3 6 Ke·2025-05-29 23:32Core Insights - Zhihu achieved its first quarterly profit since going public in Q1 2025, with total revenue reaching 729.7 million RMB and a gross margin increase from 56.6% to 61.8% year-over-year [1] - Despite a net loss of 10.1 million RMB, this represents a 93.9% reduction compared to the same period in 2024, indicating a potential for sustained profitability [1] - CEO Zhou Yuan highlighted the effective integration of AI into the company's ecosystem as a key factor in improving user retention and engagement metrics [1][5] Financial Performance - In Q1 2025, Zhihu's revenue breakdown showed paid membership income at 417.9 million RMB, accounting for 57.3% of total revenue, while marketing services contributed 197 million RMB (27%) and vocational education brought in 94.53 million RMB (13%) [2] - The average monthly paid membership increased slightly to 14.2 million, up from 14.1 million in the previous quarter [2] AI Strategy and Integration - The integration of DeepSeek, an advanced AI tool, has been pivotal in stabilizing paid membership revenue amidst overall revenue decline [5] - DeepSeek's unique "traceability feature" differentiates Zhihu from competitors, enhancing the value of its expert network and driving community engagement [5][6] - The company has been progressively implementing its AI strategy since 2023, with the launch of various AI models and features aimed at improving content quality and user experience [5] Comparison with Reddit - Zhihu's business model and operational challenges bear similarities to Reddit, often referred to as the "American version of Zhihu," particularly in terms of user engagement and revenue generation strategies [7][9] - Both platforms have experienced a significant stock price increase following the integration of AI technologies and the achievement of profitability, although they have since returned to previous levels [10] Future Outlook - Zhou Yuan emphasized the importance of maintaining a forward-looking approach, viewing the recent profitability as a milestone rather than an endpoint [11] - The competitive landscape for AI-driven content and community products suggests that Zhihu's unique positioning may allow it to carve out a distinct niche in the evolving market [11]