36Kr Holdings Inc ADR

KRKRNASDAQ
SectorCommunication Services
IndustryInteractive Media & Services
Beta (adjusted)0.67
Intrinsic Value
Insufficient data for a value estimateNot enough reliable inputs to publish a fair value for this company yet.
Market Price $3.08Price as of 30 Sep 2026
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Market Cap $6.1M
Shares Outstanding 2M diluted
All prices and values are periodic snapshots, not live quotes. Source dates are shown for reference.

Thesis

Street consensus, scenarios, merits, risks, and invalidation triggers

AI-assisted
Thesis Summary

36Kr Holdings Inc. has successfully returned to profitability in fiscal year 2025, driven by cost optimization, operational efficiency, and a strategic focus on high-margin brand advertising services. However, the company continues to face headwinds in its subscription services segment and operates under a complex VIE structure with inherent regulatory risks in China. Given its micro-cap status and balanced near-term outlook, a Hold recommendation is warranted.

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This section is the 12-month view: analyst targets and the probability-weighted scenarios built from them. The intrinsic value at the top of this page answers a different question: what the business is worth today.
Our research · scenarios, merits, risks, and invalidation triggersResearch as of 20 Jun 2026
Scenarios · 12-month scenario targetsAnchored at research date
Bear CaseDownside scenario
$1.8020%

Further declines in subscription services and potential regulatory crackdowns on VIE structures or digital content platforms in China lead to renewed net losses and downward pressure on the stock.

Base CaseCentral scenario
$3.5050%

The company maintains stable online advertising revenues and continues to optimize its cost structure, keeping operations profitable while subscription services stabilize.

Bull CaseUpside scenario
$5.5030%

Accelerated adoption of AI-empowered services and a strong rebound in China's New Economy advertising spend drive significant top-line growth and margin expansion.

Scenarios reflect our research view at the research date.

Key Investment Merits
  • Successful turnaround to profitability in FY 2025 with a net income of RMB 11.4 million.
  • Significant gross margin expansion to 57.7% in FY 2025, up from 48.6% in FY 2024.
  • Growing audience base with total followers reaching 36.8 million as of December 31, 2025.
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Key Investment Risks
  • Declining subscription services revenues, which fell by 14.2% in FY 2025.
  • Regulatory and compliance risks associated with the VIE structure and operating licenses in China.
  • High volatility and low liquidity typical of micro-cap stocks.
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Thesis Invalidation Triggers
  1. A return to net losses in upcoming semi-annual financial reports.
  2. Material adverse changes in Chinese regulatory policies regarding VIEs or online media platforms.
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All scenarios are estimates and subject to change. Past performance is not indicative of future results.

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Explore this dossier

ValuationIntrinsic value, the six-method breakdown, peer medians, and your assumptions sandbox.Financial SnapshotRevenue, profitability, returns, balance sheet, dividends, and the filing-level detail.Qualitative AnalysisBusiness overview, strategic initiatives, and mergers, acquisitions & partnerships.Outlook & Key DatesForward estimates, reporting calendar, and the monitoring framework.
AI-assisted, source-linked narrative; figures from company filings (SEC EDGAR) and market data. Dates shown per section. Not investment advice. Terms of Use.