香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 Zhihu Inc. （於開曼群島註冊成立以不同投票權控制的有限責任公司） （紐交所代號：ZH；聯交所代號：2390） 內幕消息 截至2024年6月30日止季度 未經審計財務業績 | --- | --- | |----------------------------------------------------------------------------------------|------------------| | | | | 本公告乃根據香港聯合交易所有限公司證券上市規則第 13.09 例（第 571 章）第 XIVA 部刊發。 | 條及證券及期貨條 | | 知乎（「 本公司 」）欣然宣佈本公司及其附屬公司及綜合聯屬實體截至 | 2024 年 6 月 | | 30 日止三個月的未經審計簡明合併業績。 | | 本公司欣然宣佈，根據美國證券交易委員會（「美國證監會」）適用規則刊發的本公 司及其 ...

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 ...

♪ The. Ladies and gentlemen, Thank you for standing by and welcome to Zhihu Inc. First Quarter 2024 Financial Results Conference Call. At this time, all participants are in the listen-only mode. After the speaker's presentation, there will be a question and answer session. Today's conference is being recorded. At this time, I would like to turn the conference over to Yolanda Liu, Director of Investor Relations. Please go ahead, ma'am. Thank you, operator. Hello, everyone. Welcome to Zhihu's first quarter 20 ...

Financial Data and Key Metrics Changes - The company recorded a GAAP net loss of RMB165.8 million for Q1 2024, narrowing by 7.4% year-over-year, while the non-GAAP net loss was RMB135.7 million [21] - Gross profit for Q1 increased by 6.1% year-over-year to RMB543.5 million, with a gross profit margin improvement of 5.1 percentage points year-over-year to 56.6% [20] - Total operating expenses for the quarter were RMB768.2 million, compared to RMB729.0 million in the same period last year [21] Business Line Data and Key Metrics Changes - Vocational training revenue increased by 35.9% year-over-year to RMB145.4 million, contributing over 15% to total revenue for the first time [12] - Paid membership revenue reached RMB449.7 million, with an average monthly subscribing member count of 14.8 million, showing a slight decrease of 0.8% year-over-year but an increase of 4.1% quarter-on-quarter [14] - Marketing services revenue decreased by 15.7% year-over-year to RMB330.5 million, although brand advertising revenue increased by 40% year-over-year [17][19] Market Data and Key Metrics Changes - The cumulative business of content on the platform reached 804.2 million, including 611 million Q&As, up 15.4% year-over-year [7] - The number of content creators earning income on Zhihu grew by over 25% year-over-year, with the number of creators benefiting from the monetization plan nearly quadrupling compared to the same period last year [8] - The number of AI creators certified by Blue Label increased by 130% year-over-year, indicating a surge in AI-related content and creator engagement [11] Company Strategy and Development Direction - The company is focusing on achieving profitability in the short term, with a strategic emphasis on high-quality content and user value in the AI era [5][6] - The company aims to enhance operational efficiency through AI-driven technology and has made significant investments in AI capabilities [10][11] - The strategy includes a proactive reduction in community-related user acquisition costs while maintaining a higher ROI in pay membership and vocational training businesses [9] Management's Comments on Operating Environment and Future Outlook - Management expects to achieve quarterly non-GAAP net profit by Q4 2024, with ongoing improvements in operational metrics [24] - The shift from the Internet era to the AI era is seen as a fundamental change, emphasizing the importance of high-quality content and top-tier users [25] - Management believes that the community's trustworthiness and the integration of AI search features will drive sustainable growth [18][34] Other Important Information - The company repurchased 4.8 million A ordinary shares for a total price of $8 million during the first quarter [22] - The company has cash and cash equivalents of RMB1.2 billion as of March 31, 2024, down from RMB5.5 billion at the end of 2023 [22] Q&A Session Summary Question: Update on timetable to achieve quarterly breakeven - Management expects to achieve quarterly non-GAAP net profit in Q4 2024, with notable improvements starting from Q2 2024 [24] Question: User trends post selling and marketing strategy adjustments - Core user retention rates have maintained growth momentum, and daily active user engagement has increased significantly [28] Question: Recent developments in AI publications and user activity - The beta version of the AI search feature has shown promising results, with users becoming notably more active [34] Question: Long-term growth outlook for vocational training business - The vocational training business is expected to continue outperforming the industry, driven by community-enabled self-operated offerings [38] Question: Membership business competition landscape - Zhihu remains a leader in the membership segment, with a significant number of content creators returning to the platform [41]

♪ The. Ladies and gentlemen, Thank you for standing by and welcome to Zhihu Inc. First Quarter 2024 Financial Results Conference Call. At this time, all participants are in the listen-only mode. After the speaker's presentation, there will be a question and answer session. Today's conference is being recorded. At this time, I would like to turn the conference over to Yolanda Liu, Director of Investor Relations. Please go ahead, ma'am. Thank you, operator. Hello, everyone. Welcome to Zhihu's first quarter 20 ...

ლელელელელელელელელელელელელელელელელელელელელელელელელელელელელელელელელელელელელე� ♪♪♪ ♪♪♪ ទᾶ ទᾶ ទᾶ ទᾶ ទᾶ ទᾶ ទᾶ Ladies and Gentlemen, Thank you for standing by and welcome to Zhihu Inc. First Quarter 2024 Financial Results Conference Call. At this time, all participants are in the listen-only mode. After the speaker's presentation, there will be a question and answer session. Today's conference is being recorded. At this time, I would like to turn the conference over to Yolanda Liu, Director of Investor Relations. ...

BEIJING, June 12, 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 March 31, 2024.First Quarter 2024 HighlightsTotal revenues were RMB960.9 million (US$133.1 million) in the first quarter of 2024, compared with RMB994.2 million in the same period of 2023.Gross margin expanded to 56.6% in the first quarter of 2024 from 51.5% in the same period of 2023.Net loss w ...