Core Insights - Zhihu reported a total revenue of 3.599 billion yuan for 2024, a year-on-year decrease of 14.3%, while net loss narrowed to 169 million yuan, a reduction of 79.9% compared to the previous year [1] - The fourth quarter of 2024 marked a significant milestone for Zhihu, achieving a net profit of 97.1 million yuan, the first time the company has reached profitability since its IPO [2][3] - The CEO emphasized the importance of 2024 as a turning point for Zhihu, highlighting the successful execution of strategic plans and the integration of AI into community interactions [1][4] Financial Performance - In Q4 2024, Zhihu's revenue was 860 million yuan, with an adjusted net profit of 97.1 million yuan and an adjusted operating profit of 23.1 million yuan, marking the first quarter of comprehensive profitability [2] - The revenue structure for Q4 included 420 million yuan from paid memberships (48.9% of total revenue), 320 million yuan from marketing services (36.8%), and 84 million yuan from vocational education [2] - For the full year 2024, paid membership and marketing services were the main revenue contributors, generating 1.762 billion yuan and 1.247 billion yuan respectively, with a decline in revenue across major business segments compared to 2023 [3] Operational Efficiency - Zhihu improved operational efficiency and cost management, resulting in a gross margin increase of 3.8 percentage points to 62.9% and a 37.9% reduction in operating expenses year-on-year [2][3] - As of the end of Q4 2024, Zhihu had cash and cash equivalents totaling 4.86 billion yuan, providing a solid foundation for continued profitability enhancement [3] AI Investment and Strategy - Zhihu has increased investments in AI, enhancing its self-developed large model "Zhihai Map AI" and improving various model capabilities [4] - The integration of AI into Zhihu's operations has significantly boosted business efficiency, with the AI search product "Zhihu Direct Answer" undergoing multiple iterations to enhance community and creator value [4] - The CEO stated that AI will greatly promote Zhihu's development, as the platform's expert network is essential in addressing trust issues in the AI era [5] User Engagement - By the end of Q4 2024, Zhihu's content creation volume reached 870 million, a year-on-year increase of 12.9%, with over 77 million creators actively participating [5] - The average monthly active users (MAUs) reached 81.4 million, showing continued quarter-on-quarter growth, while the average monthly subscription members reached 14.1 million [5]

Financial Data and Key Metrics Changes - In Q4 2024, the company reported an adjusted net income of RMB97.1 million, a significant turnaround from an adjusted net loss of RMB91.3 million in the same period last year [8] - The adjusted operating profit improved from a loss of RMB165.3 million in Q4 2023 to a profit of RMB23.1 million in Q4 2024 [8] - Total revenues for Q4 2024 were RMB859.2 million, down from RMB1,138.3 million in Q4 2023, reflecting a strategic shift away from lower-quality revenue [39][41] - The gross margin expanded to 62.9%, driven by improved operational efficiency and disciplined cost management [44] Business Line Data and Key Metrics Changes - Paid membership revenue was RMB420.2 million, a decrease from RMB455.9 million in Q4 2023, with average monthly paid members slightly declining by 0.8% year-over-year [41][25] - Vocational training revenue decreased by 50.4% year-over-year to RMB84 million, primarily due to strategic refinements in the acquired business [32][42] - Marketing services revenue reached RMB315.9 million, down from RMB465.2 million in Q4 2023, but showed a sequential growth of 23.1% [28][41] Market Data and Key Metrics Changes - The average monthly active users (MAUs) were 81.4 million, reflecting a 0.3% sequential increase despite a significant reduction in promotional expenses [13] - The community of content creators grew to 77.7 million, an increase of 8.9% year-over-year, with income-generating creators rising by over 22% year-over-year [18][19] Company Strategy and Development Direction - The company is focusing on enhancing community trust and user experience while forgoing some peripheral users to drive profitability [9][23] - AI is viewed as a historic opportunity, with plans to deepen integration between AI and the community to improve content quality and user engagement [10][36] - The company aims to strengthen its position as a trusted content platform by expanding into specialized verticals and introducing new original IPs [58] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's strategic roadmap and execution capabilities, highlighting a transformative turnaround in 2024 [7] - The CEO emphasized the importance of trustworthiness in the AI era, stating that the expert network is essential for combating AI-generated content issues [52] - The company plans to maintain a focus on profitability while exploring new opportunities arising from AI integration [74] Other Important Information - The company repurchased a total of 75.3 million Class A ordinary shares for an aggregate value of US$1.2 billion since its Hong Kong IPO [46] - The company achieved a double-digit non-GAAP net profit margin of 11% in Q4 2024, marking a significant milestone in its financial performance [72] Q&A Session Summary Question: Insights on Zhihu Zhida user size data and its benefits to the community - The CEO reported that Zhida's MAUs grew from about 1 million to 10 million, driven by high repeat visits and positive word-of-mouth [51] - The expert network is crucial in the AI era, as it provides trustworthy content amidst the rise of AI-generated content [52] Question: Expected changes and innovations on the product side this year - The CEO mentioned a focus on strengthening social interactions and enhancing the brand as a trusted content platform, with developments in social circles and new content formats [58][61] Question: How AI and large language models can benefit Zhihu's online marketing product - The CFO noted that AI is changing the monetization model of advertising, with a shift towards content marketing and brand reputation management on the platform [66][69] Question: Long-term margin profile and cash utilization outlook - The CFO indicated that the company achieved a double-digit net profit margin and sees AI as a historical opportunity for growth, with plans for share repurchases due to undervaluation [72][74]

