Core Viewpoint - In 2025, despite facing growth bottlenecks in content community platforms, Zhihu reported a unique semi-annual performance, showcasing its ability to balance commercialization and user experience through refined operations and AI integration [1][2]. Financial Performance - Zhihu's total revenue for the first half of 2025 was 1.447 billion yuan, a year-on-year decline of 23.7%, but adjusted net profit reached 98.28 million yuan, a significant turnaround from a net loss of 180 million yuan in the same period last year [4]. - The second quarter was particularly strong, with revenue of 717 million yuan and adjusted net profit of 91.3 million yuan, marking three consecutive quarters of Non-GAAP profitability [4]. - Cost control and operational optimization were key drivers of profit improvement, with revenue costs down 31.1% to 547 million yuan and operating expenses down 30.9% to 1.043 billion yuan [4]. Cost Structure and Efficiency - In the second quarter, costs related to content and operations, personnel expenses, and cloud services significantly decreased, leading to a total cost reduction of 28.8% to 269 million yuan [4]. - R&D spending was 146 million yuan in the second quarter, down 30.4%, indicating a balance between cost-saving and innovation [4]. AI Integration - AI technology has been deeply integrated into Zhihu's operations, enhancing efficiency in content review, member promotion, and vocational training, thereby reducing labor costs [5]. - The AI-assisted content review system quickly identifies violations, while smart recommendation algorithms improve paid membership conversion rates [5]. Business Strategy and Structure - Zhihu has strategically reduced investment in underperforming business lines, particularly in marketing services and vocational training, with revenues declining by 37.78% and 43.87% respectively [6]. - This proactive approach to shedding low-efficiency businesses marks a shift from a "burning money for growth" model to a sustainable business model focused on profitability [6]. Content Ecosystem and User Engagement - Zhihu is evolving its content ecosystem through a three-pronged strategy of high-quality content, a trusted expert network, and AI capabilities, aiming to build a knowledge community moat in the AI era [9]. - The platform has seen a more than 10% increase in daily high-quality content additions, with AI-related professional content growing over 45% year-on-year [9]. User Demographics and Engagement - 74.1% of active users are under 30 years old, with female users making up 59.3%, providing a diverse foundation for content [9]. - Despite stable monthly active user numbers, metrics such as daily active user engagement time, core user retention rates, and creator activity have significantly improved [9]. Expert Network and Knowledge Production - Zhihu has developed a large expert network, including 16 million participants in technology and AI discussions, and 365,000 deep creators in related topics [10]. - This "knowledge production network" is a core asset that differentiates Zhihu from other content platforms and is crucial for addressing challenges in the AI era [11]. AI Strategy and Product Development - Zhihu's AI strategy focuses on practical applications rather than generic models, launching the "Zhihu Direct Answer" AI search product to enhance knowledge acquisition [11]. - The strategy emphasizes integrating AI across the platform and extending reliable content and services to broader applications beyond the community [11]. Conclusion - Zhihu's performance and market strategy in the first half of 2025 demonstrate the strategic resilience and transformation wisdom of a mature internet company, achieving significant profit improvement amid industry pressures [12].

Core Viewpoint - CICC maintains an outperform rating for Zhihu-W (02390) due to increased investment income and an upward shift in industry valuation, setting a target price of HKD 16 / USD 6.1, which corresponds to a 1.25x 2025 target P/S ratio, indicating an upside potential of 25% / 24% for Hong Kong and US stocks respectively [1] Group 1: Business Performance - In Q2 2025, the company reported revenue of CNY 717 million and adjusted net profit of CNY 91.34 million, exceeding expectations primarily due to fair value changes in investment income and effective cost control [1] - The marketing services segment shows initial success from targeted structural adjustments, with expectations for growth in the advertising client structure and a projected 3% year-over-year increase in ARPPU for paid memberships [2] - The company is shifting its vocational training business from a traditional model focused on core categories to a new model driven by social interaction and knowledge sharing [2] Group 2: AI Integration and Community Value - In Q2 2025, the company upgraded its core AI product, Zhihu Zhidao, enhancing its knowledge base functionality to support subscriptions and sharing, leading to a significant increase in active usage penetration [3] - The company emphasizes the growing value of its content community in the AI era, with 3.65 million professional creators actively discussing technology and AI topics, and high citation rates of Zhihu content by AI assistants compared to other content communities [3] Group 3: Financial Health and Share Buyback - The company achieved adjusted profitability for three consecutive quarters, with a year-over-year decrease in operating expense ratio by 4 percentage points, and realized investment income of CNY 140 million from fair value changes [4] - In the first half of 2025, the company repurchased 7.42 million shares, accounting for approximately 3% of the total share capital [4]

