11月25日，知乎发布2025年第三季度业绩报告。报告显示，知乎第三季度营收6.59亿元，非公认会计准 则经营亏损同比收窄16.3%。 （文章来源：国际金融报） 报告期内，付费阅读业务贡献3.86亿元营收，占比达到58.5%；营销服务收入达到1.89亿元，占比为 28.7%，包括职业教育、消费品等在内的其他业务贡献8390万元收入，占比为12.8%。 ...

面向未来，知乎不断投入创新型业务，探索增长方向，以提升其对社区生态和商业收入的正向推动 力。在AI领域，夯实知乎在AI时代的独特优势；在付费阅读领域，知乎依托盐言故事品牌深耕网络文 学产业布局。随着网文与影视、短剧产业的加速融合，盐言故事已累计有近百部作品授权短剧改编，逐 步发展成为短剧、漫剧等新兴产业的优质剧本池。 2024年第四季度以来，知乎连续三个季度实现Non-GAAP盈利。在此基础上，第三季度进行了一定 的调整和投入，以实现更健康的经营状态，更稳步提升的经营效率和质量。加之AI等创新型增长方向 的持续投入和驱动，都为知乎实现2025年全年盈利奠定基础。截至第三季度末，知乎现金及现金等价 物、定期存款、受限资金及短期投资合计45.8亿元。 运营层面，知乎可信赖社区的核心价值和优势得到进一步稳固。高质量内容持续涌现，尤其在科 学、科技、AI等领域，知乎的专业影响力不断强化。知乎月活、日活使用时长、核心用户留存等用户 指标均稳步提升。此外，第三季度月均订阅会员数继续保持行业领先，达到1430万，环比增长8.1%。 央广网深圳11月25日消息（记者 殷雨婷）11月25日，知乎发布2025年第三季度业绩报告。 ...

本报讯 （记者袁传玺）11月25日，知乎（NYSE：ZH;HKEX：2390）发布了2025年第三季度业绩报 告。报告显示，知乎第三季度营收6.59亿元，非公认会计准则经营亏损同比收窄16.3%，经营效率和质 量持续提升，成本结构优化成效显著。在保持稳健与长期投入并行的节奏下，知乎正朝着2025年全年盈 利的目标稳步迈进。 第三季度，知乎不断优化收入结构，继续利用核心优势深化和探索新的商业化方式。其中付费阅读业务 营收达3.86亿元，占比达到58.5%；营销服务营收达到1.89亿元，占比为28.7%，包括职业教育、消费品 等在内的其他业务营收达8390万元，占比为12.8%。 2024年第四季度以来，知乎连续三个季度实现Non-GAAP盈利。在此基础上，第三季度进行了一定的调 整和投入，以实现更健康的经营状态，更稳步提升的经营效率和质量。加之AI等创新型增长方向的持 续投入和驱动，都为知乎实现2025年全年盈利奠定基础。截至第三季度末，知乎现金及现金等价物、定 期存款、受限资金及短期投资合计45.8亿元。 知乎创始人、董事长兼CEO周源表示："我们正朝着全年盈亏平衡的目标稳步迈进，本季度的进展扎实 有力。随着 ...

编辑 王进雨 第三季度，付费阅读业务贡献3.86亿元营收，占比达到58.5%；营销服务收入达到1.89亿元，占比为 28.7%，包括职业教育、消费品等在内的其他业务贡献8390万元收入，占比为12.8%。 新京报贝壳财经讯 11月25日，知乎发布2025年第三季度业绩报告。报告显示，知乎第三季度营收6.59亿 元，非公认会计准则经营亏损同比收窄16.3%。 ...

新浪科技讯 11月25日下午消息，知乎发布2025年第三季度业绩报告。报告显示，知乎第三季度营收6.59 亿元。其中，付费阅读业务营收为3.86亿元，占比达到58.5%；营销服务收入为1.89亿元，占比为 28.7%；包括职业教育、消费品等在内的其他业务贡献8390万元收入，占比为12.8%。 责任编辑：何俊熹 2024年第四季度以来，知乎连续三个季度实现Non-GAAP盈利。在此基础上，2025年第三季度，知乎进 行了一定的调整和投入，以实现更健康的经营状态和更稳步提升的经营效率和质量。第三季度，知乎非 公认会计准则经营亏损同比收窄16.3%。截至第三季度末，知乎现金及现金等价物、定期存款、受限资 金及短期投资合计45.8亿元。 知乎创始人、董事长兼CEO周源表示："我们正朝着全年盈亏平衡的目标稳步迈进，本季度的进展扎实 有力。随着结构优化举措持续奏效，商业化与社区健康之间取得更好的平衡。用户活跃度的提升，日活 用户和专业创作者的贡献，以及高质量内容的增加，共同提升社区活力。随着'高质量内容 × 专家网络 × AI能力'产生更强的协同效应，知乎正加速向AI原生社区的形态蜕变，为站内外用户带来可信赖的差 异化 ...

