36Kr Holdings Inc (KRKR) 2025 Q2 法說會逐字稿

Hello, ladies and gentlemen. Thank you for standing by for 36Kr Holdings Inc.'s 2025 first half earnings Conference Call. (Operator Instructions)

各位女士、先生，大家好。感謝您參加36氪控股有限公司2025年上半年業績電話會議。 （操作說明）

Today's conference call is being recorded. I will now turn the call over to your host, Xin Wang, IR Manager of the company. Please go ahead, Xin.

今天的電話會議正在錄音。現在我將把電話交給主持人，公司投資人關係經理王鑫。請王鑫發言。

Thank you very much. Hello, everyone, and welcome to 36Kr Holdings first half 2025 earnings conference call. The company's financial and operational results were released earlier today and they have been made available online. You can also view the earnings press release by visiting the IR section of our website at ir.36kr.com. Participants on today's call will include our Chairman and CEO, Mr. Dagang Feng; and our Chief Financial Officer, Mr. Xiang Li.

非常感謝。大家好，歡迎參加36氪控股2025年上半年業績電話會議。本公司財務及營運業績已於今日稍早發布，並已上線。您也可以造訪公司網站ir.36kr.com的投資者關係頁面查看業績新聞稿。本次電話會議的與會者包括董事長兼執行長馮大剛先生和財務長李翔先生。

Mr. Feng will start the call by providing an overview of the company and the performance highlights of the first half in Chinese, followed by an English interpretation. Mr. Li will then provide details on the company's financial results before opening the call for your questions. Before we continue, please note that today's discussion will contain forward-looking statements made under the safe harbor provisions of the US Private Securities Litigation Reform Act of 1995.

馮先生將先以中文概述公司狀況及上半年業績亮點，隨後提供英文同聲傳譯。李先生將詳細介紹公司財務業績，之後開放提問環節。在會議繼續之前，請注意，本次討論將包含根據1995年美國《私人證券訴訟改革法案》安全港條款作出的前瞻性陳述。

Forward-looking statements involve inherent risks and uncertainties. As such, the company's results may be materially different from the views expressed today. Further information regarding this and other risks and uncertainties is included in the company's perspective in other public filings as filed with the US SEC. The company does not assume any obligation to update any forward-looking statements, except as required under applicable law.

前瞻性陳述涉及固有風險和不確定性。因此，公司的實際業績可能與今日表達的觀點有重大差異。有關此項及其他風險和不確定性的更多信息，請參閱公司向美國證券交易委員會提交的其他公開文件中公司的觀點。除適用法律另有規定外，本公司不承擔更新任何前瞻性聲明的義務。

Please note that 36Kr's earnings press release and this conference call include discussions of unaudited GAAP financial measures as well as unaudited GAAP financial measures. 36Kr's earnings press release contains a reconciliation of the unaudited non-GAAP measures to the unaudited GAAP measures. And please note that all amount numbers are in RMB.

請注意，36氪的獲利新聞稿和本次電話會議均包含未經審計的GAAP財務指標以及非GAAP財務指標的討論。 36氪的獲利新聞稿包含未經審計的非GAAP指標與未經審計的GAAP指標的調節表。另請注意，所有金額均以人民幣為單位。

I will now turn the call over to our Chairman and CEO, Mr. Dagang Feng. Please go ahead.

現在我將把電話交給我們的董事長兼執行長馮大剛先生。請您發言。

(interpreted) Thank you. Hello, everyone. Thank you for joining our first half 2025 earnings conference call.

（翻譯）謝謝。大家好。感謝各位參加我們2025年上半年業績電話會議。

(interpreted) Over the past two years, we have consistently upgraded our organizational structure, optimize expenses and improved operating efficiency. In the first half of 2025, our gross profit increased by 10% year-over-year. Operating expenses decreased by more than RMB60 million from the same period last year, down 52% year-over-year. We narrowed our net loss by more than RMB90 million, an impressive 95% improvement year-over-year, while our cash results remained stable following the company's solid business operations.

（譯文）過去兩年，我們持續優化組織架構，優化費用，提升營運效率。 2025年上半年，毛利年增10%。營運費用較上年同期減少超過人民幣6,000萬元，年減52%。淨虧損減少超過人民幣9000萬元，年比顯著改善95%，同時，得益於公司穩健的業務運營，現金流保持穩定。

(interpreted) These operational achievements were largely driven by our ongoing efforts in content innovation, commercialization breakthroughs in technological applications which together optimize our organizational structure and improve the workforce efficiency. Let me walk you through our business progress in those three areas.

（譯文）這些營運成果主要得益於我們在內容創新和技術應用商業化突破方面的持續努力，這些努力共同優化了我們的組織結構並提高了員工效率。以下我將詳細介紹我們在這三個領域的業務進展。

(interpreted) First, content. We consistently fortified on our content ecosystem in 2025, leveraging our peerless content creation promise to steadily expand our influence. In terms of a content dissemination network, we expanded our footprint across diverse channels, crossing a comprehensive circulation metrics encompassing major new media platforms like Weibo, Xiaohongshu, Toutiao, Zhihu, Bilibili, Douyin, and Kuaishou among others.

首先是內容。 2025年，我們持續強化內容生態系統，憑藉我們無可匹敵的內容創作優勢，穩定擴大影響力。在內容傳播網路方面，我們拓展了多元化管道，涵蓋了包括微博、小紅書、今日頭條、知乎、嗶哩嗶哩、抖音、快手等在內的眾多主流新媒體平台，並製定了全面的傳播指標。

Broad channel exposure brings us wider overall dissemination and higher visibility for our premium content. Our consistent production of high-quality content also broadened in the diversified user demographics, further elevating user engagement and the stickiness. As of the first half of 2025, we had over 36.57 million followers marking 17 consecutive quarters of growth.

