Full information regarding these and other risks and uncertainties is included in our public filings with the U.S. Securities and Exchange Commission and the Hong Kong Stock Exchange. The company does not assume any obligation to update any forward-looking statements as required under the applicable law. Additionally, the discussion today will include both GAAP and non-GAAP financial measures for comparison purpose only. For reconciliation of these non-gap measures to the most directly comparable gap measur ...

Community Growth and Engagement - Zhihu's community has grown to over 77 million professionals contributing content, enhancing the platform's reputation for professionalism and trustworthiness [11] - Zhihu has implemented accessibility standards and improved community features to foster inclusivity, particularly for individuals with disabilities [15] - The company aims to increase the density of "in-depth discussion" content to establish a trusted bridge connecting professional insights with public issues [55] - Enhanced community engagement through user-friendly creative activities, inspiring a wider user base to participate in content creation [72] - By the end of December 2024, a total of 30 sessions of the "Content Creation Challenge" have been held, significantly enhancing the volume and interaction of ideas and responses on the platform [75] - The "Zhizhi Plan" has cumulatively inspired more than 39,000 creators by December 2024, providing financial incentives through a fund of hundreds of millions of RMB [87] - The "Creator Salon" events reached over 300 high-value answerers in 2024, fostering community engagement and sharing among creators [95] Technological Innovation - The company launched its self-developed large language model, "Zhihaitu AI," which is among the first to receive regulatory registration, showcasing its technological innovation [16] - Zhihu's AI search product, "Zhihu Zhida," ensures AI-generated responses are traceable to original human creators, addressing common issues in AI products [16] - The "Zhihu Zhida" AI-powered search product was launched in June 2024, covering over 50 million documents in Chinese and English, enhancing user access to high-quality information [101] - The "Zhihu Zhida" will integrate the "full version" of DeepSeek-R1 in February 2025, upgrading reasoning capabilities and enhancing the AI search experience [101] - AI technology has been applied in content review to strengthen the identification of low-quality content, protecting original creators' rights [105] Environmental, Social, and Governance (ESG) Initiatives - Zhihu integrated the United Nations Sustainable Development Goals (SDGs) into its strategy, aligning with 12 of the 17 SDGs to promote global sustainability [18] - Zhihu's ESG governance structure includes a three-tier system with the Board of Directors overseeing ESG matters, ensuring effective implementation of initiatives [22] - The company has identified a total of 23 materiality topics, including 4 environmental, 16 social, and 3 governance topics, with new additions such as "AI Ethics" and "Original Content Support" [44] - The company has implemented a transition plan for the new Environmental, Social and Governance Reporting Code effective January 1, 2025, focusing on Scope 3 greenhouse gas emissions [38] - Zhihu is committed to promoting digital inclusion by providing customized services for people with special needs, ensuring equal access to services [53] Content Safety and Governance - In 2024, Zhihu handled over 31 million pieces of non-compliant content, demonstrating its commitment to maintaining a healthy community environment [17] - The company emphasizes community governance to ensure content safety and the security of advertising business models, fostering a positive ecosystem [56] - Zhihu continuously enhances governance intensity and efficiency through institutional regulation optimization and product function upgrades [57] - The company issued reminders for 35,113 pieces of inaccurate content and published over a thousand rumor-dispelling articles, with an exposure exceeding 40 million [62] - Cumulatively protected 