今年3月，知乎2024年四季度财报释放出首次单季盈利的消息后，知乎CEO周源收到了很多朋友发来的祝贺信息。 周源有理由高兴。知乎成立14年，在中文互联网世界里始终独树一帜，占位明确，差异化明显，不过长期面临着商业化拷问，如今终于迈过了盈利拐点。 现在又两个季度过去了，知乎的盈利能力在变得常态化。今年二季度，知乎实现经调整净利润9130万元，连续三个季度实现Non-GAAP盈利。 知乎的盈利成色，究竟几何？一句话概括：其盈利主要靠的是节流，而非开源。 今年上半年，知乎的营收同比下滑了23.7%，具体到营销服务、付费会员、职业培训这三大块业务看，营收也都是下滑的。 | | 截至6月30日止六個月 | | | --- | --- | --- | | | 2025年 | 2024年 | | | (未經審計) | (未經審計) | | | (人民幣千元) | | | 收入: | | | | 營銷服務 | 419,737 | 674,521 | | 付費會員 | 819,848 | 882,376 | | 職業培訓 | 156,631 | 279.069 | | 其他 | 50,343 | 58,707 | 图/知乎半年 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 知乎 呈交日期: 2025年9月4日 I. 法定/註冊股本變動 第 1 頁 共 10 頁 v 1.1.1 | 1. 股份分類 | 不同投票權架構公司普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02390 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 1,550,000,000 | USD | 0.000125 | USD | | 193,750 | | 增加 / 減少 (-) | | | 0 | | | USD | | | | 本月底結存 | | | 1,550,000,000 | USD | 0.000125 | USD | | 193,750 | | 2. ...

经济观察网 热门中概股美股盘前多数下跌，截至发稿，小鹏汽车、理想汽车、蔚来跌超2%，阿里巴 巴、京东、爱奇艺、名创优品跌超1%；知乎涨超2%，斗鱼涨超1%。 ...

Core Insights - The company reported better-than-expected adjusted net profit of 91.34 million yuan for Q2 2025, despite a revenue decline of 23% year-on-year to 717 million yuan, which was slightly below the expected 730 million yuan [1][2] - The company is seeing initial success from business adjustments, particularly in marketing services and paid membership, with expectations for a turning point in upcoming quarters [1][2] Revenue and Profit Trends - Q2 2025 revenue from marketing services decreased by 35% year-on-year, but the company is optimistic about future improvements in the advertising structure [1] - Paid membership revenue fell by 7% year-on-year, but the average revenue per paying user (ARPPU) is expected to grow by 3% [1] - The company is shifting its focus towards acquiring long-lifecycle users and enhancing user engagement through new content formats [1] AI Integration and Community Value - The company upgraded its core AI product, Zhihu Zhidao, enhancing its knowledge base functionality, which has led to a significant increase in active usage penetration [2] - The presence of 365,000 professional creators in discussions related to technology and AI highlights the growing value of the company's content community [2] - The company’s quality content is becoming a valuable data asset, with AI assistants citing Zhihu more frequently than other content communities [2] Financial Performance and Share Buyback - The company achieved adjusted profitability for three consecutive quarters, with a decrease in operating expense ratio by 4 percentage points year-on-year [2] - In the first half of 2025, the company repurchased 7.42 million shares, representing about 3% of the total share capital [2] Revenue and Profit Forecast - Revenue forecasts for 2025 and 2026 have been revised down by 8.2% and 9.9% to 2.82 billion yuan and 2.97 billion yuan, respectively, due to ongoing adjustments in marketing services and vocational training [2] - Adjusted net profit for 2025 has been revised from a loss of 72.86 million yuan to a profit of 31.80 million yuan, while the 2026 adjusted net profit forecast has been reduced from 140 million yuan to 77.07 million yuan [2] - The current stock price corresponds to 1.0 times the price-to-sales ratio for 2025/2026, with a target price of 16 HKD/6.1 USD, indicating an upside potential of 25%/24% [2]

