Core Viewpoint - The company reported its first non-GAAP net profit since its IPO in Q1 2025, continuing the profitability trend from Q4 2024, despite a 24% year-over-year decline in revenue [1][3]. Revenue Summary - Q1 2025 revenue was 730 million yuan, down from 960 million yuan in Q1 2024 [3]. - Revenue sources include marketing services, paid memberships, vocational training, and others, with paid memberships contributing the largest share at 420 million yuan, a 7% decrease from 450 million yuan year-over-year [3]. - The average monthly paid subscribers decreased to 14.2 million from 14.8 million in the previous year [3]. - Marketing services revenue fell to 200 million yuan, a 40.4% decline from 330 million yuan in the same period last year [3]. - Vocational training and other segments generated 94.5 million yuan and 20.3 million yuan, respectively, with vocational training revenue down 35% due to reduced contributions from acquired businesses [3]. Expense Summary - Total operating expenses decreased by 34.4% to 500 million yuan from 770 million yuan in Q1 2024 [4]. - Sales and marketing expenses dropped to 320 million yuan, a 32.9% reduction from 480 million yuan [4]. - R&D expenses decreased by 28.1% to 140 million yuan from 200 million yuan [4]. - General and administrative expenses fell by 55.6% to 41.2 million yuan from 92.9 million yuan [4]. Profitability and Financial Position - The company achieved a non-GAAP net profit of 6.9 million yuan in Q1 2025, compared to a net loss of 136 million yuan in the same period last year [3]. - Gross margin improved by 5.2 percentage points year-over-year, indicating enhanced operational efficiency [4]. - As of the end of Q1 2025, the company had cash and cash equivalents totaling 4.77 billion yuan [5]. - The company's stock price was reported at $3.93, with a total market capitalization of $345 million [5].

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].