AI 战略围绕"可信内容×专家网络×AI 能力"，直答业务用户活跃持续渗透。 1Q25 业绩好于我们预期 公司1Q25 收入7.30 亿元，同比下降24%，基本符合我们预期7.19 亿元；经调整净利润694 万元，好于 我们预期亏损5,496 万元。我们认为主要由于：成本及费用控制好于预期，尤其是销售、管理费用。 公司宣布将开启新一期回购计划（至2026 年6 月25 日到期），最多可回购已发行股份的10%。前一期 计划于2025 年6 月到期。 发展趋势 各项业务健康化发展，或有望在下半年迎来拐点。营销服务业务方面，1Q25收入同降40%，公司表示 已将低质营销内容消耗量收敛至极低水平，后续将探索AI 驱动的营销产品创新，提升广告主效率与品 牌可信度。我们预计2Q25将在这一基础上进行过渡，下半年或有望看到营销升级成效，关注CCS 迭代 表现。付费会员方面，内容策略转向"精品短内容+中长篇内容"，1Q25 收入同降7%，我们预期2Q25 同 比降幅有望收窄。职业培训业务方面，公司表示将推动开发"内容+社群+实践"的融合产品，提升单用 户价值；将有制约地投入AI 与社区结合场景。 费用管控较好，推动利润释放。 ...

营销服务业务方面，公司表示已将低质营销内容消耗量收敛至极低水平，后续将探索AI驱动的营销产 品创新，提升广告主效率与品牌可信度。该行预计2Q25将在这一基础上进行过渡，下半年或有望看到 营销升级成效，关注CCS迭代表现。付费会员方面，内容策略转向"精品短内容+中长篇内容"。职业培 训业务方面，公司表示将推动开发"内容+社群+实践"的融合产品，提升单用户价值;将有制约地投入AI 与社区结合场景。 智通财经APP获悉，中金发布研报称，维持知乎-W(02390)收入预期。考虑到公司费用控制水平，维持 2026年经调整净利润1.36亿元不变。当前股价对应0.8/0.7倍P/S。维持跑赢行业评级及目标价16港元/6.1 美元，均对应1.25倍2025年目标P/S，港/美股上行空间分别为57%/52.5%。 中金主要观点如下： 1Q25业绩好于该行预期 公司1Q25收入7.30亿元，基本符合该行预期7.19亿元;经调整净利润694万元，好于该行预期。该行认为 主要由于：成本及费用控制好于预期，尤其是销售、管理费用。公司宣布将开启新一期回购计划(至 2026年6月25日到期)，最多可回购已发行股份的10%。前一期计划于20 ...

知乎董事长兼行政总裁周源先生表示："2025年第一季度旗开得胜，我们自上市以来首次于第一季度录 得非公认会计准则净利润，延续了第四季度的盈利势头。这一成就体现了我们精细化营运策略的成效， 以及人工智能在知乎生态系统中的深度融合。本季度，我们看到核心用户留存率、日活跃用户访问时长 及创作者活跃度持续提升，彰显出社区的活力。值得一提的是，知乎直答凭藉专业、可信赖的体验赢得 日益广泛的认可，尤其是在对真实性及深度要求较高的领域。通过推进优质内容、可信赖专家网络以及 先进人工智能能力等独特资产之间的协同效应，我们不断加强知乎在人工智能时代的差异化优势。" 格隆汇5月27日丨知乎-W(02390.HK)披露2025年第一季度未经审计财务业绩。2025年第一季度的总收入 为人民币7.297亿元，而2024年同期则为人民币9.609亿元。2025年第一季度的毛利率由2024年同期的 56.6%提高至61.8%。2025年第一季度的净亏损为人民币1010万元，较2024年同期收窄93.9%。2025年第 一季度的经调整净利润(非公认会计准则)为人民币690万元，而2024年同期则为经调整净亏损人民币 1.357亿元。2025 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 Zhihu Inc. （於開曼群島註冊成立以不同投票權控制的有限責任公司） （紐交所代號：ZH；聯交所代號：2390） 內幕消息 截至2025年3月31日止季度 未經審計財務業績 本公告乃根據香港聯合交易所有限公司（「香港聯交所」）證券上市規則第13.09條 及證券及期貨條例（第571章）第XIVA部刊發。 知乎（「本公司」）欣然宣佈本公司及其附屬公司及綜合聯屬實體截至2025年3月 31日止三個月的未經審計簡明合併業績。 本公司欣然宣佈，根據美國證券交易委員會（「美國證監會」）適用規則刊發的本公 司及其附屬公司及綜合聯屬實體截至2025年3月31日止三個月的未經審計簡明合 併業績（「第一季度業績」）。 第一季度業績乃根據美國公認會計準則（有別於國際財務報告準則）編製。 本公告附表I為本公司於2025年5月27日（美國東岸時間）就第一季度業績刊發的新 聞稿全文，其中部分內容可能構成本公司的重大內幕消息。 ...

