BEIJING, Sept. 1,
2023 /PRNewswire/ -- 36Kr Holdings Inc.
("36Kr" or the "Company" or "We") (NASDAQ: KRKR), a prominent brand
and a pioneering platform dedicated to serving New Economy
participants in China on August 31 announced its unaudited
financial results for the second quarter ended June 30, 2023.
Second Quarter 2023 Highlights
- Number of followers[1] as of
June 30, 2023 reached 30.5 million,
an increase of 21.5% from 25.1 million as of June 30, 2022.
- Total revenues increased by 3.2% to RMB84.4 million (US$11.6
million) in the second quarter of 2023, from RMB81.7 million in the same period of 2022.
- Revenues from online advertising
services were RMB57.0 million (US$7.9 million) in the second quarter of 2023,
compared to RMB57.8 million in the same period of 2022.
- Revenues from enterprise value-added
services increased by 16.8% to RMB16.8 million (US$2.3
million) in the second quarter of 2023, from
RMB14.3 million in the same period of
2022.
- Revenues from subscription services increased by
11.4% to RMB10.6 million
(US$1.5 million) in the second
quarter of 2023, compared to RMB9.5
million in the same period of 2022.
[1] "Number
of followers" refers to the aggregate number of followers across
the official accounts we own and/or operate on various social media
and online platforms, including but not limited to Weixin, Weibo,
Zhihu, Toutiao, Xinhua Net, Douyin and Bilibili.
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Selected Operating
Data
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For the Three Months
Ended
June
30,
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2022
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2023
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Online advertising
services
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Number of online
advertising services end customers
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212
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183
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Average revenue per
online advertising services end
customer (RMB'000)[2]
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272.8
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311.5
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Enterprise
value-added services
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Number of enterprise
value-added services end customers
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48
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52
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Average revenue per
enterprise value-added services end
customer (RMB'000)[3]
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298.8
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322.1
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Subscription
services
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Number of individual
subscribers
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105
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32
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Average revenue per
individual subscriber (RMB)[4]
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119.2
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42,101.7
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Number of institutional
investors
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154
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127
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Average revenue per
institutional investor (RMB'000)[5]
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61.7
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72.9
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Mr. Dagang Feng, Co-chairman and
CEO of 36Kr, commented, "In the second quarter of 2023, we
maintained a solid growth trajectory as our total revenues
continued to increase year-over-year amidst the nascent recovery of
the macro economy. Our relentless efforts to optimize our diverse
content offerings and omni-channel distribution drove the number of
our followers to over 30 million as of the end of the second
quarter, representing an increase of 21% year-over-year. Moreover,
we accelerated the application of AI and other cutting-edge
technologies across our business, effectively enhancing our
operational efficiency and optimizing costs. Specifically, our
application-level product, 36Kr Enterprise Service Review Platform,
provided users with more interactive, user-friendly intelligent
customer service through AI applications and empowerment. Looking
ahead, we will remain committed to stepping up our content creation
capabilities, further expanding the depth and breadth of our
service offerings, and actively exploring AI-empowered product
innovation to gear up to seize tremendous future growth
opportunities."
Ms. Lin Wei, Chief Financial
Officer of 36Kr, added, "Our solid financial performance in the
second quarter is a testament to our businesses' resilience and
vitality given the uncertain and evolving external environment. Our
total revenues increased by 3% year-over-year while our gross
margin rebounded back to above 50% level. Notably, our enterprise
value-added services and subscription services both recorded a
substantial increase year-over-year, growing 17% and 11%
respectively, as we made great strides in diversifying our service
offerings. While our advertising revenues remained largely stable
compared to the same period of last year, our non-advertising
revenues is contributing an increasing portion of total revenues
year-over-year, enhancing our business' overall balance and
structure. Moving forward, we will continue to apply innovative
technologies including generative AI and large language model to
drive our revenue growth and enhance our profitability, thereby
generating long-term sustainable value for shareholders, customers
and society as a whole."
[2] Equals
revenues generated from online advertising services for a period
divided by the number of online advertising services end customers
in the same period.
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[3] Equals
revenues generated from enterprise value-added services for a
period divided by the number of enterprise value-added services end
customers in the same period.
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[4] Equals
revenues generated from individual subscription services for a
period divided by the number of individual subscribers in the same
period.
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[5] Equals
revenues generated from institutional investor subscription
services for a period divided by the number of institutional
investors in the same period.
