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36Kr Holdings Inc.

36Kr Holdings Inc.KRKR财报

Nasdaq · 工业 · 其他商业服务

36Kr is a publicly listed Chinese media company that focuses on technology and financial news. It also is a data provider for entrepreneurs and investors.

What changed in 36Kr Holdings Inc.'s 20-F — 2024 vs 2025

Top changes in 36Kr Holdings Inc.'s 2025 20-F

422 paragraphs added · 399 removed · 355 edited across 5 sections

Item 3. Legal Proceedings

Legal Proceedings — active lawsuits and investigations

166 edited+34 added−19 removed526 unchanged
In addition, negative publicity about us, our services, operations and our management may adversely affect our reputation and business. We have from time to time received negative publicity, including negative Internet and blog postings about our company, our business, our management, our services or our affiliates.
In addition, negative publicity about us, our services, operations and our management may adversely affect our reputation and business. We have received negative publicity from time to time, including negative Internet and blog postings about our company, our business, our management, our services or our affiliates.
We have been taking and will continue to take reasonable measures to comply with such laws, regulations, announcement, provisions and inspection requirements; however, as such laws, regulations, announcement and provisions are relatively new, it remains uncertain how these announcements and provisions will be implemented. We cannot assure you we can adapt our operations to it in a timely manner.
We have been taking and will continue to take reasonable measures to comply with such laws, regulations, announcements, provisions and inspection requirements; however, as such laws, regulations, announcement and provisions are relatively new, it remains uncertain how these announcements and provisions will be implemented. We cannot assure you we can adapt our operations to it in a timely manner.
However, in the past, the relevant governmental authorities penalized certain PRC companies due to their lack of the Internet audio-visual program transmission license.
However, in the past, the relevant governmental authorities penalized certain PRC companies due to their lack of Internet audio-visual program transmission license.
Any systems failure or compromise of our security that results in the unauthorized access to or release of our users’ or customers’ data could significantly limit the adoption of our services, as well as harm our reputation and brand and, therefore, our business. We expect to continue to expend significant resources to protect against security breaches.
Any systems failure or compromise of our security that results in unauthorized access to or release of our users’ or customers’ data could significantly limit the adoption of our services, as well as harm our reputation and brand and, therefore, our business. We expect to continue to expend significant resources to protect against security breaches.
Our business could also be adversely affected by the effects of Ebola virus disease, H1N1 flu, H7N9 flu, avian flu, Severe Acute Respiratory Syndrome, or SARS, COVID-19 or other epidemics.
Our business could also be adversely affected by the effects of Ebola virus disease, H1N1 flu, H7N9 flu, avian flu, severe acute respiratory syndrome, SARS, COVID-19 or other epidemics.
In addition, our business, results of operations and financial condition could be adversely affected to the extent that any of these epidemics harms the Chinese economy in general. 19 Table of Contents Risks Related to Our Corporate Structure There are substantial uncertainties regarding the interpretation and application of current and future PRC laws, regulations, and rules relating to the agreements that establish the VIE structure for our operations in China, including potential future actions by the PRC government, which could affect the enforceability of our contractual arrangements with the VIE and, consequently, significantly affect the financial condition and results of operations performance of 36Kr.
In addition, our business, results of operations and financial condition could be adversely affected to the extent that any of these epidemics harms the Chinese economy in general. 19 Table of Contents Risks Related to Our Corporate Structure There are uncertainties regarding the interpretation and application of current and future PRC laws, regulations, and rules relating to the agreements that establish the VIE structure for our operations in China, including potential future actions by the PRC government, which could affect the enforceability of our contractual arrangements with the VIE and, consequently, significantly affect the financial condition and results of operations performance of 36Kr.
If the PRC government finds such agreements non-compliant with relevant PRC laws, regulations, and rules, or if these laws, regulations, and rules or the interpretation thereof change in the future, we could be subject to severe penalties or be forced to relinquish our interests in the VIE.” Contractual arrangements in relation to the VIE may be subject to scrutiny by the PRC tax authorities and they may determine that we or the VIE owe additional taxes, which could negatively affect our financial condition and the value of your investment.
If the PRC government finds such agreements non-compliant with relevant PRC laws, regulations, and rules, or if these laws, regulations, and rules or the interpretation thereof change in the future, we could be subject to penalties or be forced to relinquish our interests in the VIE.” Contractual arrangements in relation to the VIE may be subject to scrutiny by the PRC tax authorities and they may determine that we or the VIE owe additional taxes, which could negatively affect our financial condition and the value of your investment.
See “—Risks Related to Doing Business in China—There are substantial uncertainties regarding the interpretation and application of current and future PRC laws, regulations, and rules relating to the agreements that establish the VIE structure for our operations in China, including potential future actions by the PRC government, which could affect the enforceability of our contractual arrangements with the VIE and, consequently, significantly affect the financial condition and results of operations performance of 36Kr.
See “ - Risks Related to Doing Business in China - There are uncertainties regarding the interpretation and application of current and future PRC laws, regulations, and rules relating to the agreements that establish the VIE structure for our operations in China, including potential future actions by the PRC government, which could affect the enforceability of our contractual arrangements with the VIE and, consequently, significantly affect the financial condition and results of operations performance of 36Kr.
If we cannot resolve any conflict of interest or dispute between us and these shareholders, we would have to rely on legal proceedings, which could result in disruption of our business and subject us to substantial uncertainty as to the outcome of any such legal proceedings. 25 Table of Contents We may lose the ability to use, or otherwise benefit from, the licenses, permits and assets held by the VIE.
If we cannot resolve any conflict of interest or dispute between us and these shareholders, we would have to rely on legal proceedings, which could result in disruption of our business and subject us to uncertainty as to the outcome of any such legal proceedings. 25 Table of Contents We may lose the ability to use, or otherwise benefit from, the licenses, permits and assets held by the VIE.
Risks Related to Our Corporate Structure ● There are substantial uncertainties regarding the interpretation and application of current and future PRC laws, regulations, and rules relating to the agreements that establish the VIE structure for our operations in China, including potential future actions by the PRC government, which could affect the enforceability of our contractual arrangements with the VIE and, consequently, significantly affect the financial condition and results of operations performance of 36Kr.
Risks Related to Our Corporate Structure ● There are uncertainties regarding the interpretation and application of current and future PRC laws, regulations, and rules relating to the agreements that establish the VIE structure for our operations in China, including potential future actions by the PRC government, which could affect the enforceability of our contractual arrangements with the VIE and, consequently, significantly affect the financial condition and results of operations performance of 36Kr.
As a result of this dual-class share structure, the holders of our Class B ordinary shares will have concentrated control over the outcome of matters put to a vote of shareholders and have significant influence over our business, including decisions regarding mergers, consolidations, liquidations and the sale of all or substantially all of our assets, election of directors and other significant corporate actions.
As a result of this dual-class share structure, the holders of our Class B and Class C ordinary shares will have concentrated control over the outcome of matters put to a vote of shareholders and have significant influence over our business, including decisions regarding mergers, consolidations, liquidations and the sale of all or substantially all of our assets, election of directors and other significant corporate actions.
In addition, under PRC law, rulings by arbitrators are final, parties cannot appeal the arbitration results in courts, and if the losing parties fail to carry out the arbitration awards within a prescribed time limit, the prevailing parties may only enforce the arbitration awards in PRC courts through arbitration award recognition proceedings, which would require additional expenses and delay.
In addition, under PRC law, rulings by arbitrators are final, parties cannot appeal the arbitration results in courts, and if the losing parties fail to carry out the arbitration awards within a prescribed time limit, the prevailing parties may only enforce the arbitration awards in PRC courts through arbitration award recognition proceedings, which require additional expenses and delay.
While our content screening and monitoring mechanism screens content for potential copyright infringements, we may not be able to identify all instances of copyright infringement, especially those arising from professional content we source from third parties. For example, content providers may submit copyrighted content that they have no right to distribute.
While our content screening and monitoring mechanism screens are content for potential copyright infringements, we may not be able to identify all instances of copyright infringement, especially those arising from professional content we source from third parties. For example, content providers may submit copyrighted content that they have no right to distribute.
For details, see page 24 of this annual report. ● We rely on contractual arrangements with the VIE and its shareholders to operate our business, which may not be as effective as direct ownership in providing operational control and otherwise materially and adversely affect our business. For details, see page 24 of this annual report.
For details, see page 21 of this annual report. ● We rely on contractual arrangements with the VIE and its shareholders to operate our business, which may not be as effective as direct ownership in providing operational control and otherwise materially and adversely affect our business. For details, see page 24 of this annual report.
For details, see page 6 of this annual report. ● If we fail to develop effective online advertising services, retain or acquire new online advertising services customers, or manage the credit risk of our customers, our financial condition, results of operations and prospects may be materially and adversely affected. For details, see page 7 of this annual report.
For details, see page 6 of this annual report. ● If we fail to develop effective online advertising services, retain or acquire new online advertising services customers, or manage the credit risk of our customers, our financial condition, results of operations and prospects may be materially and adversely affected.
At the same time, spam or excessive advertisement could impact user experience on our platform, which could damage our reputation and deter visits to our platform. If we are unable to grow our user base or increase user engagement, our platform will become less attractive to potential customers, especially online advertising services customers.
At the same time, spam or excessive advertising could impact user experience on our platform, which could damage our reputation and deter visits to our platform. If we are unable to grow our user base or increase user engagement, our platform will become less attractive to potential customers, especially online advertising services customers.
In addition, where a special government review is required for specific types of advertisements prior to posting, such as advertisements relating to pharmaceuticals, medical instruments, agrochemicals and veterinary pharmaceuticals, we are obligated to confirm that such review has been performed and approval has been obtained from competent governmental authorities.
In addition, where a special government review is required for specific types of advertisements prior to posting, such as advertisements relating to pharmaceuticals, medical instruments, agrochemicals and veterinary pharmaceuticals, we are obligated to confirm that such review has been performed, and approval has been obtained from competent government authorities.
In addition, if our customers unable to pay us in a timely manner or any failure in managing such credit risk may adversely affect our liquidity and cash flows, which in turn has an adverse effect on our business operations and financial condition.
In addition, if our customers are unable to pay us in a timely manner or any failure in managing such credit risk may adversely affect our liquidity and cash flows, which in turn has an adverse effect on our business operations and financial condition.
There are substantial uncertainties as to the interpretation, application, and enforcement of the Revised Cybersecurity Review Measures. Under the Revised Cybersecurity Review Measures, we face potential risks if we are deemed as a “critical information infrastructure operator” or “platform operator” under the PRC cybersecurity laws and regulations, and would be required to follow cybersecurity review procedures.
There are uncertainties as to the interpretation, application, and enforcement of the Revised Cybersecurity Review Measures. Under the Revised Cybersecurity Review Measures, we face potential risks if we are deemed as a “critical information infrastructure operator” or “platform operator” under the PRC cybersecurity laws and regulations and would be required to follow cybersecurity review procedures.
As a result, we may lose our online advertising services customers or be forced to reduce our pricing as our customers’ advertisement becomes less effective due to more limited reach, which in turn materially and adversely affects our results of operations.
As a result, we may lose our online advertising services customers or be forced to reduce our pricing as our customers’ advertising becomes less effective due to more limited reach, which in turn materially and adversely affects our results of operations.
If the relevant regulatory authorities find our operations without an Internet publishing license to be in violation of the applicable laws and regulations, such regulatory authorities may order us to cease relevant operations or close our platform, or confiscate the devices we used for such operation.
If the relevant regulatory authorities find our operations without an Internet publishing license to be in violation of the applicable laws and regulations, such regulatory authorities may order us to cease relevant operations or close our platform or confiscate the devices we used for such operations.
As such, we cannot assure you that we will not be subject to any warning, investigations suspension of some of our content offerings or other penalties that may materially and adversely affect our business, financial condition and results of operations.
As such, we cannot assure you that we will not be subject to any warning, investigations into suspension of some of our content offerings or other penalties that may materially and adversely affect our business, financial condition and results of operations.
If the PRC government finds such agreements non-compliant with relevant PRC laws, regulations, and rules, or if these laws, regulations, and rules or the interpretation thereof change in the future, we could be subject to severe penalties or be forced to relinquish our interests in the VIE.
If the PRC government finds such agreements non-compliant with relevant PRC laws, regulations, and rules, or if these laws, regulations, and rules or the interpretation thereof change in the future, we could be subject to penalties or be forced to relinquish our interests in the VIE.
If the PRC government finds such agreements non-compliant with relevant PRC laws, regulations, and rules, or if these laws, regulations, and rules or the interpretation thereof change in the future, we could be subject to severe penalties or be forced to relinquish our interests in the VIE.
If the PRC government finds such agreements non-compliant with relevant PRC laws, regulations, and rules, or if these laws, regulations, and rules or the interpretation thereof change in the future, we could be subject to penalties or be forced to relinquish our interests in the VIE.
Passive income generally includes dividends, interest, rents, royalties and gains from financial investments. Cash is generally a passive asset for these purposes. Goodwill and other intangible assets are active assets to the extent attributable to activities that produce active income.
Passive income generally includes dividends, interest, rents, certain royalties and gains from financial investments. Cash is generally a passive asset for these purposes. Goodwill and other intangible assets are active assets to the extent attributable to activities that produce active income.
Internet news information services providers shall separate their news collection and editing services from other operational businesses and non-state-owned capitals shall not engage in services of collecting and editing Internet news information. We are not a news agency or a state-owned entity engaging in services of collecting and editing Internet news information.
Internet news information services providers should separate their news collection and editing services from other operational businesses and non-state-owned capitals shall not engage in services of collecting and editing Internet news information. We are not a news agency or a state-owned entity engaging in services of collecting and editing Internet news information.
The enforceability of the contractual agreements between us, the VIE and its shareholders depends to a large extent upon whether the VIE and its shareholders will fulfil these contractual agreements. Their interests in enforcing these contractual agreements may not align with our interests or the interests of our shareholders.
The enforceability of the contractual agreements between us, the VIE and its shareholders, depends to a large extent upon whether the VIE and its shareholders will fulfil these contractual agreements. Their interest in enforcing these contractual agreements may not align with our interests or the interests of our shareholders.
For details, see page 27 of this annual report. 3 Table of Contents Risks Related to the ADSs ● We believe that we were likely a passive foreign investment company (“PFIC”) for 2024, and due to the current trading prices of the ADSs there is a significant risk that we will be a PFIC for 2025 and possibly future taxable years, which could result in adverse U.S. federal income tax consequences to U.S. investors in the ADSs or Class A ordinary shares.
For details, see page 27 of this annual report. 3 Table of Contents Risks Related to the ADSs ● We believe that we were likely a passive foreign investment company (“PFIC”) for 2025, and due to the current trading prices of the ADSs there is a significant risk that we will be a PFIC for 2026 and possibly future taxable years, which could result in adverse U.S. federal income tax consequences to U.S. investors in the ADSs or Class A ordinary shares.
For details, see page 37 of this annual report. ● The sale or availability for sale of substantial amounts of the ADSs could adversely affect their market price. For details, see page 37 of this annual report. ● Techniques employed by short sellers may drive down the market price of the ADSs.
For details, see page 36 of this annual report. ● The sale or availability for sale of substantial amounts of the ADSs could adversely affect their market price. For details, see page 37 of this annual report. ● Techniques employed by short sellers may drive down the market price of the ADSs.
Under these rules, providers of online publications are required to hold the Internet publishing license. However, uncertainty remains regarding the interpretation of relevant concepts, including “online publications” under the current PRC laws and regulations.
Under these rules, providers of online publications are required to hold an Internet publishing license. However, uncertainty remains regarding the interpretation of relevant concepts, including “online publications” under the current PRC laws and regulations.
We may from time to time become a party to litigation, legal disputes, claims or administrative proceedings that may materially and adversely affect us. We may from time to time become a party to various litigation, legal disputes, claims or administrative proceedings arising in the ordinary course of our business.
We may from time to time become a party to litigation, legal disputes, claims or administrative proceedings that may materially and adversely affect us. We may from time to time become a party to various litigations, legal disputes, claims or administrative proceedings arising in the ordinary course of our business.
In addition, under our third amended and restated articles of association, for the purposes of determining those shareholders who are entitled to attend and vote at any general meeting, our directors may close our register of members and/or fix in advance a record date for such meeting, and such closure of our register of members or the setting of such a record date may prevent you from withdrawing the Class A ordinary shares underlying the ADSs and becoming the registered holder of such shares prior to the record date, so that you would not be able to attend the general meeting or to vote directly.
In addition, under our fourth amended and restated articles of association, for the purposes of determining those shareholders who are entitled to attend and vote at any general meeting, our directors may close our register of members and/or fix in advance a record date for such meeting, and such closure of our register of members or the setting of such a record date may prevent you from withdrawing the Class A ordinary shares underlying the ADSs and becoming the registered holder of such shares prior to the record date, so that you would not be able to attend the general meeting or to vote directly.
In addition, we cannot guarantee that new rules or regulations promulgated in the future will not impose any additional requirement on us or otherwise tightening the regulations on companies with a VIE structure. 22 Table of Contents On February 17, 2023, the CSRC published the Interim Administrative Measures on Overseas Securities Offering and Listing by the Domestic Enterprises (CSRC Announcement [2022] No. 43) (the “Overseas Listing Measures”), which became effective on March 31, 2023.
In addition, we cannot guarantee that new rules or regulations promulgated in the future will not impose any additional requirement on us or otherwise tighten the regulations on companies with a VIE structure. 22 Table of Contents On February 17, 2023, the CSRC published the Interim Administrative Measures on Overseas Securities Offering and Listing by the Domestic Enterprises (CSRC Announcement [2022] No. 43) (the “Overseas Listing Measures”), which became effective on March 31, 2023.
Privacy concerns relating to our services and the use of user information could damage our reputation, deter current and potential users and customers from using our services and negatively impact our business.
Privacy concerns relating to our services and the use of user information could damage our reputation, deter current and potential users and customers from using our services and negatively impact on our business.
We cannot assure that any of our newly launched services will successfully achieve wide market acceptance, increase the penetration of our addressable market or generate revenues or profit.
We cannot assure you that any of our newly launched services will successfully achieve wide market acceptance, increase the penetration of our addressable market or generate revenues or profit.
Under our third amended and restated memorandum and articles of association, the minimum notice period required to be given by our company to our registered shareholders for convening a general meeting is fifteen (15) days. We cannot assure you that you will receive the voting material in time to ensure you can direct the depositary to vote your shares.
Under our fourth amended and restated memorandum and articles of association, the minimum notice period required to be given by our company to our registered shareholders for convening a general meeting is fifteen (15) days. We cannot assure you that you will receive the voting material in time to ensure you can direct the depositary to vote your shares.
We plan to apply for the Internet audio-visual program transmission license when feasible to do so. If the relevant regulatory authorities find our operations to be in violation of the applicable laws and regulations, we may receive a warning and be ordered to rectify such non-compliance and pay a fine of not more than RMB30,000.
We plan to apply for the Internet audio-visual program transmission license when it is feasible to do so. If the relevant regulatory authorities find our operations to be in violation of the applicable laws and regulations, we may receive a warning and be ordered to rectify such non-compliance and pay a fine of not more than RMB30,000.
Negative publicity relating to such litigation, legal disputes, claims or administrative proceedings may damage our reputation and adversely affect the image of our brand and services.
Negative publicity relating to litigation, legal disputes, claims or administrative proceedings may damage our reputation and adversely affect the image of our brand and services.
For example, Beijing Duoke is recognized as “High-New Technology Enterprise” (“HNTE”) and is eligible for a 15% preferential tax rate effective through 2022, 2023, and 2024, upon the completion of its filings with the relevant tax authorities. However, the qualification as an HNTE is subject to annual evaluation and a three-year review by the relevant authorities in China.
For example, Beijing Duoke is recognized as “High-New Technology Enterprise” (“HNTE”) and is eligible for a 15% preferential tax rate effective through 2023, 2024, and 2025, upon the completion of its filings with the relevant tax authorities. However, the qualification as an HNTE is subject to annual evaluation and a three-year review by the relevant authorities in China.
