香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 Zhihu Inc. （於開曼群島註冊成立以不同投票權控制的有限責任公司） （紐交所代號：ZH；聯交所代號：2390） 根據2022年股份激勵計劃授出受限制股份單位 於2025年10月17日，本公司根據2022年股份激勵計劃向若干合資格參與者授出 合共1,079,805份受限制股份單位，惟須待承授人接納以及遵守2022年股份激勵 計劃的條款及在其條件達成後方可作實。 於2025年10月17日，本公司根據2022年股份激勵計劃向若干合資格參與者授出合 共1,079,805份受限制股份單位，相當於相同數目的A類普通股及於本公告日期已 發行股份總數（不包括庫存股份）的約0.4%（按一股一票基準計算）。 授出之詳情 向承授人授出受限制股份單位之詳情如下： 授出日期： 2025年10月17日 承授人： 本集團6名僱員，即根據2022年股份激勵計劃之合資格參 與者 授出受限制股份 單位的總數： 1,079,805份 ...

Core Insights - Zhihu Inc. has launched its Yanyan Story platform at the Frankfurt Book Fair, marking a significant step in the international expansion of Chinese short-form online literature [1][2] Industry Overview - The Frankfurt Book Fair is the largest publishing exhibition globally, featuring over 4,000 publishers from 92 countries and regions [2] - Chinese online literature has reached approximately 200 million active overseas readers across more than 200 countries, with a market value exceeding RMB 5 billion [3] Company Developments - Yanyan Story integrates storytelling, technology, and user participation, creating a new model for global literary engagement [4] - The platform offers various content formats, including books, digital reading, audio dramas, and cultural products, contributing to Zhihu's 13.2 million paid subscribers [5] - Yanyan Story has licensed over 100 works for publication, with translations available in multiple languages such as English, Spanish, Japanese, Korean, Portuguese, Thai, and Indonesian [5] Financial Performance - In Q2 2025, Zhihu's revenue from IP licensing grew in triple digits year-over-year and sequentially [6] - More than 100 Yanyan Story IP titles have been licensed for adaptations in film, animation, and short dramas, with several already generating revenue [6] Strategic Vision - The Vice President of Zhihu emphasized that short-form literature and IP adaptation are transforming cultural storytelling, highlighting the platform's role in connecting creators and readers globally [7]

Core Insights - The article discusses a recent system outage at Zhihu, which has garnered significant public attention and led to the trending topic "Zhihu crashed" [1] - Zhihu's official response indicates that the issue is due to a bug in the system, which is currently being addressed by engineers, with no specific timeline for resolution provided [1] Financial Performance - For the fiscal year ending December 31, 2024, Zhihu reported total revenue of RMB 3.599 billion, representing a year-over-year decline of 14.5% [1] - The gross margin improved from 54.7% in 2023 to 60.6% in 2024 [1] - The net loss for the year was RMB 169 million, a significant reduction of 79.9% compared to a net loss of RMB 839 million in the previous year [1] - Adjusted net loss was RMB 96.3 million, narrowing by 85.4% from RMB 659 million in the same period last year [1] - In the fourth quarter of 2024, Zhihu achieved a net profit of RMB 86.4 million, contrasting with a net loss of RMB 103.1 million in the fourth quarter of 2023, marking the company's first quarterly profit [1]

Core Insights - The recent outage of Zhihu, which affected both web and mobile platforms, unexpectedly brought the company back into public attention [1][4] - This incident occurred during a challenging period for Zhihu, as the company is experiencing significant declines in its core business performance [12][14] Summary by Sections Incident Overview - On October 17, Zhihu faced a widespread outage, causing users to experience loading issues and account logouts [2] - Users reacted with confusion, initially blaming their devices or internet connections for the problems [5][6][7] - The outage particularly impacted users who rely on the platform for leisure during work or study [8][10] Business Performance - Zhihu reported a total revenue of 1.447 billion yuan for the first half of 2025, a significant decline of 23.7% year-over-year [12][13] - The three main business segments—marketing services, paid memberships, and vocational training—saw substantial revenue drops, with marketing services down 37.8% to 420 million yuan and paid memberships down 7.1% [13][14] - The number of paid subscribers decreased from 14.7 million to 13.7 million, indicating a loss of 1 million users [13] Profitability and Cost Management - Despite the revenue decline, Zhihu achieved a net profit of 62.37 million yuan in the first half of 2025, largely due to significant cost-cutting measures [14][15] - Total operating expenses decreased by 30.9%, with notable reductions in sales, research and development, and management costs [14][15] - The strategy of prioritizing profit over growth raises concerns about long-term sustainability and competitiveness, particularly in terms of innovation and technical stability [15] Leadership Changes - The recent resignation of the Chief Technology Officer (CTO) adds to the uncertainty surrounding Zhihu's strategic direction, especially as the company focuses on AI initiatives [15] - The timing of the CTO's departure, close to the outage incident, raises questions about the impact of leadership instability on technical maintenance and infrastructure [15]

