Half Year 2026 36Kr Holdings Inc Earnings Call

August 20, 2026

Speaker #2: Thank you for standing by, and welcome to the 36Kr Holdings Inc. 2026 first-half earnings conference call. All participants are in listen-only mode. There will be a presentation followed by a question-and-answer session.

Operator 2: Thank you for standing by, and welcome to the 36Kr Holdings Inc. 2026 H1 earnings conference call. All participants are in a listen-only mode. There will be a presentation, followed by a question and answer session. If you wish to ask a question, you will need to press the star key followed by the number 1 on your telephone keypad. I would now like to hand the conference over to management to begin. Please go ahead.

Operator: Thank you for standing by, and welcome to the 36Kr Holdings Inc. 2026 H1 earnings conference call. All participants are in a listen-only mode. There will be a presentation, followed by a question and answer session. If you wish to ask a question, you will need to press the star key followed by the number 1 on your telephone keypad. I would now like to hand the conference over to management to begin. Please go ahead.

Speaker #2: If you wish to ask a question, you will need to press the star key followed by the number 1 on your telephone keypad. I would now like to hand the conference over to management to begin.

Speaker #2: Please go ahead.

Speaker #3: Okay, thank you very much. Hello everyone, and welcome to 36Kr Holdings' first-half 2026 earnings conference call. The company's financial and operational results were released earlier today and have been made available online.

[Company Representative] (36Kr Holdings): Thank you very much. Hello, everyone, and welcome to 36Kr Holdings H1 2026 earnings conference call. The company's financial and operational results were released earlier today and have been made available online. You can also read the earnings press release by visiting the IR section of our website, ir.36kr.com. Participants on today's call will include our Chairman and CEO, Mr. Dagang Feng, and our Chief Financial Officer, Mr. Xiang Li. Mr. Feng will start the call by providing an overview of companies and the performance highlights of H1 in Chinese, followed by English interpretations. Mr. Li will then provide details on the company's financial results before opening the call for your questions. Before we continue, please note that today's discussion will contain forward-looking statements made under the Safe Harbor Provisions of the US Private Securities Litigation Reform Act of 1995. Forward-looking statements involve inherent risks and uncertainties.

Speaker #3: You can also view the earnings press released by visiting the IR section of our website. IR dot 36Kr dot com. Participants on today's call will include our chairman and CEO, Mr. Da Gang Fung, and our chief financial officer, Mr. Xiang Li.

Speaker #3: Mr. Fung will start the call by providing an overview of the company and the performance highlights for the first half in Chinese, followed by an English interpretation.

Speaker #3: Mr. Li will then provide details on the company's financial results before opening the call for your questions. Before we continue, please note that this discussion will contain forward-looking statements made under the Safe Harbor provisions of the U.S.

Speaker #3: Private Security Litigation Reform Act of 1995, forward-looking statement involving inherent risk and uncertainties. As such, the company results may be materially different from the views expressed today.

[Company Representative] (36Kr Holdings): As such, the company results may be materially different from the views expressed today. Further information regarding those and the other risks and uncertainties is included in company's prospectus and other public filings filed with the US SEC. The company does not assume any obligation to update any forward-looking statement except as required under the applicable law. Please note that 36Kr's earnings press release and this conference call includes discussion of unaudited GAAP financial measures, as well as unaudited non-GAAP financial measures. 36Kr earnings press release content accumulations of unaudited non-GAAP measures to the unaudited GAAP measures. Please note that all amount numbers are in RMB. I will now turn the call over to our Chairman and CEO, Mr. Dagang Feng. Dagang, please go ahead.

Speaker #3: Further information regarding these and other risks and uncertainties is included in the company's perspectives, and not in the public filing as such, with the U.S. FCC.

Speaker #3: The company does not assume any obligation to update any forward-looking statement, except as required under applicable law. Please note that 36Kr's earnings press release and this conference call include discussion of audited GAAP financial measures as well as unaudited non-GAAP financial measures.

Speaker #3: The 36Kr earnings press release contains a reconciliation of unaudited non-GAAP measures to unaudited GAAP measures. And please note that all amounts are in RMB.

Speaker #3: I will now turn the call over to our Chairman and CEO, Mr. Da Gang Fung. Please go ahead.

Speaker #2: 谢谢。大家好，感谢大家参加36Kr 2026财年上半年业绩电话会议。

Dagang Feng: Thank you. Hello, everyone. Thank you for joining 36Kr H1 2026 earnings conference call.

[Translator]: Thank you. Hello, everyone. Thank you for joining 36Kr H1 2026 earnings conference call.

Speaker #3: Thank you. Hello, everyone. Thank you for joining 36Kr's first-half 2026 earnings conference call.

Speaker #2: 2026年上半年在宏观经济情况环境仍处在比较不确定性的大背景下，公司延续了盈利状态是各项经营指标保持稳健。本期业绩的核心在于验证一个判断：公司的盈利能力并非短期的财务调节结果，而是建立在内容影响力、产业服务能力和技术应用能力三者协同基础上的可持续商业价值。

[Company Representative] (36Kr Holdings): Thank you. Hello, everyone. Thank you for joining 36Kr H1 2026 earnings conference call. Total revenue was RMB 124 million in H1 2026, up 33.7% year-over-year. Gross profit was RMB 82.68 million, up 33.1% year-over-year, with a gross profit margin of 66.4%. Net income was RMB 15.37 million, while cash reserves continued to increase, providing ample liquidity to support ongoing operations and strategic investments. Those operating results stem from our longstanding strategy of being the picks and the solver player in the technology industry.

[Translator]: Thank you. Hello, everyone. Thank you for joining 36Kr H1 2026 earnings conference call. Total revenue was RMB 124 million in H1 2026, up 33.7% year-over-year. Gross profit was RMB 82.68 million, up 33.1% year-over-year, with a gross profit margin of 66.4%. Net income was RMB 15.37 million, while cash reserves continued to increase, providing ample liquidity to support ongoing operations and strategic investments. Those operating results stem from our longstanding strategy of being the picks and the solver player in the technology industry.

Speaker #3: In the first half of 2026, amid continued microeconomic uncertainties, the company sustained its profitability trend and maintained solid results across all operating metrics.

Speaker #3: The key takeaway from this period's results is that our profitability is not a product of short-term financial adjustment, but of sustainable commercial values built on the interplay of three strengths: content influence, industrial service capabilities, and technological application prowess.

Speaker #2: 2026年上半年，公司实现收入人民币1.24亿元，同比增长33.7%。毛利人民币8,268万元，同比增长61.63.1%。毛利率66.4%。净利润为人民币1,537万元。公司现金储备保持增长，为持续经营和战略投入提供了充足的流动性保障。

Speaker #3: Total revenue was RMB 124 million in the first half of 2026, up 33.7% year over year. Gross profit was RMB 82.68 million, up 33.1% year over year.

Speaker #3: With the gross profit margin of 66.4%, net income was RMB 15.37 million, while cash reserves continued to increase, providing ample liquidity to support ongoing operations and strategic investment.

Speaker #2: 这一系列的经营结果得益于公司始终坚持做科技行业的卖水人。我们并非押注于某一项技术或某一单一产业周期，而是依托对科技创新趋势的敏锐洞察和长期积累，持续把握一轮又一轮产业变革带来的发展机遇。从人工智能、具身智能到核聚变、量子计算、脑机接口等未来产业，无论是下一轮技术浪潮从何处涌现，36Kr都将通过前瞻性的内容布局和商业服务能力及时触达并服务产业链上的企业。资本、技术及地方产业资源，36Kr未来产业正是这一能力的集中体现。通过持续输出前沿趋势内容，进一步构筑内容生态、竞争壁垒，增强跨越单一技术周期的经营韧性。在持续演进的科技浪潮中实现商业价值的长期可持续增长。

Speaker #3: Those operating results stem from our long-standing strategy of being the picks and shovels player. In the technology industry, rather than going all in on a single technology or industry cycle, we draw on our sharp insight into technology and innovation trends.

[Company Representative] (36Kr Holdings): Rather than going all in on a single technology or industry cycle, we draw our sharp insight into technology and innovation trends, backed by years of expertise and robust assets to consistently capitalize on opportunities unlocked by successive waves of industry transformations. From artificial intelligence and embodied intelligence to emerging industries such as nuclear fusion, quantum computing, and brain-computer interface. Whatever the next wave of technological innovation emerges, 36Kr leverages its visionary content layout and commercial service capabilities to engage with the business, capital, technology, and local industrial stakeholders across the value chain. The 36 Industry Future Initiative is a primary example of this capability. By consistently providing forward-looking insights into the latest technology trends, we strengthen the competitive barriers around our content ecosystem, enhance our operating reliance across technology cycles, and deliver long-term sustainable growth in the commercial value in the wave of technological evolution.

[Translator]: Rather than going all in on a single technology or industry cycle, we draw our sharp insight into technology and innovation trends, backed by years of expertise and robust assets to consistently capitalize on opportunities unlocked by successive waves of industry transformations. From artificial intelligence and embodied intelligence to emerging industries such as nuclear fusion, quantum computing, and brain-computer interface. Whatever the next wave of technological innovation emerges, 36Kr leverages its visionary content layout and commercial service capabilities to engage with the business, capital, technology, and local industrial stakeholders across the value chain. The 36 Industry Future Initiative is a primary example of this capability. By consistently providing forward-looking insights into the latest technology trends, we strengthen the competitive barriers around our content ecosystem, enhance our operating reliance across technology cycles, and deliver long-term sustainable growth in the commercial value in the wave of technological evolution.

Speaker #3: Backed by years of expertise and robust assets, we consistently capitalize on opportunities unlocked by successive waves of industry transformations—from artificial intelligence and embodied intelligence to emerging industries such as nuclear fusion, quantum computing, and brain-computer interface. Whatever the next wave of technological innovation emerges, 36Kr leverages its visionary content layout and commercial service capabilities to engage with the service, business, capital, technology, and local industrial stakeholders across the value chains.

Speaker #3: The 36Kr Industry Future Initiative is a primary example of this capability. By consistently providing forward-looking insights into the latest technology trends, we strengthen the competitive barriers around our content ecosystems, enhance our operating resilience across technology cycles, and deliver long-term, sustainable growth in the commercial value aimed with technological evolution.

Speaker #2: 以下我将从内容生态。服务、技术与产品三个维度跟各位同步本期主要经营进展。

Dagang Feng: 以下我将从内容生态、服务、技术与产品三个维度跟各位同步本期主要经营进展。

[Company Representative] (36Kr Holdings): Let's take a closer look at our major business prospects for the period in the three areas: content ecosystem, commercialization and industrial service, technology and product.

[Translator]: Let's take a closer look at our major business prospects for the period in the three areas: content ecosystem, commercialization and industrial service, technology and product.

Speaker #3: Let's take a closer look at our major business processes for the period in the three areas: content ecosystem, commercialization and industrial service, and technology and product.

Speaker #2: 2026年，我们依然在夯实内容生态的建设，保持住了36Kr在中国新经济与科技创新领域的内容影响力。我们持续推进全网分发布局，通过微博、小红书、头条、知乎、B站、抖音、快手等新媒体分发渠道，实现对优质内容的全面分发覆盖，帮助优质内容获得更广泛的曝光和传播。截至2026年6月底，36Kr全网粉丝数量达到3,652万。

Dagang Feng: 2026年，我们依然在夯实内容生态的建设，保持住了36氪在中国新经济与科技创新领域的内容影响力。我们持续推进全网分发布局，通过微博、小红书、头条、知乎、B站、抖音、快手等新媒体分发渠道，实现对优质内容的全面分发覆盖，帮助优质内容获得更广泛的曝光和传播。截至2026年6月底，36氪全网粉丝数量达到3652万。

[Company Representative] (36Kr Holdings): First, content ecosystem. We consistently strengthened our content ecosystem during the period, maintaining 36Kr's content influence across China's new economy and technology innovation sectors. We continue to expand our footprint across various channels, crafting a comprehensive circulation matrix encompassing major new media platforms like Weibo, Xiaohongshu, Toutiao, Zhihu, Bilibili, Douyin, and Kuaishou, among others. Broad channel exposure brought us wider overall distribution and higher visibility of our premium content. At the end of June 2026, we had approximately 36.52 million followers.

