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 senior management team are Mr. Zhou Yuan, Founder, Chairman, and Chief Executive Officer; and Mr.

Wang Han, Chief Financial Officer. 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.

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.

Additionally, the discussion today will include both GAAP and non-GAAP financial results for comparison 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.

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.

Thank you, Yolanda. Hello everyone, and thank you for joining Zhihu's fourth quarter and full year 2025 earnings call.

I'm Victor Zhou, and 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 RMB37.9 million, a substantial turnaround from the adjusted net loss of RMB96.3 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. The synergistic evolution of our high-quality content times expert network times AI capabilities continuously strengthened Zhihu's competitive moat in the AI era.

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.

Entering 2026, amid the 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 Yanyan Story 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 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.

Substantial year-over-year growth in positive user interactions also drove notable improvements in both short- and long-term new user retention. 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. At the vanguard of the AI revolution, our community hosted extensive, high-level discussions on key topics such as DeepSeek's m-a-g-u-a architecture, Qwen's NeurIPS winning mechanisms, and 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 Claude 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. 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 the fourth quarter, daily active high-tier creators grew by double-digit year-over-year, and number of verified honored creators rose by nearly 30% as we continued 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.

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, 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 average daily interactions doubled. 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. 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. As a result, average daily content creation in Circles surged over 100% sequentially, with daily views up 72%.

Beyond 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. 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 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.

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. Through external ecosystem partnerships, we are extending our content capabilities into more intelligent assistant 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 RMB643.5 million in the fourth quarter as the pace of sequential decline continued to narrow. This shows a clear top-line recovery trajectory.

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 the fourth quarter, marketing services revenue reached RMB234.8 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 the fourth quarter, 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. 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.

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 community-driven monetization and amplify the commercial value of our key IPs, such as Zhihu Science Season and The Reviewers' Jury.

Revenue from IP-related projects increased 21% year-over-year, supported by deeper brand collaborations across our IP portfolio. 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, 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.

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 the fourth quarter, average monthly paid members reached 12.2 million, generating RMB333.5 million in revenue.

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 paid memberships, we are maximizing content IP's 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.

The monetization potential of our Yanyan Story IP continued to translate into tangible results. In December, two adapted short dramas, Fang and Xia and The Seventh Year of Secret Love for My Childhood Friend, 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 The Seventh Year of Secret Love for My Childhood Friend 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.

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 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.

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. 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 new initiatives into other revenues, which totaled RMB75.2 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. 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. In our established businesses, we will continue to prioritize ecosystem health and user experience, leveraging AI to drive efficiency gains and elevate 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.

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.

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 gross margins. For the full year, we recorded non-GAAP net income of RMB37.9 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 the fourth quarter.

Our total revenues for the quarter were RMB643.5 million, compared with RMB859.2 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 RMB234.8 million, compared with RMB315.9 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.

This momentum was driven by stronger client quality, deeper industry penetration, and a successful ramp-up of new commercial products. Paid membership revenue was RMB333.5 million, compared with RMB422 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 RMB75.2 million, compared with RMB123.1 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. Our gross profit for the quarter was RMB344.8 million, compared with RMB540.7 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 RMB608.7 million, compared with RMB528.8 million in the same period of 2024. The increase was primarily due to a one-time non-cash goodwill impairment charge of RMB126.3 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 RMB275.2 million from RMB316.2 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 RMB123.1 million from RMB146.6 million in the same period of 2024. The decrease was primarily driven by ongoing improvements in our research and development efficiency.

General and administrative expenses were RMB84 million, compared with RMB66 million in the same period of 2024, primarily due to higher share-based compensation expenses. Our GAAP net loss for the quarter was RMB210.8 million, compared with RMB86.4 million in the same period of 2024.

On a non-GAAP basis, adjusted net loss was RMB39.4 million, compared with adjusted net income of RMB97.1 million in the same period of 2024. As of the 31st of December 2025, we held RMB4.5 billion in cash and cash equivalents, current and non-current term deposits, restricted cash, and short-term investments, compared with RMB4.9 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 US$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 US$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. 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.

Hello, could you hear me?

Yeah. 感谢管理层接受我的提问。我的问题是关于财务展望的。想请教一下公司2026年的一个盈利预期，然后我们将如何在投入和现金流盈利的能力之间取得平衡？谢谢。Thanks, management, for taking my question.

My question about your financial outlook. Firstly, what's your earnings outlook in 2026?

How to balance the investments with cash flow and profitability? Thank you.

好，那个我是公司CFO王晗，然后我来回答这个问题。首先我们25年是证明了知乎是可以盈利的，但是大家都知道了知乎在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就走今天盈利，明天这个类似体量下盈利更多，然后分红。这个事物形态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，我们好不容易达到的breakeven就弃之不顾，重新回到过去大规模烧钱增量的方式。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去投入，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。

Thanks for 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 we current scale reflects.

We are not pursuing a single path of delivering profitability this year, more profitability next year, and then turning to dividends. At our current scale, 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. 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 streams, at the same time to keep the overall bottom line on a healthy and responsive track.

Thanks for question.

哎，谢谢管理层接受我的提问。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 strategies in terms of commercialization, and what are the company's core priorities for 2026? Thank you.