120,370 users from harassment by strangers and handled over 27 million pieces of unfriendly information [62] - Blocked over 3.6 million malicious login attempts and identified over 350,000 spam registration accounts [63] - Launched the "Content Tagging" feature to prevent users from being misled by incorrect information, enhancing recognition coverage and accuracy [63] - In 2024, a dedicated governance and publicity campaign against cyber violence was conducted, releasing over 50 weekly reports on handling cyber violence [62] - Upgraded the "One Click Protection" feature to enhance proactive protection against inappropriate comments and private message harassment [62] - Established a diverse and transparent user feedback mechanism, allowing users to supervise, report, and provide feedback on community content [65] - Continuously optimized the machine review strategy by incorporating AI technology for more efficient detection and filtering of problematic content [70] Creator Support and Development - The "Beacon Prize" program provided nine creator teams with tens of millions in creation incentives, contributing nine premium content works with long-term value [88] - The "Haiyan Plan 6.0" initiative introduced "Navigators" to enhance content distribution through algorithmic signals, improving content ecosystem vitality [79] - The "Creation Training Program" equips creators with essential skills, enhancing content quality and enabling them to identify suitable vertical niches [82] - In 2024, creators' earnings achieved a year-on-year growth exceeding 20% for four consecutive quarters [91] - The optimization initiative for creator experience resulted in a double-digit improvement in creator experience metrics [152] Information Security and User Protection - The company is committed to enhancing information security management and protecting innovative achievements through comprehensive measures [53] - The company conducted 10 information security audits in 2024, focusing on personal information display desensitization and log audits to reduce the risk of personal information leakage [177] - Zhihu completed the third-level network security protection certification and obtained the ISO/IEC 27001 information security management system certification in 2024 [178] - The company established a dedicated elderly service hotline and optimized age-friendly accessibility services to better meet the needs of elderly users [161] - In 2024, Zhihu launched an online safety knowledge education program for adolescents, utilizing comics and quizzes to guide proper internet use [158] - Zhihu's information security protection mechanism includes pre-event prevention, in-process monitoring, and post-event response to ensure comprehensive security management [172] - Zhihu has obtained the ISO/IEC 27701 certification for its privacy information management system, ensuring compliance with information security standards [193] - During the Reporting Period, Zhihu did not experience any major data or user data breaches related to information security, indicating strong data protection measures [193] Employee Development and Workplace Culture - The company adheres to a "Talent First" development philosophy, providing diverse and equitable employment policies and abundant career growth opportunities [194] - Zhihu has established a comprehensive employment system that strictly complies with relevant labor laws and regulations, ensuring employee rights are safeguarded [195] - The company promotes a diverse and inclusive work environment, opposing all forms of employment discrimination and ensuring equal pay for equal work [196] - Zhihu has developed a comprehensive talent cultivation system with three modules: general skills, professional competency, and leadership, supported by various training programs [198] - The "Sailor Program" and "Navigate the Future" program are part of Zhihu's leadership development system aimed at nurturing young talents and middle managers [199] - Zhihu conducts systematic foundational training sessions annually, including business ethics and information security training, to enhance employees' general skills [200]

