Core Viewpoint - The Nasdaq China Golden Dragon Index experienced a slight increase, with notable movements in various companies' stock prices [1] Company Performance - Bilibili and Zhihu saw stock price increases of nearly 3% [1] - Tencent Music and Aihuishou experienced stock price increases of over 1% [1] - Qifu Technology and Pony.ai both saw stock price declines of over 1% [1]

智通财经APP获悉，7月30日，全球知名投资机构富达国际（Fidelity International）发布的联交所权益披 露表格显示，截至7月25日富达基金大幅增持知乎(02390)，持股从今年3月末的457.6万普通股增长至 1248.9万普通股，在知乎全部发行在外A类普通股中的占比，从1.83%增长至5.01%。 这也是富达国际自2024年末以来，第三次增持知乎。作为国际知名的几大长线基金之一，富达国际以选 股审慎着称。其在资本市场的动向，也成为股市投资的重要风向标。 业绩层面，知乎曾在2024年第四季度实现经调整净利润9707万元，首次实现全面利润转正。2025年第一 季度延续季度性盈利的强劲势头，实现经调整净利润694万元，连续两个季度Non-GAAP净利润盈利。 截至第一季末，知乎现金及现金等价物、定期存款、受限资金及短期投资合计47.7亿元。 业务层面，知乎立足于自身优质内容和专家网络优势持续加大AI投入，借助知乎直答等AI应用作为落 地触角，推进"高质量内容 x 可信专家网络 x AI能力"的协同进化，打造人工智能时代的差异化优势。数 据显示，知乎已经形成一个庞大的科技和AI领域专家网络，其中 ...

Core Viewpoint - Zhihu Inc. will report its unaudited financial results for the quarter ended June 30, 2025, on August 27, 2025, before the U.S. market opens [1] Group 1: Financial Reporting - The financial results will be discussed in a conference call scheduled for 7:00 A.M. U.S. Eastern Time on August 27, 2025 [1] - Participants must pre-register online to join the conference call and will receive dial-in numbers and a unique access PIN [2] Group 2: Company Overview - Zhihu Inc. is a leading online content community in China, established in 2010, and has become the largest Q&A-inspired online content platform in the country [3]

格隆汇7月30日丨知乎-W(02390.HK)发布公告，谨定于2025年8月27日（星期三）举行董事会会议，以 （其中包括）考虑及通过(i)公司截至2025年6月30日止三个月的未经审计季度业绩及其发布，以及(ii)公 司截至2025年6月30日止六个月的未经审计中期业绩及其发布。 ...

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份內容而產生或因倚 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公司） （紐交所代號：ZH；聯交所代號：2390） 董事會會議召開日期 知乎（連同其附屬公司，統稱「本公司」）董事會（「董事會」）茲通告謹定於2025年 8月27日（星期三）舉行董事會會議，以（其中包括）考慮及通過(i)本公司截至2025 年6月30日止三個月的未經審計季度業績及其發佈，以及(ii)本公司截至2025年6 月30日止六個月的未經審計中期業績及其發佈。 本公司的管理層將於美國東部時間2025年8月27日（星期三）上午七時正（即北 京╱香港時間同日的下午七時正）舉行業績電話會議。 欲參加電話會議的參會者，須使用以下提供的鏈接進行預先登記。完成預先登記 後，參會者將收到電話會議撥入號碼，密碼以及特定的註冊人ID，用於參加電話 會議。參加者可在電話會議開始前及進行期間，隨時預先登記。 參與者在線登記： https://registe ...

Core Insights - The rise of AI developers has made Zhihu a primary platform for launching projects and discussing AI advancements, with significant engagement from the community [1][3][4] Group 1: Community Engagement - Zhihu has attracted 16 million continuous learners in the technology and AI fields, along with 3.56 million deep creators in these topics, accumulating 8.58 million AI-related questions and 20.88 million professional answers [1] - Several AI companies have actively engaged on Zhihu, including DeepSeek's exclusive release of a technical article and the launch of humanoid robot Lingxi X2 by Zhihu's user "Zhihui Jun" [3] Group 2: Events and Interactions - During the WAIC 2025, Zhihu showcased a multi-dimensional interactive exhibition highlighting AI technology discussions and engaging activities like "Knowledge King PK" [4] - Zhihu organized a "Developer Recovery Night" event where numerous AI developers shared insights and experiences, emphasizing the transformative impact of large models on embodied intelligence technology [5] Group 3: Collaborations and Publications - Zhihu collaborated with 14 AI companies to release the "AI World Handbook," aiming to provide insights into the AI ecosystem [4]

