ZHIHU(ZH) 证券时报网·2024-11-27 00:15Core Insights - Zhihu reported a total revenue of 845 million RMB for Q3 2024, a year-on-year decrease of 17.3% [1] - The gross margin improved from 53.7% in the same period last year to 63.9%, while the net loss narrowed significantly to 90 million RMB, a reduction of 96.8% year-on-year, marking the smallest quarterly net loss since its IPO [1][3] - Adjusted net loss was 131 million RMB, a year-on-year reduction of 94.2% [1] Revenue Breakdown - Paid reading business generated 459 million RMB, accounting for 54% of total revenue [1] - Marketing services and vocational education contributed 257 million RMB and 105 million RMB, respectively [1] - Other revenue sources totaled 239 million RMB [2] User Engagement - Average monthly active users (MAUs) reached 81.1 million, with average monthly subscription members at 16.5 million [2] - The AI search product Zhihu Zhidao continued to grow, with the launch of a "professional search" feature that includes over 50 million Chinese and English literature data [1][2] Cost Management - Total costs and operating expenses decreased by 35.6% and 30.5% year-on-year, contributing to the improved gross margin [3] - The company aims to strategically explore business models that enhance its high-value brand image and unique user positioning [3] Share Buyback Program - Zhihu has repurchased 31.1 million Class A ordinary shares under its 2022 buyback plan, totaling 66.5 million USD [3] - The 2024 buyback plan is valid until June 26, 2025, allowing for the repurchase of up to 10% of the company's issued shares [3] Strategic Partnerships - Zhihu renewed a three-year framework agreement with Tencent, effective from January 1, 2025 [4] - The agreement includes a payment service framework to be provided by Tencent from December 1, 2024, to December 31, 2026 [4]