Q4 2025 Zhihu Inc Earnings Call

March 25, 2026

Operator: Ladies and gentlemen, thank you for standing by, and welcome to the Zhihu Inc. Q4 and full year 2025 financial results conference call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a Q&A session. Today's conference is being recorded and webcasted. At this time, I would like to turn the conference over to Yolanda Liu, Head of IR at Capital Markets. Please go ahead, madam.

Speaker #1: At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a Q&A session. Today's conference is being recorded and webcasted.

Speaker #1: At this time, I would like to turn the conference over to Yolanda Liu, Head of IR and Capital Markets. Please go ahead, Madam.

Speaker #2: Thank you, Heidi. Hello, everyone. Welcome to Zhihu's 2025 fourth quarter and full year financial results conference call. Joining me today on the call from the Senior Management Team are Mr. Zhou Yuan, Founder, Chairman, and Chief Executive Officer, and Mr. Wang Han, Chief Financial Officer.

Yolanda Liu: Thank you, Heidi. Hello, everyone. Welcome to Zhihu's 2025 Q4 and full year financial results conference call. Joining me today on the call from senior management team are Mr. Zhou Yuan, Founder, Chairman, and Chief Executive Officer, and Mr. Wang Han, Chief Financial Officer. Before we begin, I like to remind you that today's discussion will include forward-looking statements made under the safe harbor provisions of the US Private Securities Litigation Reform Act of 1995. These statements involve inherent risks and uncertainties. As such, actual results may be materially different from the views expressed today. Further information regarding these and other risks and uncertainties is included in our public filings with the US Securities and Exchange Commission and the Hong Kong Stock Exchange. The company does not assume any obligation to update any forward-looking statements except as required under applicable law.

Speaker #2: Before we begin, I'd like to remind you that today's discussion will include forward-looking statements made under the Safe Harbor Provisions of the US Private Securities Litigation Reform Act of 1995.

Speaker #2: These statements involve inherent risks and uncertainties. As such, actual results may be materially different from the views expressed today. Further information regarding these and other risks and uncertainties is included in our public filings with the U.S. Securities and Exchange Commission and the Hong Kong Stock Exchange.

Speaker #2: The company does not assume any obligation to update any forward-looking statements, except as required under applicable law. Additionally, the discussion today will include both GAAP and non-GAAP financial results.

Yolanda Liu: Additionally, the discussion today will include both GAAP and non-GAAP financial results for comparison purposes only. For a reconciliation of these non-GAAP measures to the most directly comparable GAAP measures, please refer to our earnings release issued earlier today. In addition, a webcast replay of this conference call will be available on our IR website at ir.zhihu.com. Today, Victor Zhou, an AI agent representing Mr. Zhou Yuan, will deliver prepared remarks in English on his behalf. As Victor is still being refined, we appreciate your understanding. Victor, please go ahead.

Speaker #2: For comparison purposes only, for reconciliation of these non-GAAP measures to the most directly comparable GAAP measures, please refer to our earnings release issued earlier today.

Speaker #2: In addition, a webcast replay of this conference call will be available on our IR website at ir.zhihu.com. Today, Victor Zhou and an AI agent representing Mr. Yuan Zhou will deliver prepared remarks in English on his behalf.

Speaker #2: As Victor is still being refined, we appreciate your understanding. Victor, please go ahead.

Speaker #3: Thank you, Yolanda. Hello, everyone, and thank you for joining Zhihu's fourth quarter and full year 2025 earnings call. I am Victor Zhou, and I'm pleased to deliver today's opening remarks on behalf of Mr. Zhou Yuan, founder, chairman, and CEO.

Victor Zhou: Thank you, Yolanda. Hello, everyone, and thank you for joining Zhihu's Q4 and full year 2025 earnings call. I am Victor Zhou. I'm pleased to deliver today's opening remarks on behalf of Mr. Zhou Yuan, founder, chairman, and CEO. In 2025, we achieved our first-ever full-year non-GAAP profit. This historic milestone validates our strategic transformation and underscores the structural durability of our operational leverage. Full year 2025 adjusted net income reached RMB 37.9 million, a substantial turnaround from the adjusted net loss of RMB 96.3 million in 2024. Our community engagement continues to thrive. In Q4, average daily time spent per user increased to over 41 minutes on the platform. Our ecosystem of trusted creators remains vibrant, consistently delivering authentic and high-quality content across diverse fields. At the same time, we accelerated AI integration within our community.

Speaker #3: In 2025, we achieved our first-ever full-year non-GAAP profits. This historic milestone validates our strategic transformation and underscores the structural durability of our operational leverage.

Speaker #3: Full year 2025 adjusted net income reached RMB 37.9 million, a substantial turnaround from the adjusted net loss of RMB 96.3 million in 2024. Our community engagement continues to thrive.

Speaker #3: In Q4, average daily time spent per user increased to over 41 minutes on the platform. Our ecosystem of trusted creators remains vibrant, consistently delivering authentic and high-quality content across diverse fields.

Speaker #3: At the same time, we accelerated AI integration within our community. The synergistic evolution of our high-quality content, times expert network, times AI capabilities, continuously strengthened Zhihu's competitive moat in the AI era.

Victor Zhou: The synergistic evolution of our high-quality content times expert network times AI capabilities continuously strengthened Zhihu's competitive moats in the AI era. In 2025, we successfully optimized our business structure. With a healthier commercial ecosystem, total revenue trend improved meaningfully in Q4, driven by a double-digit sequential increase in marketing services. Entering 2026, amid a surging AI adoption, we are leveraging Zhihu's unique advantages to scale AI-driven commercialization, including rapidly building industry-leading expert data solutions and deploying AI productivity tools to accelerate IP monetization of our Yanxuan stories franchise. These initiatives will unlock new commercial opportunities for Zhihu. These efforts are anchored by a robust self-sustaining ecosystem. The powerful synergies between high-quality content, our expert network, and expanding AI capabilities have created a positive feedback loop, driving heightened community activity and interaction. In Q4, our daily engagement metrics strengthened significantly.

Speaker #3: In 2025, we successfully optimized our business structure with a healthier commercial ecosystem. Total revenue trend improved meaningfully in the fourth quarter, driven by a double-digit sequential increase in marketing services.

Speaker #3: Entering 2026, amid surging AI adoption, we are leveraging Zhihu's unique advantages to scale AI-driven commercialization. This includes rapidly building industry-leading expert data solutions and deploying AI productivity tools to accelerate IP monetization of our Yanyan Stories franchise.

Speaker #3: This initiative will unlock new commercial opportunities for Zhihu. These efforts are anchored by a robust, self-sustaining ecosystem. The powerful synergies between high-quality content, our expert network, and expanding AI capabilities have created a positive feedback loop, driving heightened community activity and interaction.

Speaker #3: In the fourth quarter, our daily engagement metrics strengthened significantly. Average daily time spent per user increased sharply both year over year and sequentially to over 41 minutes.

Victor Zhou: Average daily time spent per user increased sharply both year over year and sequentially to over 41 minutes. Substantial year-over-year growth in positive user interactions also drove notable improvements in both short and long-term new user intention. High-quality content on our platform continues to surge. In Q4, daily creation of high-quality content rose by over 20% year over year, contributing to over 31% growth for the full year. Notably, professional AI related content increased by over 30% year over year. As the global AI landscape has shifted from capability races to architectural innovation and system integration, Zhihu remains a leading forum for prominent researchers and frontline engineers to share insights, unpack complex topics, and debate key issues.

Speaker #3: Substantial year-over-year growth in positive user interactions also drove notable improvements in both short- and long-term new user intention. High-quality content on our platform continues to surge.

Speaker #3: In Q4, daily creation of high-quality content rose by over 20% year over year, contributing to over 31% growth for the full year. Notably, professional AI-related content increased by over 30% year over year, as the global AI landscape has shifted from capability races to architectural innovation and system integration.

