知乎走到命运拐点

Core Viewpoint - Zhihu has achieved profitability for the first time since its IPO, marking a significant milestone for the company as it aims to align with market expectations for profitability in 2024 [1][4][29] Financial Performance - In 2024, Zhihu's revenue decreased by 14.3% year-on-year to 3.599 billion yuan, while net loss narrowed by 79.9% to 169 million yuan, and adjusted net loss reduced by 85.4% to 96.3 million yuan [3] - For Q4 2024, revenue fell by 25% year-on-year to 859 million yuan, with net profit of 86.4 million yuan compared to a net loss of 103 million yuan in the same period of 2023 [3][4] - Operating profit for Q4 2024 was 11.9 million yuan, a turnaround from an operating loss of 178 million yuan in Q4 2023 [3][4] Cost Management - Zhihu's cost expenditures decreased by 31.5% year-on-year in Q4 2024, and total operating expenses fell by 37.9% [6] - For the entire year of 2024, operating expenses (including sales, R&D, and administration) decreased by 21%, while gross margin improved from 54.7% in 2023 to 60.6% in 2024 [6] Business Segments - Zhihu's revenue streams are primarily driven by three main segments: marketing services, paid memberships, and vocational education [7] - Paid membership revenue in Q4 2024 decreased by 7.9% to 420 million yuan, accounting for 48.9% of total revenue [8] - Marketing services revenue dropped by 32% to 316 million yuan in Q4 2024, representing 36.8% of total revenue [10] - Vocational education revenue plummeted by 50.3% to 84 million yuan in Q4 2024, with a revenue share of 9.8% [11] User Engagement - Average monthly active users (MAU) for Q4 2024 were 81.4 million, a slight increase of 300,000 from the previous quarter, but significantly lower than the 85 million MAU at the time of Zhihu's IPO in 2021 [12][13] - The user base remains predominantly young, with 73.8% of active users under 30 years old and nearly 51% being female [17] AI Integration - Zhihu has shifted focus towards AI, leveraging its high-quality content and community engagement to enhance its offerings [18][22] - The company has launched its self-developed AI model "Zhihai Map AI" and introduced AI search products to improve user experience and operational efficiency [24][25] - Despite a 37% year-on-year decrease in R&D spending to 147 million yuan in Q4 2024, the CFO believes that AI presents a historic opportunity for Zhihu to integrate high-quality content into its business model [27][28]