Core Viewpoint - Zhihu reported a revenue of 1.447 billion yuan for the first half of 2023, reflecting a year-on-year decline of 23.7%, but achieved an adjusted net profit of 98.28 million yuan, marking a return to profitability [1] Financial Performance - In the second quarter, the company generated revenue of 717 million yuan and an adjusted net profit of 91.3 million yuan, achieving Non-GAAP profitability for three consecutive quarters [1]

Core Insights - Zhihu-W (0239) reported total revenue of 717 million yuan for the second quarter ending June 30, 2025, representing a year-on-year decrease of 23.23% [1] - The company achieved a net profit attributable to shareholders of 72.48 million yuan, compared to a loss of 82.73 million yuan in the same period last year, with basic earnings per share of 0.3 yuan [1] Financial Performance - The CFO highlighted a non-GAAP net profit of 91.3 million yuan for the second quarter, compared to a non-GAAP net loss of 44.6 million yuan in the previous year [1] - Gross margin increased by approximately 3 percentage points year-on-year, reaching 62.5% [1] Strategic Insights - The Chairman emphasized the effectiveness of the refined operational strategy and the integration of artificial intelligence technology, which has enhanced efficiency [1] - The company maintains an active community with stable user base metrics, including significant improvements in daily active user engagement, core user retention rates, and creator activity [1] - Zhihu is positioned as an important platform for AI-related content, product launches, and expert interactions, leveraging high-quality content and reliable creators to strengthen its competitive advantage [1]

Core Insights - Zhihu-W (0239) reported total revenue of 717 million yuan for the second quarter ending June 30, 2025, representing a year-on-year decrease of 23.23% [1] - The company achieved a net profit attributable to shareholders of 72.48 million yuan, compared to a loss of 82.73 million yuan in the same period last year, with basic earnings per share of 0.3 yuan [1] Financial Performance - The CFO highlighted that the company achieved a non-GAAP net profit of 91.3 million yuan in the second quarter, compared to a non-GAAP net loss of 44.6 million yuan in the previous year [1] - Gross margin increased by approximately 3 percentage points year-on-year, reaching 62.5% [1] Strategic Insights - The Chairman emphasized the effectiveness of the refined operational strategy and the integration of artificial intelligence technology, which has enhanced efficiency [1] - The company maintains an active community with stable user base metrics, including increased daily active user engagement, core user retention rates, and creator activity [1] - Zhihu is positioned as an important platform for AI-related content, product launches, and expert interactions, leveraging high-quality content and reliable creators to strengthen its competitive advantage [1]

Core Insights - Zhihu reported a revenue of 717 million yuan for Q2 2025, with paid reading contributing 402 million yuan, accounting for 56.1% of total revenue [1] - The company has achieved adjusted net profit of 91.3 million yuan for the second consecutive quarter, maintaining a trend of profitability since Q4 2024 [1][2] - As of the end of Q2, Zhihu's cash and cash equivalents, along with short-term investments, totaled 4.82 billion yuan [1] Revenue Breakdown - Paid reading business generated 402 million yuan, representing 56.1% of total revenue [1] - Marketing services contributed 223 million yuan, accounting for 31.1% [1] - Vocational education business brought in 6.21 million yuan, making up 8.7% [1] User Engagement and Community Development - Monthly active users remained stable, while daily active user engagement time and core user retention rates showed significant improvement [1][2] - The average number of subscription members reached 13.2 million in Q2 [1] Strategic Focus and Future Outlook - The CEO emphasized the effectiveness of refined operational strategies and the integration of AI technology, which has enhanced efficiency [2] - The company aims to leverage high-quality content, trusted creators, and AI capabilities to strengthen its competitive advantage in the long term [2]

Core Insights - Zhihu reported a total revenue of RMB 716.9 million for Q2 2025, a decrease of approximately 23% compared to RMB 933.8 million in Q2 2024 [1] - The gross margin improved from 59.6% in Q2 2024 to 62.5% in Q2 2025 [1] - The net profit for Q2 2025 was RMB 72.5 million, a significant turnaround from a net loss of RMB 80.6 million in Q2 2024 [1] Revenue Breakdown - Marketing services revenue decreased to RMB 222.8 million in Q2 2025 from RMB 344 million in Q2 2024, attributed to a strategic focus on improving profit margins [1] - Paid membership revenue slightly declined to RMB 402 million in Q2 2025 from RMB 432.7 million in Q2 2024, mainly due to a decrease in average monthly subscribers [1] - Vocational training revenue fell to RMB 62.1 million in Q2 2025 from RMB 133.6 million in Q2 2024, reflecting strategic optimization of Zhihu's business [1] - Other income increased by 27.6% to RMB 30 million in Q2 2025 from RMB 23.5 million in Q2 2024 [1] Subscriber Metrics - The average monthly paid subscribers reached 13.2 million in Q2 2025 [1]

