douyin, and Kuaishou.
• Proprietary website and mobile application: Serves as the hub, including the investor relations website for webcasts and replays.

Here's a quick look at the scale across these key digital touchpoints based on the first half of 2025 results.

Channel Category	Metric	Value / Status (H1 2025)
Overall Digital Presence	Total Followers	36.6 million as of June 30, 2025
Overall Digital Presence	Consecutive Quarters of Follower Growth	17
Social Media (Example)	Xiaohongshu Monthly Active Users (External Context)	Exceeded 300 million as of November 2024
AI Agent Integration (Doubao)	User Interaction Growth (Weekly)	Consistent 10% increase following launch

The Corporate Omni Intelligence platform is a direct-to-business channel, leveraging the content traffic for premium data services.

• Corporate Omni Intelligence subscription platform: Currently covers over 7,800 public companies listed in Mainland China and Hong Kong.
• The cumulative user base reached 25,000, which included 4,220 paying subscribers in the first half of 2025.

36Kr Holdings Inc. also uses high-profile events to drive engagement and showcase its retail/commerce capabilities.

The company launched its first robust themed exhibition, Future Plus, at the Appliance and Electronics World Expo 2025 in partnership with 5 robotics companies. This feeds directly into their commerce-focused channels.

Event Channel Type	Metric	Value (Single Session/Total)
Offline/Online Conference (Future Plus Expo)	Live Stream Views (Single Session)	175,000 live views
Offline/Online Conference (Future Plus Expo)	Live Stream Likes (Single Session)	151,000 likes
Retail Channels (Omni Channel Live Streaming)	Total Views Across Diverse Platforms	Over 1.04 million views
Retail Channels (Omni Channel Live Streaming)	Total Views Racked Up	Over 80 million views

These live-streamed events are a key part of the retail channel strategy, converting content visibility into commerce interaction.

36Kr Holdings Inc. (KRKR) - Canvas Business Model: Customer Segments

You're looking at the client base for 36Kr Holdings Inc. as of the middle of 2025. This isn't just about eyeballs; it's about who is paying for the platform's content and services, which is heavily weighted toward business clients in China's technology and industrial sectors.

The core audience is defined by their participation in China's New Economy, which includes everything from cutting-edge tech to firms undergoing significant digital transformation. The company explicitly states its mission is to serve these New Economy participants, leveraging its brand influence and data analytics capabilities.

Here's a look at the paying customer base based on the first half of 2025 financial disclosures:

Customer Segment Type	Primary Service Link	Number of End Customers (H1 2025)	H1 2025 Revenue (RMB)
Online Advertising Clients	Online Advertising Services	226	RMB74.5 million
Enterprise Value-Added Clients	Enterprise Value-Added Services	49	RMB12.2 million
Institutional Investors	Subscription Services	102	Data not explicitly separated from total subscription revenue

The platform's reach extends far beyond paying clients, encompassing a massive audience base. As of June 30, 2025, 36Kr Holdings Inc. reported having over 36.6 million followers, showing a 9.9% increase year-over-year from June 30, 2024. That's a lot of people you need to keep engaged.

The focus on specific high-growth areas is clear in the advertising revenue mix. You see direct evidence of targeting specific, high-value segments:

• New Economy companies and startups in China.
• Traditional companies seeking digital and industrial upgrades.
• Advertisers in the AI and large language model segments.
• Government entities focused on urban industrial development.
• Individual investors and younger, tech-interested audiences.

The growth in AI advertising spend is a key indicator of where the high-value advertisers are focusing their budget. Advertising revenue from AI/large-model offerings expanded by over 50% year-over-year in the first half of 2025. Also, revenue from sub-vertical media channels aimed at younger audiences grew 30% year-over-year, showing a dual focus on both enterprise tech and consumer trends.

For the enterprise side, the average revenue per enterprise value-added services end customer was approximately RMB249,500 (in RMB thousands) for the first half of 2025. This suggests that the 49 enterprise clients are high-value partners, likely including those traditional companies you mentioned looking for industrial upgrades, which the company is now prioritizing for margin improvement.

Regarding individual audiences, while the number of individual subscribers for subscription services was not reported for the six months ended June 30, 2025, the overall follower growth to 36.6 million confirms the platform remains a major source of tech-focused content for the broader, younger, and tech-interested public.

Finance: review the Q3 2025 customer acquisition cost against the average revenue per advertising customer by end of Q4.

36Kr Holdings Inc. (KRKR) - Canvas Business Model: Cost Structure

You're looking at the cost side of the 36Kr Holdings Inc. equation for late 2025, and honestly, the story is all about aggressive cost discipline. The company has clearly prioritized efficiency to accelerate its path toward break-even, which is a smart move given the macro pressures on media platforms.

