Latest news with #ZhihuInc
Yahoo
3 days ago
- Business
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Zhihu Inc. to Hold Annual General Meeting on June 25, 2025
BEIJING, China, May 29, 2025 (GLOBE NEWSWIRE) -- Zhihu Inc. (NYSE: ZH; HKEX: 2390) ('Zhihu' or the 'Company'), a leading online content community in China, today announced that it will hold an annual general meeting of the Company's shareholders (the 'AGM') at 10:00 a.m. Beijing time on June 25, 2025 at Room Xinzhi, Floor 1, Zone C, China Industry-Academy-Research Achievement Transformation Center, No. 18A Xueqing Road, Haidian District, Beijing, China, for the purposes of considering and, if thought fit, passing each of the Proposed Resolutions as defined and set forth in the notice of the AGM (the 'AGM Notice'). The AGM Notice and the form of proxy for the AGM are available on the Company's website at The board of directors of the Company fully supports the Proposed Resolutions and recommends that shareholders and holders of American depositary shares ('ADSs') vote in favor of the Proposed Resolutions. Holders of record of ordinary shares of the Company at the close of business on May 23, 2025, Hong Kong time, are entitled to notice of, to attend and vote at, the AGM or any adjournment or postponement thereof. Holders of record of ADSs as of the close of business on May 23, 2025, New York time, who wish to exercise their voting rights for the underlying Class A ordinary shares must give voting instructions to JPMorgan Chase Bank, N.A., the depositary of the ADSs. The Company has filed its annual report on Form 20-F, including its audited financial statements, for the fiscal year ended December 31, 2024, with the U.S. Securities and Exchange Commission (the 'SEC'). The Company's annual report on Form 20-F can be accessed on the Company's website at and on the SEC's website at About Zhihu Inc. Zhihu Inc. (NYSE: ZH; HKEX: 2390) is a leading online content community where people come to find solutions, make decisions, seek inspiration, and have fun. Since the initial launch in 2010, Zhihu has grown into the largest Q&A-inspired online content community in China. For more information, please visit Safe Harbor Statement This announcement contains forward-looking statements. These statements are made under the 'safe harbor' provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, and a number of factors could cause actual results to differ materially from those contained in any forward-looking statement. In some cases, forward-looking statements can be identified by words or phrases such as 'may,' 'will,' 'expect,' 'anticipate,' 'target,' 'aim,' 'estimate,' 'intend,' 'plan,' 'believe,' 'potential,' 'continue,' 'is/are likely to,' or other similar expressions. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the SEC and the Hong Kong Stock Exchange. All information provided in this press release is as of the date of this press release, and the Company does not undertake any duty to update such information, except as required under applicable law. For investor and media inquiries, please contact: Zhihu ir@ Christensen AdvisoryRoger HuTel: +86-10-5900-1548Email: zhihu@ in to access your portfolio
Yahoo
5 days ago
- Business
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Zhihu Inc. Reports Unaudited First Quarter 2025 Financial Results
BEIJING, China, May 27, 2025 (GLOBE NEWSWIRE) -- Zhihu Inc. ('Zhihu' or the 'Company') (NYSE: ZH; HKEX: 2390), a leading online content community in China, today announced its unaudited financial results for the quarter ended March 31, 2025. First Quarter 2025 Highlights Total revenues were RMB729.7 million (US$100.6 million) in the first quarter of 2025, compared with RMB960.9 million in the same period of 2024. Gross margin expanded to 61.8% in the first quarter of 2025 from 56.6% in the same period of 2024. Net loss was RMB10.1 million (US$1.4 million) in the first quarter of 2025, narrowed by 93.9% from the same period of 2024. Adjusted net income (non-GAAP)[1] was RMB6.9 million (US$1.0 million) in the first quarter of 2025, compared with an adjusted net loss of RMB135.7 million in the same period of 2024. Average monthly subscribing members[2] were 14.2 million in the first quarter of 2025. 'The first quarter of 2025 marks a strong start to the year, as we achieved our first-ever first-quarter non-GAAP net income since our IPO, extending the momentum of our fourth-quarter profitability,' said Mr. Yuan Zhou, chairman and chief executive officer of Zhihu. 'This achievement reflects the effectiveness of our refined operational strategies alongside the deepening integration of AI into our ecosystem. During the quarter, we observed continuous improvement in core user retention, DAU time spent, and creator activeness, underscoring the vitality of our community. Notably, Zhihu Zhida has won growing recognition for its trusted and professional experience, especially in domains that demand authenticity and depth. We are continuously strengthening our differentiation in the AI era by advancing the synergy between our unique assets: high-quality content, a trusted expert network, and advanced AI capabilities.' Mr. Han Wang, chief financial officer of Zhihu, added, 'In the first quarter, we achieved a non-GAAP net income of RMB6.9 million and expanded our gross margin by 5.2 percentage points year-over-year, even as we continued to make proactive business adjustments. These results reflect our disciplined execution and enhanced operational efficiency. Looking ahead, we remain focused on enhancing our commercialization capabilities