ZHIHU-W：INSIDEINFORMATIONUNAUDITEDFINANCIALRESULTSFORTHEQUARTERENDEDJUNE302024.pdf

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1、1Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement,make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in relia

2、nce upon the whole or any part of the contents of this announcement.Zhihu Inc.(A company controlled through weighted voting rights and incorporated in the Cayman Islands with limited liability)(NYSE:ZH;HKEX:2390)INSIDE INFORMATIONUNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDEDJUNE 30,2024This anno

3、uncement is issued pursuant to Rule 13.09 of the Rules Governing the Listing of the Securities on The Stock Exchange of Hong Kong Limited and under Part XIVA of the Securities and Futures Ordinance(Cap.571).Zhihu Inc.(the“Company”)is pleased to announce the unaudited condensed consolidated results o

4、f the Company and its subsidiaries and consolidated affiliated entities for the three months ended June 30,2024.The Company is pleased to announce the unaudited condensed consolidated results of the Company and its subsidiaries and consolidated affiliated entities for the three months ended June 30,

5、2024(the“Q2 Results”)published in accordance with applicable rules of the U.S.Securities and Exchange Commission(the“SEC”).The Q2 Results have been prepared in accordance with U.S.Generally Accepted Accounting Principles,which are different from the International Financial Reporting Standards.Attach

6、ed hereto as Schedule I is the full text of the press release issued by the Company on August 22,2024(U.S.Eastern Time),in relation to the Q2 Results,some of which may constitute material inside information of the Company.This announcement contains forward-looking statements.These statements are mad

7、e 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 Companys beliefs and expectations,are forward-looking statements.Forward-looking statements involve inherent risks and uncertainties,

8、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,”“

9、potential,”“continue,”“is/are likely to,”or other similar expressions.Further information regarding these and other risks,uncertainties or factors is included in the Companys filings with the SEC and The Stock Exchange of Hong Kong Limited.All information provided in this announcement is as of the d

10、ate of this announcement,and the Company does not undertake any duty to update such information,except as required under applicable law.2The Companys shareholders and potential investors are advised not to place undue reliance on the Q2 Results and to exercise caution in dealing in securities of the

11、 Company.By Order of the BoardZhihu Inc.Yuan ZhouChairmanHong Kong,August 23,2024As at the date of this announcement,the board of directors of the Company comprises Mr.Yuan Zhou as an executive director,Mr.Dahai Li,Mr.Zhaohui Li,and Mr.Bing Yu as non-executive directors,and Mr.Hanhui Sam Sun,Ms.Hope

12、 Ni,and Mr.Derek Chen as independent non-executive directors.3SCHEDULE IZhihu Inc.Reports Unaudited Second Quarter 2024 Financial ResultsBEIJING,China,August 23,2024 Zhihu Inc.(“Zhihu”or the“Company”)(NYSE:ZH;HKEX:2390),a leading online content community in China,today announced its unaudited financ

13、ial results for the quarter ended June 30,2024.Second Quarter 2024 Highlights Total revenues were RMB933.8 million(US$128.5 million)in the second quarter of 2024,compared with RMB1,044.2 million in the same period of 2023.Gross margin expanded to 59.6%in the second quarter of 2024 from 53.8%in the s

14、ame period of 2023.Net loss was RMB80.6 million(US$11.1 million)in the second quarter of 2024,narrowed by 71.1%from the same period of 2023.Adjusted net loss(non-GAAP)1 was RMB44.6 million(US$6.1 million)in the second quarter of 2024,narrowed by 79.9%from the same period of 2023.Average monthly acti

15、ve users(MAUs)2 were 80.6 million in the second quarter of 2024.Average monthly subscribing members3 were 14.7 million in the second quarter of 2024.“Our strategic decisions and effective execution yielded impressive financial results in the second quarter of 2024,”said Mr.Yuan Zhou,chairman and chi

16、ef executive officer of Zhihu.“At the same time,we made substantial strides in enhancing our core user experience,evidenced by the continued growth in user retention and DAU time spent.Building on our communitys enhanced trustworthiness,we launched Zhihu Zhida(知乎直答)in late June,marking a major advan

17、cement in our AI search initiatives.Further improvements in user retention and the positive user feedback Zhihu Zhida has received demonstrate our unique advantages and ability to capture the tremendous opportunities in this field.”Mr.Han Wang,chief financial officer of Zhihu,added,“The second quart

