责任编辑：江钰涵 大会将揭晓"AI先行者"和"TECH TRANSLATOR企业"榜单，从社区视角发掘AI潜力股和优秀企业品 牌。此外，知乎还将联合中国人工智能学会，开启2025第三届全国人工智能应用场景创新挑战赛通用人 工智能赛道，挖掘AI开发新星。 新浪科技讯 9月12日午间消息，首届知乎Tech Club新知科技大会将于9月20日在杭州开幕。上海交大讲 席教授徐雷、格力电器市场总监朱磊、《最强大脑》科学评审魏坤琳等嘉宾将参会，围绕AI技术演 进、人机协同、科技重构等话题展开深度思辨。 ...

（於開曼群島註冊成立以不同投票權控制的有限責任公司） 股份代號 : 2390 2025 中期報告 2025 INTERIM REPORT 中期報告 目錄 2 公司資料 4 主要摘要 6 業務回顧及展望 10 管理層討論與分析 17 企業管治 22 其他資料 32 中期財務資料審閱報告 33 未經審計簡明中期合併財務資料及附註 89 釋義 二零二五年中期報告 公司資料 執行董事 周源先生 （董事長及行政總裁） 非執行董事 李大海先生 李朝暉先生 于冰先生 獨立非執行董事 孫含暉先生 （於2025 年5 月27日辭任） 倪虹女士 Derek Chen先生 程立瀾博士 （於2025 年5 月27日獲委任） 審核委員會 孫含暉先生 （主席） （於2025 年5 月27日辭任） 程立瀾博士 （主席） （於2025 年5 月27日獲委任） 倪虹女士 Derek Chen先生 薪酬委員會 周源先生 孫含暉先生 （主席） （於2025 年5 月27日辭任） 倪虹女士 （主席） （於2025 年5 月27日獲委任為主席） 程立瀾博士 （於2025 年5 月27日獲委任） 提名委員會 周源先生 孫含暉先生 （於2025 年5 月 ...

Core Viewpoint - The 2025 National Science Popularization Month is set to commence in September 2025, with Zhihu launching its Science Season activities, focusing on the theme "AI Critical, Science Connection" to explore scientific development in the AI era [1] Group 1: Event Overview - Zhihu collaborates with Science China to initiate the "Connecting All Things with Science" creative activity, led by three academicians to promote scientific ideas and spirit [1] - The Zhihu Science Season has been held five times, serving as a significant platform for showcasing scientific achievements and transmitting scientific spirit [1] Group 2: Contributions from Academicians - Academician Pang Guofang shares insights on overcoming research bottlenecks, emphasizing that failures and unexpected data can lead to breakthroughs [4] - Academician Han Jisheng encourages young researchers to balance personal interests with national needs, highlighting the importance of both [4] - Academician Li Jian'an discusses a shift in understanding health, advocating for a holistic view of health as harmony between humans and their environment [5] Group 3: Creative Content and Themes - Zhihu Science Month introduces four thematic tracks to create engaging scientific content, focusing on human connection and warmth in science communication [6] - The tracks include "Wonders of Nature," "Physics Q&A," "Natural Observation," and "Silicon-Based Observation," aimed at fostering discussions in various scientific fields [6] - A notable question raised during the event involves the potential for computers to replicate human brain functions, sparking philosophical debates on consciousness [6] Group 4: Community Engagement - The Zhihu Science Season has become a vital event for the scientific community, attracting numerous professionals and enthusiasts from various scientific disciplines [8] - The event features prominent scientists and researchers who engage in discussions and share cutting-edge research, contributing to a vibrant academic environment [8] - Since 2021, Zhihu has hosted the Science Season annually, providing a platform for significant scientific discussions and advancements [8]