[Translator]: First, content ecosystem. We consistently strengthened our content ecosystem during the period, maintaining 36Kr's content influence across China's new economy and technology innovation sectors. We continue to expand our footprint across various channels, crafting a comprehensive circulation matrix encompassing major new media platforms like Weibo, Xiaohongshu, Toutiao, Zhihu, Bilibili, Douyin, and Kuaishou, among others. Broad channel exposure brought us wider overall distribution and higher visibility of our premium content. At the end of June 2026, we had approximately 36.52 million followers.

Speaker #3: First, on the content ecosystem, we consistently strengthened our content ecosystem during the period, maintaining 36Kr's content influence across China's new economy and technology innovation sectors. We continued to expand our footprint across various channels, crafting a comprehensive circulation matrix encompassing major new media platforms like Weibo, Xiaohongshu, Toutiao, Zhihu, Bilibili, Douyin, and Kuaishou, among others.

Speaker #3: Both channels' exposure brought us wider overall distribution and higher visibility of our premium content. At the end of June 2026, we had approximately 36.52 million followers.

Speaker #2: 同时，我们也紧贴时代脉络，坚持提升内容质量，持续输出高质量内容，为保持36Kr、36Kr Pro等旗舰型矩阵号的影响力基础上，正在涌现定位于人工智能产业报道、内容覆盖字节跳动、SaaS团队、DeepSeek、腾讯混元、阿里同一千问等主要AI企业的最新动态。该账号采用独家信息获取加深度访谈的内容模式，在AI产业报道领域已经形成较好的行业影响力。映客聚焦具身智能产业链报道，采用融资首发加创始人深度访谈的差异化内容模式，粉丝增幅约27%。报道范围涵盖大脑芯片、触觉传感器、本体制造及端侧算力等产业链关键环节，其中映客对话栏目通过创始人技术路线选择的深度问答，在映科技产业报道领域形成了差异化内容壁垒，其他优质垂类内容功耗36Kr汽车、未来消费、36Kr游戏、暗影Waves、36Kr财经、36Kr未来产业也在不断积累。兼顾了内容的覆盖广度，以及在细分领域的积累深度，带领用户洞察行业趋势与商业热点。

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

[Company Representative] (36Kr Holdings): Meanwhile, we stayed attuned to trends and remained focused on enhancing content quality, consistently delivering high-caliber work while maintaining the influence of our flagship channels, including 36Kr and 36Kr Pro. We ramped up our efforts to spotlight The Emergence of Intelligence. Our AI-focused account, covering the latest developments from AI industry giants, including the ByteDance Seed team, DeepSeek, Tencent Hunyuan, and Alibaba Tongyi Qianwen, built on a content model combining exclusive access to information with in-depth interviews. The channel has established a strong industry footprint in AI coverage. In addition, Hardcore Kr sharpens its focus on the embodied intelligence value chain, differentiating itself through first-to-report coverage of standout funding and in-depth founder interviews. Its followers increased by approximately 27%, attracted by coverage spanning key segments across the value chain, including brain chips, tactile sensors, robot body manufacturing, and on-device computing power.

[Translator]: Meanwhile, we stayed attuned to trends and remained focused on enhancing content quality, consistently delivering high-caliber work while maintaining the influence of our flagship channels, including 36Kr and 36Kr Pro. We ramped up our efforts to spotlight The Emergence of Intelligence. Our AI-focused account, covering the latest developments from AI industry giants, including the ByteDance Seed team, DeepSeek, Tencent Hunyuan, and Alibaba Tongyi Qianwen, built on a content model combining exclusive access to information with in-depth interviews. The channel has established a strong industry footprint in AI coverage. In addition, Hardcore Kr sharpens its focus on the embodied intelligence value chain, differentiating itself through first-to-report coverage of standout funding and in-depth founder interviews. Its followers increased by approximately 27%, attracted by coverage spanning key segments across the value chain, including brain chips, tactile sensors, robot body manufacturing, and on-device computing power.

Speaker #3: Ming of well within a trend to change and remain focused on enhancing content quality. Consistently delivering high-caliber work, while maintaining the influence of our flagship channels, including 36Kr and 36Kr Pro, we ramped up our efforts to spotlight the emergence of intelligence.

Speaker #3: Our AI-focused account covers the latest developments in AI industry trends, including the ByteDance feed team, DeepSeek, Tencent 混元, and Alibaba 同一千问. It is built on a content model that combines exclusive access to information with in-depth interviews.

Speaker #3: The channel has established a strong industry footprint in AI coverage. In addition, hardcore KR Sharpener is focused on the embodied intelligence value chain, differentiating itself through first-to-report coverage on stand-up funding and in-depth founder interviews.

Speaker #3: Its followers increased by approximately 27%, attracted by coverage spanning key segments across the value chips, tackle sensors, robot body manufacturing, and on-device computing power. Its hardcore KR conversation series offered in-depth perspective from founders and their technology roadmap, as well as strategic choices.

[Company Representative] (36Kr Holdings): Its Hardcore Kr conversation series offered in-depth perspectives from founders on their technology roadmap and strategic choices, building a differentiated content mode in hardcore technology coverage. Our other high-quality, vertical-specific accounts like 36Kr Auto, Future Consumption, 36Kr Games, 36Kr Finance, and 36Kr Industry Futures also continued to build momentum, balancing broad coverage with in-depth expert analyses in specialized domains to provide users with valuable insights into industry trends and evolving business dynamics.

[Translator]: Its Hardcore Kr conversation series offered in-depth perspectives from founders on their technology roadmap and strategic choices, building a differentiated content mode in hardcore technology coverage. Our other high-quality, vertical-specific accounts like 36Kr Auto, Future Consumption, 36Kr Games, 36Kr Finance, and 36Kr Industry Futures also continued to build momentum, balancing broad coverage with in-depth expert analyses in specialized domains to provide users with valuable insights into industry trends and evolving business dynamics.

Speaker #3: Building a differentiated content model in hardcore technology coverage, our other high-quality, vertical-specific accounts like 36Kr Auto, Future Consumption, 36Kr Games, Weaves, 36Kr Finance, and 36Kr Industry Futures also continued to build momentum.

Speaker #3: Building balanced board coverage with dips of expert expertise in specialized domains, to provide users with valuable insights into industry trends and evolving business dynamics.

Speaker #2: 除了投资内容，我们也持续丰富内容题材。在长短视频、音频、直播、短剧等表达形式上，持续输出优质内容。

Dagang Feng: 除了图文内容，我们也持续丰富内容体裁，在长短视频、音频、直播、短剧等表达形式上持续输出优质内容。

[Company Representative] (36Kr Holdings): Beyond graphic and text content, we continue to diversify our content formats by delivering premium content across short and long-form videos, audio, live streamings, and short plays.

[Translator]: Beyond graphic and text content, we continue to diversify our content formats by delivering premium content across short and long-form videos, audio, live streamings, and short plays.

Speaker #3: Beyond graphic and text content, we continue to diversify our content formats by delivering premium content across short and long-form videos, audio, live streaming, and short plays.

Speaker #2: 在短视频方面，我们凭借优秀的内容原创能力，获得了用户的广泛认可和关注。全平台粉丝、视频粉丝数量达到963万。2026年上半年共计发布75条短视频作品，其中抖音平台产出单支视频播放量超过840万的爆款内容，其余视频平台均能产生出播放量过100万的深度内容。商业视频方面，我们始终坚持产出高质量内容，深入企业内部，助力企业数字化转型，单条视频播放量达2.3亿。

Dagang Feng: 在短视频方面，我们凭借优秀的内容原创能力，获得了用户的广泛认可和关注。全平台视频粉丝数量达到963万。2026年上半年共计发布75条短视频作品，其中抖音平台产出单支视频播放量超过840万的爆款内容。其余视频平台均能产生出播放量过100万的深度内容。商业视频方面，我们始终坚持产出高质量内容，深入企业内部，助力企业数字化转型，单条视频曝光量达2.3亿。

[Company Representative] (36Kr Holdings): In short videos, our exceptional content creation capabilities earned us wide visibility and rave reviews from users. Our video followers reached 9.63 million. In H1 2026, we produced a total of 75 short videos, including a blockbuster on Douyin that garnered over 8.4 million views. On other video platforms, we consistently create in-depth pieces that generate more than 1 million views each. On the commercial video side, we continue to produce high quality content, working closely with companies in support of clients' digital and intelligence transformations, garnering a notable 230 million total exposure with a single breakout video.

[Translator]: In short videos, our exceptional content creation capabilities earned us wide visibility and rave reviews from users. Our video followers reached 9.63 million. In H1 2026, we produced a total of 75 short videos, including a blockbuster on Douyin that garnered over 8.4 million views. On other video platforms, we consistently create in-depth pieces that generate more than 1 million views each. On the commercial video side, we continue to produce high quality content, working closely with companies in support of clients' digital and intelligence transformations, garnering a notable 230 million total exposure with a single breakout video.

Speaker #3: In short videos, our exceptional content creation capabilities earned us widespread visibility and rave reviews from users. Our radio following reached 9.63 million in the first half of 2026.

Speaker #3: We produced a total of 75 short videos, including a blockbuster on 抖音 that garnered over 8.4 million views. On another video platform, we consistently create in-depth pieces that generate more than 1 million views each.

Speaker #3: On the commercial video side, we continued to produce high-quality content, working closely with companies in support of clients' digital and intelligence transformations, garnering a notable 230 million total exposures with a single breakout video.

Speaker #2: 在直播方面，公司充分利用已有媒体矩阵号资源，积极开发直播产品，探索创新发展新路径。2026年3月12日至15日举办的中国家电及消费电子博览会，36Kr打造了入境AI直播间。直播走访展会现场热门的八大品牌展馆，深度探访十大品牌，带领观众零距离接触AI技术的全新落地形态。36Kr多平台同步直播，总直播观看量135.8万，全网总曝光量超过8000万。2026年7月举办的世界人工智能大会，36Kr以生态合作伙伴加特别知识媒体的身份，与组委会联合打造科华未来直播间。36Kr打造了集行业大咖对话、直播探展、视频集锦、企业专访于一体的超级直播间。36Kr总曝光量5180万，36Kr矩阵直播总观看人数超过61万。

Dagang Feng: 在直播方面，公司充分利用已有媒体矩阵和资源，积极开发直播产品，探索创新发展新路径。2026年3月12日至15日举办的中国家电及消费电子博览会，36氪打造了入境AI直播间，直播走访展会现场热门的八大品牌展馆，深度探访十大品牌，带领观众零距离接触AI技术的全新落地形态。36氪多平台同步直播，总直播观看量135.8万，全网总曝光量超过8,000万。2026年7月举办的世界人工智能大会，36氪以身份合作伙伴加特别支持媒体的身份，与组委会联合打造科幻未来直播间。36氪打造了集行业大咖对话、直播探展、视频集锦、企业专访于一体的超级直播间。36氪总曝光量5,180万，36氪矩阵直播总观看人数超过61万。

[Company Representative] (36Kr Holdings): For live streaming, we made full use of our existing content-specific account assets to actively develop live streaming products and explore new avenues for growth and innovation. At China Appliance and Electronic World Expo 2026, held from 12 March and 15 March, 36Kr launched the Anthony AI live stream, conducting live on-site coverage from eight of the most popular brand pavilions, and profiling 10 leading brands in depth, giving audiences a first-hand look at the latest real-world applications of AI technologies. Broadcast simultaneously across device platforms, the live stream garnered 1.358 million total views and racked up over 18 million impressions network wide. During this year's World Artificial Intelligence Conference in July, 36Kr served as an ecosystem partner and special supporting media partner, joining hands with the organizing committee to launch the KrTurf Future-Led Studio.

