Financial Performance - Total revenue for 2024 was RMB 3,598,905 thousand, a decrease of 14.3% compared to RMB 4,198,889 thousand in 2023[9] - Gross profit for 2024 was RMB 2,180,829 thousand, down 5.0% from RMB 2,295,848 thousand in 2023[9] - Operating loss improved to RMB (481,083) thousand in 2024, a 55.1% reduction from RMB (1,072,225) thousand in 2023[9] - Net loss for 2024 was RMB (168,967) thousand, representing a significant decrease of 79.9% from RMB (839,528) thousand in 2023[9] - Adjusted operating loss for 2024 was RMB (405,361) thousand, down 54.4% from RMB (887,984) thousand in 2023[9] - Adjusted net loss for 2024 was RMB (96,270) thousand, an 85.4% improvement compared to RMB (659,093) thousand in 2023[9] - The paid membership revenue for 2024 was RMB 1.76 billion, a slight decline of 3.5% from RMB 1.83 billion in 2023[22] - The marketing services revenue decreased to RMB 1.25 billion in 2024 from RMB 1.65 billion in 2023, representing a drop of 24.5%[29] - Revenue cost decreased by 25.5% from RMB 1.9 billion in 2023 to RMB 1.4 billion in 2024, primarily due to reduced content and operating costs related to revenue decline and improved technical efficiency[32] - Operating expenses decreased by 21.0% in 2024, amounting to RMB 2.66 billion compared to RMB 3.37 billion in 2023[22] User Engagement - Monthly active users reached a total of 20 million, reflecting a stable user engagement[10] - The average monthly active users increased from 14.5 million in 2023 to 15.0 million in 2024, while the monthly active user interactions improved[19] - The number of content creators who earned income on the platform increased by 20% year-over-year, reaching a total of 77.7 million[20] Strategic Initiatives - The company plans to expand its market presence through new product launches and strategic partnerships in 2024[8] - The company aims to leverage artificial intelligence to support comprehensive business growth and improve efficiency across various business lines[24] - The company is actively investing in AI applications to improve operational efficiency and enhance community trust[17] - The company aims to leverage the growth potential of AI search solutions to drive sustainable development[15] Content and Technology Development - The AI search solution "Zhihu Direct Answer" was officially launched in June 2024, enhancing user experience significantly[16] - The total content on the platform reached 874.6 million pieces by December 31, 2024, representing a 12.9% year-over-year growth[18] - The company has seen a double-digit year-over-year growth in AI-related content and creators within its community by the end of 2024[17] - The company has expanded its premium short story content library, attracting new subscribers and increasing consumption among existing ones[18] Assets and Liabilities - The total assets decreased to RMB 5,732,952 thousand in 2024 from RMB 6,795,272 thousand in 2023[8] - Current liabilities were RMB 1,524,656 thousand in 2024, a decrease from RMB 1,945,488 thousand in 2023[8] - Cash and cash equivalents, along with short-term investments, amounted to RMB 4.0 billion at the end of 2024, up from RMB 2.1 billion in 2023[41] - As of December 31, 2024, the company had no outstanding loans or borrowings[144] Corporate Governance - The company has a strong governance structure with independent non-executive directors, including Sun Hanhui and Ni Hong, who have extensive experience in corporate governance[163][165] - The company emphasizes the importance of corporate governance and has presented its governance report to shareholders[171] - The independent non-executive directors constitute one-third of the board, complying with listing rules[183] - The company has established four committees: audit committee, remuneration committee, nomination committee, and corporate governance committee to oversee specific areas of company affairs[192] Related