Zheng Quan Shi Bao Wang·2025-08-27 11:23Core Insights - In the first half of 2023, the company reported a revenue of 1.447 billion yuan, a year-on-year decline of 23.7% [1] - The adjusted net profit for the same period was 98.28 million yuan, marking a return to profitability [1] - In Q2 2023, the company achieved a revenue of 717 million yuan and an adjusted net profit of 91.3 million yuan, maintaining Non-GAAP profitability for three consecutive quarters [1] Revenue Breakdown - In Q2 2023, the paid reading business contributed 402 million yuan, accounting for 56.1% of total revenue [1] - Marketing services and vocational education contributed 223 million yuan and 62.1 million yuan, representing 31.1% and 8.7% of total revenue, respectively [1] Financial Position - As of the end of Q2 2023, the company had cash and cash equivalents, term deposits, restricted funds, and short-term investments totaling 4.82 billion yuan [1] User Engagement - The company maintained its monthly active user base while improving daily active user engagement and core user retention both sequentially and year-on-year [1] - The average number of subscription members reached 13.2 million in Q2 2023 [1] Strategic Focus - The CEO highlighted the effectiveness of refined operational strategies and the integration of AI technology, which has enhanced product experience and positioned the company as a key platform for AI-related content and expert interaction [1] - The CFO noted a year-on-year increase of approximately 3 percentage points in gross margin, reaching 62.5%, attributed to productivity improvements driven by AI [1] AI Strategy - The company has embraced AI, promoting a strategy that combines high-quality content, a trusted expert network, and AI capabilities [1] - In Q2 2023, the daily average of new high-quality content increased by over 10% quarter-on-quarter, with AI-related professional content growing by over 45% year-on-year for two consecutive quarters [1] Expert Network - The company has developed a large expert network in the AI field, including 16 million continuous learners, 3.65 million deep creators, and 150,000 ecosystem linkers from research institutions, enterprises, and media [2] - The AI search product, Zhihu Direct Answer, has undergone multiple innovations to enhance community professional content and expert network effects [2]