知乎(02390.HK)：2025年第一季度的平均月订阅会员达1420万人。 ...

Core Points - Zhihu Inc. announced the appointment of Dr. Li-Lan Cheng as an independent director and the resignation of Mr. Hanhui Sam Sun, effective May 27, 2025 [1] - Dr. Cheng will serve as the chairman of the audit committee and a member of the compensation, nomination, and corporate governance committees [1] - Dr. Cheng has extensive experience in finance and corporate governance, having held various executive roles in companies such as E-House and SouFun [2][3] Company Overview - Zhihu Inc. is a leading online content community in China, known for its Q&A-inspired platform that helps users find solutions and seek inspiration [4] - Since its launch in 2010, Zhihu has grown to become the largest online content community of its kind in China [4]

Core Insights - The total revenue for Zhihu (02390.HK) in Q1 2025 was RMB 730 million (USD 100.6 million), a decrease from RMB 960.9 million in the same period of 2024 [1] - The gross margin improved from 56.6% in Q1 2024 to 61.8% in Q1 2025 [1] Financial Performance - Q1 2025 total revenue: RMB 730 million (USD 100.6 million) [1] - Q1 2024 total revenue: RMB 960.9 million [1] - Q1 2025 gross margin: 61.8% [1] - Q1 2024 gross margin: 56.6% [1]

智通财经5月27日电，知乎发布2025年第一季度业绩报告，总营收7.3亿元，经调整净利润694万元。 ...

Group 1 - The core point of the article is that Zhihu (02390.HK) reported a net loss of RMB 10.1 million (USD 1.4 million) for the first quarter of 2025, which represents a significant reduction of 93.9% compared to the same period in 2024 [1]

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]