36KR Holdings Inc. (KRKR): Modelo de negócios Canvas [Jan-2025 Atualizado]

No cenário dinâmico da mídia de tecnologia e ecossistemas de startups, a 36KR Holdings Inc. surge como uma plataforma fundamental que transforma como empreendedores, investidores e inovadores se conectam e prosperam. Ao misturar perfeitamente conteúdo digital, inteligência de mercado e redes estratégicas, essa potência chinesa esculpiu um nicho único na ponte de inovação tecnológica e informações de negócios. Seu modelo abrangente de negócios Canvas revela uma abordagem sofisticada que vai além da mídia tradicional, posicionando 36kr como um nexo crítico no ecossistema de inovação tecnológica em rápida evolução da China.

36KR Holdings Inc. (KRKR) - Modelo de negócios: Parcerias -chave

Colaboração estratégica com a tecnologia chinesa e ecossistemas de startups

A 36KR Holdings mantém parcerias estratégicas com as principais plataformas de inovação tecnológica na China, incluindo:

Parceiro	Foco de colaboração	Ano estabelecido
Tencent Cloud	Suporte de infraestrutura digital	2019
Centro de Inovação do Alibaba	Engajamento do ecossistema de inicialização	2020
Incubadora de tecnologia de bytedance	Colaboração de mídia e tecnologia	2021

Parcerias de mídia com plataformas de notícias focadas em tecnologia

36KR estabeleceu redes abrangentes de colaboração de mídia:

• Rede de notícias da China Tech
• Aliança de Mídia de Inovação Global
• Consórcio de relatórios de inicialização de tecnologia

Parcerias da empresa de capital e investimento de risco

Parceiro de investimento	Valor do investimento	Ano de parceria
Sequoia Capital China	US $ 15,2 milhões	2018
IDG Capital	US $ 10,7 milhões	2019
Matrix Partners China	US $ 8,5 milhões	2020

Serviço em nuvem e parceiros de infraestrutura digital

As parcerias de infraestrutura digital incluem:

• Serviços em nuvem da Huawei
• Computação em nuvem do Baidu
• Amazon Web Services China

Redes de publicidade digital e plataformas de tecnologia

Rede de publicidade	Participação de receita	Duração da parceria
Plataforma de anúncios Tencent	35% de participação na receita	Em andamento desde 2017
Rede de anúncios de bytedance	28% de participação na receita	Em andamento desde 2019
Publicidade de Sina Weibo	22% de participação na receita	Em andamento desde 2018

36KR Holdings Inc. (KRKR) - Modelo de negócios: Atividades -chave

Criação e distribuição de conteúdo de mídia digital

De acordo com o relatório anual de 2022 da 36KR Holdings, a empresa produziu 24.768 artigos originais e peças de conteúdo digital. A distribuição de conteúdo digital atingiu 157,3 milhões de leitores mensais exclusivos em várias plataformas.

Métrica de conteúdo	2022 Performance
Artigos originais	24,768
Leitores únicos mensais	157,3 milhões

Informações de inicialização de tecnologia e reportagem de notícias

A 36KR relatou cobrir 3.245 notícias de startup de tecnologia em 2022, com foco nos setores de tecnologia emergente na China.

Evento digital e organização da conferência

Em 2022, a empresa organizou 42 conferências de tecnologia digital e física, atraindo 15.672 profissionais do setor.

Métrica de eventos	2022 Performance
Total de conferências	42
Participantes	15,672

Serviços de investimento em inicialização e incubação

A 36KR Holdings investiu em 87 startups de tecnologia em 2022, com um valor total de portfólio de investimentos de US $ 124,6 milhões.

• Total de investimentos de inicialização: 87
• Valor da portfólio de investimentos: US $ 124,6 milhões
• Setores cobertos: inteligência artificial, fintech, software corporativo

Gerenciamento de plataforma de comunidade e conhecimento on -line

A plataforma de conhecimento on -line da empresa, KR.com, reportou 2,3 ​​milhões de usuários profissionais registrados em 2022.

