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]

据透露，接下来知乎直答将在搜索、创作、消费和流通等多个场景进行升级，包括综合搜索的AI能力 补充，为专业创作者提供更强的AI辅助工具等等，进一步提升AI在社区的使用渗透。 周源认为，AI越强大，人对社区带来的社交资本和社交货币需求越大，高质量的真人内容和数据会更 加稀缺。因此，知乎直答还会与社区功能性的社交需求进行深度整合，"希望知乎可以成为AI时代人类 的连接层，我们既提供理解世界的AI工具，也成为让人找到共鸣、获得理解的社区。" 电话会上，知乎管理层也对2025全年盈利的目标表达出坚定信心。知乎CFO王晗表示，第三季度，知乎 在以往连续三个季度盈利的基础上，进行了一些调整和投入，希望在首次全年盈利之际，实现更健康的 经营状态，更稳步提升的经营效率和质量。"我们认为自己仍然是在创业的路上，只不过刚刚调整回到 一个相对更健康的状态重新走适合知乎的路。" 展望未来，知乎将以"高质量内容 × 专家网络 × AI 能力"的协同发展作为社区生态正向驱动的发展路 线。知乎直答作为知乎AI应用层的重要产品，其使用量和使用渗透在持续增长，截至第三季度末，渗 透率已超过15%，接近去年同期水平的4倍。知乎创始人、董事长兼CE ...

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 - 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, moving steadily towards profitability by the end of 2025 [1][5][6]. Revenue Structure - The revenue structure was optimized, with 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, or 12.8% [5][6]. Operational Performance - Zhihu achieved non-GAAP profitability for three consecutive quarters since Q4 2024, with a focus on adjustments and investments to enhance operational health and efficiency [5][6]. - As of the end of Q3, Zhihu's cash and cash equivalents, along with short-term investments, totaled 4.58 billion yuan [5]. User Engagement - Key user metrics, including monthly active users, daily active user engagement time, and core user retention, showed steady improvement, with the average number of subscription members reaching 14.3 million, an 8.1% quarter-on-quarter increase [5][6]. Future Growth Strategy - The company is investing in innovative business models and exploring growth directions, particularly in AI, to enhance community ecology and commercial revenue [6][7]. - The CEO emphasized the balance between commercialization and community health, with a focus on high-quality content and expert networks to strengthen Zhihu's unique advantages in the AI era [6][7].

Core Insights - The article highlights the stark contrast in the job market, where traditional tech positions are being eliminated while demand for AI model engineers is surging, with salaries starting at 1.2 million yuan per year [2][11] - It emphasizes the urgent need for professionals skilled in three core technologies: RAG (Retrieval-Augmented Generation), AI agents, and model fine-tuning, which are essential for developing AI applications [2][8] Group 1: Job Market Dynamics - Traditional tech roles are rapidly being phased out, with even experienced professionals being let go, indicating a shift in industry demands [1] - There is a significant shortage of qualified AI model engineers, as evidenced by the difficulty in filling positions despite high salaries [2][11] - The article suggests that the current AI wave presents a critical opportunity for tech professionals to pivot their careers [2][11] Group 2: Required Skills and Training - Companies are looking for engineers who can integrate external information into models (RAG), enable AI to perform tasks autonomously (AI agents), and optimize models for specific tasks (fine-tuning) [2][8] - A training course titled "Practical Training in AI Model Application Development" is being offered to help professionals acquire these essential skills [3][14] - The course includes live sessions that combine theoretical knowledge with practical projects, focusing on RAG, AI agents, and fine-tuning [3][6] Group 3: Career Advancement Opportunities - Participants in the training will receive a job-seeking package that includes interview question banks and insights into high-paying job opportunities [3][9] - The course aims to help individuals build a competitive edge in the job market, particularly for those concerned about job security as they age [11][16] - Successful completion of the course is expected to enhance participants' resumes and improve their chances of securing high-paying positions [13][16]

