O-5A、5R、AIPS……各大广告平台的人群模型究竟有何区别？ 2025年，"人群资产模型"已成为头部互联网广告平台的标配。 我们注意到，多家互联网公司的商业化部门都集中在2024年先后推出了自家的"人群资产模型"以及相应的数据产品、商业化产品和人群运营方法论。而在 此前，阿里妈妈、巨量引擎、磁力引擎等平台也都已经拥有各自的模型和产品。 | 平台 | 模型名称 | 人群分层逻辑 | 推出时间 | | --- | --- | --- | --- | | 阿里妈妈 | AIPL | 认知(Awareness) → 兴趣(Interest) → 购买( Purchase) -> 忠诚(Loyalty) 全域消费人群数(universaL) | 2018年 | | | | 前链路:发现(Discovery)→种草(Engage)→互动 | | | | DEEPLINK | (Enthuse)→行动 (Perform) | 2021年9月 | | | | 后链路:首购(Initial)→ 复购(Numerous)→至爱( | | | | | Keen) | | | 百度营销 | AIA | 认知人群(Awarenes ...

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 ...

Core Viewpoint - Zhihu Inc. will report its unaudited financial results for the quarter and full year ended December 31, 2024, before the U.S. market opens on March 26, 2025 [1] Group 1: Financial Reporting - The financial results will be announced before the U.S. market opens on March 26, 2025 [1] - A conference call will be hosted by the company's management at 7:00 A.M. U.S. Eastern Time on the same day to discuss the results [2] - Participants must pre-register online to join the conference call and will receive dial-in numbers and a unique access PIN [2][3] Group 2: Company Overview - Zhihu Inc. is a leading online content community in China, evolving from a Q&A platform to a comprehensive online content community since its launch in 2010 [4] - It is recognized as the largest Q&A-inspired online content community in China [4]

Investment Rating - The report suggests to pay attention to the company due to its potential for commercial space enhancement following the integration of the DeepSeek-R1 model [3]. Core Viewpoints - The integration of the DeepSeek-R1 model into Zhihu's AI search products is expected to significantly improve the accuracy and quality of search results and answers, leveraging the community's extensive high-quality corpus and over 50 million pieces of bilingual literature [3]. - The combination of the model's reasoning capabilities with the community's professional content will enhance the structured output of information, particularly in specialized fields such as healthcare and law, ensuring authoritative and traceable content [3]. - The efficiency of producing high-quality answers is anticipated to increase substantially, which will positively impact the activity level of the content ecosystem and its commercialization potential, including advertising and paid consultation scenarios [3]. - The current valuation of the company corresponds to a dynamic price-to-book ratio of approximately 0.6 times for 2025, indicating that the company can achieve large model integration at a low cost, which will greatly benefit its ecosystem [3].

Investment Rating - The report gives a "Buy" rating for the company, with a target price of $5.33, representing a potential upside of 48.7% from the current price of $3.60 [8][24]. Core Insights - The company reported Q3 revenue of 845 million RMB, a year-on-year decrease of 17.32%, but net loss decreased by 96.8% to 9 million RMB, with a gross margin increase to 63.9%, the highest in its history [3][14]. - The company is focusing on profitability, with a strategy to enhance gross margins and reduce net loss rates, aiming for significant loss reduction or near profitability by 2025 [8][10]. - The integration of AI technology into the platform is expected to improve user experience and attract new users, thereby increasing engagement and revenue from advertisers [15][26]. Financial Performance - Q3 revenue breakdown shows a decline across all major business segments: advertising marketing services down 32.9% to 257 million RMB, paid membership down 1.71% to 459 million RMB, and vocational training down 27.59% to 105 million RMB [3][14]. - The company’s MAU reached 81.1 million, with average monthly subscribers at 16.5 million, and content creation volume increased by 14.9% year-on-year [6][8]. - The operating expenses for Q3 were 624 million RMB, a decrease of 30.5% year-on-year, with significant reductions in sales and marketing, R&D, and general administrative expenses [36]. Future Outlook - The company aims to leverage its unique knowledge ecosystem and AI capabilities to enhance search functionalities and user satisfaction, which is expected to drive user growth and retention [15][8]. - The financial projections indicate a gradual improvement in revenue and a path towards profitability, with net losses expected to decrease significantly by 2025 [4][18].