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Second Quarter 2023 Financial Results
Total revenues increased by 3.2% to RMB84.4 million (US$11.6
million) in the second quarter of 2023, from RMB81.7 million in the same period of 2022.
- Online advertising services revenues decreased by
1.4% to RMB57.0 million (US$7.9 million) in the second quarter of 2023,
from RMB57.8 million in the same period of 2022. The decrease
was primarily attributable to the uncertainty of macro economy as
it is still in the initial stage of recovery.
- Enterprise value-added services revenues increased
by 16.8% to RMB16.8 million
(US$2.3 million) in the second
quarter of 2023, from RMB14.3 million
in the same period of 2022, as we continuously developed various
proactive enterprise-level services for our customers.
- Subscription services revenues increased by 11.4% to
RMB10.6 million (US$1.5 million) in the second quarter of 2023,
compared to RMB9.5 million in the
same period of 2022. The increase was primarily attributable to our
continuous efforts to offer high-quality subscription products to
our subscribers.
Cost of revenues was RMB37.6
million (US$5.2 million) in
the second quarter of 2023, compared to RMB30.8 million in the same period of 2022. The
increase was primarily attributable to higher fulfillment costs and
content costs.
Gross profit was RMB46.7
million (US$6.4 million) in
the second quarter of 2023, compared to RMB50.9 million in the same period of 2022.
Gross profit margin was 55.4% in the second quarter of 2023,
compared to 62.3% in the same period of 2022.
Operating expenses were RMB66.2 million (US$9.1 million) in the second quarter of
2023, compared to RMB64.6 million in
the same period of 2022.
- Sales and marketing expenses were RMB33.9 million
(US$4.7 million) in the second
quarter of 2023, an increase of 23.5% from RMB27.4 million in the same period of 2022. The
increase was primarily attributable to the increase in
payroll-related expenses, business travel related expenses and
share-based compensation expenses.
- General and administrative expenses were
RMB18.7 million (US$2.6 million) in the second quarter of 2023,
compared to RMB23.8 million in the
same period of 2022. The decrease was primarily attributable
to the decrease in payroll-related expenses, professional fees
and allowance for credit losses.
- Research and development expenses were RMB13.6 million (US$1.9
million) in the second quarter of 2023, an increase of 1.7%
from RMB13.4 million in the same
period of 2022. The increase was primarily attributable to the
increase in payroll-related expenses as well as bandwidth and
server expenses, partially offset by the decrease in share-based
compensation expenses.
Share-based compensation expenses recognized in cost of
revenues, sales and marketing expenses, research and development
expenses, as well as general and administrative expenses totaled
RMB2.8 million (US$0.4 million) in the second quarter of 2023,
compared to RMB2.6 million in the
same period of 2022.
Other income was RMB4.8
million (US$0.7 million) in
the second quarter of 2023, compared to RMB22.7 million in the same period of 2022. The
decrease was primarily attributable to the Company recognized
approximately RMB 18.5 million of
investment income arising from fair value change of long-term
investments in the second quarter of 2022.
Income tax credit was RMB0.05
million (US$0.01 million) in
the second quarter of 2023, compared to RMB0.01 million in the same period of 2022.
Net loss was RMB14.7
million (US$2.0
million) in the second quarter of 2023, compared to net
income of RMB9.0 million in the same
period of 2022. Non-GAAP adjusted net loss[6] was
RMB11.9 million (US$1.6 million) in the second quarter of
2023, compared to non-GAAP adjusted net income of RMB11.6 million in the same period of 2022.
Net loss attributable to 36Kr Holdings Inc.'s ordinary
shareholders was RMB15.3
million (US$2.1
million) in the second quarter of 2023, compared to net
income attributable to 36Kr Holdings Inc.'s ordinary shareholders
of RMB8.0 million in the same period
of 2022.
Basic and diluted net loss per ADS were both RMB0.367 (US$0.051) in the second quarter of
2023, compared to basic and diluted net income per ADS of
RMB0.195 in the same period of
2022.
Certain Balance Sheet Items
As of June 30, 2023, the Company
had cash, cash equivalents, restricted cash and short-term
investments of RMB136.5 million
(US$18.8 million), compared to
RMB169.8 million as of March 31, 2023. The decrease was mainly
attributable to net cash outflow from operating activities.
[6] Non-GAAP
adjusted income/(loss) represents net income/(loss) excluding
share-based compensation expenses.
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SOURCE 36Kr