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 ...

编辑 王进雨 第三季度，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%。 新京报贝壳财经讯 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，非公认会计准则经营亏损同比收窄16.3%。 ...

新浪科技讯 11月25日下午消息，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。其中，付费阅读业务营收为3.86亿元，占比达到58.5%；营销服务收入为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%。 责任编辑：何俊熹 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，2025年第三季度，知乎进 行了一定的调整和投入，以实现更健康的经营状态和更稳步提升的经营效率和质量。第三季度，知乎非 公认会计准则经营亏损同比收窄16.3%。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，共同提升社区活力。随着'高质量内容 × 专家网络 × AI能力'产生更强的协同效应，知乎正加速向AI原生社区的形态蜕变，为站内外用户带来可信赖的差 异化 ...

Core Insights - Sohu's stock closed at $15.36, reflecting a 7.26% increase following the release of its Q3 2025 financial report [1] - The company reported revenue of $180 million, marking a 19% year-over-year growth, and a non-GAAP net profit of $9 million, indicating a return to profitability [1] Financial Performance - Marketing services revenue was $14 million [1] - Online gaming revenue reached $162 million [1] - The overall group achieved profitability in this quarter, exceeding previous expectations [1]

Core Viewpoint - Sohu's stock rose by 7.26% to $15.36 following the release of its financial results, indicating positive market sentiment towards the company's performance [1] Financial Performance - For Q3 2025, Sohu reported total revenue of $180 million, representing a year-over-year increase of 19% and a quarter-over-quarter increase of 43% [1] - The company's non-GAAP net profit attributed to Sohu was $9 million, marking a return to profitability compared to the previous year [1] Revenue Breakdown - Marketing services revenue amounted to $14 million [1] - Online gaming revenue reached $162 million [1] Share Buyback Program - Sohu has initiated a share buyback program with a total amount of up to $150 million [1] - As of November 13, 2025, Sohu has repurchased 7.6 million shares of its American Depositary Shares, totaling approximately $97 million [1]

Core Viewpoint - Tencent reported a revenue of 192.9 billion yuan for Q3 2025, representing a year-on-year growth of 15.4%, driven primarily by advertising and gaming businesses [1][4] Revenue Growth - The company's network gaming revenue reached 63.6 billion yuan, up 23% year-on-year, with domestic market revenue increasing by 15% to 42.8 billion yuan and international market revenue growing by 43% to 20.8 billion yuan [2][6] - Marketing services revenue grew to 36.2 billion yuan, a 21% increase year-on-year, benefiting from eCPM price growth and enhanced user engagement [2][6] Profitability - Adjusted operating profit for Q3 2025 was 72.6 billion yuan, reflecting an 18% year-on-year increase, with a comprehensive gross margin of 56%, up 3 percentage points [1][4] - The gross margins for value-added services, online advertising, and financial technology & enterprise services improved by 4 percentage points each [1][4] Investment in R&D - R&D expenses reached a record high of 22.8 billion yuan, a 28% year-on-year increase, indicating the company's commitment to AI talent and technology [1][4] Capital Expenditure - Capital expenditure (Capex) for Q3 2025 was 13 billion yuan, down 24% year-on-year, primarily due to chip supply constraints [1][4] Future Outlook - The company maintains a "better than market" rating, with projected adjusted net profits of 262.6 billion yuan, 301.3 billion yuan, and 345.4 billion yuan for 2025-2027, reflecting a slight upward revision [7]

Core Viewpoint - Sohu's stock surged nearly 9% to $15.60 following the release of its Q3 financial results, indicating strong performance and positive market sentiment [1] Financial Performance - Total revenue for Q3 reached $180 million, representing a 19% increase compared to the same period in 2024 [1] - Marketing services revenue amounted to $14 million, while online gaming revenue was $162 million [1] - The non-GAAP net profit attributable to Sohu was $9 million, marking a turnaround from a loss in the previous year [1] Management Commentary - Dr. Zhang Chaoyang, Sohu's founder and CEO, stated that marketing services revenue met prior expectations and that online gaming revenue and group net profit exceeded forecasts due to ongoing efforts in the gaming sector [1] - The company achieved profitability for the group in this quarter [1]

Core Insights - Sohu reported a total revenue of $180 million for Q3 2025, demonstrating a steady growth trend [1] - The company achieved a non-GAAP net profit of $9 million, marking a return to profitability year-over-year [1] Revenue Breakdown - Total revenue of $180 million represents a 19% increase compared to the same period in 2024 [1] - Marketing services revenue accounted for $14 million [1] - Online gaming revenue was $162 million [1]

Group 1 - The core point of the article is that Sohu has successfully executed a stock buyback program and reported positive financial results for Q3 2025, indicating a strong performance and recovery in profitability [1][3]. Group 2 - Sohu announced a stock buyback plan with a maximum total amount of $150 million, and as of November 13, 2025, the company has repurchased 7.6 million American depositary shares for approximately $97 million [1]. - In Q3 2025, Sohu's total revenue reached $180 million, representing a year-on-year growth of 19% [3]. - The non-GAAP net profit attributable to Sohu was $9 million in Q3 2025, marking a turnaround from a loss in the previous year [3]. - Revenue from marketing services was $14 million, while online gaming revenue amounted to $162 million [3].

Core Insights - Tencent's Q3 financial results exceeded market expectations, with revenue and net profit both increasing due to the synergy between core business and AI technology [1] Revenue Growth - Q3 revenue reached 192.87 billion yuan, a year-on-year increase of 15% and a quarter-on-quarter increase of 5%, surpassing the forecast of 188.8 billion yuan [2] - Gross profit for the quarter was 108.80 billion yuan, reflecting a year-on-year increase of 22% and a quarter-on-quarter increase of 4% [2] - Net profit attributable to equity holders was 63.13 billion yuan, up 19% year-on-year and 13% quarter-on-quarter, exceeding the expected 55.88 billion yuan [2] Gaming Revenue - Domestic gaming revenue grew by 15% year-on-year to 42.8 billion yuan, driven by new game releases and the performance of established titles [3] - International gaming revenue surpassed 20 billion yuan for the first time, reaching 20.8 billion yuan, a 43% year-on-year increase [3] Value-Added Services - Revenue from value-added services increased by 16% to 95.9 billion yuan in Q3 [3] Marketing Services - Marketing services revenue rose by 21% to 36.2 billion yuan, attributed to increased ad exposure and improved user engagement [4] Financial Technology and Enterprise Services - Financial technology and enterprise services revenue grew by 10% to 58.2 billion yuan, driven by increased commercial payment activities and demand for AI-related services [5]