Financial Data and Key Metrics Changes - In Q3 2025, the company achieved total revenues of RMB 658.9 million, a decrease from RMB 845 million in the same period of 2024, indicating a narrowing year-over-year decline for the third consecutive quarter [20][21] - The non-GAAP operating loss narrowed by 16.3% year-over-year, reflecting improved operational efficiency and disciplined cost management [4][20] - The GAAP net loss for Q3 was RMB 46.7 million compared to RMB 9 million in the same period of 2024, while the adjusted net loss on a non-GAAP basis was RMB 21 million compared to RMB 13.1 million in the same period of 2024 [23][24] Business Line Data and Key Metrics Changes - Marketing services revenue was RMB 189.4 million, with the year-over-year decrease narrowing, indicating the bottoming out of the adjustment cycle [10][21] - Paid membership revenue reached RMB 386 million, with average monthly paid members increasing by 8.1% sequentially to 14.3 million [14][21] - Other revenues were RMB 839 million, primarily due to the strategic refinement of the vocational training business, which has been reclassified into other revenues [22][24] Market Data and Key Metrics Changes - The daily creation of high-quality content increased by over 25% year-over-year, with professional AI-focused content up by more than 30% compared to the same period last year [6][7] - The user base remains stable, with MAUs showing modest growth and average daily user time spent delivering double-digit year-over-year growth for six consecutive quarters [36][37] Company Strategy and Development Direction - The company aims to achieve non-GAAP break-even on a full-year basis, focusing on structural optimization, service refinement, and balancing commercialization with community health [4][20] - The integration of AI capabilities is a core strategy, with plans to enhance user experience through AI-powered tools and features [30][39] - The company is committed to maintaining a healthy ecosystem by investing in trustworthy content and expert networks while cracking down on low-quality content [35][37] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving full-year profitability in 2025, with Q3 and Q4 being used to fine-tune operations and make targeted investments [46][50] - The company is optimistic about the recovery of its marketing services and expects sequential growth starting in Q4 [47][50] - Management emphasized the importance of real human interactions and trusted content in the AI era, positioning the company as a connection layer for users [42][43] Other Important Information - The company repurchased 31.1 million Class A ordinary shares for an aggregate value of $66.5 million, reflecting confidence in its valuation and future prospects [24][54] - The Yanyan Story initiative has successfully generated significant engagement and international interest, showcasing the potential for Chinese digital literature [15][16] Q&A Session Summary Question: Update on AI progress and integration with the Zhihu community - Management reported that the penetration rate of Zhihu Zhida exceeded 15%, reflecting strong user endorsement of the AI+ community strategy [28][29] Question: Status of Zhihu's user ecosystem and future product design - Management indicated that the community ecosystem is healthy, focusing on content quality and user structure, with continuous improvements in user engagement and trust [34][36] Question: Progress of adjustments in each business line and outlook on profitability - Management confirmed that marketing services revenue is expected to recover sequentially, while the paid membership segment is still in transition [44][46] Question: Shareholder return plan and progress - Management highlighted the company's active buyback program, expressing confidence in reaching profitability and maintaining shareholder value [54]

