Core Insights - Zhihu has achieved non-GAAP profitability for three consecutive quarters, signaling a shift from the traditional "burning money for growth" model in the Chinese internet industry [1][2] - The company reported Q2 revenue of 717 million RMB and an adjusted net profit of 91.3 million RMB, with a gross margin of 62.5% and 13.2 million monthly subscription members [1] Financial Performance - In the first half of 2025, Zhihu achieved profitability under both GAAP and non-GAAP standards [1] - Q2 revenue reached 717 million RMB, with an adjusted net profit of 91.3 million RMB [1] - The gross margin for Q2 was reported at 62.5% [1] Business Strategy - Zhihu's CEO emphasized that the recent profitability is not solely due to cost-cutting but is a result of synergistic efforts in paid services, marketing, and vocational training [2][4] - The company aims to maintain its core community values while realizing commercial potential, focusing on "trust" as a fundamental value [7][19] Market Positioning - Zhihu positions itself as a platform for credible content and expert networks, catering to a growing demand for trustworthy information [2][5] - The company has strategically avoided low-quality content and advertising, prioritizing user trust and community integrity [7][19] Growth Philosophy - The growth philosophy of Zhihu emphasizes quality over quantity, focusing on creating real value for users and contributors rather than merely increasing user numbers [10][11] - The company believes that sustainable growth is a long-term process, with a focus on building a healthy community ecosystem [11][12] AI Integration - Zhihu plans to leverage AI to enhance user experience while maintaining the importance of human judgment and interaction [20][22] - The company intends to develop AI tools that integrate seamlessly with community functions, aiming to become a trusted information infrastructure in the AI era [22][23]

Core Viewpoint - China Oriental Education (00667) reported a mid-year performance for 2025, showing a revenue of 2.186 billion RMB, a year-on-year increase of 10.2%, and a net profit of 403 million RMB, reflecting a significant year-on-year growth of 48.4% [1] Financial Performance - Revenue for the first half of 2025 reached 2.186 billion RMB, marking a 10.2% increase compared to the same period in 2024 [1] - Net profit for the same period was 403 million RMB, which is a 48.4% increase year-on-year [1] - Basic earnings per share stood at 0.184 RMB [1] Operational Highlights - The number of new training participants and new customer registrations increased by approximately 7.1% compared to the first half of 2024 [1] - The company adjusted its enrollment strategy and optimized its course structure to attract more high-value new students [1]

Core Points - The article discusses the implementation of the "Management Measures for Private Vocational Training Schools in Sichuan Province," which aims to regulate the operations of private vocational training institutions [1][2] - The measures emphasize the importance of transparency in fee structures and prohibit schools from charging fees for more than three months at a time [1][2] Group 1 - The new regulations require that the charging period for fees must align with the teaching schedule and prohibit one-time fees exceeding three months [1][2] - Schools are mandated to publicly disclose their fee items and standards, and they must not charge any additional fees outside of what is publicly announced [1][2] - The measures also prohibit schools from promoting or conducting online loan services on campus [1][2] Group 2 - In cases where training courses are not completed, refund policies must strictly adhere to the contractual agreements and relevant legal provisions [1][2] - Schools are required to establish a unified electronic student record system to document students' learning progress, behavior, and skill evaluations [2] - Institutions must fulfill their commitments as stated in enrollment brochures or advertisements, ensuring the quality of training and educational activities [2]