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1、ZhihuInc.ReportsUnauditedFirstQuarter2023FinancialResultsBEIJING,China,May24,2023ZhihuInc.(Zhihu“orthe“Company)(NYSE:ZH;HKEX:2390),aleadingonlinecontentcommunityinChina,todayannounceditsunauditedfinancialresultsforthequarterendedMarch31,2023.FirstQuarter2023Highlights TotalrevenueswereRMB994.2millio
2、n(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%fr
3、omthesameperiodof2022. Averagemonthlyactiveusers(MAUS)reached102.4millioninthefirstquarterof2023,comparedwith101.6millioninthesameperiodof2022. Averagemonthlysubscribingmembers131reached14.9millioninthefirstquarterof2023,representinga116.0%increasefromthesameperiodof2022.“Wearepleasedtoreportastrong
4、firstquarterof2023,withimpressiverevenuegrowthandanotherquarterofsignificantlynarrowedloss.Ourusergrowthreacceleratedduringthisquarter,andinMarchourMAUssurpassed110million,drivenbyourdiversecontentformatsandenrichedconsumptionscenarios.Ourpaidmembershiprevenuereachedthehistoricalhighwhilevocationalt
5、rainingrevenuecontinuedtogrowrapidly,asweextendedourusercoveragebeyondtheZhihucommunityanddeepenedourservicesalongtheindustryvaluechain.Ouroutstandingperformanceisatestamenttoourcontinuedinnovationincontentcommunitydevelopmentandintegrationofcutting-edgeAItechnoIogy.saidMr.YuanZhou,chairmanandchiefe
6、xecutiveofficerofZhihu.Mr.HenrySha,chieffinancialofficerofZhihu,added,44Weoutperformedthisquarterbybeatingmarketconsensusintermsofbothtoplineandbottomline.Ourtotalrevenuesforthequarterincreasedby33.8%yearoveryeartoRMB994.2million,drivenbyrobustgrowthinbothpaidmembershipandvocationaltrainingbusinesse
7、s,andourgrossmarginexpandedto51.5%from45.1%inthesameperiodlastyear.WealsoachievedRMB59.9millionoperatingcashflowduringthefirstquarter.ItisthefirsttimethatZhihugeneratespositiveoperatingcashflowsinceitsinitialpublicoffering.Wewillcontinuetofocusonourcorebusinessdevelopmentandremainprudentinexploringp
8、otentialopportunities.FirstQuarter2023FinancialResultsTotalrevenueswereRMB994.2million(US$144.8million)inthefirstquarterof2023,representinggrowthof33.8%fromRMB743.2millioninthesameperiodof2022.MarketingSerViCeSrevenue141wasRMB392.1million(US$57.1million),comparedwithRMB444.1millioninthesameperiodof2
9、022.Thedecreasewasprimarilyduetothechallengingmacroeconomicenvironment.PaidmembershiprevenuewasRMB454.8million(US$66.2million),representinga105.2%increasefromRMB221.7millioninthesameperiodof2022.Theincreasewasprimarilyattributabletothecontinuedgrowthofouraveragemonthlysubscribingmemberswhichreached1
10、4.9millionfrom6.9millioninthesameperiodof2022.VocationaltrainingrevenuewasRMB107.0million(US$15.6million),representinga170.6%increasefromRMB39.5millioninthefirstquarterof2022.Thesignificantincreasewasprimarilyattributabletoourfurtherenrichedonlinecourseofferingsandtherevenuecontributionsfromourrecen
11、tlyacquiredbusinessesintheperiod.OtherrevenueswereRMB40.3million(US$5.9million),representinga6.3%increasefromRMB37.9millioninthesameperiodof2022.Theyear-over-yearincreasewasprimarilyattributabletotheincreasedsalesofourprivatelabelproductsandbookseries.Costofrevenuesincreasedby18.2%toRMB482.0million(
12、US$70.2million)fromRMB407.7millioninthesameperiodof2022.Theincreasewasprimarilyduetoanincreaseincontentandoperatingcoststoenhanceourcontentattractiveness,aswellasanincreaseinpaymentprocessingcostsinconnectionwithourrevenuegrowth,partiallyoffsetbythedecreaseincloudservicesandbandwidthcostsresultingfr
13、omourimprovedtechnologyefficiency.GrossprofitwasRMB512.2million(US$74.6million),representinga52.7%increasefromRMB335.5millioninthesameperiodof2022.Grossmarginexpandedto51.5%from45.1%inthesameperiodof2022,primarilyattributabletoourenhancedmonetizationeffortsandtheimprovementofcloudservicesandbandwidt
14、hutilizationefficiency.Totaloperatingexpensesdecreasedby25.9%toRMB729.0million(US$106.1million)fromRMB983.7millioninthesameperiodof2022.Sellingandmarketingexpensesdecreasedby12.0%toRMB445.6million(US$64.9million)fromRMB506.6millioninthesameperiodof2022,primarilyduetomoredisciplinedpromotionalspendin
15、ganddecreaseinsalariesandwelfareexpenses.ResearchanddevelopmentexpensesincreasedtoRMB183.0million(US$26.6million)fromRMB166.5millioninthesameperiodof2022.Theincreasewasprimarilyattributabletotheincreaseinthesalariesandwelfareofresearchanddevelopmentpersonnel,aswellastheincreasedspendingintechnologyi
16、nnovation.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