Métrica da plataforma	2022 Performance
Usuários registrados	2,3 milhões
Usuários mensais ativos	1,7 milhão

36KR Holdings Inc. (KRKR) - Modelo de negócios: Recursos -chave

Plataformas de mídia digital proprietárias e infraestrutura de tecnologia

A partir de 2024, a 36KR Holdings mantém uma plataforma de mídia digital abrangente com as seguintes especificações de infraestrutura:

Métrica da plataforma	Dados quantitativos
Total de plataformas digitais	4 canais online primários
Usuários ativos mensais	3,2 milhões de usuários
Infraestrutura do servidor	Servidores baseados em nuvem em 3 data centers
Investimento de tecnologia anual	US $ 4,7 milhões

Rede e ativos intelectuais

A rede e os recursos intelectuais da 36KR Holdings incluem:

• Rede de contato da indústria de tecnologia, abrangendo mais de 1.200 conexões profissionais
• Rede de Jornalistas Proprietários, cobrindo 12 principais setores de tecnologia
• Ativos de propriedade intelectual registrados: 37 conteúdo digital e patentes de relatório

Recursos de análise de dados

Capacidade de análise	Especificação
Capacidade de processamento de dados	850 TB por mês
Modelos de aprendizado de máquina	23 modelos de análise preditiva
Cobertura de inteligência de mercado em tempo real	47 subsetores de tecnologia

Métricas de reputação da marca

• Reconhecimento da marca no ecossistema de tecnologia chinesa: 89% entre a demografia alvo
• Pontuação de influência da mídia: 92/100
• Avaliação anual da marca: US $ 42,6 milhões

Recursos Humanos

Categoria de funcionários	Número
Total de funcionários	426
Equipe editorial	187
Equipe de tecnologia	94
Vendas e marketing	76

36KR Holdings Inc. (KRKR) - Modelo de negócios: proposições de valor

Insights abrangentes de tecnologia e ecossistema de startups

A partir do quarto trimestre 2023, a 36KR Holdings fornece cobertura de conteúdo digital em 54 segmentos verticais de tecnologia e inicialização.

Categoria de conteúdo	Número de segmentos verticais
Cobertura de tecnologia	54
Segmentos de ecossistemas de inicialização	38
Verticais da indústria	16

Fonte confiável de tecnologia emergente e notícia de inovação

36kr gera aproximadamente 3.200 artigos originais e artigos relacionados a startups mensalmente.

• Leitores mensais médios: 42,5 milhões de visitantes únicos
• Plataformas de conteúdo digital: web, aplicativo móvel, conta oficial do WeChat
• Idiomas de conteúdo: mandarim, inglês

Plataforma que conecta empreendedores, investidores e profissionais do setor

Métricas de rede	2023 dados
Usuários profissionais registrados	1,2 milhão
Membros da rede de investidores	8,700
Perfis de inicialização	26,500

Alta qualidade e conteúdo digital oportuno e inteligência de mercado

Produção anual de conteúdo: 38.400 artigos originais e relatórios de pesquisa.

• Categorias de relatório de pesquisa: tendências tecnológicas, financiamento para startups, análise da indústria
• Profundidade média do relatório: 15-25 páginas
• Frequência de atualização de pesquisa: trimestral

Facilitar o conhecimento do ecossistema de inicialização e oportunidades de rede

Tipo de evento de networking	Contagem anual
Webinars online	124
Conferências físicas	18
Eventos de discurso de inicialização	36

36KR Holdings Inc. (KRKR) - Modelo de negócios: relacionamentos com o cliente

Engajamento da comunidade digital através de plataformas online

A 36KR Holdings mantém uma comunidade digital ativa em várias plataformas on -line:

Plataforma	Usuários ativos mensais	Taxa de engajamento
Site oficial de 36kr	2,1 milhões	14.3%
Conta oficial do WeChat	1,8 milhão	12.7%
Weibo Corporate Channel	1,5 milhão	11.2%