Speaker #3: Zhihu remains a leading forum for prominent researchers and frontline engineers to share insights, unpack complex topics, and debate key issues. At the vanguard of the AI revolution, our community hosted extensive high-level discussions on key topics such as DeepSeek's angular architecture, Chenwen's Neurix winning mechanisms, and the continuous iterations of Kimi and Jipu.

Victor Zhou: At the vanguard of the AI revolution, our community hosted extensive high-level discussions on key topics such as DeepSeek's Engram architecture, Qwen's NeurIPS winning mechanisms, and the continuous iterations of Kimi and Zhipu. The conversation has moved from stronger models to effective system deployment, emphasizing tiered agent architectures and workflow redesign in products like OpenClaw and Cloud Cowork. The debut of Unitree robots at the Spring Festival Gala, together with Tesla and Figure's progress toward mass-producing humanoid robots, have fueled critical analysis of embodied AI roadmaps. As founders and employees from leading AI enterprises personally engage on Zhihu to answer questions and address concerns, our platform remains a trusted space where AI innovations are first explained, validated, and responsibly disseminated. We continue to leverage AI to upgrade our community governance and content mechanisms. By replacing manual operations with algorithm-driven automated workflows, we enhanced community governance efficiency and precision.

Speaker #3: The conversation has moved from stronger models to effective system deployment, emphasizing tiered agent architectures and workflow redesign in products like OpenClaw and Claude Cowork.

Speaker #3: The debut of Unitree robots at the Spring Festival Gala, together with Tesla and Figure's progress toward mass-producing humanoid robots, have fueled critical analysis of embodied AI roadmaps.

Speaker #3: As founders and employees from leading AI enterprises personally engage on Zhihu to answer questions and address concerns, our platform remains a trusted space where AI innovations are first explained, validated, and responsibly disseminated.

Speaker #3: We continue to leverage AI to upgrade our community governance and content mechanisms by replacing manual operations with algorithm-driven automated workflows. We enhanced community governance efficiency and precision.

Speaker #3: We introduced the new metrics for trustworthy content recognition and promotion, while integrating user feedback into our evaluation framework. These measures effectively reduced system noise, dynamically suppressing low-quality content and elevating the overall user experience.

Victor Zhou: We introduced new metrics for trustworthy content recognition and promotion while integrating user feedback into our evaluation framework. These measures effectively reduce system noise, dynamically suppressing low-quality content and elevating the overall user experience. Professional creators remain the backbone of Zhihu's expert network. In Q4, daily active high-tier creators grew by double digits year over year. A number of verified honored creators rose by nearly 30% as we continue to strengthen incentives for top-tier creators while supporting their efforts to expand industry influence. Our Zhihu 2025 annual review highlighted exceptionally robust high-tier creator engagement. In AI and technology, leading AI companies including DeepSeek, Moonshot, Tongyi Qianwen, ByteDance Seed, Zhipu, and StepFun actively engaged on our platform through their official accounts. Creators with frontline industry and R&D backgrounds consistently shared cutting-edge insights on our platform, contributing to major industry discussions.

Speaker #3: Professional creators remain the backbone of Zhihu's expert network. In the fourth quarter, daily active high-tier creators grew by double digits year over year, and the number of verified honored creators rose by nearly 30%, as we continue to strengthen incentives for top-tier creators while supporting their efforts to expand industry influence.

Speaker #3: Our Zhihu 2025 annual review highlighted exceptionally robust high-tier creator engagement. In AI and technology, leading AI companies including DeepSeek, Moonshot, Tony Chenwen, ByteDance Seed, Zhihu, and Stepfang actively engaged on our platform through their official accounts. Creators with frontline industry and R&D backgrounds consistently shared cutting-edge insights on our platform, contributing to major industry discussions.

Speaker #3: For the full year, AI-focused creators grew by approximately 16%. In fundamental sciences such as astronomy and chemistry, high-profile creators actively joined our flagship online and offline science programs. Their authoritative content sparked widespread discussion beyond our community.

Victor Zhou: For the full year, AI-focused creators grew by approximately 16%. In fundamental sciences such as astronomy and chemistry, high-profile creators actively joined our flagship online and offline science programs. The authoritative content sparked a widespread discussion beyond our community, driving higher search interest for related topics. On the product side, Ideas remains the primary channel for high-frequency knowledge sharing by professional creators, while Circles facilitates engagement around common interests. For the full year, average daily content volume on Ideas grew 73.5%, and the average daily interactions doubled. This momentum persisted in Q4 with double-digit sequential growth across both metrics. We also increased support for mid-tier creators during the quarter, fostering a dynamic growth-oriented ecosystem. Leveraging AI agents, we significantly improved our efficiency in identifying and nurturing talent.

Speaker #3: Driving higher search interest for related topics, on the product side, Ideas remain the primary channel for high-frequency knowledge sharing by professional creators. While Circles facilitate engagement around common interests, for the full year, average daily content volume on Ideas grew 73.5%, and the average daily interactions doubled.

Speaker #3: This momentum persisted in the fourth quarter, with double-digit sequential growth across both metrics. We also increased support for mid-tier creators during the quarter, fostering a dynamic, growth-oriented ecosystem.

Speaker #3: Leveraging AI agents, we significantly improved our efficiency in identifying and nurturing talent. In Circles, AI-powered prompts and standardized tools lowered creation barriers and enhanced content distribution.

Victor Zhou: In Circles, AI-powered prompts and standardized tools lowered creation barriers and enhanced the content distribution. As a result, average daily content creation in Circles surged over 100% sequentially, with daily views up 72%. Beyond the AI-driven efficiency gains in content operations, creator support, and ecosystem management, Q4 also saw accelerated advances in our foundational AI capabilities, enhancing experiences for both creators and users. In search, creation, and consumption, we continue to deepen the integration of AI into the Zhihu community experience. In search, we completed an AI upgrade to our integrated search in December, introducing cross-topic content aggregation and hot trend summarization to create a new entry point for high-quality content discovery.

Speaker #3: As a result, average daily content creation in circles surged over 100% sequentially, with daily views up 72%. Beyond the AI-driven efficiency gains in content operations, creator support, and ecosystem management, Q4 also saw accelerated advances in our foundational AI capabilities.

Speaker #3: Enhancing experiences for both creators and users, in search, creation, and consumption, we continue to deepen the integration of AI into the Zhihu community experience.

Speaker #3: In Search, we completed an AI upgrade to our integrated search in December, introducing cross-topic content aggregation and hot trend summarization to create a new entry point for high-quality content discovery.

Speaker #3: We also tailored answer formats to different query types, which drove a double-digit increase in click-through rates for our AI direct answer cards and meaningfully increased average AI search interactions per user through more multi-turn conversations.

Victor Zhou: We also tailored answer formats to different query types, which drove a double-digit increase in click-through rates for our AI direct answer cards, and meaningfully increased average AI search interactions per user through more multi-turn conversations. In creation, AI is increasingly becoming a practical tool for creators on Zhihu. Since Q4, we have rolled out features such as content polishing and one-click enhancement powered by intelligent editing, automated formatting, and image pairing capabilities. These tools lower the barrier to creation, improve readability and distribution efficiency, and help creators turn ideas into shareable content more efficiently. We are also introducing multimodal capabilities such as AI-generated illustrations and image summarization to make long-form content more visually engaging and improve user conversion in the feed. In consumption and circulation, AI is helping Zhihu content transcend traditional community boundaries.

Speaker #3: In creation, AI is increasingly becoming a practical tool for creators on Zhihu. Since the fourth quarter, we have rolled out features such as content polishing and one-click enhancement powered by intelligent editing, automated formatting, and image pairing capabilities.

Speaker #3: These tools lower the barrier to creation, improve readability and distribution efficiency, and help creators turn ideas into shareable content more efficiently. We are also introducing multimodal capabilities, such as AI-generated illustrations and image summarization, to make long-form content more visually engaging and improve user conversion in the feed.