Core Viewpoint - The company maintains an outperform rating due to increased investment income, with a target price of HKD 16 / USD 6.1, reflecting a 25% / 24% upside potential in Hong Kong and US stocks respectively [1] Group 1: Financial Performance - In Q2 2025, the company reported revenue of CNY 717 million and an adjusted net profit of CNY 91.34 million, exceeding expectations primarily due to fair value changes in investment income and effective cost control [1] - The company achieved adjusted profitability for three consecutive quarters, with a year-on-year decrease in operating expense ratio by 4 percentage points [4] Group 2: Business Adjustments and Growth Potential - Initial results from targeted structural adjustments in marketing services are promising, with expectations for growth in the advertising client structure and a projected 3% year-on-year increase in ARPPU for paid memberships [2] - The company is shifting its vocational training business from a traditional model to a more interactive and knowledge-sharing driven approach [2] Group 3: AI Integration and Community Value - The company upgraded its core AI product, Zhihu Zhidao, enhancing its knowledge base functionality, which has significantly increased active usage penetration [3] - The company emphasizes the value of quality content in the AI era, with 3.65 million professional creators engaging in discussions related to technology and AI, suggesting potential monetization opportunities for high-quality content [3] Group 4: Share Buyback Activity - In the first half of 2025, the company repurchased 7.42 million shares, accounting for approximately 3% of its total share capital [4]

Core Insights - Zhihu has demonstrated its profitability during business adjustments, reporting Q2 2025 revenue of 717 million yuan and adjusted net profit of 91.3 million yuan, achieving Non-GAAP profitability for three consecutive quarters [2][3]. Revenue Performance - Q2 2025 revenue decreased by 23.23% year-on-year from 934 million yuan to 717 million yuan, with Q1 2025 revenue at 730 million yuan. The decline in revenue was primarily due to a drop in paid reading subscriptions, which contributed 402 million yuan, accounting for 56.1% of total revenue [3][4]. - The average monthly subscription members decreased from 14.7 million in the previous year to 13.2 million in Q2 2025 [3]. Business Strategy - The company is focusing on improving member retention and increasing Average Revenue Per User (ARPU) by optimizing the structure of new members and expanding content offerings, such as voice live broadcasts [3][4]. - Marketing services revenue fell to 223 million yuan from 344 million yuan year-on-year, attributed to a strategic focus on improving profit margins [4][5]. Profitability and Cost Management - Despite revenue decline, Zhihu achieved a net profit of 72.5 million yuan in Q2 2025, compared to a net loss of 80.6 million yuan in the same period last year. Adjusted net profit was 91.3 million yuan, up from an adjusted net loss of 44.6 million yuan [5][6]. AI Integration - The company is fully embracing AI technology, launching the "Zhihu Direct Answer" AI search product to enhance user experience and content quality. This includes integrating professional content sources and improving search capabilities [6][7]. - The CEO emphasized the importance of high-quality content as a trust currency in the AI era, indicating that the platform's content quality will determine its value [7][8]. Future Outlook - The company aims to optimize its client structure and upgrade commercial products, focusing on high-value categories and enhancing the monetization of its IP [5][6]. - Continuous upgrades to the AI search and knowledge base are planned, with expectations for significant user experience improvements in Q4 2025 [7][8].

