Core Insights - Zhihu's latest financial report indicates a revenue of 659 million yuan for Q3 2025, representing a year-on-year decrease of 22% [1] - The revenue breakdown includes 189 million yuan from marketing services, 386 million yuan from paid memberships, and 83.9 million yuan from other sources [1] - The company reported an adjusted net loss of 21 million yuan for Q3 2025, while the founder and CEO, Zhou Yuan, reaffirmed the goal of achieving profitability for the entire year [1]

Core Insights - Zhihu is increasingly becoming a major platform for discussions on cutting-edge scientific technology, having initiated a discussion on the theme of "AI Paradigm Shift in Research" in collaboration with several institutions [1][2] - The discussion is led by prominent experts, including three recipients of the "2025 World Top Scientists Association Award," highlighting the platform's commitment to fostering scientific dialogue [1] - The initiative aims to establish Zhihu as a scientific discussion community, bridging the gap between the public and scientific discourse, particularly during the "2025 Science Season" launched in September [1] Group 1 - The "AI Paradigm Shift in Research" discussion has attracted significant participation from researchers and enthusiasts, indicating a strong interest in the topic [2] - Optimistic sentiments were expressed by participants regarding AI's potential to revolutionize mathematical research, with one contributor suggesting it could lead to a new field of data science mathematics [2] - However, there are concerns about the exaggerated capabilities of AI, as demonstrated by a recent case where researchers used GPT-5 to address complex mathematical problems, which was later revealed to be a retrieval of existing research rather than original proof [2]

Core Insights - Zhihu is increasingly becoming a major discussion platform for cutting-edge scientific technology, collaborating with various institutions to promote discussions on the theme of research transformation in the AI era [1][2] - The "2025 Science Season" launched by Zhihu aims to establish a scientific discussion community and facilitate dialogue between the public and science [1] Group 1: AI Research Paradigm - The "AI Research New Paradigm" discussion has attracted significant participation from researchers and enthusiasts, with optimistic views on AI's potential to revolutionize mathematics and data science [2] - However, there are concerns regarding the actual capabilities of AI, as demonstrated by a case where GPT-5 was found to have merely retrieved existing research rather than providing independent proofs [2] - Experts suggest that AI is not replacing human intellect but rather serving as a powerful collaborator in the research process [2] Group 2: Importance of Basic Science - Wes Sandquist posed a question about the role of basic science in advancing human health and industrial development, prompting diverse responses highlighting its critical importance [3] - The analogy of basic science as providing "sensors" and "system models" for societal development emphasizes its foundational role in technological advancements [3] - Scott Emmer's inquiry into the ESCRT complex's role in neurons sparked interdisciplinary discussions, showcasing the vitality of cross-disciplinary communication [3] Group 3: Work-Life Balance in Research - The discussion on balancing research and personal life resonated widely, with insights into the reputation-driven nature of research careers affecting work-life boundaries [3]

Core Viewpoint - Zhihu-W (02390) announced the grant of a total of 1.0798 million restricted stock units to several qualified participants under the 2022 share incentive plan, representing approximately 0.4% of the total issued shares (excluding treasury shares) as of the announcement date [1] Summary by Relevant Sections - **Stock Incentive Plan** - The company is granting 1.0798 million restricted stock units under the 2022 share incentive plan [1] - **Impact on Shares** - The granted units correspond to the same number of Class A ordinary shares and represent about 0.4% of the total issued shares as of the announcement date [1]

Core Insights - The article discusses a recent system outage at Zhihu, which has garnered significant public attention and led to the trending topic "Zhihu crashed" [1] - Zhihu's official response indicates that the issue is due to a bug in the system, which is currently being addressed by engineers, with no specific timeline for resolution provided [1] Financial Performance - For the fiscal year ending December 31, 2024, Zhihu reported total revenue of RMB 3.599 billion, representing a year-over-year decline of 14.5% [1] - The gross margin improved from 54.7% in 2023 to 60.6% in 2024 [1] - The net loss for the year was RMB 169 million, a significant reduction of 79.9% compared to a net loss of RMB 839 million in the previous year [1] - Adjusted net loss was RMB 96.3 million, narrowing by 85.4% from RMB 659 million in the same period last year [1] - In the fourth quarter of 2024, Zhihu achieved a net profit of RMB 86.4 million, contrasting with a net loss of RMB 103.1 million in the fourth quarter of 2023, marking the company's first quarterly profit [1]

