Q4 2022 Zhihu Inc Earnings Call
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Speaker 1: other risks and uncertainties is included in companies' perspectives and other public filings as filed with U.S. Securities and Exchange Commission. The company does not assume any obligation to update any forward-looking statements except as required under applicable law.
Speaker 1: During this call, management will also discuss certain non-GAAP financial measures for consideration purposes only. For the definition of non-GAAP financial measures and the reconciliation of GAAP to non-GAAP financial results, please see earnings relief issued earlier today.
Speaker 1: In addition, a webcast replay of this conference call will be available on our website at ir.juku.com.
Speaker 1: I will now turn the call over to Mr. Zhou Yuan, founder, chairman and CEO of Juhoon.
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Speaker 1: Thank you. First of all, I would like to introduce our CFO and director, Henry Sha. Henry joined Jupu in January this year and comes to us with impressive corporate and capital market experience.
Speaker 1: We are delighted to have Henry as part of our senior management team and look forward to working with him to further unleash Drupal's competitive advantages and create more long-term value for our shareholders. Now I would like to invite Henry to give my prepared remarks.
Speaker 3: Thank you.
Speaker 2: Hello everyone and thank you Mr. Joe for the kind words. I joined Juhu in January this year and I'm excited to be part of the leadership team. And I'm pleased to be here today opening remarks on behalf of Mr. Joe Ng, founder, chairman and receiver of Juhu.
Speaker 2: Thank you for joining June 2, 2020, and I appreciate your time.
Speaker 2: 2022 was a difficult year presenting multiple challenges.
Speaker 2: including a cold related surgeon and an economic tumor.
Speaker 2: which disrupted operating conditions and profoundly impacted all aspects of society.
Speaker 2: as a headwind throughout the year. We are delighted about the founding of this culture and see the performance.
Speaker 2: with solid fusion of our community consistent with the strategy.
Speaker 2: We continue to expand our high quality content footprint.
Speaker 2: and encourage user engagement across the community with a broader array of content creator and vintage programs.
Speaker 2: distributed by these efforts, our average MEU is 70 throughout 2022 to 101 million by year-end.
Speaker 2: Our accumulation of company creators increased to 63.1 million by the end of 2018, with a 14% year-over-year increase.
Speaker 2: It's driving capability and power the manifold to make years of challenges with shallow energy intolerances.
Speaker 2: In Q4, our total revenue increased by 9% year-over-year to R&B 1.1 billion, representing our clear-to-consultivated, quality-ranging increase.
Speaker 2: Among social revenues, our customers of the entity business, including paid membership and vocational training, grew at a faster pace.
Speaker 2: Further by the defining of the remedy stream.
Speaker 2: Revenue from our paid membership totaled more than RMB400 million in the fourth quarter.
Speaker 2: is an accelerated year-to-year growth rate of 93% while the Christmas tree growth rate reached 281%.
Speaker 2: At the same time, I will continue to evaluate to reduce costs, optimize all the unorganizational structure, and improve overall efficiency over the past several quarters has paid off.
Speaker 2: For this quarter, we recorded a measure constitutive quarter with both improved the growth margin and the measure with a loss of 0.
Speaker 2: I was just in that loss, decreased by 45%, and I was just in the margin narrow to minus 12% for minus 24% in the same period of last year.
Speaker 2: With respect to our enterprise oriented estimates compromised of online and piping and the PCF, the pandemic related disruption and a floodgish consumption of the amount in 2022 imposed the great challenges on online and piping markets.
Speaker 2: On assessing a new source we see multiple options
Speaker 2: particularly at the COVID-19 effigient hampered our normal operation during the fourth quarter.
Speaker 2: We responded proactively to the challenging conditions and a good step to streamline our online and typing and an easy as product and services.
Speaker 2: Before that you proved the committee's needed experience.
Speaker 2: While online advertising and official revenues combine at decreased by 23% year-to-year in the fourth quarter of the result.
Speaker 2: We were pleased to see a 24% and potential family increase.
Speaker 2: and a filter of all of the cool verticals.
Speaker 2: achieving a growth, both quarter over quarter and year over year.
Speaker 2: Paying now to our users and content.
Speaker 2: As a leading content-centered community, Juhu is committed to helping people find answers to their questions.
Speaker 2: to better increase user time span on Qipu and encourage their engagement in our community.
Speaker 2: We concentrated on resources to continually broaden the coverage.
Speaker 2: of the feeling content and improve our inquiry search algorithm.
Speaker 2: We also released an array of extremely efficient tools and functions to inspire content creation in the past few years.
Speaker 2: and further optimize the content creation process to improve both the creation experience and production quality.
