BEIJING, May 30, 2024 /PRNewswire/ -- Zhihu Inc. (NYSE: ZH; HKEX: 2390) ("Zhihu" or the "Company"), a leading online content community in China, today announced that it will hold an annual general meeting of the Company's shareholders (the "AGM") at 10:00 a.m. Beijing time on June 26, 2024 at Room Landing, Floor 1, Zone B, China Industry-Academy-Research Achievement Transformation Center, No. 18A Xueqing Road, Haidian District, Beijing, China, for the purposes of considering and, if thought fit, passing eac ...

BEIJING, May 27, 2024 /PRNewswire/ -- Zhihu Inc. ("Zhihu" or the "Company") (NYSE: ZH; HKEX: 2390), a leading online content community in China, today announced that it will report its unaudited financial results for the quarter ended March 31, 2024 before the U.S. market opens on June 12, 2024.The Company's management will host a conference call at 7:00 A.M. U.S. Eastern Time on Wednesday, June 12, 2024 (7:00 P.M. Beijing/Hong Kong Time on Wednesday, June 12, 2024) to discuss the results.All participants w ...

BEIJING, April 26, 2024 /PRNewswire/ -- Zhihu Inc. (NYSE: ZH; HKEX: 2390) ("Zhihu" or the "Company"), a leading online content community in China, today announced that it plans to change the ratio of its American depositary shares ("ADSs") to its Class A ordinary shares (the "ADS Ratio Change"), par value US$0.0001 per share, from the current ratio of two ADSs representing one Class A ordinary share to a new ratio of one ADS representing three Class A ordinary shares, effective on or about May 10, 2024, U.S ...

Financial Performance - Total revenues for 2023 reached RMB 4,198,889 thousand, representing a 16.5% increase from RMB 3,604,919 thousand in 2022[11] - Gross profit for 2023 was RMB 2,295,848 thousand, up 27.0% from RMB 1,808,052 thousand in 2022[11] - The net loss for 2023 decreased to RMB 839,528 thousand, a 46.8% improvement compared to RMB 1,578,403 thousand in 2022[11] - Adjusted loss from operations for 2023 was RMB 887,984 thousand, a 27.1% reduction from RMB 1,218,803 thousand in 2022[11] - Adjusted net loss for 2023 was RMB 659,093 thousand, down 44.9% from RMB 1,195,855 thousand in 2022[11] - Marketing services revenue decreased to RMB1.7 billion in 2023 from RMB2.0 billion in 2022, reflecting a challenging industry environment[38] - Paid membership revenue increased by 48.4% to RMB1.8 billion in 2023, up from RMB1.2 billion in 2022, driven by growth in subscribing members[38] - Vocational training revenue surged by 127.8% to RMB565.6 million in 2023, compared to RMB248.3 million in 2022, due to enhanced online course offerings and contributions from acquired businesses[38] - Gross profit rose by 27.0% to RMB2.3 billion in 2023, with gross margin expanding to 54.7% from 50.2% in 2022[42] - Total operating expenses remained flat at RMB3.4 billion in 2023, with research and development expenses increasing by 18.1% to RMB901.5 million[43] User Engagement - Average monthly active users (MAUs) increased by 4.0% to 105.3 million in 2023 from 101.3 million in 2022[11] - Average monthly subscribing members rose by 47.5% to 14.5 million in 2023, compared to 9.8 million in 2022[11] - As of December 31, 2023, the cumulative number of content creators reached 71.3 million, a 13.0% increase from 63.1 million in 2022[26] Assets and Liabilities - Total assets as of December 31, 2023, amounted to RMB 6,795,272 thousand, a decrease from RMB 7,656,239 thousand in 2022[8] - Current liabilities increased to RMB 1,945,488 thousand in 2023 from RMB 1,824,841 thousand in 2022[8] - Total shareholders' equity for Zhihu Inc. was RMB 4,599,810 thousand as of December 31, 2023, compared to RMB 5,653,696 thousand in 2022[8] Corporate Structure and Compliance - The company operates its Zhihu online platforms and other services through Consolidated Affiliated Entities, which are subject to foreign investment restrictions under PRC laws[91] - The company holds an ICP License, which is required for providing commercial internet information services in China[93] - The company has obtained a Publication Operation License to conduct publication distribution business in compliance with PRC regulations[102] - The Company faces risks related to compliance with PRC laws regarding its contractual arrangements, which could lead to penalties or loss of operational control[105] - The Company has adopted measures to ensure compliance with Contractual Arrangements, including annual reviews by the Board and external legal advisors if necessary[106] Governance and Management - The executive team includes Mr. Zhou as Chairman and CEO, and Mr. Dahai Li as Chief Technology Officer, both with extensive industry experience[171][172] - The Group's management team includes Mr. Han Wang as Chief Financial Officer, appointed in February 2024, with prior experience in investment firms[178] - The Board consists of seven members: two executive Directors, two non-executive Directors, and three independent non-executive Directors[188] - During the Reporting Period, the Board held four meetings, with all Directors actively participating in the majority of them[190] - The Company has received annual confirmations of independence from all independent non-executive Directors, ensuring compliance with independence requirements[194] Strategic Initiatives - The company plans to enhance its monetization model and expand discussions and search scenarios in the community to better serve users and clients in 2024[31] - The Company emphasizes a content-centric business model to create value for stakeholders through sustainable growth and continuous development[181] - The Group is committed to reviewing and adjusting its business strategies to respond to changing market conditions and foster sustainability[182] Shareholder Information - The Company did not recommend the distribution of an annual dividend for the Reporting Period[153] - The Company repurchased approximately 39,758,632 ADSs, representing a total of 19,879,316 Class A Ordinary Shares, for an aggregate consideration of US$41,783,921 during the Reporting Period[141] - The weighted voting rights structure allows the WVR Beneficiary to control the Company despite not holding a majority economic interest[136] Risks and Challenges - The company faces risks related to its corporate structure, including potential penalties from the PRC government regarding its contractual arrangements with Consolidated Affiliated Entities[73] - The company is subject to uncertainties in China's legal system, which could limit legal protections and impose additional obligations[75] - The company's Class A ordinary shares and ADSs have experienced volatility, which could result in substantial losses for investors[81]