[Translator]: For live streaming, we made full use of our existing content-specific account assets to actively develop live streaming products and explore new avenues for growth and innovation. At China Appliance and Electronic World Expo 2026, held from 12 March and 15 March, 36Kr launched the Anthony AI live stream, conducting live on-site coverage from eight of the most popular brand pavilions, and profiling 10 leading brands in depth, giving audiences a first-hand look at the latest real-world applications of AI technologies. Broadcast simultaneously across device platforms, the live stream garnered 1.358 million total views and racked up over 18 million impressions network wide. During this year's World Artificial Intelligence Conference in July, 36Kr served as an ecosystem partner and special supporting media partner, joining hands with the organizing committee to launch the KrTurf Future-Led Studio.

Speaker #3: For live streaming, we made full use of our existing content for specific account assets, actively developing live streaming products and exploring new avenues for growth and innovation.

Speaker #3: At China Appliance and Electronic World Expo 2026, held from March 12 to 15, 36Kr launched the Anthony AI live stream, conducting live on-site coverage from eight of the most popular brand pavilions and profiling 10 leading brands in depth, giving the audience a first-hand look at the latest real-world application of AI technologies.

Speaker #3: Broadcast simultaneously across device platforms, the live stream garnered 1.36 million total views and racked up over 18 million impressions network-wide. During this year's World Artificial Intelligence Conference in July, 36Kr served as an ecosystem partner and special supporting media partner, joining hands with the organizing committee to launch the KR Talk Future Live Studios.

Speaker #3: The live stream combined expert panels, live exhibition coverage, video highlights, and in-depth interviews with companies, garnering 51.8 million total views and engaging 61,000 viewers across the 36Kr live stream metrics.

[Company Representative] (36Kr Holdings): The live stream contained expert panels, live Asian coverage, video highlights, and in-depth interviews with companies, garnering 551.8 million total views and engaging 61,000 viewers across the 36Kr live stream metrics.

[Translator]: The live stream contained expert panels, live Asian coverage, video highlights, and in-depth interviews with companies, garnering 551.8 million total views and engaging 61,000 viewers across the 36Kr live stream metrics.

Speaker #2: 在活动IT方面，我们进一步把36氪从行业趋势观察者升级为产业合作的连接者。2026年5月19日至20日，我们在北京亦庄举办了2026 AI Partner大会。本届大会以“带着AI去前线”为主题，聚焦AI从技术讨论走向产业落地。大会设置了主论坛及AI加产业对接会，连接技术供给方与真实产业需求方。大会两天，完成超过100轮闭门深度匹配，推动企业围绕具体场景寻找合作方向。2026 AI Partner大会全网曝光量约为1.2亿次，现场参会人数约为1000人。此外，2026年6月16日至17日，我们在广东番禺举办了Waves 2026新浪潮大会。本届大会以“今年盛夏”为主题，汇聚了新一代投资人、企业家、科学家和创业者。通过14场深度圆桌和数十场独立演讲，围绕AI、硬科技、具身智能、出海、医疗和青年创新等核心议题展开讨论。大会还设置了有志青年挑战赛暨全国AI加场景应用大赛，聚集智能体、智能硬件和一人公司三个赛道，为青年创业项目提供展示、评审和产业连接的平台。Waves大会全网曝光量达到1.8亿次，现场参会人数超过2000人。

Dagang Feng: 在活动IP方面，我们进一步把36氪从行业趋势的观察者升级为产业合作的连接者。2026年5月19日到20日，我们在北京亦庄举办2026 AI Partner大会。本届大会以带着AI去前线为主题，聚焦AI从技术讨论走向产业落地。设置了圆桌谈及AI加产业对接会，连接技术供给方与真实产业需求方。大会两天完成超过100轮闭门深度匹配，驱动企业围绕具体场景寻找合作方向。2026 AI Partner大会全网曝光量约1.21亿次，现场参会人数约1,000多人。此外，2026年6月16日至17日，我们在广东番禺举办WAVES 2026新浪潮大会。本届大会以今年盛夏为主题，汇聚了新一代投资人、企业家、科学家和创业者，通过14场深度圆桌、10场主题演讲，围绕AI、硬科技、机身智能、出海、医疗和青年创新等核心议题展开讨论。大会还设置了有志青年挑战赛及全国AI加场景应用大赛，聚集智能体、智能门店和一人公司等等，为青年创业项目提供展示、评审和产业连接的平台。WAVES 2026大会全网曝光量达到1.8亿次，现场参会人数超过2,000人。

[Company Representative] (36Kr Holdings): In terms of event IP, we further elevated 36Kr's role from that of observer of industry trends to facilitator for industry collaborations. On 19 May to 20 May 2026, we hosted the 2026 AI Partners Meet in Beijing Yizhuang, themed Take AI to the Front Line. The summit focused on shifting AI from technical discussion to practical implementations, featuring a main forum and an AI Plus industry matchmaking meeting that connected technology providers with businesses holding real industry demands. Over the two days event, they facilitated more than 100 rounds of in-depth closed-door matchmaking sessions, helping companies identify potential areas of collaborations around specific scenarios. Our 2026 AI Partners Meet gathered approximately 120 million views and attracted over 1,000 on-site attendees. In addition, from 16 June to 17 June 2026, we hosted the 2026 in Tianyu, Guangdong, themed this Middle Summer.

[Translator]: In terms of event IP, we further elevated 36Kr's role from that of observer of industry trends to facilitator for industry collaborations. On 19 May to 20 May 2026, we hosted the 2026 AI Partners Meet in Beijing Yizhuang, themed Take AI to the Front Line. The summit focused on shifting AI from technical discussion to practical implementations, featuring a main forum and an AI Plus industry matchmaking meeting that connected technology providers with businesses holding real industry demands. Over the two days event, they facilitated more than 100 rounds of in-depth closed-door matchmaking sessions, helping companies identify potential areas of collaborations around specific scenarios. Our 2026 AI Partners Meet gathered approximately 120 million views and attracted over 1,000 on-site attendees. In addition, from 16 June to 17 June 2026, we hosted the 2026 in Tianyu, Guangdong, themed this Middle Summer.

Speaker #3: In terms of event IT, we further evaluated 36Kr's role, from that journey observed of industry trends to facilitator for industry cooperation. On May 19 to 20, 2026, we hosted the 2026 AI Partners Meet in Beijing Yizhuang, themed 'Tech AI to the Frontline.'

Speaker #3: This meeting focused on shifting AI from technical discussion to practical implementations, featuring a main forum and an AI+ industry matchmaking meeting that connected technology providers with businesses holding real industry demand.

Speaker #3: Over the two-day event, we facilitated more than 100 rounds of in-depth, closed-door matchmaking sessions, helping companies identify potential areas of cooperation around specific, specialized scenarios.

Speaker #3: Our 2026 AI Partners Meet gathered approximately 120 million views and attracted over 1,000 on-site attendees. In addition, from June 16 to 17, 2026, we hosted Waves 2026 in Panyu, Guangdong, themed "This Meet the Summers."

[Company Representative] (36Kr Holdings): This summit gathered a great generation of investors, industry leaders, scientists, and emerging entrepreneurs for 15 in-depth roundtable discussions and dozens of talks covering core topics such as AI, hardcore technology, embedded intelligence, going global, healthcare, and youth innovation. The event also featured the Challenge for Intelligent Youth and the National AI + Scenario Application Competition Finals. It focused on three tracks: AI agents, embedded intelligent hardware, and lightweight one-person entrepreneurship, providing young innovators and their projects with a platform for exposure, evaluation and feedback, and industry connections. WAVES 2026 garnered 118 million views and attracted more than 2,000 on-site attendees.

[Translator]: This summit gathered a great generation of investors, industry leaders, scientists, and emerging entrepreneurs for 15 in-depth roundtable discussions and dozens of talks covering core topics such as AI, hardcore technology, embedded intelligence, going global, healthcare, and youth innovation. The event also featured the Challenge for Intelligent Youth and the National AI + Scenario Application Competition Finals. It focused on three tracks: AI agents, embedded intelligent hardware, and lightweight one-person entrepreneurship, providing young innovators and their projects with a platform for exposure, evaluation and feedback, and industry connections. WAVES 2026 garnered 118 million views and attracted more than 2,000 on-site attendees.

Speaker #3: This meet gathered a great generation of investors, industry leaders, scientific scientists, and emerging entrepreneurs. With 15 in-depth roundtable discussions and a dozen talks covering core topics such as AI, hardcore technology, embedded intelligence, going global, health care, and youth innovations, the event also featured the Challenge for Intelligent Youth and the National AI+ Scenario Application Competition finals. Its focus was on three triples: AI agents, embedded intelligent hardware, and the lightweight one-person entrepreneurship.

Speaker #3: Providing young innovators and their projects with a platform for exposure, evaluation, feedback, and industry connections, Waves 2026 garnered 118 million views and attracted more than 2,000 on-site attendees.

Dagang Feng: Harnessing our robust content influence and the extensive content distribution channels, 36Kr has developed a highly effective customer service system. This has enabled us to achieve commercialization breakthrough in this unprecedented wave of technological innovation.

[Translator]: Harnessing our robust content influence and the extensive content distribution channels, 36Kr has developed a highly effective customer service system. This has enabled us to achieve commercialization breakthrough in this unprecedented wave of technological innovation.

Speaker #2: 基于生活的内容影响力和丰富的内容文化渠道，36Kr搭建了行之有效的客户服务体系，从而使我们在这一次史无前例的科技浪潮中实现了商业化的突破。

Speaker #3: Harnessing our robust content influence and extensive content distribution channels, 36Kr has developed highly effective customer service systems. This has enabled us to achieve a commercialization breakthrough in this unprecedented wave of technological innovation.

Speaker #2: 2026上半年，基于公司的内容生态上的持续深耕和在人工智能、硬科技等重点行业的提前布局，我们的客户数量有大幅度增长。上半年，初次与36Kr合作的新客户占客户总数约三分之一。AI集大模型、机器人及具身智能等行业是最主要的客户来源。消费、医疗、出行、教培等行业也均有新客户，这充分体现了36Kr在新兴传播领域的领先地位和优秀的客户服务能力。

[Company Representative] (36Kr Holdings): In H1 2026, thanks to our consistent investment in our content ecosystem and our early positioning in key sectors such as AI and hardcore technology, our customer base grew significantly. New customers working with 36Kr for the first time accounted for approximately one-third of our total customer base in the period. AI and the foundation models, robotic and embedded intelligence were the primary source of our new customers. We also acquired new customers in the consumer goods, healthcare, travel and mobility, education and training sectors. This underscores 36Kr leadership in new economic communication and our outstanding customer service capabilities.

[Translator]: In H1 2026, thanks to our consistent investment in our content ecosystem and our early positioning in key sectors such as AI and hardcore technology, our customer base grew significantly. New customers working with 36Kr for the first time accounted for approximately one-third of our total customer base in the period. AI and the foundation models, robotic and embedded intelligence were the primary source of our new customers. We also acquired new customers in the consumer goods, healthcare, travel and mobility, education and training sectors. This underscores 36Kr leadership in new economic communication and our outstanding customer service capabilities.

Speaker #3: In the first half of 2026, thanks to our consistent investment in our content ecosystem and our early positioning in key sectors such as AI and hardcore technology, our customer base grew significantly.

Speaker #3: New customers working with 36Kr for the first time accounted for approximately one-third of our total customer base in the period. AI on the foundation models, robotic and embedded intelligence, was a primary source of our new customers.

Speaker #3: We also acquired new customers in the consumer goods, healthcare, travel and mobility, and education and training sectors. This ongoing growth highlights 36Kr's leadership in new economic communication and our outstanding customer service capabilities.