Speaker #3: In consumption and circulation, AI is helping Zhihu content transcend traditional community boundaries. Through external ecosystem partnerships, we are extending our content capabilities into more intelligent assistant scenarios.

Victor Zhou: Through external ecosystem partnerships, we are extending our content capabilities into more intelligent assistance scenarios. Within the community, users are beginning to use AI in comment threads for fact-checking and professional explanation, which supports more authentic interaction and follow-up discussion. Meanwhile, our AI reading panel on PC has improved the efficiency of long-form reading through one-click summarization and terminology explanation, and is beginning to generate more valuable interest signals for future recommendation and monetization. Now, turning to commercialization. Our efforts to optimize our commercial structure have yielded notable results. With a healthier business ecosystem, total revenue has entered a recovery phase, reaching RMB 643.5 million in Q4 as the pace of sequential decline continued to narrow. This shows a clear top-line recovery trajectory.

Speaker #3: Within the community, users are beginning to use AI in common threads for fact-checking and professional explanation, which supports more authentic interaction and follow-up discussion.

Speaker #3: Meanwhile, our AI reading panel on PC has improved the efficiency of long-form reading through one-click summarization and terminology explanation, and is beginning to generate more valuable, interesting signals for future recommendation and monetization.

Speaker #3: Now, turning to commercialization, our efforts to optimize our commercial structure have yielded notable results. With a healthier business ecosystem, total revenue has entered a recovery phase, reaching RMB 643.5 million in the fourth quarter, as the pace of sequential decline continued to narrow. This shows a clear top-line recovery trajectory.

Speaker #3: At the same time, we are exploring new, scalable AI-powered monetization avenues, with an unwavering focus on long-term value and operational excellence. Let's take a closer look at our performance by segment.

Victor Zhou: At the same time, we are exploring new scalable AI powered monetization avenues with an unwavering focus on long-term value and operational excellence. Let's take a closer look at our performance by segment. In Q4, marketing services revenue reached RMB 234.8 million, up 24% sequentially as our adjustment cycle bottomed out. Disciplined execution in optimizing client mix and upgrading commercial products catalyzed this momentum, strengthening our appeal to high value clients. We elevated overall client quality, deepened industry penetration, and accelerated new customer acquisition. In Q4, ARPU rose significantly among clients in high value verticals such as technology and e-commerce. We also reached new segments in sectors such as automotive and healthcare.

Speaker #3: In the fourth quarter, marketing services revenue reached RMB 234.8 million, up 24% sequentially, as our adjustment cycle bottomed out. Disciplined execution in optimizing client mix and upgrading commercial products catalyzed this momentum, strengthening our appeal to high-value clients.

Speaker #3: We elevated overall client quality, deepened industry penetration, and accelerated new customer acquisition. In the fourth quarter, our pool rose significantly among clients in high-value verticals such as technology and e-commerce.

Speaker #3: We also reached new segments in sectors such as automotive and healthcare. In December, we hosted the Electric Club New Knowledge Technology Conference, which brought together automotive engineers, autonomous driving specialists, and leading tech experts from the Zhihu community to explore NEV safety and intelligent upgrades.

Victor Zhou: In December, we hosted the Electric Club New Knowledge Technology Conference, which brought together automotive engineers, autonomous driving specialists, and leading tax experts from the Zhihu community to explore NEV safety and intelligence upgrades. The event drove a 140% year-over-year increase in participating clients, enabling industry leaders like BYD, Mitsubishi, and Voyah to articulate their technological strength and safety values through targeted engagement and build trusted content assets. On commercial product upgrades, we leveraged our trusted content and expert network to expand the community driven monetization and amplify the commercial value of our key IPs such as Zhihu Science Season and the Z Reviewer's Journey. Revenue from IP related projects increased 21% year-over-year, supported by deeper brand collaborations across our IP portfolio. At the same time, our IdeaPlus solution gained strong momentum during the quarter.

Speaker #3: The event drove a 140% year-over-year increase in participating clients, enabling industry leaders like BYD, Mitsubishi, and Voyah to articulate their technological strengths and safety values through targeted engagement, and build trusted content assets.

Speaker #3: On commercial product upgrades, we leveraged our trusted content and expert network to expand the community-driven monetization and amplify the commercial value of our key IPs.

Speaker #3: Such as Zhihu Science Season and Z Reviewers Jury, revenue from IP-related projects increased 21% year-over-year, supported by deeper brand collaborations across our IP portfolio.

Speaker #3: At the same time, our Idea Plus solution gained strong momentum during the quarter. By offering a lightweight, precisely targeted format, Idea Plus extended our native advertising capabilities into short-form content, significantly shortening the path from discovery to purchase.

Victor Zhou: By offering a lightweight, precisely targeted format, IdeaPlus extended our native advertising capabilities into short form content, significantly shortening the path from discovery to purchase. Capitalizing on a 106% year-over-year increase in daily Ideas interactions, IdeaPlus achieved a 62% sequential increase in client numbers, and 200% sequential growth in average daily client spend. In 2026, supported by a healthier commercial ecosystem, we aim to drive continued recovery and sustainable long-term growth in marketing services. Next, turning to the business we currently report under paid membership, which we increasingly see evolving into a broader content and IP operations business. Paid membership remains a revenue contributor of this segment. In Q4, average monthly paid members reached 12.2 million, generating RMB 333.5 million in revenue.

Speaker #3: Capitalizing on a 106% year-over-year increase in daily Ideas interactions, Idea Plus achieved a 62% sequential increase in client numbers, and 200% sequential growth in average daily client spend.

Speaker #3: In 2026, supported by a healthier commercial ecosystem, we aim to drive continued recovery and sustainable long-term growth in marketing services. Next, turning to the business, we currently report on the paid membership, which we increasingly see evolving into a broader content and IP operations business.

Speaker #3: Paid membership remains a revenue contributor of this segment. In the fourth quarter, average monthly paid members reached 12.2 million, generating RMB 333.5 million in revenue.

Speaker #3: Short-term membership fluctuations aligned with expectations, as our structural adjustments prioritize fundamental improvements in service experience and profitability. To support a smooth transition during this phase, we are exploring new growth drivers, and initiatives to improve member retention and our pool are yielding results. Q4 average our pool increased by 1.4% sequentially.

Victor Zhou: Short-term membership fluctuations aligned with expectations as our structural adjustments prioritize fundamental improvements in service experience and profitability. To support a smooth transition during this phase, we are exploring new growth drivers. Initiatives to improve member retention and ARPU are yielding results. Q4 average ARPU increased by 1.4% sequentially, and overall quarterly renewal rates improved by 2.7 percentage points. Beyond the paid memberships, we are maximizing content IPs' value across media adaptations and licensing. IP monetization revenue, which is currently recognized in other revenues, grew more than five-fold year-over-year in Q1 and doubled for the full year, underscoring the significant growth potential of this business. The monetization potential of our Yanxuan story IP continued to translate into tangible results.

Speaker #3: And overall quarterly renewal rates improved by 2.7 percentage points. Beyond the paid memberships, we are maximizing content IPs' value across media adaptations and licensing. IP monetization revenue, which is currently recognized in other revenues, grew more than fivefold year-over-year in the fourth quarter and doubled for the full year, underscoring the significant growth potential of this business.

Speaker #3: The monetization potential of our Yanyan Story IP continued to translate into tangible results. In December, two adapted short dramas, Fang and Xia and Seventh Year of Secret Love for My Childhood Friend, premiered on Tencent Video, quickly ranking among the platform's top releases.

Victor Zhou: In December, two adapted short dramas, Fang and Xia, and Seventh Year of My Secret Love for You premiered on Tencent Video, quickly ranking among the platform's top releases. Fang and Xia set an all-time popularity record for vertical short dramas on the platform. While Seventh Year of My Secret Love for You topped the charts and sparked widespread discussion across social media. These results demonstrate our IP's strong adaptation potential and mainstream appeal. During the quarter, we released our short story influence list for the third consecutive year, recognizing 62 outstanding works and 20 authors. The selection includes both mature IP already adapted into film and television, as well as a pipeline of high-quality titles with strong multi-format development potential.