while unlocking the significant value embedded in our community. We are committed to delivering sustainable growth and profitability to create long-term value for our shareholders.' First Quarter 2025 Financial Results Total revenues were RMB729.7 million (US$100.6 million) in the first quarter of 2025, compared with RMB960.9 million in the same period of 2024. Marketing services revenue was RMB197.0 million (US$27.1 million), compared with RMB330.5 million in the same period of 2024. The decrease was primarily due to our proactive and ongoing refinement of service offerings to strategically focus on margin improvement. Paid membership revenue was RMB417.9 million (US$57.6 million), compared with RMB449.7 million in the same period of 2024. The slight decrease was primarily due to a marginal decline in the number of our average monthly subscribing members. Vocational training revenue was RMB94.5 million (US$13.0 million), compared with RMB145.4 million in the first quarter of 2024. The decrease was primarily due to a lower revenue contribution from our acquired businesses. Other revenues were RMB20.3 million (US$2.8 million), compared with RMB35.2 million in the same period of 2024. Cost of revenues decreased by 33.3% to RMB278.6 million (US$38.4 million) from RMB417.4 million in the same period of 2024. The decrease was primarily due to reduced content and operating costs associated with the decline in our revenues and a decrease in cloud services and bandwidth costs resulting from our improved technological efficiency. Gross profit was RMB451.1 million (US$62.2 million), compared with RMB543.5 million in the same period of 2024. Gross margin expanded to 61.8% from 56.6% in the same period of 2024, primarily attributable to our monetization enhancements and improvements in our operating efficiency. Total operating expenses decreased by 34.4% to RMB503.7 million (US$69.4 million) from RMB768.2 million in the same period of 2024. Selling and marketing expenses decreased by 32.9% to RMB320.6 million (US$44.2 million) from RMB478.0 million in the same period of 2024. The decrease was primarily due to more disciplined promotional spending and a decrease in personnel-related expenses. Research and development expenses decreased by 28.1% to RMB141.9 million (US$19.6 million) from RMB197.4 million in the same period of 2024. The decrease was primarily attributable to more efficient spending on technological innovation and a decrease in personnel-related expenses. General and administrative expenses decreased by 55.6% to RMB41.2 million (US$5.7 million) from RMB92.9 million in the same period of 2024. The decrease was primarily attributable to a decline in the allowance for expected credit losses on trade receivables. Loss from operations narrowed by 76.6% to RMB52.6 million (US$7.2 million) from RMB224.7 million in the same period of 2024. Adjusted loss from operations (non-GAAP)[1] narrowed by 81.9% to RMB35.0 million (US$4.8 million) from RMB193.6 million in the same period of 2024. Net loss narrowed by 93.9% to RMB10.1 million (US$1.4 million) from RMB165.8 million in the same period of 2024. Adjusted net income (non-GAAP)[1] was RMB6.9 million (US$1.0 million) in the first quarter of 2025, compared with an adjusted net loss of RMB135.7 million in the same period of 2024. Diluted net loss per American depositary share ('ADS') was RMB0.12 (US$0.02), compared with RMB1.76 in the same period of 2024. Cash and cash equivalents, term deposits, restricted cash and short-term investmentsAs of March 31, 2025, the Company had cash and cash equivalents, current and non-current term deposits, restricted cash and short-term investments of RMB4,766.5 million (US$656.8 million), compared with RMB4,859.0 million as of December 31, 2024. Share Repurchase Programs As of March 31, 2025, the Company had repurchased 31.1 million Class A ordinary shares (including Class A ordinary shares underlying the ADSs) for a total price of US$66.5 million on both the New York Stock Exchange and The Stock Exchange of Hong Kong Limited under the Company's existing US$100 million share repurchase program (the '2022 Repurchase Program'), established in May 2022 and extended until June 26, 2025. The board of directors of the Company further announces that, after the expiration of the 2022 Repurchase Program and a concurrent share repurchase program established in June 2024 and effective until June 26, 2025 (the '2024 Repurchase Program'), it proposes to conduct a new share repurchase program effective until June 25, 2026 (the '2025 Repurchase Program'). The maximum number of shares (including shares underlying the ADSs) that can be repurchased under the 2025 Repurchase Program will be 10% of the total number of issued shares of the Company (excluding Class A ordinary shares issued to the depositary for bulk issuance of ADSs reserved for future issuances upon the exercise or vesting of awards granted under the share incentive plans of the Company and any treasury shares) as of the date of such approval at the forthcoming annual general meeting of the Company to be held on June 25, 2025. The Company's proposed share repurchases, if approved, may be made from time to time in the open market at prevailing market prices depending on market conditions and in accordance with applicable rules and regulations. The Company plans to fund any such repurchases from its existing cash balance. [1] Adjusted income/(loss) from operations and adjusted net income/(loss) are non-GAAP financial measures. For more information on the non-GAAP financial measures, please see the section 