Financial Performance - Total revenue for 2024 was RMB 3,598,905 thousand, a decrease of 14.3% compared to RMB 4,198,889 thousand in 2023[9] - Gross profit for 2024 was RMB 2,180,829 thousand, down 5.0% from RMB 2,295,848 thousand in 2023[9] - Operating loss improved to RMB (481,083) thousand in 2024, a 55.1% reduction from RMB (1,072,225) thousand in 2023[9] - Net loss for 2024 was RMB (168,967) thousand, representing a significant decrease of 79.9% from RMB (839,528) thousand in 2023[9] - Adjusted operating loss for 2024 was RMB (405,361) thousand, down 54.4% from RMB (887,984) thousand in 2023[9] - Adjusted net loss for 2024 was RMB (96,270) thousand, an 85.4% improvement compared to RMB (659,093) thousand in 2023[9] - The paid membership revenue for 2024 was RMB 1.76 billion, a slight decline of 3.5% from RMB 1.83 billion in 2023[22] - The marketing services revenue decreased to RMB 1.25 billion in 2024 from RMB 1.65 billion in 2023, representing a drop of 24.5%[29] - Revenue cost decreased by 25.5% from RMB 1.9 billion in 2023 to RMB 1.4 billion in 2024, primarily due to reduced content and operating costs related to revenue decline and improved technical efficiency[32] - Operating expenses decreased by 21.0% in 2024, amounting to RMB 2.66 billion compared to RMB 3.37 billion in 2023[22] User Engagement - Monthly active users reached a total of 20 million, reflecting a stable user engagement[10] - The average monthly active users increased from 14.5 million in 2023 to 15.0 million in 2024, while the monthly active user interactions improved[19] - The number of content creators who earned income on the platform increased by 20% year-over-year, reaching a total of 77.7 million[20] Strategic Initiatives - The company plans to expand its market presence through new product launches and strategic partnerships in 2024[8] - The company aims to leverage artificial intelligence to support comprehensive business growth and improve efficiency across various business lines[24] - The company is actively investing in AI applications to improve operational efficiency and enhance community trust[17] - The company aims to leverage the growth potential of AI search solutions to drive sustainable development[15] Content and Technology Development - The AI search solution "Zhihu Direct Answer" was officially launched in June 2024, enhancing user experience significantly[16] - The total content on the platform reached 874.6 million pieces by December 31, 2024, representing a 12.9% year-over-year growth[18] - The company has seen a double-digit year-over-year growth in AI-related content and creators within its community by the end of 2024[17] - The company has expanded its premium short story content library, attracting new subscribers and increasing consumption among existing ones[18] Assets and Liabilities - The total assets decreased to RMB 5,732,952 thousand in 2024 from RMB 6,795,272 thousand in 2023[8] - Current liabilities were RMB 1,524,656 thousand in 2024, a decrease from RMB 1,945,488 thousand in 2023[8] - Cash and cash equivalents, along with short-term investments, amounted to RMB 4.0 billion at the end of 2024, up from RMB 2.1 billion in 2023[41] - As of December 31, 2024, the company had no outstanding loans or borrowings[144] Corporate Governance - The company has a strong governance structure with independent non-executive directors, including Sun Hanhui and Ni Hong, who have extensive experience in corporate governance[163][165] - The company emphasizes the importance of corporate governance and has presented its governance report to shareholders[171] - The independent non-executive directors constitute one-third of the board, complying with listing rules[183] - The company has established four committees: audit committee, remuneration committee, nomination committee, and corporate governance committee to oversee specific areas of company affairs[192] Related Party Transactions - The company has established ongoing related party transactions with Tencent and other affiliates, which are subject to pricing policies