廣泛的管道曝光為我們帶來了更廣泛的傳播和更高的優質內容曝光。我們持續製作的高品質內容也拓展了用戶群體，進一步提升了用戶參與度和黏性。截至2025年上半年，我們的粉絲數已超過3,657萬，實現了連續17個季度的成長。

(interpreted) We explored a growing area of content format throughout the first half of 2025 including text with graphics, short- and long-form video, audio and a live streaming, enriching our content offering with a greater diversity of styles. For text and graphics, we continue to create a high-quality content on multiple fronts while maintaining our existing content metrics.

（譯文）在2025年上半年，我們探索了內容形式的新興領域，包括圖文結合、短視頻和長視頻、音頻以及直播，從而以更多樣化的風格豐富了我們的內容產品。在圖文方面，我們將繼續在多個領域創造高品質內容，同時維持現有的內容指標。

Leading our flagship channels, including 36Kr and the 36Kr Pro, we continuously broaden our reach in some verticals actively expanding high-quality content specific accounts like the emergence of intelligence, 36Kr auto, future consumption, 36Kr games, waves and 36Kr finance among others. This accounts enriched our metrics with both broad content coverage and deep expertise in specialized domains, providing users with invaluable insights into industry trends and the evolving business dynamics.

我們以旗艦頻道（包括 36Kr 和 36Kr Pro）為核心，持續拓展在部分垂直領域的覆蓋範圍，積極發展高品質內容相關的專業頻道，例如新興智慧、36Kr 汽車、未來消費、36Kr 遊戲、浪潮和 36Kr 金融等。這些頻道憑藉其廣泛的內容覆蓋和在專業領域的深厚專業知識，提升了我們的各項指標，為用戶提供了關於行業趨勢和不斷變化的商業動態的寶貴洞察。

At the same time, we continued to tailor content experiences for younger generations with our Youth and TIDE subvertical media channels. Greatly extending our content reach by successfully engaging younger audiences. At the start of 2025, we rolled out 36Kr industry future and all new content channel, spotlighting, urban innovation and the state-of-the-art technologies building our influence in the emerging industries.

同時，我們持續透過「青年」和「潮流」等垂直媒體管道，為年輕一代量身打造內容體驗，成功吸引年輕受眾，大幅拓展內容覆蓋率。 2025年初，我們推出「36Kr產業未來」全新內容頻道，聚焦城市創新與前沿科技，進一步提升我們在新興產業的影響力。

Within six months, we released over 60 -- more than 60 articles, including a notable feature on the innovative pharmaceutical sector in (technical difficulty), which garnered over 70,000 page views on our official WeChat accounts and more than 100,000 total exposures. To date, our accounts cover artificial intelligence, global expansion, advanced manufacturing, digitalization, dual carbon and ESG, hard core technology, consumer life science and much more comprising a thriving content ecosystem.

六個月內，我們發布了超過60篇文章，其中包括一篇關於創新醫藥領域的專題報道（技術難度較高），該報道在我們的官方微信公眾號上獲得了超過7萬次的頁面瀏覽量和超過10萬次的總曝光量。目前，我們的帳號涵蓋人工智慧、全球擴張、先進製造、數位化、雙碳與ESG、核心技術、消費生命科學等眾多領域，建構了一個蓬勃發展的內容生態系統。

In the first half of 2025 under 36Kr of visual accounts alone, the 339 of our articles achieved over 100,000 page views. Meanwhile, WAVES followers expanded by 44% year-over-year. (interpreted) In terms of a short video, our exceptional content creation capabilities earned us widespread visibility in the rate. Our video followers exceeded 9.52 million at the end of the first half of 2025.

2025年上半年，光是36,000克朗的視覺帳號，就有339篇文章的瀏覽量超過10萬。同時，WAVES的粉絲數量較去年同期成長44%。 （譯文）在短影片方面，我們卓越的內容創作能力為我們贏得了廣泛的關注。截至2025年上半年末，我們的影片粉絲數已超過952萬。

Our retail channels of followers surged by 69% year-over-year. Following the debut of 36Kr tech on Douyin in 2025, we released the blockbuster videos such as AI Confident and AI Creator. In addition, our video undercover multiple host live garnered over 10 million views on Xiaohongshu, Douyin, WeChat channels, (technical difficulty).

我們的零售通路粉絲年增69%。繼2025年36氪科技產品在抖音上線後，我們發布了《AI自信》和《AI創造者》等熱門影片。此外，我們的多主播直播臥底影片在小紅書、抖音、微信等平台（受技術原因影響）的播放量突破1000萬。

(interpreted) For live streaming, this year, we optimized our resources with a streamlined team in fully leveraged WeChat channels to cultivate an area of content-specific accounts, including the big deal global expansion, Golden Shovel and 36Kr CEO tips. We also unveiled AI Insider and episode targeting AI entrepreneurs and independent developers.

今年，我們在直播方面優化了資源配置，精簡了團隊，充分利用微信管道，打造了一系列內容專案帳號，包括全球大展、金鏟子和36氪CEO秘笈。此外，我們也推出了針對人工智慧創業家和獨立開發者的AI Insider和系列節目。

During this year's World Artificial Intelligence Conference in July, 36Kr served as a special supporting media partner, offering full spectrum content coverage and multidimensional reporting. Our super live streaming channel jointly initiated by WAIC Organizing Committee and 36Kr provided professional cutting-edge of high-quality live streaming content that brought together leading ones in AI, focusing on scenario and application-driven insights.

