Hua Xia Shi Bao·2025-08-28 14:52Core Viewpoint - Zhihu demonstrates its profitability during business adjustments, reporting a revenue of 717 million yuan and a non-GAAP net profit of 91.3 million yuan for Q2 2025, achieving non-GAAP profitability for three consecutive quarters [2][3]. Revenue Performance - Zhihu's Q2 2025 revenue decreased by 23.23% year-on-year from 934 million yuan to 717 million yuan, with Q1 2025 revenue at 730 million yuan [3]. - The paid reading business remains the largest revenue contributor, generating 402 million yuan in Q2 2025, accounting for 56.1% of total revenue, down from 433 million yuan in the same period last year [3]. - The average monthly subscription members decreased to 13.2 million in Q2 2025 from 14.7 million in the same period last year [3]. Business Strategy and Adjustments - The company is focusing on improving member retention and increasing ARPU (Average Revenue Per User) through various initiatives, including optimizing new member structures and expanding content offerings [3]. - Marketing service revenue fell to 223 million yuan in Q2 2025 from 344 million yuan year-on-year, attributed to a strategic focus on improving profit margins [4]. - The vocational education segment generated 62.1 million yuan, down from 62 million yuan year-on-year, due to strategic optimization [4]. Profitability and Cost Management - Despite revenue declines, Zhihu achieved a net profit of 72.5 million yuan in Q2 2025, compared to a net loss of 80.6 million yuan in the same period last year [4]. - The adjusted net profit (non-GAAP) was 91.3 million yuan, a significant improvement from an adjusted net loss of 44.6 million yuan in Q2 2024 [4]. AI Integration and Community Development - The company is fully embracing AI technology, with the launch of the new AI search product "Zhihu Direct Answer" aimed at enhancing user experience and content quality [5][6]. - The integration of AI with community content is seen as a key strategy, with ongoing upgrades to improve the search and answer quality [6]. - The CEO emphasized the importance of high-quality content as a trust currency in the AI era, indicating a shift towards more reliable and professional content [5][6]. Future Outlook - The company aims to optimize its client structure and upgrade its commercial products to achieve positive year-on-year growth in marketing services [4]. - Continuous iterations and upgrades of the AI search capabilities are planned, with a focus on enhancing user experience in Q4 2025 [6].