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36Kr Holdings Inc (KRKR)
NASDAQ:KRKR
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36Kr Holdings Inc
(NASDAQ:KRKR)
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Rating:44Neutral
Price Target:
$5.00
▲(18.48% Upside)
Overall score is held down primarily by weak financial performance (declining revenue, ongoing losses, and negative free cash flow). Technical indicators also lean bearish with price below key moving averages and a negative MACD. Valuation provides limited support given the negative P/E and lack of dividend yield data.
Positive Factors
Diverse revenue streams
A multi-pronged monetization model (advertising, subscriptions, financial services) provides structural revenue diversification. This reduces reliance on one channel, enables cross-selling to a tech-savvy audience, and supports resilience versus cyclicality in any single revenue source.
Data-driven platform and partnerships
A technology-driven media platform combined with data services and strategic VC/tech partnerships creates structural competitive advantages: network effects, sticky B2B offerings, and enhanced dealflow that support long-term monetization and ecosystem defensibility.
Manageable leverage and equity ratio
A moderate debt load and relatively strong equity ratio give the company lasting financial flexibility. This balance-sheet stability helps absorb operating losses, supports access to capital for strategic initiatives, and lowers solvency risk over the medium term.
Negative Factors
Declining revenue trend
A persistent top-line decline erodes scale economics and weakens the platform's attractiveness to advertisers and subscribers. Over months this reduces margin levers, limits reinvestment capacity, and raises execution risk for any strategic turnaround efforts.
Consistent negative free cash flow
Ongoing free cash flow deficits indicate the business is burning cash to sustain operations or investment. This structural cash drain increases reliance on external financing, constrains organic growth funding, and heightens risk if capital markets tighten.
Negative return on equity
Negative ROE signals the company is not converting shareholder capital into profits. Persisting over time, this undermines investor confidence, makes equity raises dilutive or costly, and questions the long-term viability of current business economics.
36Kr Holdings Inc (KRKR) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$10.43M
Dividend YieldN/A
Average Volume (3M)327.05K
Price to Earnings (P/E)―
Beta (1Y)0.56
Revenue GrowthN/A
EPS GrowthN/A
CountryUS
Employees301
SectorCommunication Services
Sector Strength97
IndustryInternet Content & Information
Share Statistics
EPS (TTM)N/A
Shares Outstanding1,778,607
10 Day Avg. Volume11,672
30 Day Avg. Volume327,049
Financial Highlights & Ratios
PEG Ratio>-0.01
Price to Book (P/B)0.33
Price to Sales (P/S)0.17
P/FCF Ratio-1.15
Enterprise Value/Market Cap5.50
Enterprise Value/Revenue0.17
Enterprise Value/Gross Profit0.32
Enterprise Value/Ebitda-0.62
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
36Kr Holdings Inc Business Overview & Revenue Model
Company Description36Kr Holdings Inc. provides content and business services in the People's Republic of China. It creates and distributes various content, including insightful reports on companies and timely market updates, as well as editorials and commentaries in various industries, such as technology, consumer and retail, and healthcare. The company's business services include online advertising services; enterprise value-added services, such as integrated marketing, advertisement agent, offline events, and consulting services; and subscription services to individuals, institutional investors, and enterprises. 36Kr Holdings Inc. was founded in 2010 and is based in Beijing, the People's Republic of China.
How the Company Makes Money36Kr Holdings generates revenue through multiple streams, primarily from advertising services, subscription fees, and financial services. The advertising revenue is derived from online ads placed on its media platform, targeting businesses interested in reaching a tech-savvy audience. Subscription services provide premium content and tools for investors and entrepreneurs, allowing them to access in-depth analysis and insights. Additionally, the company earns fees from providing financial advisory and consulting services to startups, helping them navigate the complexities of fundraising and market entry. Strategic partnerships with venture capital firms and technology companies also bolster its revenue by enhancing service offerings and expanding its audience reach.
36Kr Holdings Inc Earnings Call Summary
Earnings Call Date:Sep 26, 2025
(Q2-2025)
| % Change Since: |
Next Earnings Date:Apr 01, 2026
Earnings Call Sentiment Neutral
The earnings call highlighted significant improvements in operational efficiency, content ecosystem expansion, and commercialization breakthroughs. Despite these positive developments, there were declines in overall revenue and subscription services, which present areas of concern. The advancements in AI and content production efficiency also contributed positively to the overall sentiment.Q2-2025 Updates
Positive Updates
Improved Financial Performance
Gross profit increased by 10% year-over-year, and operating expenses decreased by more than CNY 60 million, down 52% year-over-year. The net loss was narrowed by more than CNY 90 million, a 95% improvement year-over-year.
Content Ecosystem Expansion
The company expanded its content ecosystem, achieving 17 consecutive quarters of growth in followers, now totaling over 36.57 million. The introduction of diverse content formats, including text, video, audio, and live streaming, contributed to this growth.
Commercialization Breakthroughs
Revenue from Internet clients increased by 52% year-over-year, and revenue from the FMCG segment grew by 27% year-over-year. Subvertical media channels for younger audiences saw revenue increase by 30% year-over-year.
AI and Technological Advancements
AI-powered content production improved efficiency, covering 993 companies. The AI meeting product and corporate Omni Intelligence enhanced the company's reach and engagement, with a user base of 25,000.
Negative Updates
Revenue Decline
Total revenue decreased to CNY 93.2 million from CNY 102.4 million in the same period last year. Online advertising services revenue and enterprise value-added services revenue also declined.
