Core Insights - In the first half of 2023, the company reported a revenue of 1.447 billion yuan, a year-on-year decline of 23.7% [1] - The adjusted net profit for the same period was 98.28 million yuan, marking a return to profitability [1] - In Q2 2023, the company achieved a revenue of 717 million yuan and an adjusted net profit of 91.3 million yuan, maintaining Non-GAAP profitability for three consecutive quarters [1] Revenue Breakdown - In Q2 2023, the paid reading business contributed 402 million yuan, accounting for 56.1% of total revenue [1] - Marketing services and vocational education contributed 223 million yuan and 62.1 million yuan, representing 31.1% and 8.7% of total revenue, respectively [1] Financial Position - As of the end of Q2 2023, the company had cash and cash equivalents, term deposits, restricted funds, and short-term investments totaling 4.82 billion yuan [1] User Engagement - The company maintained its monthly active user base while improving daily active user engagement and core user retention both sequentially and year-on-year [1] - The average number of subscription members reached 13.2 million in Q2 2023 [1] Strategic Focus - The CEO highlighted the effectiveness of refined operational strategies and the integration of AI technology, which has enhanced product experience and positioned the company as a key platform for AI-related content and expert interaction [1] - The CFO noted a year-on-year increase of approximately 3 percentage points in gross margin, reaching 62.5%, attributed to productivity improvements driven by AI [1] AI Strategy - The company has embraced AI, promoting a strategy that combines high-quality content, a trusted expert network, and AI capabilities [1] - In Q2 2023, the daily average of new high-quality content increased by over 10% quarter-on-quarter, with AI-related professional content growing by over 45% year-on-year for two consecutive quarters [1] Expert Network - The company has developed a large expert network in the AI field, including 16 million continuous learners, 3.65 million deep creators, and 150,000 ecosystem linkers from research institutions, enterprises, and media [2] - The AI search product, Zhihu Direct Answer, has undergone multiple innovations to enhance community professional content and expert network effects [2]

Core Insights - Zhihu reported a revenue of 717 million yuan and an adjusted net profit of 91.3 million yuan for Q2 2025, significantly exceeding market expectations and achieving Non-GAAP profitability for three consecutive quarters [1][2]. Financial Performance - Zhihu's revenue streams include 402 million yuan from paid reading, accounting for 56.1% of total revenue, while marketing services and vocational education contributed 223 million yuan and 62.1 million yuan, representing 31.1% and 8.7% respectively [2]. - The company has maintained a strong cash position with a total of 4.82 billion yuan in cash and cash equivalents, term deposits, restricted funds, and short-term investments as of the end of Q2 [2]. - The adjusted net profit of 91.3 million yuan in Q2 2025 marks a significant improvement from a net loss of 44.6 million yuan 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 emphasizes the integration of AI technology to enhance operational efficiency and user experience, positioning itself as a key platform for AI-related content and expert interactions [3]. - Zhihu has developed a robust expert network with 16 million participants in technology and AI discussions, 3.65 million deep creators, and 150,000 links from research institutions, enterprises, and media [4]. - The platform has seen a more than 10% increase in daily high-quality content generation, with AI-related content growing over 45% year-on-year for two consecutive quarters [4]. AI Capabilities - Zhihu's AI search product, Zhihu Zhidao, has undergone multiple iterations to enhance its capabilities, providing a reliable AI search experience for millions of active users [5]. - Future iterations of Zhihu Zhidao aim to evolve into an AI agent, facilitating a comprehensive productivity tool for users encompassing search, research, learning, and creation [5].

二季度付费阅读业务给知乎贡献4.02亿元营收，占比56.1%，营销服务和职业教育业务分别贡献2.23亿 元和6210万元营收，占比分别是31.1%、8.7%。用户层面，二季度知乎月均订阅会员数1320万，1600万 参与科技和AI话题讨论的持续学习者。 8月27日，知乎发布的2025年二季度财报显示，营收7.17亿元，同比减少23%，经调整净利润9130万 元，同比扭亏，连续三个季度实现Non-GAAP盈利。 澎湃财讯 知乎创始人、董事长兼CEO周源表示："我们连续三个季度实现了非公认会计准则盈利。人工智能现已 深度融入我们的产品体验，为用户和创作者不断创造更大的价值。知乎也因此成为人工智能相关内容、 产品发布和专家互动的重要平台。我们相信，高质量内容、可信赖的创作者以及人工智能能力之间的协 同效应，将持续强化我们的差异化优势，并为公司带来显著的长期竞争力。"（智通财经记者 范佳来） ...

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]

人民财讯8月27日电，8月27日晚间，知乎发布2025年中期业绩显示，上半年公司实现收入14.47亿元， 同比下滑23.7%；经调整净利润9828万元，实现扭亏为盈。其中，第二季度公司实现营收7.17亿元，经 调整净利润9130万元，连续三个季度实现Non-GAAP盈利。 ...

知乎-W(0239.)发布截至2025年6月30日止3个月第二季度业绩，该集团取得总收入7.17亿元(单位下同)， 同比减少23.23%;知乎股东应占净利润7248.2万元，去年同期则取得亏损8273.9万元; 每股基本盈利0.3 元。 知乎董事长兼行政总裁周源先生表示："我们连续第三个季度实现了非公认会计准则盈利。充分体现了 我们精细化营运策略的持续成效，以及人工智能技术融合所带来的效率提升。我们的社区保持着活跃的 生命力，用户基础稳定，日活跃用户访问时长、核心用户留存率和创作者活跃度均有显著提升。人工智 能现已深度融入我们的产品体验，为用户和创作者不断创造更大的价值。知乎也因此成为人工智能相关 内容、产品发布和专家互动的重要平台。我们相信，高质量内容、可信赖的创作者以及人工智能能力之 间的协同效应，将持续强化我们的差异化优势，并为公司带来显著的长期竞争力。" 知乎首席财务官王晗先生补充表示："第二季度，我们实现非公认会计准则净利润9130万元，而上年同 期为非公认会计准则净亏损4460万元。毛利率同比增长约3个百分点，达到62.5%。这些成果反映了人 工智能驱动的生产力提升，带来成本结构和运营效率的持续改 ...

知乎首席财务官王晗先生补充表示："第二季度，我们实现非公认会计准则净利润9130万元，而上年同 期为非公认会计准则净亏损4460万元。毛利率同比增长约3个百分点，达到62.5%。这些成果反映了人 工智能驱动的生产力提升，带来成本结构和运营效率的持续改善。我们将继续专注于严谨的执行力和可 持续的商业化，以推动长期增长。" 知乎-W(0239.)发布截至2025年6月30日止3个月第二季度业绩，该集团取得总收入7.17亿元(单位下同)， 同比减少23.23%;知乎股东应占净利润7248.2万元，去年同期则取得亏损8273.9万元;每股基本盈利0.3 元。 知乎董事长兼行政总裁周源先生表示："我们连续第三个季度实现了非公认会计准则盈利。充分体现了 我们精细化营运策略的持续成效，以及人工智能技术融合所带来的效率提升。我们的社区保持着活跃的 生命力，用户基础稳定，日活跃用户访问时长、核心用户留存率和创作者活跃度均有显著提升。人工智 能现已深度融入我们的产品体验，为用户和创作者不断创造更大的价值。知乎也因此成为人工智能相关 内容、产品发布和专家互动的重要平台。我们相信，高质量内容、可信赖的创作者以及人工智能能力之 间的协 ...

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]