Speaker #2: 现场资源商业化方面，2026年上半年实现了1.04亿的线上广告收入，同比增长约40%，其中36Kr、36Kr Pro、旗舰型具身号的商业化价值依然保持行业领先水准。同时，智能涌现、映客、36Kr汽车、未来消费、潮声、TIDE、后浪研究所等垂直账号的影响力也在逐步增强，形成了收入增长的另一个核心驱动力。另外，本视频的上半年实现了商业化突破，收入同比增长约一倍。我们还推出了新产品，36Kr Pro视频号资讯，丰富了产品类型，并进一步差异化定价，为不同客户提供多元化的产品选择，助力广告收入持续增长。

Dagang Feng: In terms of commercialization of online results, we generated RMB 104 million in revenue from online advertising service in H1 2026, up approximately 40% year-over-year. Our flagship channels, including 36Kr and 36Kr Pro, maintained industry-leading commercial values. At the same time, the influence of our sub-vertical media channels, such as The Emergence of Intelligence, Hardcore Kr, 36Kr Auto, Future Consumption, TIDE, and OU, continued to expand, emerging as another key driver of our revenue growth. Short radio also achieved a commercialization breakthrough in H1 2026, with revenue approximately doubling year-over-year. Furthermore, we launched the 36Kr Pro, a new WeChat channel content offering that meaningfully enriched our product line and enabled more differentiated pricing. This broader range of product options helped propel the continued growth in our revenue from online advertising service.

[Translator]: In terms of commercialization of online results, we generated RMB 104 million in revenue from online advertising service in H1 2026, up approximately 40% year-over-year. Our flagship channels, including 36Kr and 36Kr Pro, maintained industry-leading commercial values. At the same time, the influence of our sub-vertical media channels, such as The Emergence of Intelligence, Hardcore Kr, 36Kr Auto, Future Consumption, TIDE, and OU, continued to expand, emerging as another key driver of our revenue growth. Short radio also achieved a commercialization breakthrough in H1 2026, with revenue approximately doubling year-over-year. Furthermore, we launched the 36Kr Pro, a new WeChat channel content offering that meaningfully enriched our product line and enabled more differentiated pricing. This broader range of product options helped propel the continued growth in our revenue from online advertising service.

Speaker #3: In terms of commercialization of online results, we generated RMB 104 million in revenue from online advertising services in the first half of 2026, up approximately 40% year over year.

Speaker #3: Our flagship channels, including 36Kr and 36Kr Pro, maintained industry-leading commercial value. At the same time, the influence of our subvertical media channels, such as The Emergence of Intelligence, Hardcore KR, 36Kr Auto, Future Consumptions, Tide, and OUs, continues to expand.

Speaker #3: Emerging as another key driver of our revenue growth, short video also achieved a commercialization breakthrough in the first half of 2026. Revenue approximately doubled year over year.

Speaker #3: Furthermore, we launched the 36Kr Pro, a new WeChat channel content offering that meaningfully enriched our product line and enabled more diverse pricing. This broader range of product options helped propel the continued growth in our revenue from online advertising service.

Speaker #2: 在机构和企业服务方面，我们不断优化业务结构，形成了峰会搒单与内容传播双轮驱动的格局。在一市场行业回暖的背景下，机构传播的诉求提升，机构募资或者被投企业的融资消息为主的内容数量增长迅速，收入同比增长近一倍。二用Waves、36Kr AI产业等充分发挥内容、企业、资本、技术、地方产业资源间的链接能力，商业价值明显体现。

Dagang Feng: 在机构和企业服务方面，我们不断优化业务结构，形成了峰会榜单与内容传播双轮驱动的格局。在一、二市场行业回暖的背景下，机构传播的诉求提升，机构募资或者被投企业的融资消息为主的内容数量增长迅速，收入同比增长近一倍。二勇魏伟、36Kr产业等充分发挥内容、企业、资本、技术、地方产业资源间的链接能力，商业价值明显体现。

[Company Representative] (36Kr Holdings): In institutional and entrepreneur service, we continue to optimize our business structure, establishing a dual-engine growth model driven by our submit and ranking alongside content communication. As the primary market gradually recovered, institutional demands for communication services surged, with content focused on institutional funding raising and the portfolio company financing growth rapidly, driving revenue to nearly double year-over-year. We fully leverage the vertical accounts such as VIBE and 36Kr Industry Futures to connect the content, enterprise, capital, technology, and local industry results, further unlocking their commercial value.

[Translator]: In institutional and entrepreneur service, we continue to optimize our business structure, establishing a dual-engine growth model driven by our submit and ranking alongside content communication. As the primary market gradually recovered, institutional demands for communication services surged, with content focused on institutional funding raising and the portfolio company financing growth rapidly, driving revenue to nearly double year-over-year. We fully leverage the vertical accounts such as VIBE and 36Kr Industry Futures to connect the content, enterprise, capital, technology, and local industry results, further unlocking their commercial value.

Speaker #3: In institutional and entrepreneur service, we continue to optimize our business structures, establishing a dual engine growth model driven by our submit and ranking, alongside content communications.

Speaker #3: As the primary market gradually recovered, institutional demand for communication services surged. With content focused on institutional fundraising and portfolio company financing growing rapidly, driving revenue to nearly double year over year, we fully leveraged the vertical accounts such as Waves and 36Kr Industry Futures to connect content, enterprise, capital, technology, and local industry results for unlocking their commercial value.

Speaker #2: 在产业服务商业化方面，除了在重点区域落地大型活动之外，我们也在持续推进常态化产业服务。杭州钱塘新区关于中企、国际服务中心运营服务项目，以及AI万象社区运营服务项目三年战略合作项目在2026年依旧稳步推进。上半年主要围绕钱塘具身智能产业园等核心园区以品牌曝光、资源链接、企业服务为核心，落地多场不同类型的运营活动，有效提升园区行业影响力，为招商及产业服务提供重要支撑。依托该项目，公司在长城小区域的产业服务能力持续深化，为后续区域复制制定了基础。同时，在Waves大会期间，向大湾区创业者和投资人展示长三角产业资源，持续搭建技术创新和产业落地之间的桥梁。产业服务正在从单次活动逐步走向持续运营和更深层次的客户合作。

Dagang Feng: 在产业服务商业化方面，除了在重点区域落地大型活动之外，我们也在持续推进常态化产业服务。杭州钱塘新区关于中企国际服务中心运营服务项目，以及AI万象社区运营服务项目，三年战略合作项目，在2026年依旧稳步推进。上半年主要围绕钱塘区智能产业园等核心园区，以品牌曝光、资源链接、企业服务为核心，落地多场不同类型的运营活动，有效提升园区行业影响力，为招商及产业服务提供重要支撑。依托该项目，公司在长三角区域的产业服务能力持续深化，为后续区域复制奠定了基础。同时，在VIBE大会期间，向大湾区创业者和投资人展示长三角产业资源，持续搭建技术创新和产业落地之间的桥梁。产业服务正在从单次活动逐步走向持续运营和更深层次的客户合作。

[Company Representative] (36Kr Holdings): In terms of industrial service commercialization, in addition to hosting large-scale events in key regions, we continue to advancing recurring day-to-day industrial service. Our three-year strategic operations project with Hangzhou Qiantang New Area, including the Chinese Enterprise International Service Center Operation Project and the AI Wanxiang Community Operation Service Project, continued to progress steadily during this period. In the H1 of the year, we focused primarily on key industrial parks, including the Qiantang Embodied Intelligence Industrial Park, delivering a diverse range of operational activities built around brand exposures, resource connections, and enterprise service. This initiative effectively enhanced the park's industry profile, supporting investment inflows and industry services. Building on this project, we continue to deepen our industrial service capabilities in the Yangtze River Delta, laying the foundation of replication across the region.

[Translator]: In terms of industrial service commercialization, in addition to hosting large-scale events in key regions, we continue to advancing recurring day-to-day industrial service. Our three-year strategic operations project with Hangzhou Qiantang New Area, including the Chinese Enterprise International Service Center Operation Project and the AI Wanxiang Community Operation Service Project, continued to progress steadily during this period. In the H1 of the year, we focused primarily on key industrial parks, including the Qiantang Embodied Intelligence Industrial Park, delivering a diverse range of operational activities built around brand exposures, resource connections, and enterprise service. This initiative effectively enhanced the park's industry profile, supporting investment inflows and industry services. Building on this project, we continue to deepen our industrial service capabilities in the Yangtze River Delta, laying the foundation of replication across the region.

Speaker #3: In terms of industrial service commercialization, in addition to hosting large-scale events in key regions, we continue to advance recurring day-to-day industrial services. Our three-year strategic operations project with Hangzhou Qiantang New Area includes the Chinese enterprise international service center operation project and the AI Phenomena Community operation service project.

Speaker #3: Continued to progress steadily during this period. In the first half of the year, we focused primarily on key industrial parks, including the Qiantang Embedded Intelligence Industrial Park.

Speaker #3: Delivering a diverse range of operational activities, built around brand exposures, resource connections, and enterprise service, this initiative effectively enhanced the park's industry profile. Supporting investment inflows and industry service building on this project, we continue to deepen our industrial service capabilities in the Yangtze River Delta, laying the foundation for replication across the region. Furthermore, at this year's Waves event, we showcased the Yangtze River Delta's industrial results for Greater Bay Area entrepreneurs and investors.

[Company Representative] (36Kr Holdings): Furthermore, at this year's WAVES 2026 event, we showcased the Yangtze River Delta industrial resource for Greater Bay Area entrepreneurs and investors, continues to bridge technological innovation and real-world industry applications. Our industry service and progressively shifting from one-off events towards ongoing operation and deeper customer partnerships.

[Translator]: Furthermore, at this year's WAVES 2026 event, we showcased the Yangtze River Delta industrial resource for Greater Bay Area entrepreneurs and investors, continues to bridge technological innovation and real-world industry applications. Our industry service and progressively shifting from one-off events towards ongoing operation and deeper customer partnerships.

Speaker #3: Continues to bridge technological innovation and real-world industry applications. Our industry service is progressively shifting from a one-off event toward ongoing operation and deeper customer partnership.

Speaker #2: 在人工智能技术应用方面，公司坚持内部绩效与外部产品化的双线推进。

Dagang Feng: 在人工智能技术应用方面，公司坚持内部提效与外部产业化的双线推进。

[Company Representative] (36Kr Holdings): In applying AI technologies, we continue to pursue a dual-track strategy, improving internal efficiency while productizing our AI capabilities for external stakeholders.

[Translator]: In applying AI technologies, we continue to pursue a dual-track strategy, improving internal efficiency while productizing our AI capabilities for external stakeholders.

Speaker #3: In applying AI technologies, we continue to pursue a dual-track strategy—improving internal efficiency while productizing our AI capabilities for external stakeholders.

Speaker #2: 2026上半年，公司内部举办科兴AI应用汽车大赛，为推动AI工具在公司内各岗位深度落地，挖掘真实可复用高价值的AI绩效实践，营造人人会用AI、处处能用AI、持续用AI绩效的组织氛围。通过大赛的选拔，在客户销售的流程、视频和图片优化、内部流程管理方面提升了工作效率，并在公司内部形成了学习交流的氛围。

Dagang Feng: 2026年上半年，公司内部举办科星AI应用切磋大赛，为推动AI工具在公司内各岗位深度落地，挖掘真实可复用高价值的AI提效实践，营造人人会用AI、处处能用AI、时时用AI提效的组织氛围。通过大赛的选拔，在客户销售流程、视频和图片优化、内部流程管理方面提升了工作效率，并在公司内部形成了学习交流的氛围。

Speaker #3: In the first half of 2026, we hosted the KR Star AI Application Challenge internally to deepen adoption of AI tools across our operations. The initiative focused on identifying practical, replicable, and high-value use cases for improving productivity with AI, first creating a culture where everyone knows how to use AI, AI can be applied everywhere, and AI is consistently used to improve efficiency.

[Company Representative] (36Kr Holdings): In H1 2026, we hosted the 36Kr AI Application Challenge internally to deepen adoption of AI tools across our operations. The initiative focused on identifying practical, replicable, and high-value use cases for improving productivity with AI. Fostering a culture where everyone knows how to use AI can be applied everywhere, and AI is consistently used to improve efficiency. The competition brought improvement across customer sales process, video and image optimization, internal process management, and more, while cultivating a company-wide atmosphere of learning and knowledge sharing.