This would negatively impact our ability to attract users and maintain high level of user engagements as well as our ability to attract online advertising services customers. Our operations depend on the performance of the Internet infrastructure and fixed telecommunications networks in China. Any malfunction, capacity constraint or operation interruption may have an adverse impact on our business.
This would negatively impact our ability to attract users and maintain high level of user engagement as well as our ability to attract online advertising services customers. Our operations depend on the performance of the Internet infrastructure and fixed telecommunications networks in China. Any malfunction, capacity constraint or operation interruption may have an adverse impact on our business.
As advised by our PRC legal advisor, current requirements for applying the Internet publishing license include, among others, having a certain number of employees with technical and vocational qualifications for the profession of publishing and other related professions as approved by the SAPPRFT. As of the date of this annual report, we are not eligible for applying such license.
As advised by our PRC legal advisor, current requirements for applying the Internet publishing license include, among others, having a certain number of employees with technical and vocational qualifications for the profession of publishing and other related professions as approved by the SAPPRFT. As of the date of this annual report, we are not eligible to apply for such license.
Therefore, investors of our company and our business face potential uncertainty from actions taken by the PRC government affecting our business. 23 Table of Contents Substantial uncertainties exist with respect to the interpretation and implementation of the newly enacted Foreign Investment Law of the PRC and how it may impact the viability of our current corporate structure, corporate governance and business operations.
Therefore, investors of our company and our business face potential uncertainty from actions taken by the PRC government affecting our business. 23 Table of Contents Uncertainties exist with respect to the interpretation and implementation of the newly enacted Foreign Investment Law of the PRC and how it may impact on the viability of our current corporate structure, corporate governance and business operations.
For example, the VIE and its shareholders could breach their contractual arrangements with us by, among other things, failing to conduct their operations in an acceptable manner or taking other actions that are detrimental to our interests. The revenues contributed by the VIE and its subsidiaries constituted substantially all of our revenues in 2022, 2023 and 2024.
For example, the VIE and its shareholders could breach their contractual arrangements with us by, among other things, failing to conduct their operations in an acceptable manner or taking other actions that are detrimental to our interests. The revenues contributed by the VIE and its subsidiaries constituted substantially all of our revenues in 2023, 2024 and 2025.
On the other hand, our international expansion and local penetration will also expose us to risk such as increased demands on management, operational and financial resources, different regulatory compliance requirements and exchange rate fluctuations, among others. One or more of these factors could adversely impact our international and local operations.
On the other hand, our international expansion and local penetration will also expose us to risks such as increased demands on management, operational and financial resources, different regulatory compliance requirements and exchange rate fluctuations, among others. One or more of these factors could adversely impact our international and local operations.
We have also implemented automated and manual review of the content on our platform. However, there is no assurance that we can identify and remove all potentially infringing content uploaded by our users. As a result, our business, results of operations and financial condition could be materially and adversely affected.
We have also implemented automated and manual reviews of the content on our platform. However, there is no assurance that we can identify and remove all potentially infringing content uploaded by our users. As a result, our business, results of operations and financial condition could be materially and adversely affected.
In the event that we are unable to enforce these contractual arrangements, or if we suffer significant delay or other obstacles in the process of enforcing these contractual arrangements, we may not be able to be considered the primary beneficiary of the VIE for accounting purposes, and our ability to conduct our business may be negatively affected.
In the event that we are unable to enforce these contractual arrangements, or if we suffer significant delays or other obstacles in the process of enforcing these contractual arrangements, we may not be able to be considered the primary beneficiary of the VIE for accounting purposes, and our ability to conduct our business may be negatively affected.
As of the date of this annual report, we are not in the process of applying for the Internet news information license, and we have not received any notice of warning or been subject to any material administrative penalties or other disciplinary actions from the relevant governmental authorities for lack of the Internet news information license.
As of the date of this annual report, we are not in the process of applying for the Internet news information license, and we have not received any notice of warning or been subject to any material administrative penalties or other disciplinary actions from the relevant government authorities for lack of the Internet news information license.
In the event we are unable to enforce these contractual arrangements, or if we suffer significant delay or other obstacles in the process of enforcing these contractual arrangements, we may not be able to be considered the primary beneficiary of the VIE for accounting purposes, and our ability to conduct our business may be negatively affected.
In the event we are unable to enforce these contractual arrangements, or if we suffer significant delays or other obstacles in the process of enforcing these contractual arrangements, we may not be able to be considered the primary beneficiary of the VIE for accounting purposes, and our ability to conduct our business may be negatively affected.
See also “You may face difficulties in protecting your interests, and your ability to protect your rights through U.S. courts may be limited, because we are incorporated under Cayman Islands law.” for risks associated with investing in us as a Cayman Islands company.
See also “-You may face difficulties in protecting your interests, and your ability to protect your rights through U.S. courts may be limited, because we are incorporated under Cayman Islands law.” for risks associated with investing in us as a Cayman Islands company.
If any verdict or award is rendered against us or if we decide to settle the disputes, we may be required to incur monetary damages or other liabilities. Even if we can successfully defend ourselves, we may have to incur substantial costs and spend substantial time and efforts in these lawsuits.
If any verdict or award is rendered against us or if we decide to settle the disputes, we may be required to incur monetary damages or other liabilities. Even if we can successfully defend ourselves, we may have to incur substantial costs and spend substantial time and effort in these lawsuits.
The Overseas Listing Measures state that, any post-listing follow-on offering by an issuer in an overseas market, including issuance of shares, convertible notes and other similar securities, shall be subject to filing requirement within three business days after the completion of the offering.
The Overseas Listing Measures state that any post-listing follow-on offering by an issuer in an overseas market, including issuance of shares, convertible notes and other similar securities, shall be subject to filing requirements within three business days after the completion of the offering.
Because we hold a substantial amount of cash and financial investments, our PFIC status for any taxable year may depend on the average value of our goodwill and other intangible assets, in addition to other active assets. We have not obtained valuations of our assets (including goodwill and other intangible assets) for 2024.
Because we hold a substantial amount of cash and financial investments, our PFIC status for any taxable year may depend on the average value of our goodwill and other intangible assets, in addition to other active assets. We have not obtained valuations of our assets (including goodwill and other intangible assets) for 2025.
We also face regulatory uncertainties that could restrict our ability to adopt additional incentive plans for our directors, executive officers and employees under PRC law. See “Item 4. Information on the Company—4.B. Business Overview—Regulation—Regulations on Foreign Exchange and Offshore Investment.” 33 Table of Contents The State Administration of Taxation has issued certain circulars concerning employee share options and restricted shares.
We also face regulatory uncertainties that could restrict our ability to adopt additional incentive plans for our directors, executive officers and employees under PRC law. See “Item 4. Information on the Company—4.B. Business Overview—Regulation—Regulations on Foreign Exchange and Offshore Investment.” The State Administration of Taxation has issued certain circulars concerning employee share options and restricted shares.
For details, see page 36 of this annual report. ● If securities or industry analysts do not publish research or reports about our business, or if they adversely change their recommendations regarding the ADSs, the market price for the ADSs and trading volume could decline.
For details, see page 35 of this annual report. ● If securities or industry analysts do not publish research or reports about our business, or if they adversely change their recommendations regarding the ADSs, the market price for the ADSs and trading volume could decline.
We cannot guaranteethat historical performance is indicative of future results of operations. For details, see page 4 of this annual report. ● We are subject to risks associated with operating in the rapidly evolving New Economy sectors.
We cannot guarantee historical performance is indicative of future results of operations. For details, see page 4 of this annual report. ● We are subject to risks associated with operating in the rapidly evolving New Economy sectors.
In the course of auditing our consolidated financial statements as of and for the year ended December 31, 2024, we and our independent registered public accounting firm identified one material weakness in our internal control over financial reporting and other control deficiencies.
In the course of auditing our consolidated financial statements as of and for the year ended December 31, 2025, we and our independent registered public accounting firm identified one material weakness in our internal control over financial reporting and other control deficiencies.
As of the date of this annual report, we are not eligible for applying such license. We cannot predict when we can be eligible, or when such requirements will be eased so that we can be eligible for applying the Internet audio-visual program transmission license.
As of the date of this annual report, we are not eligible to apply for such license. We cannot predict when we can be eligible, or when such requirements will be eased so that we can be eligible for applying the Internet audio-visual program transmission license.
However, under the contractual arrangements, we expect to rely on the performance by the VIE and its shareholders of their respective obligations under the contracts. The shareholders of the VIE may not act in the best interests of our company or may not perform their obligations under these contracts.
However, under the contractual arrangements, we expect to rely on the performance by the VIE and its shareholders of their respective obligations under the contracts. The shareholders of the VIE may not act in the best interests of our company or may not fulfil their obligations under these contracts.
The difference in the voting rights of our Class A ordinary share and Class B ordinary share could harm the value of our Class A ordinary share to the extent that any investor or potential future purchaser of our Class A ordinary share ascribes value to the right of holders of our Class B ordinary share to 25 votes per share.
The difference in the voting rights of our Class A ordinary share, Class B ordinary share and Class C ordinary share could harm the value of our Class A ordinary share to the extent that any investor or potential future purchaser of our Class A ordinary share ascribes value to the right of holders of our Class B ordinary share to 25 votes per share and the right of holders of our Class C ordinary share to 100 votes per share.
The Special Administrative Measures for Entrance of Foreign Investment (the “Negative List 2021”) provides that foreign investors are generally not allowed to own more than 50% of the equity interests in a commercial Internet content provider or other value-added telecommunication services provider other than an e-commerce services provider, and the Provisions on the Administration of Foreign-Invested Telecommunications Enterprises (2016 Revision) requires that the major foreign investor in a value-added telecommunication services provider in China must have experience in providing value-added telecommunications services overseas and maintain a good track record.
The Special Administrative Measures for Entrance of Foreign Investment (the “Negative List 2024”) provides that foreign investors are generally not allowed to own more than 50% of the equity interests in a commercial Internet content provider or other value-added telecommunication services provider other than an e-commerce services provider, and the Provisions on the Administration of Foreign-Invested Telecommunications Enterprises (2022 Revision) requires that the major foreign investor in a value-added telecommunication services provider in China must have experience in providing value-added telecommunications services overseas and maintain a good track record.
If the PRC regulatory authorities were to take any action to limit or prohibit the distribution of information through our platform or our services, or to limit or regulate any current or future content or services available to users on our platform, our business could be significantly harmed. 6 Table of Contents In addition, we operate discussion forum, blog, comment section and user survey for our users to interact on our platform, such as expressing opinions, posting comments and discussing with each other, and thereby generating our user interactive content.
If the PRC regulatory authorities were to take any action to limit or prohibit the distribution of information through our platform or our services, or to limit or regulate any current or future content or services available to users on our platform, our business could be significantly harmed. 6 Table of Contents In addition, we operate discussion forums, blogs, comment section and user survey for our users to interact on our platform, such as expressing opinions, posting comments and discussing with each other, and thereby generating our user interactive content.
However, even if we are eligible for applying, there can be no assurance that our application will be accepted or approved by the CAC. In the event we fail to obtain the Internet news information license, we may be ordered to suspend relevant business and our results of operations and financial condition could be materially and adversely affected.
However, even if we are eligible to apply, there can be no assurance that our application will be accepted or approved by the CAC. In the event we fail to obtain the Internet news information license, we may be ordered to suspend relevant business, and our results of operations and financial condition could be materially and adversely affected.
Upon a security breach, our technical team will be notified immediately and diagnose and solve the technical problems.
Upon security breach, our technical team will be notified immediately and diagnose and solve the technical problems.
However, the value of our assets may be determined by reference to our average market capitalization. Because of the low average value of our market capitalization during 2024, we believe that we were likely a PFIC for our taxable year of 2024 if the value of our assets is determined by reference to our market capitalization.
However, the value of our assets may be determined by reference to our average market capitalization. Because of the low average value of our market capitalization during 2025, we believe that we were likely a PFIC for our taxable year of 2025 if the value of our assets is determined by reference to our market capitalization.
We have implemented an efficient and thorough content screening and monitoring mechanism which involve both automated filtering and manual review, to timely remove any inappropriate or illegal content, including interactive content on our platform.
We have implemented an efficient and thorough content screening and monitoring mechanism which involves both automated filtering and manual review, to timely remove any inappropriate or illegal content, including interactive content on our platform.
Business Overview—Regulation—Regulations on Foreign Exchange and Offshore Investment.” 32 Table of Contents If our shareholders who are PRC residents or entities do not complete their registration with the local SAFE, the National Development and Reform Commission, or the NDRC, or MOCT branches, our PRC subsidiaries may be prohibited from distributing their profits and proceeds from any reduction in capital, share transfer or liquidation to us, and we may be restricted in our ability to contribute additional capital to our PRC subsidiaries.
Business Overview—Regulation—Regulations on Foreign Exchange and Offshore Investment.” If our shareholders who are PRC residents or entities do not complete their registration with the local SAFE, the National Development and Reform Commission, or the NDRC, or MOCT branches, our PRC subsidiaries may be prohibited from distributing their profits and proceeds from any reduction in capital, share transfer or liquidation to us, and we may be restricted in our ability to contribute additional capital to our PRC subsidiaries.
Furthermore, the conversion of Class B ordinary shares to Class A ordinary shares over time, while increasing the absolute voting power of holders of our Class A ordinary shares, may have the effect of increasing the relative voting power of the holders of Class B ordinary shares who retain their shares in the long term.
Furthermore, the conversion of Class B and Class C ordinary shares to Class A ordinary shares over time, while increasing the absolute voting power of holders of our Class A ordinary shares, may have the effect of increasing the relative voting power of the holders of Class B and Class C ordinary shares who retain their shares in the long term.
To fulfill these monitoring functions, we typically include clauses in our online advertising contracts requiring that all advertising content provided by online advertising services customers must comply with relevant laws and regulations. Under PRC law, we may have claims against online advertising services customers for all damages to us caused by their breach of such representations.
To fulfill these monitoring functions, we typically include clauses in our online advertising contracts requiring that all advertising content provided by online advertising services customers must comply with relevant laws and regulations. Under PRC law, we may have claims against online advertising services customers for all damage caused by their breach of such representations.
Accordingly, our business, prospects, financial condition and results of operations may be influenced to a significant degree by political, economic and social conditions in China generally, and by continued economic growth in China as a whole. 26 Table of Contents In addition, the Chinese government continues to play a significant role in regulating industry development by imposing industrial policies.
Accordingly, our business, prospects, financial condition and results of operations may be influenced to a significant degree by political, economic and social conditions in China generally, and by continued economic growth in China as a whole. In addition, the Chinese government continues to play a significant role in regulating industry development by imposing industrial policies.
For details, see page 44 of this annual report. ● We have not maintained compliance with the minimum bid price requirement of $1.00 per share for continued listing on the Nasdaq.
For details, see page 42 of this annual report. ● We have not maintained compliance with the minimum bid price requirement of $1.00 per share for continued listing on the Nasdaq.
Our growth prospects should be considered in light of the risks and uncertainties that fast-growing companies with a limited operating history in our industry may encounter, including, among others, risks and uncertainties regarding our ability to: ● enrich New Economy-focused content offerings; ● maintain, strengthen and diversify content distribution channels; ● retain existing users on, and attract new users to, our platforms; ● offer comprehensive business services tailored to enterprises’ needs throughout their lifecycles; ● attract, retain and motivate talented in-house content creation teams; ● maintain stable relationships with third-party professional content providers; ● develop and implement successful monetization strategies; ● increase brand awareness through marketing and branding activities; ● upgrade existing technology and infrastructure and develop new technologies; 4 Table of Contents ● successfully compete with other companies that are currently in, or may in the future enter, our industry; and ● adapt to the evolving regulatory environment.
Our growth prospects should be considered in light of the risks and uncertainties that the companies in the evolving market in our industry may encounter, including, among others, risks and uncertainties regarding our ability to: ● enrich New Economy-focused content offerings; ● maintain, strengthen and diversify content distribution channels; ● retain existing users on, and attract new users to, our platforms; ● offer comprehensive business services tailored to enterprises’ needs throughout their lifecycles; ● attract, retain and motivate talented in-house content creation teams; ● maintain stable relationships with third-party professional content providers; ● develop and implement successful monetization strategies; ● increase brand awareness through marketing and branding activities; ● upgrade existing technology and infrastructure and develop new technologies; 4 Table of Contents ● successfully compete with other companies that are currently in, or may in the future enter, our industry; and ● adapt to the evolving regulatory environment.
Furthermore, given most of our online advertising service agreement with customers are short-term contracts, our customers may reduce or discontinue cooperation with us easily without incurring material liabilities.
Furthermore, given most of our online advertising service agreements with customers are short-term contracts, our customers may reduce or discontinue cooperation with us easily without incurring material liabilities.
New laws or regulations concerning data protection, or the interpretation and application of existing consumer and data protection laws or regulations, which is often uncertain and in flux, may be inconsistent with our practices.
New laws or regulations concerning data protection, or the interpretation and application of existing consumer and data protection laws or regulations, which are often uncertain and in flux, may be inconsistent with our practices.
Our third amended and restated memorandum and articles of association contain provisions to limit the ability of others to acquire control of our company or cause us to engage in change-of-control transactions.
Our fourth amended and restated memorandum and articles of association contain provisions to limit the ability of others to acquire control of our company or cause us to engage in change-of-control transactions.
On August 20, 2021, the Standing Committee of the National People’s Congress promulgated the PRC Personal Information Protection Law, which has become effective on November 1, 2021. On December 28, 2021, the CAC published the Revised Cybersecurity Review Measures, effective on February 15, 2022 and repealed the Cybersecurity Review Measures promulgated on April 13, 2020.
On August 20, 2021, the Standing Committee of the National People’s Congress promulgated the PRC Personal Information Protection Law, which became effective on November 1, 2021. On December 28, 2021, the CAC published the Revised Cybersecurity Review Measures, effective on February 15, 2022 and repealed the Cybersecurity Review Measures promulgated on April 13, 2020.
Business Overview—Regulation—Regulations on Internet Publishing.” If the provision of our in-house-generated content, in the forms of articles, pictures, audio and video clips, on our online platform is considered “online publishing”, we may be required to obtain the Internet publishing license.
Business Overview-Regulation-Regulations on Internet Publishing.” ​ 10 Table of Contents If the provision of our in-house-generated content, in the forms of articles, pictures, audio and video clips, on our online platform is considered “online publishing”, we may be required to obtain the Internet publishing license.
In the event we deliver content that violates the copyrights of a third party, we may be required to pay damages to compensate such third party. In addition, our platform allows our users to voice their opinions, express their views, discuss with each other and provide feedbacks to our content.
In the event we deliver content that violates the copyrights of a third party, we may be required to pay damages to compensate such third party. In addition, our platform allows our users to voice their opinions, express their views, discuss with each other and provide feedback on our content.
As a result, investors were deprived of the benefits of such PCAOB inspections. 27 Table of Contents In recent years, U.S. regulatory authorities have continued to express their concerns about challenges in their oversight of financial statement audits of U.S.-listed companies with significant operations in China.
As a result, investors were deprived of the benefits of such PCAOB inspections. In recent years, U.S. regulatory authorities have continued to express their concerns about challenges in their oversight of financial statement audits of U.S.-listed companies with significant operations in China.
We cannot predict what effect, if any, market sales of securities held by our significant shareholders or any other shareholder or the availability of these securities for future sale will have on the market price of the ADSs. 37 Table of Contents Techniques employed by short sellers may drive down the market price of the ADSs.
We cannot predict what effect, if any, market sales of securities held by our significant shareholders or any other shareholder or the availability of these securities for future sale will have on the market price of the ADSs. Techniques employed by short sellers may drive down the market price of the ADSs.
For details, see page 37 of this annual report. ● The trading price of the ADSs is likely to be volatile, which could result in substantial losses to investors.
For details, see page 36 of this annual report. ● The trading price of the ADSs is likely to be volatile, which could result in substantial losses to investors.