南京医科大学教授、主任医师，南京医科大学康复医学院名誉院士，美国医学科学院国际院士励建安则 重点解答了有关运动健康的几大问题。励建安坦言，对健康的理解发生了显著转变，"过去觉得没病就 是健康，现在更认同世界卫生组织对健康的深层定义，健康是人与环境的和谐相处。人的组织器官基本 上都有一个特质，你用它，它就能把自己的能力维系到尽可能长的时间。" 责任编辑：杨赐 当研究走到了瓶颈，该如何突破？中国质量检验检测科学研究院首席科学家、中国工程院院士庞国芳回 答称，每次失败的实验记录、优化的参数、甚至偶然发现的异常数据，都是积累的种子，而这些种子遇 到某个契机，就会像多米诺骨牌一样引发连锁突破，这就是积累的力量。 北京大学博雅讲席教授、北京大学神经科学研究所名誉所长、中国科学院院士韩济生以"德、才、勤"三 个字勉励年轻科研工作者继续努力。他称，"要发展个人的兴趣，同时结合国家的需要，年轻人对这两 种问题都要考虑，这两者是不可偏废的"。 新浪科技讯 9月9日下午消息，2025年9月是首个法定全国科普月，知乎启动2025科学季，并联合科普中 国率先发起"用科普联结万物"创作活动，中国科学院院士韩济生、中国工程院院士庞国芳、美 ...

9月8日，知乎宣布，已经正式发起"AI先行者"计划，持续联动投资机构、媒体和行业观察者，挖掘具有 前瞻性和影响力的潜力选手。9月6日，在知乎"AI先行者沙龙"上，知乎披露数据显示，平台已经聚集 1600万科技与AI领域持续学习者，356万科技与AI话题深度创作者，拥有858万个AI相关问题与2088万 个AI专业回答。 ...

Market Performance - On September 4, US stock indices closed higher, with the Dow Jones Industrial Average up 0.77%, the Nasdaq up 0.98%, and the S&P 500 up 0.83%, reaching new closing highs [1] - Major tech stocks saw significant gains, with Amazon rising over 4%, Netflix over 2%, and Google reaching a historical high with a 0.68% increase [1] - Chinese concept stocks generally declined, with the Nasdaq Golden Dragon China Index down 1.11%, and several companies like Alibaba and NIO dropping over 3% [1] Federal Reserve Developments - The Federal Reserve is experiencing internal divisions regarding interest rate decisions, with some members advocating for rate cuts while others emphasize inflation risks [6] - The probability of the Fed maintaining rates in September is 0.6%, while the likelihood of a 25 basis point cut is 99.4% [6] - Recent comments from New York Fed President John Williams suggest that while a rate cut may be appropriate over time, the impact of tariffs on inflation has been less severe than initially feared [6] Legal and Political Context - The Trump administration has urged the Supreme Court to expedite a ruling on tariffs, claiming that a recent appellate court decision undermines presidential authority in foreign trade matters [3] - The investigation into Federal Reserve Governor Lisa Cook by the Justice Department raises questions about her potential dismissal by Trump, marking a significant escalation in tensions between the administration and the Fed [4][5] - Trump's recent actions, including submitting new arguments to the Supreme Court, reflect ongoing conflicts regarding economic policy and the independence of the Federal Reserve [3][4]