今年7月舉行的世界人工智慧大會（WAIC）期間，36氪作為特邀媒體合作夥伴，提供了全方位的內容覆蓋和多維度的報導。我們與WAIC組委會聯合推出的超級直播頻道，匯集了人工智慧領域的頂尖人物，呈現了專業前沿的高品質直播內容，重點是場景和應用驅動的洞察分析。

The live streaming -- the live stream combines for all conference reporting, expert panels, cutting-edge technology insights, future trend forecast and tech product groups, garnering 50.2 million total views while engaging 1.17 million viewers across the 36Kr live stream metrics. Moreover, at the appliance and electronics World Expo 2025 organized by the China Household Electrical Appliances Association, 36Kr launched its first robust themed exhibition, future plus in partnership with five robotics companies, showcasing the immense potential upside of embedded artificial intelligence in home appliances and home settings.

直播平台整合了所有會議報告、專家小組討論、前沿技術洞察、未來趨勢預測和科技產品板塊，在36氪直播平台上的總觀看量達到5020萬，互動觀眾人數達到117萬。此外，在由中國家用電器行業協會主辦的2025年家電及電子產品博覽會上，36氪攜手五家機器人公司，推出了首個大型主題展“未來+”，展示了嵌入式人工智慧在家用電器和家居環境中的巨大應用潛力。

With this exhibition, the 36Kr retail channels live stream grew 175,000 live views and 151,000 likes in a single session, while our Omni Channel live streaming garnered over 1.04 million views in total, racking up over 80 million views across diverse platforms.

透過此次展覽，36Kr 零售通路直播單場觀看量達到 17.5 萬，按讚量達到 15.1 萬；而我們的全通路直播總觀看量超過 104 萬，在各個平台上累計觀看量超過 8000 萬。

(interpreted) In terms of the event IP, we successfully hosted WAVES in the first half of 2025, co-hosted by HI Camp and Hangzhou Liangzhu New Town Management Committee. This year's WAVES centered on the new era for venture capital.

（譯文）在活動IP方面，我們於2025年上半年成功舉辦了WAVES，該活動由HI Camp和杭州良渚新城管委會聯合主辦。今年的WAVES聚焦於創投的新時代。

At both investor and entrepreneur sessions, founders of emerging companies, innovative young scientists and creators gathered with top-tier investors to discuss leading-edge topics, including AI breakthroughs, globalizations and value reassessment, sharing insights into their business aspirations and the perspectives on the future. This year's WAVES event amassed over 150 million views.

在投資者和創業者交流環節，新興公司的創辦人、富有創新精神的青年科學家和創造者與頂尖投資者齊聚一堂，探討人工智慧突破、全球化和價值重塑等前沿話題，分享他們對商業願景和未來展望的真知灼見。今年的WAVES活動累計觀看量超過1.5億次。

In addition, on April 18, 2025, 36Kr hosted the 2025 AI Partner Summit at Modu Space Shanghai. Under the theme, here comes the Super App, the event highlighted the disruptive impact of AI super applications across diverse industries, delving into how AI innovations are redefining business logic and reshaping industry landscapes and exploring AI super apps limitless possibilities.

此外，2025年4月18日，36氪在上海摩都空間舉辦了2025 AI合作夥伴高峰會。本次高峰會以「超級應用時代來臨」為主題，重點探討了AI超級應用在各行各業的顛覆性影響，深入分析了AI創新如何重塑商業邏輯、重塑行業格局，並探索了AI超級應用的無限可能。

We invited executives from AMD, Baidu, Qihoo, Qualcomm, Goofish, Dahua Technology, TAL Education, Chu Wang group, and The Best Brand to explore trending topics such as industry AI adoption, AI computing power, AI search, AI-powered imaging and breakthroughs in AI education. Our 2024 AI Partner Summit garnered over 130 million views.

我們邀請了來自AMD、百度、奇虎、高通、Goofish、大華科技、好未來教育、楚望集團和The Best Brand等公司的高管，共同探討行業AI應用、AI算力、AI搜尋、AI成像以及AI教育突破等熱門話題。我們的2024 AI合作夥伴高峰會獲得了超過1.3億次的觀看量。

(interpreted) Next, commercialization. In the first half of 2025, our deep expertise in innovation in content and IP sparked continuous commercialization breakthroughs, including client structure optimization, stronger commercialization of subvertical media channels for younger audiences, new momentum in live streaming and video revenue and meaningful progress in industrial service commercialization.

（譯文）接下來是商業化。 2025年上半年，我們在內容和智慧財產權創新方面的深厚專業知識推動了商業化的持續突破，包括客戶結構優化、面向年輕受眾的垂直細分媒體管道的商業化力度加​​大、直播和視頻收入取得新勢頭以及產業服務商業化取得實質性進展。

(interpreted) In terms of client structure optimization, our enriched content ecosystem and diverse content distribution channels empowered us to consistently expand our portfolio of services and products, consistently enhancing our commercialization capabilities. Within our -- within our internet client portfolio, the AI and the large language model segments continue to gain momentum, driving an increasing share of revenue.

（譯文）在客戶結構優化方面，我們豐富的內容生態系統和多元化的內容分發管道使我們能夠不斷擴展服務和產品組合，持續提升商業化能力。在我們的網路客戶組合中，人工智慧和大型語言模式領域持續成長，營收佔比不斷提高。

Revenue directly generated by our internet clients increased by 52% year-over-year. Revenue from the FMCG segment grew by 27% year-over-year as multiple brand clients acquired last year repurchased our offerings in the first half of 2025.

來自網路客戶直接產生的營收年增 52%。快速消費品 (FMCG) 業務的收入年增 27%，因為去年收購的多個品牌客戶在 2025 年上半年重新購買了我們的產品。

(interpreted) Regarding the commercialization of the subvertical media channels for younger audiences, revenue from these channels like (technical difficulty) and TIDE increased by 30% year-over-year, with brand clients spending doubling year-over-year, up an impressive 1% to 2%, reflecting sustained brand recognition of our 2C content.