BEIJING, April 15, 2025 (GLOBE NEWSWIRE) -- Zhihu Inc. ("Zhihu" or the "Company") (NYSE:ZH, HKEX: 2390)), a leading online content community in China, today announced that it filed its annual report on Form 20-F for the fiscal year ended December 31, 2024 with the Securities and Exchange Commission on April 15, 2025. The annual report can be accessed on the Company's investor relations website at https://ir.zhihu.com. The Company will provide a hard copy of its annual report containing the audited consolida ...

Financial Performance - Revenues for 2023 reached RMB 4,198,889, a 16.5% increase from RMB 3,604,919 in 2022[48] - Gross profit for 2023 was RMB 2,295,848, representing a gross margin of approximately 54.7%[48] - Net loss attributable to Zhihu Inc.'s shareholders decreased to RMB 843,641 in 2023 from RMB 1,581,157 in 2022, a reduction of 46.6%[48] - The company expects revenues for 2024 to be approximately RMB 3,598,905, reflecting a decrease of 14.3% compared to 2023[48] - The net loss per share for 2023 was RMB 2.82, significantly improved from RMB 5.19 in 2022[48] - In 2022, 2023, and 2024, the company incurred net losses of RMB1.6 billion, RMB839.5 million, and RMB169.0 million (US$23.1 million) respectively, along with negative operating cash flows of RMB1.1 billion, RMB415.5 million, and RMB280.2 million (US$38.4 million) respectively[79] Cash Flow and Liquidity - Cash and cash equivalents as of December 31, 2023, were RMB 2,106,639, down from RMB 4,525,852 at the beginning of the year[51] - Net cash used in operating activities improved to RMB 415,527 in 2023 from RMB 1,114,954 in 2022[51] - Cash and cash equivalents increased to RMB 3,999,160 thousand in 2024 from RMB 2,106,639 thousand in 2023, representing an increase of approximately 90%[55][57] - Net cash provided by operating activities was RMB (280,185) thousand for the year ended December 31, 2024, compared to a positive cash flow in the previous year[57] - The company reported net cash used in investing activities of RMB 1,681,140 thousand for 2023, compared to a net cash provided of RMB 3,490,467 thousand in 2022[59] Assets and Liabilities - Total current assets decreased to RMB 6,377,880 in 2023 from RMB 6,795,272 in 2022[50] - Total liabilities reduced to RMB 1,537,266 in 2024 from RMB 2,093,662 in 2023, indicating a 26.8% decrease[50] - As of December 31, 2024, total assets amounted to RMB 5,732,952 thousand, a decrease from RMB 6,795,272 thousand as of December 31, 2023[55][56] - Total current liabilities decreased to RMB 1,524,656 thousand in 2024 from RMB 1,945,488 thousand in 2023, a reduction of about 22%[55][56] Investments and Capital Contributions - The aggregate amount of capital contributions by Zhihu Inc. to its intermediate holding companies and subsidiaries was RMB10.3 billion, RMB10.0 billion, and RMB9.6 billion (US$1.3 billion) for 2022, 2023, and 2024, respectively[42] - The company reported a total of RMB 1,007,851 thousand in cash inflows from investing activities, highlighting strong investment performance[57] - The company has experienced significant user growth, with a highly engaged user base, but any decline in content quality may adversely affect user retention and growth[73] Regulatory and Compliance Risks - The PCAOB's ability to inspect registered public accounting firms in mainland China and Hong Kong may affect the trading of Zhihu's shares in the U.S. under the HFCAA[37] - The company operates through PRC subsidiaries and VIEs, relying on contractual arrangements due to restrictions on foreign investment in certain sectors[33] - The company has obtained requisite licenses and permits for its operations in China, but uncertainties remain regarding future compliance[39] - The company is subject to complex and evolving laws regarding cybersecurity and data privacy, which could lead to penalties and increased operating costs if not complied with[90] - The PRC government may impose penalties or revoke business licenses if the VIE structure is deemed non-compliant with regulations, which could adversely affect operations[153] User Engagement and Market Competition - The company faces risks related to maintaining an engaged user base and high-quality user-generated content, which are critical for its success[63] - The company operates in a highly competitive market and must keep up with technological developments to avoid adverse effects on its business[63] - The company may struggle to balance monetization efforts with user experience, which could negatively impact brand reputation if advertisements are perceived as intrusive[77] Technology and Innovation - The company is actively developing AI-powered tools, such as Zhihu Zhida, to adapt to technological changes, but there is uncertainty regarding the timely capture of benefits from these advancements[71] - The company launched its first Large Language Model, Zhihaitu AI, in 2023, which received regulatory registration in November 2023[101] - In June 2024, the company introduced the AI search product, Zhihu Zhida, enhancing user experience in querying and searching[101] Shareholder and Corporate Governance - Zhihu Inc. has not declared or paid any cash dividends since its ADS listing in March 2021 and does not plan to do so in the foreseeable future[44] - The board of directors has complete discretion over dividend distribution, which may depend on future operational results and cash flow[226] - Holders of ADSs have limited voting rights and cannot directly attend shareholder meetings[229] Foreign Investment and Economic Environment - The U.S. government imposed a 10% tariff on most countries, with a 34% additional tariff on goods imported from China, leading to cumulative tariffs exceeding 100% between the U.S. and China[145] - The final rule from the U.S. Department of the Treasury may limit the ability to raise capital from U.S. investors, potentially affecting business operations and financial condition[144] - The ongoing geopolitical tensions, particularly between the United States and China, may adversely impact the company's business and financial condition[142]