Speaker 2: That's the end of Q4.
Speaker 2: We are two related pieces of content in our community, well between 649 and 3 million including 549 million questions and answers.
Speaker 2: with a year over year increase of 31% and 70% respectively.
Speaker 2: While people can see it, Great Lakes values the content with knowledge and expertise the fun throughout our community.
Speaker 2: Their diverse interests are thriving growing demand for additional premium and entertainment content, including thought-provoking and entertainment shock knowledge among many other formats.
Speaker 2: to precisely identify and authentify you with varying demands.
Speaker 2: We enhance our technical capabilities without a caveat with the recommendation of the reason.
Speaker 2: We also encouraged our creations.
Speaker 2: There areitizens of the period of 18.
Speaker 2: to cover more consumption scenarios within the JUHU community.
Speaker 2: while further enhancing our intensive mechanisms to reward their assets.
Speaker 2: It helps to expand the influence of our top content creators beyond the Google community, and the specific features that even broadband content coverage among targeted audience.
Speaker 2: For example, we hosted our Q4 marathon competition for story creation in the second half of 2022.
Speaker 2: which successfully showcase our content creators, self- Nathaniel
Speaker 2: on the elevation of a granite influence.
Speaker 2: on the week that night, ready in March this year, we launched an independent APP, centered on our premium content and paid membership services.
Speaker 2: would lead to immersive service models with real users and more personalized and enjoyable reading experience, while also benefiting both content creators and our community with steps in monetization opportunity.
Speaker 2: As a result, we are delighted to see many content creators in the Q-Home community receiving the first full financial award while enjoying the company creation process.
Speaker 2: to see many content creators in the QHU community receive a proof of financial award while enjoying the company's collegiate process.
Speaker 2: In the fourth quarter, the number of our premium content creators who earn income and the average income earned by premium content creators increased by 63% and 18% year over year. It's time to play.
Speaker 2: Also, our pay membership value for full year 2022 exceeded RMB 1.2 billion with a year-over-year rate of 86%.
Speaker 2: Moving forward, we will continue to build out our channel network and integrate our algorithm to ensure a more satisfying user experience across different community-driven scenarios.
Speaker 2: Moving on to our vocational training video.
Speaker 2: to our vocational training videos. And now I'm here with the total user base.
Speaker 2: Over 80% are between 18 and 40 years old.
Speaker 2: The China is now clearing people from change via the public relations platform.
Speaker 2: major education system reforms and need for and for reschedule. We are seeing fast growing demand for career development and academic enrichment from people aged 18 to 40.
Speaker 2: We should write perfectly with the needs of our users demographics.
Speaker 2: Daily education related research has continued to increase over the past few years, accounting for a meaningful portion of our total daily research in Q4 with ongoing growth momentum. To better serve this increasing demand, we shift the world from the third-party cooperation for education products and collectively expanded our online courses offers.
Speaker 2: to build a porcelain constitute education service system with 18 hour sets from traditional players in the industry.
Speaker 2: All the course offerings cover three major categories. First, design premium academic programs covering postgraduate entrance examination. First, design premium academic programs covering postgraduate entrance examination.
Speaker 2: We are highly targeted at corpses, mostly CFP users aged 18 to 25.
to meet the demand from users 25 and older for vocational qualification and exam preparation. We release the premium courses covering judicial examination, teacher qualification, CTA certification, and many others.
Finally, the design and release of the products and services that is looking to further development at Danielle's channel.
Appealing to a broader view of demographics.
With a unique business model that identifies the demand flowing from education related mischief requires our practice and empower those with organic trafficnine for the online
At the end of 2022, we have completed our preliminary layout for all three education categories, utilizing both organic and MMM fortunes.
Before I woke up, let me briefly touch on strategic thinking and planning with respect to large-range models, or known as LLM, which is Generated AI Technology.
We were impressed by the development of such revolutionary technology, led by groundbreaking products like the CHAPP GPT at the beginning of 2020.
To further explore and increase the massive opportunities in my brain, we have already begun investing in this, into AI and CRRM and in relation to technology development.
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and AI assistance for content creators among others.
As a leading content-centric community, we will continue to enhance and affect such content-edities.
performance AI possibilities.
We believe our unique content and incremental data assets will be a valuable knowledge resource for promoting the development of AI technology in China.
we believe our unique content and experimental data assets will be a valuable knowledge resource for promoting the development of AI technology in China. Furthermore,
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We are confident we can get the capability and technology may require in terms of consultant assessments and with controlled margins.
