Market Performance - Major US tech stocks showed mixed performance, with Facebook, Apple, and Google rising over 1%, while Amazon, Microsoft, Tesla, and Oracle saw declines of over 1% to 4% [2] - Nvidia's stock fell by 6.4%, reaching a new low since September 17, with a total market value of $4.15 trillion, down $1 trillion from its historical peak [2] - Chinese concept stocks also experienced mixed results, with Hesai Technology rising nearly 7% and XPeng increasing over 5% [3] Company Earnings - Alibaba's stock dropped over 2.7% after initially rising over 4%, reporting Q2 FY2026 revenue of 247.8 billion RMB and adjusted net profit of 10.35 billion RMB [4] - NIO reported a record high delivery of 87,071 vehicles in Q3, a year-on-year increase of 40.8%, with revenue of 21.79 billion RMB, up 16.7% year-on-year [4] - Zhihu's stock fell over 10% after announcing Q3 revenue of 659 million RMB and a net loss of 46.7 million RMB [4] Economic Indicators - The US PPI for September showed a year-on-year increase of 2.7%, matching expectations, while core PPI rose by 2.6% [5] - US retail sales increased by 0.2% month-on-month, below the expected 0.4% [5] Oil Market Outlook - The situation in Ukraine is reportedly progressing towards a resolution, which may impact oil prices [7] - Analysts predict a significant oversupply in the global oil market, with Brent crude oil prices potentially falling below $60 by 2026 [7]

Core Insights - Zhihu's latest financial report indicates a revenue of 659 million yuan for Q3 2025, representing a year-on-year decrease of 22% [1] - The revenue breakdown includes 189 million yuan from marketing services, 386 million yuan from paid memberships, and 83.9 million yuan from other sources [1] - The company reported an adjusted net loss of 21 million yuan for Q3 2025, while the founder and CEO, Zhou Yuan, reaffirmed the goal of achieving profitability for the entire year [1]

Group 1: US Tech Giants Performance - Facebook, Apple, and Google saw stock increases of over 1%, while Amazon, Microsoft, Tesla, and Oracle experienced declines, with Oracle dropping over 4% to its lowest level in more than five months [2] - Nvidia's stock fell by 6.4%, reaching a new low since September 17, with a total market value of $4.15 trillion, down $1 trillion from its historical peak [2] Group 2: Chinese Tech Stocks - Alibaba's stock dropped over 2.7% after initially rising over 4%, reporting Q2 revenue of 247.8 billion RMB and adjusted net profit of 10.35 billion RMB [4] - NIO's stock fell over 4%, reporting Q3 deliveries of 87,071 units, a year-on-year increase of 40.8% and a quarter-on-quarter increase of 20.8% [4] - Zhihu's stock dropped over 10%, reporting Q3 total revenue of 659 million RMB and a net loss of 46.7 million RMB [4] Group 3: Economic Indicators - The US PPI for September showed a year-on-year increase of 2.7%, matching expectations, while core PPI increased by 2.6% year-on-year, slightly below expectations [5] - US retail sales increased by 0.2% month-on-month, below the expected 0.4% [5] Group 4: Oil Market Outlook - A US official indicated that Ukraine has agreed to a conflict resolution with Russia, which may impact oil prices [7] - Morgan Stanley's commodity research head predicts a significant oversupply in the global oil market, with Brent crude oil prices potentially dropping below $60 by 2026 [7]

