"我们自上市以来首次于一季度录得非公认会计准则净利润，延续了（2024年）四季度的盈利势头"，5月27日知乎2025年一季度财报发布会后，知 乎创始人兼CEO周源表示。不过知乎营收从2024年同期的9.6亿元下降24%到2025年一季度的7.3亿元，公司四个板块的营收有不同程度的下滑，销 售与营销、研发等三项开支也同比减少。回看实现盈利的2024年四季度，知乎营收同样不及上年同期。 根据财报，知乎一季度总营运开支由2024年同期的7.7亿元减少34.4%至5亿元，主要花在销售及营销、研发、一般及行政开支三部分。 2025年一季度，知乎销售及营销开支由2024年同期的4.8亿元减少32.9%至3.2亿元。该减少主要由于推广开支更有节制以及人员相关开支减少；研 发开支由2024年同期的2亿元减少28.1%至1.4亿元，该减少主要由于技术创新支出效益的提升以及人员相关开支减少；一般及行政开支由2024年同 期的9290万元减少55.6%至4120万元，该减少主要由于贸易应收账款的预期信贷亏损拨备下降。 知乎CFO王晗强调了知乎的盈利能力，"一季度我们在持续进行积极业务调整的同时，录得非公认会计准则净利润694万元， ...

Core Insights - The report outlines Zhihu's 2025 marketing strategy, emphasizing its platform advantages, user value, content ecosystem, and commercial partnerships, positioning Zhihu as a "trust hub" in consumer decision-making [1][7]. User Demographics - Zhihu's user base primarily consists of young, highly educated individuals from second-tier cities and above, with strong purchasing power and high trust in product information [1][17]. - The platform has a significant proportion of users aged 40 and below, with 58.41% of users being from second-tier cities or higher [17]. Content Ecosystem - Zhihu boasts a rich and diverse content ecosystem, with a cumulative content volume of over 855 million and a year-on-year increase in high-quality content rate by 13.37% [13][21]. - The platform facilitates in-depth discussions across various topics, enhancing brand engagement and consumer trust [1][20]. Marketing Solutions - Zhihu offers comprehensive marketing solutions through its "DEEP TRUST" scientific marketing system, which aids brands in understanding consumer needs, demographic flow, and competitive analysis [1][7]. - The platform has launched various IP projects, such as the New Knowledge Youth Conference and Zhihu Science Festival, to enhance brand exposure and conversion [1][20]. Business Expansion - Zhihu is expanding its business with initiatives like "Salt Story" and "Zhihu Knowledge Hall," which provide new avenues for brand marketing and engagement with high-quality audiences [1][20]. - The platform's monthly active users (MAU) reached 81.1 million, with a 17.87% increase in user engagement time [13]. Trust and Consumer Behavior - Zhihu is recognized as a key decision-making reference for consumers, with 94% of users believing in the reliability of product information on the platform [19]. - Users exhibit a strong willingness to pay a premium for quality brands and products, with 72% expressing readiness to spend more for trusted brands [19].