'Use of Non-GAAP Financial Measures' and the table captioned 'Unaudited Reconciliations of GAAP and Non-GAAP Results' set forth at the end of this press release. [2] Monthly subscribing members refers to the number of members who subscribed for our membership packages in a specified month. Average monthly subscribing members for a period is calculated by dividing the sum of monthly subscribing members for each month during the specified period by the number of months in such period. Conference Call The Company's management will host a conference call at 8:00 A.M. U.S. Eastern Time on Tuesday, May 27, 2025 (8:00 P.M. Beijing/Hong Kong Time on Tuesday, May 27, 2025) to discuss the results. All participants wishing to join the conference call must pre-register online using the link provided below. Once the pre-registration has been completed, each participant will receive a set of dial-in numbers and a unique access PIN which can be used to join the conference call. Registration Link: Additionally, a live and archived webcast of the conference call will be available on the Company's investor relations website at About Zhihu Inc. Zhihu Inc. (NYSE: ZH; HKEX: 2390) is a leading online content community where people come to find solutions, make decisions, seek inspiration, and have fun. Since the initial launch in 2010, Zhihu has grown into the largest Q&A-inspired online content community in China. For more information, please visit Use of Non-GAAP Financial Measures In evaluating the business, the Company considers and uses non-GAAP financial measures, such as adjusted income/(loss) from operations and adjusted net income/(loss), to supplement the review and assessment of its operating performance. The Company defines non-GAAP financial measures by excluding the impact of share-based compensation expenses, amortization of intangible assets resulting from business acquisitions and the tax effects of the non-GAAP adjustments, which are non-cash expenses. The Company believes that the non-GAAP financial measures facilitate comparisons of operating performance from period to period and company to company by adjusting for potential impacts of items, which the Company's management considers to be indicative of its operating performance. The Company believes that the non-GAAP financial measures provide useful information to investors and others in understanding and evaluating the Company's consolidated results of operations in the same manner as they help the Company's management. The non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. The presentation of the non-GAAP financial measures may not be comparable to similarly titled measures presented by other companies. The use of the non-GAAP financial measures has limitations as an analytical tool, and investors should not consider them in isolation from or as a substitute for analysis of our results of operations or financial condition as reported under U.S. GAAP. For more information on the non-GAAP financial measures, please see the tables captioned 'Unaudited Reconciliations of GAAP and Non-GAAP Results' set forth at the end of this press release. Exchange Rate Information This announcement contains translations of certain Renminbi amounts into U.S. dollars at a specified rate solely for the convenience of the reader. Unless otherwise noted, all translations from Renminbi to U.S. dollars were made at a rate of RMB7.2567 to US$1.00, the exchange rate in effect as of March 31, 2025 as set forth in the H.10 statistical release of the Federal Reserve Board. Safe Harbor Statement This announcement contains forward-looking statements. These statements are made under the 'safe harbor' provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, and a number of factors could cause actual results to differ materially from those contained in any forward-looking statement. In some cases, forward-looking statements can be identified by words or phrases such as 'may,' 'will,' 'expect,' 'anticipate,' 'target,' 'aim,' 'estimate,' 'intend,' 'plan,' 'believe,' 'potential,' 'continue,' 'is/are likely to,' or other similar expressions. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the SEC and the Hong Kong Stock Exchange. All information provided in this press release is as of the date of this press release, and the Company does not undertake any duty to update such information, except as required under applicable law. For investor and media inquiries, please contact: Zhihu ir@ Christensen AdvisoryRoger HuTel: +86-10-5900-1548Email: zhihu@ CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(All amounts in thousands, except share, ADS, per share data and per ADS data) For the Three Months Ended March 31, 2024 December 31, 2024 March 31, 2025 RMB RMB RMB US$ Revenues: Marketing services 330,542 315,940 196,959 27,142 Paid membership 449,724 420,215 417,874 57,585 Vocational training 145,436 83,984 94,531 13,027 Others 35,161 39,073 20,301 2,798 Total revenues 960,863 859,212 729,665 100,552 Cost of revenues (417,384 ) (318,547 ) (278,561 ) (38,387 ) Gross profit 543,479 540,665 451,104 62,165 Selling and marketing expenses (477,954 ) (316,198 ) (320,632 ) (44,184 ) Research and development expenses (197,356 ) (146,613 ) (141,866 ) (19,550 ) General and administrative expenses (92,917 ) (65,988 ) (41,209 ) (5,679 ) Total operating expenses (768,227 ) (528,799 ) (503,707 ) (69,413 ) (Loss)/Income from operations (224,748 ) 11,866 (52,603 ) (7,248 ) Other income/(expenses): Investment income 16,902 13,049 19,349 2,666 Interest income 30,763 26,311 20,610 2,840 Fair value change of financial