Speaker #3: Fang and Xia set an all-time popularity record for vertical short dramas on the platform, while Seventh Year of Secret Love for My Childhood Friend topped the charts and sparked widespread discussion across social media.

Speaker #3: This result demonstrates our IP's strong adaptation potential and mainstream appeal. During the quarter, we released our short story influence list for the third consecutive year, recognizing 62 outstanding works and 20 authors.

Speaker #3: The selection includes both mature IP already adapted into film and television, as well as a pipeline of high-quality titles with strong multi-format development potential.

Speaker #3: Together, these initiatives highlight our scalable pathway for long-term value creation, cultivating high-quality content, structuring an IP portfolio, and extending it across multiple formats to unlock compounding growth.

Victor Zhou: Together, these initiatives highlight our scalable pathway for long-term value creation, cultivating high-quality content, structuring an IP portfolio, and extending it across multiple formats to unlock compounding growth. Looking ahead, rapid advances in multimodal AI and the rising industry productivity are expected to further expand monetization opportunities for Yanxuan Story IP, creating new growth potential for our content and IP operations business. Building on this, we are exploring a new format for IP development, AI-powered comic dramas, an emerging format driven by demand for lightweight content and improved generative model efficiency. Positioned upstream, Zhihu leverages a dense network of high-quality creators and rich content assets, giving us a natural advantage as a stable source of premium IP. Strategically, we will pursue a dual-track approach of IP licensing and in-house incubation.

Speaker #3: Looking ahead, rapid advances in multimodal AI and rising industry productivity are expected to further expand monetization opportunities for Yanyan Story IP, creating new growth potential for our content and IP operations business.

Speaker #3: Building on this, we are exploring a new format for IP development: AI-powered comic dramas, an emerging format driven by demand for lightweight content and improved generative model efficiency.

Speaker #3: Positioned upstream, Zhihu leverages a dense network of high-quality creators and rich content assets, giving us a natural advantage as a stable source of premium IP.

Speaker #3: Strategically, we will pursue a dual-track approach of IP licensing and in-house incubation. We will also collaborate with platforms and studios to unlock mature IP value, while building in-house AI production capabilities.

Victor Zhou: We will also collaborate with platforms and studios to unlock mature IP value while building in-house AI production capabilities. Turning to other revenues, beginning in the third quarter to improve profitability, we consolidated our vocational training and the new initiatives into other revenues, which totaled RMB 75.2 million in Q4. We believe 2026 will mark another leap in AI productivity, complemented by rapid expansion of real-world applications. Leveraging Zhihu's unique strength, we are accelerating exploration of AI-related monetization. We also see growing potential in expert data solutions as competition among LLMs increasingly shifts from scale alone to alignment quality and real-world generalization. High value, traceable, and structured data is now the core driver of model performance.

Speaker #3: Turning to other revenues, beginning in the third quarter, to improve profitability, we consolidated our vocational training and new initiatives into other revenues, which totaled RMB 75.2 million in Q4. We believe 2026 will mark another leap in AI productivity, complemented by rapid expansion of real-world applications.

Speaker #3: Leveraging Zhihu's unique strength, we are accelerating exploration of AI-related monetization. We also see growing potential in expert data solutions, as competition among LLMs increasingly shifts from scale alone to alignment quality and real-world generalization.

Speaker #3: High-value, traceable, and structured data is now the core driver of model performance. With our long-standing expert network and authentic discussion scenarios, Zhihu is well positioned upstream in the supply of high-quality knowledge and insight.

Victor Zhou: With our long-standing expert network and authentic discussion scenarios, Zhihu is well-positioned upstream in the supply of high-quality knowledge and insight, and we believe we can be among the earliest platforms in China to systematically define and commercialize high-value data solutions. To support this opportunity, we are developing our expert data solution capabilities. At the same time, we are also exploring how to engage experts more deeply in data construction and labeling processing that supports model training and alignment. In summary, achieving full year non-GAAP profitability in 2025 marks a pivotal milestone for Zhihu, validating the resilience of our strategy and the strength of our execution. In 2026, we remain committed to prioritizing disciplined operations while accelerating AI integration across our community and commercial models. We are sharpening our strategic focus and optimizing resource allocation.

Speaker #3: And we believe we can be among the earliest platforms in China to systematically define and commercialize high-value data solutions. To support this opportunity, we are developing our expert data solution capabilities.

Speaker #3: At the same time, we are also exploring how to engage experts more deeply in data construction and labeling processes that support model training and alignment.

Speaker #3: In summary, 2025 marks a pivotal milestone for Zhihu, validating the resilience of our strategy and the strength of our execution. In 2026, we remain committed to prioritizing disciplined operations while accelerating AI integration across our community and commercial models.

Speaker #3: We are sharpening our strategic focus and optimizing resource allocation. In our established businesses, we will continue to prioritize ecosystem health and user experience, leveraging AI to drive efficiency gains and elevate content quality.

Victor Zhou: In our established businesses, we will continue to prioritize ecosystem health and the user experience, leveraging AI to drive efficiency gains and elevate the content quality. At the same time, we are doubling down on AI-driven monetization innovations to cultivate new scalable growth engines. We are confident that 2026 will usher in a new era of high-quality growth for Zhihu, defined by the further realization of our unique AI capabilities and monetization potential. With that, I will hand the call over to our CFO, Wang Han, whose remarks will be delivered through his AI voice agent. Han, please go ahead.

Speaker #3: At the same time, we are doubling down on AI-driven monetization innovations to cultivate new, scalable growth engines. We are confident that 2026 will usher in a new era of high-quality growth for Zhihu, defined by the further realization of our unique AI capabilities and monetization potential.

Speaker #3: With that, I will hand the call over to our CFO, Wang Han, whose remarks will be delivered through his AI voice agent. Han, please go ahead.

Speaker #3: I will now go over our fourth quarter financials. For a complete overview of our results, please refer to our press release issued earlier today.

Wang Han: I will now go over our Q4 financials. For a complete overview of our results, please refer to our press release issued earlier today. 2025 represents a structural upgrade in Zhihu's financial profile. As Victor noted, we achieved our first full-year non-GAAP profitability milestone. Financially, this progress was driven by sustained cost discipline, improved operating leverage, and tighter expense control while maintaining healthy growth margins. For the full year, we recorded non-GAAP net income of RMB 37.9 million, and our non-GAAP operating loss narrowed by 33.6% year over year. These results reflect the cumulative impact of our multi-quarter structural optimization and provide a strong foundation to build on as we enter 2026. Now turning to Q4.

Speaker #3: 2025 represents a structural upgrade in Zhihu's financial profile, as Victor noted. We achieved our first full-year non-GAAP profitability milestone. Financially, this progress was driven by sustained cost discipline, improved operating leverage, and tighter expense control.

Speaker #3: While maintaining healthy gross margins, for the full year, we recorded non-GAAP net income of RMB 37.9 million and our non-GAAP operating loss narrowed by 33.6% year over year.

Speaker #3: These results reflect the cumulative impact of our multi-quarter structural optimization and provide a strong foundation to build on as we enter 2026. Now, turning to the fourth quarter, our total revenues for the quarter were RMB 643.5 million, compared with RMB 859.2 million in the same period of 2024.

Wang Han: Our total revenues for the quarter were RMB 643.5 million, compared with RMB 859.2 million in the same period of 2024. The year-over-year decrease continued to reflect our ongoing efforts to optimize revenue mix and focus on sustainable high-quality growth. Notably, the pace of sequential decline continued to narrow, reinforcing a clear top-line recovery trajectory. Our marketing services revenue for the quarter was RMB 234.8 million, compared with RMB 315.9 million in the same period of 2024. While the year-over-year decline reflects our proactive refinement of service offerings, the sequential trend was notably positive. Marketing services revenue grew 24% sequentially, marking a clear inflection point in our recovery.

