___________________________________________ Muzero Acquisition Corp (Exact name of registrant as specified in its charter) ___________________________________________ As filed with the U.S. Securities and Exchange Commission on December 3, 2025. Registration No. 333- UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ___________________________________________ FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 6 th Floor New York NY 10016 Telephone: (212) 947-7200 Telephon ...

Financial Data and Key Metrics Changes - In Q4 2024, the company reported an adjusted net income of RMB97.1 million, a significant turnaround from an adjusted net loss of RMB91.3 million in the same period last year [8] - The adjusted operating profit improved from a loss of RMB165.3 million in Q4 2023 to a profit of RMB23.1 million in Q4 2024 [8] - Total revenues for Q4 2024 were RMB859.2 million, down from RMB1,138.3 million in Q4 2023, reflecting a strategic shift away from lower-quality revenue [39][41] - The gross margin expanded to 62.9%, driven by improved operational efficiency and disciplined cost management [44] Business Line Data and Key Metrics Changes - Paid membership revenue was RMB420.2 million, a decrease from RMB455.9 million in Q4 2023, with average monthly paid members slightly declining by 0.8% year-over-year [41][25] - Vocational training revenue decreased by 50.4% year-over-year to RMB84 million, primarily due to strategic refinements in the acquired business [32][42] - Marketing services revenue reached RMB315.9 million, down from RMB465.2 million in Q4 2023, but showed a sequential growth of 23.1% [28][41] Market Data and Key Metrics Changes - The average monthly active users (MAUs) were 81.4 million, reflecting a 0.3% sequential increase despite a significant reduction in promotional expenses [13] - The community of content creators grew to 77.7 million, an increase of 8.9% year-over-year, with income-generating creators rising by over 22% year-over-year [18][19] Company Strategy and Development Direction - The company is focusing on enhancing community trust and user experience while forgoing some peripheral users to drive profitability [9][23] - AI is viewed as a historic opportunity, with plans to deepen integration between AI and the community to improve content quality and user engagement [10][36] - The company aims to strengthen its position as a trusted content platform by expanding into specialized verticals and introducing new original IPs [58] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's strategic roadmap and execution capabilities, highlighting a transformative turnaround in 2024 [7] - The CEO emphasized the importance of trustworthiness in the AI era, stating that the expert network is essential for combating AI-generated content issues [52] - The company plans to maintain a focus on profitability while exploring new opportunities arising from AI integration [74] Other Important Information - The company repurchased a total of 75.3 million Class A ordinary shares for an aggregate value of US$1.2 billion since its Hong Kong IPO [46] - The company achieved a double-digit non-GAAP net profit margin of 11% in Q4 2024, marking a significant milestone in its financial performance [72] Q&A Session Summary Question: Insights on Zhihu Zhida user size data and its benefits to the community - The CEO reported that Zhida's MAUs grew from about 1 million to 10 million, driven by high repeat visits and positive word-of-mouth [51] - The expert network is crucial in the AI era, as it provides trustworthy content amidst the rise of AI-generated content [52] Question: Expected changes and innovations on the product side this year - The CEO mentioned a focus on strengthening social interactions and enhancing the brand as a trusted content platform, with developments in social circles and new content formats [58][61] Question: How AI and large language models can benefit Zhihu's online marketing product - The CFO noted that AI is changing the monetization model of advertising, with a shift towards content marketing and brand reputation management on the platform [66][69] Question: Long-term margin profile and cash utilization outlook - The CFO indicated that the company achieved a double-digit net profit margin and sees AI as a historical opportunity for growth, with plans for share repurchases due to undervaluation [72][74]

Core Viewpoint - Zhihu Inc. reported a significant turnaround in its financial performance for the fiscal year 2024, achieving profitability in the fourth quarter for the first time, driven by strategic execution and improved operational efficiency [3][9][11]. Financial Performance Highlights - **Fourth Quarter 2024 Results**: Total revenues were RMB 859.2 million (US$ 117.7 million), a decrease from RMB 1,138.3 million in the same period of 2023 [4][9]. - **Revenue Breakdown**: - Marketing services revenue decreased to RMB 315.9 million (US$ 43.3 million) from RMB 465.2 million [4]. - Paid membership revenue slightly declined to RMB 420.2 million (US$ 57.6 million) from RMB 455.9 million [5]. - Vocational training revenue fell to RMB 84.0 million (US$ 11.5 million) from RMB 169.3 million [5]. - **Cost Management**: Cost of revenues decreased by 31.5% to RMB 318.5 million (US$ 43.6 million) [6]. - **Gross Profit and Margin**: Gross profit was RMB 540.7 million (US$ 74.1 million) with a gross margin of 62.9%, up from 59.1% year-over-year [7][9]. - **Operating Expenses**: Total operating expenses decreased by 37.9% to RMB 528.8 million (US$ 72.4 million) [7][10]. - **Net Income**: Net income for the fourth quarter was RMB 86.4 million (US$ 11.8 million), compared to a net loss of RMB 103.1 million in the same period of 2023 [9][11]. Fiscal Year 2024 Overview - **Total Revenues**: For the fiscal year 2024, total revenues were RMB 3,598.9 million (US$ 493.0 million), down from RMB 4,198.9 million in 2023 [14]. - **Revenue Sources**: - Marketing services revenue was RMB 1,247.1 million (US$ 170.9 million), down from RMB 1,653.0 million [14]. - Paid membership revenue was RMB 1,762.0 million (US$ 241.4 million), slightly down from RMB 1,826.6 million [15]. - Vocational training revenue decreased to RMB 468.1 million (US$ 64.1 million) from RMB 565.6 million [15]. - **Gross Margin Improvement**: Gross margin improved to 60.6% from 54.7% in 2023 [17]. - **Net Loss**: The net loss for the year narrowed to RMB 169.0 million (US$ 23.1 million), a significant reduction from RMB 839.5 million in 2023 [20]. Share Repurchase Programs - As of December 31, 2024, the company repurchased 31.1 million Class A ordinary shares for a total price of US$ 66.5 million under its existing US$ 100 million share repurchase program [21]. - A concurrent share repurchase program was established in June 2024, effective until June 26, 2025 [21]. Cash Position - As of December 31, 2024, the company had cash and cash equivalents, term deposits, restricted cash, and short-term investments totaling RMB 4,859.0 million (US$ 665.7 million), down from RMB 5,462.9 million a year earlier [13].