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Zhihu Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary27 Aug, 2025
Executive summary
Achieved third consecutive quarter of non-GAAP profitability, with adjusted net income of RMB91.3 million for Q2 and RMB98.3 million for H1 2025, compared to losses in the prior year.
Gross margin expanded to 62.5% in Q2 and 62.2% for H1 2025, reflecting improved monetization and operational efficiency.
Net income reached RMB72.5 million in Q2 and RMB62.4 million for H1 2025, reversing prior year losses.
User engagement and creator activity improved, with higher daily time spent, stable core user retention, and increased high-tier creator engagement.
AI integration deepened, positioning the platform as a leading source for professional Chinese-language and AI-related content.
Financial highlights
Total revenue for Q2 was RMB716.9 million, and RMB1,446.6 million for H1 2025, both reflecting year-over-year declines due to strategic business refinement.
Gross profit was RMB448.2 million in Q2 and RMB899.3 million for H1 2025.
Operating expenses declined 27.2% year-over-year in Q2, and loss from operations narrowed by 64.9% for H1 2025.
Cash and equivalents, term deposits, and short-term investments totaled RMB4,820.8 million as of June 30, 2025.
Average monthly subscribing members were 13.2 million in Q2 and 13.7 million for H1 2025.
Outlook and guidance
Focus on deepening user engagement, strengthening high-quality content, and enhancing the commercial ecosystem.
AI integration and productivity gains expected to continue supporting profitability and long-term growth.
Paid membership business aims to improve renewal, retention, and ARPU through premium content and longer subscription cycles.
Vocational training to continue shifting toward a social, knowledge-sharing model, with adjustments nearing completion.
Full-year non-GAAP profitability is likely, with flexibility to adjust for long-term healthy development.
Zhihu Zhida's next integration steps?
Marketing services recovery drivers for H2?
Share repurchase commitment for H2?
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Q3 202525 Nov, 2025
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Frequently asked questions
Zhihu Inc. operates an online content community in China. It allows users to ask questions, provide answers, and share insights on various topics. The platform also includes expert panels, newsletters, and vocational training services. Zhihu generates revenue through marketing services, paid memberships, and training programs. The company is headquartered in Beijing, China, and its shares are listed on the NYSE.
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