Financial Performance - For Q1 2025, the total revenue was RMB 729.7 million (USD 100.6 million), a decrease from RMB 960.9 million in Q1 2024[10] - The gross margin increased to 61.8% in Q1 2025, up from 56.6% in the same period last year, reflecting improved operational efficiency[12] - The net loss for Q1 2025 narrowed to RMB 10.1 million (USD 1.4 million), a 93.9% reduction compared to RMB 165.8 million in Q1 2024[14] - Adjusted net profit (non-GAAP) for Q1 2025 was RMB 6.9 million (USD 1.0 million), compared to an adjusted net loss of RMB 135.7 million in Q1 2024[14] - Marketing services revenue decreased to RMB 197.0 million (USD 27.1 million) from RMB 330.5 million in Q1 2024, primarily due to a strategic focus on improving profit margins[11] - Paid membership revenue slightly decreased to RMB 417.9 million (USD 57.6 million) from RMB 449.7 million in Q1 2024, attributed to a minor decline in average monthly subscribers[11] - Operating expenses decreased by 34.4% to RMB 503.7 million (USD 69.4 million) from RMB 768.2 million in Q1 2024[12] - The company recorded an operating loss of RMB 52.6 million (USD 7.2 million), a 76.6% improvement from RMB 224.7 million in Q1 2024[12] Membership and Subscribers - Average monthly subscription members reached 14.2 million in Q1 2025[10] - The average monthly subscription members are calculated by dividing the total number of monthly subscription members by the number of months in the specified period[20] Cash and Investments - As of March 31, 2025, the company's cash and cash equivalents, along with short-term investments, totaled RMB 4,766.5 million (USD 656.8 million), a slight decrease from RMB 4,859.0 million as of December 31, 2024[15] - Cash and cash equivalents decreased to RMB 3,239,963 thousand as of March 31, 2024, down from RMB 3,999,160 thousand at the end of 2023[31] Share Repurchase - The company has repurchased 31.1 million Class A ordinary shares under the existing USD 100 million share repurchase program, totaling USD 66.5 million[16] - A new share repurchase program is proposed for approval at the annual general meeting on June 25, 2025, allowing for the repurchase of up to 10% of the total issued shares[16] Future Outlook and Strategy - The company aims to enhance commercialization capabilities and unlock significant community value for sustainable growth and profitability[10] - Forward-looking statements are made under the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, involving inherent risks and uncertainties[24] Company Information - The company is listed on the New York Stock Exchange under the ticker symbol ZH and has developed into China's largest online content Q&A community since its launch in 2010[19] - For investor inquiries, the company can be contacted via email at ir@zhihu.com[25] Previous Quarter Comparison - Total revenue for Q1 2024 reached RMB 960,863 thousand, a 11.8% increase from RMB 859,212 thousand in Q4 2023[27] - Paid membership revenue was RMB 449,724 thousand, up 7% from RMB 420,215 thousand in the previous quarter[27] - Operating loss for Q1 2024 was RMB 224,748 thousand, compared to a profit of RMB 11,866 thousand in Q4 2023[27] - Net loss attributable to Zhihu shareholders was RMB 164,846 thousand, a significant decline from a profit of RMB 86,274 thousand in the previous quarter[27] - Total assets amounted to RMB 5,683,060 thousand as of March 31, 2024, slightly down from RMB 5,732,952 thousand at the end of 2023[33] - Total liabilities were RMB 1,523,697 thousand, a slight decrease from RMB 1,537,266 thousand at the end of 2023[33] - Basic net loss per share for Q1 2024 was RMB (0.59), compared to a profit of RMB 0.34 in Q4 2023[29] - Adjusted operating loss for Q1 2024 was RMB (193,571) thousand, compared to an adjusted profit of RMB 23,136 thousand in Q4 2023[35] - The company reported a significant increase in research and development expenses, totaling RMB 197,356 thousand for Q1 2024, up from RMB 146,613 thousand in Q4 2023[27]

今天分享的是：中国高端手机影像趋势与用户洞察-知乎研究院 报告共计：5页 《中国高端手机影像趋势与用户洞察-知乎研究院》显示，手机已成为影像爱好者的核心设备，77.2%用户以手机为主力拍摄工具，71.8%每日用手机记录生 活，27%会分享至社媒。用户摄影水平提升，61.3%常切换拍摄模式和参数，专业影像组更注重分享与创作，手机影像组则侧重个人记录。拍摄题材以风 光、人文、人像为主，手机用户常用24-26mm默认焦段，专业用户更偏好35mm焦段。后期处理中，50%用户在手机完成修图，但专业用户耗时更久，53% 对手机后期功能有更高期待。 用户认为手机影像在对焦速度、场景感光、运动抓拍等方面存在不足，43.1%认可高端影像手机可部分替代专业设备，但专业用户认为手机操作复杂。选购 高端手机时，影像能力是基础门槛，用户关注硬件配置（如潜望式长焦、多光谱传感器）、AI功能（自动修图、创意创作）及便携性，40%愿将高端影像手 机作为副机。 未来趋势上，AI深度融入影像全流程，用户期待AI在画质提升、拍摄辅助等方面突破，64.2%期望3D/AR影像交互，46.8%关注可变光圈。超半数用户认为 顶级影像赛事接纳手机作品将是行 ...

