Zhihu, Inc. Class A (HK:2390)
:2390
Earnings Data
Report Date
May 27, 2026Before Open (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
―Last Year’s EPS
-0.04Same Quarter Last Year
Moderate Buy
Based on 2 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Neutral
The call conveyed a mixed but cautiously constructive view: management highlighted a major structural milestone—first full-year non-GAAP profitability—and strong momentum in AI-driven engagement, creator activity, IP monetization and sequential recovery in marketing services. However, meaningful year-over-year revenue declines, Q4 non-GAAP loss, gross margin compression and a sizeable one-time goodwill impairment temper the outlook. Management plans disciplined, ROI-focused investments in AI monetization (IP and data services) while preserving operating discipline. Overall, positives (profitability milestone, AI/product traction, IP growth and sequential commercial recovery) are balanced by significant near-term revenue and margin challenges and one-time charges, leading to a measured tone about growth ahead.Company Guidance
First Full-Year Non-GAAP Profit
Achieved first ever full-year non-GAAP net income of RMB 37.9 million in 2025 versus an adjusted net loss of RMB 96.3 million in 2024, marking a structural profitability milestone driven by cost discipline and improved operating leverage.
Improved Operating Efficiency
Non-GAAP operating loss narrowed by 33.6% year-over-year as a result of multi-quarter structural optimization, tighter expense control and sustained cost discipline.
Sequential Recovery in Marketing Services
Marketing services revenue reached RMB 234.8 million in Q4, up 24% sequentially (despite being down YoY), indicating the bottoming of the adjustment cycle and stronger client quality and penetration.
Strong IP Monetization Momentum
IP-related revenue grew more than fivefold year-over-year in Q4 and doubled for the full year, driven by successful adaptations (e.g., Yan'an Stories adaptations on Tencent Video) and expanding IP licensing and media collaboration.
Member Base and ARPU Improvements
Average monthly paid members were 12.2 million in Q4 with paid membership revenue of RMB 333.5 million; Q4 ARPU increased 1.4% sequentially and quarterly renewal rates improved by 2.7 percentage points, showing early signs of healthier unit economics.
Robust Content and Creator Growth
Daily creation of high-quality content rose >20% YoY in Q4 and 31% for the full year; AI-focused creators grew ~16% for the full year; daily active high-tier creators grew double digits YoY; verified honored creators rose nearly 30%.
Major Product and AI Engagement Gains
Average daily time spent per user increased to over 41 minutes; Ideas average daily content volume grew 73.5% for the year and daily interactions doubled; Circles daily content creation surged >100% sequentially with daily views up 72%; Zhihu Zhida direct MAUs grew >260% YoY with next-month retention up ~83% YoY.
AI Product Enhancements Driving Discovery and CTR
AI upgrades to integrated search and answer formats drove double-digit increases in CTR for AI direct answer cards and meaningful increases in average AI search interactions per user; Feb '26 average daily search queries per DAU rose >16% vs Nov '25.
Idea Plus Commercial Traction
Idea Plus extended native ad capabilities: daily ideas/interactions increased 106% YoY; Idea Plus client numbers rose 62% sequentially and average daily client spend grew 200% sequentially, shortening conversion paths to purchase.
Capital Allocation and Share Repurchases
Repurchased 31.1 million Class A ordinary shares for USD 66.5 million on the open market and repurchased 16.6 million shares via trustee for USD 23.4 million during 2025, representing 6.29% of issued ordinary shares, signaling shareholder return focus and confidence in the business.
HK:2390 Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
HK:2390 Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Mar 25, 2026 | HK$7.65 | HK$8.04 | +5.10% |
Nov 25, 2025 | HK$10.33 | HK$10.44 | +1.06% |
Aug 27, 2025 | HK$13.16 | HK$12.79 | -2.81% |
May 27, 2025 | HK$10.34 | HK$10.18 | -1.55% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does Zhihu, Inc. Class A (HK:2390) report earnings?
Zhihu, Inc. Class A (HK:2390) is schdueled to report earning on May 27, 2026, Before Open (Confirmed).
What is Zhihu, Inc. Class A (HK:2390) earnings time?
Zhihu, Inc. Class A (HK:2390) earnings time is at May 27, 2026, Before Open (Confirmed).
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What is the P/E ratio of Zhihu, Inc. Class A stock?
The P/E ratio of Zhihu, Inc. Class A is N/A.
What is HK:2390 EPS forecast?
Currently, no data Available