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RyanSmith
RyanSmith
June 5, 2026

Zhihu reported Q1 2026 revenue of 652 million yuan, down 10.7% YoY, but adjusted net profit surged 147.2% to 17.16 million yuan. Paid content and IP operations accounted for 61.7% of revenue, driven by AI short dramas and manga dramas. The industry shows two models: mass production (Yanyan Story) and premium hits (AiKan Interactive). Despite profit improvement, revenue has declined for three consecutive years, with profitability relying on cost cuts rather than growth.

Zhihu reported Q1 2026 revenue of 652 million yuan, down 10.7% YoY, but adjusted net profit surged 147.2% to 17.16 million yuan. Paid content and IP operations accounted for 61.7% of revenue, driven by AI short dramas and manga dramas. The industry shows two models: mass production (Yanyan Story) and premium hits (AiKan Interactive). Despite profit improvement, revenue has declined for three consecutive years, with profitability relying on cost cuts rather than growth. Zhihu reported Q1 2026 revenue of 652 million yuan, down 10.7% YoY, but adjusted net profit surged 147.2% to 17.16 million yuan. Paid content and IP operations accounted for 61.7% of revenue, driven by AI short dramas and manga dramas. The industry shows two models: mass production (Yanyan Story) and premium hits (AiKan Interactive). Despite profit improvement, revenue has declined for three consecutive years, with profitability relying on cost cuts rather than growth.
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