12月20日，今日头条2025优质深度创作者大会在海南万宁举行。本次活动为期三天，超过300位图文创 作者围绕行业趋势、平台政策与创作心得进行交流。现场，今日头条回顾过去一年以"优质深度"为核心 战略的探索与成果，重磅发布"专项创作基金""深一度工作室""薪火计划"三大扶持计划，持续加码深度 内容创作。 回归初心，让深度内容成为 " 硬通货 " 者的"阅读队列"。为了让深度内容创作不再坐在冷板凳，今日头条给深度文章设置了冷启动流量池，在 流量上扶持创作者，系统性提升优质图文内容的曝光和触达效率。 当技术降低内容生产门槛，真实、理性、思辨的内容反而成为"硬通货"。今日头条作者与内容生态负责 人李黎在大会主题演讲中称，今日头条选择回归初心，将"优质深度"确立为2025年核心平台内容战 略。"这不仅是一个商业选择，更是平台应当承担的社会责任——推动理性思考，促进良性公共对 话。"李黎称。 自创立之初，今日头条的图文体裁就是深度内容的重要载体。新闻资讯、公共议题等内容在平台上有丰 富积淀。数据显示，平台用户的内容消费偏好呈现出鲜明的深度化特征。与互联网大盘相比，头条用户 在资讯、公共议题等严肃思辨类内容上的消费占比达 ...

新京报贝壳财经讯（记者罗亦丹）12月20日，今日头条2025优质深度创作者大会在海南万宁举行。今日 头条作者与内容生态负责人李黎在大会主题演讲中表示，今日头条选择回归初心，将"优质深度"确立为 2025年核心平台内容战略。"这不仅是一个商业选择，更是平台应当承担的社会责任——推动理性思 考，促进良性公共对话。" 数据显示，今日头条平台用户的内容消费偏好呈现出鲜明的深度化特征。与互联网大盘相比，头条用户 在资讯、公共议题等严肃思辨类内容上的消费占比达44%，显著高于行业平均的14%。从用户结构来 看，新一线城市用户占比、高学历用户比例较高，对优质深度内容有较高阅读意愿。 今年，平台优质深度图文内容的阅读量同比增长近三倍。每日有超过半数的日活跃用户接触到优质深度 精选内容，其中1%的高黏性用户日均阅读长文超10篇，相当于每日吸收两万字以上的深度信息。 为了让优质内容精准触达潜在读者，今日头条优化算法，打造了一条"由文章寻找读者"的分发链路。今 日头条算法负责人李丕勋介绍，新文章发布后，系统会搜索找到可能喜欢这篇文章的潜在读者，进入读 者的"阅读队列"。为了让深度内容创作不再坐冷板凳，今日头条给深度文章设置了冷启动 ...

Financial Data and Key Metrics Changes - The company achieved adjusted net income of RMB91.3 million for Q2 2025, compared to a loss of RMB44.6 million in the same period last year, marking the third consecutive quarter of non-GAAP profitability [8][41] - Total revenues for the quarter were RMB716.9 million, a significant increase from RMB93.8 million in Q2 2024, with gross margin expanding to 62.5% from 59.6% year over year [35][38] - Operating expenses decreased by 27.2% year over year to RMB539.2 million, reflecting tighter cost controls and productivity improvements [39] Business Line Data and Key Metrics Changes - Marketing services revenue grew 13.1% quarter over quarter to RMB222.8 million, with a narrowing year-over-year decline [21][36] - Paid membership revenue was RMB402 million, down slightly from RMB432.7 million in the same period of 2024, primarily due to a decrease in new subscriptions [25][37] - Vocational training revenue was RMB62.1 million, compared to RMB13.6 million in Q2 2024, with a focus on high-performing course categories [29][37] Market Data and Key Metrics Changes - The average daily user time spent on the platform exceeded 39 minutes, reflecting a 15% year-over-year increase [12] - Daily high-quality content creation increased by over 10% sequentially, with professional AI-related content maintaining year-over-year growth of over 45% for two consecutive quarters [13] Company Strategy and Development Direction - The company aims to enhance user and creator experiences by integrating AI more deeply into the community, with plans to launch significant updates in Q4 [11][48] - The strategic focus includes optimizing the trustworthiness of content and fostering greater creator engagement, which has shown tangible results [12][30] - The company is transitioning to a more community-driven approach in its vocational training business, fostering deeper social engagement and knowledge sharing [30] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving near breakeven on a full-year non-GAAP basis, supported by ongoing adjustments and a solid financial foundation [66] - The company anticipates stabilization and recovery in marketing services, with a return to positive year-over-year growth expected in the coming quarters [56] Other Important Information - The company repurchased 31.1 million Class A ordinary shares for an aggregate value of $66.5 million, demonstrating a commitment to enhancing shareholder returns [41][63] - The company has seen a significant increase in advertising spend from the gaming sector, with a fourfold increase year over year [24] Q&A Session Summary Question: Plans for AI and large language model products - Management noted that progress in AI is aligned with the broader industry, with ongoing upgrades to agentic capabilities and new integrations [45][46] Question: Current user metrics and value of user-generated content - Management highlighted the evolving definition of Zhihu and emphasized the importance of trust in user-generated content as a key value proposition [50][52] Question: Growth outlook for marketing services, paid membership, and vocational training - Management expects stabilization in marketing services and is focusing on optimizing client structure and enhancing monetization of IPs [55][56] Question: Shareholder returns and profitability outlook - Management confirmed a commitment to share repurchases and expressed optimism about achieving profitability in the second half of the year [62][66]

