Core Insights - Zhihu reported a revenue of 717 million yuan for Q2 2025, representing a year-on-year decrease of 23% while achieving an adjusted net profit of 91.3 million yuan, marking a turnaround to profitability for three consecutive quarters [1] Revenue Breakdown - The paid reading business contributed 402 million yuan in revenue, accounting for 56.1% of total revenue [1] - Marketing services and vocational education generated revenues of 223 million yuan and 62.1 million yuan, representing 31.1% and 8.7% of total revenue respectively [1] User Engagement - The average monthly subscription membership reached 13.2 million in Q2, with 16 million users participating in discussions on technology and AI topics [1] Management Commentary - Zhihu's founder and CEO, Zhou Yuan, emphasized the integration of artificial intelligence into the product experience, enhancing value for users and creators [1] - The company aims to leverage high-quality content, reliable creators, and AI capabilities to strengthen its competitive advantage and long-term growth potential [1]

Core Viewpoint - Zhihu reported a strong financial performance for Q2 2025, achieving a revenue of 717 million RMB and a non-GAAP net profit of 91.3 million RMB, marking three consecutive quarters of profitability [1][2]. Financial Performance - Zhihu's revenue sources include paid reading contributing 402 million RMB (56.1%), marketing services at 223 million RMB (31.1%), and vocational education at 62.1 million RMB (8.7%) [2]. - The company has maintained a strong cash position with a total of 4.82 billion RMB in cash and equivalents as of the end of Q2 [2]. - The adjusted net profit of 91.3 million RMB in Q2 2025 represents a significant improvement from a net loss of 44.6 million RMB in the same period last year, with a gross margin increase of approximately 3 percentage points to 62.5% [3]. Operational Highlights - Zhihu has focused on enhancing its community value through AI applications, leading to significant improvements in user engagement metrics, including daily active user session duration and core user retention rates [2][3]. - The average number of subscription members reached 13.2 million, maintaining an industry-leading position [2]. AI Strategy and Community Engagement - The company is leveraging AI to strengthen its community's competitive edge, emphasizing the synergy between high-quality content, trusted creators, and AI capabilities [3][4]. - Zhihu has a robust expert network with 16 million participants in technology and AI discussions, and 365,000 deep creators in related topics, contributing to a vibrant ecosystem for professional content [4]. AI Capabilities - Zhihu's AI search product, Zhihu Direct Answer, has undergone multiple iterations to enhance its capabilities, providing a reliable AI search experience for millions of active users [5]. - Future developments for Zhihu Direct Answer include evolving towards an AI agent model, aiming to become a comprehensive productivity tool for users [5].

Core Insights - Zhihu's Q2 2025 financial report shows a revenue of 717 million yuan, a year-on-year decrease of 23%, but an adjusted net profit of 91.3 million yuan, indicating a turnaround from losses [1] Revenue Breakdown - The paid reading business contributed 402 million yuan in revenue, accounting for 56.1% of total revenue [1] - Marketing services and vocational education contributed 223 million yuan and 62.1 million yuan in revenue, representing 31.1% and 8.7% of total revenue respectively [1] User Engagement - The average monthly subscription membership reached 13.2 million in Q2 [1] - There were 16 million participants in discussions related to technology and AI, with 3.65 million deep creators on related topics [1] - The platform had 150,000 ecosystem linkers from research institutions, enterprises, and media, with over 50 million active users engaging with technology and AI content each month [1] Financial Position - As of the end of Q2, Zhihu's total cash and cash equivalents, including time deposits, restricted funds, and short-term investments, amounted to 4.82 billion yuan [1]

Core Viewpoint - Zhihu reported a revenue of 1.447 billion yuan for the first half of 2023, reflecting a year-on-year decline of 23.7%, but achieved an adjusted net profit of 98.28 million yuan, marking a return to profitability [1] Financial Performance - In the second quarter, the company generated revenue of 717 million yuan and an adjusted net profit of 91.3 million yuan, achieving Non-GAAP profitability for three consecutive quarters [1]

