BEIJING, Oct. 16, 2024 /PRNewswire/ -- Zhihu Inc. (NYSE: ZH; HKEX: 2390) ("Zhihu" or the "Company"), a leading online content community in China, today announced that the proposed ordinary resolution relating to the all cash tender offers (the "Offers") that commenced on September 9, 2024 to buy back up to 46,921,448 Class A ordinary shares of the Company (including in the form of American depositary shares (the "ADSs")) at an offer price of HK$9.11 per Class A ordinary share (equivalent of US$3.50 per ADS) ...

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BEIJING, Sept. 9, 2024 /PRNewswire/ -- Zhihu Inc. (NYSE: ZH; HKEX: 2390) ("Zhihu" or the "Company"), a leading online content community in China, today announced that it has commenced all cash tender offers (the "Offers") to buy back up to 46,921,448 Class A ordinary shares of the Company (including in the form of American depositary shares (the "ADSs")) at an offer price of HK$9.11 per Class A ordinary share (equivalent of US$3.50 per ADS). Assuming that the maximum number of securities that can be accepte ...

Financial Data and Key Metrics - Gross margin increased by 5.8 percentage points year-over-year to 59.6% [5] - Total operating expenses decreased by more than RMB 140 million year-over-year, including a reduction of RMB 120 million in marketing expenses [5] - Adjusted net loss declined by 79.9% year-over-year to RMB 44.6 million, marking the lowest quarterly loss since the U.S. IPO [5] - Marketing services revenue decreased by 16.7% year-over-year to RMB 344 million, with brand advertising and performance-based advertising growing by 17% and 28.4% respectively [13] - Paid membership revenue decreased slightly by 3.7% year-over-year to RMB 432.7 million, with the number of subscribing members growing by 4.7% year-over-year to 14.7 million [16][22] - Vocational training revenue decreased to RMB 133.6 million, primarily due to strategic refinements in acquired businesses [18][22] - Gross profit for the quarter was RMB 556.5 million, with a gross margin of 59.6%, the highest since the U.S. IPO [22] - Total operating expenses decreased by 16.7% year-over-year to RMB 740.4 million, with selling and marketing expenses down by 22.9% and R&D expenses down by 11.4% [23] - GAAP and non-GAAP net losses narrowed by 71.1% and 79.9% year-over-year respectively [23] Business Line Performance - Marketing services revenue declined by 16.7% year-over-year, but brand and performance-based advertising showed robust growth [13] - Paid membership revenue grew to 46% of total revenue, driven by a 4.7% increase in subscribing members [16] - Vocational training GMV grew by over 50% year-over-year, with AI and AGI-related programs receiving positive feedback [19] - The number of premium content creators earning income increased by 77.4% year-over-year [17] Market and User Engagement - Cumulative content on Zhihu reached 830.9 million, a 16.8% year-over-year increase, with content creators growing by 12.5% to 74.9 million [7] - User engagement during the Gaokao period saw double-digit growth in response rates [8] - Paris Olympics-related content views exceeded 600 million, with over 500,000 discussions [9] - Average daily engagements per year grew by nearly 40% year-over-year, with monthly average upwards increasing by over 47% year-over-year [9] - Zhihu Zhida's total visits increased by 430% in July compared to June, with user retention doubling by the end of July [11] Strategic Direction and Industry Competition - The company is focusing on AI-powered products, with the launch of Zhihu Zhida marking a significant milestone in AI search initiatives [6][10] - Zhihu Zhida's integration with content creators and emphasis on human-centric content differentiates it from other AI-driven search products [10] - The company aims to enhance user experience and operational efficiency through AI technologies [12] - Strategic focus on high-margin self-operated vocational training programs and AI-related offerings [17][19] Management Commentary on Operating Environment and Future Outlook - Management remains confident in achieving quarterly profitability targets, with a focus on improving user experience and operational efficiency [20] - The company plans to achieve non-GAAP net profit in the fourth quarter of 2024 [27] - Management highlighted the importance of high-quality content and user retention in maintaining a stable user base [30] - The company is optimistic about the commercialization potential of AI search but is currently focused on improving user experience [32] Other Important Information - The company has cash and cash equivalents of RMB 5.1 billion as of June 30, 2024 [24] - Zhihu Zhida's multi-round response capability outperformed market peers, earning high praise from professionals [11] - The company is preparing to launch Zhihu Zhida on mobile platforms, with features still in development [32] Q&A Session Summary Question: Progress on achieving breakeven target - The company plans to achieve non-GAAP net profit in the fourth quarter of 2024, with significant progress in reducing losses [27] Question: User base stability and AI search progress - User retention has improved due to high-quality content and in-depth content cultivation [30] - Zhihu Zhida has seen significant improvements in user retention and engagement, with commercialization not being the current priority [32] Question: Advertising performance during 618 - Brand and performance-based advertising showed strong growth, driven by high-value user engagement and professional discussion forums [35][36] Question: Growth drivers for paid user base - Growth is driven by expanding user base through co-brand memberships and distribution channels, as well as enriching membership benefits [39] Question: Future of vocational training business - The company is focusing on improving efficiency and accelerating loss reduction in vocational training, with a long-term focus on synergy with the community [42][43]

