36KR Holdings Inc. (KRKR): Business Model Canvas [Jan-2025 Mise à jour]

Dans le paysage dynamique des médias technologiques et des écosystèmes de démarrage, 36KR Holdings Inc. apparaît comme une plate-forme pivot transformant comment les entrepreneurs, les investisseurs et les innovateurs se connectent et prospèrent. En mélangeant de manière transparente le contenu numérique, l'intelligence du marché et le réseautage stratégique, cette puissance chinoise a sculpté un créneau unique dans la transition de l'innovation technologique et des informations commerciales. Leur toile complète du modèle commercial révèle une approche sophistiquée qui va au-delà des médias traditionnels, positionnant 36 KR comme un lien critique dans l'écosystème de l'innovation technologique en évolution rapide de la Chine.

36KR Holdings Inc. (KRKR) - Modèle commercial: partenariats clés

Collaboration stratégique avec la technologie chinoise et les écosystèmes de démarrage

36 KR Holdings maintient des partenariats stratégiques avec les principales plateformes d'innovation technologique en Chine, notamment:

Partenaire	Focus de la collaboration	Année établie
Nuage de Tencent	Support d'infrastructure numérique	2019
Centre d'innovation Alibaba	Engagement de l'écosystème des startups	2020
Incubateur de technologie de bydance	Collaboration des médias et de la technologie	2021

Partenariats médiatiques avec des plateformes d'information axées sur la technologie

36KR a établi des réseaux de collaboration média complets:

• China Tech News Network
• Global Innovation Media Alliance
• Consortium de rapports de startup technologique

Capital de capital-risque et partenariats d'investissement

Partenaire d'investissement	Montant d'investissement	Année de partenariat
Sequoia Capital China	15,2 millions de dollars	2018
Capital idg	10,7 millions de dollars	2019
Matrix Partners Chine	8,5 millions de dollars	2020

Service cloud et partenaires d'infrastructure numérique

Les partenariats d'infrastructure numérique comprennent:

• Services cloud Huawei
• Baidu Cloud Computing
• Amazon Web Services Chine

Réseaux de publicité numérique et plateformes technologiques

Réseau publicitaire	Part des revenus	Durée du partenariat
Plate-forme de publicité Tencent	Part de revenus de 35%	En cours depuis 2017
Réseau publicitaire ByTedance	Part de revenus de 28%	En cours depuis 2019
Publicité Sina Weibo	Part de revenus de 22%	En cours depuis 2018

36KR Holdings Inc. (KRKR) - Modèle d'entreprise: Activités clés

Création et distribution de contenu médiatique numérique

Selon le rapport annuel de 36KR Holdings 2022, la société a produit 24 768 articles originaux et des pièces de contenu numérique. La distribution de contenu numérique a atteint 157,3 millions de lecteurs mensuels uniques sur plusieurs plateformes.

Métrique de contenu	2022 Performance
Articles originaux	24,768
Lecteurs uniques mensuels	157,3 millions

Informations sur les startups technologiques et reportages

36KR a rapporté couvrant 3 245 nouvelles de startup technologiques en 2022, en mettant l'accent sur les secteurs de la technologie émergente en Chine.

Événements numériques et organisation de conférence

En 2022, la société a organisé 42 conférences de technologies numériques et physiques, attirant 15 672 professionnels de l'industrie.

Métrique de l'événement	2022 Performance
Conférences totales	42
Participants	15,672

Services d'investissement et d'incubation de startup

36 KR Holdings a investi dans 87 startups technologiques en 2022, avec une valeur totale de portefeuille d'investissement de 124,6 millions de dollars.

• Investissements totaux de démarrage: 87
• Valeur du portefeuille d'investissement: 124,6 millions de dollars
• Secteurs couverts: intelligence artificielle, fintech, logiciel d'entreprise

Gestion de la communauté et de la plateforme de connaissances en ligne

La plate-forme de connaissances en ligne de l'entreprise, KR.com, a rapporté 2,3 millions d'utilisateurs professionnels enregistrés en 2022.