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Item 4. Mine Safety Disclosures

Mine Safety Disclosures — required of mining issuers

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Risk Factors—Risks Related to Doing Business in China—There are substantial uncertainties regarding the interpretation and application of current and future PRC laws, regulations, and rules relating to the agreements that establish the VIE structure for our operations in China, including potential future actions by the PRC government, which could affect the enforceability of our contractual arrangements with the VIE and, consequently, significantly affect the financial condition and results of operations performance of 36Kr.
Risk Factors-Risks Related to Doing Business in China-There are uncertainties regarding the interpretation and application of current and future PRC laws, regulations, and rules relating to the agreements that establish the VIE structure for our operations in China, including potential future actions by the PRC government, which could affect the enforceability of our contractual arrangements with the VIE and, consequently, significantly affect the financial condition and results of operations performance of 36Kr.
Risk Factors—Risks Related to Our Corporate Structure— There are substantial uncertainties regarding the interpretation and application of current and future PRC laws, regulations, and rules relating to the agreements that establish the VIE structure for our operations in China, including potential future actions by the PRC government, which could affect the enforceability of our contractual arrangements with the VIE and, consequently, significantly affect the financial condition and results of operations performance of 36Kr.
Risk Factors-Risks Related to Our Corporate Structure-There are uncertainties regarding the interpretation and application of current and future PRC laws, regulations, and rules relating to the agreements that establish the VIE structure for our operations in China, including potential future actions by the PRC government, which could affect the enforceability of our contractual arrangements with the VIE and, consequently, significantly affect the financial condition and results of operations performance of 36Kr.
On November 28, 2019, National Internet Information Office, MIIT, SAIC and Ministry of public security jointly issued Measures for the Determination of the Collection and Use of Personal Information by Apps in Violation of Laws and Regulations, which specifies the circumstances that identity as: (i) collection and use rules are unpublished; (ii) the purpose, method and scope of collecting and using personal information are unspecified; (iii) collect and use personal information without user’s consent; (iv) collect personal information irrelevant to the services provided in violation of necessary principles; (v) provide personal information to others without consent; (vi) failure to provide the function of deleting or correcting personal information as required by law or failure to publish information such as complaints and reporting ways. 70 Table of Contents Regulation on Cybersecurity and Censorship On November 7, 2016, the Standing Committee of the National People’s Congress promulgated the PRC Cybersecurity Law, which took effect on June 1, 2017.
On November 28, 2019, National Internet Information Office, MIIT, SAIC and Ministry of public security jointly issued Measures for the Determination of the Collection and Use of Personal Information by Apps in Violation of Laws and Regulations, which specifies the circumstances that identity as: (i) collection and use rules are unpublished; (ii) the purpose, method and scope of collecting and using personal information are unspecified; (iii) collect and use personal information without user’s consent; (iv) collect personal information irrelevant to the services provided in violation of necessary principles; (v) provide personal information to others without consent; (vi) failure to provide the function of deleting or correcting personal information as required by law or failure to publish information such as complaints and reporting ways. 68 Table of Contents Regulation on Cybersecurity and Censorship On November 7, 2016, the Standing Committee of the National People’s Congress promulgated the PRC Cybersecurity Law, which took effect on June 1, 2017.
Employee Stock Incentive Plan Pursuant to the Notice of Issues Related to the Foreign Exchange Administration for Domestic Individuals Participating in Stock Incentive Plan of Overseas Listed Company, or Circular 7, which was issued by the SAFE on February 15, 2012, employees, directors, supervisors, and other senior management who participate in any stock incentive plan of a publicly-listed overseas company and who are PRC citizens or non-PRC citizens residing in China for a continuous period of no less than one year, subject to a few exceptions, are required to register with SAFE through a qualified domestic agent, which may be a PRC subsidiary of such overseas listed company, and complete certain other procedures. 76 Table of Contents In addition, the State Administration of Taxation (the “SAT”) has issued certain circulars concerning employee stock options and restricted shares.
Employee Stock Incentive Plan Pursuant to the Notice of Issues Related to the Foreign Exchange Administration for Domestic Individuals Participating in Stock Incentive Plan of Overseas Listed Company, or Circular 7, which was issued by the SAFE on February 15, 2012, employees, directors, supervisors, and other senior management who participate in any stock incentive plan of a publicly-listed overseas company and who are PRC citizens or non-PRC citizens residing in China for a continuous period of no less than one year, subject to a few exceptions, are required to register with SAFE through a qualified domestic agent, which may be a PRC subsidiary of such overseas listed company, and complete certain other procedures. 74 Table of Contents In addition, the State Administration of Taxation (the “SAT”) has issued certain circulars concerning employee stock options and restricted shares.
As a result, control through these contractual arrangements may be less effective than direct ownership, and we could face heightened risks and costs in enforcing these contractual arrangements, because there are substantial uncertainties regarding the interpretation and application of current and future PRC laws, regulations, and rules relating to the legality and enforceability of these contractual arrangements.
As a result, control through these contractual arrangements may be less effective than direct ownership, and we could face heightened risks and costs in enforcing these contractual arrangements, because there are uncertainties regarding the interpretation and application of current and future PRC laws, regulations, and rules relating to the legality and enforceability of these contractual arrangements.
Based on the foregoing analysis, we believe under the currently effective PRC laws and regulations, we are not required to go through a cybersecurity review by the CAC to conduct a security offering or maintain our listing status on the Nasdaq. However, there remain substantial uncertainties on the interpretation and implementations of the Cybersecurity Review Measures.
Based on the foregoing analysis, we believe under the currently effective PRC laws and regulations, we are not required to go through a cybersecurity review by the CAC to conduct a security offering or maintain our listing status on the Nasdaq. However, there remain uncertainties on the interpretation and implementations of the Cybersecurity Review Measures.
On September 6, 2024 the NDRC and the MOFCOM promulgated the Negative List 2024, which came into effect on November 1, 2024 and replaced the previous Foreign Investment Catalogue or negative list. Our business like value-added telecommunications services, internet news services, internet audio-visual program services and internet publishing services are under special administrative measures in the Negative List 2024.
On September 6, 2024 the NDRC and the MOFCOM promulgated the Negative List 2024, which came into effect on November 1, 2024 and replaced the previous Foreign Investment Catalogue or negative list. Our business like value-added telecommunications services, internet news services, internet audio visual services and internet publishing services are under special administrative measures in the Negative List 2024.
On May 14, 2019, the General Office of MOCT promulgated the Notice on Adjusting the Scope of Internet Culture Business Operating License and Further Standardize the Approval Work, which provides that online music, online shows and plays, online performances, online works of art, online cartoons, displays and games are the activities that fall in the scope of internet culture business operating license, and further clarifies that educational live streaming activities are not deemed as online performances. 68 Table of Contents Regulations on Internet Publishing On February 4, 2016, the SAPPRFT and MIIT jointly issued the Rules for the Administration for Internet Publishing Services, or the Internet Publishing Rules, which became effective on March 10, 2016, to replace the Provisional Rules for the Administration for Internet Publishing that had been jointly issued by the General Administration of Press and Publication (the “GAPP”) and the MII on June 27, 2002.
On May 14, 2019, the General Office of MOCT promulgated the Notice on Adjusting the Scope of Internet Culture Business Operating License and Further Standardize the Approval Work, which provides that online music, online shows and plays, online performances, online works of art, online cartoons, displays and games are the activities that fall in the scope of internet culture business operating license, and further clarifies that educational live streaming activities are not deemed as online performances. 66 Table of Contents Regulations on Internet Publishing On February 4, 2016, the SAPPRFT and MIIT jointly issued the Rules for the Administration for Internet Publishing Services , or the Internet Publishing Rules , which became effective on March 10, 2016, to replace the Provisional Rules for the Administration for Internet Publishing that had been jointly issued by the General Administration of Press and Publication (the “GAPP”) and the MII on June 27, 2002.
However, if non-resident enterprises have not formed permanent establishments or premises in the PRC, or if they have formed permanent establishments or premises in the PRC but there is no actual relationship between the relevant income derived in the PRC and the established institutions or premises set up by them, enterprise income tax is set at the rate of 10% with respect to their income sourced from inside the PRC. 75 Table of Contents Value-added Tax The Provisional Regulations of the PRC on Value-added Tax were promulgated by the State Council on December 13, 1993 and came into effect on January 1, 1994, were subsequently amended on November 10, 2008 and came into effect on January 1, 2009 and were most recently amended on February 6, 2016 and November 19, 2017.
However, if non-resident enterprises have not formed permanent establishments or premises in the PRC, or if they have formed permanent establishments or premises in the PRC but there is no actual relationship between the relevant income derived in the PRC and the established institutions or premises set up by them, enterprise income tax is set at the rate of 10% with respect to their income sourced from inside the PRC. 73 Table of Contents Value-added Tax The Provisional Regulations of the PRC on Value-added Tax were promulgated by the State Council on December 13, 1993 and came into effect on January 1, 1994, were subsequently amended on November 10, 2008 and came into effect on January 1, 2009 and were most recently amended on February 6, 2016 and November 19, 2017.
If the PRC government finds such agreements non-compliant with relevant PRC laws, regulations, and rules, or if these laws, regulations, and rules or the interpretation thereof change in the future, we could be subject to severe penalties or be forced to relinquish our interests in the VIE ” and “Item 3. Key Information—3.D.
If the PRC government finds such agreements non-compliant with relevant PRC laws, regulations, and rules, or if these laws, regulations, and rules or the interpretation thereof change in the future, we could be subject to penalties or be forced to relinquish our interests in the VIE ” and “Item 3. Key Information-3.D.
The agreement will remain effective until Beijing Dake unilaterally terminates the agreement in writing or all equity interests in Beijing Duoke held by the VIE shareholders are transferred or assigned to Beijing Dake or its designated representatives. 78 Table of Contents Equity Pledge Agreement Beijing Dake, Beijing Duoke and the VIE shareholders except for BCI, the minority investment shareholder mentioned below, entered into an equity pledge agreement, pursuant to which the VIE shareholders have pledged all of their equity interests in Beijing Duoke that they own, including any interest or dividend paid for the shares, to Beijing Dake as a security interest to guarantee the performance by Beijing Duoke and the VIE shareholders’ performance of their respective obligations under the exclusive business cooperation agreement, exclusive purchase option agreement and power of attorney.
The agreement will remain effective until Beijing Dake unilaterally terminates the agreement in writing or all equity interests in Beijing Duoke held by the VIE shareholders are transferred or assigned to Beijing Dake or its designated representatives. 76 Table of Contents Equity Pledge Agreement Beijing Dake, Beijing Duoke and the VIE shareholders except for BCI, the minority investment shareholder mentioned below, entered into an equity pledge agreement, pursuant to which the VIE shareholders have pledged all of their equity interests in Beijing Duoke that they own, including any interest or dividend paid for the shares, to Beijing Dake as a security interest to guarantee the performance by Beijing Duoke and the VIE shareholders’ performance of their respective obligations under the exclusive business cooperation agreement, exclusive purchase option agreement and power of attorney.
In addition, foreign-invested enterprises are not allowed to engage in the above-mentioned services. 67 Table of Contents According to the Audio-video Program Provisions 2015 and other relevant laws and regulations, audio-video programs provided by the entities supplying Internet audio-visual program services shall not contain any illegal content or other content prohibited by the laws and regulations, such as any content against the basic principles in the PRC Constitution, any content that damages the sovereignty of the country or national security, and any content that disturbs social order or undermine social stability.
In addition, foreign-invested enterprises are not allowed to engage in the above-mentioned services. 65 Table of Contents According to the Audio-video Program Provisions 2015 and other relevant laws and regulations, audio-video programs provided by the entities supplying Internet audio-visual program services shall not contain any illegal content or other content prohibited by the laws and regulations, such as any content against the basic principles in the PRC Constitution , any content that damages the sovereignty of the country or national security, and any content that disturbs social order or undermine social stability.
Foreign investors’ investment, earnings and other legitimate rights and interests within the territory of China shall be protected in accordance with the law, and all national policies on supporting the development of enterprises shall equally apply to foreign-invested enterprises. 65 Table of Contents Investment activities in the PRC by foreign investors are principally governed by the Guidance Catalogue of Industries for Foreign Investment, or the Catalogue, which was promulgated and is amended from time to time by the Ministry of Commerce (the “MOFCOM”) and the NDRC.
Foreign investors’ investment, earnings and other legitimate rights and interests within the territory of China shall be protected in accordance with the law, and all national policies on supporting the development of enterprises shall equally apply to foreign-invested enterprises. 63 Table of Contents Investment activities in the PRC by foreign investors are principally governed by the Guidance Catalogue of Industries for Foreign Investment, or the Catalogue, which was promulgated and is amended from time to time by the Ministry of Commerce (the “MOFCOM”) and the NDRC.
To comply with the relevant laws and regulations, we have obtained the ICP License, which will remain effective until March 25, 2030. 66 Table of Contents Regulation of Internet Information Services The Administrative Measures on Internet Information Services, or the Internet Content Measures, which were promulgated by the State Council on September 25, 2000 and amended on December 6, 2024, set out guidelines on the provision of Internet information services.
To comply with the relevant laws and regulations, we have obtained the ICP License, which will remain effective until March 25, 2030. 64 Table of Contents Regulation of Internet Information Services The Administrative Measures on Internet Information Services , or the Internet Content Measures, which were promulgated by the State Council on September 25, 2000 and amended on December 6, 2024, set out guidelines on the provision of Internet information services.
The Information Protection Decision also mandates that Internet services providers and their employees must keep strictly confidential personal information that they collect, and that Internet services providers must take such technical and other measures as are necessary to safeguard the information against disclosure. 69 Table of Contents On July 16, 2013, the MIIT issued the Order for the Protection of Telecommunication and Internet User Personal Information (the “Order”).
The Information Protection Decision also mandates that Internet services providers and their employees must keep strictly confidential personal information that they collect, and that Internet services providers must take such technical and other measures as are necessary to safeguard the information against disclosure. 67 Table of Contents On July 16, 2013, the MIIT issued the Order for the Protection of Telecommunication and Internet User Personal Information (the “Order”).
Risk Factors—Risks Related to Our Business and Industry—Advertisements on our platform may subject us to penalties and other administrative actions.” Regulations on Intellectual Property Rights Regulations on Copyright The Copyright Law of the PRC , or the Copyright Law , which took effect on June 1, 1991 and was amended in 2001, 2010 and 2020, provides that Chinese citizens, legal persons, or other organizations shall, whether published or not, own copyright in their copyrightable works, which include, among others, works of literature, art, natural science, social science, engineering technology and computer software.
Risk Factors—Risks Related to Our Business and Industry—Advertisements on our platform may subject us to penalties and other administrative actions.” 70 Table of Contents Regulations on Intellectual Property Rights Regulations on Copyright The Copyright Law of the PRC , or the Copyright Law , which took effect on June 1, 1991 and was amended in 2001, 2010 and 2020, provides that Chinese citizens, legal persons, or other organizations shall, whether published or not, own copyright in their copyrightable works, which include, among others, works of literature, art, natural science, social science, engineering technology and computer software.
Taxation.” 54 Table of Contents Implication of the Holding Foreign Companies Accountable Act Trading in our securities on U.S. markets, including the Nasdaq, may be prohibited under the Holding Foreign Companies Accountable Act (the “HFCAA”) if the PCAOB determines that it is unable to inspect or investigate completely our auditor for two consecutive years.
Taxation.” 52 Table of Contents Implication of the Holding Foreign Companies Accountable Act Trading in our securities on U.S. markets, including the Nasdaq, may be prohibited under the Holding Foreign Companies Accountable Act (the “HFCAA”) if the PCAOB determines that it is unable to inspect or investigate completely our auditor for two consecutive years.
Our Business Model ​ 56 Table of Contents We empower New Economy participants through our high-quality content and comprehensive business service offerings tailored to address our customers’ pain points. ● Value propositions to New Economy companies . New Economy companies are driven by cutting-edge technology and innovative business models, which include both startup companies and established unicorns.
Our Business Model ​ 54 Table of Contents We empower New Economy participants through our high-quality content and comprehensive business service offerings tailored to address our customers’ pain points. ● Value propositions to New Economy companies . New Economy companies are driven by cutting-edge technology and innovative business models, which include both startup companies and established unicorns.
Through data analysis, we study and analyze the preferences and demands of our users and customers, and tailor our content and service offerings accordingly. We began to adopt AI generated content (AIGC) technology to empower our content ecosystem and enhance content production efficiency. As of December 31, 2024, we had 22 employees dedicated to research and development.
Through data analysis, we study and analyze the preferences and demands of our users and customers, and tailor our content and service offerings accordingly. We began to adopt AI generated content (AIGC) technology to empower our content ecosystem and enhance content production efficiency. As of December 31, 2025, we had 22 employees dedicated to research and development.
Note 6: The inter-company cash flows included the following: ● capital contributions from the Parent to its subsidiaries and from the subsidiaries of the Parent to the Primary Beneficiary of VIE. ● loans between subsidiaries of the Parent, the Primary Beneficiary of VIE and the VIE and its subsidiaries, and the repayments of such loans. ​ ​ 53 Table of Contents Restrictions on Foreign Exchange and the Ability to Transfer Cash between Entities, Across Borders and to U.S.
Note 6: The inter-company cash flows included the following: ● capital contributions from the Parent to its subsidiaries and from the subsidiaries of the Parent to the Primary Beneficiary of VIE. ● loans between subsidiaries of the Parent, the Primary Beneficiary of VIE and the VIE and its subsidiaries, and the repayments of such loans. ​ ​ 51 Table of Contents Restrictions on Foreign Exchange and the Ability to Transfer Cash between Entities, Across Borders and to U.S.
There were no other assets transferred between VIE and non-VIEs in 2022, 2023 and 2024. 49 Table of Contents For any amounts owed by the VIE to our PRC subsidiaries under the VIE agreements, unless otherwise required by PRC tax authorities, we are able to settle such amounts without limitations under the current effective PRC laws and regulations, provided that the VIE has sufficient funds to do so. 36Kr Holdings Inc. has not previously declared or paid any cash dividend or dividend in kind, and has no plan to declare or pay any dividends in the near future on our shares or the ADSs representing our ordinary shares.
There were no other assets transferred between VIE and non-VIEs in 2023, 2024 and 2025. 47 Table of Contents For any amounts owed by the VIE to our PRC subsidiaries under the VIE agreements, unless otherwise required by PRC tax authorities, we are able to settle such amounts without limitations under the current effective PRC laws and regulations, provided that the VIE has sufficient funds to do so. 36Kr Holdings Inc. has not previously declared or paid any cash dividend or dividend in kind, and has no plan to declare or pay any dividends in the near future on our shares or the ADSs representing our ordinary shares.
Our content covers a variety of industries in China’s New Economy, such as technology, consumer, retail, healthcare, media and entertainment, as well as enterprise services, among others. 57 Table of Contents Our content is presented in various forms, such as text, pictures, audios, videos and live streaming.
Our content covers a variety of industries in China’s New Economy, such as technology, consumer, retail, healthcare, media and entertainment, as well as enterprise services, among others. 55 Table of Contents Our content is presented in various forms, such as text, pictures, audios, videos and live streaming.
Note: (1) The shareholders of Beijing Duoke as of the date of this annual report consist of: i. Tianjin Zhanggongzi Technology Partnership (L.P.), holding 61.56% of equity interest; 77 Table of Contents ii. Shenzhen Guohong No. 2 Enterprise Management Partnership (L.P.), holding 23.08% of equity interest; iii.
Note: (1) The shareholders of Beijing Duoke as of the date of this annual report consist of: 75 Table of Contents i. Tianjin Zhanggongzi Technology Partnership (L.P.), holding 61.56% of equity interest; ii. Shenzhen Guohong No. 2 Enterprise Management Partnership (L.P.), holding 23.08% of equity interest; iii.
We have also partnered with Nikkei, a leading international media group, to boost our overseas coverage of China’s New Economy participants and their activities. 61 Table of Contents Our Business Services Leveraging traffic brought by our high-quality content offerings, we have expanded to offer a variety of New Economy-focused business services tailored to the diverse needs of our target customers.
We have also partnered with Nikkei, a leading international media group, to boost our overseas coverage of China’s New Economy participants and their activities. Our Business Services Leveraging traffic brought by our high-quality content offerings, we have expanded to offer a variety of New Economy-focused business services tailored to the diverse needs of our target customers.
If the PRC government finds such agreements non-compliant with relevant PRC laws, regulations, and rules, or if these laws, regulations, and rules or the interpretation thereof change in the future, we could be subject to severe penalties or be forced to relinquish our interests in the VIE.” Minority Investment in Beijing Duoke In November 2022, BCI made an investment of RMB32,492 in Beijing Duoke for 1% of Beijing Duoke’s registered capital.
If the PRC government finds such agreements non-compliant with relevant PRC laws, regulations, and rules, or if these laws, regulations, and rules or the interpretation thereof change in the future, we could be subject to penalties or be forced to relinquish our interests in the VIE.” 77 Table of Contents Minority Investment in Beijing Duoke In November 2022, BCI made an investment of RMB32,492 in Beijing Duoke for 1% of Beijing Duoke’s registered capital.
Risk Factors—Risks Related to Our Business and Industry.” ​ 48 Table of Contents Transfer of Funds and Other Assets The following diagram summarizes how funds were transferred among 36Kr Holdings Inc., our subsidiaries, and the VIE in 2022, 2023 and 2024. ​ Note: (1) Under relevant PRC laws and regulations, we are permitted to remit funds to the VIE through loans rather than capital contributions.
Risk Factors—Risks Related to Our Business and Industry.” ​ 46 Table of Contents Transfer of Funds and Other Assets The following diagram summarizes how funds were transferred among 36Kr Holdings Inc., our subsidiaries, and the VIE in 2023, 2024 and 2025. ​ Note: (1) Under relevant PRC laws and regulations, we are permitted to remit funds to the VIE through loans rather than capital contributions.
