来源：央广网 12月21日，知乎旗下原创优质故事平台盐言故事在泉州举办创作者盛会，在众多优秀作者、行业嘉宾的 见证下发布"2025短篇故事影响力榜"。该榜单历时三届，已经成为短篇故事领域极具公信力和权威性的 年度盛事。本届榜单同样吸引了众多机构专家、产业合作伙伴参评，共推选出62部优秀作品和20位优秀 作者，不仅囊括了2025"盐言三绝"、短剧改编大热IP，也挖掘出众多具备多元开发潜力的佳作，有望成 就下一批网文、影视剧爆款。 今年的"最受影视价值作品"在原有基础上新增了短剧开发分支，既呼应了当下短剧火爆的产业趋势，也 展现出盐言故事面向短剧产业的价值释放。2025年，盐言故事已有上百部作品售出短剧改编权，引 领"盐言系短剧"热潮，以优质剧本驱动短剧新兴产业的发展，甚至影视产业的结构化创新。 知乎创始人、CEO周源在现场寄语优秀作者。他表示，知乎连续举办三届短篇故事影响力榜评选，希望 短篇故事能被更认真对待，真正用心写故事的人能被更认真看见。如果说去年榜单更关注"如何跑出爆 款"，今年的榜单则更注重思考"故事能留下些什么"。相比数据和热度维度上的影响力，更希望这份影 响力榜单中"既有被很多人看到的故事，也有被 ...

据介绍，在作品维度，本届榜单在原有的爽文、虐文、甜文、悬疑等创作架构下，进一步挖掘创作叙事 突破，入选作品包括《无暇赴死》、《我有一个奇怪群》、《打魂鞭》等62部作品。榜单还首次纳入了 2025"盐言三绝"和长篇创作马拉松获奖作品，将影响力评选扩宽到中长篇创作范畴，引入更多现实题材 创作。此外，今年的"最受影视价值作品"新增短剧开发分支，2025年盐言故事已有上百部作品售出短剧 改编权。 新浪科技讯 12月22日下午消息，12月21日，知乎旗下原创优质故事平台盐言故事发布"2025短篇故事影 响力榜"，共推选出62部优秀作品和20位优秀作者。 知乎创始人、CEO周源表示，知乎连续举办三届短篇故事影响力榜评选，希望短篇故事能被更认真对 待，真正用心写故事的人能被更认真看见。如果说去年榜单更关注"如何跑出爆款"，今年的榜单则更注 重思考"故事能留下些什么"。相比数据和热度维度上的影响力，更希望这份影响力榜单中"既有被很多 人看到的故事，也有被很多人放在心里的故事"。 责任编辑：宋雅芳 ...

Core Insights - The company reported a revenue of 659 million yuan for Q3 2025, a year-on-year decline of 22%, which aligns with expectations [1] - Non-GAAP net loss was 21 million yuan, better than the anticipated loss of 55 million yuan, attributed to lower-than-expected sales and R&D expenses [1] - The CFO indicated that the current market value is significantly below cash assets, which amounted to 4.58 billion yuan at the end of Q3 2025, and the company plans to continue share buybacks [1] Business Development Trends - The company is focused on optimizing its platform business and balancing commercialization with community ecology [1] - Marketing business revenue decreased by 26% to 189 million yuan in Q3 2025, but the decline rate improved from 35% in Q2 2025, suggesting effective adjustments that may lead to growth next year [1] - Paid membership revenue reached 386 million yuan, with a notable increase in daily active user engagement, achieving double-digit year-on-year growth for six consecutive quarters [1] - IP copyright revenue saw a significant increase, with triple-digit year-on-year growth in Q3 2025, driven by the accelerated development of the "Salt Story" IP into various media formats [1] - Other revenue declined by 35% to 83.9 million yuan, with a focus on optimizing ROI in vocational training [1] - The company is relatively confident in achieving Non-GAAP profitability in 2025 [1] AI Application and Collaboration Potential - The penetration rate of the Zhihu direct answer community increased to 15% in Q3, with AI search upgraded to an Agentic assistant [2] - Upcoming features include full user access to search results and enhanced AI search capabilities for community trends [2] - The introduction of AI Copilot tools aims to boost content creation frequency and community engagement, with over 20% usage rate by the end of Q3 2025 [2] - The combination of high-quality content, expert networks, and AI capabilities is expected to create a competitive advantage for Zhihu in the AI era [2] Profit Forecast and Valuation - Revenue forecasts for 2025 and 2026 have been adjusted downwards by 2% and 17% to 2.76 billion yuan and 2.48 billion yuan, respectively [2] - The Non-GAAP net profit forecast for 2026 has been reduced by 47% to 40.86 million yuan [2] - Current stock prices correspond to 0.8/0.9x and 0.9/0.9x P/S ratios for Hong Kong and US stocks for 2025/2026 [2] - The target price has been lowered by 11% and 13% to 14 HKD and 5.4 USD, respectively, with an upside potential of 34% for both markets [2]

