盈利之外，知乎用AI抢跑

Core Viewpoint - The article highlights that Zhihu has achieved profitability for the first time since its listing, marking a significant milestone in its business journey, particularly in the context of the AI era [1][3][4]. Financial Performance - In the fiscal year 2024, Zhihu reported total revenue of 3.6 billion yuan, with Q4 revenue reaching 860 million yuan. Adjusted net profit for Q4 was 97.1 million yuan, and adjusted operating profit was 23.1 million yuan, indicating a complete turnaround to profitability [1][3]. - Q4 2024 saw Zhihu achieve its first-ever single-quarter comprehensive profitability since its IPO, showcasing the effectiveness of its strategic execution [3]. Business Strategy - Zhihu is advancing a multi-engine business strategy, with revenue contributions from paid reading (4.2 billion yuan, 48.9%), marketing services (3.2 billion yuan, 36.8%), and vocational education (840 million yuan, 9.8%) [4]. - The company has demonstrated strong operational efficiency, with a gross margin increase of 3.8 percentage points to 62.9% in Q4 2024, while operating expenses decreased by 37.9% year-on-year [9]. Community and Content Ecosystem - As of Q4 2024, Zhihu's content creation volume reached 870 million, a year-on-year increase of 12.9%, with over 77 million creators actively participating in discussions [12]. - The average monthly active users (MAUs) reached 81.4 million, continuing to grow quarter-on-quarter, and the average monthly subscription members reached 14.1 million [13]. AI Integration and Future Outlook - Zhihu is strategically positioning itself in the AI landscape, having launched its AI search product, Zhihu Zhidao, which has seen rapid growth in monthly active users, surpassing 10 million [1][17]. - The company has been proactive in integrating AI into its content production and governance, with plans to further enhance user interaction and competitive advantage in the AI era [16][17]. - Analysts have noted that Zhihu's unique advantages in proprietary data and high-quality content will help it stand out in the competitive landscape, particularly with the integration of AI technologies [18][19].