In summary, as the news moves through 2023, we will continue to invest in content quality and upgrade its Afghan system.
to grow our interface and improve user experience. Meanwhile, we will continue to strengthen our multiple growth engines by elevating our consumer experience to attract new paid subscribers and often enhance marketing products and effective advertising solutions.
By leveraging our refined algorithm, we can boost advertising ROIs to serve brands and advertisers better.
Given the massive potential opportunity and achievements in unique strengths, vocational training has become the anchor for our second growth strategy.
We will continue to explore our core users' needs and our development, our offerings, along the entire educational status chain training, academic improvements, educational qualifications, examination preparation, and a career and a career development.
We believe that with our users as an organic entry point, we can further optimize the value of our closed user ecosystem from course development, customization, and cost delivery to teaching and data analysis. We believe that with our users as an organic entry point, we can further optimize the value of our closed user ecosystem from course development, customization, and cost delivery to teaching
Remain confident in different business segments. Attention and 1st...
Finally, we are providing all the support and action to encourage interaction across our communities.
We will continue to adopt the truth-and-the-cough control measures and investing wisely in AI-based LIRM funded with knowledge.
based on a reasonable, long-term ROI.
At the same time, we are continuing to enhance our multiple growth engines and refund our operating efficiency.
This concludes Mr. Zhou Yuan's remarks. Okay, this is the handout. I will now turn to our financial details in the fourth quarter for review of our full year 2022 results.
Please see our earnings released earlier today.
As our CEO remarked, 2022 is a challenging year. However, we believe challenges come along with new opportunities.
Our effort to explore and fulfill our users' needs with refined products and service options that inspired engagement from all parties in the QHU community continue to bear fruit across various metrics.
Despite the pandemic's impact in the fourth quarter, I need a Marko Hadwin.
Our fourth quarter's total revenue reached RMB 1.1 billion, up 9% year-to-year and 22% quarter-over-quarter.
representing another significant quarter of growth in 2022.
Looking more closely at the drivers behind the RAMU growth, our user-oriented business, which consists of paid membership and vocational training services, has increased a lot of speed and contributes a great portion to our total RAMU growth.
leveraging our broadened premium content coverage and online course offerings. We are confident we will continue to grow our user-oriented business in 2023. Our paid membership and the vocational training service contributed 36...
and 80% of our total wellness respectively in this courtroom.
Our paid numbers should run in this quarter with R&D 400 and 2.5 million and increase of 93% year-over-year, given by continued growth in the number of squatting numbers.
The average number of our project members includes 30 million people, up to 130% year over year as we improve our intent and diversify our treatment content options and strengthen children's brain image. We are confident we will continue to harness this back amongst potential growth opportunities.
with primary utility in each space of office, we provide you the smooth-go-cross-developed and business acquisition approaches.
which greatly elevated the attractiveness of our services.
In 2002, we were actually able to build out of our education platform a further enhancement of technical capabilities.
including CIM system, data base, and integration business options, the average directory in between our students' demands is more directed by the online customer.
These are the enterprise of the activities facilities, which include our advertising and our CCS business. Due to the pandemic, the impacts and the challenging environments throughout the past year.
The overall advertising marketing remained top in the fourth quarter of 2022. Our total value from our timing and our TCS decreased year over year by 23% to RMB 572.4 million in the fourth quarter.
while we will continue to incorporate most momentum in some industries.
such as IT and PC and other models. Both profits for Q4 earned the $8.5 million of 31% from the same period of 2021.
growth margin also achieved a fairly consecutive quarterly increase reaching 66.4% due to our enhanced monetization efforts and improved efficiency and balance and further utilization. logo operations graduates for Q4 I. A Island Coorsay, Indiana testing platform will work in three separate spaces to help with sampling testing Layf PhD
and at 44.8 million compared with the RDP, 355.1 million in the same period of 2021.
marketing expenses for RMB 500 and 9.2 million of 80% year-to-year from RMB 400 to 7.2 million in the same period of the last few years.
The increase was strongly due to our increase of emotional pressure and…
Research and development at Q4 slightly increased by 2% to RMB 212.5 million from RMB 208 million in the same period of the last year.
The input is finally driven by the higher quality and the welfare experiences of research on the development of personnel.
Together with the employee service costs into four, which was associated with our optimization of lowering costs and amplifying pall castles.
General anatomy and the history of the responses for Q4 was ironed in 100 and total 3.1 million, decreasing by 30% from ironed in 100 and 7.6.9 million in the same period of 2.1 million.
Percentage-wise, Shigene's finances decreased to 11% of total revenue from 17% in the same period of 2021.
The decrease was lowered due to lower shear base compensation expenses.
to the aspects that increase employee service costs associated with our organizing the structural optimization in these periods. Of a continual cost control measure over the past several courses combined with organizational of optimization….
and of war, deficiency improvements accelerated the meddling of Allah in the fourth quarter.
