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Zhihu (ZH) investor relations material
Zhihu Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary25 Nov, 2025
Executive summary
Q3 2025 total revenues were RMB 658.9 million (US$92.6 million), down from RMB 845 million year-over-year, with progress toward full-year non-GAAP break-even and improved operating efficiency narrowing non-GAAP operating loss by 16.3% year-over-year.
Net loss for Q3 was RMB 46.7 million (US$6.6 million), with non-GAAP adjusted net loss at RMB 21 million (US$3.0 million).
Community ecosystem strengthened, with improved user mix, engagement, and modest MAU growth from Q2; average monthly subscribing members reached 14.3 million.
AI integration accelerated, with agentic AI upgrades enhancing user experience and content creation, positioning the platform as a trusted source for Chinese LLMs and AI applications.
Management highlighted ongoing cost discipline and confidence in achieving full-year non-GAAP breakeven.
Financial highlights
Gross margin was 61.3%, down from 63.9% year-over-year; gross profit was RMB 403.6 million (US$56.7 million).
Cost of revenues decreased by 16.3% to RMB 255.3 million (US$35.9 million).
Total operating expenses fell 19.4% to RMB 503.5 million (US$70.7 million); selling and marketing expenses down 14.9%, R&D expenses down 36.2%.
Marketing services revenue was RMB 189.4 million (US$26.6 million), with the year-over-year decrease narrowing, indicating a bottoming out of the adjustment cycle.
Paid membership revenue reached RMB 385.6 million (US$54.2 million), with average monthly paid members rebounding 8.1% sequentially to 14.3 million.
Outlook and guidance
Confident in achieving first full-year non-GAAP profitability in 2025, using Q3 and Q4 for fine-tuning and targeted investments.
Marketing services expected to recover sequentially from Q4, with each quarter in 2025 projected to exceed Q3 2025 baseline.
Paid membership remains in transition; further experimentation planned to optimize product and retention.
Focus remains on monetization resilience, new revenue models, and sustainable growth.
Ongoing focus on AI-driven innovation, trusted content, and expert network to drive long-term growth.
Zhida AI adoption and product evolution
Revenue recovery across business lines
Share buyback strategy and valuation view
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Frequently asked questions
Zhihu Inc. operates an online content community in China. It allows users to ask questions, provide answers, and share insights on various topics. The platform also includes expert panels, newsletters, and vocational training services. Zhihu generates revenue through marketing services, paid memberships, and training programs. The company is headquartered in Beijing, China, and its shares are listed on the NYSE.
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