[Translator]: In H1 2026, we hosted the 36Kr AI Application Challenge internally to deepen adoption of AI tools across our operations. The initiative focused on identifying practical, replicable, and high-value use cases for improving productivity with AI. Fostering a culture where everyone knows how to use AI can be applied everywhere, and AI is consistently used to improve efficiency. The competition brought improvement across customer sales process, video and image optimization, internal process management, and more, while cultivating a company-wide atmosphere of learning and knowledge sharing.

Speaker #3: The competitions brought improvements across the customer sales process, video and image optimizations, internal process management, and more, while cultivating a company-wide atmosphere of learning and knowledge sharing.

Speaker #2: 同时，公司持续优化36Kr项目推荐产品，利用大模型技术实现了在线AI机器人采访，深入挖掘项目推荐细节，并根据采访内容自动生成项目推荐。2026年上半年，帮助创业者报道和对接项目1117项，同比转化率提升了接近80%。

Dagang Feng: 同时，公司持续优化36Kr项目推荐产品，利用大模型技术，实现了在线AI机器人采访，深入挖掘项目推荐细节，并根据采访内容自动生成项目推荐。2026上半年，帮助创业者报道和对接项目1117项，同比转化率提升了接近80%。

[Company Representative] (36Kr Holdings): We also continue to optimize our 36Kr project recommendations product. Using foundation model technology, we enable online AI-conducted interviews to dig deeper into projects and automatically generate project recommendations based on the interview content. In H1 2026, our 36Kr project recommendations product helped entrepreneurs secure coverage and connection for 1,117 projects, increasing the conversion rate by nearly 80% year over year.

[Translator]: We also continue to optimize our 36Kr project recommendations product. Using foundation model technology, we enable online AI-conducted interviews to dig deeper into projects and automatically generate project recommendations based on the interview content. In H1 2026, our 36Kr project recommendations product helped entrepreneurs secure coverage and connection for 1,117 projects, increasing the conversion rate by nearly 80% year over year.

Speaker #3: We also continued to optimize our 36Kr project recommendations product using foundation model technology. We enabled online AI-conducted interviews to dig deeper into projects and automatically generate project recommendations based on the interview content.

Speaker #3: In the first half of 2026, our 36Kr project recommendations product helped entrepreneurs secure coverage and connections for 1,117 projects, increasing the conversion rate by nearly 80% year over year.

Speaker #2: 在产品方面，36Kr和红麦巨星联合打造36Kr企业全球报道小程序，针对广大股民、用户通过阅读我们的企业舆情分析加大咖观点，从而有助于自己在股市的投资决策。目前累计用户数已达5.52万个，订阅用户超过1万人，较2025年底的3.66万用户和6187订阅用户分别增长50.8%和61.7%，同比实现翻倍。

Dagang Feng: 在产品方面，36氪和红麦基金联合打造36氪企业全球报小程序，针对广大股民，用户通过阅读我们的企业舆情分析加大咖观点，从而有助于自己在股市的投资决策。目前累计用户数已达5.52万个，订阅用户超过一万人，较2025年底的3.66万用户和6187订阅用户，分别增长50.8%和61.7%，同比实现翻倍。

[Company Representative] (36Kr Holdings): On the product side, 36Kr and Soften jointly launched the 36Kr Pro with Omni Intelligence, WeChat mini programs aimed at retail investors. It delivers sentiment analysis reports for public companies and experts that help users make more informed decisions in stock market and other investment markets. Cumulative users have reached 55,200, including more than 10,000 subscribers, up 50.8% and 61.7% respectively from 33,600 users and 6,187 subscribers at the end of 2025, and have more than doubled year over year.

[Translator]: On the product side, 36Kr and Soften jointly launched the 36Kr Pro with Omni Intelligence, WeChat mini programs aimed at retail investors. It delivers sentiment analysis reports for public companies and experts that help users make more informed decisions in stock market and other investment markets. Cumulative users have reached 55,200, including more than 10,000 subscribers, up 50.8% and 61.7% respectively from 33,600 users and 6,187 subscribers at the end of 2025, and have more than doubled year over year.

Speaker #3: On the product side, 36Kr and Softis jointly launched the 36Kr collaborate on intelligence, which has many programs. Aimed at retailer investors, it sentiment analysis reports for public companies and expert insight help user make more informed decisions in stock market and other investment markets.

Speaker #3: Community users have reached 55,200, including more than 10,000 subscribers, up 50.5% and 61.7% respectively from 33,600 users and 6,187 subscribers at the end of 2025, and have more than doubled year over year.

Speaker #2: 2025年年底上线的AI测评网，定位于AI工具领域的大众点评及AI工具导航加真实用户测评内容的社区平台，主要服务于AI工具选择需求的个人及企业用户。AI测评板块以专业测评内容为内核，以产品能力升级为引擎，实现规模生态与商业价值的全面进阶。内容侧持续放量提质，累计上线AI测评内容4962篇，较2025年底的516篇增长近10倍。内容吸引力与用户关注度同步攀升，生态吸引力进一步释放。42家企业产品自发入驻平台，平台AI应用领域大众点评的行业定位获得市场广泛认可。测评官梯度全面扩容，新增测评官260名，同步启动校园大使计划，搭建起覆盖专业测评与校园用户的双层评测网络。对外传播矩阵持续拓展，多元化内容生态逐步完善。产品能力层面完成关键升级，完善运营位，新签字体系。排行搒产品库等核心模块新增AI测评智能体，支持产品盲测功能，打通对话测评发笔记全链路闭环。商业化实现标志性突破，依托团队产品深度测评内容，成功获得可灵及快手的商业化付费合作。验证了专业测评内容、商业价值转化的闭环路径。AI测评板块的行业影响力生态完整性与商业变现能力实现同步进阶。

Dagang Feng: 2025年年底上线的AI测评网，定位于AI工具领域的大众点评，即AI工具导航加真实用户测评内容的设计平台，主要服务于AI工具选择需求的个人及企业用户。AI测评板块以专业测评内容为内核，以产品能力升级为引擎，实现规模、生态与商业价值的全面进阶。内容侧持续放量提质，累计上线AI测评内容4962篇，较2025年底的516篇增长近10倍。内容吸引力、用户关注度同步攀升，生态吸引力进一步释放。42家企业产品自发入驻平台。平台AI应用领域大众点评的行业定位获得市场广泛认可。测评官梯队全面扩容，新增测评官260名，同步启动校园大使计划，搭建起覆盖专业测评与校园用户的双层评测网络。对外传播矩阵持续拓展，多元化内容生态逐步完善。产品能力层面完成关键升级，完善运营位、新鲜度体系、排行榜、产品库等核心模块，新增AI测评智能体，支持产品盲测功能，打通对话测评、发笔记全链路闭环。商业化实现标志性突破。依托团队产品深度测评内容，成功获得可灵及快手的商业化付费合作，验证了专业测评内容商业价值转化的闭环路径。AI测评板块的行业影响力、生态完整性与商业变现能力实现同步进阶。

[Company Representative] (36Kr Holdings): Our AI review hub at ai.36kr.com was launched at the end of 2025. It is positioned as a Dianping of AI tools, a community platform combining AI tools discovery and authentic user reviews, primarily serving individual and enterprise users seeking guidance in selecting AI tools. Anchored in professional review content and powered by product capability upgrades, our AI review segment continued to grow across user scale, ecosystem development, and commercial value. On the content side, we continued to scale volume while improving quality, publishing a cumulative 4,090 AI review articles, nearly ten times the 560 articles published as of the end of 2025. Content appeal and user engagement are rising. In fact, ecosystem appeal also continued to strengthen, with 42 companies voluntarily listing their products on our AI review hub, reflecting both market recognition of our positioning as the Dianping of the AI application segment.

[Translator]: Our AI review hub at ai.36kr.com was launched at the end of 2025. It is positioned as a Dianping of AI tools, a community platform combining AI tools discovery and authentic user reviews, primarily serving individual and enterprise users seeking guidance in selecting AI tools. Anchored in professional review content and powered by product capability upgrades, our AI review segment continued to grow across user scale, ecosystem development, and commercial value. On the content side, we continued to scale volume while improving quality, publishing a cumulative 4,090 AI review articles, nearly ten times the 560 articles published as of the end of 2025. Content appeal and user engagement are rising. In fact, ecosystem appeal also continued to strengthen, with 42 companies voluntarily listing their products on our AI review hub, reflecting both market recognition of our positioning as the Dianping of the AI application segment.

Speaker #3: Our AI review hub at AIfor36Kr.com was launched at the end of 2025. It is positioned as a review platform for AI tools, a community platform combining AI tools discovery and authentic user reviews.

Speaker #3: We primarily serve individual and enterprise users seeking guidance in selecting AI tools, anchored in professional review content and powered by product capability upgrades. Our AI review segment continued to grow across user scale, ecosystem development, and commercial values.

Speaker #3: On the content side, we continue to scale volume while improving quality, publishing a cumulative 4,019.62 AI review articles—nearly 10 times the 516 articles published as of the end of 2025.

Speaker #3: Content appeal and user engagement are rising. In fact, ecosystem appeal also continues to strengthen, with 42 companies voluntarily listing their products on our AI review hub, reflecting both market recognition of our positioning as a "点评" of the AI application segment.

[Company Representative] (36Kr Holdings): We also comprehensively expanded our review network, adding 260 new reviewers and launching our campus ambassador initiative, building a dual-tracker review network spanning both professional and student users. Meanwhile, we continue to broaden our external content distribution channels with a diversified content dissemination ecosystem steadily tracking sharp. At the product capability level, we completed key upgrades to core modules such as promotional placement, a new community forum, leaderboards, and the product database. We also rolled out an AI review agent with built-in planned testing capabilities, creating an end-to-end AI-powered workflow from conversations to review to content posting. Commercially, we achieved a meaningful breakthrough on the strength of our team in-depth product review content. We secured a paid commercialization partnership with Kling and Kuaishou AI, validating our closed loop model from professional review content to commercial monetizations.

[Translator]: We also comprehensively expanded our review network, adding 260 new reviewers and launching our campus ambassador initiative, building a dual-tracker review network spanning both professional and student users. Meanwhile, we continue to broaden our external content distribution channels with a diversified content dissemination ecosystem steadily tracking sharp. At the product capability level, we completed key upgrades to core modules such as promotional placement, a new community forum, leaderboards, and the product database. We also rolled out an AI review agent with built-in planned testing capabilities, creating an end-to-end AI-powered workflow from conversations to review to content posting. Commercially, we achieved a meaningful breakthrough on the strength of our team in-depth product review content. We secured a paid commercialization partnership with Kling and Kuaishou AI, validating our closed loop model from professional review content to commercial monetizations.

Speaker #3: We also comprehensively expanded our review network, adding 260 new reviewers and launching our Compass and Buster Innovatives, building a job tracker review network spanning both professional and student users.

Speaker #3: Meanwhile, we continue to broaden our external content distribution channels with a diversified content dissemination economic ecosystem established tracking shop. At the product capability levels, we completed a case upgrade to core modules such as promotional placement, a new community framework, leaderboards, and the product database.

Speaker #3: We also rolled out our community AI review agent with build testing capabilities, creating an end-to-end AI-powered workflow from conversations to review to content postings.

Speaker #3: Commercially, we achieved a meaningful breakthrough on the strength of our team in deep product review content. We secured a paid commercialization partnership with 可灵 and 快手 AI, validating our closed-loop model from professional review content to commercial monetization in short.

[Company Representative] (36Kr Holdings): In short, our AI review segment continued to progress rapidly, made by growing industry influence, gather ecosystem breadth and depth, and the expanding monetization capabilities. To sum up, in H1 2026, we maintained a solid financial position while steadily advancing our content innovation, commercialization upgrade, and AI industry application. We will continue to build depth and emerging industry and technology verticals, become a trusted authority on value, capitalize off industry growth, a facilitator of resource connections, and a contributor to shaping industry standards in the AI era.

