Financial Results - Zhihu Inc. reported its annual financial results for the year ended December 31, 2022, in the announcement dated April 28, 2023[1] Compliance and Governance - The company confirmed compliance with the Hong Kong Stock Exchange Listing Rules regarding related party transactions disclosed in the annual report[1] - The board of directors consists of executive directors Zhou Yuan, Li Dahai, and Sha Dachuan, along with non-executive and independent directors[2]

Financial Performance - Total revenue for the six months ended June 30, 2023, was RMB 2,038,429 thousand, representing a 29.1% increase from RMB 1,579,243 thousand in 2022[9]. - Gross profit for the same period was RMB 1,074,297 thousand, up 46.1% from RMB 735,145 thousand in 2022[9]. - Operating loss improved to RMB (543,964) thousand, a 50.9% reduction compared to RMB (1,108,844) thousand in the previous year[9]. - Net loss decreased by 58.4% to RMB (458,038) thousand from RMB (1,101,304) thousand in 2022[9]. - Adjusted operating loss was RMB (426,744) thousand, down 47.8% from RMB (817,540) thousand in 2022[11]. - Adjusted net loss was RMB (342,487) thousand, a 57.8% decrease from RMB (811,200) thousand in the previous year[11]. - Total revenue for the first half of 2023 reached RMB 2,038.4 million, a year-on-year increase of 29.1%[15]. - Net loss narrowed significantly by 58.4% from RMB 1.1 billion in the first half of 2022 to RMB 458.0 million in the same period of 2023[15]. - Paid membership revenue surged by 83.4% year-on-year to RMB 903.9 million in the first half of 2023[15]. - Professional training revenue increased by 193.6% to RMB 251.5 million from RMB 85.7 million in the same period of 2022, attributed to enriched online course offerings and contributions from acquired businesses[30]. User Engagement and Growth - Average monthly active users increased by 2.1% to 105.9 million from 103.7 million in 2022[9]. - Average monthly subscription members surged by 88.1% to 14.4 million from 7.7 million in 2022[9]. - Average monthly active users rose from 105.9 million in Q2 2022 to 109.4 million in Q2 2023[15]. - The number of content creators increased by 12.8% year-on-year, reaching 66.6 million as of June 30, 2023[20]. - The subscription member count grew by 88.1% year-on-year in the first half of 2023[21]. Strategic Initiatives - The company is focused on improving user engagement and expanding its subscription services as part of its growth strategy[9]. - The company aims to enhance content recommendation effectiveness and search efficiency through the integration of AI technology[16]. - The company plans to strategically focus resources on the development and monetization of generative AI technology, targeting professional users and content creators[23]. - The company aims to diversify revenue streams through paid memberships and vocational training, enhancing revenue resilience and sustainability[23]. - The company is committed to improving operational efficiency to expand profit margins while achieving healthy and sustainable business growth[23]. Financial Management and Expenses - Total operating expenses for the six months ended June 30, 2023, amounted to RMB 1.6 billion, a decrease of 12.2% compared to RMB 1.8 billion for the same period in 2022[35]. - Sales and marketing expenses decreased by 5.1% to RMB 986.2 million from RMB 1 billion in the same period of 2022, primarily due to more restrained promotional spending and reduced salary and benefits expenses[35]. - R&D expenses increased by 7.5% to RMB 419.2 million from RMB 390.1 million in the same period of 2022, mainly due to increased spending on technological innovation[35]. - The company recorded a decrease in share-based compensation expenses to RMB 108,365 thousand from RMB 286,504 thousand, a reduction of approximately 62.2%[109]. Corporate Governance - The company has established four committees: Audit Committee, Remuneration Committee, Nomination Committee, and Corporate Governance Committee to oversee specific areas of the company's affairs[57]. - The Audit Committee consists of three independent non-executive directors and is responsible for reviewing the financial reporting procedures and risk management systems[58]. - The Remuneration Committee reviews the remuneration of directors and senior management, ensuring alignment with performance[60]. - The Nomination Committee is responsible for recommending candidates for the board and its committees, ensuring a balanced board structure[61]. - The Corporate Governance Committee ensures compliance with corporate governance standards and oversees environmental, social, and governance matters[62]. Shareholder Information - As of June 30, 2023, Mr. Zhou holds a beneficial interest of 6.09% in the company through controlled entities[67]. - Major shareholder Dandelion Investment Limited owns 20,457,894 shares, representing 6.86% of Class A ordinary shares[71]. - Tencent holds a beneficial interest of 38,066,599 shares, accounting for 12.76% of Class A ordinary shares[71]. - The total number of Class A ordinary shares issued as of June 30, 2023, is 298,285,018[73]. - The company has disclosed no additional interests or short positions held by directors or senior management as of June 30, 2023[68]. Legal and Regulatory Compliance - The company has established variable interest entity (VIE) arrangements with its subsidiaries in China, allowing it to control these entities and receive the majority of their economic benefits[121]. - The management believes that the contracts with nominal shareholders comply with Chinese laws and are legally enforceable, although there is significant uncertainty regarding the interpretation and application of these laws[121]. - The implementation of the Foreign Investment Law in China, effective from January 1, 2020, introduces potential risks regarding the classification of VIEs as foreign investment enterprises[123]. - If the company is found to violate any Chinese laws or regulations, it may face severe penalties, including the revocation of business licenses and restrictions on revenue generation[125]. Assets and Liabilities - As of June 30, 2023, total assets amounted to RMB 7,633,590 thousand, a slight decrease from RMB 7,656,239 thousand as of December 31, 2022[99]. - Total liabilities increased to RMB 2,288,122 thousand from RMB 1,961,971 thousand, reflecting a rise of about 16.6%[100]. - The company's total equity decreased to RMB 5,345,468 thousand from RMB 5,694,268 thousand, a decline of about 6.1%[100]. - The accumulated losses increased to RMB (8,323,169) thousand from RMB (7,861,973) thousand, indicating a worsening of approximately 5.9%[100]. Cash Flow and Investments - Cash and cash equivalents, time deposits, and short-term investments were RMB 6.2 billion as of June 30, 2023, down from RMB 6.3 billion as of December 31, 2022[39]. - Net cash used in operating activities narrowed to RMB 58.3 million from RMB 515.1 million in the same period of 2022[40]. - The company reported a cash inflow from short-term investments of RMB 3,169,502 thousand, compared to RMB 5,984,620 thousand in the previous year, showing a decrease of about 47.1%[109]. Incentive Plans - The company has implemented equity incentive plans, with expenses recognized based on the fair value of granted equity incentives[157]. - The total equity incentive expense recognized in profit or loss for the six months ended June 30, 2022, and 2023, was RMB 278.3 million and RMB 85.8 million, respectively[198]. - The stock options granted under the 2012 incentive plan allowed for a maximum issuance of 44,021,165 Class A ordinary shares[191].

