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| Statement |
|---|
| Our cornerstone verticals, including IT and 3C and home appliance, maintained their growth momentum, increasing significantly by double digit year-over-year |
| For example, IT and 3C and home appliances continue to make solid progress |
| The resulting optimized ROI in user acquisition significantly strengthened our business product competitiveness |
| In short, Zhihu's success and resilience are underpinned by our dynamic ecosystem with high-quality content at its core |
| Moving forward, we are confident that our operational effectiveness and enhanced brand recognition will enable us to capture the market's growth potential |
| Furthermore, we remain confident in the opportunities that the AI revolution is bringing to the education industry |
| We noted that Zhihu's education segment's year-on-year growth rate is still quite strong this quarter |
| Consequently, we've witnessed a 5 percentage points increase in our gross margin, bringing it to 53.7% for the quarter, along with a notable 10.1% reduction in our non-GAAP net loss compared to the previous year |
| And with the enhancement of our performance-based marketing solutions, we are confident that next year our marketing services will see a more noticeable recovery |
| Zhou Yuan [Foreign Language] Iris Liu Another thing is that thanks to our continuously improved data establishment and our data cooperation with different e-commerce platforms, the data capabilities of our platform has significantly improved |
| Zhou Yuan [Foreign Language] Iris Liu And secondly speaking, our paid membership business has constantly improved in terms of our operating efficiency with the help of technology innovation |
| As a result, vocational training revenue soared 85.6% year-over-year in the third quarter |
| The Membership business once again demonstrates strong growth this quarter |
| We also drove the increased operational efficiency and performance across the Zhihu community in the third quarter as we continued to elevate our content supply by integrating AI and other technologies |
| By enhancing algorithms and AI-powered content comprehension, we were able to deliver more customized and balanced content to users, especially content with higher commercial value |
| And through the R&D of Zhihaitu AI’s large language model and continuously upgrade our basic model capabilities, we will provide better experiences for our users and content creators and also enhance our commercialization efficiency |
| To summarize, Zhihu is well positioned as a content community that has high-quality content and data on its platform, and we have made tremendous progress in terms of building out our large language model capabilities in the past few months |
| We also expanded our AI technology application scenarios to improve our sales conversion and users' interactive learning experience |
| And also with the help of AI, our operating efficiency will be enhanced |
| As you may know, as we introduced in the remarks that we said that we improve our utilization of the cloud services and the focus on improving the operation efficiency for the cost control |
| As a result, our memberships business maintained its accelerated growth momentum, and the revenue contributions from the vocational training business continued to increase |
| We believe Zhihaitu AI's advantage lies in the ability to naturally combine large language model with specific scenarios powered by superior content understanding and inference abilities |
| This stands as a strong testament to our outstanding content monetization capability and the effectiveness and resilience of our business model |
| Our ongoing improvement in cost control measures and operating efficiency enhancements also improved the company's bottom line |
| Among our various revenue streams, paid membership revenue grew by 39.2% year-over-year and average monthly subscribing members increased by 35.9% year-over-year to 14.8 million |
| This strong revenue performance was boosted by our persistent efforts to broaden content coverage while improving content distribution efficiency |
| We will gradually open our large language model, benefiting our users and partners, while preparing the sustainable growth of the entire industry |
| Our content and blockbuster IP have garnered broad recognition beyond the Zhihu community, amplifying the potential for audience-based growth |
| We believe that the strong sense of connection and the broad appeal of the original stories in Zhihu's library offers great opportunities for film and television adaptation, which will further unlock our content ecosystem's growth and the monetization potential for our valuable IPs |
| By leveraging our technology and operations capabilities, we are confident we can share the massive value and influence of our IPs with our users, content creators, and business partners |
| Statement |
|---|
| Our marketing services revenue for the quarter was RMB 383 million despite the overall industry challenges |
| In the third quarter, our marketing services were still affected by the overall fluctuations in the macro environment |
| About the sales and marketing, as I mentioned in the previous question, we believe that there is still some like percentage point space to lower our sales and marketing as a percentage of our total revenue in the next year and in the next quarter |
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