FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 知乎 呈交日期： 2026年3月31日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | | 不同投票權架構公司普通股 | 股份類別 A | | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | | 02390 | 說明 | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | | 庫存股份變動 | | | | | 事件 | | 已發行股份（不包 ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 知乎 呈交日期： 2026年3月30日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 FF305 第 2 頁 共 9 頁 v 1.3.0 | 13). | 已回購擬註銷但尚未註銷之股份 | | 99,000 | 0.037 % | USD | 1.2498 | | --- | --- | --- | --- | --- | --- | --- | | | 變動日期 | 2026年1月26日 | | | | | | 14). | 已回購擬註銷但尚未註銷之股份 | | 40,170 | 0.015 % | USD | 1.2659 | | | 變動日期 | 2026年1月27日 | | | | | | 15). | 已回購擬註銷但尚未註銷之 ...

Core Insights - Zhihu Inc. reported a decline in both quarterly and annual revenues for 2025, indicating challenges in maintaining profitability [1][2] - The company experienced a significant net loss in Q4 2025 compared to a net income in the same quarter of the previous year, highlighting a deterioration in financial performance [2] Financial Performance - For Q4 2025, total revenues were RMB643.5 million (US$92.0 million), down from RMB859.2 million in Q4 2024, reflecting a year-over-year decrease [1] - Gross margin for Q4 2025 declined to 53.6% from 62.9% in the prior year, indicating weaker profitability [1] - The net loss for Q4 2025 was RMB210.8 million (US$30.1 million), compared to a net income of RMB86.4 million in Q4 2024 [2] - Adjusted net loss for Q4 2025 was RMB39.4 million (US$5.6 million), contrasting with an adjusted net income of RMB97.1 million in Q4 2024 [2] Annual Results - For the full year 2025, Zhihu reported total revenues of RMB2.749 billion (US$393.1 million), down from RMB3.599 billion in 2024 [2] - Full-year gross margin was 59.9%, slightly down from 60.6% in 2024 [3] - The full-year net loss was RMB195.2 million (US$27.9 million), while the company achieved an adjusted net income of RMB37.9 million (US$5.4 million), compared to an adjusted net loss in 2024 [3] - At the end of 2025, Zhihu had RMB4.451 billion (US$636.5 million) in cash and cash equivalents, indicating a strong liquidity position [3] Market Position - Zhihu remains a significant online content community in China and is dual-listed on the NYSE (ZH) and HKEX (2390) [3]

Financial Data and Key Metrics Changes - In 2025, the company achieved its first-ever full-year non-GAAP profit, with adjusted net income reaching RMB 37.9 million, a significant turnaround from an adjusted net loss of RMB 96.3 million in 2024 [4][23] - Total revenues for Q4 2025 were RMB 643.5 million, down from RMB 859.2 million in Q4 2024, indicating a narrowing sequential decline and a clear recovery trajectory [24][26] - Marketing services revenue in Q4 2025 was RMB 234.8 million, up 24% sequentially, although down from RMB 315.9 million in the same period of 2024 [24][25] - Paid membership revenue was RMB 333.5 million in Q4 2025, compared to RMB 422 million in Q4 2024, with average monthly paid members at 12.2 million [25][26] - Gross profit for Q4 2025 was RMB 344.8 million, with a gross margin of 53.6%, down from 62.9% in Q4 2024 [26] Business Line Data and Key Metrics Changes - The company reported a substantial year-over-year growth in high-quality content creation, with daily creation rising over 20% in Q4 2025, contributing to over 31% growth for the full year [7][10] - Daily active high-tier creators grew by double digits year-over-year, with verified honored creators increasing by nearly 30% [9] - Revenue from IP-related projects increased by 21% year-over-year, supported by deeper brand collaborations [15] Market Data and Key Metrics Changes - The company noted a 140% year-over-year increase in participating clients at the Electric Club New Knowledge Technology Conference, indicating strong engagement from industry leaders [14] - AI-focused creators grew by approximately 16% for the full year, reflecting the increasing relevance of AI content [10] Company Strategy and Development Direction - The company aims to leverage its unique advantages in AI to scale AI-driven commercialization, focusing on expert data solutions and AI productivity tools [5][19] - A dual-track approach will be pursued, focusing on IP licensing and in-house incubation while exploring new AI-powered revenue models [20][22] - The company is committed to maintaining a disciplined approach to investments, concentrating on areas with visible ROI and strong alignment with its core strengths [35][42] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to achieve profitability while focusing on growth opportunities created by AI [35] - The company plans to enhance user experience and community engagement through AI