Zhihu Inc. (NYSE:ZH) Q2 2023 Earnings Conference Call August 23, 2023 8:00 AM ET Company Participants Yolanda Lian Liu - IR Manager Zhou Yuan - Founder, Chairman and CEO Li Dahai - Chief Technology Officer Henry Sha - CFO Conference Call Participants Xueqing Zhang - CICC Steve Qu - Goldman Sachs Vicki Wei - Citi Daisy Chen - Haitong International Yiwen Zhang - Chinese Renaissance Operator Hello, ladies and gentlemen. Thank you for standing by, and welcome to the Zhihu Inc. Second Quarter 2023 Financial Resu ...

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份內容而產生或因倚 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） 截至2023年6月30日止六個月的 中期業績公告 知乎（「本公司」）董事（「董事」）會（「董事會」）欣然宣佈，本公司、其附屬公司及 綜合聯屬實體（「本集團」或「知乎」）截至2023年6月30日止六個月（「報告期間」） 的未經審計簡明中期合併業績（「未經審計中期業績」），連同2022年同期的比較數 字。該等中期業績乃根據美國公認會計準則（「美國公認會計準則」）編製。報告期 間的未經審計簡明中期合併財務資料已由本公司獨立核數師羅兵咸永道會計師事 務所根據國際審閱委聘準則第2410號「由實體獨立核數師審閱中期財務資料」進行 審閱。 於本公告內，「我們」指本公司及（倘文義另有所指）本集團（定義見「一般資料」一 節）。 1 財務表現摘要 | --- | --- | --- | --- | |-- ...

