36Kr Holdings Inc.

What they do

36Kr Holdings Inc. conducts its operations in China through PRC subsidiaries and a consolidated variable interest entity (VIE). The VIE, Beijing Duoke, generated 100% of the company's revenues in both 2024 and 2025. The company operates primarily in the new-media and business services sector, leveraging its online platform to serve entrepreneurs, investors, and corporations.

Revenue drivers

• VIE operations (Beijing Duoke) — The VIE accounts for 100% of revenue in 2024 and 2025, making it the sole revenue source.
• Online advertising and marketing services — A core revenue line for new-media platforms, though specific figures are not disclosed in the provided excerpts.
• Enterprise value-added services — Likely includes subscription, consulting, or data services, but the filing excerpts do not provide detailed segment breakdowns.

Recent performance

For the fiscal year ended December 31, 2025, the company reported a net loss of $42.8 million, compared to a net loss of $3.7 million in 2019. Revenue declined sharply from $94.2 million in 2019 to $59.3 million in 2020 (the latest reported year in the data provided). Operating cash flow improved from -$22.8 million in 2019 to -$2.6 million in 2020. Diluted EPS was -$0.332 in 2019 and -$0.042 in 2020. As of December 31, 2020, the company held $9.3 million in cash and equivalents, with total assets of $88.7 million and total liabilities of $29.1 million.

Strategy

The company relies on its VIE structure to operate in China due to restrictions on foreign investment in value-added telecommunications services. It consolidates the VIE's financial results under U.S. GAAP, treating itself as the primary beneficiary. Management emphasizes contractual arrangements to maintain control and economic exposure. The company has not disclosed specific strategic initiatives in the provided excerpts beyond the structural and legal framework.

Risks

• VIE structural risk — Investors in ADSs hold equity of a Cayman holding company, not the VIE, and PRC laws restrict direct foreign ownership of the VIE.
• Regulatory risk in China — Changes in PRC laws on value-added telecommunications could invalidate or undermine the VIE contractual arrangements.
• Concentration risk — 100% of revenue comes from the VIE, making the company highly dependent on that entity's performance and compliance.
• Financial loss risk — The company reported net losses in both 2019 and 2020, with a significant widening of the loss in 2020.

Outlook

The filing does not provide explicit forward-looking statements from management. The company's future performance depends on maintaining the VIE structure and navigating PRC regulatory requirements. The corrected filings (20-F/A) focus on legal and governance documents, not operational guidance. No specific outlook for revenue or profitability is given in the excerpts.