integration, with a focus on improving product capabilities [54] - The outlook for 2026 includes a commitment to stable core business operations while developing new AI revenue streams [43][54] Other Important Information - The company held RMB 4.5 billion in cash and cash equivalents as of December 31, 2025, down from RMB 4.9 billion a year earlier [29] - Throughout 2025, the company repurchased a total of 47.7 million Class A ordinary shares for an aggregate value of $90 million [29][30] Q&A Session Summary Question: What is your earnings outlook in 2026, and how to balance investment with cash flow and profitability? - Management emphasized that the company will focus on opportunities created by AI while maintaining bottom line discipline and not returning to a model of significant cash burn for growth [35] Question: What are the company's core priorities for 2026? - The strategy for 2026 centers on improving efficiency in the core community business through AI while developing new AI businesses with a focus on healthy cash flow [38][42] Question: Can management share data on the impact of AI on the Zhihu community? - AI has positively impacted user interactions, with significant increases in both core retained users and new users, enhancing content discovery and engagement [48][50]

Financial Data and Key Metrics Changes - In 2025, the company achieved its first-ever full-year non-GAAP profit, with adjusted net income reaching RMB 37.9 million, a significant turnaround from the adjusted net loss of RMB 96.3 million in 2024 [4][23] - Total revenues for Q4 2025 were RMB 643.5 million, down from RMB 859.2 million in the same period of 2024, but the sequential decline continued to narrow, indicating a recovery trajectory [24][26] - Marketing services revenue for Q4 was RMB 234.8 million, up 24% sequentially, although down from RMB 315.9 million year-over-year [13][24] - Paid membership revenue was RMB 333.5 million, compared to RMB 422 million in the same period of 2024, with average monthly paid members at 12.2 million [16][25] - Gross profit for Q4 was RMB 344.8 million, with a gross margin of 53.6%, down from 62.9% in the same period of 2024 [26] Business Line Data and Key Metrics Changes - The marketing services segment showed a sequential recovery with a 24% increase, driven by improved client quality and deeper industry penetration [13][14] - Revenue from IP-related projects increased by 21% year-over-year, supported by deeper brand collaborations [15] - Average daily content volume on the Ideas platform grew by 73.5%, with average daily interactions doubling [10] Market Data and Key Metrics Changes - The company reported a substantial year-over-year growth in positive user interactions, contributing to improved new user intention [7] - Daily creation of high-quality content rose by over 20% year-over-year in Q4, with professional AI-related content increasing by over 30% [7][10] Company Strategy and Development Direction - The company is focusing on AI-driven commercialization, leveraging its unique advantages to scale AI capabilities and unlock new commercial opportunities [5][19] - A dual-track approach is being pursued, focusing on core community business stability while developing new AI businesses, particularly in AI-enabled short-form drama and data services [36][40] - The company aims to enhance its monetization capabilities and explore new AI-powered revenue models while maintaining disciplined capital allocation [30][21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to achieve profitability while focusing on AI opportunities, emphasizing a disciplined approach to investments [35][36] - The company anticipates that 2026 will mark a new era of high-quality growth, driven by further integration of AI capabilities and monetization potential [22][30] Other Important Information - The company held RMB 4.5 billion in cash and cash equivalents as of December 31, 2025, down from RMB 4.9 billion a year earlier [29] - A one-time non-cash goodwill impairment charge of RMB 126.3 million impacted operating expenses in Q4 [27] Q&A Session Summary Question: What is your earnings outlook in 2026, and how to balance investment with cash flow and profitability? - Management highlighted that 2025 demonstrated profitability and emphasized focusing on AI opportunities while maintaining bottom line discipline [35][36] Question: What are the company's core priorities for 2026? - Management stated that priorities include improving efficiency in the core community business through AI and developing new AI businesses without aggressive cash burn [40][44] Question: What data can help understand the impact of AI on the Zhihu community? - Management noted that AI has positively impacted user interactions and content discovery, with significant growth in daily active users and engagement metrics [50][52]