We seek to protect our intellectual property assets and brands through a combination of trademark, patent, copyright and trade secret protection laws in the PRC and other jurisdictions, as well as through confidentiality agreements and other measures. We hold “36Kr” and “36 氪 ” trademarks in China.
We seek to protect our intellectual property assets and brands through a combination of trademark, patent, copyright and trade secret protection laws in the PRC and other jurisdictions, as well as through confidentiality agreements and other measures. 62 Table of Contents We hold “36Kr” and “36 氪 ” trademarks in China.
The applicants will become the holder of such domain names upon the completion of the registration procedure. As of the date of this annual report, we have registered 22 domain names in the PRC.
The applicants will become the holder of such domain names upon the completion of the registration procedure. As of the date of this annual report, we have registered 27 domain names in the PRC.
Regulations on Value-added Telecommunication Services Among all of the applicable laws and regulations, the Telecommunications Regulations of the People S Republic of China (the “Telecom Regulations”) promulgated by the PRC State Council on September 25, 2000 and last amended on February 6, 2016, is the primary governing law, and sets out the general framework for the provision of telecommunications services by domestic PRC companies.
Regulations on Value-added Telecommunication Services Among all of the applicable laws and regulations, the Telecommunications Regulations of the People S Republic of China (the “ Telecom Regulations ”) promulgated by the PRC State Council on September 25, 2000 and last amended on February 6, 2016, is the primary governing law, and sets out the general framework for the provision of telecommunications services by domestic PRC companies.
We specify the sources of all third-party professional content. We believe that the quality and breadth of our third-party professional content contribute to our content library and enhance the influence of our platform. As of the date of this annual report, we have cooperated with over 1,290 third-party professional content providers.
We specify the sources of all third-party professional content. We believe that the quality and breadth of our third-party professional content contribute to our content library and enhance the influence of our platform. As of the date of this annual report, we have cooperated with over 2262 third-party professional content providers.
As of December 31, 2024, 36Kr Holdings Inc. had made cumulative capital contributions of US$42.0 million to subsidiaries of the parent company (the “Parent”), and were accounted for as long-term investments of 36Kr Holdings Inc, including US$6.0 million injected through intermediate holding company into 36Kr Global Holding, an associate of the group, and US$36.0 million to the PRC subsidiaries.
As of December 31, 2025, 36Kr Holdings Inc. had made cumulative capital contributions of US$42.1 million to subsidiaries of the parent company (the “Parent”), and were accounted for as long-term investments of 36Kr Holdings Inc, including US$6.1 million injected through intermediate holding company into 36Kr Global Holding, an associate of the group, and US$36 million to the PRC subsidiaries.
With diverse enterprise value-added service offerings, we are able to explore cross-selling opportunities and enhance monetization capabilities. Integrated marketing We help our customers develop tailored and diverse marketing strategies to improve their marketing efficiency. We provide various integrated marketing services including marketing plan, marketing event organization and execution, and public relations, etc.
With diverse enterprise value-added service offerings, we are able to explore cross-selling opportunities and enhance monetization capabilities. 60 Table of Contents Integrated marketing We help our customers develop tailored and diverse marketing strategies to improve their marketing efficiency. We provide various integrated marketing services including marketing plan, marketing event organization and execution, and public relations, etc.
Our most popular columns and sub - vertical media include: ● “ A Kr-uarter Past Eight ” ( 八点一氪 ) “A Kr-uarter Past Eight” ( 八点一氪 ) is a column that provides comprehensive daily morning briefing of major updates in New Economy during the past 24 hours. ● “ In-depth Kr ” ( 深氪 ) “In-depth Kr” ( 深氪 ) is a column that offers high-quality and in-depth business analysis and insights focusing on trending topics in the New Economy. ● “ Wise Kr ” ( 智氪 ) “Wise Kr” ( 智氪 ) is a column that offers insightful business research and analysis of public companies by covering their pre and post-IPO phases. ● “ Flash Updates ” ( 快讯 ) “Flash Updates” ( 快讯 ) is a column that provides short and timely updates on the latest developments in New Economy. ● “ Kr-Institute ”( 氪星研究所 ) “Kr-Institute” ( 氪星研究所 ) is a column that specifically provides our original and self-produced videos on trendsetting companies, great industrial events and legendary business figures. ● “ Oh!
Our most popular columns and sub - vertical media include: ● “ A Kr-uarter Past Eight ” ( 八点一氪 ) “A Kr-uarter Past Eight” ( 八点一氪 ) is a column that provides comprehensive daily morning briefing of major updates in New Economy during the past 24 hours. ● “ In-depth Kr ” ( 深氪 ) “In-depth Kr” ( 深氪 ) is a column that offers high-quality and in-depth business analysis and insights focusing on trending topics in the New Economy. ● “ 36 Kr Finance ” (36 氪 财经 ) “36 Kr Finance” (36 氪财经 ) is a WeChat Account that offers insightful business research and analysis of public companies by covering their pre and post-IPO phases. ● “ Flash Updates ” ( 快讯 ) “Flash Updates” ( 快讯 ) is a column that provides short and timely updates on the latest developments in New Economy. ● “ Kr-Institute ”( 氪星研究所 ) “Kr-Institute” ( 氪星研究所 ) is a column that specifically provides our original and self-produced videos on trendsetting companies, great industrial events and legendary business figures. ● “ Oh!
Our sales team also maintains close relationship with our customers by providing support and customer services during the course of services. Competition We operate in the New Economy-focused business services market in China.
Our sales team also maintains close relationship with our customers by providing support and customer services during the course of services. 61 Table of Contents Competition We operate in the New Economy-focused business services market in China.
Our content covers almost all industries and verticals in China’s New Economy, meanwhile we operate a comprehensive content distribution network, which makes us a leading New Economy-focused content platform in China. We offer business services, including online advertising services, enterprise value-added services and subscription services to our customers.
Our content covers almost all industries and verticals in China’s New Economy, meanwhile we operate a comprehensive content distribution network, which makes us a leading New Economy-focused content platform in China. 53 Table of Contents We offer business services, including online advertising services, enterprise value-added services and subscription services to our customers.
We offer online advertising services either through third-party advertising agencies or directly to advertisers, consistent with market practice in China’s online advertising industry. The customers of our online advertising services include both New Economy companies and traditional companies. In 2022, 2023 and 2024, we provided online advertising services to 532, 488 and 411 customers, respectively.
We offer online advertising services either through third-party advertising agencies or directly to advertisers, consistent with market practice in China’s online advertising industry. The customers of our online advertising services include both New Economy companies and traditional companies. In 2023, 2024 and 2025, we provided online advertising services to 488, 411 and 441 customers, respectively.
However, there are substantial uncertainties regarding the interpretation and application of current and future PRC laws, regulations and rules. If the PRC government finds the agreements that establish the structure do not comply with PRC government restrictions on foreign investment in certain of our businesses, we may be subject to severe penalties including being prohibited from continuing operations.
However, there are uncertainties regarding the interpretation and application of current and future PRC laws, regulations and rules. If the PRC government finds the agreements that establish the structure do not comply with PRC government restrictions on foreign investment in certain of our businesses, we may be subject to penalties including being prohibited from continuing operations. See “Item 3.
Pursuant to our arrangements, we are allowed to select, review and edit content created by them and post their content on our various platforms. Interactive Content We also operate discussion forums, blogs, mini blogs, comments section and user surveys for our users to interact on our platform.
Pursuant to our arrangements, we are allowed to select, review and edit content created by them and post their content on our various platforms. 58 Table of Contents Interactive Content We also operate discussion forums, blogs, mini blogs, comments section and user surveys for our users to interact on our platform.
Our online content screening and monitoring procedures consist of automated screening performed by an automated filtering system as well as a set of manual review procedures conducted by our editors. We hold regular internal trainings for our editors on the latest compliance requirements and development.
Our online content screening and monitoring procedures consist of automated screening performed by an automated filtering system as well as a set of manual review procedures conducted by our editors. We hold regular internal trainings for our editors on the latest compliance requirements and development. We also closely supervise the screening and monitoring work performed by our editors.
If the PRC government finds such agreements to be illegal, we could be subject to severe penalties or be forced to relinquish our interests in the VIE. 47 Table of Contents Permits and Permission Required from the PRC Authorities As advised by our PRC legal advisor, Jingtian & Gongcheng, except as disclosed in “Item 3. Key Information-3.D.
If the PRC government finds such agreements to be illegal, we could be subject to penalties or be forced to relinquish our interests in the VIE. Permits and Permission Required from the PRC Authorities As advised by our PRC legal advisor, Jingtian & Gongcheng, except as disclosed in “Item 3. Key Information-3.D.
As of December 31, 2024, we have total followers of 35.9 million across our self-operated platforms and our accounts on major third-party platforms, including Weixin, Weibo, Zhihu, Toutiao, Xinhua Net, Douyin, Bilibili, Kuaishou, RED, and more. Our self-operated channels include our mobile app “36Kr” and website “36kr.com.” We provide user-friendly interfaces on our mobile app and website.
As of December 31, 2025, we have total followers of 36.8 million across our self-operated platforms and our accounts on major third-party platforms, including Weixin, Weibo, Zhihu, Toutiao, Xinhua Net, Douyin, Bilibili, Kuaishou, RED and more. Our self-operated channels include our mobile app “36Kr” and website “36kr.com.” We provide user-friendly interfaces on our mobile app and website.
Property, Plant and Equipment Our principal executive offices are located at Building B6, Universal Business Park, No. 10 Jiuxianqiao Road, Chaoyang District, Beijing, People’s Republic of China. As of December 31, 2024, we leased office spaces in China with an aggregate gross floor area of approximately 5,321 square meters.
Property, Plant and Equipment Our principal executive offices are located at Building B6, Universal Business Park, No. 10 Jiuxianqiao Road, Chaoyang District, Beijing, People’s Republic of China. As of December 31, 2025, we leased office spaces in China with an aggregate gross floor area of approximately 6,979 square meters.
In 2022, 2023 and 2024, we published over 122,000, 128,000 and 143,492 pieces of content respectively, including both content produced by our in-house team and those sourced from third-party professional content providers.
In 2023, 2024 and 2025, we published over 128,000, 143,492 and 165452 pieces of content respectively, including both content produced by our in-house team and those sourced from third-party professional content providers.
The following table presents the number of our followers as of the end of each half year in 2023 and 2024. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ ​ June 30, ​ December 31, ​ June 30, ​ December 31, ​ 2023 2023 2024 2024 ​ ​ (in millions) Number of followers (1) ​ 30.48 ​ 32.72 ​ 33.28 ​ 35.93 Note : (1) Number of followers refers to the aggregate number of followers across the official accounts we own and/or operate on various social media and online platforms, including but not limited to Weixin, Weibo, Zhihu, Toutiao, Xinhua Net, Douyin and Bilibili.
The following table presents the number of our followers as of the end of each half year in 2024 and 2025. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ ​ June 30, ​ December 31, ​ June 30, ​ December 31, ​ ​ ​ ​ 2024 ​ ​ ​ 2024 ​ ​ ​ 2025 ​ ​ ​ 2025 ​ ​ (in millions) Number of followers (1) ​ 33.28 ​ 35.93 ​ 36.57 ​ 36.80 Note : (1) Number of followers refers to the aggregate number of followers across the official accounts we own and/or operate on various social media and online platforms, including but not limited to Weixin, Weibo, Zhihu, Toutiao, Xinhua Net, Douyin and Bilibili.
In addition to help procuring the advertising resources for the customers, we also pay on behalf of customer for the advertising resources procured, i.e., we provide short-term financing to the customer. Subscription Services We provide subscription services mainly to individual and institutional users.
In addition to help procuring the advertising resources for the customers, we also pay on behalf of customer for the advertising resources procured, i.e., we provide financing to the customer. Subscription Services We provide subscription services mainly to institutional users.
Pursuant to these service agreements, we are responsible for the operation and maintenance of our accounts and our contents. These third-party platforms are able to provide us with certain user data, such as number of followers, upon request.
Opening accounts on these third-party platforms is free of charge. Pursuant to these service agreements, we are responsible for the operation and maintenance of our accounts and our contents. These third-party platforms are able to provide us with certain user data, such as number of followers, upon request.
We have become a top New Economy-focused content provider in terms of number of followers across our self-operated platforms and our accounts on major third-party platforms. We are required to comply with the terms in the standard service agreements with these third-party platforms when opening our accounts. Opening accounts on these third-party platforms is free of charge.
We have become a top New Economy-focused content provider in terms of number of followers across our self-operated platforms and our accounts on major third-party platforms. 59 Table of Contents We are required to comply with the terms in the standard service agreements with these third-party platforms when opening our accounts.
In September 2000, the State Council promulgated the Administrative Measures on Internet Information Services (the “Internet Measures”) , most recently amended on December 6, 2024.
In September 2000, the State Council promulgated the Administrative Measures on Internet Information Services (the “ Internet Measures ”), most recently amended on December 6, 2024.
As of December 31, 2022, 2023 and 2024, the loan balance owed under the VIE agreements was nil, RMB10.3 million and RMB17.0 million (US$2.3 million). In 2022, 2023 and 2024, the VIE transferred RMB10.0 million, RMB91.6 million, and nil, respectively, to our PRC subsidiaries as payment or prepayment of service fees.
As of December 31, 2023, 2024 and 2025, the loan balance owed under the VIE agreements was RMB10.3 million, RMB17.0 million and RMB15.6 million (US$2.2 million). In 2023, 2024 and 2025, the VIE transferred RMB91.6 million, nil, and RMB71.8 million (US$6.9 million), respectively, to our PRC subsidiaries as payment or prepayment of service fees.
All flagged content identified in the automated content screening process is further reviewed by our editors. We have implemented a 24-hour automated monitoring mechanism to timely remove any inappropriate or illegal content. Manual Content Reviewing Process. In addition to automated review, all of our in-house content and third-party professional content are further subject to manual review by our editors.
We have implemented a 24-hour automated monitoring mechanism to timely remove any inappropriate or illegal content. Manual Content Reviewing Process. In addition to automated review, all of our in-house content and third-party professional content are further subject to manual review by our editors.
Our ability to compete successfully depends on many factors, including the quality and coverage of our content, our industry expertise, brand recognition, user and customer experience, big data and technological capabilities. We believe we are well-positioned to effectively compete against our competitors and capture market opportunities.
We also compete with paid content services providers with respect to our subscription services. Our ability to compete successfully depends on many factors, including the quality and coverage of our content, our industry expertise, brand recognition, user and customer experience, big data and technological capabilities. We believe we are well-positioned to effectively compete against our competitors and capture market opportunities.
We have been exploring business opportunities in overseas market through our associate 36Kr Global Holding, which operates kr-asia.com in Singapore and 36kr.jp in Japan. 36Kr Global Holding has expanded its presence in Europe, Australia and New Zealand.
We have been exploring business opportunities in overseas market through our associate 36Kr Global Holding, which operates kr-asia.com in Singapore and 36kr.jp in Japan. 36Kr Global Holding has expanded its presence in Europe and the Middle East.
Moreover, through our in-depth analysis, we offer our users insightful and informative New Economy-focused content. Our users are participants in different New Economy sectors, such as technology, consumer as well as retail, healthcare, enterprise services as well as entertainment and media. We provide our users with an abundance of New Economy-focused content.
Our users are participants in different New Economy sectors, such as technology, consumer as well as retail, healthcare, enterprise services as well as entertainment and media. We provide our users with an abundance of New Economy-focused content.
As of December 31, 2022, 2023 and 2024, the outstanding balance of service fees owed by the VIE to our PRC subsidiaries amounted to RMB155.3 million, RMB130.7 million, RMB180.1 million (US$24.7 million).
As of December 31, 2023, 2024 and 2025, the outstanding balance of service fees owed by the VIE to our PRC subsidiaries amounted to RMB130.7 million, RMB180.1 million and RMB163.3 million (US$23.4 million).
Therefore, investors of our company and our business face potential uncertainty from actions taken by the PRC government affecting our business. 46 Table of Contents As of the date of this annual report, we have not been involved in any investigations or become subject to a cybersecurity review initiated by the CAC based on the Cybersecurity Review Measures, and we have not been subject to any fines or other penalties due to breach or incidents of cybersecurity or data privacy and we have not received any inquiry, notice, warning, sanctions in such respect or any regulatory objections to our listing status from the CAC.
As of the date of this annual report, we have not been involved in any investigations or become subject to a cybersecurity review initiated by the CAC based on the Cybersecurity Review Measures, and we have not been subject to any fines or other penalties due to breach or incidents of cybersecurity or data privacy and we have not received any inquiry, notice, warning, sanctions in such respect or any regulatory objections to our listing status from the CAC.
In September 2019, Lotus Walk Inc. subscribed 51% of the equity interest in 36Kr Global, to jointly explore business opportunities in overseas markets with us.
In September 2019, Lotus Walk Inc. subscribed 51% of the equity interest in 36Kr Global, to jointly explore business opportunities in overseas markets with us. Since then, 36Kr Global Holding became an associate of the Group.
License Entity Holding the License Type of the Entity Regulatory Authority 1. ​ ICP License ​ Beijing Duoke ​ VIE ​ Beijing Communications Administration 2. ​ Production and Operation of Radio and Television Program License ​ Beijing Duoke ​ VIE ​ Beijing Municipal Radio and Television Bureau 3. ​ ICP License ​ Beijing Shenke Information Technology Limited ​ subsidiary of VIE ​ Beijing Communications Administration 4. ​ HR Service License ​ Beijing Duoke ​ VIE ​ Haidian Bureau of Human Resources and Social Security of Beijing ​ Regulation The following sets forth a summary of the most significant rules and regulations that affect our business activities in China.
Licenses and Approvals The following table sets forth a list of material licenses and approvals, subject to further renewal, that our PRC subsidiaries and VIE are required to obtain to carry out our operations in China. ​ No. ​ ​ ​ License ​ ​ ​ Entity Holding the License ​ ​ ​ Type of the Entity ​ ​ ​ Regulatory Authority 1. ​ ICP License ​ Beijing Duoke ​ VIE ​ Beijing Communications Administration 2. ​ Production and Operation of Radio and Television Program License ​ Beijing Duoke ​ VIE ​ Beijing Municipal Radio and Television Bureau 3. ​ ICP License ​ Beijing Shenke Information Technology Limited ​ subsidiary of VIE ​ Beijing Communications Administration 4. ​ HR Service License ​ Beijing Duoke ​ VIE ​ Haidian Bureau of Human Resources and Social Security of Beijing ​ Regulation The following sets forth a summary of the most significant rules and regulations that affect our business activities in China.
Trademark Law Trademarks are protected by the Trademark Law of the PRC (Revised in 2019) which was adopted in 1982 and subsequently amended in 1993, 2001, 2013 and 2019 respectively as well as by the Implementation Regulations of the PRC Trademark Law adopted by the State Council in 2002 and as most recently amended on April 29, 2014.
As of the date of this annual report, we have four registered patents in the PRC. 71 Table of Contents Trademark Law Trademarks are protected by the Trademark Law of the PRC (Revised in 2019) which was adopted in 1982 and subsequently amended in 1993, 2001, 2013 and 2019 respectively as well as by the Implementation Regulations of the PRC Trademark Law adopted by the State Council in 2002 and as most recently amended on April 29, 2014.
Leveraging traffic brought by high-quality content, we have expanded our offerings to business services, including online advertising services, enterprise value-added services and subscription services. We are a well-recognized platform among New Economy participants in China.
Leveraging traffic brought by high-quality content, we have expanded our offerings to business services, including online advertising services, enterprise value-added services and subscription services. We are a well-recognized platform among New Economy participants in China. With our significant brand influence, we are well-positioned to continuously capture the high growth potentials of China’s New Economy.
Youth” ( 后浪研究所 ) is a WeChat Account that focuses on widely attended topics of particular interest to the younger generation, providing insightful and original reports on career development, mental health, lifestyle, relationships, etc. ● “ The Emergence of Intelligence ” ( 智能涌现 ) “The Emergence of Intelligence” ( 智能涌现 ) is a WeChat Account that provides in-depth coverage on the AI era’s burgeoning transformation across multiple industries. ● “ Waves ” ( 暗涌 ) “Waves” ( 暗涌 ) is a WeChat Account that specializes in investment feature reports, profile stories of investment institutions, and exploration of capital flow trend, providing inspiration and ideas for investors. ● “ TIDE ”( 潮生 TIDE ) “TIDE”( 潮生 TIDE) is a WeChat account that focuses on urban living and consumer trends, providing a diverse range of lifestyle inspirations for users. ● “ Hardcore ”( 硬氪 ) “”( 硬氪 ) is a WeChat account that focuses on global expansion and hardcore technology. 58 Table of Contents In addition, we have observed that video-formed content has quickly emerged as a preferable choice for more people.
Youth” ( 后浪研究所 ) is a WeChat Account that focuses on widely attended topics of particular interest to the younger generation, providing insightful and original reports on career development, mental health, lifestyle, relationships, etc. ● “ The Emergence of Intelligence ” ( 智能涌现 ) “The Emergence of Intelligence” ( 智能涌现 ) is a WeChat Account that provides in-depth coverage on the AI era’s burgeoning transformation across multiple industries. ● “ Waves ” ( 暗涌 ) “Waves” ( 暗涌 ) is a WeChat Account that specializes in investment feature reports, profile stories of investment institutions, and exploration of capital flow trend, providing inspiration and ideas for investors. ● “ TIDE ”( 潮生 TIDE ) “TIDE”( 潮生 TIDE) is a WeChat account that focuses on urban living and consumer trends, providing a diverse range of lifestyle inspirations for users. ● “36kr Auto ”( 36 氪汽车 ) “ 36kr Auto ”( 36 氪汽车 ) is a WeChat account that covering the smart electric vehicle industry. 56 Table of Contents ● “Hardcore”( 硬氪 ) “Hardcore”( 硬氪 ) is a WeChat account that focuses on global expansion and hardcore technology.
In addition, we also help our customers organize and execute business events. 62 Table of Contents Advertisement agent services Starting from 2021, we as an agent coordinate and procure the third-party advertisement resources on behalf of our customers based on the purchase orders from the customers including the content, form, time and media platform of the advertisement.
Advertisement agent services Starting from 2021, we as an agent coordinate and procure the third-party advertisement resources on behalf of our customers based on the purchase orders from the customers including the content, form, time and media platform of the advertisement.
According to the Copyright Law , an infringer of the copyrights shall be subject to various civil liabilities, which include ceasing infringement activities, apologizing to the copyright owners and compensating the loss of copyright owner.
According to the Copyright Law , an infringer of the copyrights shall be subject to various civil liabilities, which include ceasing infringement activities, apologizing to the copyright owners and compensating the loss of copyright owner. Infringers of copyright may also subject to fines and/or administrative or criminal liabilities in severe situations.
Since then, 36Kr Global Holding became an associate of the Group. 45 Table of Contents In September 2019, we entered into a series of contractual arrangements through Beijing Dake and Beijing Duoke (the “VIE”) and its shareholders in order to control the VIE. The VIE conducts substantially all of our operations in China.
In September 2019, we entered into a series of contractual arrangements through Beijing Dake and Beijing Duoke (the “VIE”) and its shareholders in order to control the VIE. The VIE conducts substantially all of our operations in China.
We also closely supervise the screening and monitoring work performed by our editors. 60 Table of Contents Automated Content Screening Process. All content on our platform is first screened by an automated filtering system. This system identifies and flags suspicious content using a regularly updated repository of keywords based on the latest regulations in China.