Our gap of reaching last margin narrowed about 17 percentage points and 11 percentage points So far, forty four percent increase reduction.
Our gap now works in the quarter with RMB 100, it's going to be 9.5 million, narrowing by 53.2% on a yearly basis and about 40% to quantitatively.
According to this, our loss margin improved by 21 percentage points and 17 percentage points year over year and quarter over quarter with fractional gains.
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The guarantee is 100,000.1 million for Q4, down by 44% from the same period as last year.
net loss margin of 12%.
Moving to our balance sheet.
As of December 23, 2022, the company had a cash and a cash increment 10% before it and a short-term success rate of RMB 6.3 billion.
Also, as of December 31,2072, we have been repurchased to $6.5 million in other issues at a total cost of just $16.7 million.
This concludes my prepared remarks on our financial details this quarter. Let's turn the call over to the operator for Q&A session. Thank you. Thank you to all the contestants for coming today.
Thank you. We will now begin the question and answer session. To ask a question, you may press star then one on your touch tone phone. If you're using a speakerphone, please pick up your handset before pressing the keys. To withdraw your question, please press star then two. The first question today comes from Steve Key with GIS.
Please go ahead.
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Good evening, management. Thanks for the team-point question. So, Zhu, who has a very unique positioning within the China tech space, with very high-quality tech space content.
on Juhu's specific strategies on both 2B front as well as the 2C front. On the 2B front where we corroborate with some of the upstream large language models and also strategy on a self-developed large language model. And on the 2C front, how do we plan to utilize AIGC to empower our content creators, especially for the creation of content common solution content.
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Jibwe is actually an open company. We're actually doing kind of evaluation of sales development and also requested with many other third parties to see which one works better to empower our accountants in our community.
So also through the stud. I also lo use the diet tra a twent year to ne own in be inand on their own SER? R should the lement I air to see the digital commun enylement to people for way J go had our hour maragage in the D? aone.
she would love to see some versions of the video before she asked for the answers.
We are currently exploring in both a model layer and also application scenarios, hoping to bring our users a differentiated and fresh youth experience in terms of QA and content consumption driven by technology innovation.
in those model layers and also application scenarios, hoping to bring our users a differentiated and fresh youth experience in terms of QA and content consumption driven by technology innovation. That's all. Thank you.
The next question comes from Vicky Y. with Citi. Please go ahead. Wow!
is the priority for the company in 2023? How should we think of the investment focus for 2023? Thank you.
Thank you.
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howeverlo everyone, this is rejolian. I do have to. Like I said though, our key points to share with you. First, 4: moving toward will continue to stay with our ecosystem. Come first, this stratege in year 2020. like you. You see that make a lot of ievements by adopting.
And that's all. Thank you very much.
To help you better understand our business, in 2023 we have actually separated our business models into two parts. One is the first revenue driver of community business.
The second driver comes from education related business.
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For our first revenue driver, the community business, we expect the MAU of this business will maintain a healthy growth in the year. Our community business consists of our CCS and advertising business.
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In the past few years our second revenue driver education role in the business also we keep sharing our chief months both in the like users and also the revenues.
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In 2023, we believe that our second revenue driver will achieve faster and higher quality growth. We have already had an internal evaluation and strategy planning for the next two years.
two, three years. We'll stay with our development pace and strategy to grow this business.
Thank you for your attention.
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I believe that you have seen the data for this business line in our recently released earnings release. We believe that given by our further upgrades of technology and also our corporate stuff Ace 4 Haven't received anymere hug physics credits for the past forty years since he submitted his PRODUCTION.
together with our self-developed programs. The quarterly revenue for this business line is expected to break through RMB 100 million in common quarters.
In the coming years, we will continue our investments in the technology policy.
have any supplements, our CEO's name is Mr. D. CEO's destination about our education, our vocational training is a revenue forecast for the next quarter that will start hosting RMB 100 million. Thank you.
Last question.
The next question comes from Ashley Zhu with Credit Suisse. Please go ahead. The next question comes from
Is you you're going to come UE if you have inet not done seeing and quarter two D to come down one go to the quickul. We can your fring Act to other Gen IC before it have? The on is one question is that.
My question is related to the recent trend in the recovery of our advertising and CCX business. Could management share more color about the performance in key verticals? Thank you.
Thank you, Ashley. This is Henry. I will help answer this question. I think for the next quarter, the recovery of the Chinese business still highly depends on the recovery of other local economy in China.
