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What were the key takeaways from Zhihu’s earnings call?

- **Non-GAAP operating loss narrows 16.3% YoY**: Progress toward full-year breakeven with RMB 21M loss vs. RMB 13.1M YoY. 
- **AI-driven growth**: 25% YoY content creation, Zhida search penetration 15% (4x YoY), 8.1% QoQ paid members expansion. 
- **Commercial recovery**: Marketing services YoY decline narrows, IP licensing triple-digit growth. 
- **Financial strength**: RMB 4.6B cash, 36.2% R&D efficiency gains, active buyback program. 
- **AI leadership**: Zhida becoming primary search, AI tools for creators, global IP expansion. 
- **Community vitality**: 60M learners, 3.56M creators, 65% users aged 18-30. 
- **Profitability outlook**: Full-year breakeven achievable, disciplined cost management. 


**【CEO Summary Section】**
- Zhihu achieved a 16.3% year-over-year narrowing of non-GAAP operating loss, moving closer to full-year breakeven. 
- AI-driven content growth: Daily high-quality content creation increased 25% YoY, with professional AI-focused content up 30% YoY. 
- Community engagement: MAUs remained stable QoQ, daily time spent up double-digits YoY, and 65% of users aged 18-30 (tech professionals dominant). 
- Commercialization progress: 
  - Marketing services revenue YoY decline narrowed, with Q4 sequential growth expected. 
  - Paid membership revenue RMB 386M (+8.1% QoQ), ARPU improving via AI-enhanced content. 
  - IP licensing revenue triple-digit YoY growth, with global expansion (e.g., Yanyan Story in 8+ languages). 
- AI integration: Zhida search penetration rate 15% (4x YoY), AI tools for creators (e.g., smart headlines) adopted by 20% of users. 

**【CFO Financial Commentary】**
- Q3 2025 total revenue RMB 6.589B (-21.9% YoY), with narrowing YoY declines across all segments. 
- Non-GAAP operating loss RMB 21M vs. RMB 13.1M YoY, driven by 19.4% YoY cost reduction. 
- Key metrics: 
  - Gross margin 61.3% (vs. 63.9% YoY). 
  - R&D expenses down 36.2% YoY to RMB 114.4M. 
  - Cash reserves RMB 4.6B, with RMB 101M spent on share buybacks YTD. 
- Outlook: Full-year non-GAAP breakeven achievable, with focus on sustainable growth and efficiency. 

**【Q&A Highlights】**
1. **AI Progress**: Zhida to become primary search entry point by Q4, with AI copilot tools for creators (e.g., multi-model conversion) launching soon. 
2. **User Ecosystem**: Healthy balance of utility (AI search) and identity (community interaction), with 60M learners and 3.56M science/AI creators. 
3. **Business Adjustments**: 
  - Marketing services bottoming out, Q4 sequential growth expected. 
  - Membership in transition but ARPU improving. 
  - Vocational training reclassified, no longer material drag. 
4. **Profitability**: Confident in full-year breakeven, with buyback program to continue as undervalued. 


Zhihu Inc. (ZH) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

ZH

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