Yang Guang Wang·2025-11-25 12:07Core 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]