and mechanisms[70] - The company confirmed that all related party transactions during the reporting period were conducted in accordance with the relevant agreements and were fair and reasonable, benefiting shareholders' overall interests[120] - The independent auditor issued an unqualified opinion regarding the continuous related party transactions, confirming compliance with the relevant regulations[119] Shareholder Structure - The voting rights structure includes Class A shares with one vote per share and Class B shares with ten votes per share, allowing for significant control by Class B shareholders[123] - The company has a dual-class voting structure that may limit shareholder influence over company matters[71] - The shareholder voting rights entrustment agreement allows Zhizhe Sihai to act as the exclusive agent for shareholders, exercising all rights related to Zhizhe Tianxia, including voting and management control[107] Management Changes - The company appointed Sun Bin as the Chief Technology Officer on June 5, 2024, succeeding Li Dahai[167] - Wang Han was appointed as the Chief Financial Officer on February 19, 2024, bringing experience from Access Technology Ventures and Hillhouse Capital[167] - Liu Qihua has been appointed as the company secretary, bringing over 20 years of experience in corporate secretarial services[169] Compliance and Legal Risks - The company is subject to complex and evolving legal regulations related to cybersecurity and data privacy, which could significantly impact its operations[62] - The company has implemented measures to ensure effective operation and compliance with contractual arrangements[98] - Risks associated with the contractual arrangements include potential penalties from the Chinese government if agreements are deemed non-compliant with laws[97]

于2024年第四季度，该集团取得总收入8.59亿元，同比减少24.52%;知乎股东应占净收入8627.4万元，去 年同期则取得净亏损1.04亿元;每股基本净收入0.34元。 知乎董事长兼行政总裁周源先生表示："2024年对知乎而言具有重要的转折意义，我们有序执行了年初 制定的战略规划，并在第四季度成功实现了盈利。我们的社区生态得到优化，更加蓬勃且可信赖，用户 指标全年持续向好，创作者活跃度不断提升。此外，依托优质的内容及强大的可信赖专家网络，我们持 续投资于 AI应用，将AI进一步融入多元化社区场景，积极探索AI时代全新的用户交互方式，并快速提 升自身的竞争优势"。 知乎首席财务官王晗先生补充表示："2024年第四季度是知乎的重要里程碑，我们首次实现了公认会计 准则和非公认会计准则下的营业利润及净利润的全面转正，这是对我们战略聚焦和卓越执行力的最佳证 明。得益于运营效率的提升及严格的成本管理，本季度利润率大幅提升，毛利率同比提升3.8个百分点 至62.9%，营运开支则同比下降37.9%。展望未来，我们将继续保持强劲势头，为长期可持续增长筑牢 根基，并为我们的股东和用户创造更大的价值。" 知乎-W(02390) ...

Financial Performance - Total revenue for the year ended December 31, 2024, was RMB 3,598.9 million, a decrease of 14.3% compared to RMB 4,198.9 million in 2023[5]. - Gross profit for the same period was RMB 2,180.8 million, down 5.0% from RMB 2,295.8 million in 2023[5]. - Net loss narrowed by 79.9% to RMB 169.0 million in 2024 from RMB 839.5 million in 2023[5][13]. - Adjusted operating loss improved by 54.4% to RMB 405.4 million in 2024 from RMB 888.0 million in 2023[5]. - The company achieved an adjusted net profit of RMB 97.1 million in Q4 2024, marking a significant turnaround[13]. - The gross margin expanded to 60.6% in 2024, the highest level in five years[13]. - The paid membership revenue for 2024 was RMB 1.76 billion, down 3.5% from RMB 1.83 billion in 2023[22]. - Marketing services revenue for 2024 was RMB 1.2 billion, down from RMB 1.7 billion in 2023, primarily due to ongoing optimization of service product offerings[29]. - Cost of revenue decreased by 25.5% to RMB 1.4 billion in 2024 from RMB 1.9 billion in 2023, mainly due to reduced content and operating costs[31]. - Operating expenses decreased by 21.0% in 2024, totaling RMB 2.66 billion compared to RMB 3.37 billion in 2023[25]. User Engagement - Average monthly active users decreased by 21.2% to 83.0 million in 2024 from 105.3 million in 2023[5]. - The average monthly active users rose from 14.5 million in 2023 to 15.0 million in 2024[18]. - The average monthly active users aged under 30 accounted for 73.8% of the total active users as of December 31, 2024[19]. - The number of content creators on the platform increased by 8.9% year-over-year, reaching 77.7 million by December 31, 2024[20]. Operational Efficiency - The company is focusing on enhancing