Métrique de la plate-forme	2022 Performance
Utilisateurs enregistrés	2,3 millions
Utilisateurs mensuels actifs	1,7 million

36KR Holdings Inc. (KRKR) - Modèle commercial: Ressources clés

Plateformes médiatiques numériques propriétaires et infrastructures technologiques

En 2024, 36KR Holdings conserve une plate-forme de médias numériques complète avec les spécifications d'infrastructure suivantes:

Métrique de la plate-forme	Données quantitatives
Plates-formes numériques totales	4 canaux en ligne principaux
Utilisateurs actifs mensuels	3,2 millions d'utilisateurs
Infrastructure de serveur	Serveurs basés sur le cloud dans 3 centres de données
Investissement technologique annuel	4,7 millions de dollars

Réseau et actifs intellectuels

Le réseau et les ressources intellectuels de 36 KR Holdings comprennent:

• Industrie de la technologie Contact réseau couvrant plus de 1 200 connexions professionnelles
• Réseau journaliste propriétaire couvrant 12 secteurs de technologie majeurs
• Actifs de propriété intellectuelle enregistrés: 37 Contenu numérique et brevets de rapport

Capacités d'analyse des données

Capacité d'analyse	Spécification
Capacité de traitement des données	850 To par mois
Modèles d'apprentissage automatique	23 modèles d'analyse prédictive
Couverture d'intelligence du marché en temps réel	47 sous-secteurs technologiques

Métriques de la réputation de la marque

• Reconnaissance de la marque dans l'écosystème de la technologie chinoise: 89% parmi les cibles démographiques
• Score d'influence des médias: 92/100
• Évaluation annuelle de la marque: 42,6 millions de dollars

Ressources humaines

Catégorie des employés	Nombre
Total des employés	426
Rédactique	187
Équipe technologique	94
Ventes et marketing	76

36KR Holdings Inc. (KRKR) - Modèle d'entreprise: propositions de valeur

Technologie complète et perspectives d'écosystème de démarrage

Depuis le quatrième trimestre 2023, 36KR Holdings offre une couverture de contenu numérique sur 54 segments verticaux de technologie et de démarrage.

Catégorie de contenu	Nombre de segments verticaux
Couverture technologique	54
Segments d'écosystème de démarrage	38
Vertical de l'industrie	16

Source de confiance de technologies émergentes et d'innovation

36KR génère chaque mois environ 3 200 technologies originales et des startups.

• Lectorat mensuel moyen: 42,5 millions de visiteurs uniques
• Plateformes de contenu numérique: Web, application mobile, compte officiel WeChat
• Langues de contenu: mandarin, anglais

Plateforme connectant les entrepreneurs, les investisseurs et les professionnels de l'industrie

Métriques de réseau	2023 données
Utilisateurs professionnels enregistrés	1,2 million
Membres du réseau des investisseurs	8,700
Profils de startup	26,500

Contenu numérique et intelligence numérique de haute qualité et opportune

Production de contenu annuelle: 38 400 articles originaux et rapports de recherche.

• Catégories de rapports de recherche: tendances technologiques, financement des startups, analyse de l'industrie
• Profondeur du rapport moyen: 15-25 pages
• Fréquence de mise à jour de la recherche: trimestriel

Faciliter les connaissances et les opportunités de réseautage des écosystèmes

Type d'événement de réseautage	Compte annuel
Webinaires en ligne	124
Conférences physiques	18
Événements de pitch de startup	36

36KR Holdings Inc. (KRKR) - Modèle d'entreprise: relations avec les clients

Engagement communautaire numérique via les plateformes en ligne

36 KR Holdings maintient une communauté numérique active sur plusieurs plateformes en ligne:

Plate-forme	Utilisateurs actifs mensuels	Taux d'engagement
Site officiel de 36KR	2,1 millions	14.3%
Compte officiel de WeChat	1,8 million	12.7%
Channel d'entreprise de Weibo	1,5 million	11.2%

Systèmes de recommandation de contenu personnalisés

Mesures de personnalisation pour la recommandation de contenu:

