Zheng Quan Ri Bao Wang·2025-08-27 11:17Core Insights - Zhihu reported a revenue of 717 million yuan and an adjusted net profit of 91.3 million yuan for Q2 2025, significantly exceeding market expectations and achieving Non-GAAP profitability for three consecutive quarters [1][2]. Financial Performance - Zhihu's revenue streams include 402 million yuan from paid reading, accounting for 56.1% of total revenue, while marketing services and vocational education contributed 223 million yuan and 62.1 million yuan, representing 31.1% and 8.7% respectively [2]. - The company has maintained a strong cash position with a total of 4.82 billion yuan in cash and cash equivalents, term deposits, restricted funds, and short-term investments as of the end of Q2 [2]. - The adjusted net profit of 91.3 million yuan in Q2 2025 marks a significant improvement from a net loss of 44.6 million yuan in the same period last year, with a gross margin increase of approximately 3 percentage points to 62.5% [3]. Operational Highlights - Zhihu has focused on enhancing its community value through AI applications, leading to significant improvements in user engagement metrics, including daily active user session duration and core user retention rates [2][3]. - The average number of subscription members reached 13.2 million, maintaining an industry-leading position [2]. AI Strategy and Community Engagement - The company emphasizes the integration of AI technology to enhance operational efficiency and user experience, positioning itself as a key platform for AI-related content and expert interactions [3]. - Zhihu has developed a robust expert network with 16 million participants in technology and AI discussions, 3.65 million deep creators, and 150,000 links from research institutions, enterprises, and media [4]. - The platform has seen a more than 10% increase in daily high-quality content generation, with AI-related content growing over 45% year-on-year for two consecutive quarters [4]. AI Capabilities - Zhihu's AI search product, Zhihu Zhidao, has undergone multiple iterations to enhance its capabilities, providing a reliable AI search experience for millions of active users [5]. - Future iterations of Zhihu Zhidao aim to evolve into an AI agent, facilitating a comprehensive productivity tool for users encompassing search, research, learning, and creation [5].