好，感谢您的提问。这条题也是我先来答。您问的公司整体的这个战略和优先级，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。

Thanks for 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.

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 to our core business to maintain steady while becoming increasingly AI-enhanced and financially stronger over time.

于此同时呢，我们将leverage知乎的优质资源禀赋来发展AI的新业务。在上有问题中我们有提到，我们选择的新业务呢不会是疯狂烧钱的，而是能够看到健康现金流的。我们主要focus在两个领域。

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 focus on two areas.

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的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的内容付钱的那么个赛道。所以在那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。

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 comic-style content have already shown that users are willing to pay for this type of AI content.

We believe this is one of the most promising areas where focused investments could generate meaningful and scalable AI revenue for us. 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的卖水有超它是它是一个有超额利润的卖水卖铲子的公司以外，其实还有一个赛道是一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、Mercor这种公司，他们持续的被头部的这些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，我们可以持续不断的为AI提供独家制作的高质量的数据。而且社区可以源源不断的挖掘模型还没有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具有独特的机遇，而且这个也是能有机会看到正向现金流的业务。

The second area is AI data services. At a time when many AI applications are still operating with heavy cash burn, there are only few categories in the ecosystem that can capture structurally attractive economics.

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 Mercor 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. 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 this 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.

所以总体来说，我们希望整个交付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，且是那种不过度疯狂烧钱、而是能够看到正向现金流机会的那种AI的新收入。

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 to build a new AI business with visible monetization potential and a path to positive cash flow.

Thank you for question.

管理层晚上好，谢谢接受我的提问。能不能请管理层给我们分享一些信息或者数据，帮助我们理解AI对于知乎社区的影响。然后在新的一年，产品升级和用户体验提升方面，我们会有哪些新的计划？Thanks,

你好，我是周源，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。在过去几个季度呢，我们一直是主动的在推动AI和社区的加速融合。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看这个AI的能力的这个融合所带来的积极变化。

Thanks for question. I'll take this question.

This is from Zhihu CEO, Zhou Yuan. 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 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.

那首先呢在这个核心的留存用户上，AI它真的在帮助我们的用户和创作者更好的被理解、被连接，然后人与人之间真实的社交属性呢在不断地加强。在刚过去的四季度，我们大盘的用户正向互动的覆盖率和频次都实现了同比的提升。用户呢开始主动在评论区里面调用AI的能力，比如知乎直答的能力，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。这个呢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。最近呢我们也在这个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，它很明显的提升了长内容的阅读效率。我们核心用户的深度阅读场景的体验呢是得到了显著的提升。

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. In 4Q, 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, a.k.a. Zhida, in the comments section for things like fact-checking, explaining professional topics, and following trending discussions.

Importantly, this is happening without disrupting the community atmosphere. Instead, it's helping drive more interaction and follow-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. It has meaningfully improved the reading efficiency of long-form content and significantly enhanced the deep reading experience for our core users.

另外呢，刚才也分享过，我们四季度社区日均的这个新增的高质量内容同比提升的是超过了20%。当然除了这个内容存量的增长，我们呢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。

As we mentioned earlier, daily newly added high-quality content in the community grew by over 20% year-over-year in 4Q. Beyond content volume, what we care more about is a positive shift in user and creators' behavior.

Through AI capabilities such as intelligent editing and multimodal associated creation, we are continuing to lower the barrier. We can see per users' interaction improved significantly in this quarter.

那么对于那些刚刚进入社区的新用户来说呢，AI在有效的降低他们获取内容、进入讨论、参与互动的门槛。四季度呢，知乎直达的直接使用MAU继续实现了同比的增长，是超过了260%。那次月留存率呢，同比提升了差不多是83%。我们在今年的这个2月份，就是平均日活用户的搜索这个query量对比这个25年11月份提升的是超过了16%。

For new user entering the community, AI is also lowering the barrier to content discovering, joining discussions, and participating in interactions. In 4Q 2025, the direct MAUs of Zhihu Zhida continued 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.

我们之前呢也跟大家汇报过，就是我们会把这个直达能力和这个搜索能力进一步做整合。那么在12月呢，就是我们已经进一步完成了这个能力的迭代。这个现在直达跟搜索呢是进一步整合了，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搜索呢，它会根据不同类型的query，呈现更加合适的不同回答的形式，或者内容的形式吧。那上线以来呢，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，实现了两位数的这个提升。人均的AI搜索次数呢也有显著的提升。

As we shared previously, we mentioned that we complete another upgrade of 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 see 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 have increased meaningfully.

CTR, click-through rate, saw double-digit improved, and average AI searches per user also increased noticeably.

那么在新的这个用户体验升级的计划方面啊，就是和AI相关的有两个方面的工作。一个呢就是就是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。那么这个方向和……

Hello, Heidi? Okay.

I will continue to deliver answers from our CEO, Zhou Yuan. For the looking forward perspective, our plan 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 core retained users and 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 Zhida's core capability from AI search toward an agent-based experience. 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, and we will continue to work through that rollout. This is from Zhihu CEO, Zhou Yuan.

Thanks for question again.

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.