ZHIHU(ZH) 中国经营报·2025-03-27 06:39Core Insights - Zhihu reported a total revenue of 3.599 billion yuan for 2024, a year-on-year decrease of 14.3%, while net loss narrowed to 169 million yuan, a reduction of 79.9% compared to the previous year [1] - The fourth quarter of 2024 marked a significant milestone for Zhihu, achieving a net profit of 97.1 million yuan, the first time the company has reached profitability since its IPO [2][3] - The CEO emphasized the importance of 2024 as a turning point for Zhihu, highlighting the successful execution of strategic plans and the integration of AI into community interactions [1][4] Financial Performance - In Q4 2024, Zhihu's revenue was 860 million yuan, with an adjusted net profit of 97.1 million yuan and an adjusted operating profit of 23.1 million yuan, marking the first quarter of comprehensive profitability [2] - The revenue structure for Q4 included 420 million yuan from paid memberships (48.9% of total revenue), 320 million yuan from marketing services (36.8%), and 84 million yuan from vocational education [2] - For the full year 2024, paid membership and marketing services were the main revenue contributors, generating 1.762 billion yuan and 1.247 billion yuan respectively, with a decline in revenue across major business segments compared to 2023 [3] Operational Efficiency - Zhihu improved operational efficiency and cost management, resulting in a gross margin increase of 3.8 percentage points to 62.9% and a 37.9% reduction in operating expenses year-on-year [2][3] - As of the end of Q4 2024, Zhihu had cash and cash equivalents totaling 4.86 billion yuan, providing a solid foundation for continued profitability enhancement [3] AI Investment and Strategy - Zhihu has increased investments in AI, enhancing its self-developed large model "Zhihai Map AI" and improving various model capabilities [4] - The integration of AI into Zhihu's operations has significantly boosted business efficiency, with the AI search product "Zhihu Direct Answer" undergoing multiple iterations to enhance community and creator value [4] - The CEO stated that AI will greatly promote Zhihu's development, as the platform's expert network is essential in addressing trust issues in the AI era [5] User Engagement - By the end of Q4 2024, Zhihu's content creation volume reached 870 million, a year-on-year increase of 12.9%, with over 77 million creators actively participating [5] - The average monthly active users (MAUs) reached 81.4 million, showing continued quarter-on-quarter growth, while the average monthly subscription members reached 14.1 million [5]