ZHIHU(US:ZH) 美股研究社·2025-08-29 14:33Core Viewpoint - In 2025, despite facing growth bottlenecks in content community platforms, Zhihu reported a unique semi-annual performance, showcasing its ability to balance commercialization and user experience through refined operations and AI integration [1][2]. Financial Performance - Zhihu's total revenue for the first half of 2025 was 1.447 billion yuan, a year-on-year decline of 23.7%, but adjusted net profit reached 98.28 million yuan, a significant turnaround from a net loss of 180 million yuan in the same period last year [4]. - The second quarter was particularly strong, with revenue of 717 million yuan and adjusted net profit of 91.3 million yuan, marking three consecutive quarters of Non-GAAP profitability [4]. - Cost control and operational optimization were key drivers of profit improvement, with revenue costs down 31.1% to 547 million yuan and operating expenses down 30.9% to 1.043 billion yuan [4]. Cost Structure and Efficiency - In the second quarter, costs related to content and operations, personnel expenses, and cloud services significantly decreased, leading to a total cost reduction of 28.8% to 269 million yuan [4]. - R&D spending was 146 million yuan in the second quarter, down 30.4%, indicating a balance between cost-saving and innovation [4]. AI Integration - AI technology has been deeply integrated into Zhihu's operations, enhancing efficiency in content review, member promotion, and vocational training, thereby reducing labor costs [5]. - The AI-assisted content review system quickly identifies violations, while smart recommendation algorithms improve paid membership conversion rates [5]. Business Strategy and Structure - Zhihu has strategically reduced investment in underperforming business lines, particularly in marketing services and vocational training, with revenues declining by 37.78% and 43.87% respectively [6]. - This proactive approach to shedding low-efficiency businesses marks a shift from a "burning money for growth" model to a sustainable business model focused on profitability [6]. Content Ecosystem and User Engagement - Zhihu is evolving its content ecosystem through a three-pronged strategy of high-quality content, a trusted expert network, and AI capabilities, aiming to build a knowledge community moat in the AI era [9]. - The platform has seen a more than 10% increase in daily high-quality content additions, with AI-related professional content growing over 45% year-on-year [9]. User Demographics and Engagement - 74.1% of active users are under 30 years old, with female users making up 59.3%, providing a diverse foundation for content [9]. - Despite stable monthly active user numbers, metrics such as daily active user engagement time, core user retention rates, and creator activity have significantly improved [9]. Expert Network and Knowledge Production - Zhihu has developed a large expert network, including 16 million participants in technology and AI discussions, and 365,000 deep creators in related topics [10]. - This "knowledge production network" is a core asset that differentiates Zhihu from other content platforms and is crucial for addressing challenges in the AI era [11]. AI Strategy and Product Development - Zhihu's AI strategy focuses on practical applications rather than generic models, launching the "Zhihu Direct Answer" AI search product to enhance knowledge acquisition [11]. - The strategy emphasizes integrating AI across the platform and extending reliable content and services to broader applications beyond the community [11]. Conclusion - Zhihu's performance and market strategy in the first half of 2025 demonstrate the strategic resilience and transformation wisdom of a mature internet company, achieving significant profit improvement amid industry pressures [12].