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份內容而產生或因倚 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2023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 2023 | 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 ...

Shareholder Resolutions - The AGM resolutions were passed with significant support, including 99.999174% of Class A shares voting in favor of adopting the audited consolidated financial statements for the year ended December 31, 2022 [11]. - The re-election of Mr. Henry Dachuan Sha as an executive director received 98.303200% support from Class A shares [6]. - The resolution to authorize the board to fix the remuneration of directors was supported by 99.978192% of Class A shares [15]. - A general mandate to issue additional Class A ordinary shares not exceeding 20% of the total issued shares was approved with 87.581129% support from Class A shares [16]. - The resolution to grant a general mandate to repurchase shares not exceeding 10% of the total issued shares received 99.998478% support from Class A shares [18]. - The resolution to extend the general mandate to issue additional shares by the number of shares repurchased was supported by 87.723918% of Class A shares [19]. - No shareholders indicated an intention to vote against any resolutions proposed at the AGM, reflecting a consensus among shareholders [4]. AGM Attendance and Voting - The total votes cast at the AGM amounted to 314,804,994, with a high turnout indicating strong shareholder engagement [18]. - A total of 145,188,442 shares were represented at the AGM, with 99.9987% voting in favor of the auditor re-appointment [6]. - The AGM was attended by key executives, including the Chairman and two executive directors, while two non-executive directors were absent due to other business arrangements [23]. Auditor Appointment - The Company re-appointed PricewaterhouseCoopers as auditor, with 99.9986% of Class A shares and 100% of Class B shares voting in favor [6]. Share Structure - The total number of issued shares as of the Share Record Date was 319,601,988, comprising 300,755,702 Class A Ordinary Shares and 18,846,286 Class B Ordinary Shares [3]. - The AGM was held on June 30, 2023, in Beijing, China, with all proposed resolutions duly passed [3].

Zhihu Inc. (NYSE:ZH) Q1 2023 Earnings Conference Call May 24, 2023 7:30 AM ET Company Participants Yolanda Lian Liu - Senior IR Manager Zhou Yuan - Founder, Chairman and CEO Henry Sha - Chief Financial Officer Li Dahai - Chief Technology Officer Conference Call Participants Vicky Wei - Citigroup Steve Qu - Goldman Sachs Xueqing Zhang - CICC Operator Ladies and gentlemen, thank you for standing by, and welcome to Zhihu Inc. First Quarter 2023 Financial Results Conference Call. [Operator Instructions] Today's ...