Party Transactions - The company has established ongoing related party transactions with Tencent and other affiliates, which are subject to pricing policies and mechanisms[70] - The company confirmed that all related party transactions during the reporting period were conducted in accordance with the relevant agreements and were fair and reasonable, benefiting shareholders' overall interests[120] - The independent auditor issued an unqualified opinion regarding the continuous related party transactions, confirming compliance with the relevant regulations[119] Shareholder Structure - The voting rights structure includes Class A shares with one vote per share and Class B shares with ten votes per share, allowing for significant control by Class B shareholders[123] - The company has a dual-class voting structure that may limit shareholder influence over company matters[71] - The shareholder voting rights entrustment agreement allows Zhizhe Sihai to act as the exclusive agent for shareholders, exercising all rights related to Zhizhe Tianxia, including voting and management control[107] Management Changes - The company appointed Sun Bin as the Chief Technology Officer on June 5, 2024, succeeding Li Dahai[167] - Wang Han was appointed as the Chief Financial Officer on February 19, 2024, bringing experience from Access Technology Ventures and Hillhouse Capital[167] - Liu Qihua has been appointed as the company secretary, bringing over 20 years of experience in corporate secretarial services[169] Compliance and Legal Risks - The company is subject to complex and evolving legal regulations related to cybersecurity and data privacy, which could significantly impact its operations[62] - The company has implemented measures to ensure effective operation and compliance with contractual arrangements[98] - Risks associated with the contractual arrangements include potential penalties from the Chinese government if agreements are deemed non-compliant with laws[97]

霸王茶姬将赴纳斯达克上市，去年交易额近 300 亿元。 北京时间 3 月 26 日凌晨，霸王茶姬向美国证券交易委员会（SEC）递交招股书，第一次清楚告诉 市场自己的策略、历程。2022 年到 2024 年，GMV 分别上涨 734.3% 和 172.9%，去年超预期地卖 出 294 亿元茶饮。在霸王茶姬定义的精品茶（premium tea，17 元以上的茶饮）品类下，霸王茶姬 市占率超 30%。去年营收和净利润分别高达 124.05 亿元 25.15 亿元，远超门店数更多的茶百道、 沪上阿姨和古茗。 蜜雪坚持做极致的低价，古茗搭建供应链能力，喜茶不断推陈出新，后起的霸王茶姬凭借自己的禀 赋选了一条不同的赛道：定义一个新的大单品、投入所有资源，"做穿" 后再尝试新东西。今年霸 王茶姬将继续推 "第二杯茶"，轻资产模式也带来更低的物流成本和库存周转天数。据招股书，霸 王茶姬预计今年开出 1000-1500 家店。4 月，霸王茶姬将开出美国第一家店。 泡泡玛特去年收入破百亿，LABUBU 所在系列创收 30 亿元。 泡泡玛特 3 月 26 日发布年报，公司收入翻倍至 130.4 亿元，首次破百亿元。LABUBU 所 ...

Financial Data and Key Metrics Changes - In Q4 2024, the company reported an adjusted net income of RMB97.1 million, a significant turnaround from an adjusted net loss of RMB91.3 million in the same period last year [7] - The adjusted operating profit improved from an adjusted net operating loss of RMB165.3 million in Q4 2023 to an adjusted operating profit of RMB23.1 million in Q4 2024 [7] - Total revenues for Q4 2024 were RMB859.2 million, compared to RMB1,138.3 million in Q4 2023, reflecting a strategic shift away from lower quality revenue [29][30] - Full year 2024 revenues were RMB3,598.9 million, a decrease of 14.3% from the previous year [19] Business Line Data and Key Metrics Changes - Paid membership revenue for Q4 2024 was RMB420.2 million, down from RMB455.9 million in Q4 2023, with average monthly paid members slightly decreasing by 0.8% year over year [20][30] - Vocational training revenue decreased by 50.4% year over year to RMB84 million in Q4 2024, primarily due to strategic refinements [24][30] - Marketing services revenue reached RMB315.9 million in Q4 2024, down from RMB465.2 million in the same period last year, but showed a sequential growth of 23.1% [22][30] Market Data and Key Metrics Changes - Average Monthly Active Users (MAUs) were 81.4 million, up 0.3% sequentially, despite a significant reduction in community-related promotional expenses [11] - Time spent per Daily Active User (DAU) grew