Automated Content Screening Process. All content on our platform is first screened by an automated filtering system. This system identifies and flags suspicious content using a regularly updated repository of keywords based on the latest regulations in China. All flagged content identified in the automated content screening process is further reviewed by our editors.
Our management is of the view that the likelihood that this scenario would happen is remote. ​ ​ 50 Table of Contents Condensed Consolidating Schedule The following tables present the summary statements of operations for our Company’s VIE and other entities for the periods presented. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ ​ 2022 ​ 2023 ​ 2024 ​ ​ ​ ​ ​ ​ Primary ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Primary ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Primary ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Subsidiaries ​ Beneficiary ​ VIE and its ​ Eliminating ​ Consolidated ​ ​ ​ Subsidiaries ​ Beneficiary ​ VIE and its ​ Eliminating ​ Consolidated ​ ​ ​ Subsidiaries ​ Beneficiary ​ VIE and its ​ Eliminating ​ Consolidated ​ Parent of the Parent of VIE subsidiaries adjustments totals Parent of the Parent of VIE subsidiaries adjustments totals Parent of the Parent of VIE subsidiaries adjustments totals ​ ​ RMB’000 ​ RMB’000 ​ RMB’000 ​ RMB’000 ​ RMB’000 ​ RMB’000 ​ RMB’000 ​ RMB’000 ​ RMB’000 ​ RMB’000 ​ RMB’000 ​ RMB’000 ​ RMB’000 ​ RMB’000 ​ RMB’000 ​ RMB’000 ​ RMB’000 ​ RMB’000 Condensed Consolidating Schedule of Results of Operations Inter-company revenues (Note 1) — 25,211 59,104 — (84,315) — — 217 ​ 62,459 — (62,676) — — — ​ 46,615 — (46,615) — Third-party revenues — 1,584 387 320,526 — 322,497 — 127 ​ — 340,058 — 340,185 — — ​ — 231,070 — 231,070 Cost of revenues (Note 1) — (909) (9,556) (211,698) 84,315 (137,848) — (82) ​ (8,016) (212,747) 62,676 (158,169) — (1) ​ (13,440) (151,908) 46,615 (118,734) Gross profit — 25,886 49,935 108,828 — 184,649 — 262 ​ 54,443 127,311 — 182,016 — (1) ​ 33,175 79,162 — 112,336 Operating expenses (11,602) (17,237) (68,363) (131,984) — (229,186) (7,832) (6,460) ​ (63,332) (198,610) — (276,234) (5,014) (29) ​ (38,816) (146,241) — (190,100) (Loss)/income from operations (11,602) 8,649 (18,428) (23,156) — (44,537) (7,832) (6,198) ​ (8,889) (71,299) — (94,218) (5,014) (30) ​ (5,641) (67,079) — (77,764) Other income/(expenses): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income/(loss) from subsidiaries (Note 2) 31,888 ​ 23,691 ​ — ​ — ​ (55,579) ​ — ​ (83,098) ​ (77,562) ​ — ​ — ​ 160,908 ​ — ​ (132,654) ​ (131,967) ​ — ​ — ​ 264,621 ​ — Income/(loss) from VIEs (Note 2) ​ — ​ — ​ 40,959 ​ — ​ (40,959) ​ — ​ — ​ — ​ (68,853) ​ — ​ 68,977 ​ — ​ — ​ — ​ (126,394) ​ — ​ 126,394 ​ — Share of (loss)/income from equity method investments — (472) — 523 — 51 — 23 ​ — (546) — (523) — (656) ​ — (3,070) — (3,726) Gain on disposal of subsidiaries ​ — ​ — ​ — ​ 38,019 ​ — ​ 38,019 ​ — ​ — ​ — ​ 3,366 ​ — ​ 3,366 ​ — ​ — ​ — ​ 839 ​ — ​ 839 Long-term investment income/(loss), net ​ — ​ — ​ — ​ 15,964 ​ — ​ 15,964 ​ — ​ — ​ — ​ (8,079) ​ — ​ (8,079) ​ — ​ — ​ — ​ (62,763) ​ — ​ (62,763) Short-term investments income — 2 735 1,262 — 1,999 — 3 ​ 603 706 — 1,312 — ​ 1 ​ 160 462 — 623 Others, net 1,657 18 425 9,402 — 11,502 950 637 ​ (423) 7,689 — 8,853 1,041 ​ (2) ​ (92) 1,121 — 2,068 Income/(Loss) before income tax 21,943 ​ 31,888 ​ 23,691 ​ 42,014 ​ (96,538) ​ 22,998 ​ (89,980) ​ (83,097) ​ (77,562) ​ (68,163) ​ 229,513 ​ (89,289) ​ (136,627) ​ (132,654) ​ (131,967) ​ (130,490) ​ 391,015 ​ (140,723) Income tax (expenses)/credit — — — (361) — (361) — (1) ​ — 43 — 42 — ​ — ​ — (64) — (64) Net income/(loss) 21,943 ​ 31,888 ​ 23,691 ​ 41,653 ​ (96,538) ​ 22,637 ​ (89,980) ​ (83,098) ​ (77,562) ​ (68,120) ​ 229,513 ​ (89,247) ​ (136,627) ​ (132,654) ​ (131,967) ​ (130,554) ​ 391,015 ​ (140,787) Note 1: The eliminations are mainly related to inter-company services fee charged among subsidiaries of the Parent, the Primary Beneficiary of VIE and the VIE.
Our management is of the view that the likelihood that this scenario would happen is remote. ​ ​ 48 Table of Contents Condensed Consolidating Schedule The following tables present the summary statements of operations for our Company’s VIE and other entities for the periods presented. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ ​ 2023 ​ 2024 ​ 2025 ​ ​ ​ ​ ​ ​ Primary ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Primary ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Primary ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Subsidiaries ​ Beneficiary ​ VIE and its ​ Eliminating ​ Consolidated ​ ​ ​ Subsidiaries ​ Beneficiary ​ VIE and its ​ Eliminating ​ Consolidated ​ ​ ​ Subsidiaries ​ Beneficiary ​ VIE and its ​ Eliminating ​ Consolidated ​ ​ ​ Parent ​ ​ of the Parent ​ ​ of VIE ​ ​ subsidiaries ​ ​ adjustments ​ ​ totals ​ ​ Parent ​ ​ of the Parent ​ ​ of VIE ​ ​ subsidiaries ​ ​ adjustments ​ ​ totals ​ ​ Parent ​ ​ of the Parent ​ ​ of VIE ​ ​ subsidiaries ​ ​ adjustments ​ ​ totals ​ ​ RMB’000 ​ RMB’000 ​ RMB’000 ​ RMB’000 ​ RMB’000 ​ RMB’000 ​ RMB’000 ​ RMB’000 ​ RMB’000 ​ RMB’000 ​ RMB’000 ​ RMB’000 ​ RMB’000 ​ RMB’000 ​ RMB’000 ​ RMB’000 ​ RMB’000 ​ RMB’000 Condensed Consolidating Schedule of Results of Operations ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Inter-company revenues (Note 1) — 217 62,459 — (62,676) — — — ​ 46,615 — (46,615) — 3,571 — ​ 51,820 — (55,391) — Third-party revenues — 127 — 340,058 — 340,185 — — ​ — 231,070 — 231,070 — — ​ — 227,937 — 227,937 Cost of revenues (Note 1) — (82) (8,016) (212,747) 62,676 (158,169) — (1) ​ (13,440) (151,908) 46,615 (118,734) — (1) ​ (17,426) (134,404) 55,391 (96,440) Gross profit — 262 54,443 127,311 — 182,016 — (1) ​ 33,175 79,162 — 112,336 3,571 (1) ​ 34,394 93,533 — 131,497 Operating expenses (7,832) (6,460) (63,332) (198,610) — (276,234) (5,014) (29) ​ (38,816) (146,241) — (190,100) (6,861) (50) ​ (28,309) (86,259) — (121,479) (Loss)/income from operations (7,832) (6,198) (8,889) (71,299) — (94,218) (5,014) (30) ​ (5,641) (67,079) — (77,764) (3,290) (51) ​ 6,085 7,274 — 10,018 Other income/(expenses): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (Loss)/income from subsidiaries (Note 2) (83,098) ​ (77,562) ​ — ​ — ​ 160,908 ​ — ​ (132,654) ​ (131,967) ​ — ​ — ​ 264,621 ​ — ​ 14,157 ​ 14,907 ​ 8,808 ​ — ​ (37,872) ​ — (Loss)/income from VIEs (Note 2) ​ — ​ — ​ (68,853) ​ — ​ 68,977 ​ — ​ — ​ — ​ (126,394) ​ — ​ 126,394 ​ — ​ — ​ — ​ — ​ — ​ — ​ — Share of income/(loss) from equity method investments — 23 — (546) — (523) — (656) ​ — (3,070) — (3,726) — (699) ​ — (24) — (723) Gain on disposal of subsidiaries ​ — ​ — ​ — ​ 3,366 ​ — ​ 3,366 ​ — ​ — ​ — ​ 839 ​ — ​ 839 ​ — ​ — ​ — ​ 355 ​ — ​ 355 Long-term investment (loss)/income, net ​ — ​ — ​ — ​ (8,079) ​ — ​ (8,079) ​ — ​ — ​ — ​ (62,763) ​ — ​ (62,763) ​ — ​ — ​ — ​ 418 ​ — ​ 418 Short-term investments income — 3 603 706 — 1,312 — 1 ​ 160 462 — 623 — ​ 1 ​ 90 438 — 529 Others, net 950 637 (423) 7,689 — 8,853 1,041 (2) ​ (92) 1,121 — 2,068 299 ​ (2) ​ (75) 630 — 852 (Loss)/income before income tax (89,980) ​ (83,097) ​ (77,562) ​ (68,163) ​ 229,513 ​ (89,289) ​ (136,627) ​ (132,654) ​ (131,967) ​ (130,490) ​ 391,015 ​ (140,723) ​ 11,166 ​ 14,156 ​ 14,908 ​ 9,091 ​ (37,872) ​ 11,449 Income tax (expenses)/credit — (1) — 43 — 42 — — ​ — (64) — (64) — ​ — ​ — (21) — (21) Net (loss)/income (89,980) ​ (83,098) ​ (77,562) ​ (68,120) ​ 229,513 ​ (89,247) ​ (136,627) ​ (132,654) ​ (131,967) ​ (130,554) ​ 391,015 ​ (140,787) ​ 11,166 ​ 14,156 ​ 14,908 ​ 9,070 ​ (37,872) ​ 11,428 Note 1: The eliminations are mainly related to inter-company services fee charged among subsidiaries of the Parent, the Primary Beneficiary of VIE and the VIE.
Leveraging our significant brand influence across our diversified distribution channels, we have total followers of 35.9 million as of December 31, 2024 across our self-operated platforms and our accounts on major third-party platforms, including Weixin, Weibo, Zhihu, Toutiao, Xinhua Net, Douyin, Bilibili, RED, Bai Jiahao and more.
Leveraging our significant brand influence across our diversified distribution channels, we have total followers of 36.8 million as of December 31, 2025 across our self-operated platforms and our accounts on major third-party platforms, including Weixin, Weibo, Zhihu, Toutiao, Xinhua Net, Douyin, Bilibili, RED, Bai Jiahao and more. 57 Table of Contents Our content production process includes content creation, content editing, screening and monitoring, and content distribution.
Our content production process includes content creation, content editing, screening and monitoring, and content distribution. 59 Table of Contents Content Creation In-house Content Creation We maintain a professional in-house content team of 102 personnel, including 40 seasoned writers, with in-depth knowledge in New Economy sectors. Our writers are responsible for information gathering, researching, analyzing market information and trends and drafting.
Content Creation In-house Content Creation We maintain a professional in-house content team of 98 personnel, including 42 seasoned writers, with in-depth knowledge in New Economy sectors. Our writers are responsible for information gathering, researching, analyzing market information and trends and drafting.
Infringers of copyright may also subject to fines and/or administrative or criminal liabilities in severe situations. 72 Table of Contents The Computer Software Copyright Registration Measures , or the Software Copyright Measures , promulgated by the National Copyright Administration on April 6, 1992 and amended on May 26, 2000 and February 20, 2002, regulates registrations of software copyright, exclusive licensing contracts for software copyright and assignment agreements.
The Computer Software Copyright Registration Measures , or the Software Copyright Measures , promulgated by the National Copyright Administration on April 6, 1992 and amended on May 26, 2000 and February 20, 2002, regulates registrations of software copyright, exclusive licensing contracts for software copyright and assignment agreements.
Note 4: Represents the eliminations of the investment/(deficit) in subsidiaries of the Parent, the Primary Beneficiary of VIE, the VIE and its subsidiaries by the Parent. ​ 52 Table of Contents ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ ​ 2022 ​ 2023 ​ 2024 ​ ​ ​ ​ ​ ​ Primary ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Primary ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Primary ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Subsidiaries ​ Beneficiary ​ VIE and its ​ Eliminating ​ Consolidated ​ ​ ​ Subsidiaries ​ Beneficiary ​ VIE and its ​ Eliminating ​ Consolidated ​ ​ ​ Subsidiaries ​ Beneficiary ​ VIE and its ​ Eliminating ​ Consolidated ​ ​ Parent of the Parent of VIE subsidiaries adjustments totals Parent ​ of the Parent of VIE subsidiaries adjustments totals Parent of the Parent of VIE subsidiaries adjustments totals ​ RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Condensed Consolidating Schedules of Cash Flows Net cash (used in)/provided by operating activities (Note 5) (12,381) (12,283) (57,647) 77,322 — (4,989) (4,078) (6,741) 12,454 (123,798) — (122,163) (10,288) 596 (46,574) 23,276 — (32,990) Cash flows from investing activities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Purchase of short-term investments — — (40,000) (417,490) — (457,490) (10,624) (1,300) (56,304) (312,270) — (380,498) — — (85,716) (160,034) — (245,750) Proceeds from maturities of short-term investments — 247 40,022 494,709 — 534,978 — 1,300 48,383 296,221 — 345,904 10,624 — 113,642 141,242 — 265,508 Investment in long-term investments — — — (38,970) — (38,970) — — — (9,500) — (9,500) — ​ — ​ — (4,050) — (4,050) Prepayment of an Equity Investment ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ (1,000) ​ — ​ (1,000) Loan paid to inter-Company entities (Note 5) — — (14,100) — 14,100 — — — (37,400) — 37,400 — — — (8,000) (17,000) 25,000 — Loan collected from intercompany entities (Note 5) — — 65,899 100 (65,999) — — — 21,644 — (21,644) — — — 1,300 — (1,300) — Cash received from customer in relation to advertisement agent services — — — 70,208 — 70,208 — — — 68,838 — 68,838 — — — 15,984 — 15,984 Cash received from disposal of subsidiaries ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ 5,450 ​ — ​ 5,450 Cash paid on behalf of the customer in relation to advertisement agent services — — — (64,054) — (64,054) — — — — — — — — — — — — Others — — — (1,361) — (1,361) — — — (4,571) — (4,571) — — — (3,666) — (3,666) Net cash provided by/(used in) investing activities — 247 51,821 43,142 (51,899) 43,311 (10,624) — (23,677) 38,718 15,756 20,173 10,624 — 21,226 (23,074) 23,700 32,476 Cash flows from financing activities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Proceeds from employee options exercised — — — — — — — — — — — — — — 18 — — 18 Cash received from the sale of a noncontrolling interest ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ 226 ​ — ​ 226 ​ — ​ — ​ — ​ — ​ — ​ — Capital injection from noncontrolling interest shareholders — — — 174 — 174 — — — 255 — 255 — — — — — — Proceeds from loans provided by intercompany entities (Note 6) — 14,100 — — (14,100) — — 12,000 — 25,400 (37,400) — — — 17,000 8,000 (25,000) — Repayments of loans provided by intercompany entities (Note 6) — (123) — (65,876) 65,999 — — (6,497) — (15,147) 21,644 — — — — (1,300) 1,300 — Dividends paid to a noncontrolling share holder of a subsidiary ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (3,675) ​ — ​ (3,675) Others — — — 4,950 — 4,950 — — — — — — — — 6,000 (5,950) — 50 Net cash provided by/(used in) financing activities — 13,977 — (60,752) 51,899 5,124 — 5,503 — 10,734 (15,756) 481 — — 23,018 (2,925) (23,700) (3,607) Effect of exchange rates on cash, cash equivalents and restricted cash 3,913 (1,713) — — — 2,200 1,020 (658) — — — 362 917 (672) — — — 245 (Decrease)/increase in cash, cash equivalents and restricted cash (8,468) 228 (5,826) 59,712 — 45,646 (13,682) (1,896) (11,223) (74,346) — (101,147) 1,253 (76) (2,330) (2,723) — (3,876) Cash, cash equivalents and restricted cash at beginning of year 31,833 2,416 20,669 42,047 — 96,965 23,365 2,644 14,843 101,759 — 142,611 9,683 748 3,620 27,413 — 41,464 Cash, cash equivalents and restricted cash at end of year 23,365 2,644 14,843 101,759 — 142,611 9,683 748 3,620 27,413 — 41,464 10,936 672 1,290 24,690 — 37,588 ​ Note 5: For the years ended December 31, 2022, 2023 and 2024, the VIE transferred RMB10.0 million, RMB91.6 million and nil, respectively to the Primary Beneficiary of VIE as payment or prepayment of service fees.
Note 4: Represents the eliminations of the investment/(deficit) in subsidiaries of the Parent, the Primary Beneficiary of VIE, the VIE and its subsidiaries by the Parent. ​ 50 Table of Contents ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ ​ 2023 ​ 2024 ​ 2025 ​ ​ ​ ​ ​ ​ Primary ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Primary ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Primary ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Subsidiaries ​ Beneficiary ​ VIE and its ​ Eliminating ​ Consolidated ​ ​ ​ Subsidiaries ​ Beneficiary ​ VIE and its ​ Eliminating ​ Consolidated ​ ​ ​ Subsidiaries ​ Beneficiary ​ VIE and its ​ Eliminating ​ Consolidated ​ ​ Parent ​ ​ ​ of the Parent ​ ​ ​ of VIE ​ ​ ​ subsidiaries ​ ​ ​ adjustments ​ ​ ​ totals ​ ​ ​ Parent ​ of the Parent ​ ​ ​ of VIE ​ ​ ​ subsidiaries ​ ​ ​ adjustments ​ ​ ​ totals ​ ​ ​ Parent ​ ​ ​ of the Parent ​ ​ ​ of VIE ​ ​ ​ subsidiaries ​ ​ ​ adjustments ​ ​ ​ totals ​ ​ ​ ​ RMB’000 ​ ​ ​ RMB’000 ​ ​ ​ RMB’000 ​ ​ ​ RMB’000 ​ ​ ​ RMB’000 ​ ​ ​ RMB’000 ​ ​ ​ RMB’000 ​ ​ ​ RMB’000 ​ ​ ​ RMB’000 ​ ​ ​ RMB’000 ​ ​ ​ RMB’000 ​ ​ ​ RMB’000 ​ ​ ​ RMB’000 ​ ​ ​ RMB’000 ​ ​ ​ RMB’000 ​ ​ ​ RMB’000 ​ ​ ​ RMB’000 ​ ​ ​ RMB’000 Condensed Consolidating Schedules of Cash Flows ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net cash (used in)/provided by operating activities (Note 5) (4,078) (6,741) 12,454 (123,798) — (122,163) (10,288) 596 (46,574) 23,276 — (32,990) (359) ​ (621) ​ 21,707 ​ (1,719) ​ — ​ 19,008 Cash flows from investing activities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Purchase of short-term investments (10,624) (1,300) (56,304) (312,270) — (380,498) — — (85,716) (160,034) — (245,750) (34,793) ​ — ​ (57,320) ​ (181,230) ​ — ​ (273,343) Proceeds from maturities of short-term investments — 1,300 48,383 296,221 — 345,904 10,624 — 113,642 141,242 — 265,508 34,793 ​ — ​ 57,492 ​ 234,534 ​ — ​ 326,819 Investment in long-term investments — — — (9,500) — (9,500) — — — (4,050) — (4,050) — ​ — ​ — ​ (11,600) ​ — ​ (11,600) Prepayment of an Equity Investment ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ (1,000) ​ — ​ (1,000) ​ — ​ — ​ — ​ — ​ — ​ — Loan paid to inter-Company entities (Note 5) — — (37,400) — 37,400 — — — (8,000) (17,000) 25,000 — — ​ — ​ — ​ (29,000) ​ 29,000 ​ — Loan collected from intercompany entities (Note 5) — — 21,644 — (21,644) — — — 1,300 — (1,300) — — ​ — ​ — ​ 5,000 ​ (5,000) ​ — Cash received from customer in relation to advertisement agent services — — — 68,838 — 68,838 — — — 15,984 — 15,984 — ​ — ​ — ​ 3,038 ​ — ​ 3,038 Cash received from disposal of subsidiaries ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ 5,450 ​ — ​ 5,450 ​ — ​ — ​ — ​ 3,000 ​ — ​ 3,000 Others — — — (4,571) — (4,571) — — — (3,666) — (3,666) — ​ — ​ — ​ 109 ​ — ​ 109 Net cash (used in)/provided by investing activities (10,624) — (23,677) 38,718 15,756 20,173 10,624 — 21,226 (23,074) 23,700 32,476 — ​ — ​ 172 ​ 23,851 ​ 24,000 ​ 48,023 Cash flows from financing activities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Proceeds from employee options exercised — — — — — — — — 18 — — 18 — ​ — ​ 1 ​ — ​ — ​ 1 Cash received from the sale of a non-controlling interest ​ — ​ — ​ — ​ 226 ​ — ​ 226 ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ — Capital injection from non-controlling interest shareholders — — — 255 — 255 — — — — — — — — — — — — Proceeds from loans provided by intercompany entities (Note 6) — 12,000 — 25,400 (37,400) — — — 17,000 8,000 (25,000) — — ​ — ​ 29,000 ​ — ​ (29,000) ​ — Repayments of loans provided by intercompany entities (Note 6) — (6,497) — (15,147) 21,644 — — — — (1,300) 1,300 — — ​ — ​ (5,000) ​ — ​ 5,000 ​ — Dividends paid to a non-controlling shareholder of a subsidiary ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ (3,675) ​ — ​ (3,675) ​ — ​ — ​ — ​ — ​ — ​ — Proceeds from bank loans ​ ​ ​ ​ ​ ​ ​ 14,950 ​ ​ ​ 14,950 ​ ​ ​ ​ ​ 6,000 ​ 4,000 ​ ​ ​ 10,000 ​ ​ ​ ​ ​ 12,000 ​ 17,950 ​ — ​ 29,950 Repayments of bank loans ​ ​ ​ ​ ​ ​ ​ (14,950) ​ ​ ​ (14,950) ​ ​ ​ ​ ​ — ​ (9,950) ​ ​ ​ (9,950) ​ ​ ​ ​ ​ (12,000) ​ (8,000) ​ — ​ (20,000) Cash paid to non-controlling interests of subsidiaries ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (202) ​ ​ ​ (202) Net cash provided by/(used in) financing activities — 5,503 — 10,734 (15,756) 481 — — 23,018 (2,925) (23,700) (3,607) — ​ — ​ 24,001 ​ 9,748 ​ (24,000) ​ 9,749 Effect of exchange rates on cash, cash equivalents and restricted cash 1,020 (658) — — — 362 917 (672) — — — 245 (894) ​ 667 ​ — ​ — ​ — ​ (227) (Decrease)/increase in cash, cash equivalents and restricted cash (13,682) (1,896) (11,223) (74,346) — (101,147) 1,253 (76) (2,330) (2,723) — (3,876) (1,253) ​ 46 ​ 45,880 ​ 31,880 ​ — ​ 76,553 Cash, cash equivalents and restricted cash at beginning of year 23,365 2,644 14,843 101,759 — 142,611 9,683 748 3,620 27,413 — 41,464 10,936 ​ 672 ​ 1,290 ​ 24,690 ​ — ​ 37,588 Cash, cash equivalents and restricted cash at end of year 9,683 748 3,620 27,413 — 41,464 10,936 672 1,290 24,690 — 37,588 9,683 ​ 718 ​ 47,170 ​ 56,570 ​ — ​ 114,141 Note 5: For the years ended December 31, 2023, 2024 and 2025, the VIE transferred RMB91.6 million, nil, and RMB48.4 million (US$6.9 million), respectively to the Primary Beneficiary of VIE as payment or prepayment of service fees.
Under the Measures for Cybersecurity Review, if a critical information infrastructure operator purchases network products and services that affect or may affect national security, a cybersecurity review shall be conducted. On July 30, 2021, the State Council promulgated the Regulations on Protection of Critical Information Infrastructure, which took effect on September 1, 2021.
Under the Measures for Cybersecurity Review, if a critical information infrastructure operator purchases network products and services that affect or may affect national security, a cybersecurity review shall be conducted. On September 24, 2024, the State Council promulgated the Regulations on the Administration of Network Data Security (the “Network Data Security Regulations”), which became effective on January 1, 2025.
Pursuant to the Circular on Further Simplifying and Improving the Foreign Currency Management Policy on Direct Investment, or the SAFE Circular No. 13, effective from June 1, 2015, which cancels the administrative approvals of foreign exchange registration of direct domestic investment and direct overseas investment and simplifies the procedure of foreign exchange-related registration, the investors shall register with banks for direct domestic investment and direct overseas investment. 74 Table of Contents Based on the SAFE Circular No.13 and other laws and regulations relating to foreign exchange, when setting up a new foreign-invested enterprise, the foreign-invested enterprise shall register with the bank located at its registered place after obtaining the business license, and if there is any change in capital or other changes relating to the basic information of the foreign-invested enterprise, including without limitation any increase in its registered capital or total investment, the foreign-invested enterprise shall register such changes with the bank located at its registered place after obtaining the approval from or completing the filing with competent authorities.
Based on the SAFE Circular No.13 and other laws and regulations relating to foreign exchange, when setting up a new foreign-invested enterprise, the foreign-invested enterprise shall register with the bank located at its registered place after obtaining the business license, and if there is any change in capital or other changes relating to the basic information of the foreign-invested enterprise, including without limitation any increase in its registered capital or total investment, the foreign-invested enterprise shall register such changes with the bank located at its registered place after obtaining the approval from or completing the filing with competent authorities.
However, due to the large amount of user uploaded content, we may not be able to identify all the content that may violate relevant laws and regulations. See “Item 3. Key Information—3.D.
To comply with the above PRC laws and regulations, we have adopted internal procedures to monitor content displayed on our website and application. However, due to the large amount of user uploaded content, we may not be able to identify all the content that may violate relevant laws and regulations. See “Item 3. Key Information—3.D.
As of December 31, 2022, 2023 and 2024, the outstanding balance of service fees owed by the VIE to our PRC subsidiaries amounted to RMB155.3 million, RMB130.7 million and 180.1 million (US$24.7 million).
As of December 31, 202 3 , 202 4 and 202 5 , the outstanding balance of service fees owed by the VIE to our PRC subsidiaries amounted to RMB130.7 million, RMB180.1 million, RMB163.3 million (US$23.4 million).
We especially take pride in our ability to discover startup companies with great potentials and introduce them to the investment community. We were the first to report on a number of startup companies that later became industry leaders. For example, in January 2013, we were the first to report on ByteDance, which later became a world-leading technology company.
We were the first to report on a number of startup companies that later became industry leaders. For example, in January 2013, we were the first to report on ByteDance, which later became a world-leading technology company.
We help them create their investor profile pages on our platform and organize branding promotion events. We refer promising companies to institutional subscribers seeking investment opportunities. Our institutional subscribers also enjoy priority access to our online/offline events. Meanwhile, we help institutional subscribers increase their recognition by displaying their logos in different occasions, including at our online/offline events.
We refer promising companies to institutional subscribers seeking investment opportunities. Our institutional subscribers also enjoy priority access to our online/offline events. Meanwhile, we help institutional subscribers increase their recognition by displaying their logos in different occasions, including at our online/offline events. In 2025, we had 125 institutional investor subscribers, compared to 231 institutional subscribers in 2024.
In addition to our established brand and word-of-mouth marketing, we promote our brand and platform through online marketing, offline promotional events and sponsorship. We sell our services mainly through our experienced in-house sales teams of 127 employees as of December 31, 2024. Our sales team is equipped with specialized New Economy sector knowledge and expertise, and understands our customers’ needs.
We sell our services mainly through our experienced in-house sales teams of 127 employees as of December 31, 2025. Our sales team is equipped with specialized New Economy sector knowledge and expertise, and understands our customers’ needs.
As of the date of this annual report, we have registered 274 trademarks in the PRC. 73 Table of Contents Regulations on Domain Names The MIIT promulgated the Measures on Administration of Internet Domain Names, or the Domain Name Measures on August 24, 2017, which took effect on November 1, 2017 and replaced the Administrative Measures on China Internet Domain Names promulgated by MII on November 5, 2004.
Regulations on Domain Names The MIIT promulgated the Measures on Administration of Internet Domain Names , or the Domain Name Measures on August 24, 2017, which took effect on November 1, 2017 and replaced the Administrative Measures on China Internet Domain Names promulgated by MII on November 5, 2004.
Such minority stake holder is entitled to customary economic rights in proportion to its equity ownership, and certain minority shareholder rights such as the right to appoint a director to Beijing Duoke’s board of directors. 79 Table of Contents The minority stake holder is not a party to the contractual arrangements that are currently in effect among 36Kr, Beijing Duoke and Beijing Duoke’s other shareholders.
Such minority stake holder is entitled to customary economic rights in proportion to its equity ownership, and certain minority shareholder rights such as the right to appoint a director to Beijing Duoke’s board of directors.
We conduct a significant portion of our businesses in China through Beijing Duoke. It is the VIE that holds our key operating licenses, provides services to our customers, and enters into contracts with our suppliers. We operate our businesses this way because PRC laws and regulations restrict foreign investment in companies that engage in value-added telecommunication services.
Beijing Dake controls Beijing Duoke, the VIE in the PRC, through a series of contractual arrangements. We conduct a significant portion of our businesses in China through Beijing Duoke. It is the VIE that holds our key operating licenses, provides services to our customers, and enters into contracts with our suppliers.
We provide customized market research and industry reports to established companies, government agencies and other New Economy participants.
We provide customized market research and industry reports to established companies, government agencies and other New Economy participants. In addition, we also help our customers organize and execute business events.

