知乎(02390) - 2025 - 中期财报

Company Information Board of Directors and Committee Members The company's board, comprising executive, non-executive, and independent non-executive directors, experienced changes in independent director appointments and committee chairpersons during the reporting period - Mr. Sun Han-hui resigned as independent non-executive director and from multiple committee roles on May 27, 2025[3] - Dr. Cheng Li-lan was appointed as independent non-executive director, Audit Committee Chairman, and other committee member on May 27, 2025[3] - Ms. Ni Hong was appointed as Remuneration Committee Chairman on May 27, 2025[3] Company Contact and Registration Information The company secretary is Ms. Liu Qihua, with Mr. Zhou Yuan and Ms. Liu Qihua as authorized representatives, and its headquarters are in Beijing, China, with a registered office in the Cayman Islands - The company secretary is Ms. Liu Qihua, and authorized representatives are Mr. Zhou Yuan and Ms. Liu Qihua[4] - Headquarters and principal place of business in China are located at No. 18 Xueqing Road, Haidian District, Beijing, China[4] - The registered office is at PO Box 309, Ugland House, Grand Cayman KY1-1104, Cayman Islands[4] Professional Advisors and Services The company's auditor is PwC, with legal advisors covering Hong Kong, US, and Cayman Islands law, and Guotai Junan Securities as compliance advisor - The auditor is PricewaterhouseCoopers[4] - Legal advisors cover Hong Kong, US, and Cayman Islands law[5] - The compliance advisor is Guotai Junan Capital Limited[5] Share Information and Website The company's stock codes are 2390 on SEHK and ZH on NYSE, with its official website being ir.zhihu.com - SEHK stock code: 2390, NYSE stock code: ZH[5] - Company website: ir.zhihu.com[5] Key Highlights Financial Performance Summary For the six months ended June 30, 2025, total revenue decreased by 23.7% to RMB 1,446.6 million, but operating and net losses significantly narrowed, achieving a net profit of RMB 62.4 million and an adjusted net profit of RMB 98.3 million, turning losses into profits Key Financial Data for the Six Months Ended June 30 (RMB in thousands) | Metric | 2025 | 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Total Revenue | 1,446,559 | 1,894,673 | (23.7)% | | Gross Profit | 899,287 | 1,100,023 | (18.2)% | | Operating Loss | (143,609) | (408,619) | (64.9)% | | Net Profit / (Loss) | 62,372 | (246,391) | N/A | | Adjusted Operating Loss | (106,501) | (340,686) | (68.7)% | | Adjusted Net Profit / (Loss) | 98,280 | (180,283) | N/A | Operational Data Summary For the six months ended June 30, 2025, average monthly subscribing members were 13.7 million, a 6.7% decrease year-over-year Average Monthly Subscribing Members for the Six Months Ended June 30 (in millions) | Metric | 2025 | 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Average Monthly Subscribing Members | 13.7 | 14.7 | (6.7)% | Non-GAAP Financial Measures The company uses non-GAAP financial measures like adjusted operating loss and adjusted net profit/(loss) to exclude share-based compensation, intangible asset amortization from acquisitions, and non-GAAP tax effects, providing a clearer view of operational performance and period-over-period comparison - Non-GAAP financial measures exclude share-based compensation expenses, amortization of intangible assets from business acquisitions, and non-GAAP tax effects[9] Reconciliation of GAAP and Non-GAAP Financial Measures (RMB in thousands) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Operating Loss | (143,609) | (408,619) | | Add: Share-based compensation expenses | 30,128 | 58,453 | | Add: Amortization of intangible assets from business acquisitions | 6,980 | 9,480 | | Adjusted Operating Loss | (106,501) | (340,686) | | Net Profit / (Loss) | 62,372 | (246,391) | | Add: Share-based compensation expenses | 30,128 | 58,453 | | Add: Amortization of intangible assets from business acquisitions | 6,980 | 9,480 | | Add: Non-GAAP adjustments for income tax effects | (1,200) | (1,825) | | Adjusted Net Profit / (Loss) | 98,280 | (180,283) | Business Review and Outlook Business Review for the Reporting Period In the first half of 2025, Zhihu achieved profitability under both GAAP and non-GAAP measures, deepened strategic adjustments to enhance community trustworthiness, fostered high-quality content, a trusted creator network, and AI capabilities, while significantly improving its gross margin to 62.2% - In the first half of 2025, the company achieved profitability under both GAAP and non-GAAP measures, with an adjusted net profit of RMB 98.3 million, compared to an adjusted net loss of RMB 180.3 million in the same period of 2024[14] - Gross margin increased to 62.2%[14] - The company continued to deepen its strategic adjustments, focusing on enhancing the trustworthiness of the Zhihu community and promoting the synergistic development of high-quality content, a trusted creator network, and AI capabilities[14] Financial and Strategic Highlights In the first half of 2025, the company achieved profitability and improved gross margin, consolidating its