Core Viewpoint - Zhihu reported a revenue of 659 million yuan for Q3 2025, with a steady increase in subscription membership and user engagement metrics [1] Revenue Structure - The paid reading business generated 386 million yuan, accounting for 58.5% of total revenue [1] - Marketing services contributed 189 million yuan, representing 28.7% of total revenue [1] - Other businesses, including vocational education and consumer goods, generated 83.9 million yuan, making up 12.8% of total revenue [1] User Engagement - The average monthly subscription membership reached 14.3 million, reflecting a quarter-on-quarter growth of 8.1% [1] - Key user metrics such as monthly active users, daily active users, usage duration, and core user retention have shown steady improvement [1] Strategic Initiatives - Zhihu's "Salted Story" brand has authorized nearly 100 works for short drama adaptations, indicating a growing integration with the web literature and film industries [1] - In October, Zhihu represented the Chinese online literature platform at the Frankfurt Book Fair, promoting high-quality IPs for short stories internationally [1] Management Perspective - The founder and CEO, Zhou Yuan, stated that the company is steadily moving towards achieving a break-even point for the year [1] - Ongoing structural optimization measures are yielding positive results, balancing commercialization with community health [1] - Increased user activity, contributions from daily active users and professional creators, along with a rise in high-quality content, are enhancing community vitality [1]

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, indicating a potential for achieving profitability for the full year 2025 [1][2] Revenue Structure - The revenue structure optimization led to paid reading contributing 386 million yuan, accounting for 58.5% of total revenue; marketing services generated 189 million yuan, making up 28.7%; and other businesses, including vocational education and consumer goods, contributed 83.9 million yuan, representing 12.8% [1] User Engagement and Growth - User engagement metrics showed steady improvement, with average monthly subscription members reaching 14.3 million, an increase of 8.1% quarter-on-quarter, reflecting Zhihu's strong position in the industry [2] Strategic Focus - The company is investing in innovative business areas, particularly in AI and paid reading, to enhance community ecology and commercial revenue, with a focus on integrating online literature with the film and short drama industries [2] Leadership Statements - The CEO emphasized the progress towards achieving breakeven for the year, highlighting the balance between commercialization and community health, while the CFO noted effective cost management and operational efficiency improvements [2]

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]

Core Insights - Zhihu reported a revenue of 659 million yuan for Q3 2025, representing a year-on-year decline of approximately 22% [1] - The adjusted net loss for the quarter was 21 million yuan, compared to an adjusted net loss of 13.1 million yuan in the same period last year [1] - Adjusted operating loss narrowed by 16.3% from 87.8 million yuan in Q3 2024 to 73.5 million yuan [1] Revenue Breakdown - The paid reading business contributed 386 million yuan in revenue, accounting for 58.5% of total revenue [1] - Marketing services revenue reached 189 million yuan, making up 28.7% of total revenue [1] - Other businesses, including vocational education and consumer goods, contributed 83.9 million yuan, representing 12.8% of total revenue [1] Financial Position - As of the end of Q3, Zhihu had a total of 4.58 billion yuan in cash and cash equivalents, time deposits, restricted funds, and short-term investments [1] User Engagement - User metrics such as monthly active users, daily active users, usage duration, and core user retention have shown steady improvement [1] - The average number of subscription members reached 14.3 million, reflecting a quarter-on-quarter growth of 8.1% [1] Future Outlook - The company plans to continue investing in innovative businesses and explore growth directions to enhance its positive impact on community ecology and commercial revenue [1] - In the AI sector, Zhihu aims to accelerate the positive cycle of community ecology through continuous iterations of Zhihu Direct Answer and strengthen the inclusion of professional content and expert networks across the internet [1] - In the paid reading sector, Zhihu is focusing on deepening its presence in the online literature industry through the Yan Yan Story brand [1] Management Commentary - The founder and CEO expressed that the company is making solid progress towards achieving breakeven for the year, with improved balance between commercialization and community health [2] - The CFO highlighted a 16.3% year-on-year reduction in non-GAAP operating loss, reflecting effective cost management and operational efficiency [2] - The company aims to further strengthen its commercial resilience and explore new revenue models while maintaining effective control over total costs and expenditures [2]

Core Viewpoint - ByteDance has launched at least 20 short story mini-programs within the Douyin app, indicating a strategic move to capture the short story market leveraging Douyin's traffic advantage [1] Group 1: Company Strategy - The launch of the short story matrix is part of ByteDance's broader strategy to establish a diversified content ecosystem, having previously developed products in short dramas and novels [1] - The introduction of short stories represents a new segment in the "short and quick" content arena, aiming to quickly seize market share [1] Group 2: Market Competition - Other internet platforms have also targeted the short story market, with notable examples including QQ Reading, which has categorized short stories as a distinct genre, and Alibaba's UC, which has launched a separate "story" channel alongside its "short drama" channel [1] - Zhihu has taken a more aggressive approach by launching an independent short story app called "Yan Yan Story" to capture market share [1]

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]

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]