instruments 9,408 30,698 - - Exchange gains/(losses) 120 1,701 (96 ) (13 ) Others, net 3,043 113 2,399 331 (Loss)/Income before income tax (164,512 ) 83,738 (10,341 ) (1,424 ) Income tax (expenses)/benefits (1,284 ) 2,663 233 32 Net (loss)/income (165,796 ) 86,401 (10,108 ) (1,392 ) Net loss/(income) attributable to noncontrolling interests 950 (127 ) 14 2 Net (loss)/income attributable to Zhihu Inc.'s shareholders (164,846 ) 86,274 (10,094 ) (1,390 ) Net (loss)/income per share Basic (0.59 ) 0.34 (0.04 ) (0.01 ) Diluted (0.59 ) 0.33 (0.04 ) (0.01 ) Net (loss)/income per ADS (One ADS represents three Class A ordinary shares) Basic (1.76 ) 1.01 (0.12 ) (0.02 ) Diluted (1.76 ) 1.00 (0.12 ) (0.02 ) Weighted average number of ordinary shares outstanding Basic 281,549,707 256,257,971 244,504,405 244,504,405 Diluted 281,549,707 259,990,323 244,504,405 244,504,405ZHIHU CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (CONTINUED)(All amounts in thousands, except share, ADS, per share data and per ADS data) For the Three Months Ended March 31, 2024 December 31, 2024 March 31, 2025 RMB RMB RMB US$ Share-based compensation expenses included in: Cost of revenues 2,497 (314 ) (872 ) (120 ) Selling and marketing expenses 3,272 269 262 36 Research and development expenses 3,680 (6,436 ) (599 ) (83 ) General and administrative expenses 16,363 14,261 15,367 2,118ZHIHU INC. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS(All amounts in thousands) As of December 31,2024 As of March 31, 2025 RMB RMB US$ ASSETS Current assets: Cash and cash equivalents 3,999,160 3,239,963 446,479 Term deposits 320,088 385,624 53,141 Short-term investments 538,816 930,006 128,158 Restricted cash 900 900 124 Trade receivables 420,636 429,210 59,147 Amounts due from related parties 41,588 42,519 5,859 Prepayments and other current assets 163,446 134,648 18,555 Total current assets 5,484,634 5,162,870 711,463 Non-current assets: Property and equipment, net 8,490 7,885 1,087 Intangible assets, net 54,534 51,018 7,030 Goodwill 126,344 126,344 17,411 Long-term investments, net 51,176 50,168 6,913 Term deposits - 210,000 28,939 Right-of-use assets 7,151 66,361 9,145 Other non-current assets 623 8,414 1,159 Total non-current assets 248,318 520,190 71,684 Total assets 5,732,952 5,683,060 783,147 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities Accounts payable and accrued liabilities 835,688 740,138 101,994 Salary and welfare payables 275,260 266,786 36,764 Taxes payables 22,081 17,685 2,437 Contract liabilities 235,539 228,590 31,500 Amounts due to related parties 6,825 6,107 842 Short term lease liabilities 17,308 37,575 5,178 Short-term borrowings - 55,786 7,688 Other current liabilities 131,955 126,173 17,387 Total current liabilities 1,524,656 1,478,840 203,790 Non-current liabilities Long term lease liabilities 1,823 34,794 4,795 Deferred tax liabilities 6,830 6,230 858 Other non-current liabilities 3,957 3,833 528 Total non-current liabilities 12,610 44,857 6,181 Total liabilities 1,537,266 1,523,697 209,971 Total Zhihu Inc.'s shareholders' equity 4,136,123 4,096,441 564,505 Noncontrolling interests 59,563 62,922 8,671 Total shareholders' equity 4,195,686 4,159,363 573,176 Total liabilities and shareholders' equity 5,732,952 5,683,060 783,147 ZHIHU RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS(All amounts in thousands) For the Three Months Ended March 31, 2024 December 31, 2024 March 31, 2025 RMB RMB RMB US$ (Loss)/Income from operations (224,748 ) 11,866 (52,603 ) (7,248 ) Add: Share-based compensation expenses 25,812 7,780 14,158 1,951 Amortization of intangible assets resulting from business acquisitions 5,365 3,490 3,490 481 Adjusted (loss)/income from operations (193,571 ) 23,136 (34,955 ) (4,816 ) Net (loss)/income (165,796 ) 86,401 (10,108 ) (1,392 ) Add: Share-based compensation expenses 25,812 7,780 14,158 1,951 Amortization of intangible assets resulting from business acquisitions 5,365 3,490 3,490 481 Tax effects on non-GAAP adjustments (1,069 ) (600 ) (600 ) (83 ) Adjusted net (loss)/income (135,688 ) 97,071 6,940 957Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
13-05-2025
- Business
- Yahoo
Zhihu Inc. to Report First Quarter 2025 Financial Results on May 27, 2025
BEIJING, May 13, 2025 (GLOBE NEWSWIRE) -- Zhihu Inc. ("Zhihu" or the "Company") (NYSE: ZH; HKEX: 2390), a leading online content community in China, today announced that it will report its unaudited financial results for the quarter ended March 31, 2025 before the U.S. market opens on May 27, 2025. The Company's management will host a conference call at 8:00 A.M. U.S. Eastern Time on Tuesday, May 27, 2025 (8:00 P.M. Beijing/Hong Kong Time on Tuesday, May 27, 2025) to discuss the results. All participants wishing to join the conference call must pre-register online using the link provided below. Once the pre-registration has been completed, each participant will receive a set of dial-in numbers and a unique access PIN which can be used to join the conference call. Registration Link: Additionally, a live and archived webcast of the conference call will be available on the Company's investor relations website at About Zhihu Inc. Zhihu Inc. (NYSE: ZH; HKEX: 2390) is a leading online content community in China where people come to find solutions, make decisions, seek inspiration, and have fun. Since the initial launch in 2010, we have grown from a Q&A community into one of the top comprehensive online content communities and the largest Q&A-inspired online content community in China. For more information, please visit For investor and media inquiries, please contact: Zhihu ir@ Christensen AdvisoryRoger HuTel: +86-10-5900-1548Email: zhihu@