Speaker #3: The year-over-year decrease continued to reflect our ongoing efforts to optimize revenue mix and focus on sustainable, high-quality growth. Notably, the pace of sequential decline continued to narrow, reinforcing a clear top-line recovery trajectory.

Speaker #3: Our marketing services revenue for the quarter was RMB 234.8 million, compared with RMB 315.9 million in the same period of 2024. While the year-over-year decline reflects our proactive refinement of service offerings, the sequential trend was notably positive.

Speaker #3: Marketing services revenue grew 24% sequentially, marking a clear inflection point in our recovery. This momentum was driven by stronger client quality, deeper industry penetration, and the successful ramp-up of new commercial products.

Wang Han: This momentum was driven by stronger client quality, deeper industry penetration, and the successful ramp-up of new commercial products. Paid membership revenue was CNY 333.5 million, compared with CNY 422 million in the same period of 2024. Average monthly subscribing members were 12.2 million. The year-over-year decline in membership was expected and reflects our deliberate prioritization of unit economics over scale. That said, we delivered sequential improvements in both ARPPU and renewal rates during the quarter, which we view as early validation that our retention initiatives are gaining traction. Other revenues were CNY 75.2 million, compared with CNY 123.1 million in the same period of 2024.

Speaker #3: Paid membership revenue was RMB 333.5 million, compared with RMB 422 million in the same period of 2024. Average monthly subscribing members were 12.2 million.

Speaker #3: The year-over-year decline in membership was expected and reflects our deliberate prioritization of unit economics over scale. That said, we delivered sequential improvements in both ARPPU and renewal rates during the quarter, which we view as early validation that our retention initiatives are gaining traction.

Speaker #3: Other revenues were RMB 75.2 million, compared with RMB 123.1 million in the same period of 2024. The decrease primarily reflected the strategic refinement of our vocational training business, partially offset by growth of revenues generated from our intellectual property derivatives business.

Wang Han: The decrease primarily reflected the strategic refinement of our vocational training business, partially offset by growth of revenues generated from our intellectual property derivatives business. Our gross profit for the quarter was RMB 344.8 million, compared with RMB 540.7 million in the same period of 2024. Gross margin was 53.6%, compared with 62.9% in the same period of 2024. The decrease in gross margin was primarily due to our ongoing efforts to broaden and enhance content offerings for all users. Our total operating expenses for the quarter were RMB 608.7 million, compared with RMB 528.8 million in the same period of 2024.

Speaker #3: Our gross profit for the quarter was RMB 344.8 million, compared with RMB 540.7 million in the same period of 2024. Gross margin was 53.6%, compared with 62.9% in the same period of 2024.

Speaker #3: The decrease in gross margin was primarily due to our ongoing efforts to broaden and enhance content offerings for all users. Our total operating expenses for the quarter were RMB 608.7 million, compared with RMB 528.8 million in the same period of 2024.

Speaker #3: The increase was primarily due to a one-time non-cash goodwill impairment charge of RMB 126.3 million, which was primarily associated with our prior acquisitions, mainly driven by lower valuations amid the current market conditions.

Wang Han: The increase was primarily due to a one-time non-cash goodwill impairment charge of RMB 126.3 million, which was primarily associated with our prior acquisitions, mainly driven by lower valuations amid the current market conditions. Excluding this item, underlying operating expenses continued to decline year over year as we further streamlined spending across key areas. Selling and marketing expenses decreased by 13% to RMB 275.2 million from RMB 316.2 million in the same period of 2024, driven by more disciplined marketing spend and lower personnel-related expenses. Research and development expenses decreased 16% to RMB 123.1 million from RMB 146.6 million in the same period of 2024.

Speaker #3: Excluding this item, underlying operating expenses continue to decline year-over-year as we further streamline spending across key areas. Selling and marketing expenses decreased by 13% to RMB 275.2 million, from RMB 316.2 million in the same period of 2024, driven by more disciplined marketing spend and lower personnel-related expenses.

Speaker #3: Research and development expenses decreased 16% to RMB 123.1 million, from RMB 146.6 million in the same period of 2024. The decrease was primarily driven by ongoing improvements in our research and development efficiency.

Wang Han: The decrease was primarily driven by ongoing improvements in our research and development efficiency. General and administrative expenses were CNY 84 million, compared with CNY 66 million in the same period of 2024, primarily due to higher share-based compensation expenses. Our GAAP net loss for the quarter was CNY 210.8 million, compared with CNY 86.4 million in the same period of 2024. On a non-GAAP basis, adjusted net loss was CNY 39.4 million, compared with adjusted net income of CNY 97.1 million in the same period of 2024.

Speaker #3: General and administrative expenses were RMB 84 million, compared with RMB 66 million in the same period of 2024, primarily due to higher share-based compensation expenses.

Speaker #3: Our GAAP net loss for the quarter was RMB 210.8 million, compared with RMB 86.4 million in the same period of 2024. On a non-GAAP basis, adjusted net loss was RMB 39.4 million, compared with adjusted net income of RMB 97.1 million in the same period of 2024.

Speaker #3: As of December 31, 2025, we held RMB 4.5 billion in cash and cash equivalents, current and non-current term deposits, restricted cash, and short-term investments.

Wang Han: As of 31 December 2025, we held RMB 4.5 billion in cash and cash equivalents, current and non-current term deposits, restricted cash, and short term investments compared with RMB 4.9 billion as of 31 December 2024. As of 31 December 2025, we repurchased 31.1 million Class A ordinary shares on the open market for an aggregate value of $66.5 million. In addition, throughout 2025, we repurchased a total of 16.6 million Class A ordinary shares through the company's trustee for an aggregate value of $23.4 million, representing 6.29% of the total issued ordinary shares. Looking ahead, we will further enhance earnings quality and scalability by prioritizing higher margin, more capital efficient revenue streams.

Speaker #3: Compare with R&B 4.9 billion as of the 31st of December 2024. As of the 31st of December 2025, we repurchased 31.1 million Class A ordinary shares on the open market for an aggregate value of USD 66.5 million.

Speaker #3: In addition, throughout 2025, we repurchased a total of 16.6 million Class A ordinary shares through the company's trustee for an aggregate value of $23.4 million, representing 6.29% of the total issued ordinary shares.

Speaker #3: Looking ahead, we will further enhance earnings quality and scalability by prioritizing higher-margin, more capital-efficient revenue streams. We will continue to strengthen our monetization capabilities and explore new AI-powered revenue models, while leveraging Zhihu's core strengths: high-quality content, a respected expert network, and advanced AI capabilities.

Wang Han: We will continue to strengthen our monetization capabilities and explore new AI-powered revenue models while leveraging Zhihu's core strengths, high-quality content, a respected expert network, and advanced AI capabilities. Coupled with disciplined capital allocation, including share repurchases, these actions will reinforce our financial resilience and support sustainable long-term value creation.

Speaker #3: Coupled with disciplined capital allocation, including share repurchases, these actions will reinforce our financial resilience and support sustainable, long-term value creation.

Speaker #1: Thank you. If you wish to ask a question, you will need to press *1, 1 on your telephone and wait for your name to be announced.

Operator 1: Thank you. We will take our first question. Your first question comes from the line of Xueqing Zhang from CICC. Please go ahead. Your line is open.

Operator: Thank you. We will take our first question. Your first question comes from the line of Xueqing Zhang from CICC. Please go ahead. Your line is open.

Speaker #1: If you wish to cancel your request, please press 1, 1 again. We will take our first question. Your first question comes from the line of Zhuqing Zhang from CICC.

Speaker #1: Please go ahead; your line is open. Zhuqing Zhang from CICC, your line is open. Please ask your question. Zhuqing Zhang, can you check your line is not on mute?

Speaker #1: It

Speaker #2: Hello? Hello. Could you hear me?

Xueqing Zhang: Hello, hello. Could you hear me?

Operator 1: Yes, you can be heard. Please proceed.

