Q2 2026 Zhihu Inc Earnings Call Transcript
Key Points
- Total revenue grew 5.9% sequentially to RMB619 million, with the year-over-year decline narrowing.
- Paid content and IP revenue increased 4.4% year-over-year to RMB426 million, driven by IP licensing growth of 105% sequentially.
- Daily creation of high-quality content grew over 16%, and average daily time spent remained stable at 39 minutes.
- AI initiatives are gaining traction: AI content asset clients grew 50% sequentially, and the open-data platform attracted over 17,600 developers.
- Operating expenses decreased 13% year-over-year, and adjusted loss from operations narrowed by 32%.
- Total revenue declined 3.7% year-over-year, reflecting ongoing business adjustments.
- Marketing services revenue fell 10.7% year-over-year, with no broad recovery yet despite sequential improvement.
- Gross margin dropped to 55% from 62.5% due to increased content investment.
- Adjusted net loss was RMB10.3 million, swinging from adjusted net income of RMB91.3 million in the prior year.
- Other revenues decreased due to strategic refinements in the vocational training business.
Ladies and gentlemen, thank you for standing by, and welcome to the Zhihu Inc. second-quarter 2026 financial results conference call. (Operator Instructions) Today's conference is being recorded and webcasted.
At this time, I would like to turn the conference over to Demi Nung of Investor Relations. Please go ahead, ma'am.
Thank you, [Sharon]. Hello, everyone. Welcome to Zhihu's second-quarter 2026 financial results conference call. Joining me today from our senior management team are Mr. Zhou Yuan, Founder, Chairman, and Chief Executive Officer; Mr. Wang Han, Chief Financial Officer; and Mr. Zhang Rongle, Chief Operating Officer.
Before we begin, I'd like to remind you that today's discussion will include forward-looking statements made under the Safe Harbor provisions of the US Private Securities Litigation Reform Act of 1995. These statements involve inherent risks and uncertainties. As such, actual results may be materially different from the views expressed today.
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