Zhihu Inc. Reports Strong Q2 2026 Results, Emphasizes Strategic Priorities
On August 26, 2026, Zhihu Inc. held its Second Quarter Financial Results Conference Call, providing investors with an update on the company's performance and strategic priorities. The call was led by Jamie Leung of Investor Relations, accompanied by senior management team members Mr. Zhou Yuan, Founder, Chairman, and Chief Executive Officer, Mr. Wang Han, Chief Financial Officer, and Mr. Zhang Ronghua, Chief Operating Officer.
In his opening remarks, Mr. Zhou highlighted three key areas: core business performance in the second quarter, how AI is expanding the value of community content, IP, and expert network, and priorities for the future. The company's core businesses remained stable, with total revenue reaching RMB 619 million, a decrease of 3.7% year-over-year but an increase of 5.9% sequentially.
The adjusted net loss was RMB 10.25 million, reflecting changes in the revenue mix and phased business investments. Community engagement among core users remained stable, with average daily time spent at approximately 39 minutes. Daily creation of high-quality content grew more than 16%, driven by AI-powered tools that make content creation easier.
Mr. Zhou emphasized that authentic experiences, clear sourcing, and professional judgment are becoming increasingly valuable in the Zhihu ecosystem. These remain the foundation of the company's long-term value proposition. In contrast, marketing services revenue decreased 10.7% year-over-year but increased 4% sequentially.
The company continues to focus on key verticals such as technology, automotive, consumer electronics and home appliances, and gaming, with spending on performance marketing increasing 1% sequentially, including a 22% increase in gaming. While this has not yet translated into broader recovery in marketing revenue, it supports the strategy of strengthening key verticals, products, and algorithms.
For paid content and IP, revenue reached RMB 426 million, an increase of 4.4% year-over-year and 5.9% sequentially. Average monthly subscribing members were 13.11 million, broadly stable, while member ARPU also remained stable. The company will continue to improve membership content and product experience while expanding knowledge-based offerings.
IP operation continued to contribute incremental growth, with licensing increasing 105% sequentially and 600% year-over-year. Zhihu is expanding its initial IP from one-time licensing toward multi-format for lifecycle development. Overall, challenges remain, but the business mix continues to adjust and strategic direction remains unchanged.
The company emphasized that they will continue to stabilize core businesses while maintaining investment discipline. In the AI area, Zhihu aims to extend community value to more people through new products, formats, and use cases. Real users, professional content, IP, and expert network remain key assets, with AI helping extend capabilities into new applications and commercial scenarios.
Mr. Zhou stated that openness does not mean changing Zhihu's positioning; it means enabling high-quality content to reach more users and developers through AI tools and applications. This strategic approach has positioned Zhihu for long-term success in a rapidly evolving digital landscape.
The conference call provided investors with valuable insights into Zhihu's current performance, strategic priorities, and vision for the future. The company's commitment to stabilizing core businesses while investing in growth initiatives will likely drive continued success in the quarters ahead.