Core Viewpoint - Zhihu has achieved profitability for the first time since its listing, marking a significant milestone in its financial performance [2][3] Financial Performance - In Q4 2024, Zhihu reported revenue of 859 million yuan and a net profit of 86.4 million yuan, compared to a net loss of 103 million yuan in the same period of 2023 [1] - Zhihu's marketing service revenue decreased to 316 million yuan from 465 million yuan year-on-year, while paid membership revenue fell to 420 million yuan from 456 million yuan [4] - The overall cost of revenue decreased from 465 million yuan to 319 million yuan, leading to a gross profit of 540 million yuan and a gross margin increase from 59.1% to 62.9% [5] Operational Efficiency - Zhihu improved its operational efficiency, reducing total operating expenses from 851 million yuan to 529 million yuan, resulting in an operating profit of 11.9 million yuan [5] - As of the end of Q4, Zhihu had over 77 million creators and a total content creation volume of 870 million pieces, reflecting a year-on-year growth of 12.9% [5] AI Integration - AI has become a key focus for Zhihu's future development, with ongoing investments in AI applications to enhance user interaction and competitive advantage [2] - Zhihu has launched AI search products like "Zhihu Direct Answer," which have undergone multiple iterations to improve search result quality and user engagement [7] - The integration of AI technologies has not only transformed Zhihu's business but also enhanced the professional value of its content community [8]

Financial Data and Key Metrics Changes - In Q4 2024, the company reported an adjusted net income of RMB97.1 million, a significant turnaround from an adjusted net loss of RMB91.3 million in the same period last year [7] - The adjusted operating profit improved from an adjusted net operating loss of RMB165.3 million in Q4 2023 to an adjusted operating profit of RMB23.1 million in Q4 2024 [7] - Total revenues for Q4 2024 were RMB859.2 million, compared to RMB1,138.3 million in Q4 2023, reflecting a strategic shift away from lower quality revenue [29][30] - Full year 2024 revenues were RMB3,598.9 million, a decrease of 14.3% from the previous year [19] Business Line Data and Key Metrics Changes - Paid membership revenue for Q4 2024 was RMB420.2 million, down from RMB455.9 million in Q4 2023, with average monthly paid members slightly decreasing by 0.8% year over year [20][30] - Vocational training revenue decreased by 50.4% year over year to RMB84 million in Q4 2024, primarily due to strategic refinements [24][30] - Marketing services revenue reached RMB315.9 million in Q4 2024, down from RMB465.2 million in the same period last year, but showed a sequential growth of 23.1% [22][30] Market Data and Key Metrics Changes - Average Monthly Active Users (MAUs) were 81.4 million, up 0.3% sequentially, despite a significant reduction in community-related promotional expenses [11] - Time spent per Daily Active User (DAU) grew by 23% year over year, indicating improved user engagement [11] - The community of content creators reached 77.7 million, an increase of 8.9% year over year, with income-generating creators increasing by over 22% year over year [15] Company Strategy and Development Direction - The company emphasized prioritizing community trust and enhancing core user experience, leading to a deliberate choice to forgo some peripheral users [7] - AI is viewed as a historic opportunity, with the company focusing on authentic, professional content to help AI overcome challenges [8][27] - The company plans to deepen integration of AI into its community and workflows to enhance content creation and distribution efficiency [48][49] Management's Comments on Operating Environment and Future Outlook - Management highlighted that the fourth quarter marked a transformative turnaround, achieving profitability for the first time [6][27] - The company is confident that its strategic focus on trust and quality will yield long-term benefits, despite short-term trade-offs [19][27] - Looking ahead to 2025, the company aims to enhance community trust while exploring innovative AI applications [28][59] Other Important Information - The company has cash and cash equivalents totaling RMB4.9 billion as of December 31, 2024, down from RMB5.5 billion a year earlier [33] - The company repurchased a total of 75.3 million Class A ordinary shares for an aggregate value of approximately $1.2 billion [33] Q&A Session Summary Question: Insights on Zihu Ju Da user size and its benefits to the community ecosystem - Management reported that JUDA's MAU grew from about 1 million to 10 million, driven by high repeat visits and positive word-of-mouth [37] - The expert network within the community is crucial for providing trustworthy content amidst the rise of AI-generated content [38][39] Question: Expectations for product changes and AI integration - The company plans to strengthen social interactions and enhance its brand as a trusted content platform, focusing on both short-form and long-form content [46][47] - AI will be integrated into community workflows to boost content creation efficiency [48] Question: Benefits of AI and market model to online marketing products - AI is changing the monetization model of advertising, with a focus on high-quality content generated by experts [53][54] Question: Long-term margin profile and cash utilization outlook - The company achieved a double-digit non-GAAP net profit margin of 11% in Q4 2024, with expectations for continued profitability growth [58][59] - The company plans to conduct share buybacks while maintaining a strong cash position [59]

