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 ...

Core Insights - Zhihu achieved its first quarterly profit in Q4 2024, with a net profit of RMB 86.4 million, compared to a net loss of RMB 103.1 million in the same quarter of 2023 [1][2] - The adjusted net profit for Q4 2024 was RMB 97.1 million, a significant improvement from an adjusted net loss of RMB 91.3 million in Q4 2023 [1] - The average monthly active users reached 81.4 million in Q4 2024, while the average monthly subscription members were 14.1 million [1] Financial Performance - Total revenue for the year 2024 was RMB 3.599 billion, a decrease of 14.5% year-on-year [2] - Gross margin improved from 54.7% in 2023 to 60.6% in 2024 [2] - The net loss for 2024 was RMB 169 million, a reduction of 79.9% compared to a net loss of RMB 839 million in 2023 [2] - Adjusted net loss for 2024 was RMB 96.3 million, narrowing by 85.4% from RMB 659 million in 2023 [2] Operational Highlights - Zhihu's community ecosystem has been optimized, leading to improved user engagement and creator activity [1] - The company is investing in AI applications to enhance user interaction and strengthen its competitive advantage [1]

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]

O-5A、5R、AIPS……各大广告平台的人群模型究竟有何区别？ 2025年，"人群资产模型"已成为头部互联网广告平台的标配。 我们注意到，多家互联网公司的商业化部门都集中在2024年先后推出了自家的"人群资产模型"以及相应的数据产品、商业化产品和人群运营方法论。而在 此前，阿里妈妈、巨量引擎、磁力引擎等平台也都已经拥有各自的模型和产品。 | 平台 | 模型名称 | 人群分层逻辑 | 推出时间 | | --- | --- | --- | --- | | 阿里妈妈 | AIPL | 认知(Awareness) → 兴趣(Interest) → 购买( Purchase) -> 忠诚(Loyalty) 全域消费人群数(universaL) | 2018年 | | | | 前链路:发现(Discovery)→种草(Engage)→互动 | | | | DEEPLINK | (Enthuse)→行动 (Perform) | 2021年9月 | | | | 后链路:首购(Initial)→ 复购(Numerous)→至爱( | | | | | Keen) | | | 百度营销 | AIA | 认知人群(Awarenes ...

一年前，开始接触小红书，没告诉朋友，只悄悄给自己定了一个小项目，试一下，不行就不行；当时， 很多人说小红书很容易上手，也很容易商业化，于是，我就行动了。 一开始，我按照公众号创作逻辑来做。把公众号长文切片，配上一个封面，再搭配三、四张辅助页面， 这些辅助页面里面全是内容，然后写一篇600字左右的文案，打上接标签，发到小红书平台。 准确来讲，我做小红书时间并不长，大概1年左右。 AI会改变知乎和小红书吗？ 但学完之后，我发现，那些东西好像有点贩卖副业焦虑。有的文案会写"一个月赚5万"，但实际上很少 有人能达到这个水平。 还有一种贩卖生活焦虑。去一个地方，这个地方并不漂亮，但通过美化图片，配上一些生活方式的文 案，也能吸引用户，然后接商业化广告。 然而，尝试过既没有爆款，也没有推荐，甚至比以前的数据还低，很明显，这两种路子都不适合我。 后来，继续探索，发现小红书表达逻辑并不是去抄袭或者刻意模仿。其实，小红书本质并不在于它的使 命、愿景、价值观这些宏观的东西，而在于它作为一个工具，降低了创作门槛。 这个创作门槛是什么呢？ 我有一个想法，这个想法只有200字，或者有一个问题，可能只有一两句话，甚至是一句吐槽，我都可 ...

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Core Viewpoint - Zhihu Inc. will report its unaudited financial results for the quarter and full year ended December 31, 2024, before the U.S. market opens on March 26, 2025 [1] Group 1: Financial Reporting - The financial results will be announced before the U.S. market opens on March 26, 2025 [1] - A conference call will be hosted by the company's management at 7:00 A.M. U.S. Eastern Time on the same day to discuss the results [2] - Participants must pre-register online to join the conference call and will receive dial-in numbers and a unique access PIN [2][3] Group 2: Company Overview - Zhihu Inc. is a leading online content community in China, evolving from a Q&A platform to a comprehensive online content community since its launch in 2010 [4] - It is recognized as the largest Q&A-inspired online content community in China [4]