long-term competitive advantage through resource reallocation, organizational optimization, and enhanced user experience, while focusing on high-quality content, trusted creators, and AI synergy - Achieved an adjusted net profit of RMB 98.3 million in the first half of 2025, with gross margin rising to 62.2%[14] - Deepened strategic adjustments, focusing on enhancing community trustworthiness, including resource reallocation, organizational optimization, and improved user experience[14] AI Progress Zhihu views AI as a historic opportunity, with its community becoming a hub for AI-related topics, accelerating investments in AI applications, launching new features like Zhihu Direct Answer, and leveraging AI to enhance content identification, moderation, paid membership promotion, and vocational training sales efficiency - Zhihu community has become a center for AI-related topics, with high-quality professional content increasingly cited by leading external AI large models and AI search engines[16] - Zhihu Direct Answer active usage penetration significantly increased, and a public knowledge base was launched to enhance user experience and reduce AI hallucinations[17] - AI applied to content identification, content moderation, paid membership promotion, and vocational training sales services, comprehensively improving operational efficiency[17] Zhihu Content Ecosystem Zhihu continues to produce high-quality content, enhancing content quality through its TopicRank algorithm and trusted content model, with cumulative platform content reaching 911.4 million items by June 30, 2025, a 9.7% year-over-year increase, while also commercializing short-form novel IPs and expanding into mid-to-long-form novels - Based on the TopicRank algorithm, a trusted content model is built, combining AI capabilities with community interaction to dynamically identify and classify content quality[18] - As of June 30, 2025, cumulative platform content reached 911.4 million items, a 9.7% year-over-year increase[18] - High-quality short-form novel IP commercialization potential unleashed, successfully entering the short-drama market, and expanding content supply to mid-to-long-form novels[19] Zhihu Users and Creators In the first half of 2025, monthly active users remained stable with increased engagement and core user retention, and significantly longer daily active user visit durations, despite average monthly subscribing members decreasing by 6.7% to 13.7 million, while professional creators grew by 26.9% and AI-powered content creators' activity continued to rise - Monthly active user base remained stable, with significantly increased monthly active user engagement, core user retention, and daily active user visit duration[22] Average Monthly Subscribing Members (in millions) | Metric | 2025上半年 | 2024上半年 | Change (%) | | :--- | :--- | :--- | :--- | | Average Monthly Subscribing Members | 13.7 | 14.7 | (6.7)% | - The number of certified honorary creators increased by 26.9% year-over-year, and the activity of AI-powered high-end content creators continued to increase[23] Monetization Model Total revenue for the first half of 2025 decreased by 23.7% to RMB 1,446.6 million, with paid membership services remaining the largest revenue source but declining by 7.1%, and vocational training revenue also decreasing as the company shifts towards new social interaction and knowledge-sharing driven models 2025年上半年總收入及付費會員收入（人民幣百萬元） | Metric | 2025上半年 | 2024上半年 | Change (%) | | :--- | :--- | :--- | :--- | | Total Revenue | 1,446.6 | 1,894.7 | (23.7)% | | Paid Membership Services Revenue | 819.8 | 882.4 | (7.1)% | | Vocational Training Services Revenue | 156.6 | 279.1 | (43.9)% | - Paid membership services remain the largest revenue source, but a decrease in average monthly subscribing members led to a slight revenue reduction[26] - Vocational training service revenue decreased primarily due to strategic optimization of self-operated course products and acquired businesses, shifting towards new social interaction and knowledge-sharing driven models[26] Material Events After Reporting Period No material events occurred after the reporting period and up to the latest practicable date that could impact the company, other than those disclosed in this interim report - No material events occurred after June 30, 2025, and up to the latest practicable date that could impact the Group[27] Business Outlook For the second half, the company will deepen user engagement, enhance high-quality content creation, improve its commercial ecosystem, and prioritize accelerating AI integration across the platform and expanding trusted content and services to broader applications beyond the community - For the second half, the company will deepen user engagement, enhance high-quality content creation, improve its commercial ecosystem, and continue to focus on core user experience and community trustworthiness[28] - Prioritize two key areas: accelerating AI integration across the entire platform, and expanding trusted content and services to broader application scenarios beyond the community[28] Management Discussion