Financial Data and Key Metrics Changes - In Q4 2024, the company reported an adjusted net income of RMB97.1 million, a significant turnaround from an adjusted net loss of RMB91.3 million in the same period last year [8] - The total revenues for Q4 were RMB859.2 million, compared to RMB1,138.3 million in Q4 2023, reflecting a strategic shift away from lower quality revenue [29] - Full year revenues for 2024 were RMB3,598.9 million, a decrease of 14.3% from the previous year [19][30] - The gross profit for Q4 was RMB540.7 million, with a gross margin of 62.9%, indicating improved operational efficiency [31] Business Line Data and Key Metrics Changes - Paid membership revenue was RMB420.2 million, down from RMB455.9 million in the same period last year, with average monthly paid members slightly decreasing by 0.8% year over year [20][30] - Vocational training revenue decreased by 50.4% year over year to RMB84 million, primarily due to strategic refinements of the acquired business [24][30] - Marketing services revenue reached RMB315.9 million, showing a sequential growth of 23.1% compared to the previous quarter [22][30] Market Data and Key Metrics Changes - Average Monthly Active Users (MAUs) were 81.4 million, up 0.3% sequentially, despite a significant reduction in community-related promotional expenses [12] - The community of content creators grew to 77.7 million, an increase of 8.9% year over year, reflecting a vibrant creator ecosystem [16] Company Strategy and Development Direction - The company emphasized a strategic focus on community trust and enhancing user experience, leading to a deliberate reduction in user acquisition expenses by 88% year over year [8][19] - AI is viewed as a historic opportunity, with the company planning to leverage its expert network to enhance content quality and trustworthiness [10][28] - The company aims to deepen integration of AI into its community workflows to boost content creation efficiency [51] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to maintain profitability and improve margins, with a double-digit net profit margin of 11% achieved in Q4 [61] - The company plans to continue investing in strategic initiatives, even if it means incurring short-term losses, to capture long-term growth opportunities [27][62] Other Important Information - The company has cash and cash equivalents totaling RMB4.9 billion as of December 31, 2024, down from RMB5.5 billion a year earlier [34] - The company has been active in share repurchases, having repurchased a total of 75.3 million Class A ordinary shares for an aggregate value of approximately $1.2 billion [34] Q&A Session Summary Question: Insights on Zihu Ju Da user size and its benefits to the Zhihu community - Management reported that JUDA's MAU grew from about 1 million to 10 million, driven by high repeat visits and positive word-of-mouth [38] - The expert network of Zhihu is deemed irreplaceable, especially in the context of AI-generated content and the need for trustworthy information [39][40] Question: Expected changes and innovations on the product side this year - The focus will be on strengthening social interactions and enhancing the brand as a trusted content platform, with new initiatives in social circles and original IPs [49][50] Question: How AI and market models benefit Zhihu's online marketing products - AI is changing the monetization model, with a shift towards high-quality content being prioritized by AI systems, enhancing Zhihu's competitive advantage [56][57] Question: Long-term margin profile and cash utilization outlook - The company achieved a double-digit net profit margin and plans to maintain a slightly overall loss temporarily to pursue growth opportunities [61][62]