18、er marked our lowest quarterly loss since our U.S.IPO.During the quarter,we maintained disciplined spending while achieving a high ROI across all business lines.Additionally,we are committed to enhancing shareholder returns through various means.Moving forward,we will continue to emphasize strong st

19、rategic execution as we pursue long-term sustainable profitability.”4Second Quarter 2024 Financial ResultsTotal revenues were RMB933.8 million(US$128.5 million)in the second quarter of 2024,compared with RMB1,044.2 million in the same period of 2023.Marketing services revenue was RMB344.0 million(US

20、$47.3 million),compared with RMB412.7 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 RMB432.7 million(US$59.5 million),compared with RMB449.1 milli

21、on 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 RMB133.6 million(US$18.4 million),compared with RMB144.5 million in the same period of 2023.The decrease was primarily driv

22、en by lower revenue contributions from our acquired businesses.Other revenues were RMB23.5 million(US$3.2 million),compared with RMB37.9 million in the same period of 2023.Cost of revenues decreased by 21.8%to RMB377.3 million(US$51.9 million)from RMB482.1 million in the same period of 2023.The decr

23、ease was primarily due to reduced content and operating costs associated with the decline in our revenues.Gross profit was RMB556.5 million(US$76.6 million),compared with RMB562.1 million in the same period of 2023.Gross margin expanded to 59.6%from 53.8%in the same period of 2023,primarily attribut

24、able to our monetization enhancements and improvements in our operating efficiency.Total operating expenses decreased by 16.7%to RMB740.4 million(US$101.9 million)from RMB889.3 million in the same period of 2023.Selling and marketing expenses decreased by 22.9%to RMB417.0 million(US$57.4 million)fro

25、m RMB540.6 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 11.4%to RMB209.3 million(US$28.8 million)from RMB236.2 million in the same period of 2023.

26、The decrease was primarily attributable to more efficient spending on technology innovation.General and administrative expenses were RMB114.1 million(US$15.7 million),compared with RMB112.5 million in the same period of 2023.Loss from operations narrowed by 43.8%to RMB183.9 million(US$25.3 million)f

27、rom RMB327.2 million in the same period of 2023.Adjusted loss from operations(non-GAAP)1 narrowed by 45.4%to RMB147.1 million(US$20.2 million)from RMB269.4 million in the same period of 2023.5Net loss narrowed by 71.1%to RMB80.6 million(US$11.1 million)from RMB279.1 million in the same period of 202

28、3.Adjusted net loss(non-GAAP)1 narrowed by 79.9%to RMB44.6 million(US$6.1 million)from RMB222.3 million in the same period of 2023.Diluted net loss per American depositary share(“ADS”)4 was RMB0.89(US$0.12),compared with RMB2.76 in the same period of 2023.Cash and cash equivalents,term deposits,rest

29、ricted cash and short-term investmentsAs of June 30,2024,the Company had cash and cash equivalents,term deposits,restricted cash and short-term investments of RMB5,061.5 million(US$696.5 million),compared with RMB5,462.9 million as of December 31,2023.Share Repurchase ProgramsAs of June 30,2024,the

30、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 Companys existing US$100 million share repurchase program(

31、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,effective until June 26,2025.The maximum number of shares(including shares underlying the ADSs)that can be

32、 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 2

33、6,2024,the date of the resolution granting the general unconditional mandate to purchase the Companys own shares approved by shareholders.1 Adjusted loss from operations and adjusted net loss are non-GAAP financial measures.For more information on the non-GAAP financial measures,please see the secti

34、on“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 n

35、umber 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 our Yan Selection members in a specified month.Average monthly subscribing members for a period is calculated by dividing the

36、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

37、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.6Conference CallThe Companys management will host an earnings conference call at 8:00 p.m.U.S.Eastern Time on August 22,2024(8:00 a.m.Beijing

38、/Hong Kong time on August 23,2024).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,a passcode,and a unique registrant ID which can be used t

39、o join the conference call.Participants may pre-register at any time,including up to and after the call start time.Participant Online Registration:https:/ live and archived webcast of the conference call will be available on the Companys investor relations website at https:/.A replay of the conferen

