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 ...

Core Insights - The 2025 Yunqi Conference was held in Hangzhou from September 24 to 26, focusing on the theme "Cloud Intelligence Integration and Carbon-Silicon Symbiosis," showcasing the evolution of AI technology and its industrial applications [1] - Zhihu actively participated in the conference, presenting its AI ecosystem, including Zhihu Direct Answer, open-source models, the AI Pioneer List, and an upcoming "AI Era Developer White Paper" [1] Group 1: AI Model and Application Development - Zhihu, as one of the first domestic tech companies to obtain a model license, has been advancing model research and open-source initiatives, recently releasing the Zhi-Create-Qwen-32B model optimized for creative writing tasks, achieving significant improvements in writing capabilities [3] - Zhihu Direct Answer has accumulated over 10 million users and announced an upgrade to Agentic, which introduces intelligent thinking modes to better understand user intent and provide precise answers through multi-round searches [3] Group 2: Community Engagement and Industry Exchange - Zhihu's community, known for its expert network and high-quality content, plays a crucial role in fostering industry discussions and exchanges, making it a platform for developers to showcase projects and share insights [5] - The "Answerer Exploration Team" participated in the conference, allowing users to experience AI products and industry trends, while the upcoming "AI Era Developer White Paper" aims to present insights and stories from developers [5] Group 3: Future Directions and Collaboration - Zhihu emphasizes the importance of creativity and adaptability in the AI era, highlighting that human creativity and emotional expression are irreplaceable by AI in the short term [6] - The company aims to collaborate with more partners and developers across various fields, including models, data, and applications, to drive AI innovation and ecosystem prosperity [6]

Core Insights - Zhihu announced the completion of the Agentic upgrade, introducing an intelligent thinking model that accurately understands user intent for search, research, learning, and creation [1] - The upgrade allows for multi-round search research to provide precise and high-quality answers, reducing hallucinations and enhancing credibility [1] - Zhihu has opened its search API for the first time, aiming to promote the sharing of trustworthy content [1] Company Developments - During the Yunqi Conference, Zhihu's Chief Marketing Officer, Zhang Jing, discussed the role of AI in fostering cross-border industry communication, highlighting that AI has become a universal language [1] - Zhang emphasized the importance of human creativity and emotional expression in the AI context, stating that these qualities are irreplaceable by AI in the short term [1] - The company aims to adapt to the AI era by valuing creativity, execution, and the ability to quickly adapt to changes [1]

Group 1: Market Movements - Nasdaq China Golden Dragon Index turned from decline to increase, with significant gains in several Chinese electric vehicle stocks: Xpeng Motors up over 6%, NIO up over 6%, Li Auto up over 2%, Bilibili up over 3%, and others like Zhihu, Baozun, and Niu Technologies rising over 1% [2][7] - Oracle Corporation experienced a drop of over 4% after announcing an $18 billion investment-grade bond issuance for general corporate purposes, including stock buybacks and debt repayment [4][5] - Tesla's stock fell over 4% as its new car registrations in the EU decreased by nearly 37% in August, while BYD's registrations surged by 201%, increasing its market share to 1.3% [6] Group 2: Company Developments - Xpeng Motors signed a quantum security technology cooperation agreement with Alibaba Cloud, aiming to enhance safety algorithms in vehicles [7] - Bilibili's stock rose over 3% following the approval of 156 new game licenses, including 145 domestic and 11 imported games, marking the third month this year with over 150 approvals [9] - JD.com saw its stock increase over 2% after hosting the JD Discovery 2025 global technology exploration conference, where it unveiled its AI strategy and plans for significant investment in AI over the next three years [9] Group 3: Semiconductor Industry - Intel's stock rose nearly 3% amid reports of discussions with Apple for potential investment and collaboration, while the company secured a total of $15.9 billion in recent investments from various sources [6]

Market Performance - On September 24, all three major U.S. stock indices opened high but closed lower, with the Dow Jones down 0.37% at 46,121.28 points, the S&P 500 down 0.28% at 6,637.97 points, and the Nasdaq down 0.33% at 22,497.86 points [2] Chinese Stocks - The Nasdaq China Golden Dragon Index surged by 2.83%, with notable gains in stocks such as Daqo New Energy up 14.26%, Century Internet up over 10%, Alibaba and Global Data up over 8%, and others like EHang and Baidu also showing significant increases [4] Commodity Prices - Gold prices fell slightly, with spot gold down 0.74% at $3,735.805 per ounce and COMEX gold futures down 1.24% at $3,768.5 per ounce [5][6] - In contrast, oil prices increased, with light crude oil futures for November delivery rising by $1.58 to $64.99 per barrel, a gain of 2.49%, and Brent crude oil futures up $1.68 to $69.31 per barrel, a rise of 2.48% [6] Trade Policy - The Trump administration announced the implementation of a trade agreement with the EU, confirming a 15% tariff on EU-imported cars and automotive products effective from August 1 [7]

| 代码 | 名称 | 涨跌幅 √ | | --- | --- | --- | | VNET | 世纪互联 | 9.79% | | GDS | 万国数据 | 9.38% | | BABA | 阿里巴巴 | 8.47% | | DQ | 大全新能源 | 7.29% | | ELPW | Elong Power | 6.51% | | NIU | 小牛电动 | 6.71% | | SY | 新氧 | 6.45% | | JD | 京东 | 5.45% | | KC | 金山云 | 5.17% | | ZH | 知乎 | 5.18% | | ાKટ | 晶科能源 | 4.61% | | ATAT | 亚朵 | 4.41% | | VIOT | 云米科技 | 4.08% | | WB | 微博 | 4.05% | 格隆汇9月24日｜美股市场中概股集体走强，纳斯达克中国金龙指数涨近3%。其中，世纪互联、万国数 据涨超9%，阿里巴巴涨超8%，大全新能源涨超7%，Elong Power、小牛电动、新氧涨超6%，京东、金 山云、知乎涨超5%，晶科能源、亚朵、云米科技、微博涨超4%。 ...

Core Insights - Zhihu has achieved non-GAAP profitability for three consecutive quarters, signaling a shift from the traditional "burning money for growth" model in the Chinese internet industry [1][2] - The company reported Q2 revenue of 717 million RMB and an adjusted net profit of 91.3 million RMB, with a gross margin of 62.5% and 13.2 million monthly subscription members [1] Financial Performance - In the first half of 2025, Zhihu achieved profitability under both GAAP and non-GAAP standards [1] - Q2 revenue reached 717 million RMB, with an adjusted net profit of 91.3 million RMB [1] - The gross margin for Q2 was reported at 62.5% [1] Business Strategy - Zhihu's CEO emphasized that the recent profitability is not solely due to cost-cutting but is a result of synergistic efforts in paid services, marketing, and vocational training [2][4] - The company aims to maintain its core community values while realizing commercial potential, focusing on "trust" as a fundamental value [7][19] Market Positioning - Zhihu positions itself as a platform for credible content and expert networks, catering to a growing demand for trustworthy information [2][5] - The company has strategically avoided low-quality content and advertising, prioritizing user trust and community integrity [7][19] Growth Philosophy - The growth philosophy of Zhihu emphasizes quality over quantity, focusing on creating real value for users and contributors rather than merely increasing user numbers [10][11] - The company believes that sustainable growth is a long-term process, with a focus on building a healthy community ecosystem [11][12] AI Integration - Zhihu plans to leverage AI to enhance user experience while maintaining the importance of human judgment and interaction [20][22] - The company intends to develop AI tools that integrate seamlessly with community functions, aiming to become a trusted information infrastructure in the AI era [22][23]