by 23% year over year, indicating improved user engagement [11] - The community of content creators reached 77.7 million, an increase of 8.9% year over year, with income-generating creators increasing by over 22% year over year [15] Company Strategy and Development Direction - The company emphasized prioritizing community trust and enhancing core user experience, leading to a deliberate choice to forgo some peripheral users [7] - AI is viewed as a historic opportunity, with the company focusing on authentic, professional content to help AI overcome challenges [8][27] - The company plans to deepen integration of AI into its community and workflows to enhance content creation and distribution efficiency [48][49] Management's Comments on Operating Environment and Future Outlook - Management highlighted that the fourth quarter marked a transformative turnaround, achieving profitability for the first time [6][27] - The company is confident that its strategic focus on trust and quality will yield long-term benefits, despite short-term trade-offs [19][27] - Looking ahead to 2025, the company aims to enhance community trust while exploring innovative AI applications [28][59] Other Important Information - The company has cash and cash equivalents totaling RMB4.9 billion as of December 31, 2024, down from RMB5.5 billion a year earlier [33] - The company repurchased a total of 75.3 million Class A ordinary shares for an aggregate value of approximately $1.2 billion [33] Q&A Session Summary Question: Insights on Zihu Ju Da user size and its benefits to the community ecosystem - Management reported that JUDA's MAU grew from about 1 million to 10 million, driven by high repeat visits and positive word-of-mouth [37] - The expert network within the community is crucial for providing trustworthy content amidst the rise of AI-generated content [38][39] Question: Expectations for product changes and AI integration - The company plans to strengthen social interactions and enhance its brand as a trusted content platform, focusing on both short-form and long-form content [46][47] - AI will be integrated into community workflows to boost content creation efficiency [48] Question: Benefits of AI and market model to online marketing products - AI is changing the monetization model of advertising, with a focus on high-quality content generated by experts [53][54] Question: Long-term margin profile and cash utilization outlook - The company achieved a double-digit non-GAAP net profit margin of 11% in Q4 2024, with expectations for continued profitability growth [58][59] - The company plans to conduct share buybacks while maintaining a strong cash position [59]

Financial Data and Key Metrics Changes - In Q4 2024, the company reported an adjusted net income of RMB97.1 million, a significant turnaround from an adjusted net loss of RMB91.3 million in the same period last year [8] - The total revenues for Q4 were RMB859.2 million, compared to RMB1,138.3 million in Q4 2023, reflecting a strategic shift away from lower quality revenue [29] - Full year revenues for 2024 were RMB3,598.9 million, a decrease of 14.3% from the previous year [19][30] - The gross profit for Q4 was RMB540.7 million, with a gross margin of 62.9%, indicating improved operational efficiency [31] Business Line Data and Key Metrics Changes - Paid membership revenue was RMB420.2 million, down from RMB455.9 million in the same period last year, with average monthly paid members slightly decreasing by 0.8% year over year [20][30] - Vocational training revenue decreased by 50.4% year over year to RMB84 million, primarily due to strategic refinements of the acquired business [24][30] - Marketing services revenue reached RMB315.9 million, showing a sequential growth of 23.1% compared to the previous quarter [22][30] Market Data and Key Metrics Changes - Average Monthly Active Users (MAUs) were 81.4 million, up 0.3% sequentially, despite