Core Viewpoint - Zhihu is transitioning from a high-quality knowledge-sharing platform to a more commercialized model, focusing on profitability while facing challenges in user engagement and content quality [2][9][14]. User Engagement - Zhihu's average monthly active users (MAU) peaked at 101.2 million in Q3 2021 but has since declined to 81.1 million in Q3 2024, indicating a significant drop in user engagement [5][4]. - The decline in MAU is attributed to a combination of optimizing advertising spend and enhancing user experience, leading to a reduction in low-engagement users while increasing high-engagement users [5][4]. Business Diversification - Since 2016, Zhihu has explored various revenue streams, including advertising, paid memberships, and knowledge services, with non-advertising revenue accounting for 61% of total revenue in 2021 [9][10]. - Paid membership revenue became the primary income source in Q2 2022, reaching 271 million yuan, a 75.1% year-on-year increase [10]. - Zhihu's foray into vocational education has shown significant growth, with revenue from this segment increasing by 457.14% year-on-year in Q3 2022 [10]. Short Video and E-commerce Ventures - Zhihu has attempted to enter the short video and e-commerce markets but has faced challenges in establishing a strong presence in these areas [11]. - Despite various attempts at diversification, paid memberships remain the most significant revenue source, contributing 57.27% of total revenue in Q1 2025 [11]. Short Drama Market Potential - The short drama market in China reached 50.5 billion yuan in 2024, surpassing the film box office for the first time, presenting a new opportunity for Zhihu's "Salted Story" initiative [14][15]. - Zhihu's "Salted Story" has produced over 100 quality IPs for the short drama industry, with successful adaptations like "The Pen" setting records on platforms like Tencent Video [3][15]. Challenges and Future Outlook - Analysts express skepticism about Zhihu's ability to capitalize on the short drama market, suggesting that platforms like Douyin and Kuaishou may dominate due to their advanced recommendation algorithms [16]. - The company is encouraged to focus on knowledge monetization and original content creation as a sustainable path forward, despite the challenges faced in the current market landscape [17].

Group 1 - Short dramas are becoming essential in the Chinese internet landscape, with Xiaohongshu entering the market by offering 100 free short dramas and various promotional activities [1][3] - The short drama "Chiren Zhi Ai" has become a hit on Xiaohongshu, achieving over 70 million views and 200 million discussions within two weeks of its release [1][3] - Xiaohongshu's strategy focuses on high-quality content, emphasizing 4K resolution and cinematic aesthetics, aligning with its user base's preference for quality [3][11] Group 2 - Xiaohongshu's user demographic is predominantly female, with over 70% of users being women, making female-oriented content crucial for its short drama success [5][15] - The platform has integrated a dedicated "short drama" channel prominently on its homepage, showcasing exclusive titles like "Chiren Zhi Ai" [6][8] - User engagement is characterized by discussions around plot and character development rather than simple reviews, indicating a deeper emotional connection with the content [9][11] Group 3 - Xiaohongshu's approach to short dramas is marked by a focus on quality and emotional resonance, contrasting with competitors like Hongguo, which relies on a free model to attract users [16][25] - Hongguo has rapidly gained traction by leveraging a vast library of female-oriented IPs and a revenue-sharing model that incentivizes creators [22][25] - The competition between Xiaohongshu and Hongguo is intensifying, with both platforms vying for the same female audience, leading to a potential "war for women" [5][29] Group 4 - The short drama market is evolving, with a shift towards character development and emotional storytelling, moving away from purely sensational content [25][40] - Xiaohongshu's commitment to high-quality short dramas is seen as a strategic move to retain its core user base while navigating the competitive landscape [35][38] - The future of short dramas may hinge on emotional engagement rather than just view counts, as platforms seek to create lasting connections with their audiences [42]