36Kr Holdings Inc. American Depositary Shares 2026 H1 Earnings Call

Please go ahead. Thank you very much.

Hello everyone, and welcome to 36Kr Holdings first-half 2026 earning conference call. The company's financial and operational results were released earlier today and have been made available online. You can also read the earning press release by visiting the IR section of our website, 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. Mr. Feng will start the call by providing an overview of company's and the performance highlights of first half in Chinese, followed by English interpretations. 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 U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements involve inherent risks and uncertainties.

As such, the company results may be materially different from the views expressed today. Further information regarding those and the other risks and uncertainties is included in company's prospectuses and other public filing ourselves with the U.S. SEC. The company does not assume any obligation to update any forward-looking statement, except as required under the applicable law. Please note that 36Kr's earning press release and this conference call includes discussion of unaudited GAAP financial measures as well as unaudited non-GAAP financial measures. 36Kr earning press release contain reconciliations of unaudited non-GAAP measures to the unaudited GAAP measures. Please note that all amount numbers are in RMB. I will now turn the call over to our Chairman and CEO, Mr. Dagang Feng. Dagang, please go ahead. Thank you.

Hello, everyone. Thank you for joining 36Kr first-half 2026 earning conference call. In the first half of 2026, in the continued macroeconomic uncertainty, the company sustained its profitability trend and maintained solid results across all operating metrics. The key takeaway from this period's results is that our profitability is not a product of short-term financial adjustment, but sustainable commercial value built on the interplay of three strengths: content influence, industrial service capabilities, and technological application prowess. Total revenue was RMB 124 million in the first half of 2026, up 33.7% year-over-year. Gross profit was RMB 82.68 million, up 33.1% year-over-year, with a gross profit margin of 66.4%. Net income was RMB 15.37 million, while cash reserve continued to increase, providing ample liquidity to support ongoing operations and strategic investments.

Those operating results stem from our longstanding strategy of being the picks and the solver player in the technology industry. Rather than going all in on a single technology or industry cycle, we draw our sharp insight into technology and innovation trends. Backed by years of expertise and robust assets.

To consistently capitalize on opportunities unlocked by successive waves of industry transformations, from artificial intelligence and embodied intelligence to emerging industries such as nuclear fusion, quantum computing, and brain-computer interfaces. Whatever the next wave of technological innovation emerges, 36Kr leverages its visionary content layout and commercial service capabilities to engage with the business, capital, technology, and local industrial stakeholders across the value chain. The 36Kr Industry Future Initiative is a primary example of this capability. By consistently providing forward-looking insights into the latest technology trends, we strengthen the competitive barriers around our content ecosystem, enhance our operating reliance across technology cycles, and deliver long-term sustainable growth in the commercial value in the waves of technological evolution.

以下我想从内容生态、产业服务、技术与产品三个维度跟各位同步本期主要经营重点。 Let's take a closer look at our major business progress for the period in the three areas: content ecosystem, commercialization and industrial service, technology and product.

2026年，我们依然在夯实内容生态的建设，保持住了36氪在中国新经济与科技创新领域的内容影响力。我们持续推进全网分发布局，通过微博、小红书、头条、知乎、B站、抖音、快手等新媒体分发渠道，实现对优质内容的全面分发覆盖，帮助优质内容获得更广泛的曝光和传播。截至2026年6月底，36氪全网粉丝数量达到3,652万。 First, content ecosystem. We consistently strengthened our content ecosystem during the period, maintaining 36Kr's content influence across China's new economy and technology innovation sectors.

We continue to expand our footprint across various channels, crafting a comprehensive circulation matrix encompassing major new media platforms like Weibo, Xiaohongshu, Toutiao, Zhihu, Bilibili, Douyin, and Kuaishou, among others. Both channel exposure brought us wider overall distribution and higher visibility of our premium content. At the end of June 2026, we had approximately 36.52 million followers.

同时我们也紧贴时代脉络，坚持提升内容质量，持续输出高质量内容。在保持36氪、36氪Pro等旗舰型矩阵号的影响力基础上，智能涌现定位于人工智能产业报道，内容覆盖字节跳动、Seed团队、DeepSeek、腾讯混元、阿里通义千问等主要AI企业的最新动态。该账号采用独家信息获取加深度访谈的内容模式，在AI产业报道领域已经形成较好的行业影响力。硬核KR聚焦矩阵智能产业链报道，采用融资首发加创始人深度访谈的差异化内容模式。粉丝增幅约27%。报道范围涵盖大脑芯片、触觉传感器、本体制造及端侧算力等产业链关键环节。其中硬核KR对话栏目通过创始人技术路线选择的深度问答，在硬科技产业报道领域形成了差异化内容壁垒。其他优质垂类内容号，36氪汽车、未来消费、36氪游戏、暗涌Waves、36氪财经、36氪未来产业也在不断积累，经过了内容的覆盖广度，以及在细分领域的积累深度，带领用户洞察行业趋势与商业热点。 Meanwhile, we stayed attuned to trends and remained focused on enhancing content quality, consistently delivering high-caliber work while maintaining the influence of our flagship channels, including 36Kr and 36Kr Pro.

We ramped up our efforts to spotlight the Emergence of Intelligence. Our AI-focused account, covering the latest developments from AI industry giants, including ByteDance's Seed team, DeepSeek, Tencent's Hunyuan, and Alibaba's Tongyi Qianwen, built on a content model combining exclusive access to information with in-depth interviews. The channel has established a strong industry footprint in AI coverage. In addition, Hardcore KR sharpens its focus on the embodied intelligence value chain, differentiating itself through first-to-report coverage of startup funding and in-depth founder interviews. Its followers increased by approximately 27%, attracted by coverage spanning key segments across the value chain, including brain chips, tactile sensors, robot-assisted manufacturing, and on-device computing power.

Its Hardcore KR Conversation series offered in-depth perspectives from founders on their technology roadmap and strategic choices, building a differentiated content mode in hardcore technology coverage. Our other high-quality, vertical-specific accounts like 36Kr Auto, Future Consumption, 36Kr Games, 36Kr Finance, and 36Kr Industry Futures also continued to build momentum, building a balancing board coverage with tips off experts in specialized domains to provide users with invaluable insights into industry trends and evolving business dynamics.

除了投的内容，我们也持续丰富内容题材，在长短视频、音频、直播、短剧等表达形式上持续输出优质内容。 Beyond graphic and text content, we continue to diversify our content formats by delivering premium content across short and long form videos, audio, live streamings and short plays.