Financial Performance - Total revenue for Q1 2023 was RMB 994.2 million (USD 144.8 million), an increase of 33.8% compared to RMB 743.2 million in Q1 2022[6] - Net loss for Q1 2023 was RMB 179.0 million (USD 26.1 million), a reduction of 70.9% from the same period in 2022[6] - Adjusted net loss (non-GAAP) for Q1 2023 was RMB 120.2 million (USD 17.5 million), narrowing by 67.3% year-over-year[6] - Operating loss decreased by 66.6% from RMB 648.2 million in the same period of 2022 to RMB 216.7 million (USD 31.6 million)[8] - Adjusted operating loss (non-GAAP) decreased by 60.7% from RMB 400.7 million in the same period of 2022 to RMB 157.3 million (USD 22.9 million)[8] - Net loss decreased by 70.9% from RMB 614.3 million in the same period of 2022 to RMB 179.0 million (USD 26.1 million)[8] - Adjusted net loss (non-GAAP) decreased by 67.3% from RMB 367.4 million in the same period of 2022 to RMB 120.2 million (USD 17.5 million)[8] - Diluted net loss per American Depositary Share (ADS) was RMB 0.30 (USD 0.04), compared to RMB 1.02 in the same period of 2022[8] User Metrics - Average monthly active users (MAUs) reached 102.4 million in Q1 2023, up from 101.6 million in Q1 2022[6] - Average monthly subscription members increased by 116.0% year-over-year to 14.9 million in Q1 2023[6] Revenue Breakdown - Paid membership revenue grew by 105.2% year-over-year to RMB 454.8 million (USD 66.2 million) in Q1 2023[7] - Vocational training revenue surged by 170.6% year-over-year to RMB 107.0 million (USD 15.6 million) in Q1 2023[7] - Gross profit for Q1 2023 was RMB 512.2 million (USD 74.6 million), a 52.7% increase from RMB 335.5 million in Q1 2022[7] - Gross margin improved to 51.5% in Q1 2023, up from 45.1% in the same period last year[7] Cash Flow and Assets - Operating cash flow was RMB 59.9 million in Q1 2023, marking the first positive operating cash flow since the company's IPO[6] - As of March 31, 2023, cash and cash equivalents, time deposits, and short-term investments amounted to RMB 6,257.7 million (USD 911.2 million), slightly down from RMB 6,261.5 million as of December 31, 2022[8] - Total assets as of March 31, 2023, were RMB 1,107,665 thousand, compared to RMB 7,656,239 thousand as of December 31, 2022, indicating a decrease of approximately 85.5%[18] - Total liabilities as of March 31, 2023, were RMB 302,149 thousand, an increase from RMB 1,961,971 thousand as of December 31, 2022, reflecting an increase of approximately 84.6%[18] - Cash and cash equivalents as of March 31, 2023, were RMB 607,491 thousand, compared to RMB 4,525,852 thousand as of December 31, 2022, indicating a decrease of approximately 86.5%[18] Expenses - R&D expenses increased from RMB 166.5 million in the same period of 2022 to RMB 183.0 million (USD 26.6 million), primarily due to higher salaries and benefits for R&D personnel and increased investment in technological innovation[8] - General and administrative expenses decreased by 67.7% from RMB 310.6 million in the same period of 2022 to RMB 100.4 million (USD 14.6 million), mainly due to a reduction in recognized equity incentive expenses and professional service fees[8] - Research and development expenses for the three months ended March 31, 2023, were RMB 21,205 thousand, up from RMB 15,770 thousand for the same period in 2022, representing an increase of approximately 34.4%[17] - The company reported a significant increase in marketing expenses, which rose to RMB 8,758 thousand for the three months ended March 31, 2023, compared to RMB 6,472 thousand for the same period in 2022, representing an increase of approximately 35.3%[17] Share Repurchase - The company announced a share repurchase plan to buy back up to USD 100 million of Class A ordinary shares or ADS within 12 months, with approximately 6.9 million shares repurchased for a total of USD 17.8 million as of March 31, 2023[9] - The board approved the extension of the share repurchase plan until June 10, 2024, subject to shareholder approval at the upcoming annual general meeting[9]

Exhibit 99.1 Zhihu Inc. Reports Unaudited First Quarter 2023 Financial Results BEIJING, China, May 24, 2023 — 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, 2023. First Quarter 2023 Highlights ● Total revenues were RMB994.2 million (US$144.8 million) in the first quarter of 2023, representing a 33.8% increase from the same period of 2022. ● Net loss was RMB179.0 million ...