Core Insights - Zhihu-W (0239) reported total revenue of 717 million yuan for the second quarter ending June 30, 2025, representing a year-on-year decrease of 23.23% [1] - The company achieved a net profit attributable to shareholders of 72.48 million yuan, compared to a loss of 82.73 million yuan in the same period last year, with basic earnings per share of 0.3 yuan [1] Financial Performance - The CFO highlighted a non-GAAP net profit of 91.3 million yuan for the second quarter, compared to a non-GAAP net loss of 44.6 million yuan in the previous year [1] - Gross margin increased by approximately 3 percentage points year-on-year, reaching 62.5% [1] Strategic Insights - The Chairman emphasized the effectiveness of the refined operational strategy and the integration of artificial intelligence technology, which has enhanced efficiency [1] - The company maintains an active community with stable user base metrics, including significant improvements in daily active user engagement, core user retention rates, and creator activity [1] - Zhihu is positioned as an important platform for AI-related content, product launches, and expert interactions, leveraging high-quality content and reliable creators to strengthen its competitive advantage [1]

Core Insights - Zhihu-W (0239) reported total revenue of 717 million yuan for the second quarter ending June 30, 2025, representing a year-on-year decrease of 23.23% [1] - The company achieved a net profit attributable to shareholders of 72.48 million yuan, compared to a loss of 82.73 million yuan in the same period last year, with basic earnings per share of 0.3 yuan [1] Financial Performance - The CFO highlighted that the company achieved a non-GAAP net profit of 91.3 million yuan in the second quarter, compared to a non-GAAP net loss of 44.6 million yuan in the previous year [1] - Gross margin increased by approximately 3 percentage points year-on-year, reaching 62.5% [1] Strategic Insights - The Chairman emphasized the effectiveness of the refined operational strategy and the integration of artificial intelligence technology, which has enhanced efficiency [1] - The company maintains an active community with stable user base metrics, including increased daily active user engagement, core user retention rates, and creator activity [1] - Zhihu is positioned as an important platform for AI-related content, product launches, and expert interactions, leveraging high-quality content and reliable creators to strengthen its competitive advantage [1]

Core Insights - Zhihu reported a revenue of 717 million yuan for Q2 2025, with paid reading contributing 402 million yuan, accounting for 56.1% of total revenue [1] - The company has achieved adjusted net profit of 91.3 million yuan for the second consecutive quarter, maintaining a trend of profitability since Q4 2024 [1][2] - As of the end of Q2, Zhihu's cash and cash equivalents, along with short-term investments, totaled 4.82 billion yuan [1] Revenue Breakdown - Paid reading business generated 402 million yuan, representing 56.1% of total revenue [1] - Marketing services contributed 223 million yuan, accounting for 31.1% [1] - Vocational education business brought in 6.21 million yuan, making up 8.7% [1] User Engagement and Community Development - Monthly active users remained stable, while daily active user engagement time and core user retention rates showed significant improvement [1][2] - The average number of subscription members reached 13.2 million in Q2 [1] Strategic Focus and Future Outlook - The CEO emphasized the effectiveness of refined operational strategies and the integration of AI technology, which has enhanced efficiency [2] - The company aims to leverage high-quality content, trusted creators, and AI capabilities to strengthen its competitive advantage in the long term [2]