Core Viewpoint - Zhihu is transitioning from a high-quality knowledge-sharing platform to a more commercialized model, focusing on profitability while facing challenges in user engagement and content quality [2][9][14]. User Engagement - Zhihu's average monthly active users (MAU) peaked at 101.2 million in Q3 2021 but has since declined to 81.1 million in Q3 2024, indicating a significant drop in user engagement [5][4]. - The decline in MAU is attributed to a combination of optimizing advertising spend and enhancing user experience, leading to a reduction in low-engagement users while increasing high-engagement users [5][4]. Business Diversification - Since 2016, Zhihu has explored various revenue streams, including advertising, paid memberships, and knowledge services, with non-advertising revenue accounting for 61% of total revenue in 2021 [9][10]. - Paid membership revenue became the primary income source in Q2 2022, reaching 271 million yuan, a 75.1% year-on-year increase [10]. - Zhihu's foray into vocational education has shown significant growth, with revenue from this segment increasing by 457.14% year-on-year in Q3 2022 [10]. Short Video and E-commerce Ventures - Zhihu has attempted to enter the short video and e-commerce markets but has faced challenges in establishing a strong presence in these areas [11]. - Despite various attempts at diversification, paid memberships remain the most significant revenue source, contributing 57.27% of total revenue in Q1 2025 [11]. Short Drama Market Potential - The short drama market in China reached 50.5 billion yuan in 2024, surpassing the film box office for the first time, presenting a new opportunity for Zhihu's "Salted Story" initiative [14][15]. - Zhihu's "Salted Story" has produced over 100 quality IPs for the short drama industry, with successful adaptations like "The Pen" setting records on platforms like Tencent Video [3][15]. Challenges and Future Outlook - Analysts express skepticism about Zhihu's ability to capitalize on the short drama market, suggesting that platforms like Douyin and Kuaishou may dominate due to their advanced recommendation algorithms [16]. - The company is encouraged to focus on knowledge monetization and original content creation as a sustainable path forward, despite the challenges faced in the current market landscape [17].

Core Viewpoint - Zhihu, a leading online content community in China, is experiencing a decline in revenue while improving its net profit margin, indicating a shift in its financial dynamics [1][2]. Financial Performance - As of March 31, 2025, Zhihu's total revenue is 730 million RMB, representing a year-on-year decrease of 24.06% [1]. - The net profit attributable to the parent company is -10.094 million RMB, showing a significant year-on-year increase of 93.88% [1]. Company Overview - Zhihu has evolved from a Q&A platform to one of China's largest integrated online content communities since its launch in 2010 [1][2]. - The company is dual-listed on the New York Stock Exchange (NYSE: ZH) and the Hong Kong Stock Exchange (HKEX: 2390) [1]. Business Model and Strategy - The company focuses on a content-centric business model, continuously optimizing it to meet the diverse needs of users, content creators, and business partners [2]. - Zhihu aims to create a balanced ecosystem between content creators and users, fostering a positive cycle of content creation and consumption [3]. Community Engagement - Active interaction between users and content creators enhances the user experience and strengthens community governance, contributing to a professional and friendly community culture [3]. - The company has developed diverse monetization channels, including marketing services, paid memberships, and vocational training, which are continuously enriched [3].

Core Insights - The eighth "Internet Literature+" conference was held in Beijing, focusing on the opportunities and trends in short story creation and its derivative development [1] - Short stories are gaining traction in the market, with a significant increase in the number of works and authors contributing to this genre [1] Industry Overview - The market for short stories has seen a year-on-year increase, with the "2024 China Internet Literature Blue Book" reporting an addition of 2 million new works in the past year [1] - Salted Story has over 14.2 million monthly subscribers, more than 1 million contributing authors, and over 200,000 signed works, generating over 1 billion yuan in revenue for creators [1] Content Adaptation and Collaboration - Salted Story has become a source for content adaptation in industries such as film, publishing, and animation, with hundreds of IPs sold for film rights and over 5,000 IPs turned into audio dramas [3] - The company has collaborated with Tianyi Film to produce hit short dramas and plans to continue developing adaptations of its works [3] - A new copyright trading center, "Yanzhen Pavilion," has been launched to facilitate quick access to adaptations, with thousands of works already stored [3]

Core Viewpoint - Zhihu, a leading online content community in China, is experiencing a decline in revenue while showing significant improvement in net profit, indicating a shift in its financial dynamics [1][2]. Financial Performance - As of March 31, 2025, Zhihu's total revenue is 730 million RMB, representing a year-on-year decrease of 24.06% [1]. - The company's net profit attributable to shareholders is -10.094 million RMB, which shows a year-on-year increase of 93.88% [1]. Company Overview - Zhihu has evolved since its launch in 2010 into one of China's top integrated online content communities and the largest online Q&A platform [2]. - The company is dual-listed on the New York Stock Exchange (NYSE: ZH) and the Hong Kong Stock Exchange (HKEX: 2390) [2]. Business Model and Strategy - Zhihu focuses on expanding its content and services to meet the diverse needs of users, content creators, and business partners [2]. - The company has established a content-centric business model that continues to evolve and optimize [2]. - Zhihu aims to create a balanced ecosystem between content creation by creators and content consumption by users, fostering a positive feedback loop [3]. Community Engagement - The company emphasizes user interaction with content creators, sharing knowledge and experiences, which contributes to a diverse content ecosystem [3]. - Zhihu's strong community culture and brand enhance its content ecosystem, attracting and retaining more users and content creators [3]. Monetization Channels - The company has developed diversified monetization channels, including marketing services, paid memberships, and vocational training, which are continuously enriched [3].