Core Insights - The article emphasizes the importance of Post-Training as a transformative approach in AI, moving beyond simple model optimization to creating specialized intelligent engines tailored to specific business needs [1][4] - The evolution of Post-Training technology is highlighted, showcasing a shift from Supervised Fine-Tuning (SFT) to Reinforcement Learning (RL) methodologies, which better align with complex business requirements [2][4] Summary by Sections Post-Training Evolution - The initial approach in the industry was SFT, which allowed models to learn specific domain knowledge and dialogue styles [2] - However, SFT was insufficient for teaching models complex value judgments and strategic choices, which are critical in real business scenarios [3] - The focus has shifted to RL, evolving from human-dependent methods (RLHF) to automated systems (RLVR) and the innovative use of Natural Language Rewards [4][5] Implementation Pathway - The article outlines a four-step pathway for enterprises to implement Post-Training effectively, addressing challenges such as data quality, high labeling costs, and defining reward signals [5][8] - Successful case studies from companies like Zhihu, AutoHome, and Weibo illustrate practical applications of these steps, showcasing improvements in data quality and model performance [7][8] Step 1: Data Preparation - High-quality data is identified as the cornerstone of successful Post-Training, with companies spending 60-70% of their time on data preparation [10] - Zhihu and AutoHome have developed methods to enhance data quality through pre-labeling and structured data utilization, respectively [11][13] Step 2: Model Selection - Choosing the right base model is crucial, with many companies opting for the Tongyi Qianwen series due to its performance and support for Post-Training [14][16] - The model's architecture and open-source ecosystem facilitate easier implementation of Post-Training techniques [15][18] Step 3: Reward Mechanism Design - The design of a reward mechanism is essential for aligning model outputs with business objectives, transitioning from human feedback to automated verification systems [24][25] - Companies like Yingmi Fund are exploring ways to integrate expert decision-making frameworks into their models to enhance performance [26] Step 4: Evaluation System - A robust evaluation system is necessary to measure the effectiveness of Post-Training, with Yingmi Fund developing benchmarks to assess model performance in real-world scenarios [27][28] - Successful implementations have led to significant improvements in model accuracy and business outcomes, as seen in the case of Baifeng Cloud and Quark [30][32] Conclusion - The article concludes that the true competitive advantage in AI lies in how companies leverage their unique data and business insights through Post-Training to create proprietary intelligent engines [32]

Core Viewpoint - The Nasdaq China Golden Dragon Index experienced a significant drop of over 3%, marking the largest decline since August 27 [1] Company Performance - Kingsoft Cloud fell by 9% [1] - GDS Holdings, Daqo New Energy, and NIO all dropped by over 7% [1] - Upstart, JinkoSolar, Xiaopeng Motors, Zhihu, and WeRide saw declines of over 6% [1] - Bilibili, Alibaba, Baidu, and JD.com each fell by over 5% [1]

Core Insights - The article emphasizes the growing consumer interest in gut health and the need for professional evaluation of probiotic products due to market inconsistencies in labeling and effectiveness [1] Group 1: Product Evaluation - Zhuoyue Probiotics contains 300 billion CFU of active bacteria per serving, verified by third-party testing, ensuring consumers receive the actual viable count [3] - The formulation includes 36 clinically validated probiotic strains and 11 prebiotics, supporting gut health without added sugars or artificial ingredients, meeting high purity standards [4] - Advanced triple-layer microencapsulation technology ensures over 98% survival of probiotics in acidic environments, enhancing their effectiveness in gut intervention [5] Group 2: Market Performance - Zhuoyue Probiotics has consistently ranked among the top-selling probiotics on platforms like Tmall and JD for three years, with a repurchase rate at a high industry level and a 98% positive feedback rate [6] - The product is backed by research from the Chinese Academy of Sciences and has undergone rigorous testing, including a randomized controlled trial showing significant improvements in bowel regularity and reduced bloating [8][9] Group 3: Consumer Trust and Safety - The product is insured for quality and has received GRAS and QPS certifications, indicating its safety for daily use among adults and adolescents [9] - Positive consumer feedback highlights the product's effectiveness in alleviating digestive issues, with many users reporting significant improvements [11] Group 4: Recommendations for Consumers - The article advises consumers to choose probiotics with clear ingredient lists, verified active bacteria counts, and advanced encapsulation technologies to ensure efficacy [19] - Zhuoyue Probiotics is recommended as a reliable choice due to its rigorous quality control, scientific backing, and understanding of local gut health needs [20]

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9月30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10月8日 I. 法定/註冊股本變動 | 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. 股份分類 | 不同投票權架構公司普通股 ...

Core Viewpoint - The Nasdaq China Golden Dragon Index increased by 1% on October 7, indicating a positive trend in the Chinese stock market, particularly for popular Chinese concept stocks [1] Company Performance - Niu Technologies (小牛电动) saw a significant rise of over 23% in its stock price [1] - XPeng Motors (小鹏汽车) and Baidu (百度) both experienced an increase of over 2% [1] - Zhihu (知乎), JD.com (京东), and Miniso (名创优品) rose by more than 1% [1] - NIO (蔚来) faced a decline of over 1% in its stock price [1]

Core Viewpoint - Zhihu Inc. announced the resignation of Mr. Bin Sun as the chief technology officer effective September 30, 2025, due to personal reasons [1][2]. Company Overview - Zhihu Inc. is a leading online content community in China, established in 2010, and has grown to become the largest Q&A-inspired online content platform in the country [2].

Core Points - Zhihu-W (02390.HK) announced the issuance of 5,291,400 Class A ordinary shares to a custodian for future issuance of American Depositary Shares based on the 2012 and 2022 share incentive plans [1] Summary by Category - **Company Actions** - The company will issue 5,291,400 Class A ordinary shares on September 26, 2025 [1] - These shares are intended for future issuance of American Depositary Shares as part of the 2012 and 2022 share incentive plans [1]

Core Viewpoint - Zhihu-W (02390) announced the issuance of 5.2914 million Class A ordinary shares to a custodian for future issuance of American Depositary Shares (ADS) related to the 2012 and 2022 share incentive plans [1] Group 1 - The company will issue 5.2914 million Class A ordinary shares on September 26, 2025 [1] - The shares are intended for future awards granted under the 2012 and 2022 share incentive plans [1]

智通财经APP讯，知乎-W(02390)发布公告，于2025年9月26日发行529.14万股A类普通股予以存托人用 作日后因根据2012年股份激励计划及 2022年股份激励计划授出的奖励获行使或归属而发行的美国存托 股份。 ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) FF305 備註： 上述 "已發行股份（不包括庫存股份）變動佔有關事件前的現有已發行股份（不包括庫存股份）數目百分比"一欄中的百分比是根據公司已發行股份總數264,571,454股 （包括249,124,676股 A 類普通股和15,446,778股 B 類普通股）計算得出。 為免生疑問，已發行和流通的 A 類普通股期初和期末餘額（即不包括為批量發行美國存託股票而向託管人發行的 A 類普通股，該等美國存託股預留用於根據股權激勵計畫 授予的獎勵行使或歸屬時的未來發行）分別為248,340,194股和248,757,056股。 第 2 頁 共 6 頁 v 1.3.0 表格類別： 股票 狀態： 新提交 公司名稱： 知乎 呈交日期： 2025年9月28日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第 ...