a significant reduction in community-related promotional expenses [12] - The community of content creators grew to 77.7 million, an increase of 8.9% year over year, reflecting a vibrant creator ecosystem [16] Company Strategy and Development Direction - The company emphasized a strategic focus on community trust and enhancing user experience, leading to a deliberate reduction in user acquisition expenses by 88% year over year [8][19] - AI is viewed as a historic opportunity, with the company planning to leverage its expert network to enhance content quality and trustworthiness [10][28] - The company aims to deepen integration of AI into its community workflows to boost content creation efficiency [51] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to maintain profitability and improve margins, with a double-digit net profit margin of 11% achieved in Q4 [61] - The company plans to continue investing in strategic initiatives, even if it means incurring short-term losses, to capture long-term growth opportunities [27][62] Other Important Information - The company has cash and cash equivalents totaling RMB4.9 billion as of December 31, 2024, down from RMB5.5 billion a year earlier [34] - The company has been active in share repurchases, having repurchased a total of 75.3 million Class A ordinary shares for an aggregate value of approximately $1.2 billion [34] Q&A Session Summary Question: Insights on Zihu Ju Da user size and its benefits to the Zhihu community - Management reported that JUDA's MAU grew from about 1 million to 10 million, driven by high repeat visits and positive word-of-mouth [38] - The expert network of Zhihu is deemed irreplaceable, especially in the context of AI-generated content and the need for trustworthy information [39][40] Question: Expected changes and innovations on the product side this year - The focus will be on strengthening social interactions and enhancing the brand as a trusted content platform, with new initiatives in social circles and original IPs [49][50] Question: How AI and market models benefit Zhihu's online marketing products - AI is changing the monetization model, with a shift towards high-quality content being prioritized by AI systems, enhancing Zhihu's competitive advantage [56][57] Question: Long-term margin profile and cash utilization outlook - The company achieved a double-digit net profit margin and plans to maintain a slightly overall loss temporarily to pursue growth opportunities [61][62]

于2024年第四季度，该集团取得总收入8.59亿元，同比减少24.52%;知乎股东应占净收入8627.4万元，去 年同期则取得净亏损1.04亿元;每股基本净收入0.34元。 知乎董事长兼行政总裁周源先生表示："2024年对知乎而言具有重要的转折意义，我们有序执行了年初 制定的战略规划，并在第四季度成功实现了盈利。我们的社区生态得到优化，更加蓬勃且可信赖，用户 指标全年持续向好，创作者活跃度不断提升。此外，依托优质的内容及强大的可信赖专家网络，我们持 续投资于 AI应用，将AI进一步融入多元化社区场景，积极探索AI时代全新的用户交互方式，并快速提 升自身的竞争优势"。 知乎首席财务官王晗先生补充表示："2024年第四季度是知乎的重要里程碑，我们首次实现了公认会计 准则和非公认会计准则下的营业利润及净利润的全面转正，这是对我们战略聚焦和卓越执行力的最佳证 明。得益于运营效率的提升及严格的成本管理，本季度利润率大幅提升，毛利率同比提升3.8个百分点 至62.9%，营运开支则同比下降37.9%。展望未来，我们将继续保持强劲势头，为长期可持续增长筑牢 根基，并为我们的股东和用户创造更大的价值。" 知乎-W(02390) ...

Financial Performance - Total revenue for the year ended December 31, 2024, was RMB 3,598.9 million, a decrease of 14.3% compared to RMB 4,198.9 million in 2023[5]. - Gross profit for the same period was RMB 2,180.8 million, down 5.0% from RMB 2,295.8 million in 2023[5]. - Net loss narrowed by 79.9% to RMB 169.0 million in 2024 from RMB 839.5 million in 2023[5][13]. - Adjusted operating loss improved by 54.4% to RMB 405.4 million in 2024 from RMB 888.0 million in 2023[5]. - The company achieved an adjusted net profit of RMB 97.1 million in Q4 2024, marking a significant turnaround[13]. - The gross margin expanded to 60.6% in 2024, the highest level in five years[13]. - The paid membership revenue for 2024 was RMB 1.76 billion, down 3.5% from RMB 1.83 billion in 2023[22]. - Marketing services revenue for 2024 was RMB 1.2 billion, down from RMB 1.7 billion in 2023, primarily due to ongoing optimization of