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 quality [1] - The management expressed confidence in achieving profitability for the full year 2025, emphasizing a return to a healthier operational state [2] - The company plans to drive its community ecosystem through the synergy of high-quality content, expert networks, and AI capabilities, with a focus on innovative business models [1][2] Financial Performance - Zhihu's revenue structure optimization led to 386 million yuan from paid reading and 189 million yuan from marketing services, with other businesses contributing 83.9 million yuan [1] - The non-GAAP operating loss reduction reflects strict cost management and enhanced operational efficiency [1] - As of the end of Q3, Zhihu's cash and cash equivalents, along with short-term investments, totaled 4.58 billion yuan, indicating strong cash reserves [1] Future Outlook - The company aims to enhance its AI application, Zhihu Zhidao, which has seen a usage penetration rate exceeding 15%, nearly quadrupling from the same period last year [2] - Future upgrades for Zhihu Zhidao will include enhancements in search, creation, consumption, and circulation, aiming to improve AI integration within the community [2] - The CEO highlighted the increasing demand for social capital and high-quality content in the AI era, positioning Zhihu as a connector in the AI landscape [3]

Core Insights - Zhihu has achieved non-GAAP profitability for three consecutive quarters, signaling a shift from the traditional "burning money for growth" model in the Chinese internet industry [1][2] - The company reported Q2 revenue of 717 million RMB and an adjusted net profit of 91.3 million RMB, with a gross margin of 62.5% and 13.2 million monthly subscription members [1] Financial Performance - In the first half of 2025, Zhihu achieved profitability under both GAAP and non-GAAP standards [1] - Q2 revenue reached 717 million RMB, with an adjusted net profit of 91.3 million RMB [1] - The gross margin for Q2 was reported at 62.5% [1] Business Strategy - Zhihu's CEO emphasized that the recent profitability is not solely due to cost-cutting but is a result of synergistic efforts in paid services, marketing, and vocational training [2][4] - The company aims to maintain its core community values while realizing commercial potential, focusing on "trust" as a fundamental value [7][19] Market Positioning - Zhihu positions itself as a platform for credible content and expert networks, catering to a growing demand for trustworthy information [2][5] - The company has strategically avoided low-quality content and advertising, prioritizing user trust and community integrity [7][19] Growth Philosophy - The growth philosophy of Zhihu emphasizes quality over quantity, focusing on creating real value for users and contributors rather than merely increasing user numbers [10][11] - The company believes that sustainable growth is a long-term process, with a focus on building a healthy community ecosystem [11][12] AI Integration - Zhihu plans to leverage AI to enhance user experience while maintaining the importance of human judgment and interaction [20][22] - The company intends to develop AI tools that integrate seamlessly with community functions, aiming to become a trusted information infrastructure in the AI era [22][23]