知乎2024年第四季度营收同比下降24.5%，首次实现盈利，主要归功于其在成本控制方面的进步。毛利率扩大至62.9%，较去年同期的59.1%上升了3.8个 百分点。 26日，知乎发布2024年第四季度及全年业绩报告： 1）主要财务数据： | | | For the Three Months Ended | | | | For the Year Ended | | | --- | --- | --- | --- | --- | --- | --- | --- | | | December 31. | September 30. | December 31. | | December 31. | December 31. | | | | 2023 | 2024 | 2024 | | 2023 | 2024 | | | | RMB | RMB | RMB | US$ | RMB | RMB | US$ | | Revenues: | | | | | | | | | Marketing services | 465,153 | 256,631 | 315.940 | 43,284 | 1,652,992 | 1.24 ...

知乎 未經審計簡明合併經營狀況表 (所有金額以千元計,惟股份、美國存託股、每股數據及每股美國存託股數據除外) 知乎 2024 年第四季度的经调整净利润（非公认会计准则）为人民币 9710 万元，而 2023 年同期为经调整净亏损人民币 9130 万元。 知乎 2024 年第四季度的平均月活跃用户为 8140 万人，2024 年第四季度的平均月订阅会员为 1410 万人。 知乎董事长兼行政总裁周源表示："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。" 2024 年全年总收入为人民币 35.99 亿元，同比下降 14.5%； 毛利率由 2023 年的 54.7% 提高至 60.6%； 净亏损人民币 1.69 亿元，较 2023 年收窄 79.9%，去年同期净亏损人民币 8.39 亿元； 经调整 ...

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].

Core Viewpoint - Zhihu Inc. reported a significant turnaround in its financial performance for the fiscal year 2024, achieving profitability in the fourth quarter for the first time, driven by strategic execution and improved operational efficiency [3][9][11]. Financial Performance Highlights - **Fourth Quarter 2024 Results**: Total revenues were RMB 859.2 million (US$ 117.7 million), a decrease from RMB 1,138.3 million in the same period of 2023 [4][9]. - **Revenue Breakdown**: - Marketing services revenue decreased to RMB 315.9 million (US$ 43.3 million) from RMB 465.2 million [4]. - Paid membership revenue slightly declined to RMB 420.2 million (US$ 57.6 million) from RMB 455.9 million [5]. - Vocational training revenue fell to RMB 84.0 million (US$ 11.5 million) from RMB 169.3 million [5]. - **Cost Management**: Cost of revenues decreased by 31.5% to RMB 318.5 million (US$ 43.6 million) [6]. - **Gross Profit and Margin**: Gross profit was RMB 540.7 million (US$ 74.1 million) with a gross margin of 62.9%, up from 59.1% year-over-year [7][9]. - **Operating Expenses**: Total operating expenses decreased by 37.9% to RMB 528.8 million (US$ 72.4 million) [7][10]. - **Net Income**: Net income for the fourth quarter was RMB 86.4 million (US$ 11.8 million), compared to a net loss of RMB 103.1 million in the same period of 2023 [9][11]. Fiscal Year 2024 Overview - **Total Revenues**: For the fiscal year 2024, total revenues were RMB 3,598.9 million (US$ 493.0 million), down from RMB 4,198.9 million in 2023 [14]. - **Revenue Sources**: - Marketing services revenue was RMB 1,247.1 million (US$ 170.9 million), down from RMB 1,653.0 million [14]. - Paid membership revenue was RMB 1,762.0 million (US$ 241.4 million), slightly down from RMB 1,826.6 million [15]. - Vocational training revenue decreased to RMB 468.1 million (US$ 64.1 million) from RMB 565.6 million [15]. - **Gross Margin Improvement**: Gross margin improved to 60.6% from 54.7% in 2023 [17]. - **Net Loss**: The net loss for the year narrowed to RMB 169.0 million (US$ 23.1 million), a significant reduction from RMB 839.5 million in 2023 [20]. Share Repurchase Programs - As of December 31, 2024, the company repurchased 31.1 million Class A ordinary shares for a total price of US$ 66.5 million under its existing US$ 100 million share repurchase program [21]. - A concurrent share repurchase program was established in June 2024, effective until June 26, 2025 [21]. Cash Position - As of December 31, 2024, the company had cash and cash equivalents, term deposits, restricted cash, and short-term investments totaling RMB 4,859.0 million (US$ 665.7 million), down from RMB 5,462.9 million a year earlier [13].

