36Kr (KRKR) Q4 2025 Earnings Transcript

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DATE

Tuesday, March 17, 2026 astatine 8 a.m. ET

CALL PARTICIPANTS

• Chairman and Chief Executive Officer — Dagang Feng

• Chief Financial Officer — Xiang Li

• Investor Relations Manager — Xin Wang

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Full Conference Call Transcript

Operator: Hello, ladies and gentlemen. Thank you for lasting by for 36Kr Holdings Inc.'s Second Half and Fiscal Year 2025 Earnings Conference Call. [Operator Instructions] Today's league telephone is being recorded. I volition present crook the telephone implicit to your host, Xin Wang, IR Manager of the company. Please spell ahead.

Xin Wang: Thank you precise much. Hello, everyone, and invited to 36Kr Holdings Second Half and Fiscal Year 2025 Earnings Conference Call. The company's fiscal and operational results were released earlier contiguous and person been made disposable online. You tin besides presumption the net property merchandise by visiting the IR conception of our website astatine ir.36kr.com. Participants connected today's telephone volition see our Chairman and CEO, Mr. Dagang Feng; and our Chief Financial Officer, Mr. Xiang Li. Mr. Feng volition commencement the telephone by providing an overview of the institution and the show highlights of the 2nd fractional and the fiscal twelvemonth 2025 successful Chinese, followed by an English interpretation. Mr.

Li volition past supply details connected the company's fiscal results earlier opening the telephone for your questions. Before we continue, delight enactment that today's treatment volition incorporate forward-looking statements made nether the harmless harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements impact inherent risks and uncertainties. As such, the company's results whitethorn beryllium materially antithetic from the views expressed today. Further accusation regarding this and different risks and uncertainties is included successful the company's prospectus and different nationalist filings arsenic filed with the U.S. SEC. The institution does not presume immoderate work to update immoderate forward-looking statements, but arsenic required nether applicable law.

Please enactment that 36Kr's net property merchandise and this league telephone see discussions of unaudited GAAP fiscal measures arsenic good arsenic unaudited and non-GAAP fiscal measures. 36Kr's net property merchandise contains a reconciliation of the unaudited non-GAAP measures to the unaudited GAAP measures. Please enactment that each magnitude numbers are successful RMB. I volition present crook the telephone implicit to our Chairman and CEO, Mr. Dagang Feng. [ Tao ], delight spell ahead.

Dagang Feng: [Interpreted] Thank you. Hello, everyone. Thank you for joining our 2nd fractional and fiscal twelvemonth 2025 net conference. Over the past 2 years, 36Kr has consistently focused connected improving operating ratio and optimizing fiscal structure. We person continuously upgraded our organizational structure, optimized expenses and strengthened our halfway capabilities. In 2025, portion maintaining coagulated gross performance, we achieved a large operational breakthrough by turning profitable. At the aforesaid time, our currency reserves stay stable, paving the mode for the company's semipermanent fiscal wellness and sustainable innovation-driven growth. For the afloat twelvemonth of 2025, our gross nett borderline reached 57.7%, an summation of 9 percent points year-over-year. Operating expenses decreased by astir RMB 70 cardinal from the aforesaid play past year.