（翻譯）關於面向年輕受眾的子垂直媒體管道的商業化，來自（技術難題）和 TIDE 等管道的收入同比增長 30%，品牌客戶的支出同比增長一倍，增幅高達 1% 至 2%，這反映出我們的 2C 內容持續獲得品牌認可。

(interpreted) As for live streaming and video commercialization, leveraging major technology exhibitions in 2025, including AWE and WAIC, we stepped up our development of live streaming offerings tailored for event coverage. To address diverse market needs, we launched a low ARPU product line, effectively complementing our existing high ARPU premium commercialization content offerings.

（譯文）關於直播和視訊商業化，我們利用2025年包括AWE和WAIC在內的大型技術展會，加大了針對展會報道的直播產品的開發力度。為了滿足多元化的市場需求，我們推出了低ARPU值的產品線，有效補充了我們現有的高ARPU值高品質商業化內容產品。

This expanded the appeal of our video and live streaming offerings to more clients, particularly early-stage start-ups, enabling them to reach more potential users. Furthermore, thanks to our sustained efforts in the global expansion segment in the live streaming content innovation, we achieved a breakthrough with Canton Fair clients, forging important commercial partnerships in earning high recognition from the organizers with our live streaming content.

這擴大了我們視訊和直播產品的吸引力，使其惠及更多客戶，尤其是早期創業公司，幫助他們接觸更多潛在用戶。此外，由於我們持續在全球直播內容創新領域拓展業務，我們在廣交會客戶方面取得了突破性進展，透過直播內容贏得了主辦方的高度認可，並建立了重要的商業合作關係。

Looking ahead, we will continue to explore a new live stream formats and scenarios, delighting both our users and clients with richer content scenarios in a more diverse service model. (interpreted) Regarding industrial service commercialization, global expansion is a core priority within this segment. At the beginning of 2025, 36Kr signed an agreement to enter a strategic partnership with Hangzhou Tiantang New Era Construction and the Investment Group Company for the Chinese Enterprise International Service Center operations project.

展望未來，我們將繼續探索新的直播形式和場景，以更豐富的內容和更多元化的服務模式，為使用者和客戶帶來更優質的體驗。 （譯文）在產業服務商業化方面，全球擴張是該領域的核心重點。 2025年初，36氪與杭州天塘新時代建設有限公司及投資集團公司簽署協議，就中國企業國際服務中心營運項目建立策略夥伴關係。

This collaboration will leverage our expertise in organizational operations in online content distribution as well as our vast network of global expansion resources to support Tiantang area to be in building a unique service ecosystem and operational framework for corporate global expansion. This initiative aims to create a powerful brand for Tiantang new era, amplifying its international influence and its ability to empower Chinese enterprises to go global.

此次合作將充分利用我們在線上內容分發領域的組織營運專長以及龐大的全球拓展資源網絡，協助天塘地區建構獨特的企業全球拓展服務生態系統和營運架構。此舉旨在為天塘新時代打造強大的品牌，提升其國際影響力，並增強其賦能中國企業走向全球的能力。

In the first half of 2025, we hosted a total of 11 events on global expansion, continuously supporting our clients' global ambitions. Furthermore, building on the growing influence of the 36Kr industry future, we focused on key sectors driving urban industrial transformation and the future industry development, including low altitude economy, commercial aerospace, advanced manufacturing and new energy and materials.

2025年上半年，我們共舉辦了11場全球拓展活動，持續支持客戶的全球發展目標。此外，基於36Kr產業未來日益增長的影響力，我們重點關注推動城市產業轉型和未來產業發展的關鍵領域，包括低空經濟、商用航空航太、先進製造以及新能源和新材料。

This initiative attracted more than 200 upstream and downstream industry projects in the government entities, fostering deep collaborations in the commercial partnerships. (interpreted) Beyond these advancements across content and commercialization, we continue to expand the boundaries in 2025, consistently driving cutting-edge EDI applications to further optimize content production and commercialization efficiency.

這項措施吸引了政府機構中200多個上下游產業項目，促進了商業夥伴關係的深入合作。 （譯文）除了在內容和商業化方面取得的這些進展之外，我們將繼續在2025年拓展邊界，持續推動前沿的EDI應用，以進一步優化內容製作和商業化效率。

(interpreted) On the content side, we provided an intensive coverage of China's AI ecosystem in 2025. At the beginning of 2025, 36Kr made headlines at home and abroad as only tech media outlets worldwide to have exclusively interviewed DeepSeek's founder twice. This inspired the launch of our disruptors program in the first quarter, leveraging our deep roots and expertise in venture-focused media.

（譯文）在內容方面，我們對2025年中國的AI生態系進行了深入通報。 2025年初，36氪成為全球唯一兩次獨家專訪DeepSeek創辦人的科技媒體，這項消息在國內外引起廣泛關注。這促使我們在第一季推出了“顛覆者計畫”，充分利用我們在創投媒體領域的深厚根基和專業知識。

We crafted a practical communication road map for Chinese tech companies advancing towards brand globalization. In addition to our context -- in addition to our text and a graphic account, the emergence of intelligence, we launched video channels such as AI Map and 36Kr tech in 2025, delighting users with multiple blockbuster videos.

我們為正在邁向品牌全球化的中國科技公司量身打造了一套實際的傳播路線圖。除了文字和圖文介紹之外，我們還推出了「AI地圖」和「36氪科技2025」等影片頻道，以多部精彩影片為用戶帶來愉悅的觀看體驗。

Furthermore, along with the launch of our new live streaming series, AI Insider, we hosted multiple live streaming sessions around major events such as WAIC, joining strong engagement and recognition from within the industry and beyond. (interpreted) In addition to AI-focused content, we have actively integrated AI technology in our content ecosystem to enhance efficiency company-wide.

