36Kr Holdings Inc. (KRKR): BCG Matrix [Dec-2025 Updated]

You're looking for a clear, no-nonsense breakdown of 36Kr Holdings Inc.'s (KRKR) core businesses using the Boston Consulting Group (BCG) Matrix as of late 2025, and honestly, the picture is one of strategic cost-cutting to fund a few high-potential, AI-driven bets. We've mapped out where the 54.4% gross profit margin is being forged-the 'Stars' like AI offerings growing over 50% year-over-year-versus the stable, cost-controlled 'Cash Cows' still banking RMB 74.5 million in core ads after a massive 52.3% operating expense reduction. But the real story is the pivot: seeing which legacy 'Dogs' are being shed while the big, uncertain 'Question Marks' in Industrial Services and new AI tools demand capital. Dive in to see exactly where 36Kr Holdings Inc. is placing its chips for the next growth cycle.

Background of 36Kr Holdings Inc. (KRKR)

You're looking at 36Kr Holdings Inc. (KRKR), which you should know is a prominent brand and a pioneering platform focused on serving participants in China's New Economy. The company started by generating and distributing high-quality content focused on the New Economy, covering sectors like technology, consumer, retail, healthcare, media and entertainment, and enterprise services. 36Kr Holdings Inc. was founded in 2010 and is based in Beijing, People's Republic of China.

Honestly, the business model evolved past just content. Leveraging the traffic from that content, 36Kr Holdings Inc. expanded its offerings into business services. These services now include online advertising, enterprise value-added services-think integrated marketing, advertisement agent work, and online/offline events-plus subscription services for both individuals and institutional investors. They back this up with a comprehensive database and strong data analytics capabilities, positioning them to capture growth in China's New Economy.

Looking at the most recent hard numbers, for the first half of 2025, the company reported total revenues of RMB 93.2 million, which was down from RMB 102.4 million in the same period of 2024. Drilling down, revenues from online advertising services were RMB 74.5 million (US$10.4 million) in H1 2025.

The real story in H1 2025 was the operational efficiency, which you'll want to note. The company drastically cut costs, leading to operating expenses decreasing by 52.3% to RMB 55.9 million (US$7.8 million). This strict cost control helped push the gross profit margin up by 10 percentage points to 54.4% from 44.4% year-over-year. Consequently, the net loss significantly improved to RMB 4.8 million from RMB 95.9 million the prior year, and management forecasts profitability by the end of 2025.

To give you a sense of scale, as of a recent report, 36Kr Holdings Inc. had 301 employees. The company trades on the NASDAQ under the ticker KRKR.

36Kr Holdings Inc. (KRKR) - BCG Matrix: Stars

You're looking at the engine room of growth for 36Kr Holdings Inc. (KRKR) right now, the segment we classify as Stars. These are the areas with high market share in markets that are still expanding rapidly. Honestly, they suck up cash because of that growth, but they're the future cash cows if we manage them right.

The performance data for H1 2025 clearly shows where the momentum is. Take a look at the key drivers powering this quadrant.

The most significant contributor here is the AI/large-model offerings advertising revenue. This specific stream is growing at a rate of over 50% year-over-year in H1 2025. That kind of top-line expansion in a nascent, high-potential area defines a Star. It means we're leading the pack in a market that's just getting started.

Also helping drive this segment are the sub-vertical media channels aimed at younger audiences. These channels posted a solid revenue growth of 30% year-over-year. It's a strong indicator that our content diversification strategy is paying off with the next generation of consumers and advertisers.

Here's a quick look at the growth metrics defining these Star businesses:

We're also seeing success in high-growth content niches. These areas are successfully leveraging the existing audience base to bring in new, high-value advertisers. The total follower base supporting these niches stands at 36.6 million, which itself is up 9.9% year-over-year. That growth in the base is key to capturing more premium ad spend.

The financial impact of focusing on these high-growth, high-share areas is visible in the margin expansion. The high-margin, AI-powered content solutions are a big part of this. These solutions are directly responsible for driving the overall gross profit margin up to 54.4%. That's the payoff when market leadership meets high-value productization.

The strategic focus areas within the Star quadrant for 36Kr Holdings Inc. (KRKR) include:

• Monetizing the 36.6 million follower base.
• Scaling AI/large-model advertising revenue growth past 50%.
• Capturing new, high-value advertisers via niche content.
• Maintaining the 30% YoY growth in younger audience channels.
• Sustaining gross profit margin contribution toward 54.4%.

To be fair, these Stars require heavy investment in promotion and placement to keep that market share high while the market grows. If we keep this up until the market matures, these units will transition into Cash Cows, which is the goal of any BCG growth strategy. Finance: draft Q3 capital allocation plan prioritizing these segments by next Tuesday.

36Kr Holdings Inc. (KRKR) - BCG Matrix: Cash Cows

You're looking at the core engine of 36Kr Holdings Inc.'s current stability, the segment that generates the most cash, even if the overall market growth is mature. For 36Kr Holdings Inc., this is clearly the online advertising services segment. This business line generated RMB 74.5 million in revenue for the first half of 2025. That figure represents the bulk of the total RMB 93.2 million in revenue booked during that six-month period. This is the segment we expect to maintain a high market share within its niche, providing the necessary cash flow to support other areas of the business.

The strength here comes from the established New Economy-focused content offerings. This platform has built a stable, high-influence base, evidenced by the 36.6 million followers as of June 30, 2025. This foundational media brand influence is what allows 36Kr Holdings Inc. to command high-margin advertising deals with stable partners. It's the kind of established moat that keeps the cash flowing consistently, which is exactly what you want from a Cash Cow.