Core Insights - Zhihu-W (02390.HK) reported total revenue of RMB 716.9 million (USD 100.1 million) for Q2 2025, a decrease from RMB 933.8 million in Q2 2024 [1] - The gross margin for Q2 2025 increased to 62.5% from 59.6% in the same period last year [1] - The net profit for Q2 2025 was RMB 72.5 million (USD 10.1 million), a significant turnaround from a net loss of RMB 80.6 million in Q2 2024 [1] - Adjusted net profit (non-GAAP) for Q2 2025 was RMB 91.3 million (USD 12.8 million), compared to an adjusted net loss of RMB 44.6 million in Q2 2024 [1] - The average monthly subscription members reached 13.2 million in Q2 2025 [1] Management Commentary - The Chairman and CEO, Zhou Yuan, highlighted the achievement of non-GAAP profitability for the third consecutive quarter, reflecting the effectiveness of refined operational strategies and the integration of AI technology [2] - Zhou noted that the community remains vibrant with stable user growth, increased daily active user engagement, core user retention rates, and creator activity [2] - The CFO, Wang Han, emphasized the improvement in operational efficiency and cost structure driven by AI, with a gross margin increase of approximately 3 percentage points [2] - The company aims to maintain rigorous execution and sustainable commercialization to drive long-term growth [2]

截至2025年6月30日止六個月的 中期業績公告 知乎（「本公司」）董事（「董事」）會（「董事會」）欣然宣佈，本公司、其附屬公司及 綜合聯屬實體（「本集團」或「知乎」）截至2025年6月30日止六個月（「報告期間」） 的未經審計簡明中期合併業績（「未經審計中期業績」），連同2024年同期的比較數 字。該等中期業績乃根據美國公認會計準則（「美國公認會計準則」）編製。報告期 間的未經審計簡明中期合併財務資料已由本公司獨立核數師羅兵咸永道會計師事 務所根據國際審閱委聘準則第2410號「 由實體獨立核數師審閱中期財務資料 」進行 審閱。 於本公告內，「我們」指本公司及（倘文義另有所指）本集團（定義見「一般資料」一 節）。 1 財務表現摘要 | | 截至6月30日止六個月 | | | | --- | --- | --- | --- | | | 2025年 | 2024年 | 變動(%) | | | （未經審計）（未經審計） | | | | | （人民幣千元， | 百分比除外） | | | 總收入 | 1,446,559 | 1,894,673 | (23.7)% | | 毛利 | 899,287 | 1,100,023 ...

內幕消息 截至2025年6月30日止季度 未經審計財務業績 本公告乃根據香港聯合交易所有限公司（「香港聯交所」）證券上市規則第13.09條 及證券及期貨條例（第571章）第XIVA部刊發。 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 Zhihu Inc. （於開曼群島註冊成立以不同投票權控制的有限責任公司） （紐交所代號：ZH；聯交所代號：2390） 知乎（「本公司」）欣然宣佈本公司及其附屬公司及綜合聯屬實體截至2025年6月 30日止三個月的未經審計簡明合併業績。 本公司欣然宣佈，根據美國證券交易委員會（「美國證監會」）適用規則刊發的本公 司及其附屬公司及綜合聯屬實體截至2025年6月30日止三個月的未經審計簡明合 併業績（「第二季度業績」）。 第二季度業績乃根據美國公認會計準則（有別於國際財務報告準則）編製。 本公告附表I為本公司於2025年8月27日（美國東部時間）就第二季度業績刊發的新 聞稿全文，其中部分內容可能構成本公司的重大內幕消息。 ...