此外，隨著我們全新直播系列節目「AI Insider」的推出，我們也圍繞著WAIC等重大活動舉辦了多場直播活動，獲得了業內人士及其他人士的廣泛關注和認可。 （譯文）除了專注於人工智慧的內容外，我們還積極將人工智慧技術融入我們的內容生態系統中，以提升公司整體效率。

Our AI meeting corporate product launched in the second half of 2024, leverages large-scale AI model technologies in AI algorithm to produce AI-powered interviews and generate content. The underlying system incorporates multiple developers of large AI models such as Doubao and Tongyi Tianwen. Among others, we also integrated the DeepSeek in March 2025.

我們的AI會議企業產品將於2024年下半年推出，該產品利用大規模AI模型技術和AI演算法，產生AI驅動的訪談和內容。其底層系統整合了包括豆寶、同一天問等在內的多家大型AI模型開發商的技術。此外，我們也在2025年3月整合了DeepSeek等技術。

To date, AI meeting coverage has covered 993 companies, highlighting their latest initiatives in fundraising ventures. AI meeting coverage has meaningfully improved our content team's efficiency, substantially easing previous manpower limitations and enhancing our coverage of start-ups. (interpreted) In addition, we launched the 36Kr corporate Omni intelligence in October 2024, targeting investors in the secondary market by providing AI-powered daily sentiment analysis reports for public companies.

截至目前，AI會議報告已涵蓋993家公司，重點介紹了它們在融資領域的最新舉措。 AI會議通報顯著提升了我們內容團隊的工作效率，大幅緩解了以往的人力限制，並增強了我們對新創企業的報道。此外，我們於2024年10月推出了36氪的企業全方位情報服務，針對二級市場投資者，提供基於AI的上市公司每日情緒分析報告。

The service currently covers over 7,800 public companies listed in Mainland China and Hong Kong. Users can search, filter and subscribe to reports on their preferred companies, receiving daily analysis in a personalized content format. The product's underlying sentiment data is a collaboration between 36Kr and Soften, a fully owned subsidiary of Beyondsoft.

該服務目前涵蓋超過7800家在中國大陸和香港上市的公眾公司。用戶可以搜尋、篩選並訂閱其關注公司的報告，每日接收個人化分析內容。該產品的底層情緒資料由36氪與Beyondsoft的全資子公司Soften合作提供。

Having nurtured a community of several hundred core users, currently, we have a cumulative user base of 25,000, including 4,220 subscribers. (interpreted) In the first half of 2025, as Doubao's exclusive technology and finance media partner, we launched the Doubao AI agent. Since its launch, we have achieved a consistent 10% weekly increase in user interactions.

我們已成功培育了數百名核心用戶，目前累計用戶達2.5萬人，其中包括4,220名付費用戶。 （譯文）2025年上半年，身為豆寶獨家科技財經媒體合作夥伴，我們推出了豆寶AI助理。自上線以來，用戶互動量每週持續成長10%。

Furthermore, we plan to roll out user review and discovery platform for AI tools in the second half of the year, integrating AI product guidance, real user reviews and community engagement. This platform will assist both individuals and the businesses in identifying the ideal AI tools, all while facilitating user experience sharing.

此外，我們計劃在今年下半年推出人工智慧工具的使用者評價和發現平台，該平台將整合人工智慧產品指導、真實用戶評價和社群互動功能。該平台將幫助個人和企業找到理想的人工智慧工具，同時促進用戶體驗分享。

(interpreted) Our advancement of AI products and tools further underscores the 36Kr's foresight acumen and outstanding execution capabilities in AI, leveraging the inherent synergies between AIGC technology and the content production industry, we maximized AIGC technology utilization in our content production activities this year, including information identification, text processing and image generation.

（譯文）我們在人工智慧產品和工具方面的進步，進一步凸顯了36氪在人工智慧領域的遠見卓識和卓越執行能力。我們充分利用人工智慧生成內容（AIGC）技術與內容製作產業之間固有的協同效應，今年在內容製作活動中最大限度地利用了人工智慧生成內容技術，包括資訊辨識、文字處理和圖像生成。

Moreover, we continue to broaden our business scope by actively promoting AI applications across diverse business scenarios. By introducing diverse AI products, we enhanced the coverage in the precision as of our customer outreach initiatives, connecting with a diverse spectrum of enterprises and organizations previously beyond reach due to the bandwidth and manpower limitations and turning them into clients.

此外，我們持續拓展業務範圍，積極在各種商業場景中推廣人工智慧應用。透過推出多元化的人工智慧產品，我們提高了客戶拓展活動的覆蓋範圍和精準度，與以往因資源和人力限製而難以觸及的各類企業和機構建立了聯繫，並最終將其轉化為客戶。

(interpreted) In summary, 36Kr comprehensively improved its operating efficiency throughout 2025, thanks to our peerless content creation prowess, robust IP assets, deeply engaged users and the commercialization breakthroughs. Looking ahead to the second half of 2025, we will continue to hone our competitive edge in content creation, broaden the reach of our products and the service offerings and further harness AI technology to empower high-quality development among new economy stakeholders.

綜上所述，憑藉卓越的內容創作能力、強大的智慧財產權資產、高度活躍的用戶群以及商業化方面的突破，36氪在2025年全面提升了營運效率。展望2025年下半年，我們將持續鞏固內容創作方面的競爭優勢，拓展產品與服務覆蓋率，並進一步運用人工智慧技術賦能新經濟各利害關係人的高品質發展。

With that, I will now turn the call over to our CFO, Mr. Xiang Li, who will discuss our key financial results. Please go ahead, Xiang.