[Translator]: In short, our AI review segment continued to progress rapidly, made by growing industry influence, gather ecosystem breadth and depth, and the expanding monetization capabilities. To sum up, in H1 2026, we maintained a solid financial position while steadily advancing our content innovation, commercialization upgrade, and AI industry application. We will continue to build depth and emerging industry and technology verticals, become a trusted authority on value, capitalize off industry growth, a facilitator of resource connections, and a contributor to shaping industry standards in the AI era.

Speaker #3: Our AI review segment continues to progress rapidly, made by growing industry influence, greater ecosystem breadth and depth, and expanding modernization capabilities.

Speaker #2: 总体来看，2026年上半年公司财务状况稳健，稳步开展内容创新，商业化升级与AI产业落地。公司将深耕未来产业与科技赛道，致力于成为AI时代的价值评判者、产业推广者、资源链接者和标准贡献者。

Speaker #3: To sum up, in the first half of 2026, we maintained a solid financial position while steadily advancing our content innovation and commercialization upgrade in AI industry application. We will continue to build depth in emerging industries and technology verticals to become a trusted authority of value.

Speaker #3: Capitalizer of industry growth, a facilitator of resource connections, and a contributor to shopping industry standards in the AI era.

[Company Representative] (36Kr Holdings): With that, I will now turn the call over to our CFO, Mr. Xiang Li, who will discuss our key financial results. With that, go ahead, Xiang.

[Translator]: With that, I will now turn the call over to our CFO, Mr. Xiang Li, who will discuss our key financial results. With that, go ahead, Xiang.

Speaker #2: With that, I will now turn the call over to our CFO, Mr. Xiang Li, who will discuss our key financial results. Please go ahead, Xiang.

Speaker #4: Thank you. Thank you for joining today's presentation. We will now review the first half of 2026 financial performance. Please note that all amounts are in RMB, unless otherwise stated.

Xiang Li: Thank you. Thank you for joining today's presentation. We will now review the H1 2026 financial performance. Please note that all amounts are in RMB, unless otherwise stated. Our company's total revenue increased by 33.7% to RMB 124.6 million in H1 2026, from RMB 93.2 million in the same period last year. Online advertising services revenues increased by 38.9% to RMB 103.5 million in H1 2026, from RMB 74.5 million in the same period last year. The increase was primarily attributable to surging demand from the AI sector for our advertising solutions. Enterprise value-added services revenue increased by 25.4% to RMB 15.3 million in H1 2026, from RMB 12.2 million in the same period last year. The increase was primarily driven by our ongoing refinement of service offerings aimed at margin improvements.

Speaker #4: Our company's total revenue increased by 33.7% to $124.6 million in the first half of 2026 from $93.2 million in the same period last year.

Speaker #4: Unlike advertising services, revenues increased by 38.9% to $103.5 million in the first half of 2026 from $74.5 million in the same period last year.

Speaker #4: The increase was primarily attributable to surging demand from the AI sector for our advertising solutions. Enterprise value-added services revenue increased by 25.4% to $15.3 million in the first half of 2026 from $12.2 million in the same period last year.

Speaker #4: The increase was primarily driven by our ongoing refinement of service offerings aimed at margin improvement. Subscription services revenue was $5.8 million in the first half of 2026.

Xiang Li: Subscription services revenue was RMB 5.8 million in H1 2026, compared to RMB 6.4 million in the same period last year. The decrease was primarily due to a strategic shift in the segment's customer composition. Cost of revenues was RMB 41.9 million in H1 2026, a slight decrease of 1.4% from RMB 42.5 million in the same period last year. The decrease was primarily driven by the company's strict cost control measures. Gross profit increased by 63.1% to RMB 82.7 million in H1 2026, from RMB 50.7 million in the same period last year. Gross profit margin was 66.4% in H1 2026, representing an increase of 12 percentage points from 54.4% in the same period last year.

Speaker #4: Compared to $6.4 million in the same period last year, the decrease was primarily due to a strategic shift in the segment's customer composition. Cost of revenues was $41.9 million in the first half of 2026, a slight decrease of 1.4% from $42.5 million in the same period last year.

Speaker #4: The decrease was primarily driven by the company's strict cost control measures. Gross profit increased by 63.1% to $82.7 million in the first half of 2026 from $50.7 million in the same period last year.

Speaker #4: Gross profit margin was 66.4% in the first half of 2026, representing an increase of 12 percentage points from 54.4% in the same period last year.

Xiang Li: The increase in gross margin was primarily driven by higher margin from our online advertising services within the AI sector and a significant increase in related revenues, alongside slight payroll-related costs resulting from our strategic workforce management. Operating expenses increased by 6.6% to RMB 59.6 million in H1 2026, from RMB 55.9 million in the same period last year. Sales and marketing expenses was RMB 29.2 million in H1 2026, remaining flat year-over-year, reflecting our disciplined approach to sales spending. General and administrative expenses were RMB 24.1 million in H1 2026, an increase of 20.5% from RMB 20 million in the same period last year. The increase was primarily related to the increase in allowance for doubtful accounts and the payroll-related expenses.

Speaker #4: The increase in gross margin was primarily driven by higher margins from our online advertising services within the AI sector and a significant increase in related revenues.

Speaker #4: Alongside slight payroll-related costs resulting from our strategic workforce management, operating expenses increased by 6.6% to $59.6 million in the first half of 2026 from $55.9 million in the same period last year.

Speaker #4: Sales and marketing expenses were $29.2 million in the first half of 2026, remaining flat year-over-year, reflecting our disciplined approach to sales spending. General and administrative expenses were $24.1 million in the first half of 2026.

Speaker #4: An increase of 20.5% from 20 million in the same period last year. The increase was primarily related to the rise in allowance for doubtful accounts and payroll-related expenses.

Xiang Li: Research and development expenses were RMB 6.4 million in H1 2026, remaining flat year-over-year, primarily reflecting our continued focus on R&D efficiency and strategic programs prioritizations. Share-based compensation expenses recognized in cost of revenue, sales and marketing expenses, research and development expenses, as well as general and admin expenses, totaled RMB 19.7 thousand in H1 2026, compared to RMB 89.6 thousand in the same period last year. Other expenses were RMB 7.7 million in H1 2026, compared to RMB 0.4 million of other income in the same period last year. The change was mainly due to the increase in long-term investment loss. Income tax expenses were RMB 27,000 in H1 2026, compared to RMB 4,000 of income tax credit in the same period last year.

Speaker #4: Research and development expenses were $6.4 million in the first half of 2026, remaining flat year-over-year, primarily reflecting our continued focus on R&D efficiency and strategic program prioritization.

Speaker #4: Share-based compensation expenses recognized in cost of revenue, sales and marketing expenses, research and development expenses, as well as general and administrative expenses, totaled $19.7 thousand in the first half of 2026.

Speaker #4: Compared to 89.6 thousand in the same period last year. Other expenses were $7.7 million in the first half of 2026, compared to $0.4 million of other income in the same period last year. The change was mainly due to the increase in long-term investment loss.

Speaker #4: Income tax expenses were $27,000 in the first half of 2026, compared to an income tax credit of $4,000 in the same period last year. Net income was $15.4 million in the first half of 2026.

Xiang Li: Net income was RMB 15.4 million in H1 2026, compared to a net loss of RMB 4.8 million in the same period last year. Non-GAAP adjusted net loss was RMB 15.4 million in H1 2026, compared to a non-GAAP adjusted net loss of RMB 4.7 million in the same period last year. Net income attributable to 36Kr Holdings Inc.'s ordinary shareholders was RMB 15 million in H1 2026, compared to a net loss attributable to 36Kr Holdings Inc.'s ordinary shareholders of RMB 5 million in the same period last year. Basic and diluted net income per ADS was 7.058 and 7.056 respectively in H1 2026, compared to a basic and diluted net loss per ADS of 2.307 in the same period last year. Certain balance sheet items.

Speaker #4: Compared to a net loss of $4.8 million in the same period last year, non-GAAP adjusted net loss was $15.4 million in the first half of 2026.

Speaker #4: Compared to a non-GAAP adjusted net loss of $4.7 million in the same period last year, net income attributable to 36Kr Holdings Inc.'s ordinary shareholders was $15 million in the first half of 2026.

Speaker #4: Compared to a net loss attributable to 36Kr Holdings Inc.'s ordinary shareholders of $5 million in the same period last year, basic and diluted net income per ADS was $7.058 and $7.056, respectively, in the first half of 2026.

Speaker #4: Compared to basic and diluted net loss per ADS of $2.307 in the same period last year. Certain balance sheet items: As of June 30, 2026, the company had cash and cash equivalents, restricted cash, and short-term investments of $124.2 million, an increase of 6.9% from $116.1 million as of December 31, 2025.

Xiang Li: As of 30 June 2026, the company had cash and cash equivalents, restricted cash, and short-term investments of RMB 124.2 million, an increase of 6.9% from RMB 116.1 million as of 31 December 2025. The increase was mainly attributable to positive cash inflow from operating activities. Well, this concludes all our prepared remarks today. We will now open the call to questions. Operator, please go ahead.

Speaker #4: The increase was mainly attributable to positive cash inflow from operating activities. That concludes all our prepared remarks today. We will now open the call to questions.

Speaker #4: Operator, please go ahead.

Speaker #2: Thank you. If you wish to ask a question, please press star, then one, on your telephone and wait for your name to be announced.

Operator 2: Thank you. If you wish to ask a question, please press star then one on your telephone and wait for your name to be announced. If you wish to cancel your request, please press star then two. If you are on a speakerphone, please pick up the handset to ask a question. The first question will come from Ling Zhao with SWS Research. Please go ahead.

Operator: Thank you. If you wish to ask a question, please press star then one on your telephone and wait for your name to be announced. If you wish to cancel your request, please press star then two. If you are on a speakerphone, please pick up the handset to ask a question. The first question will come from Ling Zhao with SWS Research. Please go ahead.

Speaker #2: If you wish to cancel your request, please press star, then 2. If you are on a speakerphone, please pick up the handset to ask a question.

Speaker #2: The first question will come from Ling Yizao with SWS Research. Please go ahead.

Speaker #5: 戴老师好，各位36氪的管理层大家晚上好。我是申万宏源的赵令一。感谢给我这次提问的机会。我的问题，第一个是，面对其他媒体的竞争，36氪在AI内容报道上的核心差异化优势是什么？包括广告主选择36氪而非垂直的AI媒体的主要原因是什么？这是我的第一个问题。第二个问题是，放眼未来，公司认为驱动增长的核心引擎是什么？包括在加大内容和技术投入以驱动增长，与维持盈利和现金流稳健之间，管理层如何做到平衡？ I would like to translate myself. Good evening, 戴老师. Good evening, management team. Thank you for giving me this opportunity. My first question is, compared with other media outlets, what are 36Kr's key differentiators in AI content coverage?

Ling Zhao: 大老师好，各位36氪的管理层大家晚上好，我是申万宏源赵灵一，感谢给我这次提问机会。我的问题是，第一个，面对其他媒体的竞争，36氪在AI内容报道上的核心差异化优势是什么？包括广告主选择36氪而非垂直的AI媒体的主要原因是什么？这是我的第一个问题。我的第二个问题是，放眼未来，公司认为驱动增长的核心引擎是什么？包括在加大内容和技术投入以驱动增长，与维持盈利和现金流稳健之间，管理层是如何做到平衡？I would like to translate myself.

Lingyi Zhao: 大老师好，各位36氪的管理层大家晚上好，我是申万宏源赵灵一，感谢给我这次提问机会。我的问题是，第一个，面对其他媒体的竞争，36氪在AI内容报道上的核心差异化优势是什么？包括广告主选择36氪而非垂直的AI媒体的主要原因是什么？这是我的第一个问题。我的第二个问题是，放眼未来，公司认为驱动增长的核心引擎是什么？包括在加大内容和技术投入以驱动增长，与维持盈利和现金流稳健之间，管理层是如何做到平衡？I would like to translate myself.

