Core Insights - Zhihu Inc. has launched its Yanyan Story platform at the Frankfurt Book Fair, marking a significant step in the international expansion of Chinese short-form online literature [1][2] Industry Overview - The Frankfurt Book Fair is the largest publishing exhibition globally, featuring over 4,000 publishers from 92 countries and regions [2] - Chinese online literature has reached approximately 200 million active overseas readers across more than 200 countries, with a market value exceeding RMB 5 billion [3] Company Developments - Yanyan Story integrates storytelling, technology, and user participation, creating a new model for global literary engagement [4] - The platform offers various content formats, including books, digital reading, audio dramas, and cultural products, contributing to Zhihu's 13.2 million paid subscribers [5] - Yanyan Story has licensed over 100 works for publication, with translations available in multiple languages such as English, Spanish, Japanese, Korean, Portuguese, Thai, and Indonesian [5] Financial Performance - In Q2 2025, Zhihu's revenue from IP licensing grew in triple digits year-over-year and sequentially [6] - More than 100 Yanyan Story IP titles have been licensed for adaptations in film, animation, and short dramas, with several already generating revenue [6] Strategic Vision - The Vice President of Zhihu emphasized that short-form literature and IP adaptation are transforming cultural storytelling, highlighting the platform's role in connecting creators and readers globally [7]