Zhihu Inc. announced its unaudited financial results for the second quarter ended June 30, 2025, on August 27, 2025. The company reported a non-GAAP net income of RMB91.3 million, marking its third consecutive quarter of non-GAAP profitability, compared to a non-GAAP net loss of RMB44.6 million in Q2 2024.
Total revenues for Q2 2025 were RMB716.9 million, a decrease from RMB933.8 million in Q2 2024, reflecting ongoing strategic refinements. However, gross margin expanded to 62.5% from 59.6% year-over-year, and total operating expenses decreased by 27.2% to RMB539.2 million, driven by AI integration and improved efficiency.
Marketing services revenue grew 13.1% quarter-over-quarter, signaling a potential recovery, and the vocational training business saw its operating profit increase by 90% year-over-year despite a revenue decline. Zhihu anticipates reaching near breakeven on a non-GAAP basis for the full year 2025, with marketing services expected to return to positive year-over-year growth in the coming quarters and vocational training aiming for breakeven by year-end.
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