接下來，我將把電話交給我們的財務長李翔先生，他將介紹我們的主要財務表現。李翔，請開始。

Thank you for joining today's presentation. We will now review the first half of 2025 financial performance. Please note that all amounts are in RMB unless otherwise stated. Total revenue were RMB93.2 million in the first half of 2025 compared to RMB102.4 million in the same period last year. Online advertising services revenue was RMB74.5 million in the first half of 2025 compared to RMB80.4 million in the same period last year.

感謝您參加今天的報告會。接下來，我們將回顧2025年上半年的財務表現。請注意，除非另有說明，所有金額均以人民幣計。 2025年上半年總收入為人民幣9,320萬元，去年同期為人民幣1.024億元。 2025年上半年線上廣告服務收入為人民幣7,450萬元，去年同期為人民幣8,040萬元。

The decrease was primarily due to the advertisers adjusting their advertising and promotion strategies in response to macro pressures and to a lesser extent for ongoing optimization of our customer structure to control credit risk, which lead to decreased revenue scope. Enterprise value-added services revenue were RMB12.2 million in the first half of 2025 compared to RMB13.4 million in the same period last year.

收入下降的主要原因是廣告商為應對宏觀經濟壓力而調整了廣告和促銷策略，其次是我們持續優化客戶結構以控制信用風險，這些因素共同導致了收入規模的縮小。 2025年上半年企業增值服務收入為人民幣1,220萬元，去年同期為人民幣1,340萬元。

The decrease was primarily due to our proactive and ongoing refinement of service offering to strategically focus on margin improvement. Subscription services revenue were 6.4 million in the first half of 2025 compared to RMB8.6 million in the same period last year. The decrease was primarily due to the change in our training services business model.

收入下降的主要原因是我們積極主動地持續優化服務產品，以策略性地提升利潤率。 2025年上半年訂閱服務收入為640萬元人民幣，去年同期為860萬元。收入下降的主要原因是我們培訓服務業務模式的調整。

Cost of revenue decreased by 25% to RMB42.5 million from RMB56.9 million in the same period of 2024 as a result of the company's strict cost control measures. Gross margin increased by 11% to RMB50.7 million from RMB45.5 million in the same period of 2024. Gross profit margin was 54.4% in the first half of 2025, representing an increase of 10% from 44.4% in the same period of 2024.

由於公司採取了嚴格的成本控制措施，營業成本較2024年同期下降25%至人民幣4,250萬元，而2024年同期為人民幣5,690萬元。毛利較2024年同期成長11%至人民幣5,070萬元，而2024年同期為人民幣4,550萬元。 2025年上半年毛利率為54.4%，較2024年同期的44.4%成長10%。

The increase in gross margin were primarily driven by savings in payroll-related costs following the strategic workforce optimization. Operating expenses decreased by 52.3% to RMB55.9 million from RMB117 million in the same period of 2024. The decrease was primarily attributable to strategic cost management actions, including target workforce reductions and streamlined noncore spending.

毛利率的成長主要得益於策略性人員優化後薪資相關成本的節省。營業費用較2024年同期下降52.3%至人民幣5,590萬元，而2024年同期為人民幣1.17億元。這項降幅主要歸功於策略性成本管理措施，包括有針對性地裁員和精簡非核心支出。

Sales and marketing expenses were RMB29.4 million in the first half of 2025, a decrease of 35.1% from RMB45.4 million in the same period last year. The decrease was primarily attributable to the decrease in payroll-related expenses, rental expenses, marketing and promotion expenses and travel and entertainment expenses.

2025年上半年銷售及市場推廣費用為人民幣2,940萬元，較上年同期人民幣4,540萬元下降35.1%。下降的主要原因是工資相關費用、租金費用、市場推廣費用以及差旅招待費用均有所減少。

General and admin expenses were RMB20 million in the first half of 2025, a decrease of 68.2% from RMB52.8 million in the same period last year. The decrease was primarily attributable to the decrease in the allowance for doubtful accounts payroll-related expenses. Research and development expenses were RMB6.4 million in the first half of 2025, a decrease of 27.1% from RMB8.8 million in the same period last year.

2025年上半年，一般及行政費用為人民幣2,000萬元，較上年同期的人民幣5,280萬元下降68.2%。下降的主要原因是壞帳準備金（與薪資相關的費用）減少。 2025年上半年，研發費用為人民幣640萬元，較上年同期的人民幣880萬元下降27.1%。

The decrease was primarily due to the decrease in average compensation level for our research and development personnel as we restructured our R&D team. Share-based compensation expenses recognized in cost of revenue, sales and marketing expenses, research and development expenses as well as general and admin expenses totaled RMB90,000 in the first half of 2025 compared to RMB50,000 in the same period last year.

下降的主要原因是研發團隊重組後，研發人員的平均薪資水準降低。 2025年上半年，計入營業成本、銷售及市場推廣費用、研發費用以及一般及行政費用的股權激勵費用總計為人民幣9萬元，而去年同期為人民幣5萬元。

Other income was RMB0.4 million in the first half of 2025 compared to RMB24.3 million of other expenses in the same period last year. The change was mainly due to the decrease in long-term investment loss. Income tax credit was RMB4,000 in the first half of 2025 compared to RMB70,000 of income tax expenses in the same period last year.

2025年上半年其他收入為人民幣40萬元，而去年同期其他支出為人民幣2,430萬元。此變化主要由於長期投資損失減少所致。 2025年上半年所得稅抵免為人民幣4,000元，而去年同期所得稅支出為人民幣7萬元。

Net loss was RMB4.8 million in the first half of 2025 compared to net loss of RMB95.9 million in the same period last year. Non-GAAP adjusted net loss were RMB4.7 million in the first half of 2025 compared to non-GAAP adjusted net loss of RMB95.9 million in the same period last year. Net loss attributable to 36Kr Holdings Inc.'s ordinary shareholders was RMB5 million in the first half of 2025 compared to net loss attributable to 36Kr Holdings Inc.'s ordinary shareholders of RMB94.4 million in the same period last year.

