知乎2023年第三季度财务报告ZhihuInc.ReportsUnauditedThirdQuart.docx

ZhihuInc.ReportsUnauditedThirdQuarter2023FinancialResultsBEIJING,China,November29,2023ZhihuInC.("ZhihU''orthe"Company")(NYSE:ZH;HKEX:2390),aleadingonlinecontentcommunityinChina,todayannounceditsunauditedfinancialresultsforthequarterendedSeptember30,2023.ThirdQuarter2023Highlights TotalrevenueswereRMB1,022.2million(US$140.1million)inthethirdquarterof2023,representinga12.1%increasefromthesameperiodof2022. NetlosswasRMB278.4million(US$38.2million)inthethirdquarterof2023,narrowedby6.5%fromthesameperiodof2022. Adjustednetloss(non-GAAP)lljwasRMB225.3million(US$30.9million)inthethirdquarterof2023,narrowedby10.1%fromthesameperiodof2022. Averagemonthlyactiveusers(MAUs)121reached110.5millioninthethirdquarterof2023. Averagemonthlysubscribingmembers131reached14.8millioninthethirdquarterof2023,representinga35.9%increasefromthesameperiodof2022.40ursignificantstridesincommercializationandthevibrantdynamismacrosstheZhihucommunityonceagaindrovesustainablebusinessgrowthduringthethirdquarterof2023.Ourtotalrevenuesforthequartercontinuedtheiryear-over-yeargrowthmomentum,fueledbyaccelerateddevelopmentinpaidmembershipsandourvocationaltrainingbusiness/'saidMr.YuanZhou,chairmanandCEOofZhihu.Wewilldevotemoreresourcestoourmulti-enginemonetizationstrategyonamid-tolongtermbasis.Thisstrategyenabledustodeliverresilientrevenuegrowththisyeardespitethemacrouncertainties.Iamcommittedtonarrowinglossesbyimprovingstrategyexecution.Zhihuwillcontinuetointegratecutting-edgeAItechnologyintoitsproductsandbusinessoperationstoenhancecontentqualityanduserexperience.Mr.HenrySha,CFOofZhihu,added,“Weachievedanotherstrongquarterwithtotalrevenuesincreasingby12.1%yearoveryear.Amongourvariousrevenuestreams,ourpaidmembershiprevenuegrewby39.2%whileourvocationaltrainingbusinesssoared85.6%,bothyearoveryear.Wefurtherenhancedourgrossmarginthroughongoingcostefficiencyrefinements.Despitethechallengingeconomicclimate,wearewell-positionedtoexecuteourgrowthstrategyandachieveourfinancialtargets.mThirdQuarter2023FinancialResultsTotalrevenueswereRMB1,022.2million(US$140.1million)inthethirdquarterof2023,representinga12.1%increasefromRMB911.7millioninthesameperiodof2022.Marketingservicesrevenue141wasRMB383.0million(US$52.5million),comparedwithRMB461.9millioninthesameperiodof2022.PaidmembershiprevenuewasRMB466.8million(US$64.0million),representinga39.2%increasefromRMB335.4millioninthesameperiodof2022.Theincreasewasprimarilydrivenbythecontinuedgrowthofoursubscribingmembers.VocationaltrainingrevenuewasRMB144.8million(US$19.8million),representingan85.6%increasefromRMB78.0millioninthesameperiodof2022.Thesignificantincreasewasprimarilyattributabletoourfurtherenrichedonlinecourseofferingsandtherevenuecontributionsfromourrecentlyacquiredbusinessesintheperiod.OtherrevenueswereRMB27.6million(US$3.8million),comparedwithRMB36.3millioninthesameperiodof2022.Costofrevenuesincreasedby1.4%toRMB473.7million(US$64.9million)fromRMB467.3millioninthesameperiodof2022.Theincreasewasprimarilyduetothegrowthofcontentandoperatingcostsaswecontinuedtoenhanceourcontentattractiveness,andanincreaseinstaffcosts,partiallyoffsetbythedecreaseincloudservicesandbandwidthcosts.Grossprofitincreasedby23.4%toRMB548.5million(US$75.2million)fromRMB444.4millioninthesameperiodof2022.Grossmarginexpandedto53.7%from48.7%inthesameperiodof2022,primarilyattributabletoourenhancedmonetizationeffortsandtheimprovementofcloudservicesandbandwidthutilizationefficiency.TotaloperatingexpenseswereRMB898.6million(US$123.2million),comparedwithRMB723.0millioninthesameperiodof2022.SellingandmarketingexpensesincreasedtoRMB534.3million(US$73.2million)fromRMB478.3millioninthesameperiodof2022.Theincreasereflectsourcontinuedeffortsinpromotingourproductandserviceofferings.ResearchanddevelopmentexpensesincreasedtoRMB249.7million(US$34.2million)fromRMB160.8millioninthesameperiodof2022.Theincreasewasprimarilyattributabletoourincreasedspendingontechnologyinnovation.GeneralandadministrativeexpensesincreasedtoRMBl14.6million(US$15.7million)fromRMB83.9millioninthesameperiodof2022.Theincreasewasprimarilyduetohigherrentalexpensesandtheincreasedshare-basedcompensationexpensesfromourbusinessacquisition.1.ossfromoperationsincreasedtoRMB350.1million(US$48.0million)fromRMB278.6millioninthesameperiodof2022.Adjustedlossfromoperations(non-GAAP),ljincreasedtoRMB295.9million(US$40.6million)fromRMB231.0millioninthesameperiodof2022.Netlosswasnarrowedby6.5%toRMB278.4million(US$38.2million)fromRMB297.6millioninthesameperiodof2022.Adjustednetloss(non-GAAP)111wasnarrowedby10.1%toRMB225.3million(US$30.9million)fromRMB250.6millioninthesameperiodof2022.DilutednetlossperAmericanDepositaryShare(wADSw)wasRMB0.47(US$0.06),comparedwithRMB0.49inthesameperiodof2022.Cashandcashequivalents,termdepositsandshort-terminvestmentsAsofSeptember30,2023,theCompanyhadcashandcashequivalents,termdepositsandshort-terminvestmentsofRMB5,654.2million(US$775.0million),comparedwithRMB6,261.5millionasofDecember31,2022.ShareRepurcha