Subscription Services Revenue Drop
Subscription services revenue declined to CNY 6.4 million from CNY 8.6 million, primarily due to changes in the training services business model.
Company Guidance
During the 36Kr Holdings Inc.'s first half of 2025 earnings call, the company provided several key metrics that highlighted its financial performance and strategic advancements. The gross profit increased by 10% year-over-year, while operating expenses decreased by over CNY 60 million, representing a 52% reduction year-over-year. Net loss was narrowed by more than CNY 90 million, translating to a 95% improvement compared to the previous year. The company achieved a gross margin of 54.4%, up by 10% from the same period in 2024. Additionally, the company reported having over 36.57 million followers, marking 17 consecutive quarters of growth, and a significant expansion in video followers to over 9.52 million. The company also noted a 69% year-over-year surge in retail channel followers and a 44% increase in WAVES followers. Moreover, the company outlined its strategic focus on content innovation, commercialization breakthroughs, and technological applications to optimize its organizational structure and improve workforce efficiency, positioning itself for potential profitability by the end of 2025.36Kr Holdings Inc Financial Statement Overview
Summary
Financials are weak overall: declining revenue, persistent losses, and negative free cash flow drive a low score. The balance sheet is comparatively steadier with manageable leverage and a decent equity ratio, but negative ROE and poor cash generation remain major risks.Income Statement
36Kr Holdings Inc has shown a consistent decline in revenue over the past several years, with a negative net profit margin indicating ongoing losses. Gross profit margin remains relatively stable, but the company has failed to achieve positive EBIT or EBITDA margins, highlighting operational challenges and inefficiencies in cost management. The revenue growth rate is negative, reflecting a concerning downward trend in sales performance.45
Neutral
Balance Sheet
The company maintains a moderate debt-to-equity ratio, suggesting manageable leverage levels. Despite a reduction in stockholders' equity over the years, the equity ratio remains relatively strong, indicating a decent degree of financial stability. However, the negative return on equity highlights the company's inability to generate profits from shareholders' investments, posing a risk to long-term financial health.60
Neutral
Cash Flow
Cash flow analysis reveals a challenging scenario with consistently negative free cash flow, indicating the company is not generating enough cash to cover its capital expenditures. The operating cash flow to net income ratio is negative, reflecting poor cash conversion from operations. Despite some improvement in free cash flow in recent years, the overall trajectory remains concerning.40
Negative
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 340.19M | 231.07M | 340.19M | 322.50M | 316.78M | 386.76M |
| Gross Profit | 182.02M | 112.34M | 182.02M | 184.65M | 187.94M | 125.39M |
| EBITDA | -91.82M | -67.12M | -79.83M | -25.56M | -72.66M | -250.22M |
| Net Income | -90.64M | -136.63M | -89.98M | 21.94M | -89.57M | -279.34M |
Balance Sheet | ||||||
| Total Assets | 458.97M | 276.19M | 458.97M | 571.37M | 501.74M | 578.53M |
| Cash, Cash Equivalents and Short-Term Investments | 116.96M | 91.71M | 116.96M | 184.78M | 216.10M | 209.19M |
| Total Debt | 45.73M | 29.60M | 45.73M | 56.34M | 21.89M | 27.56M |
| Total Liabilities | 197.11M | 157.94M | 197.11M | 225.99M | 194.47M | 189.56M |
| Stockholders Equity | 251.98M | 118.01M | 251.98M | 338.11M | 299.40M | 380.82M |
Cash Flow | ||||||
| Free Cash Flow | 253.37K | -33.48M | -127.56M | -6.64M | 192.78M | -19.48M |
| Operating Cash Flow | 253.37K | -32.99M | -122.16M | -4.99M | 194.96M | -17.13M |
| Investing Cash Flow | 0.00 | 32.48M | 20.17M | 43.31M | -158.00M | -64.29M |
| Financing Cash Flow | 0.00 | -3.61M | 481.00K | 5.12M | -23.00K | -32.84M |
36Kr Holdings Inc Technical Analysis
Neutral
4.22
Price Trends
4.71
Positive
5.62
Negative
5.42
Negative
Market Momentum
0.06
Negative
53.90
Neutral
60.15
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For KRKR, the sentiment is Neutral. The current price of 4.22 is below the 20-day moving average (MA) of 4.49, below the 50-day MA of 4.71, and below the 200-day MA of 5.42, indicating a neutral trend. The MACD of 0.06 indicates Negative momentum. The RSI at 53.90 is Neutral, neither overbought nor oversold. The STOCH value of 60.15 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for KRKR.
36Kr Holdings Inc Risk Analysis
36Kr Holdings Inc disclosed 89 risk factors in its most recent earnings report. 36Kr Holdings Inc reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
36Kr Holdings Inc Peers Comparison
UnderperformOutperform
Sector (60)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
67 Neutral | $1.26B | 15.46 | 8.73% | 5.47% | 30.00% | -9.72% | |
60 Neutral | $48.67B | 4.58 | -11.27% | 4.14% | 2.83% | -41.78% | |
49 Neutral | $309.89M | 22.40 | 2.39% | ― | -23.61% | ― | |
46 Neutral | $100.16M | -0.27 | -51.54% | ― | -16.83% | -485.31% | |
44 Neutral | $10.43M | -1.56 | -35.00% | ― | ― | ― | |
41 Neutral | $205.22M | ― | -6.03% | ― | -8.99% | -4.10% |
* Communication Services Sector Average
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Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.