2025年上半年淨虧損為人民幣480萬元，去年同期淨虧損為人民幣9,590萬元。經非美國通用會計準則調整後，2025年上半年淨虧損為人民幣470萬元，去年同期經非美國通用會計準則調整後淨虧損為人民幣9,590萬元。 2025年上半年歸屬於36氪控股有限公司普通股股東的淨虧損為人民幣500萬元，而去年同期歸屬於36氪控股有限公司普通股股東的淨虧損為人民幣9440萬元。

Basic and diluted net loss per ADS were both RMB2.307 in the first half of 2025 compared to RMB44.859 in the same period last year. As of June 30, 2025, the company had cash, cash equivalents and short-term investments of RMB75.1 million.

2025年上半年，公司每股美國存託憑證（ADS）基本及攤薄淨虧損均為人民幣2.307元，而去年同期為人民幣44.859元。截至2025年6月30日，本公司持有現金、現金等價物及短期投資人民幣7,510萬元。

Well, this concludes all our prepared remarks today. We will now open the call to questions. Operator, please go ahead.

好了，我們今天的發言就到此為止。現在開始接受提問。接線員，請開始。

Yong Zhang, SWS Research.

張勇，SWS 研究公司。

(interpreted) We noted that the company's financial performance has achieved a significant improvement in the first half of 2025. And I would like to ask, firstly, how did the company achieve this financial turnaround? And secondly, what's the company's full year financial outlook for 2025?

（譯文）我們注意到，該公司2025年上半年的財務表現取得了顯著改善。我想請問，首先，該公司是如何實現這項財務好轉的？其次，該公司對2025年全年的財務前景有何展望？

(interpreted) First of all -- first off, through sustained operational efforts over the past two years, we have implemented a series of cost reduction and efficiency boosting measures. This include relocating to an office building with lower rent cost, streamlined our tech and R&D teams, adjusting unprofitable businesses, improving workforce efficiency in core operations and upgrading our organizational structure.

首先，在過去兩年中，我們透過持續的營運努力，實施了一系列降低成本和提高效率的措施。這些措施包括搬遷到租金更低的辦公大樓、精簡技術和研發團隊、調整不盈利的業務、提高核心業務的員工效率以及升級組織架構。

As a result, operating expenses decreased by more than RMB60 million year-over-year, and net loss was narrowed by more than RMB90 million. (interpreted) While second, our gross profit margin rebounded to over 50% in the first half of this year. This was primarily driven by adjustments to our customers and businesses, coupled with stricter cost controls.

因此，營運費用年減超過人民幣6,000萬元，淨虧損收窄超過人民幣9,000萬元。 （譯文）其次，今年上半年毛利率回升至50%以上。這主要得益於對客戶和業務的調整，以及更嚴格的成本控制。

Over the past six months, we optimized our product portfolio and client structure. Additionally, we implemented more rigorous project approval standards internally to enhance cost management. (interpreted) Well, for the first half of this year, the company will continue to improve its content creation capabilities and optimize our product metrics, focusing on achieving profitability, and we predict that we will have profits at the end of 2025. That all answer for this question.

過去六個月，我們優化了產品組合和客戶結構。此外，我們還在內部實施了更嚴格的專案審批標準，以加強成本控制。 （譯文）今年上半年，公司將持續提升內容創作能力，優化產品指標，專注於實現盈利，並預計到2025年底將實現盈利。以上就是這個問題的全部答案。

Rui Yin, Sealand Securities.

瑞銀，西蘭證券。

(interpreted) Well, thank you for your question, and I will interpret it for you. Well, there are two questions. The first question is, could management share the future plan for your new initiative of industrial service business?

（翻譯）好的，謝謝你的提問，我會為你翻譯。這裡有兩個問題。第一個問題是，管理階層能否分享一下貴公司新推出的工業服務業務的未來規劃？

(interpreted) Well, first off, we have already hosted and will continue to host many of our IP events in 2025. We have a series of events scheduled for the second half of the year, including (technical difficulty), the AI Partner Conference for all industries, the industrial future conference and more. Beyond this IP summit in 2025, we also restructured our content layout business strategy and organizational structure for the industrial service business.

（翻譯）首先，我們已經舉辦了多場與知識產權相關的活動，並將在2025年繼續舉辦。我們已安排了一系列活動在下半年舉行，包括（技術故障）、面向各行業的AI合作夥伴大會、工業未來大會等等。除了2025年的智慧財產權高峰會之外，我們也調整了工業服務業務的內容佈局業務策略和組織架構。

While these adjustments are beginning to yield positive outcomes, 36Kr industry future, our new -- all new content channels spotlighting urban innovation, our state-of-the-art technologies and our reach across emerging industries have published over 60 articles within the past six-months. While a lot of the articles of 36Kr industry future garnered and unmatched a lot of page views on our official WeChat accounts.

儘管這些調整已開始取得積極成效，但我們全新的內容管道——聚焦城市創新、尖端技術以及新興產業的「36氪產業未來」——在過去六個月中已發布了60多篇文章。其中，「36氪產業未來」的許多文章在我們的官方微信公眾號上獲得了極高的瀏覽量。

While leveraging our content influence, we have connected with over 200 upstream and downstream companies in the local government. (interpreted) Moreover, we will continue to expand our overseas ventures, sustaining our strong globalization momentum from 2024. In addition to Southeast Asia, Japan, the Middle East and Europe.