Yahoo
26-03-2025
- Business
- Yahoo
Zhihu Inc. Reports Unaudited Fourth Quarter and Fiscal Year 2024 Financial Results
BEIJING, March 26, 2025 /PRNewswire/ -- Zhihu Inc. ("Zhihu" or the "Company") (NYSE: ZH; HKEX: 2390), a leading online content community in China, today announced its unaudited financial results for the quarter and fiscal year ended December 31, 2024. Fourth Quarter 2024 Highlights Total revenues were RMB859.2 million (US$117.7 million) in the fourth quarter of 2024, compared with RMB1,138.3 million in the same period of 2023. Gross margin expanded to 62.9% in the fourth quarter of 2024 from 59.1% in the same period of 2023. Net income was RMB86.4 million (US$11.8 million) in the fourth quarter of 2024, compared with a net loss of RMB103.1 million in the same period of 2023. Adjusted net income (non-GAAP)[1] was RMB97.1 million (US$13.3 million) in the fourth quarter of 2024, compared with an adjusted net loss of RMB91.3 million in the same period of 2023. Average monthly active users (MAUs)[2] were 81.4 million in the fourth quarter of 2024. Average monthly subscribing members[3] were 14.1 million in the fourth quarter of 2024. Fiscal Year 2024 Highlights Total revenues were RMB3,598.9 million (US$493.0 million) in 2024, compared with RMB4,198.9 million in 2023. Gross margin expanded to 60.6% in 2024 from 54.7% in 2023. Net loss was RMB169.0 million (US$23.1 million) in 2024, narrowed by 79.9% from 2023. Adjusted net loss (non-GAAP)[1] was RMB96.3 million (US$13.2 million) in 2024, narrowed by 85.4% from 2023. "The year of 2024 marked a significant turnaround for Zhihu, driven by the successful execution of the strategic roadmap we laid out at the beginning of the year and culminating in a profitable fourth quarter," said Mr. Yuan Zhou, chairman and chief executive officer of Zhihu. "We optimized our ecosystem to foster greater vibrancy and trust across our community, consistently improving user metrics and deepening creator engagement throughout the year. We have consistently invested in AI applications, leveraging our premium content and strong network of trusted experts. By further integrating AI into our diverse community scenarios, we are unlocking new possibilities to redefine user interactions in the AI era while sharpening our own competitive edge." Mr. Han Wang, chief financial officer of Zhihu, added, "The fourth quarter of 2024 marked a milestone for Zhihu as we achieved a major inflection point with positive operating profit and net income on both GAAP and non-GAAP basis for the first time—a testament to our strategic focus and successful execution. Improved operating efficiency and disciplined cost management drove significant margin expansion during the quarter, with gross profit margin expanding by 3.8 percentage points year-over-year to 62.9% while operating expenses decreased by 37.9%. Going forward, we will build on this robust momentum to lay a solid foundation for sustainable long-term growth, unlocking greater value for our shareholders and users." Fourth Quarter 2024 Financial Results Total revenues were RMB859.2 million (US$117.7 million), compared with RMB1,138.3 million in the same period of 2023. Marketing services revenue was RMB315.9 million (US$43.3 million), compared with RMB465.2 million in the same period of 2023. The decrease was primarily due to our proactive and ongoing refinement of service offerings to strategically focus on margin improvement. Paid membership revenue was RMB420.2 million (US$57.6 million), compared with RMB455.9 million in the same period of 2023. The slight decrease was primarily attributable to a marginal decline in our average revenue per subscribing member. Vocational training revenue was RMB84.0 million (US$11.5 million), compared with RMB169.3 million in the same period of 2023. The decrease was primarily driven by lower revenue contribution from our acquired businesses. Other revenues were RMB39.1 million (US$5.4 million), compared with RMB48.0 million in the same period of 2023. Cost of revenues decreased by 31.5% to RMB318.5 million (US$43.6 million) from RMB465.2 million in the same period of 2023. The decrease was primarily due to reduced content and operating costs associated with the decline in our revenues and a decrease in cloud services and bandwidth costs resulting from our improved technological efficiency. Gross profit was RMB540.7 million (US$74.1 million), compared with RMB673.1 million in the same period of 2023. Gross margin expanded to 62.9% from 59.1% in the same period of 2023, primarily attributable to our monetization enhancements and improvements in our operating efficiency. Total operating expenses decreased by 37.9% to RMB528.8 million (US$72.4 million) from RMB851.3 million in the same period of 2023. Selling and marketing expenses decreased by 40.1% to RMB316.2 million (US$43.3 million) from RMB527.6 million in the same period of 2023. The decrease was primarily due to more disciplined promotional spending and a decrease in personnel-related expenses. Research and development expenses decreased by 37.0% to RMB146.6 million (US$20.1 million) from RMB232.6 million in the same period of 2023. The decrease was primarily attributable to more efficient spending on technological innovation and a decrease in personnel-related expenses. General and administrative expenses decreased by 27.5% to RMB66.0 million (US$9.0 million) from RMB91.1 million in the same period of 2023. The decrease was primarily attributable to a decline in the allowance