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]

【环球网科技综合报道】4月15日消息，在2025年世界互联网大会亚太峰会上，知乎创始人、CEO周源在会上发表演讲，系统阐释了AI时代知识社区的使命 与创新方向。在国内外大模型持续迭代、AI技术加速渗透各行各业的背景下，周源提出"以人的价值为锚点，推动AI应用高质量发展"的观点，引发业界对技 术伦理与人类创造力关系的思考。 在周源看来，专家网络会成为更强的"人和AI的结合体"，他们不仅不会被AI取代，每个行业10%的头部专家价值都会被放大。 为此，知乎在AI搜索产品知乎直答中持续强化专家网络的价值，实现AI生成内容直接溯源到知乎专家的真实创作。通过社区的专家网络，降低AI的幻觉和 污染问题，让AI更专业可信。数据显示，知乎直答在上线不到一年时间里，月活用户已增长至千万级别。（勃潺） 知乎拥有超过7700万创作者组成的专家网络，他们由各行业的新质生产力者组成，擅于拥抱和使用AI新技术。这些真实的专家分享与AI的协同正在重塑知 识共享的新形态：开发者与开源AI协作优化代码，学者借助AI工具挖掘跨学科研究新范式，创业者通过AI模拟市场推演迭代商业蓝图，教师通过AI个性化 教案推动普惠教育。 "人类创造力与AI在社区共 ...

Core Insights - The article discusses the rising issue of seasonal allergies in spring, highlighting the prevalence of allergic reactions among individuals and the need for effective management strategies [1][3][17] Group 1: Allergy Prevalence and Impact - Over 70 million people in China suffer from allergic rhinitis, primarily triggered by pollen and dust mites during spring [3] - The article notes that 14% of individuals with nasal allergies feel that wearing masks is ineffective against allergens [3] - The survey indicates that 46% of individuals experience skin allergies, with 50% identifying itching as the primary symptom [8][10] Group 2: Comprehensive Allergy Management - The "Allergy Star Spring Guide" provides a systematic approach to managing nasal, eye, and skin allergies, including prevention and treatment options [3][10][14] - For nasal allergies, the guide emphasizes the importance of understanding regional pollen sources and suggests wearing masks and using air purifiers [3][13] - Eye allergies are addressed with a comparison of symptoms to help individuals distinguish between allergic and bacterial infections [5][10] Group 3: Immune System and Skin Health - The article highlights the significance of maintaining a balanced immune system, particularly for children and the elderly, with 24% of older adults experiencing allergy-related symptoms [11] - Recommendations include dietary adjustments, adequate sleep, and nutritional supplements to enhance immune function [11][12] - The guide also stresses the importance of vitamins and collagen for skin health, noting that over 80% of adults in China have insufficient vitamin A and D intake [12] Group 4: Market Response and Consumer Behavior - JD.com reports a 40% year-on-year increase in allergy medication orders, indicating a growing demand for allergy management products [17] - The collaboration between JD.com and Zhihu aims to provide consumers with timely access to allergy medications, with delivery options as fast as 9 minutes [17] - The initiative has garnered significant attention, with over 520 million views on the related topic and active engagement from over 1,000 individuals discussing allergy management strategies [16][17]