Ling Zhao: Good evening, Dagang Feng, good evening, management team. Thank you for giving me this opportunity. My first question is, compared with other media outlets, what are 36Kr's key differentiators in AI content coverage? Why do advertisers choose 36Kr over specialized AI media outlets? My second question is, looking ahead, what are the key growth engines for the company? How does management plan to balance increased investment in content and technology to drive growth with maintaining health profitability and solid cash flow? Thank you.

Lingyi Zhao: Good evening, Dagang Feng, good evening, management team. Thank you for giving me this opportunity. My first question is, compared with other media outlets, what are 36Kr's key differentiators in AI content coverage? Why do advertisers choose 36Kr over specialized AI media outlets? My second question is, looking ahead, what are the key growth engines for the company? How does management plan to balance increased investment in content and technology to drive growth with maintaining health profitability and solid cash flow? Thank you.

Speaker #5: Why do advertisers choose 36Kr over specialized AI media outlets? And my second question is, looking ahead, what are the key growth engines for the company, and how does management plan to balance increased investment in content and technology to drive growth with maintaining healthy profitability and solid cash flow?

Speaker #5: Thank you.

Speaker #4: 好的，谢谢令一。我想这是个很好的问题。36克在AI内容方面的差异化优势，我认为主要体现在三个方面。

Xiang Li: 好的，谢谢灵一。我想这是个很好的问题。36氪在AI内容方面的差异化优势，我认为主要体现在三个方面。That's a great question. And the differentiation advantage in AI content coverage come down to three key areas.

Xiang Li: 好的，谢谢灵一。我想这是个很好的问题。36氪在AI内容方面的差异化优势，我认为主要体现在三个方面。

[Translator]: That's a great question. And the differentiation advantage in AI content coverage come down to three key areas.

Speaker #5: That's a great practice. And the differentiation advantages in AI content coverage come down to three key areas.

Speaker #4: 首先是权，也就是全景的平平台覆盖。我们的内容矩阵覆盖AI、硬科技、出海、消费、汽车、游戏、医疗等多个赛道，全网粉丝3,652万，跨微博、小红书、头条、知乎、B站、抖音、快手等全渠道分发。这意味着广告主在36克不仅能触达AI的行业受众，还能同时覆盖上下游企业和跨行业用户。这是垂直AI媒体难以实现的。

Xiang Li: 首先是全，也就是全景的平台覆盖。我们内容矩阵覆盖AI、硬科技、出海、消费、汽车、游戏、医疗等多个赛道，全网粉丝3652万，跨微博、小红书、头条、知乎、B站、抖音、快手等全渠道分发。这意味着广告主在36氪不仅能触达AI的行业受众，还能同时覆盖上游企业和跨行业用户，这是垂直AI媒体难以实现的。First, our broad-based platform reach.

[Translator]: First, our broad-based platform reach. Our content metrics spans AI, hardcore technology, going global, consumer goods, automotive, gaming, healthcare, and other verticals. We have 36.52 million followers across a diverse reach of mainstream media platforms, including Weibo, Xiaohongshu, Toutiao, Zhihu, Bilibili, Douyin, and Kuaishou, among others. This allows advertisers on our platform to reach not only the AI industry audience, but also upstream and downstream business and cross-sector users simultaneously. Specialized AI media outlets cannot easily deliver.

Speaker #5: First off, our broad-based platform reach: our content metrics span AI, hardcore technology, and going global—consumer goods, automotive, gaming, healthcare, and other verticals. We have 36.52 million followers across a diverse range of mainstream media platforms, including Weibo, 小红书, 头条, 知乎, Bilibili, 抖音, and 快手, among others.

Xiang Li: Our content metrics spans AI, hardcore technology, going global, consumer goods, automotive, gaming, healthcare, and other verticals. We have 36.52 million followers across a diverse reach of mainstream media platforms, including Weibo, Xiaohongshu, Toutiao, Zhihu, Bilibili, Douyin, and Kuaishou, among others. This allows advertisers on our platform to reach not only the AI industry audience, but also upstream and downstream business and cross-sector users simultaneously.

Speaker #5: This allows advertisers on our platform to reach not only the AI industry audience, but also upstream and downstream business, as well as cross-sector users, simultaneously—something specialized AI media outlets cannot easily deliver.

[Company Representative] (36Kr Holdings): Specialized AI media outlets cannot easily deliver.

Speaker #4: 第二是我们的内容模式，也就是独家信息获取加深度内容输出的模式。36克对内容的输出质量一直保持着极高的要求。我们不仅仅跟随热点，我们也非常注意用注重内容深度。对于行业的发展方向和对产业的剖析，我们始终有深刻独特的见解。能够带领用户洞察行业趋势与商业热点。

Dagang Feng: 第二是我们的内容模式，也就是独家信息获取加深度内容输出的模式。36氪对内容的输出质量一直保持着极高的要求。我们不仅仅跟随热点，也非常注重内容深度。对于行业的发展方向和对产业的剖析，我们始终有深刻、独特的见解，能够带领用户洞察行业趋势与商业热点。

[Company Representative] (36Kr Holdings): Second, our content model is built on exclusive information access combined with in-depth content output. At 36Kr, we hold ourselves to extremely high standards for content quality. We do not simply follow the latest trends, we insist on real depth. We consistently offer extensive original perspectives on industry development and sector analysis, providing users with invaluable insights into industry trends and evolving business dynamics.

[Translator]: Second, our content model is built on exclusive information access combined with in-depth content output. At 36Kr, we hold ourselves to extremely high standards for content quality. We do not simply follow the latest trends, we insist on real depth. We consistently offer extensive original perspectives on industry development and sector analysis, providing users with invaluable insights into industry trends and evolving business dynamics.

Speaker #5: Second, our content model is built on exclusive information access, combined with in-depth content output. At 36Kr, we hold ourselves to an extremely high standard for content quality.

Speaker #5: We don't simply follow the latest trends. We insist on real depth. We consistently offer intensive, original perspectives on industry development and sector analysis, providing users with invaluable insights into industry trends and evolving business dynamics.

Dagang Feng: 第三是我们的产业服务的全链条能力。广告主选择36氪，不仅仅是因为内容专业度，更重要的是综合服务能力。比如说我们在AI Partner大会中策划完成了超过100轮的围绕AI技术落地场景的闭门匹配环节，切实做到了连接技术供给方与真实产业需求方。36氪具备了很强的产业全链条服务能力，广告主在36氪不仅能获得品牌曝光，还能获得产业资源对接和商业合作机会，这是其他垂直媒体无法提供的综合价值。

Speaker #4: 第三是我们的产业服务的全面掌握能力。广告主选择36克不仅是因为内容专业度，更重要的是综合服务能力。比如说我们在AI partner大会中策划完成了超过100轮的围绕AI技术落地场景的闭门匹配环节，切实做到了连接技术供给方与真实产业需求方。36克具备了很强的产业全链条服务能力。广告主在36克不仅能获得品牌曝光，还能获得产业资源对接和商业合作机会。这是其他垂直媒体无法提供的综合价值。

Speaker #5: Third, our end-to-end industrial service. Advertisers choose 36Kr not only for our professional content, but, more importantly, for our comprehensive service capabilities. For example, at this year's AI Partners Meet, we facilitated more than 100 runs of in-depth, closed-door matchmaking sessions centered on real-world AI implementation scenarios, effectively connecting technology providers with companies looking for practical solutions.

[Company Representative] (36Kr Holdings): Four, our end-to-end industrial service. Advertisers choose 36Kr not only for our professional content, but more importantly for our comprehensive service capabilities. For example, at this year's AI Partner Meet, we facilitated more than 100 rounds of in-depth closed-door matchmaking sessions centered on real-world AI implementation scenarios, effectively connecting technology providers with companies looking for practical solutions. This demonstrated the strong capabilities we build in connecting the full industrial value chains. With 36Kr, advertisers get more than brand exposure. They can also access industrial resources and business partnership opportunities, an integrated value proposition that specialized media outlets cannot easily provide.

[Translator]: Four, our end-to-end industrial service. Advertisers choose 36Kr not only for our professional content, but more importantly for our comprehensive service capabilities. For example, at this year's AI Partner Meet, we facilitated more than 100 rounds of in-depth closed-door matchmaking sessions centered on real-world AI implementation scenarios, effectively connecting technology providers with companies looking for practical solutions. This demonstrated the strong capabilities we build in connecting the full industrial value chains. With 36Kr, advertisers get more than brand exposure. They can also access industrial resources and business partnership opportunities, an integrated value proposition that specialized media outlets cannot easily provide.

Speaker #5: This demonstrates the strong capabilities we build in connecting the full industry value chains. With 36Kr, advertisers can achieve more than just brand exposure. They can also access industry resources and business partnership opportunities, as well as integrative value perception that specialized media outlets cannot easily provide.

Speaker #4: 下面我来回答第二个问题。关于资产引擎，我认为有四个方向并行推进。短期看，AI的客户增量是最直接的增长纽带。上半年约有40%的新客户来自于AI赛道。这个趋势目前仍在延续。中期来看，有三大引擎并行。第一是垂直账号的矩阵的商业化的深度实现。智能涌现，硬克等账号的粉丝增长显著，商业价值正在释放。第二是AI产品的规模化实现，其中AI测评网已经获得可联和字节的付费合作。企业全球贸易用户同比翻倍。三是产业服务的区域复制。我们在杭州的模式被验证成功后，可推广至其他区域。

Dagang Feng: 下面我还来回答第二个问题，关于增长引擎，我认为有四个方向并行推进。短期看，AI的客户增量是最直接的增长纽带，上半年也有40%的新客户来自于AI渠道，这个趋势目前仍在延续。整体来看有四大引擎并行。第一是垂直账号的矩阵的商业化的深度实现。智能硬件、硬核等账号的粉丝增长显著，商业价值正在释放。第二是AI产品的规模化实现，其中AI测评网已经获得可灵和字节的付费合作，企业直签包用户同比翻倍。三是产业服务的区域复制。我们在杭州的模式被验证成功后，可推广至其他区域。

[Company Representative] (36Kr Holdings): For the second question regarding growth engines, I see four areas gaining traction. In the near term, AI customer growth will be a key driver. Over the H1 of the year, approximately 40% of our new customers came from the AI sector, and we continue to see strong momentum in this segment. In the medium term, three other areas will drive growth. First, we will deepen the commercialization of our top vertical content matrices. Our content, such as The Emergence of Intelligence and Hardcore Kr, have achieved significant follower growth, which is now unleashing their commercial value. Second, we will scale the monetization of AI products. Our AI review hub, ai.36kr.com, secured a paid commercialization partnership with Kling and Data, and the user base of the 36Kr Corporate Omni Intelligence has doubled year over year. Third, we will replicate our industrial service model across regions.

[Translator]: For the second question regarding growth engines, I see four areas gaining traction. In the near term, AI customer growth will be a key driver. Over the H1 of the year, approximately 40% of our new customers came from the AI sector, and we continue to see strong momentum in this segment. In the medium term, three other areas will drive growth. First, we will deepen the commercialization of our top vertical content matrices. Our content, such as The Emergence of Intelligence and Hardcore Kr, have achieved significant follower growth, which is now unleashing their commercial value. Second, we will scale the monetization of AI products. Our AI review hub, ai.36kr.com, secured a paid commercialization partnership with Kling and Data, and the user base of the 36Kr Corporate Omni Intelligence has doubled year over year. Third, we will replicate our industrial service model across regions.

Speaker #5: For the second question, regarding both engines, I see four areas that are gaining traction in the near term. AI customer growth will be a key driver.

Speaker #5: Over the first half of the year, approximately 40% of our new customers came from the AI sector, and we continue to see strong momentum in the segment.

Speaker #5: This medium term. In the medium term, another area will run in tellers. First, we will deepen the commercialization of our subvertical content metrics. Our content, such as The Emergence of Intelligence and Hardcore KR, have achieved significant follower growth, which is now unleashing their commercial values.

