这也意味着，过去一年 减员了近24940人 。 | 时间 | 员工数量 | 员工环比减少 | | --- | --- | --- | | 截止 2021 年 12月 31 日 | 259316人 | 1 | | 截止 2022 年 03 月 31 日 | 254941 人 | -4375 人 | | 截止 2022 年 06 月 30 日 | 245700 人 | -9241 人 | | 截止 2022 年 09 月 30 日 | 243903 人 | -1797 人 | | 截止 2022 年 12月 31 日 | 239740 人 | -4163 人 | | 截止 2023 年 03 月 31 日 | 235216 人 | -4524 人 | | 截止 2023 年 06月 30 日 | 228675 人 | -6541 人 | | 截止 2023 年 09 月 30 日 | 224955 人 | -3270人 | | 截止 2023年 12月 31 日 | 219260 人 | -૨૯૭૨ V | | 截止 2024 年 03 月 31 日 | 204891 人 | -14369 人 | | 截止 20 ...

新浪科技讯 12月23日下午消息，历经近一个月的社区征集与专业领域答主的联合推荐，知乎发布"年度 AI产品榜单"。其中，豆包、DeepSeek、Gemini、千问、知乎直答、Claude、ChatGPT、即梦、Cursor、 可灵成为"知友年度爱用"产品榜前十。 此外，知乎也联合15位专业领域答主，推出"专业答主联合推荐榜"，入选产品包括Cursor、Gemini、 ListenHub、Nano-banana、NotebookLM、OiiOii、Seede Al，覆盖代码编程、多模态创作、音频处理、 文档分析等多个前沿方向。 责任编辑：何俊熹 新浪科技讯 12月23日下午消息，历经近一个月的社区征集与专业领域答主的联合推荐，知乎发布"年度 AI产品榜单"。其中，豆包、DeepSeek、Gemini、千问、知乎直答、Claude、ChatGPT、即梦、Cursor、 可灵成为"知友年度爱用"产品榜前十。 此外，知乎也联合15位专业领域答主，推出"专业答主联合推荐榜"，入选产品包括Cursor、Gemini、 ListenHub、Nano-banana、NotebookLM、OiiOii、Seede Al，覆盖代 ...

凌晨一点，群里的粉丝发了这条消息。 "刚收到通知，整个后端小组都被优化了，连 十年经验的大佬 也没留下。" ✅微调： 针对特定任务优化，让模型适配业务 别担心！我邀请了拥有丰富经验的大佬陈旸老师，专为各位开发者设计了 《大模型应用开发实战训练》 课程。 | Alvi Horro Ele M | 25-35K-15薪 | 大模型应用开发工程 20-40K-15薪 | ai应用开发工程师 | 50-70K-16薪 | | --- | --- | --- | --- | --- | | (大模型方向) | | S | ◎ 北京 ·朝阳区 ·大山子 ● 3-5年 | 含 本科 | | 4 北京 ·朝阳区 ·酒仙桥 ● 3-5年 | ◎ 本科 | 2 北京 ·海淀区 ·西北旺 ● 1-3年 窗 本科 | | | | 郑先生 同程旅行 · 招聘者 | | 李石磊 百度 · 资深工程师 | 张先生 同程旅行·數据库运维研发主管 今日活跃 | | | 4月内活跃 | | 昨日活跃 | | | | 职位详情 RAG 智能体 MySQL Redis | 大横型 | 职位详情 智能体 Java Agent 深度学习 大楼型舞法 | ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of $4.30, indicating a potential upside of 21.2% from the current price of $3.52 [1][5]. Core Insights - The company is currently undergoing a transformation phase, leveraging AI to enhance its ecosystem and achieve a positive cycle [5]. - Despite a 22% year-over-year decline in total revenue for Q3 2025, operational efficiency and cost control measures have led to a significant narrowing of Non-GAAP operating losses by 16.3% to 73.5 million yuan [7][10]. - The strategic shift towards an AI-driven community aims to reshape the content ecosystem, enhancing user engagement and monetization opportunities [4][9]. Summary by Sections Financial Performance - In Q3 2025, total revenue was 659 million yuan, down 22% year-over-year, with paid membership revenue declining by approximately 16.1% to 386 million yuan [7][10]. - Marketing services revenue fell by 26.6% to 189 million yuan, while other business revenues, including vocational training, decreased by 35.1% to 83.9 million yuan [7][10]. - The company reported a net loss of 46.7 million yuan for Q3, with adjusted net losses narrowing to 21 million yuan, indicating improved profitability metrics [7][10]. Strategic Initiatives - The company has accelerated its core strategy to build an AI-driven community, focusing on high-quality content, expert networks, and AI capabilities [4][8]. - The penetration rate of the AI product "Zhihu Direct Answer" exceeded 15%, marking a fourfold increase from the previous year, which enhances user experience and information retrieval efficiency [8][10]. - Future growth is expected to rely heavily on the successful execution of AI strategies, including enhanced membership services and innovative advertising products [5][10]. Market Position and Outlook - The company is projected to achieve profitability by 2027, despite short-term revenue declines due to its strategic transformation [5][10]. - With cash and cash equivalents totaling 4.58 billion yuan, the company has a strong financial position to support future strategic investments and AI development [5][10]. - The report emphasizes the unique advantages of the company in high-quality content and professional creator ecosystems, positioning it favorably in the AI era [10].

