知乎2023年第二季度财务报告ZH2Q23EarningsRelease_0823[94]-英_市场.docx

ZhihuInc.ReportsUnauditedSecondQuarter2023FinancialResultsBEIJING,China,August23,2023ZhihuInc.("Zhihu"orthe“Company")(NYSE:ZH;HKEX:2390),aleadingonlinecontentcommunityinChina,todayannounceditsunauditedfinancialresultsforthequarterendedJune30,2023.SecondQuarter2023Highlights TotalrevenueswereRMB1,044.2million(US$144.0million)inthesecondquarterof2023,representinga24.9%increasefromthesameperiodof2022. NetlosswasRMB279.1million(US$38.5million)inthesecondquarterof2023,narrowedby42.7%fromthesameperiodof2022. Adjustednetloss(non-GAAP),ljwasRMB222.3million(US$30.7million)inthesecondquarterof2023,narrowedby49.9%fromthesameperiodof2022. Averagemonthlyactiveusers(MAUS)reached109.4millioninthesecondquarterof2023,upfrom105.9millioninthesameperiodof2022. Averagemonthlysubscribingmembers131reached14.0millioninthesecondquarterof2023,representinga65.3%increasefromthesameperiodof2022.“Inthesecondquarterof2023,Wecontinuedtoachievehigh-qualitygrowthandoptimizeouroperatingefficiency,saidMr.YuanZhou,chairmanandchiefexecutiveofficerofZhihu.ttMeanwhile,ourdedicationtocontentenrichmentencourageddeeperuserengagementandinspiredourcontentcreators.BolsteredbyZhihu,sprominentbrandnameandcomprehensiveproductofferings,ourpaidmembershipandvocationaltrainingbusinessescontinuedtogrowrapidly.Wealsoremainedcommittedtoinvestingincutting-edgetechnologytoimprovecontentconsumptionefficiencyanddevelopnewuserexperiences.Mr.HenrySha,chieffinancialofficerofZhihu,added,4fcOurmulti-enginebusinessmodeldeliveredsolidresultsthisquarterwithsustainablegrowthmomentum.Ourtotalrevenueincreasedby24.9%yearoveryear,benefitingfromourrobustandgrowingpaidmembershipandvocationaltrainingbusinesses.Ourgrossmarginalsoexpandedfurtherduringthequarter,by6percentagepointsyearoveryearto53.8%,boostedbyoureffectiveandongoingcostcontrolmeasures.Incomparisonwiththesameperiodlastyear,ouradjustednetlossnarrowedby49.9%.Goingforward,wewillcontinuetoconcentrateonourlossreductionstrategyandworkingtoachievehealthygrowth.”SecondQuarter2023FinancialResultsTotalrevenueswereRMB1,044.2million(US$144.0million)inthesecondquarterof2023,representinga24.9%increasefromRMB836.0millioninthesameperiodof2022.Marketingservicesrevenue141wasRMB412.7million(US$56.9million),comparedwithRMB478.1millioninthesameperiodof2022.Thedecreasewasprimarilyduetoongoingrefinementofserviceofferingstostrategicallyfocusonmarginimprovement.PaidmembershiprevenuewasRMB449.1million(US$61.9million),representinga65.6%increasefromRMB271.2millioninthesameperiodof2022.Theincreasewasprimarilyattributabletothecontinuedgrowthofoursubscribingmembers,drivenbyourcontentenhancementsandimproveduserexperience.VocationaltrainingrevenuewasRMB144.5million(US$19.9million),representinga213.3%increasefromRMB46.1millioninthesameperiodof2022.Thesignificantincreasewasprimarilyattributabletoourfurtherenrichedonlinecourseofferingsandtherevenuecontributionsfromourrecentlyacquiredbusinessesintheperiod.OtherrevenueswereRMB37.9million(US$5.2million),comparedwithRMB40.7millioninthesameperiodof2022.Costof,revenuesincreasedby10.5%toRMB482.1million(US$66.5million)fromRMB436.4millioninthesameperiodof2022.TheincreasewasprimarilyduetothegrowthofcontentandoperatingcostsasWecontinuedtoenhanceourcontentattractiveness,aswellasanincreaseinpaymentprocessingcostsdrivenbyourrevenuegrowth,andwaspartiallyoffsetbythedecreaseincloudservicesandbandwidthcosts.Grossprofitincreasedby40.7%toRMB562.1million(US$77.5million)fromRMB399.6millioninthesameperiodof2022.Grossmarginexpandedto53.8%from47.8%inthesameperiodof2022,primarilyattributabletoourenhancedmonetizationeffortsandtheimprovementofcloudservicesandbandwidthutilizationefficiency.TotaloperatingexpenseswereRMB889.3million(US$122.6million),comparedwithRMB860.3millioninthesameperiodof2022.SellingandmarketingexpensesincreasedtoRMB540.6million(US$74.6million)fromRMB532.4millioninthesameperiodof2022.Theslightincreasereflectsourcontinuedeffortsinpromotingourproductandserviceofferings.ResearchanddevelopmentexpensesincreasedtoRMB236.2million(US$32.6million)fromRMB223.6millioninthesameperiodof2022.Theincreasewasprimarilyattributabletoourincreasedspendingintechnologyinnovation.GeneralandadministrativeexpensesincreasedtoRMB112.5million(US$15.5million)fromRMB104.3millioninthesameperiodof2022.Theincreasewasprimarilyduetoincreasedsharebasedcompensationexpenses.1.ossfromoperationsnarrowedby29.0%toRMB327.2million(US$45.1million)fromRMB460.7millioninthesameperiodof2022.Adjustedlossfromoperations(non-GAAP)u,narrowedby35.4%toRMB269.4million(US$37.2million)fromRMB416.8millioninthesameperiodof2022.Netlossnarrowedby42.7%toRMB279.1million(US$38.5million)fromRMB487.0millioninthesameperiodof2022.Adjustednetloss(non-GAAP)t11narrowedby49.9%toRMB222.3million(US$30.7million)fromRMB443.8millioninthesameperiodof2022.DilutednetlossperAmericanDepositaryShare("ADS”)wasRMB0.46(US$0.06),comparedwithRMB0.79inthesameperiodof2022.Cashandcashequivalents,termdepositsandshort-terminvestmentsAsofJune30,2023,theCompanyhadcashandcashequivalents,termdepositsandshort-terminvestmentsofRMB6,158.6million(US$849.3million),comparedwithRMB6,261.5millionasofDecember31,2022.ShareRepurchaseProgramAswaspreviouslyannounced,theCompanyestablishedasharerepurchaseprograminMay2022,whichwasextendedinMay2023,underwhichtheCompanymayrepurchaseuptoUS$100millionofClassAordinarysharesorADSsuntilJune10,2024(the4tRepurchaseProgram").TherepurchasesmadeundertheRepurchaseProgramwerecoveredbythegeneralunconditionalmandatetopurchasetheCompany'sownsharesapprovedbyshareholdersattheCompany'sannualgeneralmeetingsheldonJune10,2022andJune30,2023,respectively.AsofJune30,2023,approximately13.0millionClassAordinaryshares(includingClassAordinarysharesunderlyingtheADSs)hadbeenrepurchasedonboththeNewYorkStockExchangeandTheStockExchangeofHongKongLimitedundertheRepurchaseProgramforatotalpriceofUS$30.8million.,1Adjustedlossfromoperationsandadjustednetlossarenon-GAAPfinancialmeasures.Formoreinformationonthenon-GAAPfinancialmeasures,pleaseseethesectionof“UseofNon-GAAPFinancialMeasures"andthetablecaptionedt4UnauditedReconciliationsofGAAPandNon-GAAPResults“setforthattheendofthispressrelease.MAUsreferstothesumofthenumberofmobiledevicesthatlaunchourmobileappsatleastonceinagivenmonth,ormobileMAUs,andthenumberoflogged-inuserswhovisitourPCormobilewebsiteatleastonceinagivenmonth,aftereliminatingduplicates.MonthlysubscribingmembersreferstothenumberofourYanSelectionmembersinaspecifiedmonth.Averagemonthlysubscribingmembersforaperiodiscalculatedbydividingthesumofmonthlysubscribingmembersforeachmonthduringthespecifiedperiodbythenumberofmonthsinsuchperiod.l4jStartingwiththefirstquarterof2023,Wereportrevenuesgeneratedfromadvertisingandcontentcommercesolutionscollectivelyas“marketingservicesrevenue,tobetterpresentourbusinessandresultsofoperationinlinewithouroverallstrategies.Revenuesfortheapplicablecomparisonperiodsof2022havebeenretrospectivelyre-classified.ConferenceCallTheCompany,smanagementwillhostanearningsconferencecallat8:00a.m.U.S.EasternTimeonAugust23,2023(8:00p.m.BeijingZHongKongtimeonAugust23,2023).Allparticipantswishingtojointheconferencecallmustpre-registeronlineusingthelinkprovidedbelow.Oncethepre-regiStrationhasbeencompleted,eachparticipantwillreceiveasetofdial-innumbers,apasscode,andauniqueregistrantIDwhichcanbeusedtojointheconferencecall.Participantsmaypre-registeratanytime,includinguptoandafterthecallstarttime.ParticipantOnlineRegistration:Additionally,aliveandarchivedwebcastoftheconferencecallwillbeavailableontheCompany,sinvestorrelationswebsiteatAreplayoftheconferencecallwillbeaccessibleapproximatelyonehouraftertheconclusionofthelivecall,untilAugust30,2023,bydialingthefollowingtelephonenumbers:UnitedStates(tollfree):+1-Intemationak+1-ReplayAccessCode:6924451AboutZhihuInc.ZhihuInc.(NYSE:ZH;HKEX:2390),aleadingonlinecontentcommunityinChinawherepeoplecometofindsolutions,makedecisions,seekinspiration,andhavefun.Sincetheinitiallaunchin2010,WehavegrownfromaQ&AcommunityintooneofthetopcomprehensiveonlinecontentcommunitiesandthelargestQ&A-inspiredonlinecontentcommunityinChina.Formoreinformation,pleasevisitUseofNon-GAAPFinancialMeasureInevaluatingthebusiness,theCompanyconsidersandusesnon-GAAPfinancialmeasures,suchasadjustedlossfromoperationsandadjustednetloss,tosupplementthereviewandassessmentofitsoperatingperformance.TheCompanydefinesnon-GAAPfinancialmeasuresbyexcludingtheimpactofshare-basedcompensationexpenses,amortizationofintangibleassetsresultingfrombusinessacquisitionsandthetaxeffectsofthenon-GAAPadjustments,whicharenon-cashexpenses.TheCompanybelievesthatthenon-GAAPmeasuresfacilitatecomparisonsofoperatingperformancefromperiodtoperiodandcompanytocompanybyadjustingforpotentialimpactsofitems,whichtheCompany,smanagementconsiderstobeindicativeofitsoperatingperformance.TheCompanybelievesthatthenon-GAAPfinancialmeasuresprovideusefulinformationtoinvestorsandothersinunderstandingandevaluatingtheCompany,sconsolidatedresultsofoperationsinthesamemannerasithelpstheCompany,smanagement.Thenon-GAAPfinancialmeasuresarenotdefinedunderU.S.GAAPandarenotpresentedinaccordancewithU.S.GAAP.Thepresentationofthenon-GAAPfinancialmeasuresmaynotbecomparabletosimilarlytitledmeasurespresentedbyothercompanies.Theuseofthenon-GAAPmeasureshaslimitationsasananalyticaltool,andinvestorsshouldnotconsideritinisolationfrom,orasasubstituteforanalysisof,ourresultsofoperationsorfinancialconditionasreportedunderU.S.GAAP.Formoreinformationonthenon-GAAPfinancialmeasures,pleaseseethetablescaptioned""UnauditedReconciliationsofGAAPandNon-GAAPResults,*setforthattheendofthispressrelease.ExchangeRateInformationThisannouncementcontainstranslationsofcertainRenminbiamountsintoU.S.dollarsataspecifiedratesolelyfortheconvenienceofthereader.Unlessotherwisenoted,alltranslationsfromRenminbitoU.S.dollarsweremadeatarateofRMB7.2513toUS$1.00,theexchangerateineffectasofJune30,2023assetforthintheH.10statisticalreleaseoftheFederalReserveBoard.SafeHarborStatementThisannouncementcontainsforward-lookingstatements.Thesestatementsaremadeunderthetsafeharbor“provisionsoftheU.S.PrivateSecuritiesLitigationReformActof1995.Statementsthatarenothistoricalfacts,includingstatementsabouttheCompany'sbeliefsandexpectations,areforwardlookingstatements.Forward-lookingstatementsinvolveinherentrisksanduncertainties,andanumberoffactorscouldcauseactualresultstodiffermateriallyfromthosecontainedinanyforward-lookingstatement.Insomecases,forward-lookingstatementscanbeidentifiedbywordsorphrasessuchas“may,”“will,”“expect,”“anticipate,”“target,”“aim,”“estimate,”“intend,”“plan,”“believe,”"potential,“continue,“"isarelikelyto,“orothersimilarexpressions.Furtherinformationregardingtheseandotherrisks,uncertaintiesorfactorsisincludedintheCompany'sfilingswiththeSECandtheHongKongStockExchange.Allinformationprovidedinthispressreleaseisasofthedateofthispressrelease,andtheCompanydoesnotundertakeanydutytoupdatesuchinformation,exceptasrequiredunderapplicablelaw.Forinvestorandmediainquiries,pleasecontact:InChina:ZhihuInc.Email:ir(5)PiacenteFinancialCommunicationsHelenWuTel:+86-10-6508-0677Email:zhihutng-IntheUnitedStates:PiacenteFinancialCommunicationsBrandiPiacentePhone:+1-Email:zhihulng-ZHIHUINC.UNAUDITEDCONDENSEDCONSOLIDATEDSTATEMENTSOFOPERATIONS(Allamountsinthousands,exceptshare,ADS,persharedataandperADSdata)FortheThreeMonthsEndedFortheSixMonthsEndedJune30,2022March31,2023June30,2023June30,2022June30,2023RMBRMBRMBUS$RMBRMBus$Revenues:Marketingservices478,051392,137412,74056,919922,155804,877110,998Paidmembership271,168454,769449,09861,933492,838903,867124,649Vocationaltraining46,127106.998144.52019.93085,671251,51834,686Others40.67040.31637.851522078.57978.16710.780Totalrevenues836,016994,2201,044,209144,0021,579,2432,038,429281,113Costofrevenues(436414)(482,001)(482J31)(66.489)(844,098)(964,132)(132960)Grossprofit399.602512219562.07877,513735.1451.074,297148.153Sellingandmarketingexpenses(532,375)(445,565)(540,593)(74,551)(1,038,960)(986,158)(135,997)Researchanddevelopmentexpenses(223,589)(182,960)(236,245)(32,580)(390,107)(419,205)(57,811)Generalandadministrativeexpenses(104.290)(100,438)(11260)(15.509)4,922)(212,898)(29,360)Totaloperatingexpenses(860,254)(728,963)(889,298)(122,640)(1,843,989)(1618,261)(223.168)Lossfromoperations(460,652)(216,744)(327,220)(45,127)(1,108,844)(543,964)(75,015)Otherincome(expenses):Investmentincome20,5966,00611,7931,62641,32017,7992,455Interestincome10,48039,49339,9875,51419,83579.48010,961Fairvaluechangeoffinancialinstruments(101.197)(3,582)(9,016)(1,243)(92,744)(12,598)(1,737)Exchangegains/(IOSSeS)49,126(5,649)7,07697644,9711,427197Others,netLOOl6.333644_892,9316977962Lossbeforeincometax(480,646)(174,143)(276,736)(38,165)(1,092,531)(450,879)(62,177)Incometaxexpense(6,375)(4,829)(2,330)(321)(8,773)(7,159)(987)Netloss(487.021)(178.972)(279,966)(38,486)(1,101.304)(458.038)(63.164)Netincomeattributabletononcontrollinginterests-(2.383)(775)Cl07)-(1.158)(436)NetlossattributabletoZhihulncsshareholders(487.021)(181355)(279841)(38,593)(LlOI334)(461.196)(63,600)NetlosspcrshareBasic(1.59)(0.59)(0.92)(0.13)(3.62)(1.52)(0.21)Diluted(1.59)(0.59)(0.92)(0.13)(3.62)(1.52)(0.21)NetlossperADS(TwoADSsrepresentoneClassAordinaryshare)Basic(0.79)(0.30)(0.46)(0.06)(1.81)(0.76)(0.10)Diluted(0.79)(0.30)(0.46)(0.06)(1.81)(0.76)(0.10)WeightedaveragenumberofordinarysharesoutstandingBasic307,101.052305,245.036304,068.362304.068.362303.843,801304,052,681304.052.681Diluted307,101,052305,245,036304,068.362304,068,362303,843,801304,052,681304,052,681ZHIHUINC.UNAUDITEDCONDENSEDCONSOLIDATEDSTATEMENTSOFOPERATIONS(CONTINUED)(Allamountsinthousands,exceptshare,ADS,persharedataandperADSdata)FortheThreeMonthsEndedFortheSixMonthsEndedJune30,2022March31,2023June30,2023June30,2022June30,2023RMBRMBRMBUS$RMBRMBUS$Share-basedcompensationexpensesincludedin:Costofrevenues3,8394,4002,1462968,6096,546903Sellingandmarketingexpenses6,1968,7586,38488112,66815,1422,088Researchanddevelopmentexpenses14,29421,20514,9412,06030,06436,1464,985Generalandadministrativeexpenses17,10821,55528,9763,996235,16350,5316,968ZHIHUINC.UNAUDITEDCONDENSEDCONSOLIDATEDBALANCESHEETS(Allamountsinthousands)AsofDecember31,2022AsofJune30,2023RMBRMBUS$ASSETSCurrentassets:Cashandcashequivalents4,525,8524,033,624556,262Termdeposits948,39