Core Insights - The 11th New Knowledge Youth Conference, organized by Zhihu, has commenced, highlighting the significant increase in AI professionals among the annual new knowledge contributors [2] - The annual new knowledge contributors are recognized for their expertise, community influence, and user popularity, with 100 contributors selected across 25 fields [2] Group 1 - The representation of AI industry professionals has notably increased, providing valuable insights into AI entrepreneurship and innovation [2] - Contributors from major national institutions, such as China Aerospace Science and Technology Corporation and China National Nuclear Corporation, continue to share significant research achievements [2] - Long-term contributors like Qian Cheng and Cecilia have established themselves as authoritative sources for life knowledge [2] Group 2 - AI chip entrepreneur Ji Yu Mackler has analyzed the competitive logic of the AI hardware ecosystem, gaining support from technical professionals [3] - Researcher Su Jianlin utilizes a dual perspective of mathematics and physics to explore technical topics, seeking ultimate beauty in symmetry and conservation [3] - The Zhihu platform has become a favored space for AI professionals to share their experiences in large model development, fostering a vibrant exchange of ideas [3] Group 3 - Zhihu's founder and CEO, Zhou Yuan, emphasized that the new knowledge contributors represent a valuable asset and a rare force in today's culture, promoting sincere expression and rational thinking [3] - The concept of "annual new knowledge contributor" embodies a culture that encourages sharing and believes in the impact of ordinary individuals through their expertise [3]

Core Viewpoint - Zhihu, a leading online content community in China, is experiencing a decline in revenue while improving its net profit, indicating a shift in its financial dynamics and ongoing efforts to enhance user engagement and content quality [1][2][3]. Financial Performance - As of December 31, 2024, Zhihu reported total revenue of 3.599 billion RMB, a year-on-year decrease of 14.29% [1]. - The company achieved a net profit attributable to shareholders of -172 million RMB, reflecting a year-on-year increase of 79.64% [1]. Company Overview - Zhihu has evolved since its launch in 2010 into one of China's largest integrated online content communities, primarily known for its question-and-answer format [2]. - The company is dual-listed on the New York Stock Exchange (NYSE: ZH) and the Hong Kong Stock Exchange (HKEX: 2390) [2]. Business Model and Strategy - Zhihu focuses on expanding its content and services to meet the diverse needs of users, content creators, and business partners, establishing a content-centric business model [2][3]. - The company aims to create a balanced ecosystem between content creation and consumption, fostering user interaction and knowledge sharing [3]. Community and User Engagement - Zhihu emphasizes the importance of community culture and user experience, which are crucial for maintaining a professional and friendly environment [3]. - The company has developed multiple monetization channels, including marketing services, paid memberships, and vocational training, enhancing its revenue streams [3].

Group 1 - Fidelity International significantly increased its stake in Zhihu in Q1 2025, raising its holdings from 128,000 shares at the end of 2024 to 1,525,000 shares [1] - The new holdings represent 1.7% of Zhihu's total outstanding shares [1]

BEIJING, May 13, 2025 (GLOBE NEWSWIRE) -- Zhihu Inc. ("Zhihu" or the "Company") (NYSE: ZH; HKEX: 2390), a leading online content community in China, today announced that it will report its unaudited financial results for the quarter ended March 31, 2025 before the U.S. market opens on May 27, 2025. The Company's management will host a conference call at 8:00 A.M. U.S. Eastern Time on Tuesday, May 27, 2025 (8:00 P.M. Beijing/Hong Kong Time on Tuesday, May 27, 2025) to discuss the results. All participants wi ...

Core Viewpoint - Zhihu's stock price increased by 4.88% on May 12, reaching $4.08 per share, with a total market capitalization of $360 million [1] Financial Performance - As of December 31, 2024, Zhihu's total revenue was 3.599 billion RMB, a year-on-year decrease of 14.29% [1] - The net profit attributable to the parent company was -172 million RMB, showing a year-on-year increase of 79.64% [1] Company Overview - Zhihu is a leading online content community that has evolved since its launch in 2010, becoming one of China's top integrated content communities and the largest online Q&A platform [2] - The company is dual-listed on the New York Stock Exchange (NYSE: ZH) and the Hong Kong Stock Exchange (HKEX: 2390) [2] - Zhihu focuses on expanding content and services to meet the diverse needs of users, content creators, and business partners [2] Content Ecosystem - The company aims to establish a balance between content creation by creators and content consumption by users, fostering a positive feedback loop centered around content [3] - Active interaction between users and content creators enhances user experience and strengthens community governance, reinforcing the company's professional and friendly community culture [3] - Zhihu has developed diversified monetization channels, including marketing services, paid memberships, and vocational training, which contribute to its leadership position in the industry [3]