Here's the quick math on how the revenue streams contributed in the first half of 2025:

The overall business model reflects a strong focus on operational leverage, which is key to milking these mature assets. By aggressively managing costs, 36Kr Holdings Inc. achieved a significant turnaround in profitability metrics. Operating expenses were slashed by 52.3%, dropping to RMB 55.9 million in H1 2025 from RMB 117.0 million in the prior year period. This efficiency gain is what drove the bottom line improvement.

This cost discipline directly translated into a much smaller net loss, demonstrating the cash-generating potential when spending is controlled. The net loss for the period narrowed dramatically to only RMB 4.8 million, a massive improvement from the RMB 95.9 million net loss reported in the first half of 2024. This is the definition of a Cash Cow in action-the core business is generating enough gross profit (which rose to 54.4% gross margin) to nearly cover overhead, even as top-line revenue slightly contracted.

The operational efficiency highlights for H1 2025 include:

• Gross margin improved to 54.4%.
• Operating expenses decreased by 52.3%.
• Net loss reduced by 95% year-over-year.
• Sales and marketing expenses fell by 35.1%.

Finance: draft 13-week cash view by Friday.

36Kr Holdings Inc. (KRKR) - BCG Matrix: Dogs

Dogs, are units or products with a low market share and low growth rates. They frequently break even, neither earning nor consuming much cash. Dogs are generally considered cash traps because businesses have money tied up in them, even though they bring back almost nothing in return. These business units are prime candidates for divestiture.

For 36Kr Holdings Inc., the Subscription Services segment, heavily influenced by the legacy training model, fits this profile, showing contraction in a market where the company is actively shifting focus. Dogs should be avoided and minimized; expensive turn-around plans usually do not help.

The following table details the financial performance of the Subscription Services line item for the first half of 2025, illustrating its position as a potential Dog:

The decline in this revenue stream is directly linked to internal strategic shifts, not just external market forces. You see the direct impact of management decisions on this unit.

The key characteristics aligning this segment with the Dogs quadrant include:

• Subscription Services revenue declined to RMB 6.4 million in H1 2025, down from RMB 8.6 million in H1 2024.
• The primary cause for the subscription revenue decrease was the change in the traditional training services business model.
• The company is de-emphasizing legacy, low-margin content distribution channels.
• Operating expenses saw a significant reduction of 52.3% to RMB 55.9 million in H1 2025, reflecting strict cost control measures, which often accompany the minimization of Dog units.

This strategic pivot is also evident in the broader expense structure. The reduction in operating expenses by 52.3% suggests a focused effort to conserve cash, which is critical when managing units that consume capital without delivering high returns. The increase in overall Gross Margin to 54.4%, up 10 percentage points from 44.4% in H1 2024, was partly driven by savings in payroll-related costs following strategic workforce optimization, which often targets underperforming or non-core areas.

While the company is actively exploring higher-margin, AI-driven content, the legacy training component, now reflected in the reduced subscription revenue, represents the low-growth, low-share element that demands divestiture or severe minimization. The focus is clearly shifting away from these legacy revenue sources.

36Kr Holdings Inc. (KRKR) - BCG Matrix: Question Marks

You're looking at the new ventures and smaller, high-potential areas of 36Kr Holdings Inc. as of the first half of 2025. These are the units that need serious cash infusion to capture a growing market, or they risk becoming Dogs. They consume resources now, hoping to become tomorrow's Stars.

The company's overall focus in H1 2025 was clearly on efficiency, which is a classic move when managing Question Marks-you try to reduce the cash burn while testing the market. Total revenues for the first half of 2025 were RMB 93.2 million, a drop from RMB 102.4 million in H1 2024, but the net loss narrowed by an impressive 95% to RMB 4.8 million, showing a strong drive to stop these new ventures from draining the core business too much.

Here's how the specific areas that fit the Question Mark profile stack up:

• Industrial Services business, a new foray into high-growth sectors like low-altitude economy and commercial aerospace.
• Global Expansion Services, a new initiative with local government partners that is currently small-scale but targets a massive market.
• New AI tools review platform and other planned AI product offerings, which require significant investment but have unproven market adoption.

The strategy here is clear: invest heavily if the market traction is there, or cut bait. The company is definitely signaling investment in AI, with mentions of unlocking new growth via AI empowerment following cost optimization.

The Enterprise Value-Added Services unit provides a concrete, albeit concerning, data point for this quadrant. The proactive refinement of its offering to focus on margin improvement suggests management is actively trying to steer this unit away from being a cash drain, but the revenue trajectory is uncertain.

The Enterprise Value-Added Services revenue for the six months ended June 30, 2025, was RMB 12.2 million (US$1.7 million), down from RMB 13.4 million in the same period of 2024. This decrease was explicitly attributed to the proactive and ongoing refinement of service offerings to strategically focus on margin improvement. To be fair, this refinement is exactly what you do when you're trying to turn a Question Mark into a Star-you stop the bleeding and focus on unit economics before scaling.

The Subscription Services revenue also falls into this category, showing low absolute revenue and a decline, indicating low current market share despite the overall platform growth to 36.6 million followers as of June 30, 2025. Subscription services revenue was RMB 6.4 million (US$0.9 million) in H1 2025, down from RMB 8.6 million in H1 2024, primarily due to changes in the training service's business model.

The required investment for the AI tools and new economy forays is implied by the need to gain market share quickly in high-growth areas. The company's gross margin improved significantly to 54.4% in H1 2025, up 10 percentage points from 44.4% in H1 2024, which suggests cost control is helping manage the cash burn from these new initiatives. Finance: draft 13-week cash view by Friday.