In a press release today, 36Kr Holdings Inc. ("36Kr", the "Company", or "We") (NASDAQ: KRKR), a prominent brand and a pioneering platform dedicated to serving participants in the New Economy in China, released its unaudited third quarter financial results for the quarter ended September 30, 2023.
Highlights of the Third Quarter of 2023
I am Mr.. "We delivered another quarter of solid top-line growth for 36Kr in the third quarter of 2023 despite uncertainty in the macroeconomic environment," commented Dagang Feng, co-chairman and CEO of 36Kr.. As our advertising services continue to grow at a double-digit pace year over year, the subscription services' growth pace continues to accelerate as well, demonstrating our businesses' resilience and vitality despite the economic downturn.. In the last year we have continuously enhanced our content ecosystem, expanded our product and service offerings, and deepened the integration of AI applications across various business scenarios within our company. We are driven by our content creation skills and an effective, omni-channel distribution matrix, so as of the end of the third quarter of 2023, we had surpassed 32 million followers, an increase of 20% from a year ago, due to our content creation prowess and omni-channel distribution matrix. It is our intention that we will continue to be at the forefront of innovation and strengthen our position as a leading service platform in the New Economy industry in the coming years, while embracing generative AI technology's enormous potential as well as taking advantage of future growth opportunities.
It is our intention that we will continue to be at the forefront of innovation and strengthen our position as a leading service platform in the New Economy industry in the coming years, while embracing generative AI technology's enormous potential as well as taking advantage of future growth opportunities.
I am Ms.. According to Lin Wei, Chief Financial Officer of 36Kr, "In the third quarter of 2023, we maintained our growth trajectory and made further progress in our growth plans".. There was a 2 percent increase in total revenues.The amount of RMB97 has increased by 5% year over year.This growth was driven by a decent advertising performance as well as the strong momentum we have been enjoying in our subscription business, which has grown 11% year over year and 62% year over year, respectively.. During this time period, we were able to maintain our gross margin at a stable 56% level as we continued to optimize our cost structure and streamline our spending.. With a view to the future, we will continue to enhance our core competitive advantages, refine our AI-enabled product innovation, and pursue broader avenues of monetization. With our peerless content, growing brand influence, and high-quality services connecting participants across the New Economy, we are confident that we will continue to shape the industry landscape and drive sustainable growth for the long term.
With our peerless content, growing brand influence, and high-quality services connecting participants across the New Economy, we are confident that we will continue to shape the industry landscape and drive sustainable growth for the long term.
Financial Results for the Third Quarter of 2023
From RMB94.6 million in the third quarter of 2022 to RMB97.0 million (US$13.3 million) in the third quarter of 2023, revenues increased by 2.5% to RMB97.0 million (US$13.3 million).
In the third quarter of 2023, we incurred a cost of revenues of RMB42.3 million (US$5.8 million) compared to RMB35.5 million in the same period of 2022. The main reason for the increase in costs was higher fulfillment costs and content costs.
There was a gross profit of RMB54.6 million (US$7.5 million) in the third quarter of 2023, compared to RMB59.1 million in the third quarter of 2022. The gross profit margin was 56.3% in the third quarter of 2023, compared to 62.4% in the same period of 2022.
The operating expenses as a percentage of revenue were RMB77.5 million (US$10.6 million) in the third quarter of 2023, compared to RMB62.1 million in the same period of 2022.
A total of RMB1.4 million (US$0.2 million) was recognized as share-based compensation expenses in the third quarter of 2023, which was compared to RMB2.6 million in the same period of 2022, and reflected in sales and marketing expenses, research and development expenses, and general and administrative expenses. 
A total of RMB4.0 million (US$0.6 million) was realized as other income in the third quarter of 2023, compared to RMB5.7 million in the same period of 2022.
In the third quarter of 2023, the company's income tax expenses amounted to RMB0.02 million (US$0.002 million), compared to RMB0.17 million in the same quarter of 2022.
