Group 1 - Seeking Alpha welcomes Max Capital as a new contributing analyst, highlighting the opportunity for individuals to share investment ideas and get published [1] - Max Capital is led by a Portfolio Manager and Managing Partner who has extensive experience, including nearly 9 years as a Senior Research Analyst at OppenheimerFunds and 2 years as a Management Consultant at Bain & Co [1] Group 2 - The article emphasizes that past performance does not guarantee future results, and no specific investment recommendations are provided [3] - It is noted that Seeking Alpha's analysts are third-party authors, which may include both professional and individual investors who might not be licensed or certified [3]

Core Insights - The article discusses the rising consumer interest in AI technology products during the 618 shopping festival, highlighting the launch of the "BOSS Unboxing" special edition by Zhihu's "Answerer Review Group" to provide expert evaluations of various AI products [1][12] Group 1: AI Technology Products - The rapid development of AI is driving the evolution of electronic products, with AI playing a significant role in daily life [1] - The "BOSS Unboxing" event featured evaluations of AI products such as Haivivi BubblePal children's AI toy and Thunderbird V3 AI shooting glasses by industry leaders and experts [1][12] - Simplified parenting experiences were noted, with the BubblePal toy engaging children through storytelling and educational content [2][4] Group 2: Expert Evaluations - Various industry professionals participated in the evaluations, providing diverse perspectives on the products [1][7] - The evaluations included insights on the ZT3 Pro all-terrain electric skateboard, emphasizing its automotive-grade safety and off-road capabilities [6][7] - The DJI Flip drone received positive feedback for its performance in various conditions, with users reporting impressive battery life and image quality [9][11] Group 3: Consumer Trust and Decision-Making - Zhihu's platform is positioned as a reliable source for consumer decision-making, with professionals offering unbiased and expert opinions on products [12][13] - The "Answerer Review Group" aims to connect brands with consumers, fostering a trend of "intelligent consumption" through credible evaluations [12][13] - Feedback from experts has led to suggestions for product improvements, indicating an active dialogue between consumers and brands [12][13]

Core Insights - Zhihu's stock opened at $4.1 per share, with a market capitalization of $362 million as of June 9 [1] - The company's total revenue for the fiscal year ending March 31, 2025, is projected to be 730 million RMB, a year-on-year decrease of 24.06%, while the net profit attributable to shareholders is expected to be -10.094 million RMB, an increase of 93.88% year-on-year [1] Company Overview - Zhihu is a leading online content community in China, established in 2010, and has evolved into the largest online Q&A community in the country [1] - The company is dual-listed on the New York Stock Exchange (NYSE: ZH) and the Hong Kong Stock Exchange (HKEX: 2390) [1] - Zhihu focuses on expanding its content and services to meet the diverse needs of users, content creators, and business partners [1] Business Model and Ecosystem - The company aims to create a balanced ecosystem between content creators and users, fostering a positive cycle centered around content [2] - Active interaction between users and content creators enhances the community's culture, which is characterized by professionalism and friendliness [2] - Zhihu has developed diversified monetization channels, including marketing services, paid memberships, and vocational training, reinforcing its leadership position in the industry [2]

Core Viewpoint - Zhihu's financial performance shows a decline in total revenue while experiencing significant growth in net profit, indicating a shift in business dynamics and potential areas for improvement [1][2]. Financial Performance - As of December 31, 2024, Zhihu's total revenue is 3.599 billion RMB, representing a year-on-year decrease of 14.29% [1]. - The net profit attributable to the parent company is -172 million RMB, which marks a year-on-year increase of 79.64% [1]. Company Overview - Zhihu is a leading online content community in China, established in 2010, and has evolved into the largest online Q&A community in the country [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 its content and services to meet the diverse needs of users, content creators, and business partners [2]. Content Ecosystem - The company aims to create a balanced ecosystem between content creators and users, fostering a positive cycle centered around content [3]. - Active interaction between users and content creators enhances user experience and strengthens community governance, contributing to a professional and friendly community culture [3]. - Zhihu has developed diversified monetization channels, including marketing services, paid memberships, and vocational training, which are continuously enriched as the company grows [3].

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。 ...

Core Insights - Zhihu achieved its first quarterly profit since going public in Q1 2025, with total revenue reaching 729.7 million RMB and a gross margin increase from 56.6% to 61.8% year-over-year [1] - Despite a net loss of 10.1 million RMB, this represents a 93.9% reduction compared to the same period in 2024, indicating a potential for sustained profitability [1] - CEO Zhou Yuan highlighted the effective integration of AI into the company's ecosystem as a key factor in improving user retention and engagement metrics [1][5] Financial Performance - In Q1 2025, Zhihu's revenue breakdown showed paid membership income at 417.9 million RMB, accounting for 57.3% of total revenue, while marketing services contributed 197 million RMB (27%) and vocational education brought in 94.53 million RMB (13%) [2] - The average monthly paid membership increased slightly to 14.2 million, up from 14.1 million in the previous quarter [2] AI Strategy and Integration - The integration of DeepSeek, an advanced AI tool, has been pivotal in stabilizing paid membership revenue amidst overall revenue decline [5] - DeepSeek's unique "traceability feature" differentiates Zhihu from competitors, enhancing the value of its expert network and driving community engagement [5][6] - The company has been progressively implementing its AI strategy since 2023, with the launch of various AI models and features aimed at improving content quality and user experience [5] Comparison with Reddit - Zhihu's business model and operational challenges bear similarities to Reddit, often referred to as the "American version of Zhihu," particularly in terms of user engagement and revenue generation strategies [7][9] - Both platforms have experienced a significant stock price increase following the integration of AI technologies and the achievement of profitability, although they have since returned to previous levels [10] Future Outlook - Zhou Yuan emphasized the importance of maintaining a forward-looking approach, viewing the recent profitability as a milestone rather than an endpoint [11] - The competitive landscape for AI-driven content and community products suggests that Zhihu's unique positioning may allow it to carve out a distinct niche in the evolving market [11]