Core Viewpoint - Zhihu demonstrates its profitability during business adjustments, reporting a revenue of 717 million yuan and a non-GAAP net profit of 91.3 million yuan for Q2 2025, achieving non-GAAP profitability for three consecutive quarters [2][3]. Revenue Performance - Zhihu's Q2 2025 revenue decreased by 23.23% year-on-year from 934 million yuan to 717 million yuan, with Q1 2025 revenue at 730 million yuan [3]. - The paid reading business remains the largest revenue contributor, generating 402 million yuan in Q2 2025, accounting for 56.1% of total revenue, down from 433 million yuan in the same period last year [3]. - The average monthly subscription members decreased to 13.2 million in Q2 2025 from 14.7 million in the same period last year [3]. Business Strategy and Adjustments - The company is focusing on improving member retention and increasing ARPU (Average Revenue Per User) through various initiatives, including optimizing new member structures and expanding content offerings [3]. - Marketing service revenue fell to 223 million yuan in Q2 2025 from 344 million yuan year-on-year, attributed to a strategic focus on improving profit margins [4]. - The vocational education segment generated 62.1 million yuan, down from 62 million yuan year-on-year, due to strategic optimization [4]. Profitability and Cost Management - Despite revenue declines, Zhihu achieved a net profit of 72.5 million yuan in Q2 2025, compared to a net loss of 80.6 million yuan in the same period last year [4]. - The adjusted net profit (non-GAAP) was 91.3 million yuan, a significant improvement from an adjusted net loss of 44.6 million yuan in Q2 2024 [4]. AI Integration and Community Development - The company is fully embracing AI technology, with the launch of the new AI search product "Zhihu Direct Answer" aimed at enhancing user experience and content quality [5][6]. - The integration of AI with community content is seen as a key strategy, with ongoing upgrades to improve the search and answer quality [6]. - The CEO emphasized the importance of high-quality content as a trust currency in the AI era, indicating a shift towards more reliable and professional content [5][6]. Future Outlook - The company aims to optimize its client structure and upgrade its commercial products to achieve positive year-on-year growth in marketing services [4]. - Continuous iterations and upgrades of the AI search capabilities are planned, with a focus on enhancing user experience in Q4 2025 [6].

Core Insights - Zhihu reported a revenue of 717 million yuan for Q2 2025, with an adjusted net profit of 91.3 million yuan, marking three consecutive quarters of Non-GAAP profitability [1] - The paid reading business generated 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, representing 31.1% and 8.7% of total revenue, respectively [1] - As of the end of Q2, Zhihu had a total of 4.82 billion yuan in cash and cash equivalents, time deposits, restricted funds, and short-term investments [1]

Core Insights - Zhihu reported a revenue of 717 million yuan for Q2 2025, representing a year-on-year decrease of 23% while achieving an adjusted net profit of 91.3 million yuan, marking a turnaround to profitability for three consecutive quarters [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 generated revenues of 223 million yuan and 62.1 million yuan, representing 31.1% and 8.7% of total revenue respectively [1] User Engagement - The average monthly subscription membership reached 13.2 million in Q2, with 16 million users participating in discussions on technology and AI topics [1] Management Commentary - Zhihu's founder and CEO, Zhou Yuan, emphasized the integration of artificial intelligence into the product experience, enhancing value for users and creators [1] - The company aims to leverage high-quality content, reliable creators, and AI capabilities to strengthen its competitive advantage and long-term growth potential [1]

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]

Core Insights - Zhihu reported a revenue of 717 million yuan for Q2 2025, with paid reading contributing 402 million yuan, accounting for 56.1% of total revenue [1] - The company has achieved adjusted net profit of 91.3 million yuan for the second consecutive quarter, maintaining a trend of profitability since Q4 2024 [1][2] - As of the end of Q2, Zhihu's cash and cash equivalents, along with short-term investments, totaled 4.82 billion yuan [1] Revenue Breakdown - Paid reading business generated 402 million yuan, representing 56.1% of total revenue [1] - Marketing services contributed 223 million yuan, accounting for 31.1% [1] - Vocational education business brought in 6.21 million yuan, making up 8.7% [1] User Engagement and Community Development - Monthly active users remained stable, while daily active user engagement time and core user retention rates showed significant improvement [1][2] - The average number of subscription members reached 13.2 million in Q2 [1] Strategic Focus and Future Outlook - The CEO emphasized the effectiveness of refined operational strategies and the integration of AI technology, which has enhanced efficiency [2] - The company aims to leverage high-quality content, trusted creators, and AI capabilities to strengthen its competitive advantage in the long term [2]