Core Insights - Zhihu Inc. (NYSE: ZH) has experienced a significant decline in stock performance since its IPO in 2021, reaching a multi-year low recently [1]. Company Performance - The stock has spent most of the past three years in decline, indicating ongoing challenges for the company [1].

Investment Rating - The report maintains a "Buy" rating for Zhihu (ZH) with a target price of $4.87 per ADS [5][17] Core Views - Zhihu achieved significant loss reduction in 24Q3, with the lowest quarterly loss since its IPO [2][3] - The company's community ecosystem has been optimized, with core user health metrics steadily improving [3] - Zhihu's 24Q3 gross margin reached 63.9%, a YoY increase of 10.26 percentage points [3] - The company has implemented cost-saving measures across sales, R&D, and management expenses [3] - Zhihu's average MAU recovered to 81.1 million in 24Q3, showing a QoQ growth of 0.6% [3] Financial Performance Revenue and Profit - 24Q1-Q3 revenue reached RMB 2.74 billion, a YoY decrease of 10.48% [2] - 24Q3 revenue was RMB 845 million, a YoY decrease of 17.33% [2] - 24Q3 net loss attributable to shareholders was RMB 10 million, a significant reduction from the previous year [2] - Adjusted net loss for 24Q3 was RMB 13 million, showing a substantial improvement [2] Business Segments - Marketing services revenue in 24Q3 was RMB 257 million, a YoY decrease of 32.99% [3] - Paid membership revenue reached RMB 459 million in 24Q3, with monthly paying members increasing to 16.5 million [3] - Vocational training revenue was RMB 105 million in 24Q3, with self-operated courses showing growth [3] Cash Position - As of 24Q3, Zhihu held cash and cash equivalents of RMB 5.048 billion [3] - The company completed a share repurchase program, buying back 33.02 million Class A ordinary shares [3] Future Projections - Revenue for 2024-2026 is projected to be RMB 3.555 billion, RMB 3.055 billion, and RMB 3.229 billion respectively [3][12] - Net loss is expected to decrease from RMB 272 million in 2024 to RMB 23 million in 2026 [3] - Average MAU is forecasted to be 830 million, 830 million, and 850 million for 2024-2026 [11] - Marketing service revenue is projected to be RMB 1.233 billion, RMB 1.048 billion, and RMB 1.079 billion for 2024-2026 [11] - Paid membership revenue is expected to reach RMB 1.740 billion, RMB 1.589 billion, and RMB 1.724 billion in 2024-2026 [11] Valuation - The report values Zhihu at 1x PS for 2025, resulting in a fair value estimate of $4.87 per ADS [17] - The current PS ratio is 0.68x for 2024, 0.79x for 2025, and 0.75x for 2026 [17]

Core Insights - Zhihu reported a total revenue of 845 million RMB for Q3 2024, a year-on-year decrease of 17.3% [1] - The gross margin improved from 53.7% in the same period last year to 63.9%, while the net loss narrowed significantly to 90 million RMB, a reduction of 96.8% year-on-year, marking the smallest quarterly net loss since its IPO [1][3] - Adjusted net loss was 131 million RMB, a year-on-year reduction of 94.2% [1] Revenue Breakdown - Paid reading business generated 459 million RMB, accounting for 54% of total revenue [1] - Marketing services and vocational education contributed 257 million RMB and 105 million RMB, respectively [1] - Other revenue sources totaled 239 million RMB [2] User Engagement - Average monthly active users (MAUs) reached 81.1 million, with average monthly subscription members at 16.5 million [2] - The AI search product Zhihu Zhidao continued to grow, with the launch of a "professional search" feature that includes over 50 million Chinese and English literature data [1][2] Cost Management - Total costs and operating expenses decreased by 35.6% and 30.5% year-on-year, contributing to the improved gross margin [3] - The company aims to strategically explore business models that enhance its high-value brand image and unique user positioning [3] Share Buyback Program - Zhihu has repurchased 31.1 million Class A ordinary shares under its 2022 buyback plan, totaling 66.5 million USD [3] - The 2024 buyback plan is valid until June 26, 2025, allowing for the repurchase of up to 10% of the company's issued shares [3] Strategic Partnerships - Zhihu renewed a three-year framework agreement with Tencent, effective from January 1, 2025 [4] - The agreement includes a payment service framework to be provided by Tencent from December 1, 2024, to December 31, 2026 [4]

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]