大模型正在重构技术开发范式 ， 传统CRUD开发模式正在被AI原生应用取代！ 2025开年，AI技术打得火热，正在改变程序员的职业命运： 阿里云核心业务全部 接入Agent体系 ； 字节跳动30%后端岗位要求 大模型开发能力 ； 腾讯、京东、百度开放招聘技术岗， 80%与AI相关 …… 最残忍的是，业务面临转型，领导要 求用RAG优 化知识库检索，你不会；带AI团队，微调大模型要准备多少数据，你不懂；想转型大模型应用开 发工程师等相关岗，没项目实操经验…… 这不是技术焦虑，而是职业生存危机！ 曾经热门的开发框架、大数据工具等，已不再是就业的金钥匙。 如果认为 会调用API就是懂大模型、能进行二次开发，那就大错特错了。 制造、 医疗、金融等各行业都在加速AI应用落地，未来企业更看重能用AI大模型技术重构业务流的技术人。 如今技术圈降薪裁员频频爆发，传统岗位大批缩水，相反 AI相关技术岗疯狂扩招 ，薪资逆势 上涨150% ，大厂老板们甚至开出 70-100W 年 薪，挖掘AI大模型人才！ 不出1年 "有AI项目开发经验"或将成为技术人投递简历的门槛。 风口之下，与其像"温水煮青蛙"一样坐等被行业淘汰，不如先人一步 ...

Core Insights - The biggest opportunity in the AI industry by 2025 lies in the application layer, with companies like ByteDance rapidly expanding their AI teams and job postings for AI-related positions surging [1][3] - There is a significant shortage of large model application development engineers, despite over 60% of enterprises pushing for AI product implementation [1][3] - The average monthly salary for AI positions is 78,000 yuan, with internships offering daily wages as high as 4,000 yuan, indicating the high demand and value of AI skills [1][3] Group 1 - The demand for AI capabilities is driving a 69% increase in large model job postings, with annual salaries exceeding one million yuan for skilled professionals [1] - Companies are looking for individuals with three core competencies: RAG (Retrieval-Augmented Generation), Agent intelligence, and fine-tuning for specific tasks [1][6] - The course "Large Model Application Development Practical Training" is designed to equip developers with essential skills in RAG, Agent, and fine-tuning through live sessions and practical projects [3][15] Group 2 - The course has served over 20,000 students, receiving positive feedback and helping many secure high-paying job offers [8] - Participants will receive a job-seeking package that includes interview question banks and insights into high-paying positions [3][10] - The training emphasizes real-world applications of AI technology, including case studies from various industries such as finance and healthcare [6][13] Group 3 - The course aims to help programmers build technical barriers, avoid job market risks, and enhance their career prospects over the next 20 years [10][19] - It offers opportunities for direct recruitment and internal referrals, increasing the chances of landing high-paying jobs [17][21] - The training includes detailed analysis of current job market trends in large model recruitment, salary expectations, and career development pathways [17]

Core Insights - The 2025 Yunqi Conference was held in Hangzhou from September 24 to 26, focusing on the theme "Cloud Intelligence Integration and Carbon-Silicon Symbiosis," showcasing the evolution of AI technology and its industrial applications [1] - Zhihu actively participated in the conference, presenting its AI ecosystem, including Zhihu Direct Answer, open-source models, the AI Pioneer List, and an upcoming "AI Era Developer White Paper" [1] Group 1: AI Model and Application Development - Zhihu, as one of the first domestic tech companies to obtain a model license, has been advancing model research and open-source initiatives, recently releasing the Zhi-Create-Qwen-32B model optimized for creative writing tasks, achieving significant improvements in writing capabilities [3] - Zhihu Direct Answer has accumulated over 10 million users and announced an upgrade to Agentic, which introduces intelligent thinking modes to better understand user intent and provide precise answers through multi-round searches [3] Group 2: Community Engagement and Industry Exchange - Zhihu's community, known for its expert network and high-quality content, plays a crucial role in fostering industry discussions and exchanges, making it a platform for developers to showcase projects and share insights [5] - The "Answerer Exploration Team" participated in the conference, allowing users to experience AI products and industry trends, while the upcoming "AI Era Developer White Paper" aims to present insights and stories from developers [5] Group 3: Future Directions and Collaboration - Zhihu emphasizes the importance of creativity and adaptability in the AI era, highlighting that human creativity and emotional expression are irreplaceable by AI in the short term [6] - The company aims to collaborate with more partners and developers across various fields, including models, data, and applications, to drive AI innovation and ecosystem prosperity [6]