So I would leave that, it will take some time. Also apply to the verticals, both CGS and the branding at the tightness.
that it will take some time. Also apply it to the verticals within both CGS and the branding at the pregnant. Thank you.
The next question comes to Thomas Charles.
The next question comes from Thomas Jones with Jefferies. Please go ahead.
the open-class how will people inoser heap before ballot why well there aspect
margin, it comes in better than expectations, and the losses is also less than consensus estimate. So I'm just wondering how we should think about the GP margin and the break-even timing, if there's any cut on that front. Thank you. Thank you, Thomas.
The major reason is that the first, the content and the operational cost was saved during this quarter because I think during our efficiency improvement, the advertisement execution cost is also optimized.
As well as the server and bandwidth costs, the server utilization was improved. The bandwidth cost was also fixed during this quarter. We believe that this deal will have some room for cost saving in server and bandwidth utilization in this year. That's why we believe that in Q1 our effectiveness is also improved.
also get changing in the past year and now the two business including membership subscribing as well as the education business are also growing very fast, with a faster pace than our advertising and the DCS business. So this will also have some impact on our GPT margin.
But we believe that our GP module will be around 50% on average.
Please conclude my answers for you. Thank you.
Thank you, Thomas. The next question comes from Meehane.
The next question comes from Xing Yang with CICC. Please go ahead.
My question is related to paid membership business. The membership business once again demonstrates strong growth this quarter and we noticed the launch of an independent app, Yan Yan Store recently. So just wondering what's the strategy for this business and how do you see the growth in 2023? Thank you.
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In the past two quarters, in the past two years, we actually have some accumulation experience across various areas including company creators, and accountants and consumers, as well as for rich marketing know-how.
There were alternate and T. do we think that such a full year versis from the down also's ated in the peris? How you out throughout to the selfage fion.
This two-minute experience actually we see is a new trait of the current novel reading market. We see that currently the premium novels for their consumption scenario is the current...
Market trend for this business something think thir is a your value should have be able to, or rather to, work with her. People know how for the to today, for I don't have whether you how we, lo the quarter turned up.
We believe that our accumulation in this market know-how and also the number of customers will give us a solid position for the further growth for the year 2023.
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First of all, definitely we get an impact in their creation ecosystems. This creator ecosystem will be like the major folks. We'll continue to be the major folks for us in their year 2023.
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Second of all, it's under consumer sites. We actually have tried on several
explorations and a new and independent like an APPs development is one of that which will provide a unit and better experience for the users to give them like a more private recommendation
Thank you. To supplement our CEO's answers for you, we believe that the subscribing membership business will still achieve high growth in the coming quarter in 2023. Thank you, Jie-Jie.
Okay, thank you. To supplement our CEO's answers for you, we believe that the subscribing membership business will still achieve high growth in the coming quarter and in 2023. Thank you, Xingqing. Next question.
The next question comes from Huyen Yang with China Renaissance. Please go ahead. Hello everyone. I am Huyen Yang with China Renaissance.
So my question regarding our second growth driver of the education segment, what's our medium to long term goal and how should we think about our investment scale and for the growth driver, is it driven by management by organic or MA driven? Thank you.
Education related business has actually become our second growth driver.
in the past years, it has achieved a remarkable achievement.
in Peru. We believe this is a very massive market with a lot of opportunities. We are very optimistic.
So we will continue to do the investment and also an upgrade with the business line centered on our current offerings.
of process and also helping to help more designers actually help them and mobilize the work and
It's pretty high-tech. Just a little bit. Just a little bit. Clear.
Her remem for the's. Those told I have going to seem media Intermedia thought that sort would be acquired. So we never go the total.
From the development strategy, we think that for the vocational education business, both the organic and M&A approach are both very important. I think that to grow this business through the key approach.
will be our strategic planning for the future.
And we will continue to invest in the technology as well. We will continue to invest in the content and across the communities in human technology. Thank you.
Thank you. I will also supplement the Q&A. The first one is evaluating the opportunity.
we evaluated the targets rightly and they emphasized the ROI on each of the MMA projects. And for now, we don't have like a significant like a large player, a significant impact on both our segment or on this industry.
But I think it is all like a small investment for our company in terms of the total contribution of pay. Secondly, one more thing is about the regulation. We believe that the professional training business should be encouraged by the government because it will largely solve the jobs problem in China now.
That concludes my answer for you. Thank you. This concludes today's question and answer session. At this time, I would like to turn the conference back to Yolanda for any additional or closing remarks.
Thank you once again for joining us today. If you have any questions, please contact our IR team directly or PSN Financial Communications. Thank you very much.
This conference has now concluded. Thank you for attending today's presentation. You may now disconnect.
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