service product offerings[29]. - Cost of revenue decreased by 25.5% to RMB 1.4 billion in 2024 from RMB 1.9 billion in 2023, mainly due to reduced content and operating costs[31]. - Operating expenses decreased by 21.0% in 2024, totaling RMB 2.66 billion compared to RMB 3.37 billion in 2023[25]. User Engagement - Average monthly active users decreased by 21.2% to 83.0 million in 2024 from 105.3 million in 2023[5]. - The average monthly active users rose from 14.5 million in 2023 to 15.0 million in 2024[18]. - The average monthly active users aged under 30 accounted for 73.8% of the total active users as of December 31, 2024[19]. - The number of content creators on the platform increased by 8.9% year-over-year, reaching 77.7 million by December 31, 2024[20]. Operational Efficiency - The company is focusing on enhancing operational efficiency through AI applications, improving content identification and review processes[15]. - The company aims to leverage artificial intelligence to improve operational efficiency across all business lines[24]. - The company plans to enhance operational efficiency and reduce losses through stricter cost management and optimized expense structures[24]. Shareholder and Governance - The company has not declared any annual dividend for the reporting period[59]. - The company has implemented a share incentive plan to motivate eligible employees towards growth and development[49]. - The company has complied with all applicable principles and provisions of the corporate governance code during the reporting period, except for the combined roles of Chairman and CEO[51]. - The audit committee, consisting of three independent non-executive directors, has reviewed the unaudited annual results for the reporting period[53]. - The board of directors consists of both executive and independent non-executive members, ensuring diverse governance[82]. Cash and Assets - Cash and cash equivalents at the end of 2024 were RMB 4.0 billion, up from RMB 2.1 billion at the end of 2023[40]. - Total assets decreased to RMB 5,732,952 thousand in 2024 from RMB 6,795,272 thousand in 2023[63]. - Total liabilities reduced to RMB 1,537,266 thousand in 2024, down from RMB 2,093,662 thousand in 2023, showing a decrease of approximately 26.5%[64]. - The company had no significant investments or acquisitions in 2024[41][42]. Taxation - The company has no income tax obligations in the Cayman Islands, where it is registered, which may positively impact its net income[79]. - Hong Kong subsidiaries with taxable profits of HKD 2 million or below are subject to a profit tax rate of 8.25%, while profits above HKD 2 million are taxed at 16.5%[80]. - In China, foreign-invested enterprises are subject to a corporate income tax rate of 25%, with certain entities recognized as high-tech enterprises eligible for a reduced rate of 15%[81]. - For the fiscal year ending December 31, 2024, the total income tax expense was RMB (9,391) thousand, compared to RMB 11,832 thousand for the previous year[81]. Strategic Initiatives - The company plans to continue focusing on market expansion and new product development as part of its strategic initiatives moving forward[65]. - The launch of the AI search feature "Zhihu Zhidao" received positive user feedback and was officially launched in June 2024[14]. - The "Professional Search" feature was introduced in October 2024, integrating over 50 million academic articles to support professionals[14].