Cost of revenue was reported at RMB42.5 million for the first half of 2025 (H1 2025). That's a notable drop, specifically a 25.4% decrease compared to the RMB56.9 million recorded in the same period of 2024, a direct result of strict cost control measures the company implemented. This reduction in the cost to deliver services directly helped the gross margin improve significantly.

The most striking figure here is the significant operating expense reduction to RMB55.9 million for H1 2025. This represents a massive 52.3% decrease from the RMB117.0 million in operating expenses seen in H1 2024. This wasn't just trimming fat; this was a strategic overhaul of spending.

Here's a quick look at how those major operating expense buckets shifted in the first half of 2025:

• The total operating expenses fell to RMB55.9 million in H1 2025.
• Sales and marketing expenses dropped by 35.1% to RMB29.4 million.
• General and administrative expenses saw the steepest cut, falling 68.2% to RMB20.0 million.
• Research and development expenses were RMB6.4 million, down 27.1%.

The focus on payroll-related costs following strategic workforce optimization is central to this story. Savings in payroll were explicitly cited as driving the improvement in gross margin. Furthermore, both Sales and Marketing expenses and General and Administrative expenses saw decreases directly attributable to lower payroll-related expenses. This suggests headcount reduction was a primary lever pulled across the organization.

For technology and R&D expenses for AI product development, the spend was RMB6.4 million in H1 2025. While this is a reduction of 27.1% year-over-year, the company noted this was due to restructuring the R&D team and a decrease in the average compensation level for personnel. So, even while focusing on AI, they managed to lower the absolute cost base for that function.

Regarding office rent and facility costs (reduced by relocation), the search results confirm that a decrease in rental expense contributed to the reduction in Sales and Marketing expenses. More broadly, the company attributed its success in expense control to strategic cost-management actions, including relocation to lower-rent offices, which is a concrete, real-life action impacting the fixed cost structure.

To give you a clearer picture of the expense structure changes, look at this comparison:

Expense Category	H1 2025 (RMB million)	H1 2024 (RMB million)	Year-over-Year Change
Total Operating Expenses	55.9	117.0	-52.3%
Sales and Marketing Expenses	29.4	45.4	-35.1%
Research and Development Expenses	6.4	8.8	-27.1%
General and Administrative Expenses	20.0	62.8	-68.2%

The G&A line item, in particular, shows the impact of the cost-cutting, dropping from RMB62.8 million to RMB20.0 million, which also included a decrease in the allowance for doubtful accounts. Finance: draft 13-week cash view by Friday.

36Kr Holdings Inc. (KRKR) - Canvas Business Model: Revenue Streams

You're looking at the core ways 36Kr Holdings Inc. brings in cash as of late 2025. The first half of 2025 showed total revenues hitting RMB93.2 million.

The revenue mix is definitely shifting, focusing on quality over sheer volume, which you can see when you break down the numbers from the six months ended June 30, 2025.

Revenue Stream	H1 2025 Revenue (RMB)	H1 2025 Revenue (US$)
Online Advertising Services	RMB74.5 million	US$10.4 million
Enterprise Value-Added Services	RMB12.2 million	US$1.7 million
Subscription Services (Data and Training)	RMB6.4 million	US$0.9 million

The online advertising services remain the biggest piece, bringing in RMB74.5 million in the first half of 2025, though this was a slight dip from RMB80.4 million in the same period last year. The company is actively refining its customer structure here to manage credit risk, so that plays a part in the scope.

What's really interesting is the growth in the AI segment. Advertising revenue specifically from AI/large-model offerings expanded by over 50% year-over-year. That kind of growth in a new area is what management is banking on to drive future profitability, especially since they are also commercializing AI products in the second half of 2025.

For event-based income, while a specific revenue figure for event sponsorship and exhibition fees isn't itemized separately in the H1 2025 results, the visibility of their IPs suggests this stream is active. For instance, the 'WAVES' content and the 2025 AI Partner Summit each achieved over 100 million views, which definitely creates sponsorship inventory.

Here's the quick math on the main reported streams for H1 2025:

• Online advertising services: RMB74.5 million.
• Enterprise value-added services: RMB12.2 million.
• Subscription services: RMB6.4 million.
• AI-related advertising growth: over 50% YoY.

The subscription services revenue, which includes data and training, was RMB6.4 million for the period, down from RMB8.6 million last year, partly due to a change in the training services business model.

Finance: draft 13-week cash view by Friday.