Core Points - Zhihu Inc. filed its annual report on Form 20-F for the fiscal year ended December 31, 2023, with the Securities and Exchange Commission on April 26, 2024 [1] - The annual report includes audited consolidated financial statements and is available on the Company's investor relations website [1] - Shareholders and ADS holders can request a hard copy of the annual report free of charge [1] Company Overview - Zhihu Inc. is a leading online content community in China, evolving from a Q&A platform since its launch in 2010 to one of the top comprehensive online content communities [2] - The company is recognized as the largest Q&A-inspired online content community in China [2] - For investor and media inquiries, Zhihu provides contact information for representatives in both China and the United States [2]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 20-F (Mark One) ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to OR ☐ SHELL COMPANY REPORT PURSUANT TO SE ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of $1.03 per ADS based on a 1.2x PS valuation for 2024 [4][20]. Core Views - The company reported a revenue of 4.199 billion RMB in 2023, a year-on-year increase of 16.5%, while the net profit attributable to the parent company was a loss of 844 million RMB, reducing losses by 738 million RMB compared to the previous year [2][20]. - The marketing services segment faced challenges, with a revenue decline of 15.5% to 1.653 billion RMB in 2023, primarily due to macroeconomic impacts and a strategic optimization of marketing content [2][20]. - The paid membership revenue grew by 48.4% to 1.827 billion RMB, driven by a 47.5% increase in average monthly subscribers to approximately 14.5 million [2][20]. - The company aims to achieve profitability on a Non-GAAP basis by Q4 2024, focusing on cost reduction and operational efficiency [2][20]. Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 4.199 billion RMB, with a year-on-year growth of 16.5% [3][17]. - The adjusted net loss for 2023 was 659 million RMB, a reduction of 537 million RMB from the previous year [3][20]. - The average monthly active users (MAU) for 2023 was 105 million, a 4% increase year-on-year, but Q4 2023 saw a decline to 99 million MAU, a 1.6% decrease [2][10]. Revenue Breakdown - Marketing services revenue decreased by 15.5% to 1.653 billion RMB in 2023 [2][20]. - Paid membership revenue increased by 48.4% to 1.827 billion RMB, with a significant rise in subscribers [2][20]. - The vocational training segment saw a remarkable growth of 127.8%, achieving a revenue of 566 million RMB [2][20]. Profitability and Cost Management - The company's gross margin improved to 54.7%, an increase of 4.5 percentage points year-on-year, while sales and management expense ratios decreased [2][20]. - The company plans to focus on cost control and operational efficiency, with a target to reduce user acquisition costs by over 40% [2][20]. Future Projections - Revenue projections for 2024-2026 are estimated at 3.652 billion RMB, 3.836 billion RMB, and 4.059 billion RMB, respectively, with expected growth rates of -13.0%, 5.0%, and 5.8% [3][20]. - The company anticipates a gradual recovery in user growth and revenue driven by quality content [15][20].

Zhihu Inc. (NYSE:ZH) Q4 2023 Earnings Conference Call March 26, 2024 7:00 AM ET Company Participants Yolanda Liu - Director of IR Zhou Yuan - Founder, Chairman and CEO Wang Han - CFO Conference Call Participants Vicky Wei - Citi Xueqing Zhang - CICC Daisy Chen - Haitong International Eileen Lin - China Renaissance Cici Cheng - CLSA Operator Ladies and gentlemen, thank you for standing by, and welcome to the Zhihu Inc. Fourth Quarter and Full Year 2023 Financial Results Conference Call. At this time, all par ...

M N 27 Mar 2024 CMB International Global Markets | Equity Research | Company Update Zhihu (ZH US) Prioritizing breakeven target Target Price US$1.8 Zhihu’s 4Q23 results were better-than-feared, with strong vocational training and (Previous TP US$2.0) narrowing loss. For FY24E, mgmt. emphasized more on margin improvement Up/Downside 153.5% with disciplined expenses, and restated its quarterly breakeven target by 4Q24E. Current Price US$0.71 With shrinking S&M investment, we expect prudent user trend and top ...

BEIJING, March 13, 2024 /PRNewswire/ -- Zhihu Inc. ("Zhihu" or the "Company") (NYSE: ZH; HKEX: 2390), a leading online content community in China, today announced that it will report its unaudited financial results for the quarter and full year ended December 31, 2023 before the U.S. market opens on March 26, 2024.The Company's management will host a conference call at 7:00 A.M. U.S. Eastern Time on Tuesday, March 26, 2024 (7:00 P.M. Beijing/Hong Kong Time on Tuesday, March 26, 2024) to discuss the results. ...