据悉，随着网文与影视、短剧产业的加速融合，知乎盐言故事品牌已累计有近百部作品授权短剧改编。 今年10月，盐言故事首次代表中国网络文学平台参与法兰克福书展，推动短篇故事优质IP出海。 知乎创始人、董事长兼CEO周源表示，企业正朝着全年盈亏平衡的目标稳步迈进。"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，共同提升了社区活力。" 来源：北京日报客户端 转自：北京日报客户端 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；月均订阅会员 数1430万，环比增长8.1%。 收入结构层面，记者注意到，第三季度知乎付费阅读业务贡献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%。运营层面，第三季度月均订阅会员数到1430万，环比增长8.1%。月活、日活使用时长、核 心用户留存等用户指标也稳步提升。 ...

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 ...

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]

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].

Core Insights - The trend of "shorter dramas with more precision" is becoming a necessity in the online audio-visual industry, with Zhihu's Salted Story emerging as a benchmark for this shift [1][3] - Salted Story's unique short suspense format achieves a breakthrough in narrative tension, artistic value, and social reflection, establishing a new standard for "good stories" in the digital age [1][4] - The 8th "Online Literature+" Conference highlighted the market prospects and future development directions of short literature, gathering industry leaders and experts for in-depth discussions [1][4] Industry Trends - The rise of short-form content is reshaping the online literature landscape, with short stories gaining traction as a new form of literary expression [3][4] - The integration of short stories with contemporary aesthetic demands is creating a new narrative aesthetic, characterized by concise structures and innovative expressions [4][6] - The increasing popularity of short suspense stories is attracting a growing number of readers, with Salted Story leading the charge in producing high-quality content [3][6] Market Dynamics - The online literature market has seen a surge in new works, with 2 million new pieces added in a year, indicating a robust growth in the short and medium-length creation segment [4][6] - Salted Story's content aligns with the fast-paced lifestyle of modern readers, allowing them to consume complete stories in fragmented time [4][5] - The potential for adaptation into various media formats, including short dramas and audio dramas, is significant, with hundreds of Salted Story IPs sold for film rights [6][7] Strategic Developments - Zhihu is enhancing collaboration with short drama production and distribution platforms to launch more high-quality short dramas [7][9] - The establishment of the "Salted Treasure Pavilion" copyright cooperation center aims to streamline the adaptation process for Salted Story's works [7][9] - The overall online literature industry has evolved into a mature ecosystem, generating over 30 billion yuan annually and driving a 300 billion yuan industry chain value [9]

Core Insights - The eighth "Internet Literature+" conference was held in Beijing, focusing on the opportunities and trends in short story creation and its derivative development [1] - Short stories are gaining traction in the market, with a significant increase in the number of works and authors contributing to this genre [1] Industry Overview - The market for short stories has seen a year-on-year increase, with the "2024 China Internet Literature Blue Book" reporting an addition of 2 million new works in the past year [1] - Salted Story has over 14.2 million monthly subscribers, more than 1 million contributing authors, and over 200,000 signed works, generating over 1 billion yuan in revenue for creators [1] Content Adaptation and Collaboration - Salted Story has become a source for content adaptation in industries such as film, publishing, and animation, with hundreds of IPs sold for film rights and over 5,000 IPs turned into audio dramas [3] - The company has collaborated with Tianyi Film to produce hit short dramas and plans to continue developing adaptations of its works [3] - A new copyright trading center, "Yanzhen Pavilion," has been launched to facilitate quick access to adaptations, with thousands of works already stored [3]