Core Viewpoint - The recent outage of Zhihu has brought the platform back into public attention, highlighting its ongoing operational challenges and declining performance metrics [1][4]. Performance Summary - Zhihu reported a total revenue of 1.447 billion RMB for the first half of 2025, a significant decline of 23.7% year-on-year, with all three core business segments experiencing contraction [11]. - The paid membership segment saw its first revenue drop of 7.1%, with the number of monthly subscribers decreasing from 14.7 million to 13.7 million, losing 1 million paid users [12]. - Marketing services revenue plummeted by 37.8% to 420 million RMB, attributed to both a strategic shift towards optimizing low-margin services and a general decline in platform traffic [12]. - The vocational training segment also faced a sharp decline of 43.87%, with revenue falling to 157 million RMB, explained as a result of "strategic optimization adjustments" [13]. Profitability Analysis - Despite the revenue decline, Zhihu achieved a net profit of 62.37 million RMB in the first half of 2025, maintaining Non-GAAP profitability for three consecutive quarters, largely due to significant cost-cutting measures [13]. - Total operating expenses decreased by 30.9%, with sales expenses down 27.72%, R&D expenses down 29.29%, and management expenses down 47.61% [13]. Strategic Concerns - The aggressive cost-cutting strategy raises concerns about the long-term sustainability of profitability, as it may hinder future growth and innovation, particularly in R&D [14]. - The recent resignation of the Chief Technology Officer (CTO) adds to the uncertainty surrounding Zhihu's strategic direction, especially as the company is focusing on AI initiatives [14]. - The timing of the CTO's departure in relation to the platform's technical issues raises questions about the stability of the technical team and the potential impact on infrastructure and service reliability [14].

Core Viewpoint - On October 17, users reported issues with the Zhihu app and website, indicating a system malfunction that led to loading failures [1] Group 1 - Multiple users experienced abnormal behavior on the Zhihu app and web platform, with reports of "loading failed" messages [1] - Zhihu customer service acknowledged the issue, stating that the engineering team is urgently investigating the system anomaly and apologized for the inconvenience [1]

Core Points - Zhihu experienced a sudden service outage, leading to users being unable to access the website, which caused the topic "ZhihuCrashed" to trend on social media [1] - As of the time of reporting, the web service has been restored, and users can access the content normally [1]

Group 1 - Fuyao Glass announced that Chairman Cao Dewang resigned to promote strategic optimization and sustainable development, with Cao Hui elected as the new chairman [2] - Fengchao's founder and CEO Xu Yubin resigned due to health reasons, with no response from the company regarding successors [4] - Dong Yuhui's live streaming sales exceeded 300 million yuan during the "Double 11" shopping festival, with significant audience engagement [5] Group 2 - OneStar Robotics is reportedly in the process of dissolution just a month after securing significant funding [5] - Peak responded to salary reduction concerns, stating it is a temporary measure aimed at job preservation and long-term development [5] - JD.com has initiated a pilot program in 25 cities to eliminate penalties for delivery riders exceeding order time, shifting to a service score management system [5][6] Group 3 - Meituan announced changes to merchant rating calculations to reduce the impact of malicious reviews, with new metrics being introduced [6] - TSMC reported a third-quarter net profit of approximately 452.3 billion NTD, with a revenue increase of 30.3% year-on-year [9] - Nestlé plans to lay off about 16,000 employees globally over the next two years to enhance operational efficiency [14] Group 4 - Cloudy Technology debuted on the Hong Kong Stock Exchange, with shares rising 49% on the first day of trading [15] - Xense Robotics completed a Pre-A round financing of over 100 million yuan, marking its third round of funding this year [15] - Apple is preparing to launch a MacBook with a touchscreen, expected to be released in late 2026 or early 2027 [16] Group 5 - Ferrari's new model Amalfi is set to launch in China with a starting price of 2.5985 million yuan, with deliveries expected to begin in Q4 2026 [18] - OpenAI's Sora 2 update allows all users to generate 15-second videos, with Pro users able to create longer videos [20] - China's exports grew by 7% in the first three quarters, with significant shifts in market focus towards Europe [23]

Core Viewpoint - ByteDance has launched at least 20 short story mini-programs within the Douyin app, indicating a strategic move to capture the short story market leveraging Douyin's traffic advantage [1] Group 1: Company Strategy - The launch of the short story matrix is part of ByteDance's broader strategy to establish a diversified content ecosystem, having previously developed products in short dramas and novels [1] - The introduction of short stories represents a new segment in the "short and quick" content arena, aiming to quickly seize market share [1] Group 2: Market Competition - Other internet platforms have also targeted the short story market, with notable examples including QQ Reading, which has categorized short stories as a distinct genre, and Alibaba's UC, which has launched a separate "story" channel alongside its "short drama" channel [1] - Zhihu has taken a more aggressive approach by launching an independent short story app called "Yan Yan Story" to capture market share [1]

Core Insights - The discussion on "Is Calculus Really Difficult?" has gained significant attention on Zhihu, attracting top scholars and engaging a wide audience in a dialogue that combines academic depth with public interest [1][2] Group 1: Academic Contributions - Ma Xiao, an assistant professor at the University of Michigan, recently made a breakthrough in the study of Hilbert's sixth problem, which had been dormant for 125 years [1] - Wang Mengdi, a professor at Princeton University, suggests that calculus may serve as a "natural language of the universe," simplifying complex operations into intuitive actions [2] Group 2: Community Engagement - The event coincides with China's first official Science Popularization Month in September, marking the launch of Zhihu's 2025 Science Season [2] - Zhihu aims to create a platform for public scientific dialogue, enhancing the accessibility and engagement of scientific discussions within the community [2]