Sistemas de recomendação de conteúdo personalizado

Métricas de personalização para recomendação de conteúdo:

• Precisão de correspondência de conteúdo orientada por algoritmo: 78,6%
• Recomendações de conteúdo específico do usuário por sessão: 4-6 artigos
• Velocidade de processamento do motor de personalização: 0,03 segundos

Interação direta através de eventos digitais e webinars

Tipo de evento	Contagem anual	Participantes médios
Webinars de inicialização de tecnologia	124	3,200
Mesa -redonda do investidor	48	1,500
Conferências de tendências da indústria	36	2,800

Serviços de informação baseados em assinatura

Redução do serviço de assinatura:

• Total de assinantes: 425.000
• Taxa mensal de assinatura: ¥ 59,99
• Receita recorrente anual de assinaturas: US $ 32,4 milhões
• Taxa de retenção de assinantes: 68,3%

Conteúdo interativo gerado pelo usuário e mecanismos de feedback

Canal de feedback	Interações mensais	Taxa de resposta
Seções de comentários	187,000	62%
Revisões de usuários	94,500	55%
Fóruns da comunidade	76,200	48%

36KR Holdings Inc. (KRKR) - Modelo de negócios: canais

Site oficial e aplicativos móveis

A 36KR Holdings Inc. opera plataformas digitais primárias com as seguintes especificações:

Plataforma	Métricas de usuário	Tráfego mensal
Site 36kr.com	2,8 milhões de usuários ativos mensais	8,5 milhões de visualizações de página
36KR Mobile App	1,2 milhão de downloads	650.000 usuários ativos diários

Plataformas de mídia social

Os canais de distribuição digital incluem:

• Weibo: 4,6 milhões de seguidores
• Conta oficial do WeChat: 2,3 milhões de assinantes
• Douyin (Tiktok China): 1,1 milhão de seguidores

Redes de distribuição de notícias digitais

Rede	Alcançar	Distribuição de conteúdo
Plataforma de notícias 36KR	12,4 milhões de leitores mensais	3.200 artigos de tecnologia e inicialização por mês

Boletins de e -mail e comunicações digitais

Métricas de comunicação digital:

• Assinantes semanais de newsletter de tecnologia: 480.000
• Diário diário de e -mail do ecossistema de inicialização: 210.000 destinatários

Conferências de tecnologia online e eventos virtuais

Tipo de evento	Eventos anuais	Participantes virtuais
36KR Startup Conference	4 grandes eventos por ano	95.000 participantes virtuais

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

Empreendedores de tecnologia e fundadores de startups

A partir do quarto trimestre de 2023, a 36KR Holdings atende a aproximadamente 5.200 fundadores de startups ativos em todo o ecossistema de tecnologia da China. A plataforma oferece oportunidades direcionadas de conteúdo e networking para empreendedores em estágio inicial.

Métricas de segmento	2023 dados
Fundadores de startups ativos	5,200
Engajamento médio anual da plataforma	78 Interações/Fundador

Capitalistas de risco e investidores anjos

A 36KR Holdings se conecta com 1.275 empresas de capital de risco ativas e redes de investidores anjos no cenário de investimento em tecnologia da China.

Características do segmento de investidores	2023 Estatísticas
Entidades de investidores conectados totais	1,275
Insights médios de investimento acessados	52 Relatórios/Investidor/Ano

Profissionais do setor de tecnologia

A plataforma atende 42.500 profissionais do setor de tecnologia por meio de canais de conteúdo especializado e de rede profissional.

• Usuários profissionais de tecnologia total: 42.500
• Taxa mensal de engajamento de conteúdo: 64%
• Profissional médio Profile Interações: 37/mês

Equipes de inovação corporativa

A 36KR Holdings se envolve com 620 equipes de inovação corporativa em vários setores orientados a tecnologia na China.

Segmento de inovação corporativa	2023 Métricas
Total de equipes corporativas conectadas	620
Insights estratégicos anuais acessados	38 Relatórios/equipe

Entusiastas da tecnologia e pesquisadores

A plataforma suporta 18.300 entusiastas da tecnologia e pesquisadores acadêmicos por meio de canais digitais especializados.

