Core 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 [1] Revenue Breakdown - The paid reading business contributed 386 million yuan in revenue, accounting for 58.5% of total revenue [2] - Marketing services revenue reached 189 million yuan, making up 28.7% of total revenue [2] - Other businesses, including vocational education and consumer goods, contributed 83.9 million yuan, representing 12.8% of total revenue [2]

Core Insights - Zhihu's Q2 2025 financial report shows a revenue of 717 million yuan, a year-on-year decrease of 23%, but an adjusted net profit of 91.3 million yuan, indicating a turnaround from losses [1] Revenue Breakdown - The paid reading business contributed 402 million yuan in revenue, accounting for 56.1% of total revenue [1] - Marketing services and vocational education contributed 223 million yuan and 62.1 million yuan in revenue, representing 31.1% and 8.7% of total revenue respectively [1] User Engagement - The average monthly subscription membership reached 13.2 million in Q2 [1] - There were 16 million participants in discussions related to technology and AI, with 3.65 million deep creators on related topics [1] - The platform had 150,000 ecosystem linkers from research institutions, enterprises, and media, with over 50 million active users engaging with technology and AI content each month [1] Financial Position - As of the end of Q2, Zhihu's total cash and cash equivalents, including time deposits, restricted funds, and short-term investments, amounted to 4.82 billion yuan [1]