Core Insights - Zhihu Inc. has achieved its first-ever profit in the fourth quarter of 2024, marking a significant milestone after over a decade of operations [1][3][5] - The company is focusing on enhancing its knowledge-sharing platform through the integration of AI technology, specifically with its new Zhida.ai tool [2][9][12] Financial Performance - Zhihu reported a profit of 86.4 million yuan for the fourth quarter, reversing a net loss of 103.1 million yuan from the previous year, despite a 25% year-over-year revenue decline to 859.2 million yuan [3][4][7] - The gross margin improved by 3.8 percentage points to 62.9%, contributing to the profitability [3] - The annual loss for Zhihu was 169 million yuan, a significant improvement from the 840 million yuan loss the previous year [4] User Metrics - The monthly average users decreased by 18% year-on-year to 81.4 million from 99 million [4][8] - The number of AI-focused content creators grew by 50% year-over-year in the fourth quarter, with income-generating creators increasing by 22% [14] Business Strategy - Zhihu is prioritizing high-quality users over quantity, leading to a deliberate reduction in less profitable user segments [2][8] - The company has segmented its business into paid membership, core marketing services, and vocational training education services, with marketing services revenue declining by about one-third year-on-year [6][8] AI Integration - The introduction of Zhida.ai aims to enhance the quality of user-generated content by leveraging AI to provide expert-supplied answers [9][12] - The company believes that the integration of AI will improve content creation efficiency and attract advertisers seeking high-quality content [17] Market Position - Zhihu's stock price has seen a 13% increase following the announcement of Zhida.ai, although it remains significantly lower than its all-time highs since its IPO [15] - Analysts view Zhihu as undervalued compared to competitors, with a price-to-sales ratio of 0.79, but emphasize the need for consistent profitability to improve investor confidence [18]

Core Insights - The report titled "Future AI Life Atlas" was jointly released by Zhihu and AWE 2025, highlighting five key themes: AI technology, integration technology, human-centered design, technological equity, and green energy efficiency [1][3] - The search index for "AI home appliances" on Zhihu increased by 553% month-on-month in March 2025, indicating a growing awareness in the industry about AI technology enabling proactive services in home appliances [2][3] - AWE 2025 signifies a shift in the home appliance industry from traditional hardware competition to AI-driven scenario understanding, evolving home appliances from mere tools to intelligent household managers [3] Industry Trends - The integration of AI technology in home appliances is leading to deeper incorporation of basic functionalities, allowing appliances to return to their essential tool nature [3] - There is a noticeable trend towards aging-friendly, localized, and health-oriented home appliances, emphasizing a human-centered approach where technology better serves people [3] - AWE 2025 showcases the extensive application and large-scale implementation of AI technology across smart home, smart entertainment, smart mobility, and smart energy sectors, marking a new era of "AI technology, AI life" [3] Community Engagement - Zhihu hosts a concentrated pool of content from experts, engineers, and product managers across various fields, facilitating professional discussions that not only address consumer questions but also inspire product innovation in the home appliance industry [3]

Core Insights - Zhihu achieved quarterly profitability for the first time in Q4 2024, with a net profit of 86.4 million yuan, compared to a net loss of 103.1 million yuan in the same period last year [1] - The company's total revenue for 2024 reached 3.6 billion yuan, with Q4 revenue at 860 million yuan, exceeding market expectations [1] - The revenue composition shows that paid memberships contributed nearly half of the total income, amounting to 420 million yuan, while marketing services and vocational education generated 320 million yuan and 84 million yuan, respectively [1] Revenue and Cost Management - The profitability in Q4 was attributed to improved operational efficiency and strict cost management, with revenue costs decreasing by 31.5% year-on-year and expenses down by 37.9% [1] - Despite the decline in paid membership revenue to 420 million yuan from 456 million yuan year-on-year, it still accounted for a significant portion of total revenue [7] Vocational Education Segment - Zhihu's vocational education platform, "Zhixuetang," launched in December 2022, operates independently and integrates six sub-brands covering various fields [3][4] - However, the vocational education segment generated only 84 million yuan in Q4, a decrease from 169 million yuan in the same period last year, indicating challenges in scaling this business [4] AI Integration and Future Prospects - The company views AI as a significant opportunity to enhance its value proposition, leveraging its expert network to address trust issues in the AI era [9][12] - The "Zhihu Direct Answer" product aims to combine AI with community engagement, enhancing user experience while maintaining the integrity of expert contributions [12][13] - The strategic direction reflects a balance between maintaining professional content quality and adapting to the entertainment-driven market [14] Market Perception and Strategic Challenges - Investors are increasingly evaluating Zhihu through the lens of AI concepts, indicating a shift in market perception [14] - The company faces the challenge of proving its value beyond profitability, particularly in a competitive landscape focused on AI applications and ecosystem restructuring [14]