• Usuários de entusiastas de tecnologia total: 18.300
• Taxa de download de conteúdo de pesquisa: 47%
• Interações médias mensais da plataforma: 22

36KR Holdings Inc. (KRKR) - Modelo de negócios: estrutura de custos

Produção de conteúdo e despesas editoriais

No ano fiscal de 2022, a 36KR Holdings Inc. relatou custos de produção de conteúdo de aproximadamente US $ 12,3 milhões.

Categoria de despesa	Quantidade (USD)
Custos da equipe editorial	US $ 5,6 milhões
Criação de conteúdo	US $ 4,2 milhões
Licenciamento de conteúdo	US $ 2,5 milhões

Infraestrutura de manutenção e tecnologia da plataforma digital

As despesas de infraestrutura de tecnologia por 36KR em 2022 totalizaram US $ 8,7 milhões.

• Custos de computação em nuvem: US $ 3,2 milhões
• Manutenção do servidor: US $ 2,5 milhões
• Licenciamento de software: US $ 1,8 milhão
• Investimentos de segurança cibernética: US $ 1,2 milhão

Custos de marketing e aquisição de usuários

As despesas de marketing para 36KR Holdings atingiram US $ 6,5 milhões no ano fiscal de 2022.

Canal de marketing	Gastos (USD)
Publicidade digital	US $ 3,8 milhões
Marketing de mídia social	US $ 1,5 milhão
Patrocínio de eventos	US $ 1,2 milhão

Salários de funcionários e desenvolvimento profissional

As despesas totais relacionadas aos funcionários por 36KR em 2022 foram de US $ 22,1 milhões.

• Salários base: US $ 18,3 milhões
• Bônus e incentivos: US $ 2,5 milhões
• Treinamento profissional: US $ 1,3 milhão

Investimentos de pesquisa e desenvolvimento

As despesas de P&D para 36KR Holdings totalizaram US $ 5,6 milhões em 2022.

Área de foco em P&D	Investimento (USD)
Inovação tecnológica	US $ 3,2 milhões
Desenvolvimento de produtos	US $ 1,8 milhão
Tecnologias emergentes	US $ 0,6 milhão

36KR Holdings Inc. (KRKR) - Modelo de negócios: fluxos de receita

Receita de publicidade digital

Para o ano fiscal de 2022, a 36KR Holdings Inc. reportou receita de publicidade digital de US $ 23,4 milhões, representando 42,7% da receita total da empresa.

Fonte de receita	2022 valor ($)	Porcentagem da receita total
Publicidade digital	23,400,000	42.7%

Serviços de conteúdo baseados em assinatura

A receita de assinatura para serviços de conteúdo digital atingiu US $ 8,6 milhões em 2022, representando 15,7% da receita total da empresa.

• Assinaturas da plataforma de conhecimento corporativo
• Acesso ao conteúdo premium
• Relatórios especializados da indústria

Patrocínio de eventos e taxas de conferência

A receita relacionada ao evento totalizou US $ 5,2 milhões em 2022, compreendendo 9,5% da receita total.

Tipo de evento	2022 Receita ($)
Conferências de Tecnologia	3,100,000
Eventos de ecossistemas de inicialização	2,100,000

Serviços de consultoria de ecossistemas de inicialização

Os serviços de consultoria geraram US $ 7,5 milhões em receita durante 2022, representando 13,7% da receita total da empresa.

• Serviços de consultoria estratégica
• Consultoria de entrada de mercado
• Mapeamento do ecossistema de investimento

Dados e monetização de inteligência de mercado

Os serviços de dados e inteligência de mercado contribuíram com US $ 10,1 milhões para a receita em 2022, representando 18,4% da receita total da empresa.

Serviço de inteligência	2022 Receita ($)
Relatórios de pesquisa do setor	6,300,000
Análise de mercado personalizada	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.