operational efficiency through AI applications, improving content identification and review processes[15]. - The company aims to leverage artificial intelligence to improve operational efficiency across all business lines[24]. - The company plans to enhance operational efficiency and reduce losses through stricter cost management and optimized expense structures[24]. Shareholder and Governance - The company has not declared any annual dividend for the reporting period[59]. - The company has implemented a share incentive plan to motivate eligible employees towards growth and development[49]. - The company has complied with all applicable principles and provisions of the corporate governance code during the reporting period, except for the combined roles of Chairman and CEO[51]. - The audit committee, consisting of three independent non-executive directors, has reviewed the unaudited annual results for the reporting period[53]. - The board of directors consists of both executive and independent non-executive members, ensuring diverse governance[82]. Cash and Assets - Cash and cash equivalents at the end of 2024 were RMB 4.0 billion, up from RMB 2.1 billion at the end of 2023[40]. - Total assets decreased to RMB 5,732,952 thousand in 2024 from RMB 6,795,272 thousand in 2023[63]. - Total liabilities reduced to RMB 1,537,266 thousand in 2024, down from RMB 2,093,662 thousand in 2023, showing a decrease of approximately 26.5%[64]. - The company had no significant investments or acquisitions in 2024[41][42]. Taxation - The company has no income tax obligations in the Cayman Islands, where it is registered, which may positively impact its net income[79]. - Hong Kong subsidiaries with taxable profits of HKD 2 million or below are subject to a profit tax rate of 8.25%, while profits above HKD 2 million are taxed at 16.5%[80]. - In China, foreign-invested enterprises are subject to a corporate income tax rate of 25%, with certain entities recognized as high-tech enterprises eligible for a reduced rate of 15%[81]. - For the fiscal year ending December 31, 2024, the total income tax expense was RMB (9,391) thousand, compared to RMB 11,832 thousand for the previous year[81]. Strategic Initiatives - The company plans to continue focusing on market expansion and new product development as part of its strategic initiatives moving forward[65]. - The launch of the AI search feature "Zhihu Zhidao" received positive user feedback and was officially launched in June 2024[14]. - The "Professional Search" feature was introduced in October 2024, integrating over 50 million academic articles to support professionals[14].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 Zhihu Inc. （於開曼群島註冊成立以不同投票權控制的有限責任公司） （紐交所代號：ZH；聯交所代號：2390） 內幕消息 截至2024年12月31日止季度及全年 未經審計財務業績 本公告乃根據香港聯合交易所有限公司（「香港聯交所」）證券上市規則第13.09 條及證券及期貨條例（第571章）第XIVA部刊發。 知乎（「本公司」）欣然宣佈本公司及其附屬公司及綜合聯屬實體截至2024年12 月31日止三個月及財政年度的未經審計簡明合併業績。 本公司欣然宣佈，根據美國證券交易委員會（「美國證監會」）適用規則刊發的本公 司及其附屬公司及綜合聯屬實體截至2024年12月31日止三個月及財政年度的未經 審計簡明合併業績（「第四季度及財年業績」）。 第四季度及財年業績乃根據美國公認會計準則（有別於國際財務報告準則）編製。 本公告附表I為本公司於2025年3月26日（美國東部時間）就第四季度及財年業績刊 發的新聞 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 Zhihu Inc. （於開曼群島註冊成立以不同投票權控制的有限責任公司） （紐交所代號：ZH；聯交所代號：2390） 內幕消息 截至2024年9月30日止季度 未經審計財務業績 | --- | --- | |--------------------------------------------------------------------------------------------------------|-----------------------------| | | | | 本公告乃根據香港聯合交易所有限公司（「 香港聯交所 及證券及期貨條例（第 571 章）第 XIVA 部刊發。 | 」）證券上市規則第 13.09 條 | | 知乎（「 本公司 」）欣然宣佈本公司及其附屬公司及綜合聯屬實體截至 30 日止三個月的未經審計簡明合併業績。 | 2024 年 9 月 | 本公司欣然宣佈，根 ...

（於開曼群島註冊成立以不同投票權控制的有限責任公司） 2024 INTERIM REPORT 中期報告 股份代號 : 2390 2024 中 期 報 告 目錄 2 公司資料 4 主要摘要 6 業務回顧及展望 10 管理層討論與分析 22 其他資料 32 中期財務資料審閱報告 33 未經審計簡明合併財務報表及附註 89 釋義 i 17 企業管治 二零二四年中期報告 2 公司資料 | --- | --- | |----------------------------------------------------|----------------------------------------| | | | | 執行董事 | 公司秘書 | | 周源先生 （董事長及行政總裁） | 劉綺華女士 | | 沙大川先生 | 授權代表 | | （於 2024 年 2 月 19 日辭任） | 沙大川先生 | | 非執行董事 | （於 2024 年 2 月 19 日辭任） 周源先生 | | 李大海先生 | （於 2024 年 2 月 19 日獲委任） | | （於 2024 年 6 月 5 日由執行董事調任為非執行董事） | 劉 ...