Core Insights - Zhihu reported a total revenue of RMB 716.9 million for Q2 2025, a decrease of approximately 23% compared to RMB 933.8 million in Q2 2024 [1] - The gross margin improved from 59.6% in Q2 2024 to 62.5% in Q2 2025 [1] - The net profit for Q2 2025 was RMB 72.5 million, a significant turnaround from a net loss of RMB 80.6 million in Q2 2024 [1] Revenue Breakdown - Marketing services revenue decreased to RMB 222.8 million in Q2 2025 from RMB 344 million in Q2 2024, attributed to a strategic focus on improving profit margins [1] - Paid membership revenue slightly declined to RMB 402 million in Q2 2025 from RMB 432.7 million in Q2 2024, mainly due to a decrease in average monthly subscribers [1] - Vocational training revenue fell to RMB 62.1 million in Q2 2025 from RMB 133.6 million in Q2 2024, reflecting strategic optimization of Zhihu's business [1] - Other income increased by 27.6% to RMB 30 million in Q2 2025 from RMB 23.5 million in Q2 2024 [1] Subscriber Metrics - The average monthly paid subscribers reached 13.2 million in Q2 2025 [1]

Core Insights - Zhihu-W (02390.HK) reported total revenue of RMB 716.9 million (USD 100.1 million) for Q2 2025, a decrease from RMB 933.8 million in Q2 2024 [1] - The gross margin for Q2 2025 increased to 62.5% from 59.6% in the same period last year [1] - The net profit for Q2 2025 was RMB 72.5 million (USD 10.1 million), a significant turnaround from a net loss of RMB 80.6 million in Q2 2024 [1] - Adjusted net profit (non-GAAP) for Q2 2025 was RMB 91.3 million (USD 12.8 million), compared to an adjusted net loss of RMB 44.6 million in Q2 2024 [1] - The average monthly subscription members reached 13.2 million in Q2 2025 [1] Management Commentary - The Chairman and CEO, Zhou Yuan, highlighted the achievement of non-GAAP profitability for the third consecutive quarter, reflecting the effectiveness of refined operational strategies and the integration of AI technology [2] - Zhou noted that the community remains vibrant with stable user growth, increased daily active user engagement, core user retention rates, and creator activity [2] - The CFO, Wang Han, emphasized the improvement in operational efficiency and cost structure driven by AI, with a gross margin increase of approximately 3 percentage points [2] - The company aims to maintain rigorous execution and sustainable commercialization to drive long-term growth [2]

Core Viewpoint - Zhihu Inc. reported its third consecutive quarter of non-GAAP profitability, driven by refined operational strategies and AI integration, which enhanced user and creator engagement [3][4]. Financial Performance - Total revenues for Q2 2025 were RMB 716.9 million (US$ 100.1 million), a decrease from RMB 933.8 million in Q2 2024 [4][8]. - Non-GAAP net income reached RMB 91.3 million (US$ 12.8 million), compared to a non-GAAP net loss of RMB 44.6 million in the same period last year [3][12]. - Gross margin improved to 62.5%, up from 59.6% year-over-year, reflecting better monetization and operational efficiency [7][8]. Revenue Breakdown - Marketing services revenue was RMB 222.8 million (US$ 31.1 million), down from RMB 344.0 million in Q2 2024, due to strategic service refinements [4]. - Paid membership revenue decreased slightly to RMB 402.0 million (US$ 56.1 million) from RMB 432.7 million in the same period last year, attributed to a decline in average monthly subscribing members [5]. - Vocational training revenue fell to RMB 62.1 million (US$ 8.7 million) from RMB 133.6 million in Q2 2024, also due to strategic business refinements [5]. Cost Management - Cost of revenues decreased by 28.8% to RMB 268.7 million (US$ 37.5 million) from RMB 377.3 million in Q2 2024, driven by reduced content and operating costs [6]. - Total operating expenses decreased by 27.2% to RMB 539.2 million (US$ 75.3 million) from RMB 740.4 million in the same period last year [7][10]. Investment and Cash Position - As of June 30, 2025, the company had cash and cash equivalents totaling RMB 4,820.8 million (US$ 673.0 million), slightly down from RMB 4,859.0 million at the end of 2024 [13]. - The company repurchased 31.1 million Class A ordinary shares for a total of US$ 66.5 million under its existing share repurchase programs [14].