A：Zhihu's community ecosystem performed well in the third quarter with refined service offerings, maintained community health, disciplined cost control, and improved operating efficiency, resulting in a narrowing of non-GAAP operating loss. User engagement and MAU saw modest improvements, and the user and creator communities remained highly active.

A：High-quality content and professional creator growth on Zhihu continued to increase in the third quarter, with early creation of high-quality content up over 20% year over year and professional AI-focused content up more than 30% compared to the same period last year. The number of daily active high-tier creators and verified professionals grew significantly, and engagement among AI-focused creators strengthened.

A：In the third quarter, Zhihu launched the Co Benefit Co Creation initiative, which generated a wide range of high-quality content across various topics, including disability rights, mental health, and environmental protection. This initiative, alongside the 2025 Zhihu Humanity season event, drove engagement and reinforced Zhihu's professional influence and cultural relevance.

A：Zhihu's platform significantly enhanced content creation and distribution experiences, with an increase in average daily content volume and interactions, and the Circles product serving as a focus space for users with shared interests. The platform also supports knowledge-based expression from high-tier creators and enables diverse short-form content creation among mid-tier creators.

A：Zhihu's search engine, Zan, evolved into a more accurate and smarter tool capable of assisting with deep thinking and creativity by understanding user intent and synthesizing information across research, learning, and content creation. This advancement in agentic AI strengthened content attribution to trusted creators and reduced hallucination, thereby improving trust and C-level influence in the generative AI landscape.

A：Zhihu's commercialization efforts in the third quarter showed a recovery on a healthier base with total revenues reaching RMB 658.9 million. The company made progress in exploring new monetization opportunities and expects marketing services revenue to begin growing on a sequential basis in the fourth quarter. The revenue performance was supported by optimizing the current mix and advertising products, and the hosting of the Tech Club conference which expanded the high-value client base.

A：Leading companies such as G China Mobile Huawei, and If Flight Tech have further strengthened their brand positioning in technological innovation and product excellence, creating credibility and commercial efficiency across their community. This has allowed them to make solid progress in acquiring new clients across diverse sectors such as automotive, consumer, and healthcare.

A：Companies such as Lenovo, iFLYtek, Levo, and PA have received positive endorsements for the new marketing solutions that leverage trusted content and high citation rates across the internet. These solutions have helped enhance SEO and geo performance for brands, and with a robust service offering, they aim to drive a steady recovery and long-term growth in the marketing services business.

A：The Yan Yan story Long form writing medicine campaign came to a successful close in late 2020, generating tens of thousands of submissions after six months. This initiative opened new development pathways for aspiring creators and provided a steady pipeline of content for the company's library and future IP development. It also saw a further improvement in paid conversion rates and unlocked commercial potential for IP adaptations in China and overseas.

A：The Yanyang story made its debut at the Frankfurt Book Fair, showcasing Chinese digital literature on the global stage for the first time. It garnered coverage from the UK magazine The Bookseller, which noted the new growth path for Chinese short-form digital literature in the international market. With over 100 titles licensed for publication across major Asian markets and adaptations into short dramas for overseas markets, the Yanyang story has established partnerships with international platforms to further expand its reach.

A：Moving forward, the company plans to pursue a diversified set of initiatives to improve member retention and ARPU by enhancing content supply, membership benefits, and personalized experiences. The goal is to strengthen long-term member value by leveraging AI for more efficient content creation, which will also expand the potential for IP development and commercialization, unlocking new growth opportunities for the membership business.

A：The vocational training business has been reclassified and is now simplified, with the revenue breakdown being adjusted to align with the company's overall strategy. Going forward, the focus will be on improving operational efficiency and prioritization within this business. During the quarter, enhancements were made by rolling out a PC version and AI tools to assist with content creation, which drove sequential growth in the number of leading column creators and user engagement.