Financial Data and Key Metrics Changes - In 2025, the company achieved its first-ever full-year non-GAAP profit, with adjusted net income reaching RMB 37.9 million, a significant turnaround from an adjusted net loss of RMB 96.3 million in 2024 [4][23] - Total revenues for Q4 2025 were RMB 643.5 million, down from RMB 859.2 million in Q4 2024, but the sequential decline narrowed, indicating a recovery trajectory [24] - Marketing services revenue in Q4 2025 was RMB 234.8 million, up 24% sequentially, although down from RMB 315.9 million year-over-year [24][13] - Paid membership revenue was RMB 333.5 million in Q4 2025, compared to RMB 422 million in the same period of 2024, with average monthly paid members at 12.2 million [25][16] - Gross profit for Q4 2025 was RMB 344.8 million, with a gross margin of 53.6%, down from 62.9% in Q4 2024 [26][27] Business Line Data and Key Metrics Changes - The company reported a substantial year-over-year growth in high-quality content creation, with daily creation rising over 20% in Q4 2025 and contributing to over 31% growth for the full year [6][10] - Daily active high-tier creators grew by double digits year-over-year, with verified honored creators increasing by nearly 30% [9] - Revenue from IP-related projects increased by 21% year-over-year, supported by deeper brand collaborations [15] Market Data and Key Metrics Changes - The company noted a 140% year-over-year increase in participating clients at the Electric Club New Knowledge Technology Conference, indicating strong engagement from industry leaders [14] - AI-focused creators grew by approximately 16% for the full year, reflecting the platform's appeal in the AI and technology sectors [10] Company Strategy and Development Direction - The company is focusing on AI-driven commercialization, leveraging its unique advantages to scale AI-driven solutions and enhance monetization opportunities [5][21] - A dual-track approach will be pursued, focusing on IP licensing and in-house incubation while exploring new AI-powered revenue models [20][31] - The company aims to maintain a stable core business while developing new AI businesses that can generate positive cash flows [43] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to achieve profitability and emphasized the importance of disciplined investment in AI opportunities [36] - The company plans to enhance user experience and community engagement through AI integration, with a focus on improving content consumption and creator experience [46][53] - The outlook for 2026 includes a commitment to disciplined operations while accelerating AI integration across community and commercial models [22][31] Other Important Information - The company held RMB 4.5 billion in cash and cash equivalents as of December 31, 2025, down from RMB 4.9 billion a year earlier [30] - Throughout 2025, the company repurchased a total of 16.6 million Class A ordinary shares, representing 6.29% of the total issued ordinary shares [30] Q&A Session Summary Question: What is your earnings outlook in 2026, and how to balance investment with cash flow and profitability? - Management indicated that while profitability was achieved in 2025, the focus will be on investing in AI opportunities without abandoning bottom line discipline, aiming for growth in new AI-driven revenue streams while maintaining a healthy financial profile [36] Question: What are the company's core priorities for 2026? - The company plans to enhance its core community business using AI to improve efficiency and user experience while developing new AI businesses focused on monetization potential and positive cash flow [39][43] Question: What data can help understand the impact of AI on the Zhihu community? - Management highlighted that AI has improved user interactions and content discovery, with significant growth in daily high-quality content and user engagement metrics [46][50]