Core Insights - 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 cost structure optimization [1] - The company is steadily progressing towards its goal of achieving profitability for the full year of 2025 while maintaining a balance between steady growth and long-term investments [1] Revenue Structure - The revenue breakdown for Q3 shows that paid reading generated 386 million yuan, accounting for 58.5% of total revenue; marketing services contributed 189 million yuan, or 28.7%; and other businesses, including vocational education and consumer goods, brought in 83.9 million yuan, making up 12.8% [1] - Zhihu has achieved non-GAAP profitability for three consecutive quarters since Q4 2024, which supports its goal of a healthier operational state and improved efficiency [1] User Engagement and Community Value - The core value and advantages of Zhihu's trusted community have been further solidified, with high-quality content emerging, particularly in science, technology, and AI, enhancing its professional influence [2] - Key user metrics, including monthly active users, daily active users, usage duration, and core user retention, have shown steady improvement, with the average number of subscription members reaching 14.3 million, an 8.1% quarter-on-quarter increase [2] Innovation and Future Growth - Zhihu is continuously investing in innovative business models to enhance its positive impact on community ecology and commercial revenue [2] - In the AI sector, Zhihu is iterating on its Zhihu Direct Answer feature to accelerate positive community cycles while strengthening the integration of professional content and expert networks [2] Leadership Insights - The founder and CEO of Zhihu stated that the company is making solid progress towards its goal of achieving breakeven for the year, with structural optimization measures yielding better balance between commercialization and community health [3] - The CFO highlighted a 16.3% year-on-year reduction in non-GAAP operating losses, reflecting effective cost management and operational efficiency, while emphasizing the focus on sustainable, high-quality growth [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 [1] Revenue Breakdown - The paid reading business contributed 386 million yuan in revenue, accounting for 58.5% of total revenue [2] - Marketing services revenue reached 189 million yuan, making up 28.7% of total revenue [2] - Other businesses, including vocational education and consumer goods, contributed 83.9 million yuan, representing 12.8% of total revenue [2]

Core Insights - Zhihu reported a revenue of 659 million yuan for Q3 2025, representing a year-on-year decline of approximately 22% [1] - The adjusted net loss for the quarter was 21 million yuan, compared to an adjusted net loss of 13.1 million yuan in the same period last year [1] - Adjusted operating loss narrowed by 16.3% from 87.8 million yuan in Q3 2024 to 73.5 million yuan [1] Revenue Breakdown - The paid reading business contributed 386 million yuan in revenue, accounting for 58.5% of total revenue [1] - Marketing services revenue reached 189 million yuan, making up 28.7% of total revenue [1] - Other businesses, including vocational education and consumer goods, contributed 83.9 million yuan, representing 12.8% of total revenue [1] Financial Position - As of the end of Q3, Zhihu had a total of 4.58 billion yuan in cash and cash equivalents, time deposits, restricted funds, and short-term investments [1] User Engagement - User metrics such as monthly active users, daily active users, usage duration, and core user retention have shown steady improvement [1] - The average number of subscription members reached 14.3 million, reflecting a quarter-on-quarter growth of 8.1% [1] Future Outlook - The company plans to continue investing in innovative businesses and explore growth directions to enhance its positive impact on community ecology and commercial revenue [1] - In the AI sector, Zhihu aims to accelerate the positive cycle of community ecology through continuous iterations of Zhihu Direct Answer and strengthen the inclusion of professional content and expert networks across the internet [1] - In the paid reading sector, Zhihu is focusing on deepening its presence in the online literature industry through the Yan Yan Story brand [1] Management Commentary - The founder and CEO expressed that the company is making solid progress towards achieving breakeven for the year, with improved balance between commercialization and community health [2] - The CFO highlighted a 16.3% year-on-year reduction in non-GAAP operating loss, reflecting effective cost management and operational efficiency [2] - The company aims to further strengthen its commercial resilience and explore new revenue models while maintaining effective control over total costs and expenditures [2]

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 cost structure optimization, moving steadily towards profitability by the end of 2025 [1][5][6]. Revenue Structure - The revenue structure was optimized, with 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, or 12.8% [5][6]. Operational Performance - Zhihu achieved non-GAAP profitability for three consecutive quarters since Q4 2024, with a focus on adjustments and investments to enhance operational health and efficiency [5][6]. - As of the end of Q3, Zhihu's cash and cash equivalents, along with short-term investments, totaled 4.58 billion yuan [5]. User Engagement - Key user metrics, including monthly active users, daily active user engagement time, and core user retention, showed steady improvement, with the average number of subscription members reaching 14.3 million, an 8.1% quarter-on-quarter increase [5][6]. Future Growth Strategy - The company is investing in innovative business models and exploring growth directions, particularly in AI, to enhance community ecology and commercial revenue [6][7]. - The CEO emphasized the balance between commercialization and community health, with a focus on high-quality content and expert networks to strengthen Zhihu's unique advantages in the AI era [6][7].