Group 1 - The global smartphone market is experiencing a recovery, with a projected 3.049% year-on-year growth in Q1 2024, and China's smartphone shipments expected to reach 286 million units, a 5.6% increase [1][6][10] - The market share of domestic high-end smartphone models (priced ≥ 4000 yuan) in China has surpassed 72% [1] - The influence of imaging capabilities on consumer purchasing decisions is increasing, with the topic of "mobile photography" generating 4.33 billion views on Zhihu, ranking second among smartphone-related topics [1][11] Group 2 - A survey conducted by Zhihu Research Institute collected 1,457 responses from users interested in mobile photography, leading to the creation of the report "Trends in High-End Mobile Imaging and User Insights" [2] - The report indicates that 77.2% of photography enthusiasts primarily use smartphones for photography, highlighting the integration of mobile photography into daily life [13][17] - Users are increasingly seeking not just basic functionality but also professional and emotional aspects in mobile photography, indicating a shift from hardware-centric to user-centric demands [13][41] Group 3 - The report identifies key challenges in mobile photography, including slower response times compared to traditional cameras and complex user interfaces that hinder shooting efficiency [31][33] - Users express dissatisfaction with aspects such as focusing speed and exposure adjustments, which significantly impact their overall shooting experience [36][37] - The competition in mobile imaging technology is intensifying, necessitating manufacturers to focus on user needs rather than merely technical specifications [39][54] Group 4 - Nearly 95% of users have medium to high expectations for the imaging capabilities of high-end smartphones, emphasizing the importance of image quality and detail [40] - As users become more knowledgeable about photography, their demand for personalized and stylized imaging experiences is increasing [41][47] - AI technology is seen as a potential game-changer in mobile imaging, with users expecting AI to enhance the creative process from shooting to post-production [55][60] Group 5 - The launch of the vivo X200 Ultra, featuring a "one machine, dual core, three lenses" configuration, is anticipated to set a new standard in mobile imaging [78] - The report suggests that understanding user needs deeply will be crucial for future competition in imaging technology [78]

Core Viewpoint - Zhihu's financial performance shows a decline in revenue but a significant increase in net profit, indicating a shift in operational efficiency and cost management [1][2]. Financial Performance - As of December 31, 2024, Zhihu's total revenue was 3.599 billion RMB, a year-on-year decrease of 14.29% [1]. - The net profit attributable to shareholders was -171.8 million RMB, reflecting a year-on-year increase of 79.64% [2]. Company Overview - Zhihu is a leading online content community in China, known for its question-and-answer format, and has evolved into a comprehensive content platform since its launch in 2010 [2]. - The company is dual-listed on the New York Stock Exchange (NYSE: ZH) and the Hong Kong Stock Exchange (HKEX: 2390) [2]. Business Model and Strategy - Zhihu focuses on expanding its content and services to meet the diverse needs of users, content creators, and business partners [2]. - The company has established a content-centric business model that continues to evolve, enhancing user engagement and satisfaction [3]. Community and Content Ecosystem - Zhihu aims to create a balanced ecosystem between content creators and users, fostering a positive feedback loop that enhances user experience and community governance [3]. - The company's strong community culture and brand identity contribute to attracting and retaining users and content creators [3]. Monetization Channels - Zhihu has developed diversified monetization channels, including marketing services, paid memberships, and vocational training, which are continuously enriched as the company grows [3].

Group 1 - The AI product competition has entered a calmer phase, with diminishing differences in data quality among large models and open-source models facing lower technical barriers [1] - Major companies are pursuing two paths: one emphasizes B-end applications, while the other focuses on achieving high user engagement through social applications [2][12] - The community model has been a longstanding product form in the Chinese internet, evolving from early forums to modern platforms like Bilibili and Xiaohongshu [4][6] Group 2 - AI applications are increasingly targeting community features to become "super entrances" for user engagement, as seen with Kimi's new community product [8][10] - OpenAI is reportedly developing a social network that integrates ChatGPT's image generation capabilities, indicating a shift towards community-oriented applications [12][14] - The integration of AI products into existing social ecosystems, like Tencent's WeChat, allows for low-cost user acquisition and retention strategies [19][22] Group 3 - The current landscape shows that user retention is a significant challenge for AI applications, with many lacking the community features that foster long-term engagement [23][24] - Successful community building requires understanding user needs, sustainable content production, and balancing commercial value with user experience [28]