and Analysis Consolidated Operating Results For the six months ended June 30, 2025, total revenue was RMB 1,446.6 million, a 23.7% year-over-year decrease, while operating loss significantly narrowed by 64.9% to RMB 143.6 million, and net profit reached RMB 62.4 million, reversing the net loss from the prior year Consolidated Operating Results for the Six Months Ended June 30 (RMB in thousands) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Total Revenue | 1,446,559 | 1,894,673 | | Cost of Revenue | (547,272) | (794,650) | | Gross Profit | 899,287 | 1,100,023 | | Total Operating Expenses | (1,042,896) | (1,508,642) | | Operating Loss | (143,609) | (408,619) | | Investment Income | 160,185 | 38,713 | | Net Profit / (Loss) | 62,372 | (246,391) | | Net Profit / (Loss) Attributable to Zhihu Shareholders | 62,388 | (247,585) | - Operating loss decreased by 64.9% from RMB 408.6 million in the same period of 2024 to RMB 143.6 million[31] - Net profit was RMB 62.4 million, compared to a net loss of RMB 246.4 million in the same period of 2024[31] Revenue Analysis Total revenue for the first half of 2025 was RMB 1,446.6 million, a 23.7% year-over-year decrease, with paid membership remaining the largest revenue source at 56.7% of total revenue but declining by 7.1%, and marketing services and vocational training revenues also decreasing due to service product optimization and strategic adjustments Revenue by Business Line for the Six Months Ended June 30 (RMB in thousands) | Revenue Source | 2025 (RMB) | 2025 (%) | 2024 (RMB) | 2024 (%) | | :--- | :--- | :--- | :--- | :--- | | Marketing Services | 419,737 | 29.0 | 674,521 | 35.6 | | Paid Membership | 819,848 | 56.7 | 882,376 | 46.6 | | Vocational Training | 156,631 | 10.8 | 279,069 | 14.7 | | Others | 50,343 | 3.5 | 58,707 | 3.1 | | Total | 1,446,559 | 100.0 | 1,894,673 | 100.0 | - Marketing services revenue decreased primarily due to the company's continuous proactive optimization of service product offerings, with profitability improvement as a strategic core[36] - Paid membership revenue slightly decreased primarily due to a decline in average monthly subscribing members[36] - Vocational training revenue decreased primarily due to the company's strategic optimization of self-operated course products and acquired businesses[36] Costs and Gross Profit Cost of revenue decreased by 31.1% year-over-year to RMB 547.3 million, primarily due to reduced content and operational costs, personnel expenses, and cloud services and bandwidth costs, leading to a gross margin increase from 58.1% in 2024 to 62.2% in the first half of 2025, reflecting enhanced commercialization and operational efficiency - Cost of revenue decreased by 31.1% to RMB 547.3 million, primarily due to reduced content and operational costs, personnel-related expenses, and lower cloud services and bandwidth costs resulting from improved technological efficiency[38] Cost of Revenue Details for the Six Months Ended June 30 (RMB in thousands) | Cost of Revenue Item | 2025 (RMB) | 2025 (%) | 2024 (RMB) | 2024 (%) | | :--- | :--- | :--- | :--- | :--- | | Content and Operational Costs | 280,040 | 19.4 | 396,159 | 20.9 | | Cloud Services and Bandwidth Costs | 80,323 | 5.6 | 129,163 | 6.8 | | Staff Costs | 72,406 | 5.0 | 119,657 | 6.3 | | Payment Processing Fees | 70,531 | 4.9 | 87,199 | 4.6 | | Others | 43,972 | 2.9 | 62,472 | 3.3 | | Total | 547,272 | 37.8 | 794,650 | 41.9 | - Gross margin increased from 58.1% in the same period of 2024 to 62.2% in the first half of 2025, primarily due to enhanced commercialization capabilities and improved operational efficiency[41] Operating Expenses Total operating expenses for the first half of 2025 decreased by 30.9% year-over-year to RMB 1,042.9 million, with significant reductions in sales and marketing, research and development, and general and administrative expenses, driven by disciplined promotional spending, improved R&D efficiency, and lower expected credit loss provisions - Total operating expenses decreased by 30.9% to RMB 1,042.9 million[42] - Sales and marketing expenses decreased by 27.7% to RMB 646.9 million, primarily due to more disciplined promotional spending and reduced personnel-related expenses[42] - Research and development expenses decreased by 29.3% to RMB 287.5 million, primarily due to improved R&D efficiency[42] - General and administrative expenses decreased by 47.6% to RMB 108.5 million, primarily due to a decrease in the allowance for expected credit losses on accounts receivable[42] Profitability Metrics Both operating loss and adjusted operating loss significantly narrowed, while net profit and adjusted net profit turned profitable, with investment income substantially increasing due to unrealized gains from fair value remeasurement of an investment in a private company - Operating loss decreased by 64.9% from RMB 408.6 million to RMB 143.6 million[43] - Adjusted operating loss decreased by 68.7% from RMB 340.7 million to RMB 106.5 million[44] - Investment income increased to RMB 160.2 million, primarily due to unrealized gains from fair value remeasurement of an investment