• Précision correspondante du contenu axée sur l'algorithme: 78,6%
• Recommandations de contenu spécifiques à l'utilisateur par session: 4-6 articles
• Vitesse de traitement du moteur de personnalisation: 0,03 seconde

Interaction directe via des événements numériques et des webinaires

Type d'événement	Compte annuel	Participants moyens
Webinaires de startup technologiques	124	3,200
Tables rondes des investisseurs	48	1,500
Conférences de tendance de l'industrie	36	2,800

Services d'information basés sur l'abonnement

Répartition du service d'abonnement:

• Total des abonnés: 425 000
• Taux d'abonnement mensuel: 59,99 ¥
• Revenus récurrents annuels des abonnements: 32,4 millions de dollars
• Taux de rétention de l'abonné: 68,3%

Mécanismes de contenu et de rétroaction générés par l'utilisateur interactif

Canal de rétroaction	Interactions mensuelles	Taux de réponse
COMMENTS SECTIONS	187,000	62%
Avis des utilisateurs	94,500	55%
Forums communautaires	76,200	48%

36KR Holdings Inc. (KRKR) - Modèle d'entreprise: canaux

Site Web officiel et applications mobiles

36KR Holdings Inc. exploite les principales plateformes numériques avec les spécifications suivantes:

Plate-forme	Métriques des utilisateurs	Trafic mensuel
Site Web 36kr.com	2,8 millions d'utilisateurs actifs mensuels	8,5 millions de pages vues
Application mobile 36KR	1,2 million de téléchargements	650 000 utilisateurs actifs quotidiens

Plateformes de médias sociaux

Les canaux de distribution numériques comprennent:

• Weibo: 4,6 millions d'adeptes
• Compte officiel de WeChat: 2,3 millions d'abonnés
• Douyin (Tiktok China): 1,1 million de followers

Réseaux de distribution de nouvelles numériques

Réseau	Atteindre	Distribution de contenu
Plateforme d'information 36KR	12,4 millions de lecteurs mensuels	3 200 articles technologiques et startups par mois

Envoyez des newsletters et des communications numériques

Métriques de communication numérique:

• Abonders de la newsletter en technologie hebdomadaire: 480 000
• Daily Startup Ecosystème Email Digest: 210 000 destinataires

Conférences de technologie en ligne et événements virtuels

Type d'événement	Événements annuels	Participants virtuels
Conférence de démarrage de 36KR	4 événements majeurs par an	95 000 participants virtuels

36KR Holdings Inc. (KRKR) - Modèle d'entreprise: segments de clientèle

Entrepreneurs technologiques et fondateurs de startups

Depuis le quatrième trimestre 2023, 36KR Holdings dessert environ 5 200 fondateurs de startups actives à travers l'écosystème technologique chinois. La plate-forme offre un contenu ciblé et des opportunités de réseautage pour les entrepreneurs à un stade précoce.

Métriques du segment	2023 données
Fondateurs de startups actifs	5,200
Engagement moyen annuel de la plate-forme	78 interactions / fondateur

Capitalistes de capital-risque et investisseurs providentiels

36 KR Holdings se connecte à 1 275 sociétés de capital-risque actif et aux réseaux d'investisseurs providentiels dans le paysage des investissements technologiques en Chine.

Caractéristiques du segment des investisseurs	2023 statistiques
Entités totales d'investisseurs connectés	1,275
Investissements d'investissement moyens accessibles	52 rapports / investisseur / année

Professionnels de l'industrie technologique

La plate-forme dessert 42 500 professionnels de l'industrie technologique grâce à un contenu spécialisé et à des canaux de réseautage professionnels.

• Total des utilisateurs professionnels de la technologie: 42 500
• Taux d'engagement du contenu mensuel: 64%
• Professionnel moyen Profile Interactions: 37 / mois

Équipes d'innovation d'entreprise

36 KKR Holdings s'engage avec 620 équipes d'innovation d'entreprise dans divers secteurs axés sur la technologie en Chine.

