知乎2023年第一季度财务报告ZH1Q23EarningsRelease_0522_HS-英_市场营.docx

ZhihuInc.ReportsUnauditedFirstQuarter2023FinancialResultsBEIJING,China,May24,2023ZhihuInc.("Zhihu“orthe“Company")(NYSE:ZH;HKEX:2390),aleadingonlinecontentcommunityinChina,todayannounceditsunauditedfinancialresultsforthequarterendedMarch31,2023.FirstQuarter2023Highlights TotalrevenueswereRMB994.2million(US$144.8million)inthefirstquarterof2023,representinga33.8%increasefromthesameperiodof2022. NetlosswasRMBl79.0million(US$26.1million)inthefirstquarterof2023,narrowedby70.9%fromthesameperiodin2022. Adjustednetloss(non-GAAP)u,wasRMB120.2million(US$17.5million)inthefirstquarterof2023,narrowedby67.3%fromthesameperiodof2022. Averagemonthlyactiveusers(MAUS)reached102.4millioninthefirstquarterof2023,comparedwith101.6millioninthesameperiodof2022. Averagemonthlysubscribingmembers131reached14.9millioninthefirstquarterof2023,representinga116.0%increasefromthesameperiodof2022.“Wearepleasedtoreportastrongfirstquarterof2023,withimpressiverevenuegrowthandanotherquarterofsignificantlynarrowedloss.Ourusergrowthreacceleratedduringthisquarter,andinMarchourMAUssurpassed110million,drivenbyourdiversecontentformatsandenrichedconsumptionscenarios.Ourpaidmembershiprevenuereachedthehistoricalhighwhilevocationaltrainingrevenuecontinuedtogrowrapidly,asweextendedourusercoveragebeyondtheZhihucommunityanddeepenedourservicesalongtheindustryvaluechain.Ouroutstandingperformanceisatestamenttoourcontinuedinnovationincontentcommunitydevelopmentandintegrationofcutting-edgeAItechnoIogy.saidMr.YuanZhou,chairmanandchiefexecutiveofficerofZhihu.Mr.HenrySha,chieffinancialofficerofZhihu,added,44Weoutperformedthisquarterbybeatingmarketconsensusintermsofbothtoplineandbottomline.Ourtotalrevenuesforthequarterincreasedby33.8%yearoveryeartoRMB994.2million,drivenbyrobustgrowthinbothpaidmembershipandvocationaltrainingbusinesses,andourgrossmarginexpandedto51.5%from45.1%inthesameperiodlastyear.WealsoachievedRMB59.9millionoperatingcashflowduringthefirstquarter.ItisthefirsttimethatZhihugeneratespositiveoperatingcashflowsinceitsinitialpublicoffering.Wewillcontinuetofocusonourcorebusinessdevelopmentandremainprudentinexploringpotentialopportunities.FirstQuarter2023FinancialResultsTotalrevenueswereRMB994.2million(US$144.8million)inthefirstquarterof2023,representinggrowthof33.8%fromRMB743.2millioninthesameperiodof2022.MarketingSerViCeSrevenue141wasRMB392.1million(US$57.1million),comparedwithRMB444.1millioninthesameperiodof2022.Thedecreasewasprimarilyduetothechallengingmacroeconomicenvironment.PaidmembershiprevenuewasRMB454.8million(US$66.2million),representinga105.2%increasefromRMB221.7millioninthesameperiodof2022.Theincreasewasprimarilyattributabletothecontinuedgrowthofouraveragemonthlysubscribingmemberswhichreached14.9millionfrom6.9millioninthesameperiodof2022.VocationaltrainingrevenuewasRMB107.0million(US$15.6million),representinga170.6%increasefromRMB39.5millioninthefirstquarterof2022.Thesignificantincreasewasprimarilyattributabletoourfurtherenrichedonlinecourseofferingsandtherevenuecontributionsfromourrecentlyacquiredbusinessesintheperiod.OtherrevenueswereRMB40.3million(US$5.9million),representinga6.3%increasefromRMB37.9millioninthesameperiodof2022.Theyear-over-yearincreasewasprimarilyattributabletotheincreasedsalesofourprivatelabelproductsandbookseries.Costofrevenuesincreasedby18.2%toRMB482.0million(US$70.2million)fromRMB407.7millioninthesameperiodof2022.Theincreasewasprimarilyduetoanincreaseincontentandoperatingcoststoenhanceourcontentattractiveness,aswellasanincreaseinpaymentprocessingcostsinconnectionwithourrevenuegrowth,partiallyoffsetbythedecreaseincloudservicesandbandwidthcostsresultingfromourimprovedtechnologyefficiency.GrossprofitwasRMB512.2million(US$74.6million),representinga52.7%increasefromRMB335.5millioninthesameperiodof2022.Grossmarginexpandedto51.5%from45.1%inthesameperiodof2022,primarilyattributabletoourenhancedmonetizationeffortsandtheimprovementofcloudservicesandbandwidthutilizationefficiency.Totaloperatingexpensesdecreasedby25.9%toRMB729.0million(US$106.1million)fromRMB983.7millioninthesameperiodof2022.Sellingandmarketingexpensesdecreasedby12.0%toRMB445.6million(US$64.9million)fromRMB506.6millioninthesameperiodof2022,primarilyduetomoredisciplinedpromotionalspendinganddecreaseinsalariesandwelfareexpenses.ResearchanddevelopmentexpensesincreasedtoRMB183.0million(US$26.6million)fromRMB166.5millioninthesameperiodof2022.Theincreasewasprimarilyattributabletotheincreaseinthesalariesandwelfareofresearchanddevelopmentpersonnel,aswellastheincreasedspendingintechnologyinnovation.Generalandadministrativeexpensesdecreasedby67.7%toRMB100.4million(US$14.6million)fromRMB310.6millioninthesameperiodof2022,primarilyduetolowershare-basedcompensationexpensesrecognizedandthedecreaseinprofessionalservicefees.1.ossfromoperationsdecreasedby66.6%toRMB216.7million(US$31.6million)fromRMB648.2millioninthesameperiodof2022.Adjustedlossfromoperations(non-GAAP)lljdecreasedby60.7%toRMB157.3million(US$22.9million)fromRMB400.7