36Kr Holdings Inc. Reports Unaudited Financial Results for the First Half of 2024

Core Viewpoint - 36Kr Holdings Inc. reported a decline in total revenues for the first half of 2024, attributed to a challenging macroeconomic environment and reduced advertising spending, while maintaining a solid operational performance with an increase in followers and average revenue per user in certain segments [2][5][6]. Financial and Operational Highlights - The number of followers reached 33.3 million, a 9.2% increase from 30.5 million in the same period of 2023 [2]. - Total revenues were RMB102.4 million (US$14.1 million), down from RMB139.9 million in the first half of 2023 [5]. - Revenues from online advertising services decreased to RMB80.4 million (US$11.1 million) from RMB98.9 million [6]. - Revenues from enterprise value-added services fell to RMB13.4 million (US$1.8 million) from RMB26.8 million [6]. - Subscription services revenues decreased to RMB8.6 million (US$1.2 million) from RMB14.2 million [6]. Selected Operating Data - The number of online advertising services end customers decreased from 330 to 222, while the average revenue per customer increased from RMB299.7 thousand to RMB362.1 thousand [3]. - The number of enterprise value-added services end customers decreased from 90 to 56, with average revenue per customer dropping from RMB297.4 thousand to RMB239.0 thousand [3]. - The number of individual subscribers decreased from 71 to 16, with average revenue per subscriber decreasing from RMB27,105.6 to RMB24,637.5 [3]. Cost and Expenses - Cost of revenues decreased to RMB57.0 million (US$7.8 million) from RMB70.0 million [7]. - Gross profit was RMB45.5 million (US$6.3 million), with a gross profit margin of 44.4%, down from 49.9% [7]. - Operating expenses were RMB117.0 million (US$16.1 million), down from RMB128.7 million [7]. - Sales and marketing expenses decreased by 29.9% to RMB45.4 million (US$6.2 million) [8]. - General and administrative expenses increased by 79.9% to RMB62.8 million (US$8.6 million) [8]. Net Loss and Financial Position - The net loss was RMB95.9 million (US$13.2 million), compared to a net loss of RMB52.7 million in the same period of 2023 [10][11]. - Cash, cash equivalents, and short-term investments as of June 30, 2024, were RMB96.9 million (US$13.3 million) [12].