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36Kr Holdings produces and distributes industry reports, market updates and other content about China’s technology and other emerging business sectors. That content attracts readers whom businesses want to reach. Advertisers pay 36Kr directly or through advertising agencies to place advertisements, including content produced for them by 36Kr. Charges are generally based on how long an advertisement runs or on each advertisement, and advertising supplies most revenue.
The company also earns project fees for tailored marketing, events and consulting. Its V-club subscriptions mainly serve institutional users, offering industry information and benefits such as branding opportunities and company referrals. These services contribute less revenue than advertising.
The business depends on content that keeps readers engaged and on customers continuing to spend on marketing. Most advertising contracts are short-term. A substantial share of revenue comes from one unnamed customer, making that relationship particularly important.
Chinese foreign-investment restrictions mean 36Kr relies on contracts rather than equity ownership to control Beijing Duoke, the Chinese operating entity that generates all its revenue. Its content may also require Internet news, audiovisual transmission or online publishing licenses. It currently lacks eligibility to apply for those licenses, and authorities could require affected content services to stop.
The risk section is the longest, dullest part of the filing. This keeps only what can really hurt you: where it hits, how hard, when it plays out.
Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
36Kr’s results hinge chiefly on Chinese advertising demand and New Economy business activity, with Sina and Tencent News also competing for advertising business.
Zhihu competes with 36Kr for brands’ online advertising budgets and users’ paid-content spending: both turn content audiences into advertising and subscription revenue. Watch Zhihu’s marketing-services revenue for advertising demand, but distinguish its paid memberships from 36Kr’s mainly institutional subscriptions.
Weibo competes with 36Kr for brand advertising bought by advertisers and agencies in China, separate from 36Kr’s use of Weibo to distribute content. Weibo’s advertising and marketing sales offer a read on the customer spending that also supports 36Kr’s online advertising revenue.
Baosheng Media Group competes directly with 36Kr to help Chinese advertisers plan campaigns and buy online ad placements, overlapping with 36Kr’s advertising-agency and integrated-marketing services. Watch Baosheng’s gross billings from e-commerce and online service platforms, its largest advertiser group in fiscal 2025, for spending in that customer segment.
Bilibili and 36Kr both earn money by selling advertisers access to their content audiences, so Chinese digital-advertising demand affects both despite their different audiences and revenue mixes. Watch advertising revenue at Bilibili’s youth-focused video community rather than total revenue, which also includes value-added services and mobile games.
Weibo Corporation earningsWB
Weibo’s advertising and marketing sales show whether Chinese advertisers and agencies are spending on brand ads that also support 36Kr’s online advertising business.
Watch whether Weibo’s advertising and marketing sales strengthen or weaken. Stronger sales suggest advertisers and agencies are supporting brand-ad budgets on Weibo, leaving a firmer pool of shared spending for 36Kr to compete for online ad orders; weaker sales suggest those budgets may be tightening and 36Kr’s advertisers may also become more cautious. The platforms have different audiences and revenue mixes, so this is a read on shared ad demand, not a substitute for 36Kr’s own results.
