36Kr Holdings Inc. (KRKR): ANSOFF MATRIX [Dec-2025 Updated]

You're looking at a company that's clearly fighting hard: 36Kr Holdings Inc. managed to slash its net loss by a whopping 95% down to just RMB4.8 million in the first half of 2025, even while the revenue environment is tough. That's real operational discipline, and frankly, it sets the stage for what comes next. As your former BlackRock analyst, I see four clear paths they are laying out-from doubling down on their existing audience through Market Penetration to exploring entirely new ventures in the Diversification quadrant. To see exactly how they plan to move from surviving to thriving, check out the four pillars below; it's a smart, multi-pronged approach to growth.

36Kr Holdings Inc. (KRKR) - Ansoff Matrix: Market Penetration

You're looking at how 36Kr Holdings Inc. can sell more of its current services into its existing customer base. This is about maximizing revenue from the audience you've already built, which is a defintely lower-risk path than finding new markets.

The core asset here is the established audience. As of June 30, 2025, 36Kr Holdings Inc. reached 36.6 million followers, marking a 9.9% year-over-year increase from 33.3 million as of June 30, 2024. This growth is consistent, representing the 17th consecutive quarter of follower expansion. Specific platform growth shows where the penetration efforts might be focused:

• WeChat Channels followers surged by 69% year-over-year.
• The "Waves" official account expanded by 44% year-over-year.

For online advertising, the focus is on increasing load and rates. While the total follower base grew, the revenue from online advertising services was RMB74.5 million in the first half of 2025, down from RMB80.4 million in the same period last year. However, the quality of that ad spend is shifting. Advertising revenue from AI/large-model offerings expanded by over 50% year-over-year, and revenue from sub-vertical media channels targeting younger audiences grew 30% year-over-year in H1 2025. This suggests successful rate increases or better inventory placement within these high-growth content areas.

Cross-selling enterprise value-added services is key to boosting revenue per existing client. The number of online advertising services end customers actually ticked up slightly to 226 in H1 2025 from 222 in H1 2024. Still, the average revenue per online advertising services end customer decreased to RMB329.7 thousand from RMB362.1 thousand in the prior year period. Enterprise value-added services revenue was RMB12.2 million in H1 2025, down from RMB13.4 million in H1 2024, showing room to push these integrated marketing and event services more aggressively to the existing base, especially given the focus on margin improvement.

Converting more of the audience to paid services is the third pillar. The 9.9% growth in followers provides a larger pool for conversion campaigns. Subscription services revenue was RMB6.4 million in H1 2025, which aligns with the bundled pricing strategy you mentioned, though this was down from RMB8.6 million in H1 2024, primarily due to changes in the training services business model. Bundling existing subscription offerings, which generated RMB6.4 million in H1 2025, should be optimized to capture more of the audience that isn't currently paying.

Here's a quick look at how the core revenue streams performed in the first half of 2025 versus the first half of 2024:

Deepening the content moat in core China New Economy sectors is the foundation for capturing greater ad spend. The overall gross margin improved significantly to 54.4% in H1 2025, up 10 percentage points from 44.4% in H1 2024, largely from cost savings. This operational efficiency allows for reinvestment into content quality, which is necessary to maintain and grow the 36.6 million follower base and justify higher advertising rates going forward. Finance: draft 13-week cash view by Friday.

36Kr Holdings Inc. (KRKR) - Ansoff Matrix: Market Development

You're looking at the hard numbers for 36Kr Holdings Inc.'s push into new territories and customer segments, which is what Market Development is all about.

Regarding the push to translate core New Economy content for US and European institutional investor audiences, the platform's overall reach shows growth. As of June 30, 2025, the number of followers reached 36.6 million, marking a 9.9% increase from 33.3 million as of June 30, 2024.

For global expansion support via the Chinese Enterprise International Service Center project, the Company supported the operations for the Hangzhou Qiantang New Area. In the first half of 2025, 36Kr Holdings Inc. hosted over 10 events focused on global expansion.

Entering new, high-growth media markets, such as targeting younger audiences, shows specific revenue traction. Revenues from sub-vertical media channels for younger audiences grew 30% year-over-year in the first half of 2025.

