Guo Ji Jin Rong Bao·2025-11-25 12:22Core 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]