Financial Data and Key Metrics Changes - In Q3 2025, the company reported total revenues of RMB 658.9 million, a decrease from RMB 845 million in the same period of 2024, indicating a narrowing year-over-year decline for the third consecutive quarter [21][22] - The non-GAAP operating loss narrowed by 16.3% year-over-year, reflecting improved operational efficiency and cost management [4][21] - The GAAP net loss for Q3 was RMB 46.7 million compared to RMB 9 million in the same period of 2024, while the adjusted non-GAAP net loss was RMB 21 million compared to RMB 13.1 million in the same period of 2024 [24] Business Line Data and Key Metrics Changes - Marketing services revenue for Q3 was RMB 189.4 million, down from RMB 256.6 million in the same period of 2024, but the year-over-year decrease narrowed, indicating a potential recovery [11][22] - Paid membership revenue was RMB 386 million, down from RMB 459.4 million in the same period of 2024, although average monthly paid members increased by 8.1% sequentially to 14.3 million [15][22] - Other revenues surged to RMB 839 million compared to RMB 129 million in the same period of 2024, primarily due to strategic refinements in the vocational training business [23] Market Data and Key Metrics Changes - The company reported a modest increase in Monthly Active Users (MAUs) and a significant rise in daily time spent on the platform, indicating improved user engagement [4][5] - Daily creation of high-quality content increased by over 25% year-over-year, with professional AI-focused content up by more than 30% compared to the same period last year [7][8] Company Strategy and Development Direction - The company aims to achieve non-GAAP break-even on a full-year basis, focusing on structural optimization, service offerings refinement, and balancing commercialization with community health [4][5] - The integration of AI capabilities is a strategic priority, with plans to enhance user experience and content creation through AI tools [30][41] - The company is committed to maintaining a healthy ecosystem by focusing on content quality, user structure, and creator incentives [33][37] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving full-year profitability in 2025, despite a small loss in Q3, indicating a focus on fine-tuning operations and targeted investments [45][49] - The company is optimistic about the recovery of its marketing services and expects sequential growth starting in Q4 [46] - Management emphasized the importance of trust and professionalism in content as key indicators of ecosystem health, with ongoing efforts to enhance the creator network and content quality [35][37] Other Important Information - The company has repurchased 31.1 million Class A ordinary shares for an aggregate value of $66.5 million, reflecting confidence in its valuation and future prospects [25][53] - The Yanyan Story initiative has successfully generated significant engagement and content, showcasing the potential for IP development and commercialization [16][17] Q&A Session Summary Question: AI progress of Zhihu - Management reported that the penetration rate of Zhihu Zhida exceeded 15%, nearly four times higher than the same period last year, indicating strong user endorsement of AI integration [29] Question: Current status of Zhihu's user ecosystem - Management stated that the community ecosystem is healthy, focusing on content quality and user structure, with double-digit growth in daily high-quality content creation [33][35] Question: Adjustments in each business line and revenue outlook - Management indicated that marketing services revenue is expected to recover sequentially starting in Q4, while paid membership is still in transition [46][47] Question: Shareholder return plan and progress - Management highlighted the company's active buyback program, expressing confidence in reaching profitability and maintaining shareholder value [52][53]

Financial Data and Key Metrics Changes - In Q3 2025, the company achieved total revenues of RMB 658.9 million, a decrease from RMB 845 million in the same period of 2024, indicating a narrowing year-over-year decline for the third consecutive quarter [20][21] - The non-GAAP operating loss narrowed by 16.3% year-over-year, reflecting improved operational efficiency and disciplined cost management [4][20] - The GAAP net loss for Q3 was RMB 46.7 million compared to RMB 9 million in the same period of 2024, while the adjusted net loss on a non-GAAP basis was RMB 21 million compared to RMB 13.1 million in the same period of 2024 [23][24] Business Line Data and Key Metrics Changes - Marketing services revenue was RMB 189.4 million, with the year-over-year decrease narrowing, indicating the bottoming out of the adjustment cycle [10][21] - Paid membership revenue reached RMB 386 million, with average monthly paid members increasing by 8.1% sequentially to 14.3 million [14][21] - Other revenues were RMB 839 million, primarily due to the strategic refinement of the vocational training business, which has been reclassified into other revenues [22][24] Market Data and Key Metrics Changes - The daily creation of high-quality content increased by over 25% year-over-year, with professional AI-focused content up by more than 30% compared to the same period last year [6][7] - The user base remains stable, with MAUs showing modest growth and average daily user time spent delivering double-digit year-over-year growth for six consecutive quarters [36][37] Company Strategy and Development Direction - The company aims to achieve non-GAAP break-even on a full-year basis, focusing on structural optimization, service refinement, and balancing commercialization with community health [4][20] - The integration of AI capabilities is a core strategy, with plans to enhance user experience through AI-powered tools and features [30][39] - The company is committed to maintaining a healthy ecosystem by investing in trustworthy content and expert networks while cracking down on low-quality content [35][37] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving full-year profitability in 2025, with Q3 and Q4 being used to fine-tune operations and make targeted investments [46][50] - The company is optimistic about the recovery of its marketing services and expects sequential growth starting in Q4 [47][50] - Management emphasized the importance of real human interactions and trusted content in the AI era, positioning the company as a connection layer for users [42][43] Other Important Information - The company repurchased 31.1 million Class A ordinary shares for an aggregate value of $66.5 million, reflecting confidence in its valuation and future prospects [24][54] - The Yanyan Story initiative has successfully generated significant engagement and international interest, showcasing the potential for Chinese digital literature [15][16] Q&A Session Summary Question: Update on AI progress and integration with the Zhihu community - Management reported that the penetration rate of Zhihu Zhida exceeded 15%, reflecting strong user endorsement of the AI+ community strategy [28][29] Question: Status of Zhihu's user ecosystem and future product design - Management indicated that the community ecosystem is healthy, focusing on content quality and user structure, with continuous improvements in user engagement and trust [34][36] Question: Progress of adjustments in each business line and outlook on profitability - Management confirmed that marketing services revenue is expected to recover sequentially, while the paid membership segment is still in transition [44][46] Question: Shareholder return plan and progress - Management highlighted the company's active buyback program, expressing confidence in reaching profitability and maintaining shareholder value [54]

RT Pink Brains (@PinkBrains_io)Gnosis aims to be a key consumer brand shifting from open infrastructure to fair, user-owned financial systems.To achieve this, @GnosisDAO is voting on a $30M/year grant to power the full Gnosis stack: Gnosis Chain, GnosisPay, Wallet, Circles & more.Here's what you need to know 🧵 ...