知乎2025年中期财报最引人注目的亮点莫过于其持续改善的盈利能力。财报数据显示，知乎上半年实现总收入14.47亿元，同比下滑23.7%，但 经调整净利润达到9828万元，相比去年同期的净亏损1.8亿元实现大幅逆转。 其中第二季度表现尤为突出，营收7.17亿元，经调整净利润9130万元，连续三个季度保持Non-GAAP盈利。这种"营收降、利润升"的财务表 现，反映了知乎正在进行的深度战略调整——从追求规模增长转向效率优先的发展模式。 这份财报背后，既是知乎从规模扩张向效率优先的战略转型，也是内容社区在AI时代探索商业化路径的一个缩影。 A I 赋 能 下 的 " 减 脂 增 肌 " 知 乎 开 启 效 率 革 命 在内容社区平台普遍面临增长瓶颈的2025年，知乎于近日交出了一份颇具特色的半年度成绩单。 在营收同比下滑的情况下，知乎通过精细化运营和人工智能技术融合，成功将毛利率提升至62.5%，大幅超出市场预期，展示了知乎在商业化与 用户体验之间找到平衡点的能力。 此外，AI技术对运营效率的提升作用也不容忽视。目前来看，AI技术已深度融入知乎的内容审核、会员推广和职业培训等业务环节，显著降低 了人力成本并提高了运 ...

AI融入社区生态深化，关注AI时代的内容社区价值 中金发布研报称，考虑到知乎-W(02390)投资收益增加，维持跑赢行业评级，由于行业估值中枢上移， 维持目标价16港元/6.1美元，均对应1.25倍25年目标P/S，港/美股上行空间25%/24%。公司2Q25收入7.17 亿元，2Q25经调整净利润9,134万元，好于该行预期，该行认为主要由于公司投资收益相关的公允价值 变动及较好的费用把控。 中金主要观点如下： 各项业务调整初见成效，或有望在后续季度迎来拐点 营销服务业务方面，公司表示针对性结构调整初见成效。该行认为，公司在广告商业化和社区用户的体 验平衡上已经实现了优化，建议关注后续广告主结构的优化进展，预计明年广告主结构优化见效及低基 数效应下有望实现同比增长。付费会员方面，该行预计业务ARPPU同比增长3%。公司于业绩会表示战 略重心在获取长生命周期的用户上。该行建议关注语音直播、有声读物、广播剧等新内容供给形式对用 户粘性及付费的驱动。职业培训业务方面，公司表示业务正从以核心品类为主的传统模式转向更具社交 互动性和知识分享驱动的新模式。 2Q25，公司对核心AI产品知乎直答进行了进一步的升级，产品知 ...

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]

本报（chinatimes.net.cn）记者于玉金 北京报道 在业务调整过程中，知乎也持续向外界展示自身的盈利能力。8月27日，知乎发布2025年Q2财报。报告 显示，其今年Q2营收7.17亿元，经调整净利润为9130万元，连续三个季度实现Non-GAAP盈利。 8月27日晚间，知乎CFO王涵在财报电话会议上表示，在今年上半年的两个季度，知乎已经在GAAP和 Non-GAAP的利润层面均实现了超预期的盈利，这也为知乎在一些业务的长期发展的探索上提供了更多 空间，同时使知乎全年Non-GAAP接近盈亏平衡的概率得到了很大提升。 持续盈利 知乎2025年Q2收入从上年同期的9.34亿元下滑23.23%至7.17亿元，其今年Q1的收入为7.30亿元。具体来 看，除了其他收入同比增长27.6%至0.3亿元，知乎的三大业务收入均在下滑。 其中，付费阅读业务仍贡献收入大头，其Q2收入为4.02亿元，占总收入的比例达到56.1%，该业务2024 年同期收入为4.33亿元，知乎在财报中解释，"该小幅减少主要由于平均月订阅会员数量下降所致。" 虽然收入还在下滑，但是由于成本下滑，知乎今年2025年Q2净利润为7250万元，而 ...

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].

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。" 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。 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7248.2万元，去年同期则取 ...