Financial Performance - Total revenue for Q4 2024 was RMB 859.2 million (USD 117.7 million), down from RMB 1,138.3 million in Q4 2023[12] - Total revenue for the fiscal year 2024 was RMB 3,598.9 million (USD 493.0 million), down from RMB 4,198.9 million in 2023[12] - Total revenue for FY 2024 was RMB 3,598.9 million (USD 493.0 million), down from RMB 4,198.9 million in 2023[17] - Total revenue for the three months ended December 31, 2023, was RMB 1,138,297 thousand, a decrease of 24.5% compared to RMB 1,652,992 thousand for the same period in 2022[31] Profitability - Net profit for Q4 2024 was RMB 86.4 million (USD 11.8 million), compared to a net loss of RMB 103.1 million in Q4 2023[12] - Net loss for the fiscal year 2024 narrowed to RMB 169.0 million (USD 23.1 million), a reduction of 79.9% compared to 2023[12] - Adjusted net loss for the fiscal year 2024 was RMB 96.3 million (USD 13.2 million), a decrease of 85.4% from 2023[12] - Net profit was RMB 86.4 million (USD 11.8 million), a turnaround from a net loss of RMB 103.1 million in the same period of 2023[15] - The company reported a net loss of RMB 103,105 for the three months ending December 31, 2023, compared to a net loss of RMB 839,528 for the full year 2023[38] Operating Expenses - Total operating expenses decreased by 37.9% to RMB 528.8 million (USD 72.4 million) in Q4 2024 compared to RMB 851.3 million in Q4 2023[14] - Total operating expenses decreased by 21.0% from RMB 3,368.1 million to RMB 2,661.9 million (USD 364.7 million) compared to 2023[18] - The total operating expenses for the three months ended December 31, 2023, were RMB 851,258 thousand, a decrease of 24.5% from RMB 3,368,073 thousand for the full year 2023[31] User Engagement - Average monthly active users (MAUs) reached 81.4 million in Q4 2024[12] - The company expects to continue focusing on expanding its paid membership services and enhancing user engagement in the upcoming quarters[28] Revenue Streams - Marketing services revenue for Q4 2024 was RMB 315.9 million (USD 43.3 million), down from RMB 465.2 million in Q4 2023[13] - Paid membership revenue for Q4 2024 was RMB 420.2 million (USD 57.6 million), slightly down from RMB 455.9 million in Q4 2023[13] - Paid membership revenue was RMB 1,762.0 million (USD 241.4 million), a slight decrease from RMB 1,826.6 million in 2023, mainly due to a slight decline in average revenue per subscriber[17] Research and Development - R&D expenses decreased by 37.0% from RMB 232.6 million to RMB 146.6 million (USD 20.1 million) compared to the same period in 2023, primarily due to improved efficiency in technology innovation spending and reduced personnel-related expenses[15] - Research and development expenses for the three months ended December 31, 2023, were RMB 232,585 thousand, a decrease of 25.5% from RMB 901,452 thousand for the full year 2023[31] Cash and Assets - Cash and cash equivalents, including short-term investments, totaled RMB 4,859.0 million (USD 665.7 million) as of December 31, 2024, down from RMB 5,462.9 million as of December 31, 2023[16] - Cash and cash equivalents increased to RMB 2,106,639 as of December 31, 2023, compared to RMB 3,999,160 in 2024[35] - As of December 31, 2023, total assets amounted to RMB 6,795,272, a decrease from RMB 5,732,952 in 2024[35] Shareholder Actions - The company repurchased 31.1 million Class A ordinary shares for a total of USD 66.5 million under its existing share repurchase plan[20] Strategic Focus - The company reported a significant decrease in accounts receivable, which fell to RMB 664,615 as of December 31, 2023, from RMB 420,636 in 2024[35] - The company plans to focus on new product development and market expansion strategies in the upcoming fiscal year[36] - The financial results reflect the impact of strategic adjustments and cost management initiatives implemented by the company[28]

一年前，开始接触小红书，没告诉朋友，只悄悄给自己定了一个小项目，试一下，不行就不行；当时， 很多人说小红书很容易上手，也很容易商业化，于是，我就行动了。 一开始，我按照公众号创作逻辑来做。把公众号长文切片，配上一个封面，再搭配三、四张辅助页面， 这些辅助页面里面全是内容，然后写一篇600字左右的文案，打上接标签，发到小红书平台。 准确来讲，我做小红书时间并不长，大概1年左右。 AI会改变知乎和小红书吗？ 但学完之后，我发现，那些东西好像有点贩卖副业焦虑。有的文案会写"一个月赚5万"，但实际上很少 有人能达到这个水平。 还有一种贩卖生活焦虑。去一个地方，这个地方并不漂亮，但通过美化图片，配上一些生活方式的文 案，也能吸引用户，然后接商业化广告。 然而，尝试过既没有爆款，也没有推荐，甚至比以前的数据还低，很明显，这两种路子都不适合我。 后来，继续探索，发现小红书表达逻辑并不是去抄袭或者刻意模仿。其实，小红书本质并不在于它的使 命、愿景、价值观这些宏观的东西，而在于它作为一个工具，降低了创作门槛。 这个创作门槛是什么呢？ 我有一个想法，这个想法只有200字，或者有一个问题，可能只有一两句话，甚至是一句吐槽，我都可 ...