Operator: Yes, you can be heard. Please proceed.

Speaker #1: Yes, you can be heard. Please proceed.

Speaker #2: Yeah. You, thanks, management, for taking my question. And my question is about your financial outlook. So,

Xueqing Zhang: Yeah. Thanks management for taking my question, and my question about your financial outlook. Firstly, what's your earnings outlook in 2026, and how to balance the investment with the cash flow and the profitability? Thank you.

Wang Han: 好，那个我是公司CFO王涵，然后我来回答这个问题。首先我们二五年是证明了知乎是可以盈利的。但是大家都知道知乎在AI时代的机会和资源禀赋远远大于现在的状况。我们肯定不会简单的去走今年盈利，明年在这个类似的体量下盈利更多，然后分红，这个时候体量可能也不会带来那么多meaningful的分红金额。我们肯定还要在这个时代抓住机遇，在AI上进行这个投入。但是大家也不用担心，我们hardly达到的break even就弃之不顾，重新回到过去大规模烧钱增长的范式。我们会谨慎考虑新业务，选择能够看到ROI且适合知乎的资源禀赋的方向进行投入，让大家看到新的AI收入能有一定增长的同时，保证整体的bottom line仍然在比较健康状态。

Speaker #3: I Meaningful one . Can I . I Bring up the break even Sure . We Are I For the function I The bottom line

Yolanda Liu: Thanks for your question, Xueqing. This is from Zhihu CFO Wang Han. First, 2025 demonstrated that Zhihu can achieve profitability. More importantly, we believe, given our unique assets and positioning, Zhihu's opportunity set in the AI era is meaningfully larger than what our current scale reflects. We're not pursuing a single path of delivering profitability this year, more profitability next year and then turning to dividends. At our current scope, that would not generate a particular meaningful level of returns for our shareholders. What we want to do instead is stay focused on the opportunities created by AI and invest behind them.

Speaker #2: Thank you for your question. This is Zhou Fu, CFO Wang Han. So first, 2025 demonstrated that Zhou Fu can achieve profitability.

Speaker #2: But more importantly, we believe given our unique assets and positioning, Zhihu's opportunity set in the AI era is meaningfully larger than what our current scale reflects.

Speaker #2: So we are not pursuing a simple path of delivering profitability this year, more profitability next year, and then turning to dividends at our current scope.

Speaker #2: That would not generate a particular meaningful level of returns for our shareholders . So what we want to do instead is stay focused on the opportunities created by AI and invest behind them at the same time , this does not mean what will we will abandon the bottom line .

Yolanda Liu: At the same time, this does not mean we will abandon the bottom line discipline that we worked hard to achieve or return to the old model of burning significant cash for growth. We will be disciplined in selecting new initiatives, concentrating our investments on areas with visible ROI potential and a strong fit with Zhihu's core strength. In other words, we want to deliver growth in new AI-driven revenue stream. At the same time, to keep the overall bottom line on a healthy and a responsive track. Thanks for your question.

Speaker #2: Discipline that we worked hard to achieve, or return to the old model of burning significant cash for growth. We will be disciplined in selecting new initiatives, concentrating our investments on areas with visible ROI potential and a strong fit with Zhihu, whose core strength—

Speaker #2: In other words , we want to deliver growth in new AI driven revenue stream at the same time , keep to keep the overall bottom line on a healthy and responsive track .

Speaker #2: Thanks for your question

Speaker #1: Thank you. We will take our next question. Your next question comes from the line of Daisy Chen from Haitong International. Please go ahead.

Operator 2: Thank you. We will take our next question. Your next question comes from the line of Daisy Shen from Haitong International. Please go ahead. Your line is open.

Operator: Thank you. We will take our next question. Your next question comes from the line of Daisy Shen from Haitong International. Please go ahead. Your line is open.

Speaker #1: Your line is open

Daisy Shen: 谢谢管理层，继续我的提问。想请教管理层，就目前，知乎在商业化方向的整体战略是什么？然后以及2026年公司的核心优先事项是什么？ I'll translate myself. Thanks management for taking my question. At the current stage, what is your strategy in terms of commercialization? And what are the company's core priorities for 2026? Thank you.

Speaker #4: I check it myself. Thanks for taking my question. And at the current stage, what is your strategy in terms of commercialization, and what are the company's core priorities for 2026?

Speaker #4: Thank you

Wang Han: 好，感谢您的提问，这道题也是我先来答。您问到公司整体的战略和优先级，总体来说呢，就是我们要保证知乎在社区主营业务上持续利用AI来提效，而且要持续应用AI来交付更棒的产品体验。同时呢，保持我们这个主营业务的收入的稳定，以及更健康的经营利润水平。

Speaker #3: Sure. I, Yuan Zhou—I mean, depending on the shipping.

Yolanda Liu: Thanks for your question. I will get started with my answers. This is from Zhihu CFO Wang Han. In terms of the priority and the strategy in 2026, these are mainly centered on two tracks. First of all, in our core community business, we want to continue using AI to improve efficiency and deliver a better product experience for our users and content creators, at the same time to maintain stable revenue and a healthier level of operating profitability. In other words, we want our core business to maintain steady while becoming increasingly AI enhanced and financially stronger over time.

Speaker #2: So, thanks for your question. I will get started with my answers. This is from CFO Wang Han. So, in terms of the priority and the strategy in 2026, these are mainly centered on two tracks.

Speaker #2: First of all, in our core community business, we want to continue using AI to improve efficiency and deliver a better product experience for our users and content creators at the same time, to maintain stable revenue and a healthier level of operating profitability.

Speaker #2: In other words, we want our core business to remain steady while becoming increasingly AI-enhanced and financially stronger over time.

Wang Han: 与此同时呢，我们将leverage知乎的优质资源禀赋来发展AI的新业务。在上个问题中我们有提到，我们会选择的新业务呢，不会是疯狂烧钱的，而是能够看到健康的现金流的，我们主要focus在两个领域。

Speaker #3: Leverage the user Focus that

Speaker #2: At the same time, we want to fully leverage our unique assets to develop new AI businesses. As I mentioned earlier, the new initiatives we chose.

Yolanda Liu: At the same time, we want to fully leverage Zhihu's unique assets to develop new AI businesses. As I mentioned earlier, the new initiatives we choose will not be built around aggressive cash burn. We will focus on areas where we can see a path to healthy cash flow. Right now, we are mainly focused on two areas.

Speaker #2: We choose to not be built around aggressive cash burn. We will focus on areas where we can see a path to healthy cash flow.

Speaker #2: Right now, we are mainly focused on two areas.

Speaker #3: You can measure AI setup and IP in the IP. AI, the AI setup, is Q1. The Azure.

Wang Han: 一个呢是AI短剧漫剧的赛道。随着视频大模型的升级，生产链条会变得越来越简化，最稀缺的就是上游的IP，而且这也是这些玩家就算是烧钱也无法短期获得的。而且知乎呢不仅仅是积累了大量的优质版权库，关键是我们还有这么多的创作者在我们的生态里面，源源不断地持续产生新的创意，新的IP。而AI的这个短剧漫剧市场呢，也是被市场验证是一个用户愿意为这个AI的内容付钱的那么一个赛道。所以在这个领域投入资源和精力，可能是对我们带来可观的、可规模化的AI收入的一个很好的选择。

Speaker #2: The first is AI enabled short form drama and comic adaption . As text , video , and image to video models continue to evolve .

Yolanda Liu: The first is AI-enabled short form drama and comic adaptation. As text-to-video and image-to-video models continue to evolve, the production chain is becoming increasingly streamlined. In that process, the scarce asset is high quality upstream IP, and that is not something that can be acquired overnight simply by spending heavily. Zhihu's advantage is not only that we have accumulated a large library of high quality copyrighted content, but also that we have a highly active creator ecosystem that continue to generate new ideas and new IPs. More importantly, AI-generated short drama and the comic style content have already shown that users are willing to pay for this type of AI content.