Segment de l'innovation d'entreprise	2023 métriques
Total des équipes d'entreprise connectées	620
Informations stratégiques annuelles accessibles	38 rapports / équipe

Antactifs et chercheurs de la technologie

La plate-forme soutient 18 300 amateurs de technologie et chercheurs universitaires grâce à des canaux numériques spécialisés.

• Utilisateurs totaux des amateurs de technologie: 18 300
• Taux de téléchargement de contenu de la recherche: 47%
• Interactions de plate-forme mensuelles moyennes: 22

36KR Holdings Inc. (KRKR) - Modèle d'entreprise: Structure des coûts

Production de contenu et dépenses éditoriales

Depuis l'exercice 2022, 36KR Holdings Inc. a déclaré des coûts de production de contenu d'environ 12,3 millions de dollars.

Catégorie de dépenses	Montant (USD)
Coûts du personnel éditorial	5,6 millions de dollars
Création de contenu	4,2 millions de dollars
Licence de contenu	2,5 millions de dollars

Infrastructure de maintenance et de technologie de plate-forme numérique

Les dépenses d'infrastructure technologique pour 36 KR en 2022 ont totalisé 8,7 millions de dollars.

• Coûts de cloud computing: 3,2 millions de dollars
• Maintenance du serveur: 2,5 millions de dollars
• Licence logicielle: 1,8 million de dollars
• Investissements en cybersécurité: 1,2 million de dollars

Coûts de marketing et d'acquisition des utilisateurs

Les dépenses de marketing pour 36 KR ont atteint 6,5 millions de dollars au cours de l'exercice 2022.

Canal de marketing	Dépenses (USD)
Publicité numérique	3,8 millions de dollars
Marketing des médias sociaux	1,5 million de dollars
Commandites d'événements	1,2 million de dollars

Salaires des employés et développement professionnel

Le total des dépenses liées aux employés pour 36 KR en 2022 était de 22,1 millions de dollars.

• Salaires de base: 18,3 millions de dollars
• Bonus et incitations: 2,5 millions de dollars
• Formation professionnelle: 1,3 million de dollars

Investissements de recherche et développement

Les dépenses de R&D pour 36 KR ont s'élevaient à 5,6 millions de dollars en 2022.

Zone de focus R&D	Investissement (USD)
Innovation technologique	3,2 millions de dollars
Développement	1,8 million de dollars
Technologies émergentes	0,6 million de dollars

36KR Holdings Inc. (KRKR) - Modèle d'entreprise: Strots de revenus

Revenus publicitaires numériques

Pour l'exercice 2022, 36KR Holdings Inc. a déclaré des revenus publicitaires numériques de 23,4 millions de dollars, ce qui représente 42,7% du total des revenus de l'entreprise.

Source de revenus	2022 Montant ($)	Pourcentage du total des revenus
Publicité numérique	23,400,000	42.7%

Services de contenu basés sur l'abonnement

Les revenus d'abonnement pour les services de contenu numérique ont atteint 8,6 millions de dollars en 2022, représentant 15,7% du total des revenus de l'entreprise.

• Abonnements à la plateforme de connaissances d'entreprise
• Accès au contenu premium
• Rapports spécialisés de l'industrie

Frais de parrainage et de conférence de l'événement

Les revenus liés à l'événement ont totalisé 5,2 millions de dollars en 2022, ce qui représente 9,5% des revenus totaux.

Type d'événement	2022 Revenus ($)
Conférences technologiques	3,100,000
Événements d'écosystème de démarrage	2,100,000

Services de conseil à l'écosystème des startups

Les services de conseil ont généré 7,5 millions de dollars de revenus en 2022, ce qui représente 13,7% du total des revenus de l'entreprise.

• Services de conseil stratégique
• Conseil d'entrée sur le marché
• Cartographie des écosystèmes d'investissement

Données et monétisation de l'intelligence du marché

Data and Market Intelligence Services a contribué 10,1 millions de dollars aux revenus en 2022, représentant 18,4% du total des revenus de l'entreprise.

Service de renseignements	2022 Revenus ($)
Rapports de recherche de l'industrie	6,300,000
Analyse du marché personnalisé	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.