The company reported a net loss of RMB18.9 million (US$2.6 million) in the third quarter of 2023, as compared to a net income of RMB2.5 million during the same period of 2022. According to non-GAAP adjusted net income[6], the company recorded a non-GAAP adjusted net loss of RMB17.5 million (US$2.4 million) during the third quarter of 2023, in contrast to a non-GAAP adjusted net income of RMB5.1 million during the same period in 2022.
In the third quarter of 2023, 36Kr Holdings Inc.'s ordinary shareholders suffered a net loss of RMB18.9 million (US$2.6 million), which is significantly higher than the net income attributable to 36Kr Holdings Inc.'s ordinary shareholders of RMB1.7 million in the same period of 2022.
In the third quarter of 2023, both the basic and diluted net losses per ADS were RMB0.452 (US$0.062), compared to the basic and diluted net income per ADS of RMB0.042 in the same period of 2022.
There are certain items on the balance sheet that need to be addressed
It is estimated that the Company has RMB116.0 million (US$15.9 million) in cash, cash equivalents, restricted cash and short-term investments as of September 30, 2023, compared to RMB136.5 million as of June 30, 2023. The decrease was mainly attributable to small-sized long-term investments in certain New-Economy entities in the third quarter of 2023, as well as net cash outflow from operating activities.
Call for a conference call
A conference call will be held by the Company's management on December 07, 2023 at 7:00 AM U.S. Eastern Time (8:00 PM Beijing/Hong Kong Time on December 07, 2023) to discuss its earnings results.
The participants who wish to join the conference call by telephone, should access the link provided below to complete the pre-registration and then dial in at least five minutes prior to the scheduled start of the conference call. Upon registration, each participant will receive the dial-in details they will need to participate in the conference call.
As part of this webcast, a live and archived webcast of the conference call will be available on the Company's investor relations website at http://ir.36kr.com as well.
There will be a replay of the conference call available for one week following the date of the conference call by dialing the following telephone numbers:
36Kr Holdings Inc. is a company based in the United States.
A company called 36KR Holdings Inc.. With the mission of empowering New Economy participants in China to achieve more, the brand and platform is one of the most prominent brands serving New Economy participants in China.. Founded in 2013, the Company has grown steadily over the years to offer high-quality New Economy-focused content, covering a wide range of industries in China's New Economy, with a variety of distribution channels available. Taking advantage of the traffic generated by high-quality content, the Company has expanded its business services offerings to include online advertising services, enterprise value-added services, and subscription services in order to meet the evolving needs of companies in the New Economy, along with upgrading the needs of traditional companies.. In order to support the Company's business operations, a comprehensive database and strong data analytics capabilities are available. Due to the Company's diverse service offering portfolio and its considerable brand influence, it is well positioned to continue to capture the high growth potentials of China's New Economy in the years to come.
Due to the Company's diverse service offering portfolio and its considerable brand influence, it is well positioned to continue to capture the high growth potentials of China's New Economy in the years to come.
You can find out more information by visiting the following website: http://ir.36kr.com.
An analysis of the use of non-GAAP financial measures
The Company evaluates and assesses the performance of its business by looking at two non-GAAP measures, adjusted net income/(loss) and adjusted EBITDA, as supplemental measures to its overall profitability and operating results.. This presentation of these two non-GAAP financial measures is not intended to be viewed in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. Accounting Principles (GAAP). As a result of the use by the Company's management to evaluate its operating performance and formulate business plans, these non-GAAP financial measures are presented to investors in addition to those provided by the Company.. It is also the Company's belief that using these non-GAAP measures facilitates investors' assessment of the Company's operating performance in light of these non-GAAP measures
It is also the Company's belief that using these non-GAAP measures facilitates investors' assessment of the Company's operating performance in light of these non-GAAP measures
There is no definition of these non-GAAP financial measures under U.S. GAAP. They are not presented in accordance with U.S. GAAP and are not presented according to GAAP. According to GAAP,. It is important to note that these non-GAAP financial measures have limitations as analytical tools. There is a major limitation associated with using these non-GAAP financial measures, and that is that they do not reflect all items that affect our operations in terms of income and expenditures. Additionally, these non-GAAP measures may differ from the non-GAAP information used by other companies, including peer companies, and as a result their comparability may be limited.