Group 1 - The core viewpoint is that AI is fundamentally reshaping traditional internet industries, with significant implications for user-generated content (UGC) ecosystems and traditional business models [2][3][4] - Zhihu, as a representative of traditional internet communities, reported a decline in total revenue from 960 million yuan in 2024 to 730 million yuan in 2025, a decrease of 24%, despite achieving profitability in Q1 [2] - The emergence of AI has transformed content production and user behavior, leading to a redefined search logic and enhanced user experiences across various platforms, including e-commerce [3][4] Group 2 - AI's impact on traditional internet companies is irreversible, prompting a need for rapid transformation to avoid being left behind in the technological wave [4] - Companies must rethink their positioning and development strategies, integrating AI capabilities into existing products or developing independent AI projects [4][5] - The future value of internet companies will still rely on human contributions in complex areas beyond knowledge, such as philosophy and emotional consulting, highlighting the importance of balancing technology with human insight [5]

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 ...

Core Viewpoint - Zhihu aims to improve profit margins as a strategic focus, continuing its efforts to turn losses into profits [1][6] Financial Performance - In Q1 2025, Zhihu reported revenue of 730 million yuan, a year-on-year decrease of 24.06% [3] - The net loss narrowed to 10.1 million yuan, a 93.9% improvement compared to the previous year [3] - Adjusted net profit (non-GAAP) reached 6.9 million yuan, compared to a loss of 138 million yuan in the same period last year [3] - Gross margin increased from 56.6% in Q1 2024 to 61.8% in Q1 2025, reflecting improved operational efficiency [2][6] Revenue Breakdown - Marketing services revenue was 197 million yuan, down from 331 million yuan in Q1 2024 [4][5] - Paid membership revenue slightly decreased to 418 million yuan from 450 million yuan year-on-year, attributed to a slight decline in average monthly subscribers [5] - Vocational training revenue fell to 94.5 million yuan from 146 million yuan, mainly due to reduced contributions from acquired businesses [5] - Other income decreased to 20.3 million yuan from 35.2 million yuan in the previous year [5] User Engagement and AI Integration - Monthly active users for Zhihu's direct answer feature exceeded 10 million, with a growth of over 37% from the beginning of the quarter [2][9] - Daily active user engagement time increased by 17.6% to nearly 38 minutes [8] - The number of paid members reached an average of 14.2 million, continuing an upward trend [9] - The citation rate of Zhihu's professional content by AI assistants reached 29.9%, the highest among content communities [9] Strategic Focus and Future Outlook - The company emphasizes enhancing commercialization capabilities while unlocking community value [9] - The CEO highlighted the achievement of recording adjusted net profit for the first time in Q1 since the company's listing, indicating effective operational strategies [6] - The CFO noted that the increase in gross margin reflects improved execution and operational efficiency [6]

Core Viewpoint - The company reported its first non-GAAP net profit since its IPO in Q1 2025, continuing the profitability trend from Q4 2024, despite a 24% year-over-year decline in revenue [1][3]. Revenue Summary - Q1 2025 revenue was 730 million yuan, down from 960 million yuan in Q1 2024 [3]. - Revenue sources include marketing services, paid memberships, vocational training, and others, with paid memberships contributing the largest share at 420 million yuan, a 7% decrease from 450 million yuan year-over-year [3]. - The average monthly paid subscribers decreased to 14.2 million from 14.8 million in the previous year [3]. - Marketing services revenue fell to 200 million yuan, a 40.4% decline from 330 million yuan in the same period last year [3]. - Vocational training and other segments generated 94.5 million yuan and 20.3 million yuan, respectively, with vocational training revenue down 35% due to reduced contributions from acquired businesses [3]. Expense Summary - Total operating expenses decreased by 34.4% to 500 million yuan from 770 million yuan in Q1 2024 [4]. - Sales and marketing expenses dropped to 320 million yuan, a 32.9% reduction from 480 million yuan [4]. - R&D expenses decreased by 28.1% to 140 million yuan from 200 million yuan [4]. - General and administrative expenses fell by 55.6% to 41.2 million yuan from 92.9 million yuan [4]. Profitability and Financial Position - The company achieved a non-GAAP net profit of 6.9 million yuan in Q1 2025, compared to a net loss of 136 million yuan in the same period last year [3]. - Gross margin improved by 5.2 percentage points year-over-year, indicating enhanced operational efficiency [4]. - As of the end of Q1 2025, the company had cash and cash equivalents totaling 4.77 billion yuan [5]. - The company's stock price was reported at $3.93, with a total market capitalization of $345 million [5].