记者丨黎雨桐 编辑丨江佩霞 25日晚间，美股三大指数开盘涨跌不一，截至北京时间22：45左右，道指涨0.26%，标普500指数跌0.30%，纳指跌0.86%。 | 道琼斯 | 纳斯达克 | 标普500 | | --- | --- | --- | | 46570.01 | 22675.74 | 6685.13 | | +121.74 +0.26% | -196.27 -0.86% | -19.99 -0.30% | | 中国金龙指数 | 纳指100期货 | 标普500期货 | | 7730.16 | 24848.25 | 6715.75 | | +3.93 +0.05% | -100.00 -0.40% | -5.50 -0.08% | 消息面上， 俄乌局势迎来关键进展。据央视新闻报道， 有一位美国官员表示，乌克兰已同意一项结束与俄罗斯冲突的协议，目前仅剩"一些小 细节"尚未敲定。与此同时，乌克兰总统泽连斯基表示，仍有许多工作要做。 蔚来跌超4%， 蔚来发布2025年三季度财报。蔚来公司三季度交付87,071台，同比增长40.8%，环比增长20.8%，创历史新高。三季度营收 217.9亿元，同比增长16.7%， ...

Core Viewpoint - Zhihu reported a revenue of 659 million yuan for Q3 2025, with a 16.3% year-on-year reduction in non-GAAP operating losses, indicating improved operational efficiency and quality [1][2] Financial Performance - Q3 revenue breakdown: paid reading generated 386 million yuan, marketing services contributed 189 million yuan, and other businesses, including vocational education and consumer goods, added 83.9 million yuan [1] - As of the end of Q3, Zhihu's cash and cash equivalents, along with short-term investments, totaled 4.58 billion yuan, reflecting a strong cash reserve [1] Future Outlook - The management expressed confidence in achieving profitability for the full year of 2025, emphasizing a return to a healthier operational state [2] - Zhihu plans to drive community ecosystem development through the synergy of high-quality content, expert networks, and AI capabilities [2] - The usage penetration of Zhihu's AI application, Zhihu Zhida, has exceeded 15%, nearly quadrupling compared to the same period last year [2] AI Integration - The company aims to integrate AI capabilities into various scenarios, enhancing user experience in search, creation, consumption, and circulation [2] - The founder believes that as AI becomes more powerful, the demand for social capital and high-quality human content will increase, positioning Zhihu as a connection layer in the AI era [3]

Group 1: Semtech Corp Financial Results - Semtech reported third-quarter revenue of $267 million, missing analyst estimates of $268.83 million [1] - The company reported third-quarter adjusted earnings of 48 cents per share, beating estimates of 45 cents per share [1] Group 2: Stock Performance - Semtech shares dipped 7.2% to $65.00 in pre-market trading [2] - Other stocks also experienced declines in pre-market trading, including Arcus Biosciences Inc, which fell 6.7% to $21.63, and Nanobiotix SA, which fell 6.2% to $20.64 [4]

Group 1: Company Performance - Best Buy reported Q3 revenue of $9.67 billion, a year-over-year increase of 2.7%, with adjusted diluted EPS of $1.40 compared to $1.26 in the same period last year [1] - RoboSense achieved total revenue of approximately 407 million yuan in Q3, with LiDAR sales volume increasing by 34.0% year-over-year [2] - Alibaba's instant retail business generated revenue of 22.906 billion yuan in Q2 of FY2026, marking a 60% year-over-year growth [3][5] - Xiaomi repurchased 2.5 million shares for over 100 million HKD, with a total of 24 million shares repurchased this month [4] - NIO reported Q3 revenue of 21.79 billion yuan, a 16.7% year-over-year increase, with vehicle deliveries reaching 87,071 units, up 40.8% [8] - Zhihu's Q3 revenue was 659 million yuan, with a non-GAAP operating loss narrowing by 16.3% year-over-year [11] Group 2: Market Developments - Nokia announced its intention to delist from the Paris Stock Exchange, effective December 31, 2025 [2] - The Singapore National AI Program has shifted from using Meta's model to Alibaba's Qwen open-source architecture [13] - The U.S. investment consulting firm predicts that TSMC's market value could surpass Apple's by 2030, driven by AI demand [16] Group 3: New Products and Innovations - Huawei officially launched its first Harmony OS 2-in-1 tablet, the MatePad Edge, starting at 5,999 yuan [15] - Tuya Smart reported Q3 revenue of $82.5 million, marking the ninth consecutive quarter of year-over-year growth [6]