Speaker #2: The production chain is becoming increasingly streamlined in that process. The skills asset is high-quality upstream IP, and that is not something that can be acquired overnight.

Speaker #2: Simply by spending heavily G , whose advantage is not only that , we have accumulated a large library of high quality copyrighted content , but also that we have a highly active creator ecosystem that continue to generate new ideas and new IPS .

Speaker #2: More importantly, AI-generated short drama and comic-style content have already shown that users are willing to pay for this type of AI content, so we believe this is one of the most promising areas we're focused on. We're focused investment could generate meaningful and scalable AI revenue for us.

Yolanda Liu: We believe this is one of the most promising areas where focused investment could generate meaningful and scalable AI revenue for us.

Speaker #3: There are—you mentioned—the AI surge. I'm core. Should be AI lab merging the...

Wang Han: 第二个呢，就是AI相关的数据服务的领域。在所有的AI应用还在大规模烧钱的情况下，除了英伟达是可以持续地卖水，有超过它是一个有超过利润的卖水卖铲子的公司以外，其实还有一个赛道是个小号的卖水卖铲子的，就是高质量数据。像美国的Scale AI、Surge AI、Appen这种公司，他们持续地为头部的这些AI lab提供高质量的数据，短短几年之内就变成了几十个billion的公司，而且有正向的现金流。所以结合知乎积累的高质量的专家网络和我们对模型数据的认知，我们可以持续不断地为AI提供独家制作的高质量的数据，而且社区可以源源不断地发掘模型还未覆盖到的各种专业技能和随着时代发展的新认知新能力。知乎在这个领域也是非常有独特的机会，而且这个也是能有机会看到正向现金流的业务。

Yolanda Liu: The second area is AI data services. At a time when many AI applications are still operating with heavy cash burn, there are only a few categories in the ecosystem that can capture structurally attractive economies. One, of course, is represented by companies like NVIDIA. Another on a relatively smaller, but still very attractive scale is high quality data area. In US, companies such as Scale AI, Surge AI, and Appen has grown rapidly within just a few years by providing high quality data services to leading LLM developers, while also demonstrating healthy cash flow characteristics.

Speaker #2: The second area is AI data services . At this . At a time when many AI applications are still operating with heavy cash burn .

Speaker #2: There are only few categories in the ecosystem that can capture . Structurally attractive economies . One . Of course , is a . Represented by companies like Nvidia .

Speaker #2: Another . On a relatively smaller but still very attractive scale is high quality data area in US companies such as AI surge , AI and Macau has grown rapidly within just within just a few years .

Speaker #2: By providing high quality data services to leading developers . While also demonstrating healthy cash flow characteristics . So with our strong expert network and depending understanding of high quality model data , we believe drew , who is well positioned to provide differentiated data solutions for all of these AI developers at the same time , our community can continuously service new areas of expertise , emerging knowledge , and evolving capabilities that LMS have not yet fully covered .

Yolanda Liu: With our strong expert network and deepening understanding of high-quality model data, we believe Zhihu is well positioned to provide differentiated data solutions for all of these AI developers. At the same time, our community can continuously service new areas of expertise, emerging knowledge, and evolving capabilities that LLMs have not yet fully covered. This gives Zhihu a very differentiated advantage in this field, and we believe this is also a business with a clear opportunity to generate positive cash flows.

Speaker #2: This gives you a very differentiated advantage in this field, and we believe this is also a business with a clear opportunity to generate positive cash flows.

Speaker #3: So The Initial .

Zhou Yuan: 所以整体来说，我们希望整个知乎有一个稳定且产品在不断地进行AI升级、财务状况变得越来越健康的主营业务。同时呢，我们有新业务的收入增长，且是那种不会疯狂烧钱，而是能够看到正向现金流机会的那种AI的新收入。

Yolanda Liu: In a word, what we want to deliver is a stable core business that continue to upgrade through AI with improving product capability, and a healthy financial profile. Alongside new AI revenue streams that can grow in a disciplined way. The goal is not to pursue growth through excessive spending, but also to build a new AI business with visible monetization potential and a path to positive cash flow. Thank you for your question.

Speaker #2: So, in a word, what we want to deliver is a stable core business that continues to upgrade through AI, with improving product capability and a healthy financial profile, alongside new AI revenue streams that can grow in a disciplined way.

Speaker #2: The goal is not to pursue growth through excessive spending, but also, not to overlook prudent investment. The goal is to build a new AI business with visible monetization potential and a path to positive cash flow. Thank you for your question.

Speaker #1: Thank you once again , if you wish to ask a question , please press star one one on your telephone . We will take our next question .

Operator 1: Thank you. Once again, if you wish to ask a question, please press star one one on your telephone. We will take our next question. The question comes from the line of Vicky Wei from Citi. Please go ahead. Your line is open.

Operator: Thank you. Once again, if you wish to ask a question, please press star one one on your telephone. We will take our next question. The question comes from the line of Vicky Wei from Citi. Please go ahead. Your line is open.

Speaker #1: The question comes from the line of Vicky Wave from Citi. Please go ahead, your line is open.

Vicky Wei: 管理层晚上好，谢谢接受我的提问。能不能请管理层分享给我们一些信息或者数据，帮助我们理解AI对于知乎社区的影响。在新一年的产品升级和用户体验提升方面，我们会有哪些新的计划？Thanks, management, for taking my question. Could management share some data that will help us better understand the impact of AI on the Zhihu community? Additionally, with regard to product upgrades and user experience enhancement in the coming year, what new initiatives does Zhihu have in place? Thank you.

Speaker #5: You could . You AI do you Can you . Thanks management , for taking my question . So could management share some data that will help us better understand the impact of AI on the community and additionally , with regard to product upgrades and user experience enhancements in the coming year , what new initiatives does Zhu , have in place ?

Speaker #5: Thank you

Speaker #6: Anyhow, was Zhou AI the new AI, the—

Zhou Yuan: 你好，我是周元，我来回答这个问题啊。首先呢，这个AI对社区的影响它并不是被动发生的。过去几个季度呢，我们一直是主动地在推动AI和社区的价值的融合。那么我可以从这个核心用户和新用户两组人群的角度来看一看，这个AI的能力的这个融合所带来的积极变化。

Yolanda Liu: Thanks for your question. I will take this question. This is from Zhihu CEO Zhou Yuan. First of all, the impact of AI on our community has not been passive. Over the past few quarters, we have been actively driving this accelerating and deeper integration between AI and the Zhihu community, with a clear focus on improving such as content consumption, creator experience, and so on. Broadly speaking, the positive changes from AI adoption can be seen across two groups, our core retained users and our new users.

Speaker #2: Thanks for your question . I will take this question . This is from Zhou , who CEO Zhou Yuan . So first of all , the impact of AI on our community has not been passive over the past few quarters .

Speaker #2: We have been actively this accelerating and deeper integration between AI and the . Zhou community with a clear focus on improving , improving , such as consumption .

Speaker #2: Creator experience and so on. Broadly speaking, the positive changes from AI adoption can be seen across two groups: our core retained users and our new users.

Zhou Yuan: 首先，在这个核心的留存用户上，AI正在帮助我们的用户和创作者更好地被理解、被连接，人与人之间真实的社交属性在不断地加强。在刚刚过去的四季度，我们大盘的用户正向互动的覆盖率和频率都实现了同比的提升。用户开始主动在评论区里面调用AI的能力，就是知乎直达能力，用于进行事实的核查，比如说这个专业信息的一些解释、热点的追踪。这个在不打破社区氛围的前提下，其实促进了更多的真实用户之间进行了互动和二次讨论。最近，我们也在这个PC端推出了AI阅读的一个面板，通过一键总结和各种专业术语的解释这样的功能，它很明显地提升了长内容的阅读效率，我们核心用户的深阅读场景的体验得到了显著的提升。

Speaker #6: AI, so the— the, the AI, the—

Yolanda Liu: Starting with our core retained user, AI is helping users and creators better understand and connect with each other, which further strengthens the social nature of the real human interaction on our platform. In Q4, both the coverage and frequency of the positive user interactions on the platform increased year-over-year. We are also seeing users actively call on AI capabilities, aka Zhida, in the comments section for things like fact-checking, explaining professional topics, and following training discussions. Importantly, this is happening without disrupting the community atmosphere. Instead, it is helping drive more interaction and full-on discussion among real users. More recently, we launched AI reading panel on PC with features such as one-click summaries and explanations of professional terms.