Financial Performance - Total revenue for 2022 reached RMB 3,604,919 thousand, representing a 21.8% increase from RMB 2,959,324 thousand in 2021[8] - Gross profit for 2022 was RMB 1,808,052 thousand, up 16.4% from RMB 1,553,901 thousand in 2021[13] - Operating loss for 2022 increased to RMB (1,603,751) thousand, a 15.3% rise compared to RMB (1,390,709) thousand in 2021[13] - Net loss for 2022 was RMB (1,578,403) thousand, reflecting a 21.5% increase from RMB (1,298,880) thousand in 2021[13] - Adjusted operating loss for 2022 was RMB (1,218,803) thousand, a significant increase of 45.5% from RMB (837,864) thousand in 2021[13] - Adjusted net loss for 2022 reached RMB (1,195,855) thousand, marking a 60.1% increase from RMB (747,130) thousand in 2021[13] - Total operating expenses rose to RMB 3.41 billion in 2022 from RMB 2.94 billion in 2021, with significant increases in sales and marketing expenses and R&D expenditures[27] - Total operating expenses for 2022 were RMB 3.4 billion, up from RMB 2.9 billion in 2021[37] - Cash and cash equivalents decreased from RMB 7.4 billion at the end of 2021 to RMB 6.3 billion at the end of 2022[42] - Net cash used in operating activities was RMB 1.1 billion in 2022, compared to RMB 440.2 million in 2021[43] Revenue Sources - Revenue from paid memberships surged by 84.1% to RMB 1.2 billion in 2022, compared to RMB 668.5 million in 2021[18] - Revenue from professional training increased significantly from RMB 45.8 million in 2021 to RMB 248.3 million in 2022, attributed to diversified online course offerings and contributions from recently acquired businesses[32] - Advertising revenue decreased by 20.2% to RMB 926.3 million in 2022, down from RMB 1.16 billion in 2021, reflecting challenges in the online advertising industry due to macroeconomic conditions[32] User Engagement and Growth - Average monthly active users increased by 5.6% from 95.9 million in 2021 to 101.3 million in 2022[22] - Average monthly subscription members grew by 93.2% from 5.1 million in 2021 to 9.8 million in 2022[14] - Average monthly page views increased by 20.6% from 503.6 million in 2021 to 607.4 million in 2022[22] - Over 74% of average monthly active users were under 30 years old as of December 31, 2022[22] - Female users accounted for 48.5% of average monthly active users in December 2022[22] Market Strategy and Future Plans - The company continues to focus on expanding its market presence and developing new products and technologies[8] - The company plans to diversify its monetization model further into paid memberships and professional training, aiming for more sustainable revenue growth[25] - The company aims to enhance content creation and user experience for professional users, expecting a more diverse user base in 2023[25] - The company plans to expand its market presence in Southeast Asia, targeting a 30% increase in market share by 2025[143] - New product launches are expected to contribute an additional $100 million in revenue over the next fiscal year[144] - The company has set a performance guidance of 20% revenue growth for the upcoming fiscal year[141] Corporate Governance - The company is committed to maintaining strict corporate governance standards and has complied with all applicable principles and code provisions since its listing[150] - The board consists of eight members, including three executive directors, two non-executive directors, and three independent non-executive directors[155] - The company emphasizes the importance of continuous professional development for directors, providing training and relevant materials[169] - The company has established three committees: audit, remuneration, and nomination & corporate governance, each with clear written terms of reference[172] - The audit committee is composed of three independent non-executive directors, ensuring oversight of financial reporting and risk management[173] Risks and Compliance - The company faces significant risks related to user engagement and the ability to provide quality original content, which are critical for business success[59] - The company operates in a highly competitive market and may struggle to effectively compete if it fails to keep up with technological advancements[59] - The company is subject to complex and evolving legal regulations regarding cybersecurity and data privacy, which may impact its operations[59] - The company may face risks if the Chinese government deems its business structure agreements non-compliant with local laws, potentially leading to severe penalties or loss of operational benefits[86] Shareholder Information - The company maintains a dual-class share structure, with Class A shares having one vote per share and Class B shares having ten votes per share[112] - The company has not entered into any new connected transactions or ongoing connected transactions that require disclosure under the Listing Rules during the reporting period[111] - The group’s five largest customers accounted for approximately 16.3% of total revenue, with the largest customer contributing about 6.2%[120] - The board does not recommend the distribution of an annual dividend for the reporting period[126] Employee and Community Engagement - The company is committed to fulfilling social responsibilities and promoting employee welfare and development, as well as environmental protection[66] - The company has established a community management team to detect and prevent inappropriate or illegal content on its platform[191] - The company has implemented anti-corruption policies and training programs to prevent unethical behavior among employees[192] Audit and Financial Reporting - The audit fees for the fiscal year amounted to RMB 21,080,000, while all other fees totaled RMB 1,583,000, leading to a total auditor remuneration of RMB 22,663,000[196] - The independent auditor's report confirms that the directors are responsible for preparing the financial statements and that there are no significant uncertainties affecting the company's ability to continue as a going concern[195]