今年3月，知乎2024年四季度财报释放出首次单季盈利的消息后，知乎CEO周源收到了很多朋友发来的祝贺信息。 周源有理由高兴。知乎成立14年，在中文互联网世界里始终独树一帜，占位明确，差异化明显，不过长期面临着商业化拷问，如今终于迈过了盈利拐点。 现在又两个季度过去了，知乎的盈利能力在变得常态化。今年二季度，知乎实现经调整净利润9130万元，连续三个季度实现Non-GAAP盈利。 知乎的盈利成色，究竟几何？一句话概括：其盈利主要靠的是节流，而非开源。 今年上半年，知乎的营收同比下滑了23.7%，具体到营销服务、付费会员、职业培训这三大块业务看，营收也都是下滑的。 | | 截至6月30日止六個月 | | | --- | --- | --- | | | 2025年 | 2024年 | | | (未經審計) | (未經審計) | | | (人民幣千元) | | | 收入: | | | | 營銷服務 | 419,737 | 674,521 | | 付費會員 | 819,848 | 882,376 | | 職業培訓 | 156,631 | 279.069 | | 其他 | 50,343 | 58,707 | 图/知乎半年 ...

Core Viewpoint - Zhihu aims to improve profit margins as a strategic focus, continuing its efforts to turn losses into profits [1][6] Financial Performance - In Q1 2025, Zhihu reported revenue of 730 million yuan, a year-on-year decrease of 24.06% [3] - The net loss narrowed to 10.1 million yuan, a 93.9% improvement compared to the previous year [3] - Adjusted net profit (non-GAAP) reached 6.9 million yuan, compared to a loss of 138 million yuan in the same period last year [3] - Gross margin increased from 56.6% in Q1 2024 to 61.8% in Q1 2025, reflecting improved operational efficiency [2][6] Revenue Breakdown - Marketing services revenue was 197 million yuan, down from 331 million yuan in Q1 2024 [4][5] - Paid membership revenue slightly decreased to 418 million yuan from 450 million yuan year-on-year, attributed to a slight decline in average monthly subscribers [5] - Vocational training revenue fell to 94.5 million yuan from 146 million yuan, mainly due to reduced contributions from acquired businesses [5] - Other income decreased to 20.3 million yuan from 35.2 million yuan in the previous year [5] User Engagement and AI Integration - Monthly active users for Zhihu's direct answer feature exceeded 10 million, with a growth of over 37% from the beginning of the quarter [2][9] - Daily active user engagement time increased by 17.6% to nearly 38 minutes [8] - The number of paid members reached an average of 14.2 million, continuing an upward trend [9] - The citation rate of Zhihu's professional content by AI assistants reached 29.9%, the highest among content communities [9] Strategic Focus and Future Outlook - The company emphasizes enhancing commercialization capabilities while unlocking community value [9] - The CEO highlighted the achievement of recording adjusted net profit for the first time in Q1 since the company's listing, indicating effective operational strategies [6] - The CFO noted that the increase in gross margin reflects improved execution and operational efficiency [6]