Report Industry Investment Rating No information provided in the content. Core Viewpoints The report comprehensively covers the overnight performance of domestic and international futures markets, important macro - economic news, and developments in various industries such as finance, energy, metals, and agriculture. It also presents corporate financial reports and upcoming events, offering a multi - faceted view of the current economic and market situation. Summary by Directory Overnight Night - Market Trends - Domestic futures: Most domestic futures主力 contracts declined. SC crude oil and coking coal dropped over 2%, while rapeseed meal, fuel oil, etc. fell nearly 2%. PX, 20 - grade rubber, and staple fiber had slight increases [3]. - International oil prices: The U.S. crude oil主力 contract closed down 2.30% at $63.31 per barrel, and Brent crude oil主力 contract dropped 2.15% to $66.75 per barrel [4]. - International precious metals: COMEX gold futures rose 0.75% to $3443.20 per ounce, and COMEX silver futures fell 0.02% to $38.70 per ounce [5]. - London base metals: Most London base metals rose. LME nickel, tin, aluminum, and copper had respective increases of 1.19%, 0.95%, 0.53%, and 0.51% [5]. - International agricultural products: International agricultural futures showed mixed results. U.S. soybeans, soybean meal, and wheat rose by 0.12%, 0.48%, and 0.38% respectively, while U.S. corn and soybean oil dropped by 0.73% and 2.75% [6]. Important News Macroeconomic News - Energy system: China has established a relatively complete energy production, supply, storage, and sales system, with stable energy reserve capacity and enhanced power user response [10]. - Diplomatic news: Regarding the reported meeting of Chinese officials with U.S. counterparts, specific details should be inquired from relevant Chinese departments [10]. - Service trade: The State Council emphasizes promoting institutional opening - up of service trade, strengthening alignment with international high - standard economic and trade rules, and reducing negative lists for cross - border service trade [10]. - Fed news: Trump's administration is considering influencing local Fed policies, and there are personnel changes and power struggles within the Fed [11]. - Trade policies: Trump warns of high furniture tariffs and measures against foreign digital taxes [12]. Energy and Chemical Futures - Oil price adjustment: On August 26, 2025, domestic gasoline and diesel prices were lowered by 180 yuan/ton and 175 yuan/ton respectively [17]. - Refinery data: Shandong independent refineries' crude oil arrivals in the week ending August 25 increased by 101.07% week - on - week [17]. - Russian oil: Russia increased its August western port crude oil export plan by 200,000 barrels per day, but the plan is uncertain due to attacks and maintenance [17]. - Indian imports: Indian refiners plan to cut Russian crude oil purchases [17]. Metal Futures - Margin adjustment: The Shanghai Futures Exchange adjusted the trading margin ratio and daily price limit for cast aluminum alloy futures on August 28, 2025 [19]. - Fed rate forecast: Morgan Stanley expects the Fed to cut rates in September and December 2025 and multiple times in 2026 [19]. - Trade negotiation: Chile's trade negotiation with the U.S. on tariffs is in the final stage, and Chile's cathode copper already enjoys U.S. tariff exemption [22]. Black - Series Futures - Coal market: Yulin coal prices are expected to fluctuate weakly due to high terminal inventories and weak power coal price support [24]. - Steel production: In July 2025, the production of medium - thick plate mills, hot - strip mills, and cold - strip mills in key steel enterprises showed different trends [24]. - Steel plant situation: Tangshan's section steel mills are under production restrictions, with low operating rates and weak sales [25]. Agricultural Futures - Tax exemption: Malaysia's Ministry of Plantation Industries and Commodities is seeking tax exemption for crude and refined palm kernel oil [27]. - Palm oil data: From August 1 - 25, 2025, Malaysia's palm oil production decreased by 1.21% compared to the same period last month [30]. - Tariff exemption: The U.S. has agreed in principle to exempt Indonesia's cocoa, palm oil, and rubber from a 19% tariff [30]. - Crop production: Brazil's sugar and cane production forecasts for the 2025/26 season have changed compared to April [30]. - EU imports: As of August 24, 2025, EU imports of soybeans, rapeseed, palm oil, and corn decreased compared to the same period last year [31]. - Inventory data: As of August 26, 2025, China's national soybean oil port inventory increased by 41,000 tons week - on - week [32]. - Brazilian exports: Brazil's August soybean, soybean meal, and corn export forecasts have been adjusted [32]. Financial Markets Financial - A - shares: A - shares had a narrow - range shock with mixed performance of the three major indices. The market turnover decreased [35]. - Hong Kong stocks: The Hong Kong Hang Seng Index and related indices fell, with different performances of various sectors [35]. - ETF market: China's ETF scale reached 5.07 trillion yuan, and the number of funds is 1,271 [35]. - Mutual funds: As of July 2025, China's public - offering funds' total scale reached 35.08 trillion yuan, with different growth trends for different types [36]. - Foreign capital: From August 14 - 20, 2025, passive and active foreign capital flowed into A - shares [36]. - Corporate dividends: As of August 26, 2025, A - share companies' announced mid - term dividends exceeded 250 billion yuan [39]. - Private funds: Over 60% of 10 - billion - level private funds are close to full - position operations [39]. - Regulatory news: HSBC was fined 4.2 million yuan by the Hong Kong Securities and Futures Commission [40]. - Corporate earnings: Shell and Nongfu Spring released their mid - year results [40]. Industry - Oil price: Domestic oil prices were lowered for the seventh time this year [41]. - Logistics: China's logistics industry is expected to reach a total logistics volume of 380 trillion yuan in 2025 [42]. - Real estate: The Ministry of Housing and Urban - Rural Development and the central bank issued anti - money - laundering regulations for real estate institutions, and Suzhou relaxed housing transfer restrictions [44]. - Operating system: The new domestic operating system Galaxy Kylin V11 was released [44]. - AI field: China established an "Advanced Storage AI Inference Working Group" [45]. - Mobile market: The global and Chinese folding - screen mobile phone markets are expected to grow [45]. - Tourism: This year's summer tourism demand was strong, with an increase in order prices [45]. Overseas - Trade policies: Trump completed trade agreements with the EU, Japan, and South Korea and plans high furniture tariffs [48]. - Fed personnel: Trump removed Fed governor Lisa Cook, and there are disputes and power arrangements [48]. - Investment news: Japan invested $55 billion in the U.S., and South Korean companies increased their U.S. investments [49]. - Tariff exemption: The U.S. agreed in principle to exempt Indonesia's palm oil, cocoa, and rubber from tariffs [50]. - Postal service: Australia Post suspended most mail services to the U.S. due to tariffs [52]. International Stocks - U.S. stocks: The three major U.S. stock indices rose slightly, with different performances of individual stocks [53]. - European stocks: European major stock indices fell due to political risks in France and Fed personnel changes [53]. - Stock market innovation: The London Stock Exchange was approved to operate a new private stock market [54]. Commodities - Futures adjustment: The Shanghai Futures Exchange adjusted cast aluminum alloy futures' trading rules [55]. - Oil prices: International oil prices fell due to weak inventory data and supply concerns [55]. - Precious metals: International precious metals showed mixed results, with gold rising due to Fed concerns [56]. - Base metals: London base metals mostly rose due to expectations of Fed rate cuts [58]. - Gas imports: South Korea will purchase an additional 3.3 million tons of LNG from the U.S. annually from 2028 [59]. Bonds - Domestic bonds: Domestic inter - bank bond yields generally declined, and the central bank conducted reverse - repurchase operations [60]. - U.S. bonds: U.S. bond yields showed mixed results, and Trump's actions may affect long - term rates [60]. Foreign Exchange - RMB: The on - shore RMB against the U.S. dollar depreciated, and the central parity rate was adjusted downwards [61]. - Dollar index: The U.S. dollar index fell, and non - U.S. currencies mostly rose [62]. Upcoming Events - Multiple government departments will hold press conferences on August 27, 2025 [69]. - There are industry conferences and product launches scheduled from August 27 - 31, 2025 [69]. - Earnings reports of multiple companies will be released [69]. - A Fed official will give a speech [69]. - The Indian stock market is closed for the Ganesh Chaturthi festival [71].

Group 1 - US stock indices opened slightly lower, with Dow down 0.13%, S&P 500 down 0.06%, and Nasdaq down 0.04% [1] - Eli Lilly's oral GLP-1 drug orforglipron achieved positive results in Phase 3 clinical trials, leading to plans for a global regulatory submission within the year [4] - South Korea's Korean Air signed a $50 billion procurement agreement with Boeing for 103 new-generation aircraft and engine maintenance services over the next 20 years [5] Group 2 - Beike reported a 11.3% year-on-year increase in revenue for Q2, totaling 26 billion yuan, while NON-GAAP net profit decreased by 32.4% to 1.82 billion yuan [6]