Core Viewpoint - Zhihu has achieved its first quarterly profit after 14 years, marking a significant milestone in its journey towards profitability, although this has primarily been driven by cost-cutting rather than revenue growth [1][5][10]. Financial Performance - In Q2 2024, Zhihu reported an adjusted net profit of 91.3 million RMB, marking three consecutive quarters of Non-GAAP profitability [1]. - However, Zhihu's revenue declined by 23.7% year-on-year in the first half of 2024, with all major business segments—marketing services, paid memberships, and vocational training—experiencing revenue drops [2][3]. - The company managed to reduce its cost of revenue by 31.13% and total operating expenses by 30.87%, leading to an increase in gross margin from 58.1% to 62.2% [3][4]. - Investment income significantly contributed to profitability, amounting to 160 million RMB, compared to 38.71 million RMB in the same period last year [3]. Strategic Shifts - The management's focus has shifted towards cost reduction and operational efficiency, prioritizing profitability over aggressive growth [5][10]. - Zhihu's strategy has evolved from rapid commercial expansion to a more sustainable approach that emphasizes community health and user experience, even at the cost of scaling [9][12]. - The company has recognized the need to balance commercial goals with maintaining a healthy community ecosystem, leading to a strategic pivot towards "ecology-first" [10][12]. User Engagement and Community Dynamics - Despite achieving profitability, Zhihu has seen a decline in monthly active users, losing over 17 million users in 2024, which raises concerns about its long-term growth potential [10]. - The platform's advertising revenue continues to decline, and paid membership income has also decreased, indicating challenges in maintaining user engagement and monetization [10][11]. AI Integration and Future Prospects - Zhihu has launched an AI search product, "Zhihu Direct Answer," which has seen increased user engagement, with 50 million monthly active users interested in AI content [13][15]. - The company aims to leverage AI to enhance content quality and user experience, although challenges remain regarding the accuracy and reliability of existing content [16][17]. - The integration of AI is seen as a potential opportunity for Zhihu to strengthen its competitive advantage, but the complexity of community dynamics may pose challenges [15][18].

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 知乎 呈交日期: 2025年9月4日 I. 法定/註冊股本變動 第 1 頁 共 10 頁 v 1.1.1 | 1. 股份分類 | 不同投票權架構公司普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02390 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 1,550,000,000 | USD | 0.000125 | USD | | 193,750 | | 增加 / 減少 (-) | | | 0 | | | USD | | | | 本月底結存 | | | 1,550,000,000 | USD | 0.000125 | USD | | 193,750 | | 2. ...

Core Viewpoint - The majority of popular Chinese concept stocks in the US market are experiencing declines, with notable drops in several key companies [1] Group 1: Stock Performance - Xiaopeng Motors, Li Auto, and NIO have all fallen by over 2% [1] - Alibaba, JD.com, iQIYI, and Miniso have seen declines exceeding 1% [1] - Zhihu has increased by over 2%, while Douyu has risen by over 1% [1]

Core Insights - The company reported better-than-expected adjusted net profit of 91.34 million yuan for Q2 2025, despite a revenue decline of 23% year-on-year to 717 million yuan, which was slightly below the expected 730 million yuan [1][2] - The company is seeing initial success from business adjustments, particularly in marketing services and paid membership, with expectations for a turning point in upcoming quarters [1][2] Revenue and Profit Trends - Q2 2025 revenue from marketing services decreased by 35% year-on-year, but the company is optimistic about future improvements in the advertising structure [1] - Paid membership revenue fell by 7% year-on-year, but the average revenue per paying user (ARPPU) is expected to grow by 3% [1] - The company is shifting its focus towards acquiring long-lifecycle users and enhancing user engagement through new content formats [1] AI Integration and Community Value - The company upgraded its core AI product, Zhihu Zhidao, enhancing its knowledge base functionality, which has led to a significant increase in active usage penetration [2] - The presence of 365,000 professional creators in discussions related to technology and AI highlights the growing value of the company's content community [2] - The company’s quality content is becoming a valuable data asset, with AI assistants citing Zhihu more frequently than other content communities [2] Financial Performance and Share Buyback - The company achieved adjusted profitability for three consecutive quarters, with a decrease in operating expense ratio by 4 percentage points year-on-year [2] - In the first half of 2025, the company repurchased 7.42 million shares, representing about 3% of the total share capital [2] Revenue and Profit Forecast - Revenue forecasts for 2025 and 2026 have been revised down by 8.2% and 9.9% to 2.82 billion yuan and 2.97 billion yuan, respectively, due to ongoing adjustments in marketing services and vocational training [2] - Adjusted net profit for 2025 has been revised from a loss of 72.86 million yuan to a profit of 31.80 million yuan, while the 2026 adjusted net profit forecast has been reduced from 140 million yuan to 77.07 million yuan [2] - The current stock price corresponds to 1.0 times the price-to-sales ratio for 2025/2026, with a target price of 16 HKD/6.1 USD, indicating an upside potential of 25%/24% [2]