Core Viewpoint - The recent outage of Zhihu has brought the platform back into public attention, highlighting its ongoing operational challenges and declining performance metrics [1][4]. Performance Summary - Zhihu reported a total revenue of 1.447 billion RMB for the first half of 2025, a significant decline of 23.7% year-on-year, with all three core business segments experiencing contraction [11]. - The paid membership segment saw its first revenue drop of 7.1%, with the number of monthly subscribers decreasing from 14.7 million to 13.7 million, losing 1 million paid users [12]. - Marketing services revenue plummeted by 37.8% to 420 million RMB, attributed to both a strategic shift towards optimizing low-margin services and a general decline in platform traffic [12]. - The vocational training segment also faced a sharp decline of 43.87%, with revenue falling to 157 million RMB, explained as a result of "strategic optimization adjustments" [13]. Profitability Analysis - Despite the revenue decline, Zhihu achieved a net profit of 62.37 million RMB in the first half of 2025, maintaining Non-GAAP profitability for three consecutive quarters, largely due to significant cost-cutting measures [13]. - Total operating expenses decreased by 30.9%, with sales expenses down 27.72%, R&D expenses down 29.29%, and management expenses down 47.61% [13]. Strategic Concerns - The aggressive cost-cutting strategy raises concerns about the long-term sustainability of profitability, as it may hinder future growth and innovation, particularly in R&D [14]. - The recent resignation of the Chief Technology Officer (CTO) adds to the uncertainty surrounding Zhihu's strategic direction, especially as the company is focusing on AI initiatives [14]. - The timing of the CTO's departure in relation to the platform's technical issues raises questions about the stability of the technical team and the potential impact on infrastructure and service reliability [14].

Core Insights - The discussion on "Is Calculus Really Difficult?" has gained significant attention on Zhihu, attracting top scholars and engaging a wide audience in a dialogue that combines academic depth with public interest [1][2] Group 1: Academic Contributions - Ma Xiao, an assistant professor at the University of Michigan, recently made a breakthrough in the study of Hilbert's sixth problem, which had been dormant for 125 years [1] - Wang Mengdi, a professor at Princeton University, suggests that calculus may serve as a "natural language of the universe," simplifying complex operations into intuitive actions [2] Group 2: Community Engagement - The event coincides with China's first official Science Popularization Month in September, marking the launch of Zhihu's 2025 Science Season [2] - Zhihu aims to create a platform for public scientific dialogue, enhancing the accessibility and engagement of scientific discussions within the community [2]

Core Insights - Zhihu-W (0239) reported total revenue of 717 million yuan for the second quarter ending June 30, 2025, representing a year-on-year decrease of 23.23% [1] - The company achieved a net profit attributable to shareholders of 72.48 million yuan, compared to a loss of 82.73 million yuan in the same period last year, with basic earnings per share of 0.3 yuan [1] Financial Performance - The CFO highlighted a non-GAAP net profit of 91.3 million yuan for the second quarter, compared to a non-GAAP net loss of 44.6 million yuan in the previous year [1] - Gross margin increased by approximately 3 percentage points year-on-year, reaching 62.5% [1] Strategic Insights - The Chairman emphasized the effectiveness of the refined operational strategy and the integration of artificial intelligence technology, which has enhanced efficiency [1] - The company maintains an active community with stable user base metrics, including significant improvements in daily active user engagement, core user retention rates, and creator activity [1] - Zhihu is positioned as an important platform for AI-related content, product launches, and expert interactions, leveraging high-quality content and reliable creators to strengthen its competitive advantage [1]

Core Insights - Zhihu-W (0239) reported total revenue of 717 million yuan for the second quarter ending June 30, 2025, representing a year-on-year decrease of 23.23% [1] - The company achieved a net profit attributable to shareholders of 72.48 million yuan, compared to a loss of 82.73 million yuan in the same period last year, with basic earnings per share of 0.3 yuan [1] Financial Performance - The CFO highlighted that the company achieved a non-GAAP net profit of 91.3 million yuan in the second quarter, compared to a non-GAAP net loss of 44.6 million yuan in the previous year [1] - Gross margin increased by approximately 3 percentage points year-on-year, reaching 62.5% [1] Strategic Insights - The Chairman emphasized the effectiveness of the refined operational strategy and the integration of artificial intelligence technology, which has enhanced efficiency [1] - The company maintains an active community with stable user base metrics, including increased daily active user engagement, core user retention rates, and creator activity [1] - Zhihu is positioned as an important platform for AI-related content, product launches, and expert interactions, leveraging high-quality content and reliable creators to strengthen its competitive advantage [1]

Core Insights - Zhihu-W (02390.HK) reported total revenue of RMB 716.9 million (USD 100.1 million) for Q2 2025, a decrease from RMB 933.8 million in Q2 2024 [1] - The gross margin for Q2 2025 increased to 62.5% from 59.6% in the same period last year [1] - The net profit for Q2 2025 was RMB 72.5 million (USD 10.1 million), a significant turnaround from a net loss of RMB 80.6 million in Q2 2024 [1] - Adjusted net profit (non-GAAP) for Q2 2025 was RMB 91.3 million (USD 12.8 million), compared to an adjusted net loss of RMB 44.6 million in Q2 2024 [1] - The average monthly subscription members reached 13.2 million in Q2 2025 [1] Management Commentary - The Chairman and CEO, Zhou Yuan, highlighted the achievement of non-GAAP profitability for the third consecutive quarter, reflecting the effectiveness of refined operational strategies and the integration of AI technology [2] - Zhou noted that the community remains vibrant with stable user growth, increased daily active user engagement, core user retention rates, and creator activity [2] - The CFO, Wang Han, emphasized the improvement in operational efficiency and cost structure driven by AI, with a gross margin increase of approximately 3 percentage points [2] - The company aims to maintain rigorous execution and sustainable commercialization to drive long-term growth [2]