据介绍，知乎直答新版本重在强化AI与社区，尤其是与创作者的融合。除上传解析网页、文档等知识库之外，用户还可以 将每个知乎答主视为一个独立知识库，聚焦答主的单篇或全部创作进行提问、检索和解析，获得更具针对性的专业解答。 知乎直答新升级：溯源答主社区真实创作，强化AI与人的连接 知乎直答经过数次产品迭代，积累了知乎社区海量专业讨论、超5000万篇文献知识库的内容优势，并通过接入DeepSeek实 现推理能力升级。本次新版本则在内容和算法基础上，进一步挖掘人的专业价值，拓展了AI搜索的产品边界。 3月24日，知乎直答发布新版本，支持搜索结果直接溯源知乎答主真实创作，强化AI工具与人的连接，从而进一步降低AI幻 觉，提高内容的专业性和可信度。新版本的发布，意味着知乎直答与知乎社区的融合进入新阶段，有望为AI搜索产品和社区创 作生态带来更大发展空间。 同时，知乎直答的搜索结果支持直接溯源知乎答主的真实创作，打通AI工具与答主内容池，让AI生成结果实现源头可查、 专业可信。此举也将极大降低AI幻觉，为AI搜索的用户体验提供内容源头保障。 此外，知乎直答新版本将专业搜索和通用搜索两种模式合并，搜索结果一键调取所有知识库提供 ...

Financial Data and Key Metrics Changes - Gross profit margin improved by over 10 percentage points year-over-year, reaching 63.9%, the highest level since the company's listing [7] - Total costs and operating expenses decreased by more than 35.6% and 30.5%, respectively, leading to a net loss of RMB 9 million, down 96.8% year-over-year [7][35] - Adjusted net loss on a non-GAAP basis was RMB 13.1 million compared with RMB 225.3 million in the same period of 2023, with an adjusted net loss margin decreasing more than 20 percentage points year-over-year to 1.5% [35] Business Line Data and Key Metrics Changes - Paid membership revenue for the third quarter was RMB 459.4 million, slightly decreased from RMB 466.8 million in the same period of last year, with the number of subscribing members rising by 11.5% year-over-year to 16.5 million [17][30] - Revenue from marketing services was RMB 256.6 million, a 33% decline year-over-year, attributed to a decrease in brand advertising and CCS [19][29] - Vocational training revenue for the quarter was RMB 105.1 million compared with RMB 144.8 million in the same period of 2023, primarily due to strategic refinement of acquired business [31] Market Data and Key Metrics Changes - MAU for Q3 rebounded quarter-over-quarter to 81.1 million, with daily active user time spent rising nearly 20% year-over-year [10] - Cumulative content volume reached 854.5 million thesis, representing a year-over-year growth of 14.9% [13] - The number of income-generating content creators increased by over 25% year-over-year, indicating a growing engagement among high-tier content creators [11] Company Strategy and Development Direction - The company is focused on enhancing user experience and strengthening community trustworthiness, with a commitment to optimizing operational models [26] - Strategic priorities for 2025 include sustainably reducing annual losses and enhancing core user engagement [42] - The company aims to innovate its marketing services by reducing low-quality content and enhancing collaboration with quality content creators [61] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving breakeven in Q4 2024, citing significant reductions in losses in Q2 and Q3 [41] - The company plans to continue enhancing the user experience and community engagement, which are seen as critical for long-term growth [42][44] - Management acknowledged that improvements in user metrics stem from earlier strategic adjustments and emphasized the importance of high-quality content [49] Other Important Information - The company has repurchased 74.2 million Class A ordinary shares for a total price of USD 121.5 million since its Hong Kong IPO [37] - The company is committed to optimizing resource allocation and advancing towards profitability while enhancing user engagement [38] Q&A Session Summary Question: Can management share more color on the commitment about achieving breakeven in the first quarter? - Management confirmed a strong focus on achieving breakeven in Q4 2024, with significant reductions in adjusted net loss over the past quarters [41] Question: Can management provide more details on the adjustments made to the community and user strategies? - Management highlighted a focus on algorithm optimization and enhancing the experience for core users, which has led to improved user retention and engagement [49] Question: What are the future features planned for Zhihu Zhida? - Management indicated that future upgrades for Zhihu Zhida will focus on scenario-oriented updates to meet the needs of various user groups, particularly in academic and professional contexts [55] Question: What is the outlook for the advertising business and membership growth? - Management stated that they will continue to reduce low-quality content in the advertising business while maintaining strong growth in paid memberships, with a focus on enriching member benefits [60][63] Question: What progress has been made in optimizing the vocational training business? - Management reported ongoing efforts to improve efficiency and reduce losses in the vocational training segment, aiming for breakeven by the end of 2025 [67]