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Item 5. Market for Registrant's Common Equity

Market for Common Equity — stock, dividends, buybacks

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Investing activities Net cash provided by investing activities was RMB32.5 million (US$4.4 million) in 2024, which was attributable to (i) purchase of short-term investments, (ii) net proceeds from purchase and maturities of short term investments, (iii) Cash received from customer in relation to advertisement agent services.
Net cash provided by investing activities was RMB32.5 million (US$4.4 million) in 2024, which was attributable to (i) purchase of short-term investments, (ii) net proceeds from purchase and maturities of short term investments, (iii) Cash received from customer in relation to advertisement agent services.
Subscription services. We offer packaged membership and service benefits to individuals, institutional investors and enterprises. Cost of Revenues Our cost of revenues consists of (i) staff costs; (ii) advertisement production costs; (iii) execution fee of enterprise value-added services, site fee and cost of online/offline events; and (iv) (v) other costs.
We offer packaged membership and service benefits to individuals, institutional investors and enterprises. Cost of Revenues Our cost of revenues consists of (i) staff costs; (ii) advertisement production costs; (iii) execution fee of enterprise value-added services, site fee and cost of online/offline events; and (iv) (v) other costs.
You should read the following description of critical accounting estimates in conjunction with our consolidated financial statements and other disclosures included in this annual report. 1 NTD: To disclose all material “known trends” - whether any revenue / cost / expenses items will be affected by the recent regulatory changes and quantify such impacts based on historical numbers. ​ 91 Table of Contents Allowance for credit losses The allowance for credit losses represents our estimate of the expected lifetime credit losses inherent in receivables as of the balance sheet date.
You should read the following description of critical accounting estimates in conjunction with our consolidated financial statements and other disclosures included in this annual report. 1 NTD: To disclose all material “known trends” - whether any revenue / cost / expenses items will be affected by the recent regulatory changes and quantify such impacts based on historical numbers. ​ 90 Table of Contents Allowance for credit losses The allowance for credit losses represents our estimate of the expected lifetime credit losses inherent in receivables as of the balance sheet date.
Trend Information 1 Other than as disclosed elsewhere in this annual report, we are not aware of any trends, uncertainties, demands, commitments or events for the year ended December 31, 2024 that are reasonably likely to have a material and adverse effect on our net revenues, income, profitability, liquidity or capital resources, or that would cause the disclosed financial information to be not necessarily indicative of future results of operations or financial condition. 5.E.
Trend Information 1 Other than as disclosed elsewhere in this annual report, we are not aware of any trends, uncertainties, demands, commitments or events for the year ended December 31, 2025 that are reasonably likely to have a material and adverse effect on our net revenues, income, profitability, liquidity or capital resources, or that would cause the disclosed financial information to be not necessarily indicative of future results of operations or financial condition. 5.E.
These strategies would be a source of additional positive evidence and, depending on their nature, could be heavily weighted. 92 Table of Contents In assessing the realizability of deferred tax assets, we consider the trade-offs between cash preservation and cash outlays to preserve tax credits.
These strategies would be a source of additional positive evidence and, depending on their nature, could be heavily weighted. 91 Table of Contents In assessing the realizability of deferred tax assets, we consider the trade-offs between cash preservation and cash outlays to preserve tax credits.
Gain on disposal of subsidiaries Gain on disposal of subsidiaries represents realized disposal gain associated with subsidiaries in the fiscal year of 2022, 2023 and 2024. Short-term investment income Short-term investment income represents unrealized gains in change of fair value and realized gains in sale of short-term investments. Government grant Government grant primarily represents subsidies for operating a business.
Gain on disposal of subsidiaries Gain on disposal of subsidiaries represents realized disposal gain associated with subsidiaries in the fiscal year of 2023, 2024 and 2025. Short-term investment income Short-term investment income represents unrealized gains in change of fair value and realized gains in sale of short-term investments. Government grant Government grant primarily represents subsidies for operating a business.
For privately held investments classified as debt securities, we elected fair value option to account for these investments and determined the fair value by using market approach with significant unobservable inputs (Level 3) for the year ended December 31, 2024.
For privately held investments classified as debt securities, we elected fair value option to account for these investments and determined the fair value by using market approach with significant unobservable inputs (Level 3) for the year ended December 31, 2025.
Risk Factors—Risks Related to Doing Business in China—We may be classified as a “PRC resident enterprise” for PRC enterprise income tax purposes, which could result in unfavorable tax consequences to us and our non-PRC shareholders and ADS holders and have a material adverse effect on our results of operations and the value of your investment.’ 84 Table of Contents Results of Operations The following table sets forth our consolidated results of operations for the years ended December 31, 2022, 2023 and 2024.
Risk Factors—Risks Related to Doing Business in China—We may be classified as a “PRC resident enterprise” for PRC enterprise income tax purposes, which could result in unfavorable tax consequences to us and our non-PRC shareholders and ADS holders and have a material adverse effect on our results of operations and the value of your investment.’ 83 Table of Contents Results of Operations The following table sets forth our consolidated results of operations for the years ended December 31, 2023, 2024 and 2025.
In 2024, the difference between our net cash used in operating activities and our net income of RMB140.8 million (US$19.3 million) was mainly due to the fair value change and impairment of long-term investment totaled RMB62.8 million (US$8.6 million) and the allowance for credit losses RMB32.5 (US$4.4 million) and the decrease of Account Receivable of RMB24.8 million (US$3.4 million).
In 2024, the difference between our net cash used in operating activities and our net income of RMB140.8 million (US$19.3 million) was mainly due to (i) the fair value change and impairment of long-term investment totaled RMB62.8 million (US$8.6 million), (ii) the allowance for credit losses RMB32.5 (US$4.4 million), (iii) the decrease of Account Receivable of RMB24.8 million (US$3.4 million).
General and administrative expenses consist primarily of (i) staff expenses for employees involved in general corporate functions, including finance, legal and human resources as well as share-based compensation expenses; (ii) associated facilities and equipment costs, such as depreciation, rental and other general corporate related expenses; and (iii) provision of allowance for credit losses. ​ 82 Table of Contents Research and development expenses.
General and administrative expenses consist primarily of (i) staff expenses for employees involved in general corporate functions, including finance, legal and human resources as well as share-based compensation expenses; (ii) associated facilities and equipment costs, such as depreciation, rental and other general corporate related expenses; and (iii) provision of allowance for credit losses. Research and development expenses.
Risk Factors—Risks Related to Our Business and Industry—Our quarterly operating results may fluctuate, which makes our results of operations difficult to predict and may cause our quarterly results of operations to fall short of expectations.” Key Components of Results of Operations Revenues We derive our revenues from: (i) online advertising services; (ii) enterprise value-added services; and (iii) subscription services.
Risk Factors—Risks Related to Our Business and Industry—Our quarterly operating results may fluctuate, which makes our results of operations difficult to predict and may cause our quarterly results of operations to fall short of expectations.” 79 Table of Contents Key Components of Results of Operations Revenues We derive our revenues from: (i) online advertising services; (ii) enterprise value-added services; and (iii) subscription services.
These grants are not subject to any specific requirements and are recorded when received. Others, net Others, net mainly represent interest income, interest expense, foreign currency exchange gains or losses and gains generated from write-offs of accounts payable. Taxation Cayman Islands We are incorporated in the Cayman Islands.
These grants are not subject to any specific requirements and are recorded when received. 81 Table of Contents Others, net Others, net mainly represent interest income, interest expense, foreign currency exchange gains or losses and gains generated from write-offs of accounts payable. Taxation Cayman Islands We are incorporated in the Cayman Islands.
The following table reconciles our adjusted net income/(loss) and adjusted EBITDA in 2022, 2023 and 2024 to the most directly comparable financial measure calculated and presented in accordance with U.S.
The following table reconciles our adjusted net income/(loss) and adjusted EBITDA in 2023, 2024 and 2025 to the most directly comparable financial measure calculated and presented in accordance with U.S.
Risk Factors—Risks Related to Our Business and Industry—We are subject to risks associated with operating in the rapidly evolving New Economy sector.” Our ability to retain and attract New Economy participants on our platform We have fostered a vibrant and self-reinforcing community of New Economy participants.
Risk Factors—Risks Related to Our Business and Industry—We are subject to risks associated with operating in the rapidly evolving New Economy sector.” 78 Table of Contents Our ability to retain and attract New Economy participants on our platform We have fostered a vibrant and self-reinforcing community of New Economy participants.
Our high-quality content offerings generate organic traffic and attract New Economy participants to our platform and become our users and customers, which greatly enhances our ability to generate revenues. 80 Table of Contents Leveraging our established and growing community of New Economy participants, we are able to gain deeper insights into China’s New Economy and generate more high-quality content.
Our high-quality content offerings generate organic traffic and attract New Economy participants to our platform and become our users and customers, which greatly enhances our ability to generate revenues. Leveraging our established and growing community of New Economy participants, we are able to gain deeper insights into China’s New Economy and generate more high-quality content.
Other costs mainly include equipment location rental fee and operation costs,business tax and surcharges, office rental cost, bandwidth and server costs, depreciation, and other miscellaneous costs. Operating expenses Our operating expenses consist of sales and marketing expenses, general and administrative expenses and research and development expenses.
Other costs mainly include equipment location rental fee and operation costs,business tax and surcharges, office rental cost, bandwidth and server costs, depreciation, and other miscellaneous costs. 80 Table of Contents Operating expenses Our operating expenses consist of sales and marketing expenses, general and administrative expenses and research and development expenses.
We offer online advertising services to our customers and generate revenue either on a cost-per-day basis or a cost-per-advertisement basis. 81 Table of Contents Enterprise value-added services. We offer a variety of enterprise value-added services tailored to our customers, including integrated marketing, online/offline events, consulting services and advertisement agent services. We generally charge our customers on a project basis.
We offer online advertising services to our customers and generate revenue either on a cost-per-day basis or a cost-per-advertisement basis. Enterprise value-added services. We offer a variety of enterprise value-added services tailored to our customers, including integrated marketing, online/offline events, consulting services and advertisement agent services. We generally charge our customers on a project basis. Subscription services.
The effect of the indicated increase/decrease in the assumptions is as follows (in RMB’000): ​ ​ ​ ​ ​ ​ Assumption Basis Point Change (Decrease)/Increase Loss severity and recoveries +/- 100 bps (526)/4,383 ​ Provision of income tax and valuation allowance for deferred tax asset Significant judgment is required in determining income tax expense based on tax laws in the various jurisdictions in which we operate.
The effect of the indicated increase/decrease in the assumptions is as follows (in RMB’000): ​ ​ ​ ​ ​ ​ Assumption ​ ​ ​ Basis Point Change ​ ​ ​ (Decrease)/Increase Loss severity and recoveries +/- 100 bps (2,360)/5,139 ​ Provision of income tax and valuation allowance for deferred tax asset Significant judgment is required in determining income tax expense based on tax laws in the various jurisdictions in which we operate.
Operating Results—Results of Operations—Year Ended December 31, 2023 Compared to Year Ended December 31, 2022” of our annual report on Form 20-F filed with the SEC on April 25, 2024. 86 Table of Contents Non-GAAP Financial Measures In evaluating our business, we consider and use two non-GAAP measures, adjusted net income/(loss) and adjusted EBITDA, as supplemental measures to review and assess our operating performance.
Operating Results-Results of Operations-Year Ended December 31, 2024 Compared to Year Ended December 31, 2023” of our annual report on Form 20-F filed with the SEC on April 17, 2025. 85 Table of Contents Non-GAAP Financial Measures In evaluating our business, we consider and use two non-GAAP measures, adjusted net income/(loss) and adjusted EBITDA, as supplemental measures to review and assess our operating performance.
Contractual Obligations The following g table sets forth our contractual obligations as of December 31, 2024: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Payment due by period ​ ​ ​ ​ ​ ​ ​ ​ 2027 and Assumption Total 2025 2026 Thereafter ​ ​ (RMB in thousands) Operating lease commitment (1) ​ 20,706 ​ 8,335 ​ 8,258 ​ 4,113 Note : (1) Operating lease commitment consists of the commitments under the lease agreements for our office premises.
Contractual Obligations The following g table sets forth our contractual obligations as of December 31, 2025: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Payment due by period ​ ​ ​ ​ ​ ​ ​ ​ 2028 and Assumption ​ ​ ​ Total ​ ​ ​ 2026 ​ ​ ​ 2027 ​ ​ ​ Thereafter ​ ​ (RMB in thousands) Operating lease commitment (1) ​ 20,971 ​ 8,592 ​ 8,258 ​ 4,121 Note : (1) Operating lease commitment consists of the commitments under the lease agreements for our office premises.
The appropriation to the general reserve fund must be at least 10% of the after-tax profits calculated in accordance with PRC GAAP. Appropriation is not required if the reserve fund has reached 50% of the registered capital of our subsidiary.
The appropriation to the general reserve fund must be at least 10% of the after-tax profits calculated in accordance with PRC GAAP. Appropriation is not required if the reserve fund has reached 50% of the registered capital of our subsidiary. Appropriations to the other two reserve funds are at our subsidiary’s discretion.
For a detailed discussion of our significant accounting policies and related judgments, please see Note 2 “Significant Accounting Policies” to our consolidated financial statements for the year ended December 31, 2023 for more information on our critical accounting policies.
For a detailed discussion of our significant accounting policies and related judgments, please see Note 2 “Significant Accounting Policies” to our consolidated financial statements for more information on our critical accounting policies.
Appropriations to the other two reserve funds are at our subsidiary’s discretion. 90 Table of Contents As an offshore holding company, we are permitted under PRC laws and regulations to provide funding from the proceeds of our offshore fund raising activities to our PRC subsidiaries only through loans or capital contributions, and to our consolidated affiliated entity only through loans, in each case subject to the satisfaction of the applicable government registration and approval requirements.
As an offshore holding company, we are permitted under PRC laws and regulations to provide funding from the proceeds of our offshore fund raising activities to our PRC subsidiaries only through loans or capital contributions, and to our consolidated affiliated entity only through loans, in each case subject to the satisfaction of the applicable government registration and approval requirements.
Our cash and cash equivalents are primarily denominated in Renminbi and U.S. dollars, including (i) RMB25.2 million (US3.5 million) denominated in Renminbi and held in the PRC by our subsidiaries, the VIE and its subsidiaries and (ii) RMB11.6 million (US$1.6 million) denominated in U.S. dollar and many held in the Cayman Islands by the parent company and its subsidiaries.
Our cash and cash equivalents are primarily denominated in Renminbi and U.S. dollars, including (i) RMB92.6 million (US13.2 million) denominated in Renminbi and held in the PRC by our subsidiaries, the VIE and its subsidiaries and (ii) RMB9.7million (US$1.4million) denominated in U.S. dollar and many held in the Cayman Islands by the parent company and its subsidiaries.
Financing activities Net cash used in financing activities was RMB3.6 million (US$0.5 million) in 2024, and was mainly attributable to Proceeds from bank loan and repayment of bank loan.
Financing activities Net cash provided by financing activities was RMB9.7 million (US$1.4 million) in 2025, and was mainly attributable to Proceeds from bank loan and repayment of bank loan. Net cash used in financing activities was RMB3.6 million (US$0.5 million) in 2024, and was mainly attributable to Proceeds from bank loan and repayment of bank loan.
As of December 31, 2024, we had RMB54.9 million (US$7.5 million) in short-term investments, majority of which were denominated in Renminbi and held in the PRC by our subsidiary, VIE and VIE’s subsidiaries.
As of December 31, 2025, we had RMB2 million (US$0.3 million) in short-term investments, majority of which were denominated in Renminbi and held in the PRC by our subsidiary, VIE and VIE’s subsidiaries.
Financing may be unavailable in the amounts we need or on terms acceptable to us, if at all. Issuance of additional equity securities or equity-linked securities, including convertible debt securities, would dilute our earnings per share.
If our existing cash is insufficient to meet our requirements, we may seek to issue debt or equity securities or obtain additional credit facilities. Financing may be unavailable in the amounts we need or on terms acceptable to us, if at all. Issuance of additional equity securities or equity-linked securities, including convertible debt securities, would dilute our earnings per share.
Our research and development expenses were RMB55.0 million, RMB41.7 million and RMB14.4 million (US$2.0 million) in 2022, 2023 and 2024 respectively. As of December 31, 2024, we had 22 employees dedicated to research and development. Our research and development team primarily consists of senior software engineers and IT infrastructure architects. See “Item 4. Information on the Company-4.B. Business Overview-Technology.” 5.D.
Our research and development expenses were RMB41.7 million, RMB14.4 million and RMB12.7 million (US$1.8 million) in 2023, 2024 and 2025 respectively. As of December 31, 2025, we had 22 employees dedicated to research and development. Our research and development team primarily consists of senior software engineers and IT infrastructure architects. See “Item 4. Information on the Company-4.B.
Liquidity and Capital Resources Liquidity and Capital Resources Cash flows and working capital Our principal sources of liquidity have been cash generated from operating activities. As of December 31, 2024, we had RMB91.7 million (US$12.6 million) in cash and cash equivalents and short-term investments.
Liquidity and Capital Resources Liquidity and Capital Resources Cash flows and working capital Our principal sources of liquidity have been cash generated from operating activities. As of December 31, 2025, we had RMB104.2 million (US$14.9 million) in cash and cash equivalents and short-term investments.
The following table sets forth a breakdown of our cost of revenues, in absolute amounts and as percentages of our total cost of revenues for the years ended December 31, 2022, 2023 and 2024: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, ​ ​ 2022 ​ 2023 ​ 2024 ​ RMB’000 % RMB’000 % RMB’000 US$’000 % Staff costs 60,751 44.1 58,190 36.8 52,891 7,246 44.5 Advertisement production costs 31,510 22.9 39,363 24.9 32,059 4,392 27.0 Execution fee of enterprise value-added services, site fee and cost of online/offline events 34,065 24.7 46,237 29.2 22,203 3,042 18.7 Other costs 11,522 8.3 14,379 9.1 11,581 1,586 9.8 Total cost of revenues 137,848 100.0 158,169 100.0 118,734 16,266 100.0 ​ Staff costs are personnel-related expenses in relation to the content production and share-based compensation expenses.
The following table sets forth a breakdown of our cost of revenues, in absolute amounts and as percentages of our total cost of revenues for the years ended December 31, 2023, 2024 and 2025: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, ​ ​ 2023 ​ 2024 ​ 2025 ​ ​ ​ ​ RMB’000 ​ ​ ​ % ​ ​ ​ RMB’000 ​ ​ ​ % ​ ​ ​ RMB’000 ​ ​ ​ US$’000 ​ ​ ​ % Staff costs 58,190 36.8 52,891 44.5 40,248 5,755 41.7 Advertisement production costs 39,363 24.9 32,059 27.0 25,468 3,642 26.4 Execution fee of enterprise value-added services, site fee and cost of online/offline events 46,237 29.2 22,203 18.7 22,516 3,220 23.4 Other costs 14,379 9.1 11,581 9.8 8,208 1,174 8.5 Total cost of revenues 158,169 100.0 118,734 100.0 96,440 13,791 100.0 ​ Staff costs are personnel-related expenses in relation to the content production and share-based compensation expenses.
Capital and other commitments We have capital commitments of RMB 7.7 million as of December 31, 2024 and the Group did not have other commitments as of December 31, 2024. Off-Balance Sheet Arrangements We have not entered into any financial guarantees or other commitments to guarantee the payment obligations of any third parties.
Capital and other commitments We have no capital commitments or other commitments as of December 31, 2025. 88 Table of Contents Off-Balance Sheet Arrangements We have not entered into any financial guarantees or other commitments to guarantee the payment obligations of any third parties.
Risk Factors—Risks Related to Doing Business in China—PRC regulations relating to the establishment of offshore special purpose companies by PRC residents may subject our PRC resident beneficial owners or our PRC subsidiaries to liability or penalties, limit our ability to inject capital into our PRC subsidiaries, limit our PRC subsidiaries’ ability to increase their registered capital or distribute profits to us, or may otherwise adversely affect us.” 88 Table of Contents The following table sets forth a summary of our cash flows for the years ended December 31, 2022, 2023 and 2024: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, ​ ​ 2022 ​ 2023 ​ 2024 ​ RMB’000 RMB’000 RMB’000 US$’000 Net cash used in operating activities ​ (4,989) (122,163) (32,990) (4,520) Net cash provided by investing activities ​ 43,311 20,173 32,476 4,449 Net cash provided by/(used in) financing activities ​ 5,124 481 (3,607) (494) Effect of exchange rate changes on cash, cash equivalents and restricted cash held in foreign currencies ​ 2,200 362 245 34 Net increase/(decrease) in cash, cash equivalents and restricted cash ​ 45,646 (101,147) (3,876) (531) Cash, cash equivalents and restricted cash at beginning of the year ​ 96,965 142,611 41,464 5,681 Cash, cash equivalents and restricted cash at end of the year ​ 142,611 41,464 37,588 5,150 ​ Operating activities Net cash used in operating activities was RMB33.0 million (US$4.5 million) in 2024.