Speaker #5: Second, we will scale the multi-brand vision of AI products. Our AI review hub, AI Doc at 36Kr.com, secured a paid commercialization partnership with Kling and ByteDance.

Speaker #5: And the user base of the 36Kr corporates on intelligence has doubled year over year. Third, we will replicate our industrial service model across regions.

Speaker #5: With the Qiantang model now validated, we can roll it out in other regions.

[Company Representative] (36Kr Holdings): With the Qiantang model now validated, we can roll it out in other regions.

[Translator]: With the Qiantang model now validated, we can roll it out in other regions.

Speaker #4: 关于投入与盈利的平衡，我们的原则很明确，就是我们只做能产生回报的投入。从上半年的财务数据也可以看出，我们的毛利率在进一步提升。这反映出公司对于成本控制和客户结构优化的不断努力。我们把财务健康放在非常重要的位置上。用较低的成本不断地提升我们的经营效率。与此同时，我们也很注重在内容端的投入。我们要依托于核心能力，不断筑牢经营的安全边界。我们不会为了增长而牺牲利润。每一笔投入都会有明确的商业逻辑和回报预期。谢谢林怡。

Dagang Feng: 关于投入与盈利的平衡，我们的原则很明确，就是我们只做能产生回报的投入。从上半年的财务数据也可以看出，我们的毛利率在进一步提升，这反映出公司对于成本控制和客户结构优化的不断努力。我们把财务健康放在非常重要的位置上，用较低的成本不断地提升我们的经营效率。与此同时，我们也很注重在内容端的投入，我们要依托于核心能力，不断筑牢经营的安全边界。我们不会为了增长而牺牲利润，每一笔投入都会有明确的商业逻辑和回报预期。谢谢林怡。

[Company Representative] (36Kr Holdings): In terms of balancing investment and profitability, our philosophy is clear: we invest where we see a clear path to returns. Our financial results over the H1 reflected this discipline. Gross profit margin continued to improve due to our ongoing efforts to control costs and optimize our customer mix. We place a high priority on financial health and are continually improving operating efficiency while keeping our cost base lean. At the same time, we continue to invest in content. This is a core strength that will continuously build and reinforce the resilience and sustainability of our business operations. We will never pressure growth at the expense of profitability. Every investment must have clear business rationales and a clear path to returns. Thank you.

[Translator]: In terms of balancing investment and profitability, our philosophy is clear: we invest where we see a clear path to returns. Our financial results over the H1 reflected this discipline. Gross profit margin continued to improve due to our ongoing efforts to control costs and optimize our customer mix. We place a high priority on financial health and are continually improving operating efficiency while keeping our cost base lean. At the same time, we continue to invest in content. This is a core strength that will continuously build and reinforce the resilience and sustainability of our business operations. We will never pressure growth at the expense of profitability. Every investment must have clear business rationales and a clear path to returns. Thank you.

Speaker #5: In terms of balancing investment and profitability, our philosophy is clear. We invest where we see a clear path to returns. Our financial results over the first half reflected this discipline.

Speaker #5: Gross profit margin continues to improve. Due to our ongoing efforts to control costs and optimize our customer mix, we place a high priority on financial health and our continued improved operating efficiency, while keeping our cost base lean.

Speaker #5: At the same time, we continued to invest in content. This is a core strength that we continuously build. This reinforced the resilience and the sustainability of our business operations.

Speaker #5: We will never prioritize growth at the expense of profitability. Even every investment must have a clear business rationale and a clear path to returns.

Speaker #5: Thank you, Lin Yi.

Operator 2: The next question will come from Rui Yin with Sealand Securities. Please go ahead.

Operator: The next question will come from Rui Yin with Sealand Securities. Please go ahead.

Speaker #1: The next question will come from Rui Yin with Sealant Securities. Please go ahead.

Speaker #3: 大家晚上好，非常感谢给我提问的机会。我是国海证券的尹瑞。我这边有一个问题想请教一下，公司如何看待自身在AI时代的长期战略定位？未来科技媒体平台与产业服务平台之间的比重会如何演变？Let me translate myself. What's the company's long-term strategy positioning in the AI era? How do you expect the mix between tech media outlet and industrial services platform to evolve in the future?

Rui Yin: 管理层晚上好，非常感谢给我提问的机会。我是国海证券的尹瑞，我这边有一个问题想请教一下，公司如何看待自身在 AI 时代的长期战略定位？未来科技媒体平台与产业服务平台之间的比重会如何演变？Let me translate myself. What's the company's long-term strategy positioning in the AI era? How do you expect the mix between tech media outlet and industrial services platform to evolve in the future? Thank you.

Speaker #3: Thank you.

Speaker #4: 好的，谢谢尹瑞。三六克在AI时代的战略定位非常明确。我们始终是科技行业的卖水人。无论技术如何迭代，企业对品牌建设、行业洞察和产业资源联结的需求始终存在。随着AI浪潮加速，会更加旺盛。我们在内容影响力、产业服务能力和技术应用能力方面，可以形成协同，形成闭环。

Dagang Feng: 好的，谢谢尹瑞。三六氪在AI时代的战略定位非常明确，我们始终是科技行业的卖水人，无论技术如何迭代，企业对品牌建设、行业洞察和行业产业资源连接的需求始终存在。随着AI浪潮加速，会更加旺盛。我们在内容影响力、产业服务能力和技术应用能力方面可以协同形成闭环。

Speaker #5: Thank you, Yin Rui. Our strategy positioning in AI years is crystal clear. We have always been the peaks and valleys supplier, even in technology industries.

[Company Representative] (36Kr Holdings): Thank you, Rui Yin. Our strategy positioning in AI years is crystal clear. We have always been the picks and shovel supplier, even in technology industries. No matter how technology evolves, enterprise demands for building industry insights and access to industry resources and the connections will remain strong. As AI adoption accelerates, the demand is only increasing. Our content includes industrial service and technological application capabilities, working concerns to form a closed loop.

[Translator]: Thank you, Rui Yin. Our strategy positioning in AI years is crystal clear. We have always been the picks and shovel supplier, even in technology industries. No matter how technology evolves, enterprise demands for building industry insights and access to industry resources and the connections will remain strong. As AI adoption accelerates, the demand is only increasing. Our content includes industrial service and technological application capabilities, working concerns to form a closed loop.

Speaker #5: No matter how technology evolves, enterprise demands for brand building, industry insights, access to industry resources, and connections will remain strong. As AI adoption accelerates, the demand is only increasing.

Speaker #5: Our content influence, industrial service, and technological application capabilities are working in concert to form a closed loop.

Speaker #4: 关于两者比重的演变。内容广告是公司的基本盘和流量入口。产业服务是增量引擎和利润放大器。两者是飞轮关系，而非替代关系。内容影响力为产业服务带来客户信任和资源聚集能力。产业服务反哺内容深度和行业洞察，最终又吸引了更多的网络客户。

Dagang Feng: 关于两者比重的演变。内容广告是公司的基本盘和流量入口，产业服务是增量引擎和利润放大器。两者是飞轮关系，而非替代关系。内容影响力为产业服务带来客户信任和资源聚集能力，产业服务反哺内容深度和行业洞察，最终又吸引了更多的广告客户。

[Company Representative] (36Kr Holdings): As for the mix between the two, content advertising remains our business foundation and our traffic gateway, while industrial services are our growth engine and the driver of margin expansions. The relationship between them is a flywheel, not a substitution. Our content influence builds customer trust and stresses our ability to connect to industry resources. In turn, our industrial services deepen our content and industry insights, ultimately attracting more advertising customers.

[Translator]: As for the mix between the two, content advertising remains our business foundation and our traffic gateway, while industrial services are our growth engine and the driver of margin expansions. The relationship between them is a flywheel, not a substitution. Our content influence builds customer trust and stresses our ability to connect to industry resources. In turn, our industrial services deepen our content and industry insights, ultimately attracting more advertising customers.

Speaker #5: As for the mix between the two, content advertising remains our business foundation and our traffic gateway, while industrial services are our growth engine and a driver of margin expansion. The relationship between them is a flywheel.

Speaker #5: Not a substitution. Our content influence builds customer trust and strengthens our ability to connect industry resources in turn. Our industrial service deepens our content and industry insights.

Speaker #5: Ultimately, attracting more advertising customers.

Speaker #4: 从技术上来看，我们认为产业服务的占比会稳步提升。上半年前三星区三年战略合作项目的持续深化，在北京亦庄举办的AI Partner大会也形成了较好的产业影响力。产业服务正在从单次活动走向持续运营。在内容广告仍将是我们目前最重要的收入基本盘。上半年旗舰巨人号贡献了近一半的线上广告收入。短视频和机构传播收入均同比翻倍。对两个引擎的并行增长，我们充满信心。

Dagang Feng: 从趋势上来看，我们认为产业服务的占比会稳步提升。上半年，长江新区三年战略合作项目的持续深化，在北京亦庄举办的AI Partner大会也形成了较好的产业影响力。产业服务正在从单次活动走向持续运营。但内容广告仍将是我们目前最重要的收入基本盘。上半年，旗舰居然好贡献了近一半的线上广告收入，短视频和机构传播收入均同比翻倍。这两个引擎的并行增长我们充满信心。

Speaker #5: In terms of how the balance will evolve, we expect the share of industrial services to increase steadily. In the first half of the year, we continued to deepen our three-year strategic cooperation projects with the Hangzhou Qiantang area.

[Company Representative] (36Kr Holdings): In terms of how the balance will evolve, we expect the share of industrial services to increase steadily. In H1 of the year, we continue to deepen our three-year strategic cooperation projects with Hangzhou Qiantang area. Our 2026 AI Partner · Beijing Yizhuang AI + Industry Conference also strengthened our ecosystem influence. Our industrial services are gradually evolving from one-off events towards ongoing operations. That said, content advertising will remain foundational to our revenue base. In H1 of this year, our flagship channels contributed nearly half of online advertising revenues, and both short videos and institutional communication revenues doubled year-over-year. With both growth engines gaining momentum, we are confident in our future trajectory. Thank you.

[Translator]: In terms of how the balance will evolve, we expect the share of industrial services to increase steadily. In H1 of the year, we continue to deepen our three-year strategic cooperation projects with Hangzhou Qiantang area. Our 2026 AI Partner · Beijing Yizhuang AI + Industry Conference also strengthened our ecosystem influence. Our industrial services are gradually evolving from one-off events towards ongoing operations. That said, content advertising will remain foundational to our revenue base. In H1 of this year, our flagship channels contributed nearly half of online advertising revenues, and both short videos and institutional communication revenues doubled year-over-year. With both growth engines gaining momentum, we are confident in our future trajectory. Thank you.

Speaker #5: And our 2026 AI Partners Meet in Beijing Yizhuang also strengthened our ecosystem influence. Our industrial service is gradually evolving, from one-off events to world, ongoing operations.

Speaker #5: That said, content advertising will remain foundational to our revenue base. In the first half of this year, our flagship channels contributed nearly half of online advertising revenues.

Speaker #5: And both short video and institutional communication revenues doubled year over year. With both growth engines gaining momentum, we are confident in our future trajectory.

Speaker #5: Thank you.

Operator 2: There are no further questions at this time. I would now like to hand the call back over to management for any closing remarks. Please go ahead.

Operator: There are no further questions at this time. I would now like to hand the call back over to management for any closing remarks. Please go ahead.

Speaker #1: There are no further questions at this time. I would now like to hand the call back over to management for any closing remarks. Please go ahead.

Speaker #5: Okay, thank you once again for joining us today. If you have further questions, please feel free to contact the 36Kr Holdings investor relations team through the contact information provided on our website.

[Company Representative] (36Kr Holdings): Okay. Thank you once again for joining us today. If you have further questions, please feel free to contact the 36Kr investor relationship through the contact information provided on our website.

Operator 2: This does conclude our conference for today. Thank you for your participation. You may now disconnect.

Operator: This does conclude our conference for today. Thank you for your participation. You may now disconnect.

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Half Year 2026 36Kr Holdings Inc Earnings Call

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