Speaker #2: Starting with our core retained user, AI is helping users and creators better understand and connect with each other, which further strengthens the social nature of real human interaction on our platform.

Speaker #2: In Q4, both the coverage and frequency of positive user interactions on the platform increased year over year. We are also seeing users actively call on AI.

Speaker #2: AI capabilities , aka Judah , in in the comments section for things like fact checking , explaining professional topics , and following training discussions .

Speaker #2: Importantly , this is happening without disrupting disrupting the community atmosphere . Instead , it is helping drive . It's helping drive more interaction and follow on discussion among real users .

Speaker #2: More recently, we launched the AI Reading Panel on PC with features such as one-click summaries and explanations of professional terms. It has meaningfully improved the reading efficiency of long-form content and significantly enhanced the deep reading experience for our core users.

Yolanda Liu: It has meaningfully improved the reading efficiency of long-form content and significantly enhanced the deep reading experience for our core users.

Speaker #6: You want to continue to the agenda with the on the

Zhou Yuan: 另外，刚才也分享过我们四季度社区日均新增的高质量内容同比提升超过了20%。当然除了这个内容产量的增长，我们也更关注创作者行为的一些积极变化。我们在四季度创作者的人均互动和创作次数都有显著的同环比的提升。

Yolanda Liu: As we mentioned earlier, daily newly added high quality content in the community grew by over 20% year over year in Q4. Beyond content volume, what we care more about is the positive shift in user and the creator's behavior. Through, like, AI capabilities such as intelligent editing and multimodal associated creation, we're continuing to lower the barrier. We can see like the per user interaction improved significantly in this quarter.

Speaker #2: As we mentioned earlier , daily . Newly added high quality content in the community grew by over 20% year over year in four Q but beyond content volume , what we are more .

Speaker #2: What we care more about is the positive shift in user and creators' behavior. So, through AI capabilities such as intelligent editing and multi-modal associated creation, we will continue to lower the barrier so we can see, like, the per-user interaction improved significantly in this quarter.

Zhou Yuan: 那么对于那些刚刚进入社区的新用户来说，AI在有效地降低他们获取内容、进入讨论、参与互动的门槛。四季度，知乎直达的直接使用MAU继续实现了同比增长，超过260%。次月留存率同比提升了差不多83%。我们在今年的二月份，平均日活用户的搜索query量，对比2025年十月份提升的是超过了16%。

Speaker #6: Do you use AI, machine learning, and RF in South Korea?

Speaker #2: For new user entering the community . AI is also lowering . Lowering the barrier to content discovery . Joining discussions and participating in interactions in .

Yolanda Liu: For new user entering the community, AI is also lowering the barrier to content discovering, joining discussions, and participating in interactions. In Q4 2025, the direct MAUs of Zhihu Zhida continue to grow by more than 260% year over year, while next month's retention improved by about 83% year over year. In February 2026, average daily search queries per DAU increased by more than 16% compared with November 2025.

Speaker #2: For Q2 2025, the direct mail use of Juju continued to grow by more than 260% year over year, while next month retention improved by about 83% year over year in February. There were 26 average daily search queries per day.

Speaker #2: Increased by more than 16%, compared with November 25th.

Zhou Yuan: 我们之前也跟大家汇报过，就是我们会把这个直达能力和这个综搜能力进一步做整合。那么在十二月，就是我们已经进一步完成了这个能力的迭代。这个新的直达跟综搜，是进一步整合，成为了社区高质量内容供给的一个新入口。那么在这个迭代之后的综搜，它会根据不同类型的query呈现更合适的这种回答的形式或者内容的形式。那上线以来，这个AI直达的卡片用户使用的覆盖率是显著提升的。我们的这个点击率，也就是CTR，实现了两位数的提升。人均的AI搜索次数，也有显著的提升。

Speaker #6: A When The The query

Yolanda Liu: As we shared previously, we mentioned that we completed another upgrade of the AI capability within Zhihu's main search to further integrate Zhida with our broader search experience, and making it a new entry point for high-quality content for our users. We saw this happened in December. After this upgrade, search can present more suitable answer formats based on different types of queries. Since launch, user coverage of Zhida cards has increased meaningfully. CTR, click-through rate, saw double-digit improvement, and average AI searches per user also increased noticeably.

Speaker #2: As we shared previously , we . We mentioned that we complete another upgrade of AI capability within Juju main search to further integrate with our broader search experience and making it a new entry point for high quality content for our users .

Speaker #2: So, we see this happen—happened in December. And after this upgrade, search can present more suitable answer formats based on different types of queries.

Speaker #2: Since launch, user coverage of AI for cars has increased meaningfully. CTR (click-through rate) saw double-digit improvement, and average AI searches per user have also increased.

Speaker #2: Also increased noticeably

Zhou Yuan: 那么在新的这个用户体验升级的计划方面，就是和AI相关呢，有两个方面的工作。一个呢，就是AI促进社交和提升效率，也就是刚才说的在核心留存用户和新用户的体验收益上，我们还会持续的投入，因为这个方向和

Speaker #6: AI Function

Speaker #1: Please continue to stand by. Your conference will resume shortly.

Operator 2: Hello, Heidi.

Zhou Yuan: Hello, Heidi.

Speaker #7: Okay

Yolanda Liu: Okay. I will continue to deliver answers from our CEO, Zhou Yuan. For the forward-looking perspective, our plans are focused on two areas. First, we will continue investing in the experience gains we are already seeing from AI. Both in terms of enabling more social interaction and efficiency for our core returning users and the new users. This direction here is already quite clear, and we have been building toward it step by step. On top of that, we are preparing to upgrade the Zhida's core capability from AI search towards an agent-based experience. We believe this could bring broader product experience upgrades to users across communities.

Speaker #4: Okay .

Speaker #2: I will continue to deliver answers from our CEO, Yuan Zhou. So, for the looking forward perspective, our plans are focused on two areas.

Speaker #2: First, we will continue investing in the experience gains we are already seeing from AI, both in terms of enabling more social interaction and efficiency for our core return users and the new users.

Speaker #2: So this direction here is already quite clear , and we have been building toward it step by step , on top of that , we are preparing to upgrade Judah's core capability from AI search towards an agent based experience .

Speaker #2: We believe this could bring broader product experience upgrades to users across communities . Although there is still an innovation and execution process ahead of us , ahead of us , and we will continue to work through that rollout .

Yolanda Liu: Although there is still an innovation and execution process ahead of us, and we will continue to work through that rollout. This is from Zhihu CEO Zhou Yuan. Thanks for your question again.

Speaker #2: So this is from Zhou, who's CEO Zhou Yuan. Thanks for your question again.

Speaker #1: Thank you. That concludes today's Q&A session. I will now turn the call back to Yolanda for additional or closing remarks.

Operator 1: Thank you. That concludes today's Q&A session. I will now turn the call back to Yolanda for additional or closing remarks.

Operator: Thank you. That concludes today's Q&A session. I will now turn the call back to Yolanda for additional or closing remarks.

Speaker #2: Thank you once again for joining us today. If you have any further questions, please contact our IR team directly or Christensen Advisory.

Yolanda Liu: Thank you once again for joining us today. If you have any further questions, please contact our IR team directly or Christensen Advisory. Thank you. Thank you all.

Speaker #2: Thank you. Thank you all.

Operator 1: This concludes today's conference call. Thank you for participating. You may now disconnect.

Operator: This concludes today's conference call. Thank you for participating. You may now disconnect.

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