Zhihu Inc. (ZH) Q3 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

The company does not assume any obligation to update any forward-looking statements, except as required under the actual law. Additionally, the discussion today will include both GAAP and non-GAAP financial measures for a compilation purpose only. For reconciliation of these non-GAAP measures to the most directly comparable GAAP measures, please refer to our earnings release issued earlier today. A webcast replay of this conference call will be available on our IR website at ir.jufu.com. This quarter, Victor Zhou, Zhou Yun's AI agent, will once again deliver the prepared remarks in English on his behalf. Victor is due in training, so we appreciate your patience as he continues to improve. Victor, please go ahead. Thank you, Yolanda. Hello everyone, and thank you for joining Zhihu third quarter 2025 earnings call. I am Victor Zhou, and I am pleased to deliver today's opening remarks on behalf of Mr. Zhou Yuan, founder, chairman, and CEO of Zhihu. The third quarter marked another meaningful step toward our goal of achieving non-gap breakeven on a full year basis. As our structural optimization initiatives continue to take effect, we further refined our service offerings and balanced commercialization with community health. We also maintained disciplined cost control and improved operating efficiency. As a result, our non-gap operating loss narrowed by 16.3% year-over-year in the third quarter. At the same time, our community ecosystem continues to strengthen user mix and engagement improved, while MAUs increased modestly from the second quarter. Daily time spent continued to trend higher year over year and quarter over quarter. Our users and creators remain highly active, supporting improved core user retention and a steady stream of reliable, high-quality content on t...