36Kr Holdings Inc.
36Kr Holdings Inc. is a China-focused media and business services platform centered on New Economy companies. It produces content and data-driven services that connect its audience with online advertising, enterprise value-added services, and subscription offerings, with operations organized around serving companies active in China's technology and innovation ecosystem.
Fiscal year 2025 · change from previous year
Development 2020–2025
Business
Share of revenueEditorial and distribution offerings centered on New Economy topics and industries.
Advertising products sold against its content and audience traffic.
Customized business services for New Economy and traditional companies.
Paid information and access services for institutional and business users.
Data products and analytical tools supported by its proprietary database.
Customers
36Kr serves New Economy participants in China, including technology-driven companies, growth-stage businesses, and traditional firms seeking digital and market-insight services. Its offerings also appeal to institutional clients and other business users that need industry content, advertising reach, or subscription access to its data and research platform.
Buy content exposure, advertising, and business services to reach audiences and support growth.
Purchase value-added services and subscription offerings for market insight and business support.
Use the platform's data, analysis, and industry coverage for investment research and decision-making.
Use the platform's services to upgrade marketing, branding, and digital engagement capabilities.
Buy ad placements tied to content traffic and the firm's New Economy audience reach.
Strategy
The company’s strategy is to convert its content audience into monetizable services across advertising, subscriptions, and enterprise offerings. It relies on brand influence, traffic generation, and data analytics to deepen engagement with New Economy businesses and expand the value of its platform.
Diversifies revenue beyond content and increases value captured from audience traffic.
Supports better service offerings and improves relevance for customers and advertisers.
The company competes by being closely aligned with innovation-oriented businesses and industry information demand.
Geography
36Kr is centered on mainland China, where it serves New Economy participants and maintains its principal office in Beijing. Its business also reaches Hong Kong, international users, and U.S.-listed investor communications, but the core operating exposure remains tied to China’s digital and innovation economy.
Risks
The company is exposed to demand fluctuations in China's New Economy advertising and business services markets, where client spending can be cyclical and competitive. Its results also depend on maintaining audience traffic, content relevance, and data usefulness, while broader China regulatory and macroeconomic conditions can affect customer budgets and platform monetization.
- Advertising budget cyclicalityImpact: HighLikelihood: High
Online advertising revenue depends on customer willingness to spend on marketing and promotion.
Exposure: online advertising services
- China regulatory and macro exposureImpact: HighLikelihood: Medium
The business is concentrated in China, so policy shifts and slower economic activity can affect demand.
Exposure: mainland China operations
- Traffic and audience engagement riskImpact: MediumLikelihood: High
The platform's monetization depends on maintaining content quality and user reach.
Exposure: content and media platform
- Competitive pressure in media and data servicesImpact: MediumLikelihood: Medium
Users and advertisers can shift to alternative platforms with stronger reach or tools.
Exposure: New Economy information services
Accounting
Judgemental itemsDifferent products may be recognized at different times depending on delivery and contract terms.
Impact: Affects reported revenue timing and comparability between periods.
Advertising and enterprise activity can vary by customer budget cycles and project timing.
Impact: Can create uneven quarterly revenue and margin patterns.
Adjusted net income and adjusted EBITDA exclude items management views as non-core.
Impact: Can materially change how operating performance is interpreted.
Similar listed companies
Publicly listed companies with a comparable business focus.
Antelope Enterprise Holdings Ltd
AEHL · Communications Services, NEC
Antelope Enterprise Holdings Ltd is a British Virgin Islands holding company with operating subsidiaries in China.
Zhihu Inc.
ZH · Services-Business Services, NEC
Click Holdings Ltd.
CLIK · Services-Employment Agencies
KE Holdings Inc.
BEKE · Real Estate Agents & Managers (For Others)
WEIBO Corp
WB · Services-Computer Programming, Data Processing, Etc.
WEIBO Corp operates the Weibo social media platform, where users create, share, discover, repost, and discuss content through an asymmetric follower network and feed-based interface.
Phoenix New Media Ltd
FENG · Television Broadcasting Stations
Phoenix New Media Ltd operates an integrated digital media platform in China that delivers professional news, information, and entertainment content through PC and mobile channels.
Last updated: 28/09/2026