知乎2021Q3财报-10页_229kb

Zhihu Inc. Third Quarter 2021 Financial Summary

Core Content and Key Highlights

Zhihu Inc. (NYSE: ZH) reported its unaudited financial results for the quarter ended September 30, 2021. The company highlighted several key performance metrics:

• Average Monthly Active Users (MAUs): Reached 101.2 million, up 40.1% year-over-year.
• Average Monthly Paying Members: Increased to 5.5 million, a 109.9% year-over-year growth.
• Total Revenues: RMB823.5 million (US$127.8 million), representing an increase of 115.1% compared to RMB382.8 million in the same period of 2020.
• Gross Profit: RMB424.8 million (US$65.9 million), up 93.0% from RMB220.1 million in Q3 2020.
• Gross Margin: 51.6%, down from 57.5% in Q3 2020.

Revenue Breakdown

Zhihu's total revenue in Q3 2021 was composed of the following segments:

• Advertising Revenue: RMB321.1 million (US$49.8 million), up 38.9% from RMB231.1 million in Q3 2020.
• Paid Membership Revenue: RMB178.3 million (US$27.7 million), up 95.8% from RMB91.1 million in Q3 2020.
• Content-Commerce Solutions Revenue: RMB278.4 million (US$43.2 million), a five-fold increase from RMB45.5 million in Q3 2020.
• Other Revenues: RMB45.7 million (US$7.1 million), up from RMB15.1 million in Q3 2020, driven by vocational training and e-commerce services.

Expenses and Profitability

• Total Operating Expenses: RMB747.3 million (US$116.0 million), up from RMB349.9 million in Q3 2020.

  • Selling and Marketing Expenses: RMB374.7 million (US$58.2 million), up from RMB219.6 million in Q3 2020.
  • Research and Development Expenses: RMB184.7 million (US$28.7 million), up from RMB77.2 million in Q3 2020.
  • General and Administrative Expenses: RMB188.0 million (US$29.2 million), up from RMB53.0 million in Q3 2020.

• Loss from Operations: RMB322.5 million (US$50.0 million), compared to RMB129.8 million in Q3 2020.

• Net Loss: RMB269.8 million (US$41.9 million), compared to RMB110.0 million in Q3 2020.

• Adjusted Net Loss (Non-GAAP): RMB112.4 million (US$17.4 million), compared to RMB79.2 million in Q3 2020.

Net Loss per Share

• Basic Net Loss per ADS: RMB0.46 (US$0.07), compared to RMB2.15 in Q3 2020.
• Diluted Net Loss per ADS: RMB0.46 (US$0.07), compared to RMB2.15 in Q3 2020.

Cash and Liquidity

As of September 30, 2021, Zhihu had total cash and cash equivalents, term deposits, restricted cash, and short-term investments of RMB7.6 billion (US$1.2 billion), up from RMB3.1 billion as of December 31, 2020.

Outlook

Zhihu expects total revenues for the fourth quarter of 2021 to be between RMB1.01 billion and RMB1.03 billion, based on current market conditions and preliminary estimates.

Financial Strategy and Business Focus

Zhihu emphasized its content-centric business model and continued efforts to enhance content quality and user engagement. The company has been focusing on:

• Optimizing content creation and distribution mechanisms.
• Expanding content verticals and promoting content timeliness.
• Introducing tools to improve content creators' experience and monetization.
• Strengthening monetization approaches within the community.
• Investing in vocational training and e-commerce services.

Non-GAAP Financial Measures

• Adjusted Net Loss: A non-GAAP measure that excludes share-based compensation expenses, amortization of intangible assets, and tax effects of non-GAAP adjustments.
• This measure is used to provide a clearer view of operational performance, though it should not be used in isolation from GAAP results.

Key Financial Metrics (GAAP)

Balance Sheet Highlights

• Total Assets: RMB8.735 billion (US$1.356 billion) as of September 30, 2021, compared to RMB3.761 billion as of December 31, 2020.
• Total Liabilities: RMB1.722 billion (US$267.2 million) as of September 30, 2021, compared to RMB1.015 billion as of December 31, 2020.
• Shareholders’ Equity: RMB7.014 billion as of September 30, 2021, compared to RMB(5.144 billion) as of December 31, 2020.

Conference Call Details

• Date: November 22, 2021
• Time: 8:00 a.m. U.S. Eastern Time / 9:00 p.m. Beijing/Hong Kong Time
• Dial-in Numbers:
  • United States: +1-888-317-6003
  • International: +1-412-317-6061
  • Hong Kong, China: 800-963-976
  • Mainland China: 400-120-6115
• Participant Code: 3211613
• Webcast: Available at https://ir.zhihu.com

About Zhihu Inc.

Zhihu is a leading online content community in China, focused on knowledge sharing and user engagement. It is recognized as the most trustworthy and high-quality content platform in the country.

Exchange Rate Information

• RMB to USD conversion rate used: RMB6.4434 to US$1.00 as of September 30, 2021.

Safe Harbor Statement

Zhihu's press release includes forward-looking statements, which are subject to risks and uncertainties. Investors should refer to the company's SEC filings for more information.