When targeting traditional industry companies in China with enterprise value-added services, the revenue contribution for the first half of 2025 was RMB 12.2 million (US$1.7 million). This compares to RMB 13.4 million in the same period of 2024.

Building global brand influence through intellectual property (IP) events, like hosting international versions of the AI Partner Summit, ties into the overall content strategy. The 2025 AI Partner Conference IP was leveraged, as seen by the advertising revenue from AI and large-model offerings expanding by over 50% year-over-year in the first half of 2025.

Here are the quick math points from the first half of 2025 results to frame this market development effort:

The focus on high-margin business lines is evident in the operational results supporting these market moves. The gross profit margin increased by 10 percentage points to 54.4% in the first half of 2025, up from 44.4% in the same period of 2024.

The Company's operational efficiency gains are clear when you look at the expense structure supporting the expansion activities:

• Operating expenses decreased by 52.3% to RMB 55.9 million in H1 2025.
• Sales and marketing expenses were RMB 29.4 million in H1 2025.
• This reduction was primarily due to lower payroll, rental, and marketing expenses.

The overall goal is clearly shifting toward profitability, as the net loss narrowed by an impressive 95% year-over-year to RMB 4.8 million in the first half of 2025.

Finance: draft 13-week cash view by Friday.

36Kr Holdings Inc. (KRKR) - Ansoff Matrix: Product Development

You're looking at how 36Kr Holdings Inc. plans to grow by developing new offerings, which is the Product Development quadrant of the Ansoff Matrix. The company's recent performance in the first half of 2025 shows they are already executing on this strategy, particularly around technology integration.

The push to commercialize AI-driven content is clear from their advertising results. Advertising revenue from AI/large-model offerings expanded by over 50% year-over-year in the first half of 2025. This success validates the move toward launching a planned AI tools review platform, aiming to formalize and scale these AI-driven content offerings. Furthermore, revenue from sub-vertical media channels targeting younger audiences grew 30% year-over-year for the same period.

Capitalizing on new formats is also a priority. You see the momentum in their social channels; followers of the "Waves" official account expanded by 44% year-over-year as of June 2025. This growth directly supports the introduction of new short-form video and live-streaming products, as the existing "WAVES" content already achieved over 100 million views. The 2025 AI Partner Summit also hit over 100 million views, showing the audience appetite for their specialized content events.

For institutional clients, the development of a premium subscription tier offering proprietary data and analytics is a natural extension of their existing revenue streams, though current subscription numbers show a need for refinement. Subscription services revenue was RMB6.4 million (US$0.9 million) in the first half of 2025, down from RMB8.6 million in the same period last year. This suggests the current offering needs a significant upgrade to a truly premium tier to attract institutional capital.

Scaling industrial services is a key focus for achieving break-even, which management explicitly stated as a strategic initiative for the second half of 2025. The existing Enterprise value-added services revenue, which likely encompasses some of these industrial offerings, was RMB12.2 million (US$1.7 million) in H1 2025. This area is being refined to improve margins, which is critical since this revenue line decreased from RMB13.4 million year-over-year. Monetizing internal data analytics as a standalone market research product fits directly into this value-added services category, leveraging the technology backbone that also drove the 50% growth in AI advertising revenue.

Here's a quick look at the relevant revenue components from the first half of 2025:

The company's overall strategy hinges on these product developments, as they aim to achieve break-even by focusing on original content, AI product commercialization, and scaling industrial services. The reduction in operating expenses by 52.3% to RMB55.9 million in H1 2025 provides the necessary financial runway to defintely execute these product-focused growth plans.

Finance: draft Q3 2025 cash flow projection incorporating expected revenue mix shift by Friday.

36Kr Holdings Inc. (KRKR) - Ansoff Matrix: Diversification

You're looking at how 36Kr Holdings Inc. can move beyond its core China New Economy content base, which saw total revenues of RMB 93.2 million (US$13.0 million) in the first half of 2025, down from RMB 102.4 million year-over-year. The current revenue mix is heavily weighted toward online advertising services at RMB 74.5 million for H1 2025, with subscription services contributing only RMB 6.4 million. Diversification here means chasing new revenue streams in new markets or with new products, which is essential when the stock price forecast for December 23, 2025, sits at $4.63 per share.