Risk Factors—Risks Related to Doing Business in China—PRC regulations relating to the establishment of offshore special purpose companies by PRC residents may subject our PRC resident beneficial owners or our PRC subsidiaries to liability or penalties, limit our ability to inject capital into our PRC subsidiaries, limit our PRC subsidiaries’ ability to increase their registered capital or distribute profits to us, or may otherwise adversely affect us.” The following table sets forth a summary of our cash flows for the years ended December 31, 2023, 2024 and 2025: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, ​ ​ 2023 ​ 2024 ​ 2025 ​ ​ ​ ​ RMB’000 ​ ​ ​ RMB’000 ​ ​ ​ RMB’000 ​ ​ ​ US$’000 Net cash (used in) /provided by operating activities ​ (122,163) (32,990) 19,008 2,718 Net cash provided by investing activities ​ 20,173 32,476 48,023 6,867 Net cash provided by/(used in) financing activities ​ 481 (3,607) 9,749 1,394 Effect of exchange rate changes on cash, cash equivalents and restricted cash held in foreign currencies ​ 362 245 (227) (32) Net (decrease)/increase in cash, cash equivalents and restricted cash ​ (101,147) (3,876) 76,553 10,947 Cash, cash equivalents and restricted cash at beginning of the year ​ 142,611 41,464 37,588 5,375 Cash, cash equivalents and restricted cash at end of the year ​ 41,464 37,588 114,141 16,322 ​ Operating activities Net cash provided by operating activities was RMB19.0 million (US$2.7 million) in 2025.
GAAP, which is net income/(loss). ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, ​ ​ 2022 ​ 2023 ​ 2024 ​ RMB’000 RMB’000 RMB’000 US$’000 Net income/(loss) ​ 22,637 (89,247) (140,787) (19,288) Share-based compensation expenses/(gain) ​ 13,886 4,672 (178) (24) Non-GAAP adjusted net (loss)/income ​ 36,523 (84,575) (140,965) (19,312) Interest income, net ​ (1,039) (794) (1,173) (161) Income tax expense/(credit) ​ 361 (42) 64 9 Depreciation and amortization expenses ​ 1,922 2,105 1,829 251 Non-GAAP adjusted EBITDA ​ 37,767 (83,306) (140,245) (19,213) ​ Recently Issued Accounting Pronouncements A list of recent relevant accounting pronouncements is included in Note 3 “Recently Issued Accounting Pronouncements” of our consolidated financial statements, which are included elsewhere in this annual report. 87 Table of Contents 5.B.
GAAP, which is net income/(loss). ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, ​ ​ 2023 ​ 2024 ​ 2025 ​ ​ ​ ​ RMB’000 ​ ​ ​ RMB’000 ​ ​ ​ RMB’000 ​ ​ ​ US$’000 Net (loss)/income ​ (89,247) (140,787) 11,428 1,635 Share-based compensation expenses/(gain) ​ 4,672 (178) 13 2 Non-GAAP adjusted net (loss)/income ​ (84,575) (140,965) 11,441 1,637 Interest income, net ​ (794) (1,173) (369) (53) Income tax expense/(credit) ​ (42) 64 21 3 Depreciation and amortization expenses ​ 2,105 1,829 1,457 208 Non-GAAP adjusted EBITDA ​ (83,306) (140,245) 12,550 1,795 ​ Recently Issued Accounting Pronouncements A list of recent relevant accounting pronouncements is included in Note 3 “Recently Issued Accounting Pronouncements” of our consolidated financial statements, which are included elsewhere in this annual report. 5.B.
Beijing Duoke is recognized as an HNTE and is eligible for a 15% preferential tax rate effective through 2021, 2022, and 2023, upon the completion of its filings with the relevant tax authorities. The qualification as an HNTE is subject to annual evaluation and a three-year review by the relevant authorities in China.
Beijing Duoke is recognized as an HNTE and is eligible for a 15% preferential tax rate effective through 2023, 2024, and 2025, upon the completion of its filings with the relevant tax authorities.
For the year ended December 31, 2024, the equity investments accounted for under measurement alternative were RMB4.7 million (US$0.6 million) based on our qualitative assessment.
For the year ended December 31, 2025, the equity investments accounted for under measurement alternative were not impaired based on our qualitative assessment.
The following table sets forth a breakdown of our operating expenses, in absolute amounts and as percentages of our total operating expenses for the years ended December 31, 2022, 2023 and 2024: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, ​ ​ 2022 ​ 2023 ​ 2024 ​ RMB’000 % RMB’000 % RMB’000 US$’000 % Sales and marketing expenses 122,069 53.3 127,519 46.2 82,596 11,316 43.4 General and administrative expenses 52,072 22.7 107,034 38.7 93,100 12,755 49.0 Research and development expenses 55,045 24.0 41,681 15.1 14,404 1,973 7.6 Total operating expenses 229,186 100.0 276,234 100.0 190,100 26,044 100.0 ​ Sales and marketing expenses.
The following table sets forth a breakdown of our operating expenses, in absolute amounts and as percentages of our total operating expenses for the years ended December 31, 2023, 2024 and 2025: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, ​ ​ 2023 ​ 2024 ​ 2025 ​ ​ ​ ​ RMB’000 ​ ​ ​ % ​ ​ ​ RMB’000 ​ ​ ​ % ​ ​ ​ RMB’000 ​ ​ ​ US$’000 ​ ​ ​ % Sales and marketing expenses 127,519 46.2 82,596 43.4 66,408 9,496 54.7 General and administrative expenses 107,034 38.7 93,100 49.0 42,365 6,058 34.9 Research and development expenses 41,681 15.1 14,404 7.6 12,706 1,817 10.4 Total operating expenses 276,234 100.0 190,100 100.0 121,479 17,371 100.0 ​ Sales and marketing expenses.
The following table sets forth a breakdown of our revenues for the years ended December 31, 2022, 2023 and 2024: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, ​ ​ 2022 ​ 2023 ​ 2024 ​ RMB’000 RMB’000 RMB’000 US$’000 Online advertising services 221,620 238,701 180,609 24,743 Enterprise value-added services 72,640 67,297 32,832 4,498 Subscription services 28,237 34,187 17,629 2,415 Total revenues 322,497 340,185 231,070 31,656 ​ Online advertising services.
The following table sets forth a breakdown of our revenues for the years ended December 31, 2023, 2024 and 2025: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, ​ ​ 2023 ​ 2024 ​ 2025 ​ ​ ​ ​ RMB’000 ​ ​ ​ RMB’000 ​ ​ ​ RMB’000 ​ ​ ​ US$’000 Online advertising services 238,701 180,609 179,681 25,694 Enterprise value-added services 67,297 32,832 33,157 4,741 Subscription services 34,187 17,629 15,099 2,159 Total revenues 340,185 231,070 227,937 32,594 ​ Online advertising services.
Our PRC subsidiaries are subject to value-added taxes, or VAT, at a rate of 6% on our services, less any deductible VAT we have already paid or borne. They are also subject to surcharges on VAT payments in accordance with PRC law. As a Cayman Islands holding company, we may receive dividends from our PRC subsidiaries.
They are also subject to surcharges on VAT payments in accordance with PRC law. As a Cayman Islands holding company, we may receive dividends from our PRC subsidiaries.
Net cash provided by investing activities was RMB20.2 million (US$2.8 million) in 2023, which was attributable to (i) purchase of short-term investments, (ii) Cash received from customer in relation to advertisement agent services, (iii) net proceeds from purchase and maturities of short term investments and (iv) Investment in long-term investments.
Investing activities Net cash provided by investing activities was RMB48.0 million (US$6.9 million) in 2025, which was attributable to (i) purchase of short-term investments, (ii) net proceeds from purchase and maturities of short term investments, (iii) investment in long-term investment.
The operating results in any period are not necessarily indicative of the results that may be expected for any future period. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, ​ ​ 2022 ​ 2023 ​ 2024 ​ RMB’000 RMB’000 RMB’000 US$’000 Revenues: ​ Online advertising services ​ 221,620 238,701 180,609 24,743 Enterprise value-added services ​ 72,640 67,297 32,832 4,498 Subscription services ​ 28,237 34,187 17,629 2,415 Total revenues ​ 322,497 340,185 231,070 31,656 Cost of revenues ​ (137,848) (158,169) (118,734) (16,266) Gross profit ​ 184,649 182,016 112,336 15,390 Operating expenses: ​ ​ ​ ​ ​ Sales and marketing expenses ​ (122,069) (127,519) (82,596) (11,316) General and administrative expenses ​ (52,072) (107,034) (93,100) (12,755) Research and development expenses ​ (55,045) (41,681) (14,404) (1,973) Total operating expenses ​ (229,186) (276,234) (190,100) (26,044) Loss from operations ​ (44,537) (94,218) (77,764) (10,654) Other income/(expenses): ​ ​ ​ ​ ​ Share of income/(loss) from equity method investments ​ 51 (523) (3,726) (510) Gain on disposal of subsidiaries ​ 38,019 3,366 839 115 Long-term investment income/(loss) ​ 15,964 ​ (8,079) ​ (62,763) ​ (8,599) Short-term investment income ​ 1,999 1,312 623 85 Government grant ​ 3,447 1,147 491 67 Others, net ​ 8,055 7,706 1,577 217 Income/(loss) before income tax ​ 22,998 (89,289) (140,723) (19,279) Income tax credit/(expenses) ​ (361) 42 (64) (9) Net income/(loss) ​ 22,637 (89,247) (140,787) (19,288) ​ Year Ended December 31, 2024 Compared to Year Ended December 31, 2023 Revenues Our revenues were RMB231.1 million (US$31.7 million) in 2024, compare to RMB340.2 million in 2023.
The operating results in any period are not necessarily indicative of the results that may be expected for any future period. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, ​ ​ 2023 ​ 2024 ​ 2025 ​ ​ ​ ​ RMB’000 ​ ​ ​ RMB’000 ​ ​ ​ RMB’000 ​ ​ ​ US$’000 Revenues: ​ ​ ​ ​ ​ Online advertising services ​ 238,701 180,609 179,681 25,694 Enterprise value-added services ​ 67,297 32,832 33,157 4,741 Subscription services ​ 34,187 17,629 15,099 2,159 Total revenues ​ 340,185 231,070 227,937 32,594 Cost of revenues ​ (158,169) (118,734) (96,440) (13,791) Gross profit ​ 182,016 112,336 131,497 18,803 Operating expenses: ​ ​ ​ ​ ​ Sales and marketing expenses ​ (127,519) (82,596) (66,408) (9,496) General and administrative expenses ​ (107,034) (93,100) (42,365) (6,058) Research and development expenses ​ (41,681) (14,404) (12,706) (1,817) Total operating expenses ​ (276,234) (190,100) (121,479) (17,371) Loss from operations ​ (94,218) (77,764) 10,018 1,432 Other income/(expenses): ​ ​ ​ ​ ​ Share of income/(loss) from equity method investments ​ (523) (3,726) (723) (103) Gain on disposal of subsidiaries ​ 3,366 839 355 51 Long-term investment income/(loss) ​ (8,079) ​ (62,763) ​ 418 ​ 60 Short-term investment income ​ 1,312 623 529 76 Government grant ​ 1,147 491 176 25 Others, net ​ 7,706 1,577 676 97 (Loss)/income before income tax ​ (89,289) (140,723) 11,449 1,638 Income tax credit/(expenses) ​ 42 (64) (21) (3) Net (loss)/income ​ (89,247) (140,787) 11,428 1,635 ​ Year Ended December 31, 2025 Compared to Year Ended December 31, 2024 Revenues Our revenues were RMB227.9 million (US$32.6 million) in 2025, compare to RMB231.1 million in 2024.
We believe that our current cash and cash equivalents and short-term investment will be sufficient to meet our anticipated cash needs, including our cash needs for working capital and capital expenditures, for at least the next 12 months.
We believe that our current cash and cash equivalents and short-term investment will be sufficient to meet our anticipated cash needs, including our cash needs for working capital and capital expenditures, for at least the next 12 months. 86 Table of Contents Our accounts receivable, net was RMB61.8 million (US$8.8 million) as of December 31, 2025, compared to RMB65.6 million as of December 31, 2024.
In addition, payment of dividends by the British Virgin Islands subsidiaries to their respective shareholders who are not resident in the British Virgin Islands, if any, is not subject to withholding tax in the British Virgin Islands. 83 Table of Contents Hong Kong Our wholly owned subsidiary in Hong Kong, 36Kr Holdings (HK) Limited, is subject to Hong Kong profits tax at a rate of 16.5% for taxable income earned in Hong Kong before April 1, 2018.
Hong Kong Our wholly owned subsidiary in Hong Kong, 36Kr Holdings (HK) Limited, is subject to Hong Kong profits tax at a rate of 16.5% for taxable income earned in Hong Kong before April 1, 2018.
Material Cash Requirements Our material cash requirements as of December 31, 2024 and any subsequent interim period primarily include our capital expenditures and operating lease commitments.
Material Cash Requirements Our material cash requirements as of December 31, 2025 and any subsequent interim period primarily include our capital expenditures and operating lease commitments. Other than those as discussed below, we did not have any significant capital and other commitments, long-term obligations or guarantees as of December 31, 2025.
Revenues from subscription services Our revenues generated from subscription services were RMB17.6 million (US$2.4 million) in 2024, compare to RMB34.2 million in 2023.
Revenues from subscription services Our revenues generated from subscription services decreased by 14.2% RMB15.1 million (US$2.2 million) in fiscal year 2025, from RMB17.6 million in fiscal year 2024.
Our accounts receivable, net was RMB65.6 million (US$9.0 million) as of December 31, 2024, compared to RMB139.4 million as of December 31, 2023. Accounts receivables are generally on terms between 90 to 270 days. In some cases, these terms are extended for certain qualifying long-term customers who have met specific credit requirements.
Accounts receivable are generally on terms between 90 to 270 days. In some cases, these terms are extended for certain qualifying long-term customers who have met specific credit requirements. For the year ended December 31, 2025, we put more efforts on accounts receivable collection and collected significant amount to keep a healthy cashflow of daily operation.
We may, however, require additional cash due to changing business conditions or other future developments, including any investments or acquisitions we may decide to pursue. If our existing cash is insufficient to meet our requirements, we may seek to issue debt or equity securities or obtain additional credit facilities.
We intend to finance our future working capital requirements and capital expenditures from cash generated from operating activities and funds raised from financing activities. We may, however, require additional cash due to changing business conditions or other future developments, including any investments or acquisitions we may decide to pursue.
The decrease was primarily attributable to the decrease in payroll-related expenses, rental expenses, and marketing and promotional expenses. General and administrative expenses Our general and administrative expenses were RMB93.1 million (US$12.8 million) in 2024, compare to RMB107.0 million in 2023. The decrease was largely attributable to the decrease in personnel-related expenses and partially offset by doubtful accounts loss.
The decrease was primarily attributable to the decrease in payroll-related expenses, travel and entertainment expenses, and marketing and promotional expenses General and administrative expenses Our general and administrative expenses decreased by 54.5% to RMB42.4 million (US$6.1 million) in fiscal year 2025, from RMB93.1 million in fiscal year 2024.
Our capital expenditures were RMB1.7 million, RMB5.4 million and RMB0.5 million (US$75 thousand) in 2022, 2023 and 2024, respectively. We intend to fund our future capital expenditures with our existing cash balance and proceeds from our initial public offering in November 2019. We will continue to make capital expenditures to meet the expected growth of our business.
Capital Expenditures Our capital expenditures are incurred primarily in connection with purchases of equipment and intangible assets, and leasehold improvements. Our capital expenditures were RMB5.4 million, RMB0.5 million and RMB0.1 million (US$21.2 thousand) in 2023, 2024 and 2025, respectively. We intend to fund our future capital expenditures with our existing cash balance.
Research and development expenses Our research and development expenses decreased by 65.5% from RMB41.7 million in 2023 to RMB14.4 million (US$2.0 million) in 2024. The decrease was primarily due to the decrease in the average compensation level for our R&D personnel as we restructured our R&D team.
The decrease was largely attributable to the decrease in personnel-related expenses and provision of allowance for credit losses. Research and development expenses Our research and development expenses decreased by 11.8% to RMB12.7 million (US$1.8 million) in fiscal year 2025, from RMB14.4 million in fiscal year 2024.
The decrease was mainly attributable to a strategic transition in the business model for training services. 85 Table of Contents Cost of Revenues Our cost of revenue was RMB118.7 million (US$16.3 million) in 2024, compare to RMB158.2 million in 2023. The decrease was primarily attributable to a decrease in operating costs resulting from our improved efficiency.
The decrease was mainly attributable to a strategic shift in training services and a continued focus on refining this segment’s customer base. 84 Table of Contents Cost of Revenues Our cost of revenue decreased by 18.8% to RMB96.4 million (US$13.8 million) in fiscal year 2025, from RMB118.7 million in fiscal year 2024.
Gross Profit As a result of the foregoing, our gross profit was RMB112.3 million (US$15.4 million) in 2024, compared to RMB182.0 million in 2023. Gross profit margin was 48.6% in 2024, compared to 53.5% in 2023.
The decrease was primarily attributable to the Company’s strict cost control measures. Gross Profit As a result of the foregoing, our gross profit increased by 17.1% to RMB131.5 million (US$18.8 million) in fiscal year 2025, from RMB112.3 million in fiscal year 2024.
Revenues from enterprise value-added services Our revenues generated from enterprise value-add services were RMB32.8 million (US$4.5 million) in 2024, compare to RMB67.3 million in 2023. The decrease was primarily due to our ongoing refinement of service offerings by shrinking several regional operations to accelerate focus on cash flow optimization and efficiency improvement.
Revenues from enterprise value-added services Our revenues generated from enterprise value-add services increased by 1.2% to RMB33.2 million (US$4.7 million) in fiscal year 2025, from RMB32.8 million in fiscal year 2024. The increase was primarily due to innovative marketing solutions and proactive sales strategies adopted during the year.
In 2023, the difference between our net cash used in operating activities and our net loss of RMB89.2 million (US$12.6 million) was mainly due to the provision of the allowance for credit losses and fair value changes of long term investments and other changes of operating assets and liabilities including the increase of Account Receivables of RMB38.8 million (US$5.5 million) and lease liabilities of RMB25.4 million (US$4.3 million).
In 2025, the difference between our net cash used in operating activities and our net income of RMB11.4 million (US$1.6 million) was mainly due to (i) the decrease of account payable of RMB13.0 million (US$1.9 million), (ii) the increase of deferred revenue of RMB20.6 million (US$2.9 million, (iii) the decrease of prepayments and other current assets RMB4.6 million (US$0.7 million) 87 Table of Contents Net cash used in operating activities was RMB33.0 million (US$4.5 million) in 2024.
Removed
Revenues from online advertising services Our revenues generated from online advertising services were RMB180.6 million (US$24.7 million) in 2024, compare to RMB238.7 million in 2023. The decrease was primarily driven by clients’ advertising budget reductions coupled with our proactive efforts to cease collaboration with certain customers with relatively high credit risk.
Added
In addition, payment of dividends by the British Virgin Islands subsidiaries to their respective shareholders who are not resident in the British Virgin Islands, if any, is not subject to withholding tax in the British Virgin Islands.
Removed
Operating expenses Our total operating expenses were RMB190.1 million (US$26.0 million) in 2024, compare to RMB276.2 million in 2023. representing a decrease of 31.2% year-over-year. Sales and marketing expenses Our sales and marketing expenses were RMB82.6 million (US$11.3 million) in 2024, compare to RMB127.5 million in 2023.
Added
The qualification as an HNTE is subject to annual evaluation and a three-year review by the relevant authorities in China. 82 Table of Contents Our PRC subsidiaries are subject to value-added taxes, or VAT, at a rate of 6% on our services, less any deductible VAT we have already paid or borne.
Removed
Other income/(expenses) Our other expenses were RMB63.0 million (US$8.6 million) in 2024, compared to other income RMB4.9 million in 2023. The change was primarily driven by the impairment loss of long-term investment. Nevertheless, the company has proactively responded and is upbeat about its future.
Added
Revenues from online advertising services Our revenues generated from online advertising services decreased by 0.5% to RMB179.7 million (US$25.7 million) in fiscal year 2025, from RMB180.6 million in fiscal year 2024, relatively flat year over year.
Removed
Net loss As a result of the foregoing, our net loss were RMB140.8 million (US$19.3 million) in 2024, compared to net loss of RMB89.2 million in 2023. Year Ended December 31, 2023 Compared to Year Ended December 31, 2022 See “Item 5. Operating and Financial Review and Prospects—5.A.
Added
Operating expenses Our total operating expenses decreased by 36.1% to RMB121.5 million (US$17.4 million) in fiscal year 2025, from RMB190.1 million in fiscal year 2024. The decrease was primarily due to disciplined operating expenses management.
Removed
As of December 31, 2024, accounts receivable amounted to RMB74.9 million (US$10.3 million) has been derived from providing financing to the customer in connection with the advertisement agent services that mentioned in “Item 4. Information on the Company-4.B. Business Overview Mission-Our Business Services”.
Added
Sales and marketing expenses Our sales and marketing expenses decreased by 19.6% to RMB66.4 million (US$9.5 million) in fiscal year 2025, from RMB82.6 million in fiscal year 2024.
Removed
For the year ended December 31, 2024, we put more efforts on accounts receivable collection and collected significant amount to keep a healthy cashflow of daily operation. We intend to finance our future working capital requirements and capital expenditures from cash generated from operating activities and funds raised from financing activities.
Added
The decrease was primarily due to a reduction in R&D headcount following a team restructuring in the prior year, partially offset by an increase in salaries and discretionary bonuses for the R&D team this year. Other income/(expenses) Our other income were RMB1.4 million (US$0.2 million) in fiscal year 2025, compared to RMB63.0 million of other expenses in fiscal year 2024.
Removed
Net cash used in operating activities was RMB122.2 million (US$ 17.2 million) in 2023.
Added
The change reflected large long-term investment impairment losses recognized in 2024. Net income/(loss) As a result of the foregoing, our net income was RMB11.4 million (US$1.6 million) in fiscal year 2025, compared to net loss of RMB140.8 million in fiscal year 2024.
Removed
Net cash provided by financing activities was RMB0.5 million (US$0.07 million) in 2023, and was mainly attributable to (i) cash received from the sale of a non-controlling interest and (ii) capital injection from non-controlling interest shareholders.
Added
The turnaround was primarily driven by the effectiveness of our strategic initiatives focused on cost control and high-margin businesses, along with the reduction in impairment losses on long-term investments and lower provision of allowance for credit losses resulting from improved receivables collection. Year Ended December 31, 202 5 Compared to Year Ended December 31, 202 4 See “Item 5.
Removed
Other than those as discussed below, we did not have any significant capital and other commitments, long-term obligations or guarantees as of December 31, 2024. 89 Table of Contents Capital Expenditures Our capital expenditures are incurred primarily in connection with purchases of equipment and intangible assets, and leasehold improvements.
Added
We will continue to make capital expenditures to meet the expected growth of our business.