for expected credit losses on trade receivables. Income from operations was RMB11.9 million (US$1.6 million), compared with a loss from operations of RMB178.2 million in the same period of 2023. Adjusted income from operations (non-GAAP)[1] was RMB23.1 million (US$3.2 million), compared with an adjusted loss from operations of RMB165.3 million in the same period of 2023. Net income was RMB86.4 million (US$11.8 million), compared with a net loss of RMB103.1 million in the same period of 2023. Adjusted net income (non-GAAP)[1] was RMB97.1 million (US$13.3 million), compared with an adjusted net loss of RMB91.3 million in the same period of 2023. Diluted net income per American depositary share ("ADS") [4] was RMB1.00 (US$0.14), compared with a diluted net loss per ADS of RMB1.07 in the same period of 2023. Cash and cash equivalents, term deposits, restricted cash and short-term investments As of December 31, 2024, the Company had cash and cash equivalents, term deposits, restricted cash and short-term investments of RMB4,859.0 million (US$665.7 million), compared with RMB5,462.9 million as of December 31, 2023. Fiscal Year 2024 Financial Results Total revenues were RMB3,598.9 million (US$493.0 million), compared with RMB4,198.9 million in 2023. Marketing services revenue was RMB1,247.1 million (US$170.9 million), compared with RMB1,653.0 million in 2023. The decrease was primarily due to our proactive and ongoing refinement of service offerings to strategically focus on margin improvement. Paid membership revenue was RMB1,762.0 million (US$241.4 million), compared with RMB1,826.6 million in 2023. The slight decrease was primarily attributable to a marginal decline in our average revenue per subscribing member. Vocational training revenue was RMB468.1 million (US$64.1 million), compared with RMB565.6 million in 2023. The decrease was primarily driven by lower revenue contribution from our acquired businesses, partially offset by the growth of our self-operated course offerings. Other revenues were RMB121.7 million (US$16.7 million), compared with RMB153.8 million in 2023. Cost of revenues decreased by 25.5% to RMB1,418.1 million (US$194.3 million) from RMB1,903.0 million in 2023. The decrease was primarily due to reduced content and operating costs associated with the decline in our revenues and a decrease in cloud services and bandwidth costs resulting from our improved technological efficiency. Gross profit was RMB2,180.8 million (US$298.8 million), compared with RMB2,295.8 million in 2023. Gross margin expanded to 60.6% from 54.7% in 2023, primarily attributable to our monetization enhancements and improvements in our operating efficiency. Total operating expenses decreased by 21.0% to RMB2,661.9 million (US$364.7 million) from RMB3,368.1 million in 2023. Selling and marketing expenses decreased by 21.9% to RMB1,599.2 million (US$219.1 million) from RMB2,048.1 million in 2023. The decrease was primarily due to more disciplined promotional spending and a decrease in personnel-related expenses. Research and development expenses decreased by 18.7% to RMB732.6 million (US$100.4 million) from RMB901.5 million in 2023. The decrease was primarily attributable to more efficient spending on technological innovation and a decrease in personnel-related expenses. General and administrative expenses decreased by 21.1% to RMB330.2 million (US$45.2 million) from RMB418.5 million in 2023. The decrease was primarily attributable to lower share-based compensation expenses. Loss from operations narrowed by 55.1% to RMB481.1 million (US$65.9 million) from RMB1,072.2 million in 2023. Adjusted loss from operations (non-GAAP)[1] narrowed by 54.4% to RMB405.4 million (US$55.5 million) from RMB888.0 million in 2023. Net loss narrowed by 79.9% to RMB169.0 million (US$23.1 million) from RMB839.5 million in 2023. Adjusted net loss (non-GAAP)[1] narrowed by 85.4% to RMB96.3 million (US$13.2 million) from RMB659.1 million in 2023. Diluted net loss per ADS[4] was RMB1.88 (US$0.26), compared with RMB8.46 in 2023. Share Repurchase Programs As of December 31, 2024, the Company had repurchased 31.1 million Class A ordinary shares (including Class A ordinary shares underlying the ADSs) for a total price of US$66.5 million on both the New York Stock Exchange and The Stock Exchange of Hong Kong Limited under the Company's existing US$100 million share repurchase program (the "2022 Repurchase Program"), established in May 2022 and extended until June 26, 2025. In addition, a concurrent share repurchase program (the "2024 Repurchase Program") was established in June 2024 and will remain effective until June 26, 2025. The maximum number of shares (including shares underlying the ADSs) that can be repurchased under the 2024 Repurchase Program, together with the remaining number of shares (including shares underlying the ADSs) that can be repurchased under the 2022 Repurchase Program, will not exceed 10% of the total number of issued shares of the Company (excluding any treasury shares) as of June 26, 2024, the date of the resolution granting the general unconditional mandate to purchase the Company's own shares approved by shareholders. In addition, as previously announced, the Company conducted an all cash tender offer and repurchased a total of 33,016,016 Class A ordinary shares tendered (including 19,877,118 Class A ordinary shares in the form of 6,625,706 ADSs) for a total consideration of approximately HK$300 million. These shares were repurchased and canceled on November 8, 2024. [1] Adjusted income/(loss) from operations and adjusted net income/(loss) are