Core Insights - Zhihu reported a total revenue of 658.9 million yuan for the third quarter of 2025, a decrease of 22.02% compared to 845.0 million yuan in the same period of 2024 [1] - The gross margin for the quarter was 61.3%, down from 63.9% in the previous year [1] Revenue Breakdown - Marketing services revenue was 189.4 million yuan, down from 256.6 million yuan year-on-year, attributed to proactive optimization of service product offerings [1] - Paid membership revenue decreased to 385.6 million yuan from 459.4 million yuan, primarily due to a decline in average monthly subscribers, which fell to 14.3 million from 16.5 million [1] - Other revenue was 83.9 million yuan, down from 129.0 million yuan, mainly due to strategic optimization in the vocational training business [1] Cost and Expenses - Cost of revenue decreased by 16.3% to 255.3 million yuan from 304.9 million yuan in the previous year [2] - Total operating expenses decreased by 19.4% to 503.5 million yuan from 624.5 million yuan [2] - Sales and marketing expenses decreased by 14.9% to 330.1 million yuan, driven by more restrained promotional spending and reduced personnel costs [2] - R&D expenses decreased by 36.2% to 114.4 million yuan due to improved efficiency [2] Profitability Metrics - Operating loss for the quarter was 99.8 million yuan, compared to a loss of 84.3 million yuan in the same period last year [2] - Adjusted operating loss narrowed by 16.3% to 73.5 million yuan from 87.8 million yuan [2] - Net loss was 46.7 million yuan, compared to 9.0 million yuan in the previous year [2] - Adjusted net loss was 21.0 million yuan, compared to 13.1 million yuan in the same period last year [2] Strategic Initiatives - The CEO stated that the company is steadily moving towards a full-year adjusted EBITDA breakeven target, with solid progress in structural optimization [2] - The company aims to enhance service products while balancing commercialization and community health, leveraging high-quality content and expert networks [2] Cash Position - As of September 30, 2025, the company had cash and cash equivalents, along with short-term investments, totaling 4.5832 billion yuan, down from 4.8590 billion yuan as of December 31, 2024 [2] Share Buyback - Zhihu repurchased 31.1 million shares of Class A common stock at a total cost of 66.5 million USD under its existing share repurchase program [3]

Core Insights - Zhihu reported a revenue of 659 million yuan for Q3 2025, with a non-GAAP operating loss narrowing by 16.3% year-on-year, indicating a potential for achieving profitability for the full year 2025 [1][2] Revenue Structure - The revenue structure optimization led to paid reading contributing 386 million yuan, accounting for 58.5% of total revenue; marketing services generated 189 million yuan, making up 28.7%; and other businesses, including vocational education and consumer goods, contributed 83.9 million yuan, representing 12.8% [1] User Engagement and Growth - User engagement metrics showed steady improvement, with average monthly subscription members reaching 14.3 million, an increase of 8.1% quarter-on-quarter, reflecting Zhihu's strong position in the industry [2] Strategic Focus - The company is investing in innovative business areas, particularly in AI and paid reading, to enhance community ecology and commercial revenue, with a focus on integrating online literature with the film and short drama industries [2] Leadership Statements - The CEO emphasized the progress towards achieving breakeven for the year, highlighting the balance between commercialization and community health, while the CFO noted effective cost management and operational efficiency improvements [2]

Zhihu (NYSE:ZH) Q3 2025 Earnings Call November 25, 2025 06:00 AM ET Company ParticipantsYolanda Liu - Director of Investor RelationsWang Han - CFOZhou Yuan - CEOVictor Zhou - AI AgentVichy Wei - VP of Research TeamConference Call ParticipantsNone - AnalystDaisy Chen - AnalystOperatorLadies and gentlemen, thank you for standing by, and welcome to the Zhihu Q3 2025 Financial Results Conference call. At this time, all participants are in listen-only mode. After the speaker's presentation, there will be a quest ...