Item 6. [Reserved]

Selected Financial Data — reserved (removed by SEC in 2021)

27 edited+7 added−8 removed60 unchanged
The audit committee is responsible for, among other things: ● reviewing and recommending to our board for approval, the appointment, re-appointment or removal of the independent auditor, after considering its annual performance evaluation of the independent auditor; ● approving the remuneration and terms of engagement of the independent auditor and pre-approving all auditing and non-auditing services permitted to be performed by our independent auditors at least annually; ● reviewing with the independent registered public accounting firm any audit problems or difficulties and management’s response; ● discussing with our independent auditor, among other things, the audits of the financial statements, including whether any material information should be disclosed, issues regarding accounting and auditing principles and practices; ● reviewing and approving all proposed related party transactions, as defined in Item 404 of Regulation S-K under the Securities Act; ● discussing the annual audited financial statements with management and the independent registered public accounting firm; ● reviewing the adequacy and effectiveness of our accounting and internal control policies and procedures and any special steps taken to monitor and control major financial risk exposures; ● approving annual audit plans, and undertaking an annual performance evaluation of the internal audit function; and ● meeting separately and periodically with management and the independent registered public accounting firm. 97 Table of Contents Compensation Committee.
The audit committee is responsible for, among other things: ● reviewing and recommending to our board for approval, the appointment, re-appointment or removal of the independent auditor, after considering its annual performance evaluation of the independent auditor; ● approving the remuneration and terms of engagement of the independent auditor and pre-approving all auditing and non-auditing services permitted to be performed by our independent auditors at least annually; ● reviewing with the independent registered public accounting firm any audit problems or difficulties and management’s response; ● discussing with our independent auditor, among other things, the audits of the financial statements, including whether any material information should be disclosed, issues regarding accounting and auditing principles and practices; ● reviewing and approving all proposed related party transactions, as defined in Item 404 of Regulation S-K under the Securities Act; ● discussing the annual audited financial statements with management and the independent registered public accounting firm; ● reviewing the adequacy and effectiveness of our accounting and internal control policies and procedures and any special steps taken to monitor and control major financial risk exposures; ● approving annual audit plans, and undertaking an annual performance evaluation of the internal audit function; and ● meeting separately and periodically with management and the independent registered public accounting firm. 96 Table of Contents Compensation Committee.
The nominating and corporate governance committee is responsible for, among other things: ● recommending nominees to the board for election or re-election to the board, or for appointment to fill any vacancy on the board; ● reviewing annually with the board the current composition of the board with regards to characteristics such as independence, knowledge, skills, experience, expertise, diversity and availability of service to us; ● developing and recommending to our board such policies and procedures with respect to nomination or appointment of members of our board and chairs and members of its committees or other corporate governance matters as may be required pursuant to any SEC or Nasdaq rules, or otherwise considered desirable and appropriate; ● selecting and recommending to the board the names of directors to serve as members of the audit committee and the compensation committee, as well as of the nominating and corporate governance committee itself; and ● evaluating the performance and effectiveness of the board as a whole. 98 Table of Contents Duties and Functions of Directors Under Cayman Islands law, our directors owe fiduciary duties to our company, including a duty of loyalty, a duty to act honestly, and a duty to act in what consider in good faith to be in our best interests.
The nominating and corporate governance committee is responsible for, among other things: ● recommending nominees to the board for election or re-election to the board, or for appointment to fill any vacancy on the board; ● reviewing annually with the board the current composition of the board with regards to characteristics such as independence, knowledge, skills, experience, expertise, diversity and availability of service to us; ● developing and recommending to our board such policies and procedures with respect to nomination or appointment of members of our board and chairs and members of its committees or other corporate governance matters as may be required pursuant to any SEC or Nasdaq rules, or otherwise considered desirable and appropriate; ● selecting and recommending to the board the names of directors to serve as members of the audit committee and the compensation committee, as well as of the nominating and corporate governance committee itself; and ● evaluating the performance and effectiveness of the board as a whole. 97 Table of Contents Duties and Functions of Directors Under Cayman Islands law, our directors owe fiduciary duties to our company, including a duty of loyalty, a duty to act honestly, and a duty to act in what consider in good faith to be in our best interests.
We rely on the “home country practice” and the “controlled company” exemptions from the requirement that a majority of our board of directors must be independent directors, and the requirement that our board of directors have a compensation committee and nominating and corporate governance committee composed entirely of independent directors. 96 Table of Contents A director who is in any way, whether directly or indirectly, interested in a contract or proposed contract with our company is required to declare the nature of his or her interest at a meeting of our directors.
We rely on the “home country practice” and the “controlled company” exemptions from the requirement that a majority of our board of directors must be independent directors, and the requirement that our board of directors have a compensation committee and nominating and corporate governance committee composed entirely of independent directors. 95 Table of Contents A director who is in any way, whether directly or indirectly, interested in a contract or proposed contract with our company is required to declare the nature of his or her interest at a meeting of our directors.
A director’s office shall also be vacated if, among other things, the director (i) resigns his office by notice in writing to the company; (ii) dies, becomes bankrupt or makes any arrangement or composition with his creditors; (iii) is found to be or becomes of unsound mind; (iv) is prohibited by law or Nasdaq rules from being a director; or (v) is removed from office pursuant to our third amended and restated articles of association. 6.D.
A director’s office shall also be vacated if, among other things, the director (i) resigns his office by notice in writing to the company; (ii) dies, becomes bankrupt or makes any arrangement or composition with his creditors; (iii) is found to be or becomes of unsound mind; (iv) is prohibited by law or Nasdaq rules from being a director; or (v) is removed from office pursuant to our fourth amended and restated articles of association. 6.D.
As a result, we are generally able to attract and retain qualified personnel and maintain a stable core management team. 99 Table of Contents We maintain a good working relationship with our employees, and as of the date of this annual report, we have not experienced any material labor disputes. None of our employees are represented by labor unions. 6.E.
As a result, we are generally able to attract and retain qualified personnel and maintain a stable core management team. 98 Table of Contents We maintain a good working relationship with our employees, and as of the date of this annual report, we have not experienced any material labor disputes. None of our employees are represented by labor unions. 6.E.
We may grant awards to any director, employee or business associate who the plan administrator, in his or her sole discretion, has contributed or will contribute to the Company. Vesting Schedule. In general, the plan administrator determines the vesting schedule, which is set forth in the grant letter. 95 Table of Contents Transfer Restrictions.
We may grant awards to any director, employee or business associate who the plan administrator, in his or her sole discretion, has contributed or will contribute to the Company. Vesting Schedule. In general, the plan administrator determines the vesting schedule, which is set forth in the grant letter. 94 Table of Contents Transfer Restrictions.
Dagang Feng, our chief executive officer and the co-chairman of our board of directors, is the settlor of the trust, and Dagang Feng and his family members are the trust’s beneficiaries; (ii) 17,624,700 Class A ordinary shares and 41,124,300 Class B ordinary shares held by 36Kr Heros Holding Limited, a limited liability company incorporated under the laws of the British Virgin Islands wholly owned by Chengcheng Liu, the co-chairman of our board of directors; and (iii) 30,996,622 Class A ordinary shares underlying share options held by Dagang Feng that are exercisable within 60 days after the date of this annual report.
Dagang Feng, our chief executive officer and the co-chairman of our board of directors, is the settlor of the trust, and Dagang Feng and his family members are the trust’s beneficiaries; (ii) 17,624,700 Class A ordinary shares and 41,124,300 Class B ordinary shares held by 36Kr Heros Holding Limited, a limited liability company incorporated under the laws of the British Virgin Islands wholly owned by Chengcheng Liu; and (iii) 32,246,622 Class A ordinary shares underlying share options held by Dagang Feng that are exercisable within 60 days after the date of this annual report.
Share Ownership The following table sets forth information concerning the beneficial ownership of the ordinary shares as of March 31, 2025 by: ● each of our directors and executive officers; and ● each person known to us to beneficially own more than 5% of our ordinary shares.
Share Ownership The following table sets forth information concerning the beneficial ownership of the ordinary shares as of March 31, 2026 by: ● each of our directors and executive officers; and ● each person known to us to beneficially own more than 5% of our ordinary shares.
For discussions of our accounting policies and estimates for awards granted pursuant to the 2019 Share Incentive Plan, see Note 2 “Significant Accounting Policies” and Note 17 “Share-based Compensation” to our consolidated financial statements. 6.C. Board Practices Board of Directors Our Board of Directors consists of seven directors, including three independent directors, namely Yifan Li, Hendrick Sin and Peng Su.
For discussions of our accounting policies and estimates for awards granted pursuant to the 2019 Share Incentive Plan, see Note 2 “Significant Accounting Policies” and Note 17 “Share-based Compensation” to our consolidated financial statements. 6.C. Board Practices Board of Directors Our Board of Directors consists of seven directors, including three independent directors, namely Yifan Li, Hendrick Sin and Jing Xu.
We have determined that each of Yifan Li, Hendrick Sin and Peng Su satisfies the “independence” requirements of Rule 5605(c) (2) of the Listing Rules of the Nasdaq and meet the independence standards under Rule 10A-3 under the Exchange Act.
We have determined that each of Yifan Li, Hendrick Sin and Jing Xu satisfies the “independence” requirements of Rule 5605(c) (2) of the Listing Rules of the Nasdaq and meet the independence standards under Rule 10A-3 under the Exchange Act.
Nominating and Corporate Governance Committee. Our nominating and corporate governance committee consists of Dagang Feng, Peng Su and Yang Li, and is chaired by Dagang Feng. We have determined that Peng Su satisfies the “independence” requirements of Rule 5605(c) (2) of the Listing Rules of the Nasdaq.
Nominating and Corporate Governance Committee. Our nominating and corporate governance committee consists of Dagang Feng, Jing Xu and Yang Li, and is chaired by Dagang Feng. We have determined that Jing Xu satisfies the “independence” requirements of Rule 5605(c) (2) of the Listing Rules of the Nasdaq.
China Prosperity Capital Alpha Limited is ultimately controlled by Hendrick Sin. The business address of China Prosperity Capital Alpha Limited is 13/F, 8 Wyndham Street, Central, Hong Kong. (5) Represents 127,808 ADSs, each representing 500 Class A ordinary shares, of the Company, as reported in a Schedule 13G filed by Yinghao Zhang with the SEC on February 14, 2023.
The business address of China Prosperity Capital Alpha Limited is 13/F, 8 Wyndham Street, Central, Hong Kong. (4) Represents 127 , 808 ADSs, each representing 500 Class A ordinary shares, of the Company, as reported in a Schedule 13G filed by Yinghao Zhang with the SEC on February 14, 2023.
Employees As of December 31, 2022, 2023 and 2024, we had a total of 603, 481 and 301 employees, respectively. Substantially all of our employees are located in China.
Employees As of December 31, 2023, 2024 and 2025, we had a total of 481, 301 and 295 employees, respectively. Substantially all of our employees are located in China.
Liu Chengcheng is the settlor of the trust, and Liu Chengcheng’s family members are the beneficiaries of the trust and (ii)4,227,881 Class A ordinary shares underlying share options held by Chengcheng Liu that are exercisable within 60 days after the date of this annual report.
Liu Chengcheng is the settlor of the trust, and Liu Chengcheng’s family members are the beneficiaries of the trust and (ii) 5,415,381 Class A ordinary shares underlying share options held by Chengcheng Liu that are exercisable within 60 days after the date of this annual report.
Each committee’s members and functions are described below. Audit Committee. Our audit committee consists of Yifan Li, Hendrick Sin and Peng Su, and is chaired by Yifan Li.
Each committee’s members and functions are described below. Audit Committee. Our audit committee consists of Yifan Li, Hendrick Sin and Jing Xu, and is chaired by Yifan Li.
The following table sets forth the breakdown of our full-time employees as of December 31, 2024 by function: ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of ​ ​ ​ Function/Department Employees % of Total Content and operations ​ 102 ​ 34 % Sales and marketing ​ 127 ​ 42 % Research and development 22 7 % General and administration 50 17 % Total 301 100.0 ​ ​ We enter into standard labor contracts with our employees, and additionally, we enter into confidentiality and non-compete agreements with our key employees.
The following table sets forth the breakdown of our full-time employees as of December 31, 2025 by function: ​ ​ ​ ​ ​ ​ ​ ​ Number of ​ ​ Function/Department ​ ​ ​ Employees ​ ​ ​ % of Total Content and operations ​ 100 ​ 34 Sales and marketing ​ 126 ​ 43 General and administration 47 16 Research and development 22 7 Total 295 100.0 ​ We enter into standard labor contracts with our employees, and additionally, we enter into confidentiality and non-compete agreements with our key employees.
As of the date of this annual report, the maximum aggregate number of ordinary shares which may be issued pursuant to all awards under the 2019 Share Incentive Plan is 162,186,000. As of the date of this annual report, awards to purchase 73,141,457 ordinary shares under the 2019 Share Incentive Plan have been granted and outstanding.
As of the date of this annual report, the maximum aggregate number of ordinary shares which may be issued pursuant to all awards under the 2019 Share Incentive Plan is 296,556,000. As of the date of this annual report, awards to purchase 72,652,646 ordinary shares under the 2019 Share Incentive Plan have been granted and outstanding.
Li served as Chief Financial Officer at Human Horizons Group Inc. from April 2021 to March 2022 and its Chief Financial & Investment Advisor from March 2022 to December 2023. Before that, Mr.
Yifan Li has served as our independent director since November 2019. Mr. Li served as Chief Financial Officer at Human Horizons Group Inc. from April 2021 to March 2022 and its Chief Financial & Investment Advisor from March 2022 to December 2023. Before that, Mr.
As of the date of March 31, 2025, 672,300,978 of our Class A outstanding ordinary shares were held by one record holder in the United States, which is the depositary of the ADS program, representing 67.0% of our total issued and outstanding ordinary shares as of such date.
As of the date of March 31, 2026, 675,633,950 of our Class A outstanding ordinary shares were held by one record holder in the United States, which is the depositary of the ADS program, representing 68.5% of our total issued and outstanding ordinary shares as of such date.
Directors and Senior Management The following table sets forth information regarding our executive officers and directors as of the date of this annual report. ​ Directors and Executive Officers Age Position/Title Dagang Feng ​ 46 ​ Chief Executive Officer, Co-chairman of the Board of Directors Chengcheng Liu ​ 36 ​ Founder, Co-chairman of the Board of Directors Yang Li ​ 48 ​ Chief Content Officer, Director Xiang Li ​ 42 ​ Chief Financial Officer, Director Yifan Li ​ 57 ​ Independent Director Hendrick Sin ​ 50 ​ Independent Director Peng Su ​ 45 ​ Independent Director ​ Dagang Feng has served as our chief executive officer and the co-chairman of our board of directors since August 2019.
Directors and Senior Management The following table sets forth information regarding our executive officers and directors as of the date of this annual report. ​ Directors and Executive Officers ​ ​ ​ Age ​ ​ ​ Position/Title Dagang Feng ​ 47 ​ Chief Executive Officer, Chairman of the Board of Directors Yang Li ​ 49 ​ Chief Content Officer, Director Xiang Li ​ 43 ​ Chief Financial Officer, Director Wei Xu ​ 43 ​ Director Yifan Li ​ 58 ​ Independent Director Hendrick Sin ​ 51 ​ Independent Director Jing Xu ​ 45 ​ Independent Director ​ Dagang Feng has served as our chief executive officer and the co-chairman of our board of directors since August 2019.
The following table summarizes, as of the date of this annual report, the outstanding options that were granted to our directors and executive officers under the 2019 Share Incentive Plan: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ordinary Shares ​ ​ ​ ​ Underlying ​ ​ ​ ​ ​ ​ Outstanding Options ​ Exercise Price ​ ​ ​ ​ Name Granted ​ (US$/Share) ​ Date of Grant ​ Date of Expiration Dagang Feng 32,246,622 Nominal September 7, 2019 and December 19, 2021 September 7, 2029 and December 19, 2031 Yang Li * Nominal September 7, 2019 and June 19, 2021 September 7, 2029 and June 19, 2031 Xiang Li * Nominal ​ June 19, 2021 ​ June 19, 2031 Note : * Less than l% of our total outstanding ordinary shares.
The following table summarizes, as of the date of this annual report, the outstanding options that were granted to our directors and executive officers under the 2019 Share Incentive Plan: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ordinary Shares ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Underlying ​ ​ ​ ​ ​ ​ Outstanding Options ​ Exercise Price ​ ​ ​ ​ Name Granted ​ (US$/Share) ​ Date of Grant ​ Date of Expiration Dagang Feng 32,246,622 Nominal September 7, 2019 and December 19, 2021 September 7, 2029 and December 19, 2031 Yang Li 7,075,435 Nominal September 7, 2019 and June 19, 2021 September 7, 2029 and June 19, 2031 Xiang Li 500,000 Nominal September 7, 2019 and June 19, 2021 September 7, 2029 and June 19, 2031 Wei Xu 1,375,000 Nominal ​ September 7, 2019 and June 19, 2021 ​ September 7, 2029 and June 19, 2031 ​ As of the date of this annual report, the participants other than members of our senior management as a group hold options to purchase 65,697,007 ordinary shares, with exercise price US$0.0001 per share.
Feng received his bachelor’s degree in economics from Dalian Maritime University in 2002, and a post-graduate diploma in journalism and communication from Tsinghua University in 2007. 93 Table of Contents Chengcheng Liu has served as the co-chairman of our board of directors since August 2019. Mr.
Feng received his bachelor’s degree in economics from Dalian Maritime University in 2002, and a post-graduate diploma in journalism and communication from Tsinghua University in 2007. 92 Table of Contents Yang Li has served as our chief content officer since August 2019, and our director since June 2020. Ms.
The calculations in the table below are based on 985,386,077 ordinary shares outstanding as of March 31, 2025, including (i) 889,303,377 Class A ordinary shares and (ii) 96,082,700 Class B ordinary shares. Beneficial ownership is determined in accordance with the rules and regulations of the SEC.
The calculations in the table below are based on 986,905,077 ordinary shares outstanding as of March 31, 2026, including (i) 890,822,377 Class A ordinary shares, (ii) 41,124,300 Class B ordinary shares and (iii) 54,958,400 Class C ordinary shares. Beneficial ownership is determined in accordance with the rules and regulations of the SEC.
Compensation Compensation For the fiscal year ended December 31, 2024, we paid an aggregate of RMB6.06 million (US$0.83 million) in cash to our directors and executive officers. We have not set aside or accrued any amount to provide pension, retirement or other similar benefits to our executive officers and directors.
We have not set aside or accrued any amount to provide pension, retirement or other similar benefits to our executive officers and directors.
Li received his bachelor’s degree in accounting from Nankai University in 2005 and his Master’s degree in Finance from Macquarie University in 2016, and is a licensed CPA in Australia. Yifan Li has served as our independent director since November 2019. Mr.
Li received his bachelor’s degree in accounting from Nankai University in 2005 and his Master’s degree in Finance from Macquarie University in 2016, and is a licensed CPA in Australia. Wei Xu joined 36Kr in 2016 and currently serves as Legal Risk Control Department director, involved in the Company’s legal management and risk control activities.
(3) Represents 57595225 Class A ordinary shares held by Tembusu Limited, as reported in a Schedule 13G/A filed by Tembusu Limited with the SEC on November 13, 2024. a limited liability company incorporated under the laws of British Virgin Islands. Tembusu Limited is wholly owned by David Su Tuong Sing.
(3) Represents 73,129,000 Class A ordinary shares held by China Prosperity Capital Alpha Limited, as reported in a Schedule 13G filed by China Prosperity Capital Alpha Limited with the SEC on May 11, 2020, a limited liability company incorporated under the laws of Samoa. China Prosperity Capital Alpha Limited is ultimately controlled by Hendrick Sin.
These shares, however, are not included in the computation of the percentage ownership of any other person. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ordinary Shares Beneficially Owned as of March 31, 2025 ​ ​ Class A ordinary shares ​ Class B ordinary shares ​ Total ordinary shares ​ ​ ​ Number % Number % Number % Voting Power % *** Directors and Executive Officers:† ​ Dagang Feng (1) ​ 72,174,922 7.1 96,082,700 9.5 168,257,622 16.6 74.5 ​ Chengcheng Liu (2) ​ 21,852,581 2.2 41,124,300 4.2 62,976,881 6.4 31.9 ​ Yang Li ​ * * — — * * — ​ Xiang Li ​ * * — — * * — ​ Yifan Li ​ — — — — — — — ​ Hendrick Sin (4) ​ 71,429,000 7.2 — — 71,429,000 7.2 2.2 ​ Peng Su ​ — — — — — — — ​ All directors and executive officers as a group ​ 148,357,797 14.5 96,082,700 9.4 244,440,497 23.9 76.6 ​ Principal Shareholders: ​ ​ ​ ​ ​ ​ ​ ​ ​ Holding group of Dagang Feng (1) ​ 72,174,922 7.1 96,082,700 9.5 168,257,622 16.6 74.5 ​ 36Kr Heros Holding Limited (2) ​ 21,852,581 2.2 41,124,300 4.2 62,976,881 6.4 31.9 ​ Tembusu Limited (3) ​ 57,595,225 5.8 — — 57,595,225 5.8 1.7 ​ China Prosperity Capital Alpha Limited (4) ​ 71,429,000 ​ 7.2 ​ — ​ — ​ 71,429,000 ​ 7.2 ​ 2.2 ​ Yinghao Zhang (5) ​ 63,904,000 ​ 6.5 ​ — ​ — ​ 63,904,000 ​ 6.5 ​ 1.9 ​ Notes : * Less than 1% of our total outstanding ordinary shares on an as-converted basis. ** For each person and group included in this table, percentage ownership is calculated by dividing the number of shares beneficially owned by such person or group by the sum of (i) 985,386,077, being the number of ordinary shares outstanding (consisting of 889,303,377 Class A ordinary shares and 96,082,700 Class B ordinary shares) as of March 31, 2025 and (ii) the number of ordinary shares underlying share options held by such person or group that are exercisable within 60 days after the date of this annual report. *** For each person and group included in this column, percentage of voting power is calculated by dividing the voting power beneficially owned by such person or group by the voting power of all of our ordinary shares as a single class. † Except as indicated otherwise as below, the business address of our directors and executive officers is Building B6, Universal Business Park, No. 10 Jiuxianqiao Road, Chaoyang District, Beijing, People’s Republic of China. 100 Table of Contents (1) Represents an aggregate of 168257622ordinary shares, consisting of (i) 23,553,600 Class A ordinary shares and 54,958,400 Class B ordinary shares held by Palopo Holding Limited, a limited liability company incorporated under the laws of the British Virgin Islands wholly owned by Lording Global Limited and ultimately controlled by The Lording Trust.
These shares, however, are not included in the computation of the percentage ownership of any other person. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ordinary Shares Beneficially Owned as of March 31, 2026 ​ ​ ​ Class A ordinary shares ​ Class B ordinary shares ​ Class C ordinary shares ​ Total ordinary shares ​ ​ ​ ​ ​ ​ ​ Number ​ ​ ​ % ​ ​ ​ Number ​ ​ ​ % ​ ​ ​ Number ​ ​ ​ % ​ ​ ​ Number ​ ​ ​ % ​ ​ ​ Voting Power % *** ​ Directors and Executive Officers:† ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Dagang Feng (1) ​ 73,424,922 7.2 % 41,124,300 4.0 % 54,958,400 5.4 % 169,507,622 ​ 16.6 % 89.0 % Yang Li ​ 1,165,435 0.1 % — — ​ — — ​ 1,165,435 ​ 0.1 % 0.0 % Xiang Li ​ 337,500 0.0 % — — ​ — — ​ 337,500 ​ 0.0 % 0.0 % Wei Xu ​ 1,375,000 ​ 0.1 % — ​ — ​ — ​ — ​ 1,375,000 ​ 0.1 % 0.0 % Yifan Li ​ — — ​ — — ​ — — ​ — ​ — ​ — ​ Hendrick Sin (3) ​ 73,129,000 7.4 % — — ​ — — ​ 73,129,000 ​ 7.4 % 1.0 % Jing Xu ​ — — ​ — — ​ — — ​ — ​ — ​ — ​ All directors and executive officers as a group ​ 149,597,357 14.6 % 41,124,300 4.0 % 54,958,400 5.4 % 245,680,057 ​ 24.0 % 90.0 % Principal Shareholders: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Holding group of Dagang Feng (1) ​ 73,424,922 7.2 % 41,124,300 4.0 % 54,958,400 5.4 % 169,507,622 ​ 16.6 % 89.0 % 36Kr Heros Holding Limited (2) ​ 23,040,081 2.3 % 41,124,300 4.1 % — — ​ 64,164,381 ​ 6.4 % 14.2 % China Prosperity Capital Alpha Limited (3) ​ 73,129,000 ​ 7.4 % — ​ — ​ — ​ — ​ 73,129,000 ​ 7.4 % 1.0 % Yinghao Zhang (4) ​ 63,904,000 ​ 6.5 % — ​ — ​ — ​ — ​ 63,904,000 ​ 6.5 % 0.9 % Notes : 99 Table of Contents * For each person and group included in this table, percentage ownership is calculated by dividing the number of shares beneficially owned by such person or group by the sum of (i) 986,905,077, being the number of ordinary shares outstanding (consisting of 890,822,377 Class A ordinary shares, 41,124,300.
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Liu founded our 36Kr.com website in 2010 and has served as chairman of board of directors of Beijing Duoke since its incorporation. Since the inception of our 36Kr, Mr.
Added
She has over fifteen years of experience in legal, serving as a lawyer at King&Wood Mallesons before joining 36Kr. Ms. Xu received her Bachelor’s degree in Law from ShanDong University in 2005 and her Master’s degree in International Law from XiaMen University in 2008, and has judicial qualifications in China.
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Liu has been the key architect of our success and has led us to achieve a number of our milestones and transformations, and he has accumulated extensive knowledge and expertise in the New Economy sector as well as rich experience in managing our company. Mr.
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Sin has also been appointed by the Hong Kong Government as a director of Hong Kong Cyberport Management Company Limited. Jing Xu currently works as a corporate tax and valuation professional at Andersen in Silicon Valley, in the San Francisco Bay Area.
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Liu was named by Forbes as one of China’s “30 Under 30” in 2013, a list of top Chinese entrepreneurs under the age of 30. Mr. Liu currently serves as a board member of several private companies. Mr.
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She has over 20 years of experience leading finance functions for both large digital technology companies and fast-growing startups. Before moving to the United States, she served as Finance Director at Jingdong in Beijing for four years and as Audit Manager at Deloitte for five years.
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Liu received his bachelor’s degree in communication engineering from Beijing University of Posts and Telecommunications in 2010 and his master’s degree in data mining from University of Chinese Academy of Sciences in 2014. Yang Li has served as our chief content officer since August 2019, and our director since June 2020. Ms.
Added
She also worked as Head of Finance at Zero Zero Robotics, where she helped launch the company’s first-generation product in Apple Stores worldwide, achieving global sales of $15 million. Ms. Xu received her bachelor’s degree in International Trade from Sichuan University and her master’s degree in Economics from the University of Missouri–Columbia.
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Sin has also been appointed by the Hong Kong Government as a director of Hong Kong Cyberport Management Company Limited. Peng Su has served as our independent director since November 2019. Mr. Su has served as Youdao’s vice president since March 2019. Prior to joining Youdao, Mr.
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She is a licensed CPA in both the United States and Hong Kong. 93 Table of Contents 6.B. Compensation Compensation For the fiscal year ended December 31, 2025, we paid an aggregate of RMB 5.74 million (US$ 0.83 million) in cash to our directors and executive officers.
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Su worked at the New York Stock Exchange (China) for over 12 years in various roles, including its representative and later its chief representative. Mr. Su received his master’s degree from North Carolina State University. 94 Table of Contents 6.B.
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Class B ordinary shares and 54,958,400 Class C ordinary shares) as of March 31, 2026 and (ii) the number of ordinary shares underlying share options held by such person or group that are exercisable within 60 days after the date of this annual report. ** For each person and group included in this column, percentage of voting power is calculated by dividing the voting power beneficially owned by such person or group by the voting power of all of our ordinary shares as a single class. *** Except as indicated otherwise as below, the business address of our directors and executive officers is Building B6, Universal Business Park, No. 10 Jiuxianqiao Road, Chaoyang District, Beijing, People’s Republic of China.
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As of the date of this annual report, the participants other than members of our senior management as a group hold options to purchase 65,884,507 ordinary shares, with exercise price US$0.0001 per share.
Added
(1) Represents an aggregate of 16 9,50 7 , 622 ordinary shares, consisting of (i) 23,553,600 Class A ordinary shares and 54,958,400 Class C ordinary shares held by Palopo Holding Limited, a limited liability company incorporated under the laws of the British Virgin Islands wholly owned by Lording Global Limited and ultimately controlled by The Lording Trust.
Removed
The registered address of Tembusu Limited is Trinity Chambers, PO Box 4301, Road Town, Tortola, British Virgin Islands.For more information, please see the Schedule 13G/A filed by Tembusu Limited with the SEC on November 13, 2024. (4) Represents 71,429,000 Class A ordinary shares held by China Prosperity Capital Alpha Limited, a limited liability company incorporated under the laws of Samoa.

Item 7. Management's Discussion & Analysis

Management's Discussion & Analysis (MD&A) — revenue / margin commentary

8 edited+5 added−1 removed1 unchanged
Compensation—Employment Agreements and Indemnification Agreements.” 101 Table of Contents Share Incentives Plan See “Item 6. Directors, Senior Management and Employees—6.B.
Compensation—Employment Agreements and Indemnification Agreements.” 100 Table of Contents Share Incentives Plan See “Item 6. Directors, Senior Management and Employees—6.B.
Transaction with Wenzhou Qingke In 2024, the Group invested RMB 3.95 million to Wenzhou Qingke No.1 Venture Capital Partnership Enterprise (Limited Partnership) (“Wenzhou Qingke”) and acquired 79% equity interests in Wenzhou Qingke, which the Group recognized as equity investments using the equity method.
Transaction with Wenzhou Qingke In 2024, the Group invested RMB 3.95 million to Wenzhou Qingke No.1 Venture Capital Partnership Enterprise (Limited Partnership) (“Wenzhou Qingke”) to acquire 79% equity interests of Wenzhou Qingke, which the Group recognized as equity investments using the equity method.
Compensation—Share Incentive Plan.” Related Party Transactions Transaction with Beijing Sanke In 2022, 2023 and 2024, the Group earned revenue for providing advertising and enterprise value-added services to Beijing Sanke Information Technology Co., Ltd.(“Beijing Sanke”), an associate of the Group, amounted to approximately RMB 0.3 million, RMB 1.0 million and RMB 0.08 million, respectively.
Compensation—Share Incentive Plan.” Related Party Transactions Transaction with Beijing Sanke In 2023, 2024 and 2025, the Group earned revenue for providing advertising and enterprise value-added services to Beijing Sanke Information Technology Co., Ltd.(“Beijing Sanke”), an associate of the Group, amounted to approximately RMB1.0 million, RMB 0.08 million and Nil, respectively.
As of December 31, 2022, 2023 and 2024, the amount due to Jijingzhiyu were RMB 0.3 million, 99 thousand and RMB 0.4 million, respectively.
As of December 31, 2023, 2024 and 2025, the amount due to Jijingzhiyu were RMB 99 thousand, RMB 0.4 million and RMB 0.1 million, respectively.
Transaction with Jijingzhiyu In 2022, 2023 and 2024, the Group purchased overseas promotion services from Jijingzhiyu Information Technology Co., Ltd. (“Jijingzhiyu”), an associate of the Group, amounted to RMB 0.4 million, RMB 0.1 million and RMB 0.4 million, respectively.
Transaction with Jijingzhiyu In 2023, 2024 and 2025, the Group purchased overseas related content production services from Jijingzhiyu, an associate of the Group, amounted to RMB 0.1 million, RMB 0.4 million and RMB 0.3 million, respectively.
(“Shanghai Xuanke”), an associate of the Group, amounted to RMB 0.3 million, RMB 49 thousand and RMB0.5 million, respectively. As of December 31, 2022, 2023 and 2024, the amount due to Shanghai Xuanke were RMB20 thousand, RMB 0.2 million and RMB0.3 million, respectively.
In 2023, 2024 and 2025, the Group earned revenue for providing advertising to Shanghai Xuanke, amounted to approximately RMB0.5 million, RMB2.7 million and RMB 1.0 million. As of December 31, 2023, 2024 and 2025, the amount due to Shanghai Xuanke were RMB 0.2 million, RMB 0.3 million and RMB 1.2 million, respectively.
In October 2024, the Group partially disposed 41,139 shares of Sharetimes to Wenzhou Qingke with a cash consideration of RMB 3.95 million. 7.C. Interests of Experts and Counsel Not applicable. ​
In October 2024, the Group partially disposed 41,139 shares of Sharetimes to Wenzhou Qingke with a cash consideration of RMB 3.95 million. In 2025, the Group invested an additional RMB 5.0 million in Wenzhou Qingke. In July 2025, Wenzhou Qingke acquired an equity investment previously owned by the Group for a cash consideration of RMB 3.0 million.
As of December 31, 2022, 2023 and 2024, the amount due from Beijing Sanke were RMB 0.2 million, RMB 0.05million and RMB0.04 million, respectively Transaction with Shanghai Xuanke In 2022, 2023 and 2024, the Group purchased video production services from Shanghai Xuanke Technology Co., Ltd.
As of December 31, 2023, 2024 and 2025, the amount due from Beijing Sanke were RMB 0.05 million, RMB 0.04 million and RMB 0.04 million, respectively.
Removed
In 2021, the Group offered a short-term loan to Shanghai Xuanke, amounted to RMB 2.0 million, which has been paid off in 2022. In 2021 and 2022, the interest income generated from the short-term loan were RMB 47 thousand and RMB 3 thousand, respectively.
Added
Transaction with Shanghai Xuanke In 2023, 2024 and 2025, the Group purchased video production services from Shanghai Xuanke, an associate of the Group, amounted to RMB 49 thousand, RMB 0.5 million and RMB 0.3 million, respectively.
Added
Transaction with Beijing Pengke In 2025, the Group outsourced advertising and enterprise value-added services to Beijing Pengke Information Technology Co., Ltd. (“Beijing Pengke”), an associate of the Group, amounted to approximately RMB2.3 million. As of December 31, 2025, the amount due to Beijing Pengke were RMB 0.3 million.
Added
In 2025, the Group earned revenue for providing advertising and branding resources to Beijing Pengke, an associate of the Group, amounted to approximately RMB0.2 million. As of December 31, 2025, the amount due from Beijing Pengke were RMB 0.1 million.
Added
Transaction with Beijing Zhisheng In 2025, the Group outsourced advertising and enterprise value-added services to Beijing Zhisheng Future Information Technology Co., Ltd. (“Beijing Zhisheng”), an associate of the Group, amounted to approximately RMB0.9 million. As of December 31, 2025, the amount due to Beijing Zhisheng were RMB 0.4 million. 7.C.
Added
Interests of Experts and Counsel Not applicable. 101 Table of Contents

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