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BEIJING, Aug. 22, 2024 /PRNewswire/ -- Zhihu Inc. ("Zhihu" or the "Company") (NYSE: ZH; HKEX: 2390), a leading online content community in China, today announced its unaudited financial results for the quarter ended June 30, 2024.Second Quarter 2024 HighlightsTotal revenues were RMB933.8 million (US$128.5 million) in the second quarter of 2024, compared with RMB1,044.2 million in the same period of 2023.Gross margin expanded to 59.6% in the second quarter of 2024 from 53.8% in the same period of 2023.Net lo ...

BEIJING, Aug. 9, 2024 /PRNewswire/ -- Zhihu Inc. (NYSE: ZH; HKEX: 2390) ("Zhihu" or the "Company"), a leading online content community in China, today announced that it will report its unaudited financial results for the quarter ended June 30, 2024 after the U.S. market closes on August 22, 2024.The Company's management will host a conference call at 8:00 P.M. U.S. Eastern Time on Thursday, August 22, 2024 (8:00 A.M. Beijing/Hong Kong Time on Friday, August 23, 2024) to discuss the results.All participants ...

BEIJING, June 26, 2024 /PRNewswire/ -- Zhihu Inc. (NYSE: ZH; HKEX: 2390) ("Zhihu" or the "Company"), a leading online content community in China, today announced that each of the proposed resolutions submitted for shareholders' approval (the "Proposed Resolutions") as set forth in the notice of annual general meeting dated May 30, 2024 (the "AGM Notice") has been adopted at its annual general meeting of shareholders held in Beijing, China today.After the adoption of the Proposed Resolutions, all corporate a ...

Investment Rating - Maintain BUY rating with a target price of US$7 9 [2][4] Core Views - Zhihu delivered better-than-feared 1Q24 results with revenue down 3 4% YoY but 4% above consensus and adjusted net loss of RMB136mn vs consensus of RMB180mn [2] - Vocational training revenue was resilient at +36% YoY in 1Q24 while membership revenue decelerated to +1% YoY [2] - The company is prioritizing higher efficiency and aims for quarterly breakeven in 4Q24E with expected short-term volatility in user metrics and revenue [2] - Revenue forecast for FY24-26E was trimmed by 6 4%-7 0% and adjusted NPM was cut by 0 9-3 9ppts [2] Financial Performance - 1Q24 revenue was RMB961mn down 3 4% YoY with gross margin at 56 6% [8] - Adjusted net loss narrowed to RMB136mn in 1Q24 with adjusted NPM at -14% vs consensus of -19% [2] - Revenue breakdown for 1Q24 shows marketing services at RMB331mn (-16% YoY) paid membership at RMB450mn (-1% YoY) and vocational training at RMB145mn (+36% YoY) [9] Revenue and Profit Forecasts - FY24E revenue is forecasted at RMB3 532mn a 15 9% YoY decline with FY25E and FY26E revenue expected to grow 8 3% and 6 9% respectively [3] - Adjusted net profit is expected to improve from a loss of RMB347 7mn in FY24E to a profit of RMB59 0mn in FY25E and RMB125 7mn in FY26E [3] - Gross margin is projected to improve from 55 0% in FY24E to 56 1% in FY26E [14] Valuation and Share Performance - DCF-based target price adjusted to US$7 9 with an upside potential of 148 7% from the current price of US$3 18 [4] - Share performance shows a 1-month decline of 18 0% and a 6-month decline of 43 5% [5] Business Segments - Marketing services revenue is expected to decline 25% YoY in 2Q24E while paid membership revenue is forecasted to decline 4% YoY [2] - Vocational training revenue is expected to decline 7% YoY in 2Q24E as the company focuses on high-quality development and shrinks low-margin subjects [2] Efficiency and Cost Management - Group gross margin is expected to improve by 2 5ppts YoY in 2Q24E driven by disciplined expenses and operational efficiency [2] - Operating expenses are forecasted to decline with a focus on cost control and higher efficiency [2]

design master/iStock via Getty Images Elevator Pitch Zhihu Inc. (NYSE:ZH) [2390:HK] shares are awarded a Hold investment rating. My prior update written on December 10, 2023 was focused on the review of Zhihu's Q3 2023 financial results. I turn my attention to ZH's most recent financial disclosures for the first quarter of 2024 with this latest article. There are mixed takeaways from Zhihu's latest results. On one hand, ZH's Q1 revenue beat expectations, and the vocational training business' growth prospect ...