Core Insights - Zhihu Inc. achieved its first-ever full-year non-GAAP profitability in 2025, marking a structural inflection point for the company [3] - The company is focusing on enhancing its commercialization efforts related to AI while maintaining a strong community ecosystem [3] - Financial results for Q4 2025 showed a decline in total revenues and net loss compared to the same period in 2024, but improvements in operational efficiency were noted [4][9] Financial Performance Highlights - Total revenues for Q4 2025 were RMB 643.5 million (US$ 92.0 million), down from RMB 859.2 million in Q4 2024 [4][9] - Marketing services revenue decreased to RMB 234.8 million (US$ 33.6 million) from RMB 315.9 million in the same period of 2024 [4] - Paid membership revenue fell to RMB 333.5 million (US$ 47.7 million) from RMB 420.2 million in Q4 2024, attributed to a decline in average monthly subscribing members [5] - Gross profit for Q4 2025 was RMB 344.8 million (US$ 49.3 million), with a gross margin of 53.6%, down from 62.9% in Q4 2024 [8][9] Annual Financial Results - For the fiscal year 2025, total revenues were RMB 2,749.0 million (US$ 393.1 million), compared to RMB 3,598.9 million in 2024 [16][22] - The company reported a net loss of RMB 195.2 million (US$ 27.9 million) for the year, compared to a net loss of RMB 169.0 million in 2024 [22][23] - Adjusted net income (non-GAAP) for the year was RMB 37.9 million (US$ 5.4 million), a significant improvement from an adjusted net loss of RMB 96.3 million in 2024 [23] Cost Management and Operational Efficiency - Cost of revenues decreased by 22.3% to RMB 1,101.3 million (US$ 157.5 million) in 2025, primarily due to reduced content and operating costs [18] - Total operating expenses for the year decreased by 19.0% to RMB 2,155.0 million (US$ 308.2 million) from RMB 2,661.9 million in 2024 [19] - Selling and marketing expenses were reduced by 21.7% to RMB 1,252.3 million (US$ 179.1 million) due to more disciplined spending [19] Shareholder Value Initiatives - As of December 31, 2025, the company repurchased 31.1 million Class A ordinary shares for a total price of US$ 66.5 million [24]

Financial Performance - Total revenue for the year ended December 31, 2025, was RMB 2,749.0 million, a decrease of 23.6% compared to RMB 3,598.9 million in 2024[5] - Gross profit for the same period was RMB 1,647.7 million, down 24.4% from RMB 2,180.8 million in 2024[5] - Adjusted net profit for 2025 was RMB 37.9 million, a significant improvement from an adjusted net loss of RMB 96.3 million in 2024[9] - Operating loss for 2025 was RMB 507.3 million, compared to RMB 481.1 million in 2024, reflecting a 5.4% increase in losses[5] - The adjusted operating loss for 2025 was RMB 269.2 million, a 33.6% improvement from RMB 405.4 million in 2024[6] - Net loss for 2025 was RMB 195.2 million, compared to RMB 169.0 million in 2024[34] - The total comprehensive loss for 2025 was RMB (241,263), compared to RMB (136,003) in 2024, reflecting a 77.4% increase in comprehensive losses[57] Membership and User Engagement - Average monthly subscription members decreased to 13.5 million in 2025, down 10.0% from 15.0 million in 2024[5] - The revenue from paid membership services decreased by 12.7% to RMB 1,538.9 million in 2025, down from RMB 1,762.0 million in 2024[17] - Approximately 73.2% of active users were under 30 years old as of December 31, 2025, with female users accounting for about 59.6% of the total active user base[14] - The company aims to deepen user engagement and encourage high-quality content creation as part of its long-term strategy for sustainable growth[21] Content Production and Creator Community - The total content produced on the platform reached 953.9 million pieces by December 31, 2025, representing a year-on-year growth of 9.1%[12] - The number of content creators increased to 80.3 million by December 31, 2025, a growth of 3.3% year-on-year[15] - The number of certified honor creators grew by 29.4% in 2025, reflecting the active contribution of professional creators[15] - The company aims to leverage its accumulated content assets and professional creator community to differentiate itself in the AI ecosystem[10] Revenue Breakdown - Marketing services revenue decreased to RMB 843.9 million in 2025 from RMB 1,247.1 million in 2024, primarily due to ongoing optimization of service product offerings[25] - Total operating expenses decreased by 19.0% to RMB 2,155.0 million in 2025 from RMB 2,661.9 million in 2024[30] - Cost of revenue decreased by 22.3% to RMB 1,101.3 million in 2025 from RMB 1,418.1 million in 2024, linked to reduced content and operational costs[27] Investment and Future Plans - The company focused on enhancing community trust and optimizing resource allocation, which contributed to improved financial performance[9] - The company plans to continue investing in AI technology to enhance user experience and operational efficiency in 2026[21] - The company is investing in artificial intelligence applications to empower a diverse group of professional creators and expand the value of its content ecosystem[9] Assets and Liabilities - Cash and cash equivalents at the end of 2025 were RMB 3,370.2 million, down from RMB 4,000.1 million at the end of 2024[36] - Total assets decreased to RMB 5,190,874 in 2025 from RMB 5,732,952 in 2024, a reduction of 9.5%[59] - Total liabilities decreased to RMB 1,315,830 in 2025 