憑藉內容影響力，我們與當地政府的200多家上下游企業建立了聯繫。 （譯文）此外，我們將持續拓展海外業務，從2024年起維持強勁的全球化勢頭，目標市場包括東南亞、日本、中東和歐洲。

We will further strengthen our global network and collaborate with the China Council for the promotion of International Trade Beijing Subcouncil to tap into additional resources from Beijing-based service providers specializing in global expansion-related solutions and identify enterprises seeking global expansion.

我們將進一步加強全球網絡，並與中國國際貿易促進委員會北京分會合作，利用北京地區專門從事全球擴張相關解決方案的服務提供者的更多資源，並尋找尋求全球擴張的企業。

At the beginning of this year, we made our first foray into operating a local government's global expansion service center in our capacity as a media entity, partnering with Hangzhou Tiantang New Era Construction and Investment Group company on the Chinese Enterprise International Service Center Operations project. In the first half of 2025, we hosted a total of 11 events on global expansion.

今年年初，我們首次以媒體機構的身份涉足地方政府全球拓展服務中心的運營，與杭州天塘新時代建設投資集團公司合作開展了中國企業國際服務中心運營項目。 2025年上半年，我們共舉辦了11場全球拓展相關活動。

(interpreted) As our business adjustments are implemented in the second half of the year, our industrial services had 4 new commercial opportunities with optimized offerings that are more sustained and profitable. Well, the second question from Sealand in Ray is, how does the company position itself in generative AI across content and product offerings?

（譯文）隨著我們在下半年實施業務調整，我們的工業服務部門獲得了4個新的商業機會，並推出了更優化、更可持續且更盈利的產品和服務。那麼，Sealand在Ray提出的第二個問題是：公司如何在內容和產品方面，在生成式人工智慧領域進行定位？

(interpreted) Before DeepSeek gained widespread attention, we were the only tech media outlet worldwide to have exclusively interviewed DeepSeek founder Liang Wenfeng twice. Building our existing influence in the AI field in 2025 on the content side, we launched 36Kr tech on Douyin and our new live streaming series, AI Insider as a supplement to our graphic and text content.

（譯文）在DeepSeek獲得廣泛關注之前，我們是全球唯一一家兩次獨家專訪DeepSeek創辦人梁文峰的科技媒體。為了進一步鞏固我們在人工智慧領域的現有影響力，我們在2025年於抖音平台推出了36氪科技頻道，並推出了全新的直播系列節目《AI Insider》，作為我們圖文內容的補充。

This initiative delivered multiple blockbuster videos shortly after the debut. In the second half of 2025, we will also launch the future human laboratory graphic account to document ordinary people's real-world interactions with AI and exploring their experiences and the challenges using AI tools. (interpreted) As I just mentioned, we've made good progress this year on several AI products.

這項計畫推出後不久便發布了多部熱門影片。 2025年下半年，我們也將推出「未來人類實驗室」圖文帳號，記錄一般人在現實世界中與人工智慧的互動，探索他們在使用人工智慧工具時的體驗和挑戰。 （譯文）正如我剛才所提到的，今年我們在多個人工智慧產品方面取得了顯著進展。

To date, AI meeting coverage has covered nearly 1,000 companies, highlighting their latest initiatives in fundraising ventures. 36Kr corporate Omni Intelligence currently covers over 7,800 public companies listed in Mainland China and Hong Kong with a cumulative user base of 25,000, including 4,220 subscribers.

截至目前，AI會議通報已涵蓋近1,000家公司，重點介紹其最新的融資舉措。 36氪企業全民情報平台目前覆蓋超過7,800家在中國內地和香港上市的公眾公司，累計用戶達2.5萬人，其中付費用戶4,220人。

In the first half of 2025, as Doubao's exclusive technology and finance media partner, we launched our Doubao AI agent. achieving a consistent 10% weekly increase in user interaction following this launch. Well, furthermore, we plan to roll out a user review and discovery platform for AI tools in the second half of this year, integrating AI product guidance, real user reviews in the community space for experiencing sharing.

2025年上半年，身為豆寶獨家科技財經媒體合作夥伴，我們推出了豆寶AI助手，上線後用戶互動量每週持續成長10%。此外，我們計劃於今年下半年推出AI工具使用者評價及發現平台，整合AI產品指導與真實使用者評價，在社群空間分享體驗。

This platform will assist both individuals and businesses in identifying the ideal AI tools for their needs. (interpreted) While in 2025, we will continue to develop our AI content ecosystem, maintaining our edge in covering the latest AI trains in consistently delighting users with premium content associated with AIGC technology.

該平台將協助個人和企業找到最適合自身需求的AI工具。 （譯文）同時，在2025年，我們將繼續發展我們的AI內容生態系統，維持我們在報道最新AI技術方面的優勢，並持續為使用者提供與AIGC技術相關的優質內容。

We will also further integrate AIGC technology with content production to unlock new avenues for success. Well, that's all answer for your two questions. Thank you for your question.

我們也將進一步把AIGC技術與內容製作結合，以開闢新的成功途徑。好了，以上就是您兩個問題的答案。謝謝您的提問。

As there are no further questions, I'd now like to turn the call back over to the company for closing remarks.

由於沒有其他問題，我現在想把電話轉回給公司，請他們作總結發言。

Yes, please say the closing remarks.

是的，請您作總結發言。

This concludes the conference call. You may now disconnect your lines. Thank you.

電話會議到此結束。您可以掛斷電話了。謝謝。

Statements in English on this transcript were spoken by an interpreter present on the live call. The interpreter was provided by the company sponsoring this event.

本記錄稿中的英文發言均由現場通話的翻譯人員提供。該翻譯人員由本次活動的贊助公司提供。