40、ce call will be accessible approximately one hour after the conclusion of the live call,until August 29,2024,by dialing the following telephone numbers:United States(toll free):+1-877-344-7529International:+1-412-317-0088Replay Access Code:4215305About Zhihu Inc.Zhihu Inc.(NYSE:ZH;HKEX:2390)is a lea

41、ding 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 communi

42、ty in China.For more information,please visit https:/.Use of Non-GAAP Financial MeasuresIn evaluating the business,the Company considers and uses non-GAAP financial measures,such as adjusted loss from operations and adjusted net loss,to supplement the review and assessment of its operating performan

43、ce.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 fi

44、nancial measures facilitate comparisons of operating performance from period to period and company to company by adjusting for potential impacts of items,which the Companys management considers to be indicative of its operating performance.The Company believes that the non-GAAP financial measures pr

45、ovide useful information to investors and others in understanding and evaluating the Companys consolidated results of operations in the same manner as they help the Companys management.The non-GAAP financial measures are not defined under U.S.GAAP and are not presented in accordance with U.S.GAAP.Th

46、e 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 it in isolation from,or as a substitute for analysis of

47、,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.7Exchange Rate InformationThis announ

48、cement 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 RMB7.2672 to US$1.00,the exchange rate in effect as of June 28,2024 as se

49、t forth in the H.10 statistical release of the Federal Reserve Board.Safe Harbor StatementThis 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 fa

50、cts,including statements about the Companys 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 som

51、e 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,uncertaint

52、ies or factors is included in the Companys 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 i

53、nvestor and media inquiries,please contact:In China:Zhihu Inc.Email:Piacente Financial CommunicationsHelen WuTel:+86-10-6508-0677Email:zhihutpg-In the United States:Piacente Financial CommunicationsBrandi PiacentePhone:+1-212-481-2050Email:zhihutpg-8ZHIHU INC.UNAUDITED CONDENSED CONSOLIDATED STATEME

54、NTS OF OPERATIONS(All amounts in thousands,except share,ADS,per share data and per ADS data)For the Three Months EndedFor the Six Months EndedJune 30,2023March 31,2024June 30,2024June 30,2023June 30,2024RMBRMBRMBUS$RMBRMBUS$Revenues:Marketing services412,740330,542343,97947,333804,877674,52192,817 P

55、aid membership449,098449,724432,65259,535903,867882,376121,419 Vocational training144,520145,436133,63318,389251,518279,06938,401 Others37,85135,16123,5463,24078,16758,7078,078Total revenues1,044,209960,863933,810128,4972,038,4291,894,673260,715 Cost of revenues(482,131)(417,384)(377,266)(51,914)(96

56、4,132)(794,650)(109,347)Gross profit562,078543,479556,54476,5831,074,2971,100,023151,368Selling and marketing expenses(540,593)(477,954)(416,985)(57,379)(986,158)(894,939)(123,148)Research and development expenses(236,245)(197,356)(209,323)(28,804)(419,205)(406,679)(55,961)General and administrative

57、 expenses(112,460)(92,917)(114,107)(15,702)(212,898)(207,024)(28,487)Total operating expenses(889,298)(768,227)(740,415)(101,885)(1,618,261)(1,508,642)(207,596)Loss from operations(327,220)(224,748)(183,871)(25,302)(543,964)(408,619)(56,228)Other income/(expenses):Investment income11,79316,90221,811

58、3,00117,79938,7135,327Interest income39,98730,76326,7543,68179,48057,5177,915Fair value change of financial instruments(9,016)9,40831,4124,322(12,598)40,8205,617Exchange gains7,076120289401,42740956Others,net6443,04315,9472,1946,97718,9902,613Loss before income tax(276,736)(164,512)(87,658)(12,064)(

59、450,879)(252,170)(34,700)Income tax(expenses)/benefits(2,330)(1,284)7,063972(7,159)5,779795Net loss(279,066)(165,796)(80,595)(11,092)(458,038)(246,391)(33,905)Net(income)/loss attributable to noncontrolling interests(775)950(2,144)(295)(3,158)(1,194)(164)Net loss attributable to Zhihu Inc.s sharehol

60、ders(279,841)(164,846)(82,739)(11,387)(461,196)(247,585)(34,069)9ZHIHU 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 Six Months EndedJune 30,2023March 31,2024June 30

61、,2024June 30,2023June 30,2024RMBRMBRMBUS$RMBRMBUS$Net loss per share Basic(0.92)(0.59)(0.30)(0.04)(1.52)(0.88)(0.12)Diluted(0.92)(0.59)(0.30)(0.04)(1.52)(0.88)(0.12)Net loss per ADS(One ADS represents three Class A ordinary shares)Basic(2.76)(1.76)(0.89)(0.12)(4.55)(2.65)(0.36)Diluted(2.76)(1.76)(0.