from RMB 1,537,266 in 2024, a decline of 14.4%[59] Taxation and Dividends - For the fiscal year ending December 31, 2025, the total income tax expense is RMB 21,687 thousand, compared to a tax benefit of RMB (9,391) thousand for 2024, indicating a significant increase in tax expenses[75] - No dividends were declared or paid for the fiscal years ending December 31, 2025, and 2024, reflecting a focus on reinvestment[75] Employment and Corporate Governance - The company has 1,154 full-time employees as of December 31, 2025, and offers competitive compensation and performance-linked bonuses[47] - The board of directors has not recommended the distribution of an annual dividend for the reporting period[55] - The audit committee has reviewed the unaudited annual results for the reporting period[52]

Financial Performance - Total revenue for Q4 2025 was RMB 643.5 million (USD 92.0 million), down from RMB 859.2 million in Q4 2024, representing a decrease of approximately 25.1% year-over-year [11]. - Gross margin for Q4 2025 was 53.6%, compared to 62.9% in Q4 2024, indicating a decline of 9.3 percentage points [14]. - Net loss for Q4 2025 was RMB 210.8 million (USD 30.1 million), a significant shift from a net profit of RMB 86.4 million in Q4 2024 [11]. - Total revenue for the fiscal year 2025 was RMB 2,749.0 million (USD 393.1 million), down from RMB 3,598.9 million in 2024, marking a decline of approximately 23.5% [11]. - Operating loss was RMB 263.9 million (USD 37.7 million), compared to an operating profit of RMB 11.9 million in the same period of 2024 [15]. - Adjusted operating loss (non-GAAP) was RMB 89.3 million (USD 12.8 million), down from an adjusted operating profit of RMB 23.1 million in 2024 [15]. - Net loss was RMB 195.2 million (USD 27.9 million), compared to a net loss of RMB 169.0 million in 2024 [21]. Membership and User Engagement - Average monthly subscription members for Q4 2025 reached 12.2 million, reflecting a decrease in user engagement [11]. - Paid membership revenue was RMB 1,538.9 million (USD 220.1 million), down from RMB 1,762.0 million in 2024, attributed to a decline in average monthly subscribers [17]. Expenses and Cost Management - Research and development expenses for Q4 2025 decreased by 16.0% to RMB 123.1 million (USD 17.6 million) from RMB 146.6 million in Q4 2024 [14]. - Total operating expenses decreased by 19.0% to RMB 2,155.0 million (USD 308.2 million) from RMB 2,661.9 million in 2024 [18]. - Research and development expenses decreased by 28.3% to RMB 525.0 million (USD 75.1 million) from RMB 732.6 million in 2024, due to improved R&D efficiency [18]. Strategic Initiatives - The company achieved its first annual adjusted net profit in 2025, marking a structural upgrade in its financial status [12]. - The company plans to accelerate commercialization efforts related to AI in 2026, leveraging its expert network and content assets [12]. - The company plans to continue expanding its market presence and investing in new technologies to drive future growth [29]. Shareholder and Asset Information - The company repurchased 31.1 million Class A ordinary shares for a total of USD 66.5 million under its existing share repurchase program [22]. - Cash and cash equivalents as of December 31, 2024, were RMB 3,999,160 thousand, down from RMB 3,369,154 thousand as of December 31, 2025, a decrease of 15.7% [34]. - Total assets as of December 31, 2024, amounted to RMB 5,732,952 thousand, compared to RMB 5,190,874 thousand in 2025, representing an increase of 10.5% [34]. - Total liabilities as of December 31, 2024, amounted to RMB 1,537,266 thousand, a decrease of 1.4% from RMB 1,315,830 thousand as of December 31, 2025 [36]. - Total equity attributable to shareholders decreased to RMB 4,136,123 thousand as of December 31, 2024, from RMB 4,195,686 thousand as of December 31, 2025, reflecting a decline of 1.4% [36]. Impairments and Tax Liabilities - The company experienced a goodwill impairment of RMB 126,344 thousand for the year ended December 31, 2025, reflecting challenges in asset valuation [39]. - Deferred tax liabilities rose significantly to RMB 27,174 thousand as of December 31, 2025, compared to RMB 6,830 thousand as of December 31, 2024, indicating potential future tax obligations [36].

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 2. 股份分類 | 不同投票權架構公司普通股 | 股份類別 | B | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02390 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 50,000,000 USD | | 0.000125 | USD | | 6,250 | | 增加 / 減少 (-) | | | 0 | | | USD | | | | 本月底結存 | | | 50,000,000 USD | | 0.000125 | USD | | 6,250 | 本月底法定/註冊股本總額： USD 200,000 FF301 第 1 頁 共 10 頁 v 1.2.0 II. 已發行股份及/或庫存股份變動及足夠公眾持股量的確認 截至月份: 2026年2月28日 狀態: 新提交 致：香港交 ...