Financial Performance - Total revenue for Q4 2024 was RMB 859.2 million (USD 117.7 million), down from RMB 1,138.3 million in Q4 2023[12] - Total revenue for the fiscal year 2024 was RMB 3,598.9 million (USD 493.0 million), down from RMB 4,198.9 million in 2023[12] - Total revenue for FY 2024 was RMB 3,598.9 million (USD 493.0 million), down from RMB 4,198.9 million in 2023[17] - Total revenue for the three months ended December 31, 2023, was RMB 1,138,297 thousand, a decrease of 24.5% compared to RMB 1,652,992 thousand for the same period in 2022[31] Profitability - Net profit for Q4 2024 was RMB 86.4 million (USD 11.8 million), compared to a net loss of RMB 103.1 million in Q4 2023[12] - Net loss for the fiscal year 2024 narrowed to RMB 169.0 million (USD 23.1 million), a reduction of 79.9% compared to 2023[12] - Adjusted net loss for the fiscal year 2024 was RMB 96.3 million (USD 13.2 million), a decrease of 85.4% from 2023[12] - Net profit was RMB 86.4 million (USD 11.8 million), a turnaround from a net loss of RMB 103.1 million in the same period of 2023[15] - The company reported a net loss of RMB 103,105 for the three months ending December 31, 2023, compared to a net loss of RMB 839,528 for the full year 2023[38] Operating Expenses - Total operating expenses decreased by 37.9% to RMB 528.8 million (USD 72.4 million) in Q4 2024 compared to RMB 851.3 million in Q4 2023[14] - Total operating expenses decreased by 21.0% from RMB 3,368.1 million to RMB 2,661.9 million (USD 364.7 million) compared to 2023[18] - The total operating expenses for the three months ended December 31, 2023, were RMB 851,258 thousand, a decrease of 24.5% from RMB 3,368,073 thousand for the full year 2023[31] User Engagement - Average monthly active users (MAUs) reached 81.4 million in Q4 2024[12] - The company expects to continue focusing on expanding its paid membership services and enhancing user engagement in the upcoming quarters[28] Revenue Streams - Marketing services revenue for Q4 2024 was RMB 315.9 million (USD 43.3 million), down from RMB 465.2 million in Q4 2023[13] - Paid membership revenue for Q4 2024 was RMB 420.2 million (USD 57.6 million), slightly down from RMB 455.9 million in Q4 2023[13] - Paid membership revenue was RMB 1,762.0 million (USD 241.4 million), a slight decrease from RMB 1,826.6 million in 2023, mainly due to a slight decline in average revenue per subscriber[17] Research and Development - R&D expenses decreased by 37.0% from RMB 232.6 million to RMB 146.6 million (USD 20.1 million) compared to the same period in 2023, primarily due to improved efficiency in technology innovation spending and reduced personnel-related expenses[15] - Research and development expenses for the three months ended December 31, 2023, were RMB 232,585 thousand, a decrease of 25.5% from RMB 901,452 thousand for the full year 2023[31] Cash and Assets - Cash and cash equivalents, including short-term investments, totaled RMB 4,859.0 million (USD 665.7 million) as of December 31, 2024, down from RMB 5,462.9 million as of December 31, 2023[16] - Cash and cash equivalents increased to RMB 2,106,639 as of December 31, 2023, compared to RMB 3,999,160 in 2024[35] - As of December 31, 2023, total assets amounted to RMB 6,795,272, a decrease from RMB 5,732,952 in 2024[35] Shareholder Actions - The company repurchased 31.1 million Class A ordinary shares for a total of USD 66.5 million under its existing share repurchase plan[20] Strategic Focus - The company reported a significant decrease in accounts receivable, which fell to RMB 664,615 as of December 31, 2023, from RMB 420,636 in 2024[35] - The company plans to focus on new product development and market expansion strategies in the upcoming fiscal year[36] - The financial results reflect the impact of strategic adjustments and cost management initiatives implemented by the company[28]