知乎首度盈利，但盈利已不再是重点

Core Insights - Zhihu achieved quarterly profitability for the first time in Q4 2024, with a net profit of 86.4 million yuan, compared to a net loss of 103.1 million yuan in the same period last year [1] - The company's total revenue for 2024 reached 3.6 billion yuan, with Q4 revenue at 860 million yuan, exceeding market expectations [1] - The revenue composition shows that paid memberships contributed nearly half of the total income, amounting to 420 million yuan, while marketing services and vocational education generated 320 million yuan and 84 million yuan, respectively [1] Revenue and Cost Management - The profitability in Q4 was attributed to improved operational efficiency and strict cost management, with revenue costs decreasing by 31.5% year-on-year and expenses down by 37.9% [1] - Despite the decline in paid membership revenue to 420 million yuan from 456 million yuan year-on-year, it still accounted for a significant portion of total revenue [7] Vocational Education Segment - Zhihu's vocational education platform, "Zhixuetang," launched in December 2022, operates independently and integrates six sub-brands covering various fields [3][4] - However, the vocational education segment generated only 84 million yuan in Q4, a decrease from 169 million yuan in the same period last year, indicating challenges in scaling this business [4] AI Integration and Future Prospects - The company views AI as a significant opportunity to enhance its value proposition, leveraging its expert network to address trust issues in the AI era [9][12] - The "Zhihu Direct Answer" product aims to combine AI with community engagement, enhancing user experience while maintaining the integrity of expert contributions [12][13] - The strategic direction reflects a balance between maintaining professional content quality and adapting to the entertainment-driven market [14] Market Perception and Strategic Challenges - Investors are increasingly evaluating Zhihu through the lens of AI concepts, indicating a shift in market perception [14] - The company faces the challenge of proving its value beyond profitability, particularly in a competitive landscape focused on AI applications and ecosystem restructuring [14]