Additionally, these non-GAAP measures may differ from the non-GAAP information used by other companies, including peer companies, and as a result their comparability may be limited.
These limitations are compensated for by the Company by reconciling these non-GAAP financial measures to the closest U.S. GAAP performance measure, and all of these factors should be taken into account when evaluating the Company's performance. Rather than relying on a single measure of the Company's financial performance, we encourage investors to review the Company's financial information in its entirety.
The adjusted net loss represents the net loss excluding share-based compensation expenses included in the net loss.
In addition to net income, adjusted EBITDA represents adjusted net income/(loss) before interest income, interest expenses, income tax expense/(credit), depreciation of property and equipment, and amortization of intangible assets.  
Detailed information on these non-GAAP financial measures can be found in the table at the end of this press release, which is captioned "Reconciliation of GAAP and non-GAAP results".
Information about the exchange rate
The purpose of this announcement is to provide a convenient translation of certain RMB amounts into U.S. dollars at a specified rate for the convenience of the reader. All translations of Renminbi into U.S. dollars, as well as translations of U.S. dollars into Renminbi, are based upon the exchange rate set forth in the Federal Reserve Board's H.10 statistical release issued on September 29, 2023, at a rate of RMB7.2960 to US$1.00.
Statement of Safe Harbor
There are forward-looking statements in this announcement. It should be noted that these statements are being made under the "safe harbor" provisions of the U.S.. In 1995, the Private Securities Litigation Reform Act was passed.. As a general rule, forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "confident," and other phrases of similar meaning.. It is important to note that forward-looking statements refer to statements that are not based on historical facts, such as statements about the Company's beliefs and expectations.. There are inherent risks and uncertainties associated with forward-looking statements. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company's goal and strategies; the Company's future business development, results of operations and financial condition; relevant government policies and regulations relating to our business and industry; the Company's expectations regarding the use of proceeds from this offering; the Company's expectations regarding demand for, and market acceptance of, its services; the Company's ability to maintain and enhance its brand; the Company's ability to provide high-quality content in a timely manner to attract and retain users; the Company's ability to retain and hire quality in-house writers and editors; the Company's ability to maintain cooperation with third-party professional content providers; the Company's ability to maintain relationship with third-party platforms; general economic and business condition in China; possible disruptions in commercial activities caused by natural or human-induced disasters; and assumptions underlying or related to any of the foregoing. The Company's filings with the Securities and Exchange Commission provide further information about these and other risks that the Company faces. There is no obligation on the part of the Company to update any forward-looking statement, except as required by applicable law, and all information provided in this press release and in the attachments is as of the date of this press release.
There is no obligation on the part of the Company to update any forward-looking statement, except as required by applicable law, and all information provided in this press release and in the attachments is as of the date of this press release.
In case of investor or media inquiries, please contact the following:
The following is the situation in China:
Investing information for 36Kr Holdings Inc.Tel: +86 (10) 8965-0708E-mail: [email protected] 
Piacente Financial Communications Jennifer CaiTel: +86 (10) 6508-0677 E-mail: [email protected] 
As a matter of fact, in the United States:
Brandi Piacente, Piacente Financial Communications, can be reached at +1-212-481-2050 or emailed at [email protected].  
36Kr Holdings Inc. is the source of this information.
There is no doubt that 36Kr Holdings Inc. ("36Kr" or the "Company") (NASDAQ: KRKR), a prominent brand and a pioneering platform dedicated to serving the needs of New Economy...
It would be our pleasure to inform you that 36Kr Holdings Inc. ("36Kr" or the "Company" or "We") (NASDAQ: KRKR), a prominent brand and a pioneering platform dedicated to serving the New Economy...
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