62、89)(0.12)(4.55)(2.65)(0.36)Weighted average number of ordinary shares outstanding Basic304,068,362 281,549,707 279,241,647 279,241,647 304,052,681 280,403,026 280,403,026 Diluted304,068,362 281,549,707 279,241,647 279,241,647 304,052,681 280,403,026 280,403,026Share-based compensation expenses inclu

63、ded in:Cost of revenues2,1462,4977501036,5463,247447 Selling and marketing expenses6,3843,272(6,063)(834)15,142(2,791)(384)Research and development expenses14,9413,6804,43961136,1468,1191,117 General and administrative expenses28,97616,36333,5154,61250,53149,8786,86310ZHIHU INC.UNAUDITED CONDENSED C

64、ONSOLIDATED BALANCE SHEETS(All amounts in thousands)As of December 31,2023As of June 30,2024RMBRMBUS$ASSETSCurrent assets:Cash and cash equivalents2,106,6393,159,325434,738 Term deposits1,586,4691,204,062165,684 Short-term investments1,769,822646,32188,937 Restricted cash51,7747,124 Trade receivable

65、s664,615532,92973,333 Amounts due from related parties18,31941,2365,674 Prepayments and other current assets232,016201,33827,705 Total current assets6,377,8805,836,985803,195Non-current assets:Property and equipment,net10,8499,6701,331 Intangible assets,net122,64561,6988,490 Goodwill191,077126,34417

66、,386 Long-term investments,net44,62151,1767,042 Right-of-use assets40,21121,9593,022 Other non-current assets7,98937251 Total non-current assets417,392271,21937,322Total assets6,795,2726,108,204840,517LIABILITIES AND SHAREHOLDERS EQUITYCurrent liabilities Accounts payable and accrued liabilities1,03

67、8,531913,225125,664 Salary and welfare payables342,125219,68130,229 Taxes payables21,39416,9672,335 Contract liabilities303,574283,46539,006 Amounts due to related parties26,03210,6851,470 Short-term lease liabilities42,08924,8343,417 Short-term borrowings51,7747,124 Other current liabilities171,743

68、159,01421,881 Total current liabilities1,945,4881,679,645231,126Non-current liabilities Long-term lease liabilities3,6422,071285 Deferred tax liabilities22,5748,0301,105 Other non-current liabilities121,95818,2532,512 Total non-current liabilities148,17428,3543,902Total liabilities2,093,6621,707,999

69、235,028Total Zhihu Inc.s shareholders equity4,599,8104,312,294593,392Noncontrolling interests101,80087,91112,097Total shareholders equity4,701,6104,400,205605,489Total liabilities and shareholders equity6,795,2726,108,204840,51711ZHIHU INC.UNAUDITED RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS(All a

70、mounts in thousands)For the Three Months EndedFor the Six Months EndedJune 30,2023March 31,2024June 30,2024June 30,2023June 30,2024RMBRMBRMBUS$RMBRMBUS$Loss from operations(327,220)(224,748)(183,871)(25,302)(543,964)(408,619)(56,228)Add:Share-based compensation expenses52,44725,81232,6414,492108,365

71、58,4538,043 Amortization of intangible assets resulting from business acquisitions5,3655,3654,1155668,8559,4801,304Adjusted loss from operations(269,408)(193,571)(147,115)(20,244)(426,744)(340,686)(46,881)Net loss(279,066)(165,796)(80,595)(11,092)(458,038)(246,391)(33,905)Add:Share-based compensatio

72、n expenses52,44725,81232,6414,492108,36558,4538,043 Amortization of intangible assets resulting from business acquisitions5,3655,3654,1155668,8559,4801,304 Tax effects on non-GAAP adjustments(1,069)(1,069)(756)(104)(1,669)(1,825)(251)Adjusted net loss(222,323)(135,688)(44,595)(6,138)(342,487)(180,283)(24,809)