Core Viewpoint - Zhihu demonstrates its profitability during business adjustments, reporting a revenue of 717 million yuan and a non-GAAP net profit of 91.3 million yuan for Q2 2025, achieving non-GAAP profitability for three consecutive quarters [2][3]. Revenue Performance - Zhihu's Q2 2025 revenue decreased by 23.23% year-on-year from 934 million yuan to 717 million yuan, with Q1 2025 revenue at 730 million yuan [3]. - The paid reading business remains the largest revenue contributor, generating 402 million yuan in Q2 2025, accounting for 56.1% of total revenue, down from 433 million yuan in the same period last year [3]. - The average monthly subscription members decreased to 13.2 million in Q2 2025 from 14.7 million in the same period last year [3]. Business Strategy and Adjustments - The company is focusing on improving member retention and increasing ARPU (Average Revenue Per User) through various initiatives, including optimizing new member structures and expanding content offerings [3]. - Marketing service revenue fell to 223 million yuan in Q2 2025 from 344 million yuan year-on-year, attributed to a strategic focus on improving profit margins [4]. - The vocational education segment generated 62.1 million yuan, down from 62 million yuan year-on-year, due to strategic optimization [4]. Profitability and Cost Management - Despite revenue declines, Zhihu achieved a net profit of 72.5 million yuan in Q2 2025, compared to a net loss of 80.6 million yuan in the same period last year [4]. - The adjusted net profit (non-GAAP) was 91.3 million yuan, a significant improvement from an adjusted net loss of 44.6 million yuan in Q2 2024 [4]. AI Integration and Community Development - The company is fully embracing AI technology, with the launch of the new AI search product "Zhihu Direct Answer" aimed at enhancing user experience and content quality [5][6]. - The integration of AI with community content is seen as a key strategy, with ongoing upgrades to improve the search and answer quality [6]. - The CEO emphasized the importance of high-quality content as a trust currency in the AI era, indicating a shift towards more reliable and professional content [5][6]. Future Outlook - The company aims to optimize its client structure and upgrade its commercial products to achieve positive year-on-year growth in marketing services [4]. - Continuous iterations and upgrades of the AI search capabilities are planned, with a focus on enhancing user experience in Q4 2025 [6].

Core Viewpoint - Zhihu-W (02390) reported a significant increase in stock price by over 6% following the release of its Q2 earnings, indicating positive market reception despite a decline in total revenue [1] Financial Performance - For the second quarter ending June 30, 2025, Zhihu achieved total revenue of 717 million yuan, a year-on-year decrease of 23.23% [1] - The company reported a net profit attributable to shareholders of 72.48 million yuan, compared to a loss of 82.73 million yuan in the same period last year [1] - Basic earnings per share were reported at 0.3 yuan [1] Operational Insights - The Chairman and CEO, Zhou Yuan, highlighted that the company has achieved non-GAAP profitability for three consecutive quarters, reflecting the effectiveness of its refined operational strategies and the integration of artificial intelligence technology [1] - Key performance indicators such as daily active user engagement, core user retention rates, and creator activity have shown significant improvement [1] AI Integration and Future Strategy - The integration of artificial intelligence has enhanced the user experience and created greater value for both users and creators, positioning Zhihu as an important platform for AI-related content and expert interactions [1] - The CFO, Wang Han, noted that the company achieved a non-GAAP net profit of 91.3 million yuan in Q2, compared to a non-GAAP net loss of 44.6 million yuan in the previous year [1] - The gross margin increased by approximately 3 percentage points to 62.5%, reflecting ongoing improvements in cost structure and operational efficiency driven by AI [1] - The company aims to maintain rigorous execution and sustainable commercialization to drive long-term growth [1]

智通财经APP获悉，知乎-W(02390)绩后涨超6%，截至发稿，涨6.25%，报13.59港元，成交额145.38万 港元。 知乎董事长兼行政总裁周源先生表示："公司连续第三个季度实现了非公认会计准则盈利。充分体现了 精细化营运策略的持续成效，以及人工智能技术融合所带来的效率提升。 公司社区保持着活跃的生命 力，用户基础稳定，日活跃用户访问时长、核心用户留存率和创作者活跃度均有显著提升。人工智能现 已深度融入公司的产品体验，为用户和创作者不断创造更大的价值。知乎也因此成为人工智能相关内 容、产品发布和专家互动的重要平台。" 知乎首席财务官王晗先生补充表示："第二季度，公司实现非公认会计准则净利润9130万元，而上年同 期为非公认会计准则净亏损4460万元。毛利率同比增长约3个百分点，达到62.5%。这些成果反映了人 工智能驱动的生产力提升，带来成本结构和运营效率的持续改善。公司将继续专注于严谨的执行力和可 持续的商业化，以推动长期增长。" 消息面上，8月27日，知乎-W发布截至2025年6月30日止3个月第二季度业绩，该集团取得总收入7.17亿 元(单位下同)，同比减少23.23%；知乎股东应占净利润724 ...

