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]

Group 1: Financial Performance - In Q2 2025, the total revenue of the company was 717 million RMB, a decrease of approximately 23% compared to 934 million RMB in the same period of 2024 [1] - The gross margin improved from 59.6% in 2024 to 62.5% in 2025 [1] - The net profit for Q2 2025 was 72.5 million RMB, compared to a net loss of 80.6 million RMB in Q2 2024 [1] Group 2: Adjusted Profitability - The adjusted net profit (non-GAAP) for Q2 2025 was 91.3 million RMB, while in Q2 2024, it was an adjusted net loss of 44.6 million RMB [1] - For the first half of 2025, the net profit was 62 million RMB, down from 246 million RMB in the same period of 2024 [1] - The adjusted net profit for the first half of 2025 was 98 million RMB, compared to an adjusted net loss of 180 million RMB in the previous year [1] Group 3: Revenue Sources - The largest revenue source in the first half of 2025 was paid memberships, generating 820 million RMB, down 7.1% from 882 million RMB in 2024 [2] - The average monthly subscription members decreased to 13.7 million in the first half of 2025, down from 14.7 million in 2024, a decline of 6.7% [2] - Marketing services revenue fell to 420 million RMB, a significant drop of approximately 37.8% from 675 million RMB in 2024 [2] Group 4: Cost Management - The company's cost of revenue decreased by 31.1% to 547 million RMB [3] - Sales and marketing expenses were reduced by 27.7% to 647 million RMB [3] - Research and development expenses decreased by 29.3% to 288 million RMB, while general and administrative expenses fell by 47.6% to 109 million RMB [3]

Core Insights - Zhihu reported a total revenue of RMB 716.9 million for Q2 2025, a decrease of approximately 23% compared to RMB 933.8 million in Q2 2024 [1] - The gross margin improved from 59.6% in Q2 2024 to 62.5% in Q2 2025 [1] - The net profit for Q2 2025 was RMB 72.5 million, a significant turnaround from a net loss of RMB 80.6 million in Q2 2024 [1] Revenue Breakdown - Marketing services revenue decreased to RMB 222.8 million in Q2 2025 from RMB 344 million in Q2 2024, attributed to a strategic focus on improving profit margins [1] - Paid membership revenue slightly declined to RMB 402 million in Q2 2025 from RMB 432.7 million in Q2 2024, mainly due to a decrease in average monthly subscribers [1] - Vocational training revenue fell to RMB 62.1 million in Q2 2025 from RMB 133.6 million in Q2 2024, reflecting strategic optimization of Zhihu's business [1] - Other income increased by 27.6% to RMB 30 million in Q2 2025 from RMB 23.5 million in Q2 2024 [1] Subscriber Metrics - The average monthly paid subscribers reached 13.2 million in Q2 2025 [1]

Group 1 - Fidelity International significantly increased its stake in Zhihu in Q1 2025, raising its holdings from 128,000 shares at the end of 2024 to 1,525,000 shares [1] - The new holdings represent 1.7% of Zhihu's total outstanding shares [1]