Core Insights - Zhihu reported a revenue of 659 million yuan for Q3 2025, with paid reading contributing 386 million yuan (58.5%), marketing services 189 million yuan (28.7%), and other businesses 83.9 million yuan (12.8%) [1][2] - The company has achieved Non-GAAP profitability for three consecutive quarters since Q4 2024, with a 16.3% year-on-year reduction in operating losses for Q3 2025 [1] - As of the end of Q3, Zhihu's cash and cash equivalents, along with short-term investments, totaled 4.58 billion yuan [1] Operational Performance - User engagement metrics such as monthly active users, daily active user duration, and core user retention have shown steady improvement [1] - The average number of subscription members reached 14.3 million in Q3, reflecting an 8.1% quarter-on-quarter growth [1] Strategic Direction - The founder and CEO, Zhou Yuan, emphasized the company's steady progress towards achieving break-even for the year, highlighting the balance between commercialization and community health [2] - The synergy of high-quality content, expert networks, and AI capabilities is driving Zhihu's transformation into an AI-native community, enhancing user experience [2]

智通财经APP讯，知乎-W(02390)发布截至2025年9月30日止三个月第三季度业绩，该集团取得总收入人 民币6.59亿元(单位下同)，净亏损4674.3万元，每股净亏损0.19元。 知乎董事长兼行政总裁周源先生表示："我们正朝着全年非公认会计准则的盈亏平衡的目标稳步迈进， 本季度的进展扎实有力。随着我们的结构优化举措持续奏效，我们正在进一步完善服务产品，并在商业 化与社区健康之间取得更好的平衡。而用户活跃度的提升以及日常用户和专业创作者贡献的真实高质量 内容的增加，也使我们的社区始终充满活力。随着高质量内容×专家网络×人工智能能力产生更强的协 同效应，知乎正加速向人工智能原生社区的形态蜕变，为站内外用户带来可信赖的差异化体验。" 知乎首席财务官王晗先生补充表示："第三季度，我们的非公认会计准则经营亏损同比收窄16.3%，反 映出严格的成本管理及运营效率的提升。在持续投资长期增长计划的同时，我们仍保持对总成本及开支 的有效控制。展望未来，凭藉我们在内容质量、创作者专业性及人工智能驱动创新的核心优势，我们将 进一步强化商业化的韧性，并探索新的收入模式。我们将持续专注于实现可持续、高质量的增长。" 该信息由智 ...