Group 1 - Haitong International initiated coverage on Zhihu with an "outperform" rating, highlighting its unique position in the Q&A community and the potential of AI applications [1][2] - Zhihu's total revenue for Q3 2025 is projected to be approximately 659 million yuan, with a 16.3% year-on-year reduction in non-GAAP operating losses, indicating improved operational efficiency and quality [1] - As of the end of Q3, Zhihu's cash and cash equivalents, along with short-term investments, totaled 4.58 billion yuan, demonstrating a strong cash reserve [1] Group 2 - Haitong International believes Zhihu's high user engagement and trust in the "professional discussion" space will continue to attract high-value users and brand budgets [2] - The firm predicts Zhihu's total revenue for Q4 2025 and the fiscal year 2025 to be 640 million yuan and 2.75 billion yuan, respectively, with a target price of 14.8 HKD based on a price-to-sales ratio of 1.2 times for FY 2025 [2] - The integration of generative AI in Q&A expansion, personalized recommendations, and advertising creative generation is expected to enhance content supply and commercial conversion efficiency on the platform [2]

Core Insights - Haitong International initiates coverage on Zhihu with an "outperform" rating, highlighting its unique positioning in the Q&A community and the potential of AI applications [1][2] Financial Performance - In Q3 2025, Zhihu reported total revenue of approximately 659 million yuan, with a non-GAAP operating loss narrowing by 16.3% year-on-year, indicating improved operational efficiency and quality [1] - Zhihu's cash reserves are robust, totaling 4.58 billion yuan as of the end of Q3, which includes cash and cash equivalents, time deposits, restricted funds, and short-term investments [1] Strategic Initiatives - The company is actively optimizing operations to eliminate inefficiencies, which has resulted in a slight loss as part of its investment in sustainable long-term operations [1] - Zhihu has implemented share buybacks and cost-reduction measures to strengthen its capital and profit flexibility, with positive expectations for profitability and margin improvement in 2025-2026 [1] AI Development - Zhihu's AI application, Zhihu Zhidao, has seen significant growth, with its penetration rate exceeding 15% by the end of Q3, nearly four times the level from the same period last year [1] - Future upgrades for Zhihu Zhidao will enhance AI capabilities across various scenarios, including search, content creation, and consumption, further increasing AI usage within the community [1] Market Outlook - Haitong International anticipates Zhihu's total revenue for Q4 2025 and the fiscal year 2025 to be 640 million yuan and 2.75 billion yuan, respectively, with a projected price-to-sales ratio of 1.2 times for FY 2025 [2]

Group 1 - Haitong International initiated coverage on Zhihu (02390) with an "outperform" rating, highlighting its unique positioning in the Q&A community and the potential of AI applications [1][2] - The company forecasts Zhihu's target price at HKD 14.8 for 2025, with projected total revenue of approximately RMB 6.59 billion for Q3 2025 and a non-GAAP operating loss narrowing by 16.3% year-on-year [1][2] - Zhihu's cash reserves are robust, totaling RMB 4.58 billion as of the end of Q3, which supports its capital and profit flexibility [1] Group 2 - The usage and penetration of Zhihu's AI product, Zhihu Zhida, have been steadily increasing, with a penetration rate exceeding 15%, nearly four times that of the same period last year [1] - Haitong International believes that Zhihu's high user engagement and trust in its "professional discussion" space will continue to attract high-value users and brand budgets, benefiting from the generative AI trend [2] - The firm predicts Zhihu's total revenue for Q4 2025 and the fiscal year 2025 to be RMB 640 million and RMB 2.75 billion, respectively, with a projected price-to-sales ratio of 1.2 times [2]

Core Viewpoint - Haitong International initiated coverage on Zhihu (02390) with an "Outperform" rating, highlighting its unique positioning in the Q&A community and the potential of AI applications [1][2] Financial Performance - Zhihu's total revenue for Q3 2025 is projected to be approximately 659 million yuan, with a non-GAAP operating loss narrowing by 16.3% year-on-year, indicating improved operational efficiency and quality [1] - The company reported a slight loss in Q3 due to proactive optimization efforts aimed at eliminating inefficiencies and solidifying sustainable long-term operations [1] - As of the end of Q3, Zhihu's cash and cash equivalents, along with short-term investments, totaled 4.58 billion yuan, indicating a strong cash reserve [1] AI Application and Growth - Zhihu's AI product, Zhihu Zhidao, has seen a significant increase in usage, with penetration rates exceeding 15%, nearly quadrupling from the same period last year [1] - Future upgrades for Zhihu Zhidao will enhance AI capabilities across various scenarios, including search, content creation, and consumption, further increasing AI penetration within the community [1] Market Position and Revenue Forecast - Haitong International believes Zhihu's high engagement and trust in the "professional discussion" space will continue to attract high-value users and brand budgets [2] - The firm forecasts Zhihu's total revenue for Q4 2025 and the fiscal year 2025 to be 640 million yuan and 2.75 billion yuan, respectively, with a target price of 14.8 HKD based on a price-to-sales ratio of 1.2 times for FY 2025 [2]

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 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]