non-GAAP financial measures. For more information on the non-GAAP financial measures, please see the section "Use of Non-GAAP Financial Measures" and the table captioned "Unaudited Reconciliations of GAAP and Non-GAAP Results" set forth at the end of this press release. [2] MAUs refers to the sum of the number of mobile devices that launch our mobile apps at least once in a given month, or mobile MAUs, and the number of logged-in users who visit our PC or mobile website at least once in a given month, after eliminating duplicates. [3] Monthly subscribing members refers to the number of members who subscribed for our membership packages in a specified month. Average monthly subscribing members for a period is calculated by dividing the sum of monthly subscribing members for each month during the specified period by the number of months in such period. [4] On May 10, 2024, we effected a change in the ratio of our ADSs to Class A ordinary shares from two ADSs representing one Class A ordinary share to a new ratio of one ADS representing three Class A ordinary shares. Basic and diluted net loss per ADS have been retrospectively adjusted to reflect this ADS ratio change for all periods presented. Conference Call The Company's management will host an earnings conference call at 7:00 a.m. U.S. Eastern Time on March 26, 2025 (7:00 p.m. Beijing/Hong Kong time on March 26, 2025). All participants wishing to join the conference call must pre-register online using the link provided below. Once the pre-registration has been completed, each participant will receive a set of dial-in numbers and a unique access PIN which can be used to join the conference call. Registration Link: Additionally, a live and archived webcast of the conference call will be available on the Company's investor relations website at About Zhihu Inc. Zhihu Inc. (NYSE: ZH; HKEX: 2390) is a leading online content community in China where people come to find solutions, make decisions, seek inspiration, and have fun. Since the initial launch in 2010, we have grown from a Q&A community into one of the top comprehensive online content communities and the largest Q&A-inspired online content community in China. For more information, please visit Use of Non-GAAP Financial Measures In evaluating the business, the Company considers and uses non-GAAP financial measures, such as adjusted income/(loss) from operations and adjusted net income/(loss), to supplement the review and assessment of its operating performance. The Company defines non-GAAP financial measures by excluding the impact of share-based compensation expenses, amortization of intangible assets resulting from business acquisitions and the tax effects of the non-GAAP adjustments, which are non-cash expenses. The Company believes that the non-GAAP financial measures facilitate comparisons of operating performance from period to period and company to company by adjusting for potential impacts of items, which the Company's management considers to be indicative of its operating performance. The Company believes that the non-GAAP financial measures provide useful information to investors and others in understanding and evaluating the Company's consolidated results of operations in the same manner as they help the Company's management. The non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. The presentation of the non-GAAP financial measures may not be comparable to similarly titled measures presented by other companies. The use of the non-GAAP financial measures has limitations as an analytical tool, and investors should not consider them in isolation from or as a substitute for analysis of our results of operations or financial condition as reported under U.S. GAAP. For more information on the non-GAAP financial measures, please see the tables captioned "Unaudited Reconciliations of GAAP and Non-GAAP Results" set forth at the end of this press release. Exchange Rate Information This announcement contains translations of certain Renminbi amounts into U.S. dollars at a specified rate solely for the convenience of the reader. Unless otherwise noted, all translations from Renminbi to U.S. dollars were made at a rate of RMB7.2993 to US$1.00, the exchange rate in effect as of December 31, 2024 as set forth in the H.10 statistical release of the Federal Reserve Board. Safe Harbor Statement This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, and a number of factors could cause actual results to differ materially from those contained in any forward-looking statement. In some cases, forward-looking statements can be identified by words or phrases such as "may," "will," "expect," "anticipate," "target," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to," or other similar expressions. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the SEC and the Hong Kong Stock Exchange. All information provided in this press release is as of the date of this press release, and the Company does not undertake any duty to update such information, except as required under applicable law. For investor and media inquiries, please contact: Zhihu ir@ Christensen AdvisoryRoger HuTel: +86-10-5900-1548Email: zhihu@ ZHIHU INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (All amounts in thousands, except share, ADS, per share data and per ADS data) For the Three Months EndedFor the Year EndedDecember 31, 2023September 30, 2024December 31, 2024December 31, 2023December 31, 2024RMBRMBRMBUS$RMBRMBUS$ Revenues: Marketing services 465,153256,631315,94043,2841,652,9921,247,092170,851 Paid membership 455,906459,387420,21557,5691,826,5571,761,978241,390 Vocational training 169,272105,05883,98411,506565,585468,11164,131 Others 47,96623,94439,0735,353153,755121,72416,676 Total revenues 1,138,297845,020859,212117,7124,198,8893,598,905493,048 Cost of revenues (465,197)(304,879)(318,547)(43,641)(1,903,041)(1,418,076)(194,276) Gross profit 673,100540,141540,66574,0712,295,8482,180,829298,772 Selling and marketing expenses (527,604)(388,049)(316,198)(43,319)(2,048,090)(1,599,186)(219,088) Research and development expenses (232,585)(179,261)(146,613)(20,086)(901,452)(732,553)(100,359) General and administrative expenses (91,069)(57,161)(65,988)(9,040)(418,531)(330,173)(45,234) Total operating expenses (851,258)(624,471)(528,799)(72,445)(3,368,073)(2,661,912)(364,681) (Loss)/Income from operations (178,158)(84,330)11,8661,626(1,072,225)(481,083)(65,909) Other income/(expenses):Investment income 12,27913,67913,0491,78841,69565,4418,965 Interest income 38,82831,13626,3113,605158,671114,96415,750 Fair value change of financial instruments 14,7806,88730,6984,206(5,170)78,40510,741 Exchange (losses)/gains (937)(1,097)1,701233971,013139 Others, net 15,03223,7991131549,23642,9025,878 (Loss)/Income before income tax (98,176)(9,926)83,73811,473(827,696)(178,358)(24,436) Income tax (expenses)/benefits (4,929)9492,663365(11,832)9,3911,287 Net (loss)/income (103,105)(8,977)86,40111,838(839,528)(168,967)(23,149) Net income attributable to noncontrolling interests (666)(1,514)(127)(17)(4,113)(2,835)(388) Net (loss)/income attributable to Zhihu Inc.'s shareholders (103,771)(10,491)86,27411,821(843,641)(171,802)(23,537) Net (loss)/income per shareBasic (0.36)(0.04)0.340.05(2.82)(0.63)(0.09) Diluted (0.36)(0.04)0.330.05(2.82)(0.63)(0.09) Net (loss)/income per ADS (One ADS represents three Class A ordinary shares)Basic (1.07)(0.11)1.010.14(8.46)(1.88)(0.26) Diluted (1.07)(0.11)1.000.14(8.46)(1.88)(0.26) Weighted average number of ordinary shares outstandingBasic 291,056,615277,309,431256,257,971256,257,971299,132,894273,560,865273,560,865 Diluted 291,056,615277,309,431259,990,323259,990,323299,132,894273,560,865273,560,865 ZHIHU INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (CONTINUED) (All amounts in thousands, except share, ADS, per share data and per ADS data) For the Three Months EndedFor the Year EndedDecember 31, 2023September 30, 2024December 31, 2024December 31, 2023December 31, 2024RMBRMBRMBUS$RMBRMBUS$ Share-based compensation expenses included in: Cost of revenues 1,5751,016(314)(43)9,7513,949542 Selling and marketing expenses (7,001)5472693713,882(1,975)(271) Research and development expenses (57)6,233(6,436)(882)49,8477,9161,084 General and administrative expenses 12,983(14,767)14,2611,95491,17649,3726,764 ZHIHU INC. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (All amounts in thousands) As of December 31, 2023As of December 31, 2024RMBRMBUS$ ASSETSCurrent assets:Cash and cash equivalents 2,106,6393,999,160547,883 Term deposits 1,586,469320,08843,852 Short-term investments 1,769,822538,81673,817 Restricted cash -900123 Trade receivables 664,615420,63657,627 Amounts due from related parties 18,31941,5885,698 Prepayments and other current assets 232,016163,44622,392 Total current assets 6,377,8805,484,634751,392 Non-current assets:Property and equipment, net 10,8498,4901,163 Intangible assets, net 122,64554,5347,471 Goodwill 191,077126,34417,309 Long-term investments, net 44,62151,1767,011 Right-of-use assets 40,2117,151980 Other non-current assets 7,98962385 Total non-current assets 417,392248,31834,019 Total assets 6,795,2725,732,952785,411 LIABILITIES AND SHAREHOLDERS' EQUITYCurrent liabilitiesAccounts payable and accrued liabilities 1,038,531835,688114,489 Salary and welfare payables 342,125275,26037,710 Taxes payables 21,39422,0813,025 Contract liabilities 303,574235,53932,269 Amounts due to related parties 26,0326,825935 Short term lease liabilities 42,08917,3082,371 Other current liabilities 171,743131,95518,078 Total current liabilities 1,945,4881,524,656208,877 Non-current liabilitiesLong term lease liabilities 3,6421,823250 Deferred tax liabilities 22,5746,830936 Other non-current liabilities 121,9583,957541 Total non-current liabilities 148,17412,6101,727 Total liabilities 2,093,6621,537,266210,604 Total Zhihu Inc.'s shareholders' equity 4,599,8104,136,123566,647 Noncontrolling interests 101,80059,5638,160 Total shareholders' equity 4,701,6104,195,686574,807 Total liabilities and shareholders' equity 6,795,2725,732,952785,411 ZHIHU INC. UNAUDITED RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS (All amounts in thousands) For the Three Months EndedFor the Year EndedDecember 31, 2023September 30, 2024December 31, 2024December 31, 2023December 31, 2024RMBRMBRMBUS$RMBRMBUS$ (Loss)/Income from operations (178,158)(84,330)11,8661,626(1,072,225)(481,083)(65,909) Add:Share-based compensation expenses 7,500(6,971)7,7801,066164,65659,2628,119 Amortization of intangible assets resulting from business acquisitions 5,3653,4903,49047819,58516,4602,255 Adjusted (loss)/income from operations (165,293)(87,811)23,1363,170(887,984)(405,361)(55,535) Net (loss)/income (103,105)(8,977)86,40111,838(839,528)(168,967)(23,149) Add:Share-based compensation expenses 7,500(6,971)7,7801,066164,65659,2628,119 Amortization of intangible assets resulting from business acquisitions 5,3653,4903,49047819,58516,4602,255 Tax effects on non-GAAP adjustments (1,069)(600)(600)(82)(3,806)(3,025)(414) Adjusted net (loss)/income (91,309)(13,058)97,07113,300(659,093)(96,270)(13,189) View original content: SOURCE Zhihu Inc. 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