Core Viewpoint - Zhihu Inc. is on track to achieve full-year non-GAAP breakeven, with significant progress in structural optimization and user engagement, while focusing on monetization resilience and new revenue models through content quality and AI capabilities [2][3][8]. Financial Performance - Total revenues for Q3 2025 were RMB 658.9 million (US$ 92.6 million), a decrease from RMB 845.0 million in Q3 2024, reflecting a year-over-year decline of approximately 22% [3][9]. - Marketing services revenue decreased to RMB 189.4 million (US$ 26.6 million) from RMB 256.6 million in the same period of 2024, primarily due to service offering refinements [3][4]. - Paid membership revenue fell to RMB 385.6 million (US$ 54.2 million) from RMB 459.4 million in Q3 2024, attributed to a decline in average monthly subscribing members [4][9]. - Other revenues decreased to RMB 83.9 million (US$ 11.8 million) from RMB 129.0 million in Q3 2024, mainly due to strategic changes in the vocational training business [4]. Cost Management - Cost of revenues decreased by 16.3% to RMB 255.3 million (US$ 35.9 million) from RMB 304.9 million in Q3 2024, driven by reduced content and operating costs [5]. - Total operating expenses decreased by 19.4% to RMB 503.5 million (US$ 70.7 million) from RMB 624.5 million in the same period of 2024 [6]. - Selling and marketing expenses decreased by 14.9% to RMB 330.1 million (US$ 46.4 million) from RMB 388.0 million in Q3 2024, reflecting more disciplined promotional spending [6][7]. - Research and development expenses decreased by 36.2% to RMB 114.4 million (US$ 16.1 million) from RMB 179.3 million in Q3 2024, indicating improved efficiency [7]. Profitability Metrics - Gross profit for Q3 2025 was RMB 403.6 million (US$ 56.7 million), with a gross margin of 61.3%, down from 63.9% in Q3 2024 [5][9]. - Loss from operations was RMB 99.8 million (US$ 14.0 million), compared to RMB 84.3 million in Q3 2024 [7][9]. - Adjusted loss from operations (non-GAAP) narrowed by 16.3% to RMB 73.5 million (US$ 10.3 million) from RMB 87.8 million in the same period of 2024 [8][9]. - Net loss for Q3 2025 was RMB 46.7 million (US$ 6.6 million), compared to RMB 9.0 million in Q3 2024 [8][9]. Cash Position and Share Repurchase - As of September 30, 2025, the company had cash and cash equivalents totaling RMB 4,583.2 million (US$ 643.8 million), down from RMB 4,859.0 million as of December 31, 2024 [11]. - The company repurchased 31.1 million Class A ordinary shares for a total price of US$ 66.5 million under its existing share repurchase programs [12].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 未經審計財務業績 本公告乃根據香港聯合交易所有限公司（「香港聯交所」）證券上市規則第13.09條 及證券及期貨條例（第571章）第XIVA部刊發。 知乎（「本公司」）欣然宣佈本公司及其附屬公司及綜合聯屬實體截至2025年9月 30日止三個月的未經審計簡明合併業績。 本公司欣然宣佈，根據美國證券交易委員會（「美國證監會」）適用規則刊發的本公 司及其附屬公司及綜合聯屬實體截至2025年9月30日止三個月的未經審計簡明合 併業績（「第三季度業績」）。 第三季度業績乃根據美國公認會計準則（有別於國際財務報告準則）編製。 本公告附表I為本公司於2025年11月25日（美國東部時間）就第三季度業績刊發的 新聞稿全文，其中部分內容可能構成本公司的重大內幕消息。 Zhihu Inc. （於開曼群島註冊成立以不同投票權控制的有限責任公司） （紐交所代號：ZH；聯交所代號：2390） 內幕消息 截至2025年9月30日止季 ...

Core Insights - The event "Salt Salon" focused on the theme of "Sustainable Living Philosophy for Contemporary Youth," aiming to redefine sustainability beyond the stereotype of environmentalism as a form of self-denial [1][2] - The initiative encourages a dual approach of being good to oneself while also being good to the world, promoting a more inclusive understanding of sustainable living [1] Group 1: Event Overview - The "Salt Salon" is part of Zhihu's "Common Good Co-Creation Plan," which began in late September and involves over 20 leading public welfare organizations, including Alibaba Foundation and Tencent Charity [2] - Activities included an "Idle Item Exchange" and a "Sustainable Living Proposal" segment, fostering community engagement and practical applications of sustainable practices [1] Group 2: Educational Aspects - Professor Wang Xiaohua from Beijing Normal University provided insights from a psychological perspective, emphasizing the need to distinguish between needs and wants in a consumerist society [1] - The event featured a "Climate Fresk" board game, which aimed to educate participants on the scientific logic of climate change in an engaging manner [1] Group 3: Social Responsibility - Zhihu is actively working to fulfill its corporate social responsibility by connecting various social forces through knowledge-sharing and promoting rational public welfare practices [2] - The platform has gathered numerous psychologists, doctors, and science communicators to provide emotional support and practical methods for the public [2]