Acquire a niche B2B SaaS platform to offer a new, recurring revenue product to global enterprises.

Acquiring a niche B2B Software as a Service (SaaS) platform targets a new product type-recurring revenue-in a potentially global market. The worldwide SaaS revenue is projected to hit $390.50 billion in 2025, with an expected annual growth rate of 19.38% between 2025 and 2029. For a high-growth SaaS acquisition, you'd be looking at valuation multiples that reward that momentum. While the private M&A median EV/Revenue multiple in 2025 is around 4.8x, companies achieving over 40% Annual Recurring Revenue (ARR) growth can command multiples in the range of 7x to 10x ARR. This shift moves 36Kr Holdings Inc. away from its current subscription services revenue, which was only RMB 6.4 million in H1 2025, toward a more predictable, high-multiple revenue base.

Launch a specialized financial media platform focused on a non-tech vertical like healthcare or cleantech.

This strategy leverages the existing media expertise but pivots the subject matter. The broader Global Media market is expected to grow from $2616.7 billion in 2024 to $2833.22 billion in 2025, a 8.3% compound annual growth rate. Focusing on cleantech is timely; in August 2025 alone, $20 billion worth of clean tech was shipped around the world, and China is exporting its transition, earning more from clean tech exports than the U.S. does from fossil energy exports. A specialized platform in this area could tap into the growing global focus on Environmental, Social, and Governance (ESG) mandates. This is a market where 36Kr Holdings Inc. already has some international exposure, as evidenced by its early 2025 partnership for 'Chinese Enterprise International Service Center operations.'

Develop a global venture capital (VC) database product, leveraging the company's New Economy network.

This is an extension of existing data capabilities, as 36Kr corporate Omni Intelligence already covers over 7,800 public companies with 4,220 subscribers. The global venture capital market size is expected to grow from $373.37 billion in 2024 to $412.58 billion in 2025, a 10.5% CAGR. Global VC investments are projected to reach approximately $400 billion in 2025. A global VC database would target this expanding pool of capital, offering data on deal flow, which is a natural adjacency to the company's AI meeting coverage that has tracked 993 companies' fundraising ventures to date. The current enterprise value-added services revenue was RMB 12.2 million in H1 2025; a database product could scale this revenue stream globally.

Here's a look at the current business service revenue baseline versus the potential scale of the VC database market:

Enter the corporate training market outside China, adapting the subscription service model.

The global corporate training market was estimated at $477.72 billion in 2025, with a projected CAGR of 9.31% through 2032. This market heavily utilizes subscription models for online learning platforms, which helps ensure steady revenue, something 36Kr Holdings Inc. is trying to build with its existing RMB 6.4 million subscription revenue. The Americas, particularly the U.S., is a mature market prioritizing digital platforms and leadership development. If 36Kr Holdings Inc. could capture even a fraction of the growth in the U.S. market, which is poised for a sustainable CAGR, it would significantly diversify its revenue base away from China's New Economy focus.

Establish a small-scale, high-margin consulting arm for international companies entering the China market.

This move capitalizes on the company's established network and operational experience within China, which is a core advantage. The company is already leveraging its expertise in organizational operations and global expansion resources through a partnership signed in early 2025 for the 'Chinese Enterprise International Service Center operations project.' Consulting arms typically command high margins, which would help improve the overall profitability picture; the company reduced its net loss to RMB 4.8 million in H1 2025 from RMB 95.9 million the prior year, partly due to a 52.3% cut in operating expenses to RMB 55.9 million. A high-margin consulting unit could accelerate the path to profitability, which management forecasts by the end of 2025. The need for such services is underscored by the fact that Chinese Multinational Enterprises (MNEs) are a significant global economic force, with their outward FDI stock ranking 3rd globally in 2023.

• Current Gross Profit Margin (H1 2025): 54.4%.
• Operating Expenses reduction (H1 2025 vs H1 2024): 52.3%.
• Follower base growth (YOY as of June 30, 2025): 9.9% to 36.6 million.
• H1 2025 Net Loss reduction: 95%.