Group 1 - The Zhihu-W TechClub conference focused on the theme "Reconstructing Technology Under AI," bringing together experts, executives, AI developers, and Zhihu contributors to discuss AI technology evolution and human-machine collaboration [1][4] - Zhihu announced the "AI Pioneers" and "Tech Translator Brand" lists, recognizing developers and brands leading technological and product innovation [3][11] - The conference featured discussions on the future of AI technology and its impact on human life, with insights from academic experts on AI development paths and the integration of brain-machine interfaces [4][5] Group 2 - The conference highlighted the importance of AI in various sectors, with examples from China Mobile's AI applications in agriculture, mining, and smart living [5] - A debate among Zhihu contributors addressed the dual nature of AI's impact on society, discussing whether AI enhances or diminishes human creativity and productivity [6][9] - The "AI Pioneers" list included notable figures from academia and industry, showcasing individuals who are driving AI advancements and innovation [13][14] Group 3 - The conference launched the 2025 National AI Application Scenario Innovation Challenge, focusing on general artificial intelligence (AGI) and encouraging participation from research institutions and technology companies [15][17] - The challenge aims to gather innovative projects across various AI application scenarios, emphasizing social concerns and enhancing workplace efficiency [17] - Zhihu aims to connect technology professionals, academia, and the public to transform advanced technologies into practical solutions for everyday life [17]

Core Viewpoint - Zhihu has achieved its first quarterly profit after 14 years, marking a significant milestone in its journey towards profitability, although this has primarily been driven by cost-cutting rather than revenue growth [1][5][10]. Financial Performance - In Q2 2024, Zhihu reported an adjusted net profit of 91.3 million RMB, marking three consecutive quarters of Non-GAAP profitability [1]. - However, Zhihu's revenue declined by 23.7% year-on-year in the first half of 2024, with all major business segments—marketing services, paid memberships, and vocational training—experiencing revenue drops [2][3]. - The company managed to reduce its cost of revenue by 31.13% and total operating expenses by 30.87%, leading to an increase in gross margin from 58.1% to 62.2% [3][4]. - Investment income significantly contributed to profitability, amounting to 160 million RMB, compared to 38.71 million RMB in the same period last year [3]. Strategic Shifts - The management's focus has shifted towards cost reduction and operational efficiency, prioritizing profitability over aggressive growth [5][10]. - Zhihu's strategy has evolved from rapid commercial expansion to a more sustainable approach that emphasizes community health and user experience, even at the cost of scaling [9][12]. - The company has recognized the need to balance commercial goals with maintaining a healthy community ecosystem, leading to a strategic pivot towards "ecology-first" [10][12]. User Engagement and Community Dynamics - Despite achieving profitability, Zhihu has seen a decline in monthly active users, losing over 17 million users in 2024, which raises concerns about its long-term growth potential [10]. - The platform's advertising revenue continues to decline, and paid membership income has also decreased, indicating challenges in maintaining user engagement and monetization [10][11]. AI Integration and Future Prospects - Zhihu has launched an AI search product, "Zhihu Direct Answer," which has seen increased user engagement, with 50 million monthly active users interested in AI content [13][15]. - The company aims to leverage AI to enhance content quality and user experience, although challenges remain regarding the accuracy and reliability of existing content [16][17]. - The integration of AI is seen as a potential opportunity for Zhihu to strengthen its competitive advantage, but the complexity of community dynamics may pose challenges [15][18].