A：The company plans to operate with discipline, maintain stability, and invest prudently for sustainable growth. The ongoing enhancements in efficiency and steady cost optimization have led to confidence in achieving the full-year profitability target. Investments will continue with a long-term view to strengthen AI capabilities and improve core operation efficiency. Deep AI integration will drive synergies across content creation, distribution, and monetization. The company will also refine product and marketing strategies to capitalize on growth opportunities from high-quality users and enterprise clients.

A：The company is on track to achieve full-year breakeven on a non-GAAP basis. It plans to further strengthen monetization capabilities, pursue new revenue opportunities leveraging its strengths in high-quality content, creator expertise, and AI-driven innovation. This is expected to reinforce business resilience and support sustainable long-term growth.

A：Recent progress includes the penetration rate of Zhihu's products, with a 15% overall usage and penetration rate in the third quarter, nearly four times higher than the same period last year. Upcoming plans involve fully augmenting general AI search capability by late November and launching private features such as cross-topic content aggregation and community trend summaries, making Zhihu a primary entry point for AI adoption across the community.

A：The Zhihu content ecosystem is progressing with a focus on content quality and user structure. Trustworthiness and professionalism are crucial indicators of the ecosystem's health, which has been strengthened by cracking down on low-quality content and traffic. As a result, there has been a four consecutive quarters of double-digit growth in daily high-quality content creation, with the AI category showing professional AI-related content growth. User trust in content has increased steadily.

A：Zhihu's user base is mainly composed of users aged 18 to 30, accounting for more than 65% of the total user base. Frontline professionals in technology and AI are among the most representative groups, contributing to more content and interaction. User structure and user quality have improved, and MAU have remained stable on a sequential basis for four consecutive quarters. Average daily user time spent has grown by double digits year over year for six consecutive quarters.

A：The creator ecosystem on Zhihu is continuing to grow and expand. The output from top-tier professional creators has remained stable over seven consecutive quarters. AI tools are used to lower the creation threshold for creators and increase the creation frequency of the entire creator group, leading to a more diverse supply side and growing social interaction within the community.

A：The company believes that over the next three years, there will be an increase in AI-generated content consumption and a stronger value placed on human-to-human interaction. As stronger AI becomes available, the sense of diminished presence will increase, making participation, social capital, and relationships enabled by community more scarce and valuable. Additionally, high-quality human-generated content and data are expected to become extremely scarce and valuable on both ends, which is crucial for AI advancement and human development.

A：ZDA will integrate with other users' functional and social needs, aiming to enhance efficiency in community functions and providing a meaningful experience for first-day users. The plan includes focusing on social needs such as feeling recognized, growing together, and finding people with shared identities, creating a sense of belonging in an environment grounded in real people, culture, and trusted interactions.

A：The vision for ZDA's future product direction is to become the connection layer for humans in the AI era, offering a space where people can use AI tools to understand the world and find resonance and understanding among themselves. It will also feature a trusted, content, and expert network as foundational layers of infrastructure.

A：The company has delivered solid profits in the first two quarters and is very likely to achieve its first full year of non-scale profitability in 2025. Q3 and Q4 are being used to fine-tune and invest where needed, which includes a small projected loss in Q3. The company remains confident in achieving full year profitability despite a small loss in Q3.

A：In marketing services, Q3 is projected to be the bottom, with a sequential recovery expected to start in Q4, and the goal is for each subsequent quarter to stay above the baseline set by Q3 and Q4 of the previous year. For the membership, the company is in a transition period, experimenting with how to naturally differentiate and integrate the library and store's fiction and nonfiction content. While membership revenue has not yet hit its bottom, any decline will be due to specific cohorts with lower ROI, weaker probability, or less ideal retention.

A：The company has been one of the most active buyback companies among listed Chinese names over the past two years. Given its current market cap significantly below the cash on its balance sheet, the company believes it is substantially undervalued. Therefore, it intends to maintain its buyback program and expects to remain one of the most active repurchase participants in the sector.