Financial Performance - In the first half of the year, the company achieved total revenue of 1.447 billion yuan, a year-on-year decline of 23.7% [1] - Adjusted net profit was 98.28 million yuan, compared to a loss of 180 million yuan in the same period last year [1] - In Q2, revenue reached 717 million yuan, with an adjusted net profit of 91.3 million yuan, marking three consecutive quarters of Non-GAAP profitability [1] Cost Management - The company's cost of revenue was 547 million yuan, down 31.1% year-on-year [1] - Operating expenses decreased by 30.9% to 1.043 billion yuan [1] - The CFO indicated that improvements in cost structure and operational efficiency were driven by AI-driven productivity enhancements [1] Revenue Sources - The three main revenue streams all experienced declines, with paid membership being the largest source, accounting for over 50% of revenue, generating 820 million yuan, down 7% year-on-year [2] - Marketing services and vocational education recorded revenues of 420 million yuan and 160 million yuan, with year-on-year declines of 37.78% and 43.87%, respectively [2] Content Strategy - The company is expanding its supply of medium and long-form content to support its membership ecosystem [4] - Paid membership revenue share increased to 56.7%, up over 10 percentage points year-on-year, although the average monthly subscription count decreased by 6.7% to 13.7 million [4] - The short drama industry is seen as a growth area, with the company leveraging its community content for adaptation into popular series [2][4] AI Integration - The company is focusing on two key areas for AI: accelerating integration across the platform and expanding reliable content and services beyond the community [5] - AI-related professional content has seen over 45% year-on-year growth for two consecutive quarters [5] - The CEO emphasized that AI is deeply integrated into the product experience, enhancing value for users and creators [6] Market Outlook - The micro-short drama market in China is expected to exceed 50 billion yuan by 2025, presenting a significant opportunity for the company [4] - The company aims to convert its traffic advantages into revenue, which remains a challenge [4]

Group 1: Financial Performance - The company achieved a revenue of 717 million in Q2, with an adjusted net profit of 91.3 million, and a GAAP net profit of 72.48 million, maintaining a gross margin of 62.5% [1][2] - It has been profitable for three consecutive quarters, indicating an improvement in operational quality with reduced R&D, marketing, and management expenses [2] - The cash flow position is strong, with 4.8 billion in cash on hand and a share buyback of 31.1 million shares, reflecting management's confidence in future prospects [3] Group 2: User Engagement and Revenue Structure - The primary revenue source remains paid reading, contributing over 400 million, while advertising and vocational education account for 220 million and 60 million, respectively [2] - Although the number of subscription members decreased to 13.2 million from 14.2 million, the average daily active user engagement increased to 38 minutes, a 17.6% year-on-year rise [4][5] - The ARPU for paid members is increasing, indicating that while the user base may be shrinking, the remaining users are contributing more value [5] Group 3: AI Integration and Future Prospects - The monthly active users for the "Zhihu Direct Answer" feature have surpassed 10 million, marking a significant step towards instant Q&A capabilities [9] - AI-related content production has increased by 46% year-on-year, showing a deepening integration of AI within the community ecosystem [10] - The company is positioned as a leading platform for AI discussions in China, with a large network of expert contributors, which could lead to differentiated revenue opportunities [13] Group 4: Competitive Landscape and Strategic Choices - Compared to Quora, which has focused on an AI platform, Zhihu is enhancing its existing community by integrating AI to improve its Q&A system [15][17] - The company faces a choice between maintaining a profitable niche community or evolving into a knowledge hub for the AI era, similar to Reddit's approach of content monetization through data licensing [19][20] - The future direction remains uncertain, but the company has the financial stability and time to explore various strategic options [21]

Core Insights - Zhihu reported a revenue of 717 million yuan for Q2 2025, with an adjusted net profit of 91.3 million yuan, marking three consecutive quarters of Non-GAAP profitability [1] - The paid reading business generated 402 million yuan in revenue, accounting for 56.1% of total revenue [1] - Marketing services and vocational education contributed 223 million yuan and 62.1 million yuan, representing 31.1% and 8.7% of total revenue, respectively [1] - As of the end of Q2, Zhihu had a total of 4.82 billion yuan in cash and cash equivalents, time deposits, restricted funds, and short-term investments [1]