36Kr Holdings Income Statement 2025-2011 | KRKR

Brief overview of financial performance at 36Kr Holdings

The overview follows changes across a five-year period. 36Kr Holdings reported revenue of 387 million yuan in 2020 and 228 million yuan by 2025. The total change was −41.1%, with a CAGR of approximately −10%. The business finished the period with a smaller revenue base.

Gross profit was 125 million yuan at the start and 131 million yuan at the end of the period (+4.9%). Revenue outpaced cost of revenue, allowing more sales to flow into gross profit. Gross margin moved from 32.4% to 57.7%. The expansion indicates stronger pricing power or better control of direct costs.

The operating result measured by EBITDA moved from −262 million yuan to 11.9 million yuan, or +104.6%. Additional revenue translated efficiently into EBITDA. EBITDA margin was −67.7% at the start and 5.2% at the end. The business generated more EBITDA from each unit of revenue.

The final result was −280 million yuan initially and 11.4 million yuan in the final year. The trajectory reversed from a loss to positive earnings.

Market value was 3.8 billion yuan at the start and 3.7 billion yuan at the end. The valuation did not keep pace with the reported progress.

Summary assessment

The financial profile remains mixed, with strengths and risks moving in different directions. The financial profile benefits from a stronger final result, positive operating leverage and improving gross profitability. Caution is warranted because of limited revenue growth. Future reports should be judged by revenue momentum, margins, and the conversion of sales into net income.