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    Kewei Chen • Haitong International

    Kewei Chen's questions to Zhihu Inc (ZH) leadership

    Kewei Chen's questions to Zhihu Inc (ZH) leadership • Q2 2024

    Question

    Kewei Chen from Haitong International asked about the future of the self-operated vocational training business and whether the current weak economic environment is an opportunity or a challenge for its growth.

    Answer

    CFO Wang Han positioned the challenging external environment as a positive driver, noting that employment pressure increases demand for professional skills. The business's primary goal is to improve efficiency and reduce losses by focusing on core, high-margin programs. While this may reduce some low-quality revenue short-term, it improves profitability. Long-term, he sees significant competitive advantage from the synergy between the training business and the Zhihu community for customer acquisition and reputation building.

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    Kewei Chen's questions to Weibo Corp (WB) leadership

    Kewei Chen's questions to Weibo Corp (WB) leadership • Q1 2024

    Question

    Kewei Chen of Haitong International asked about the recent decrease in active users, noting the concurrent improvement in revenue per user. She requested more detail on the adjusted user growth strategy for 2024 and the company's target for its user base.

    Answer

    CEO Gaofei Wang explained the strategic shift from focusing on pure MAU/DAU growth to prioritizing the acquisition and engagement of 'high-quality' users. He highlighted that ARPU from users on high-end smartphones is 2x to 4x higher. The new strategy involves allocating more budget to attract these high-value users who are more interactive and generate more content. The goal is to maintain a stable or slightly growing DAU while increasing the proportion of these high-ARPU users by 5-10%, which is expected to enhance the platform's core competitiveness.

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