AI产品一季度的烧钱大战已经告一段落，纯粹的模型能力竞赛似乎正进入平缓期，大模型之间数据质量的差距在迅速缩小，开源模型的技术壁垒难以形 成，导致AI应用至今走不出一个超头部。 大厂们逐渐走向2条路。 呼吁"AI行业要避免掉入'超级应用陷阱'，不是只有10亿日活的应用才叫成功"的李彦宏，仍然坚信AI应用会在B端率先爆发，并加速深耕B端场景。 而上个月接受采访的OpenAI的奥特曼在，却直言"五年后更值钱的是拥有10亿日活的互联网产品，而不是最先进的模型"。坐实了其在X上公开回应"OpenAI 可能会做一个社交应用"的可能性。 无独有偶，隔着个太平洋，近期Kimi、元宝也相继曝光了自家的社交产品。瞄准社交网络和社区，成为AI新贵的共同选择。 AI大厂们做了些什么？ —— 一个"新"社区？ 中文互联网诞生过非常多产品形态，其中最古早也最"长命"的元老级产品，"社区"算其中之一。 从早期真正算得上走进大众视野的，是清华大学创建的校园BBS"水木清华"——这里曾汇聚了一批代表着中国高校的高知分子，还走出过初代网红"芙蓉姐 姐"。 图源：网络 当时的"社区"，更多被称为网络论坛，即后来的猫扑、天涯、虎扑……然后是豆瓣、知 ...

Core Points - The humanoid robot G1 from Yushu Technology fell during the Beijing Yizhuang Robot Half Marathon, leading to widespread public criticism and scrutiny of the company [1][4][5] - The incident has drawn comparisons to the company's previous performance at the Spring Festival Gala, where issues were also noted [1][4] - Yushu Technology's founder, Wang Xingxing, responded to the criticism, clarifying that the robot's fall was due to a misoperation by a colleague [1][5] Company Performance - The G1 robot, which is approximately 127 cm tall, was introduced in May 2024 and was involved in the marathon event [1] - The earlier model, H1, was showcased at the Spring Festival Gala in August 2023, standing at 1.8 meters tall [1] - The company stated that the performance of robots can vary significantly depending on the operator and the algorithms used, emphasizing that they did not participate in the marathon event themselves [5]

4月19日，由知乎举办的盐沙龙活动在北京举行。硅谷知名投资人、Amino Capital 创始合伙人李强带来 了主题演讲《AI新语境下的人生选择题》，分享了其在AI领域的投资经验与洞察。李强表示，硅谷这 一轮明星公司并非追着AI走，"他们在扎实做好产品和服务之后，在AI热潮中爆发了"，这场演讲为现场 众多投资人及科技爱好者打开了理解AI商业世界的新窗口。 李强特别指出，Replit和Turing并非一开始就聚焦热门的AI概念，而是扎实地做好产品或服务。当积累 了足够的用户数据、建立起良好的用户社区后，它们才借助人工智能技术实现跨越式发展。李强认为， 这也恰好反映出商业的本质并未改变，"创新以及对产品和服务的极致追求始终是企业立足市场的根 本"。 此外，Amino Capital合伙人、斯坦福大学博士后徐霄羽，结合自身经历与斯坦福教育理念，分享了斯坦 福设计学院关于职业规划与人生选择的五步"方法论"：接受现实；激发好奇心；偏向行动；多路径规 划；构建支持系统。徐霄羽还表示，Amino Capital在硅谷的其中一个角色，正是为年轻人提供实习、创 业、职业发展等多元化支持系统，助力其实现人生目标。 在随后的互动环 ...

Core Insights - The report outlines Zhihu's 2025 marketing strategy, emphasizing its platform advantages, user value, content ecosystem, and commercial partnerships, positioning Zhihu as a "trust hub" in consumer decision-making [1][7]. User Demographics - Zhihu's user base primarily consists of young, highly educated individuals from second-tier cities and above, with strong purchasing power and high trust in product information [1][17]. - The platform has a significant proportion of users aged 40 and below, with 58.41% of users being from second-tier cities or higher [17]. Content Ecosystem - Zhihu boasts a rich and diverse content ecosystem, with a cumulative content volume of over 855 million and a year-on-year increase in high-quality content rate by 13.37% [13][21]. - The platform facilitates in-depth discussions across various topics, enhancing brand engagement and consumer trust [1][20]. Marketing Solutions - Zhihu offers comprehensive marketing solutions through its "DEEP TRUST" scientific marketing system, which aids brands in understanding consumer needs, demographic flow, and competitive analysis [1][7]. - The platform has launched various IP projects, such as the New Knowledge Youth Conference and Zhihu Science Festival, to enhance brand exposure and conversion [1][20]. Business Expansion - Zhihu is expanding its business with initiatives like "Salt Story" and "Zhihu Knowledge Hall," which provide new avenues for brand marketing and engagement with high-quality audiences [1][20]. - The platform's monthly active users (MAU) reached 81.1 million, with a 17.87% increase in user engagement time [13]. Trust and Consumer Behavior - Zhihu is recognized as a key decision-making reference for consumers, with 94% of users believing in the reliability of product information on the platform [19]. - Users exhibit a strong willingness to pay a premium for quality brands and products, with 72% expressing readiness to spend more for trusted brands [19].

同时，知乎坚决打击盗版行为，保护创作者的合法权益。2024年持续优加大反盗版力度，通过机制、技 术、产品等手段，取得版权保护的丰硕成果：全年识别侵权线索超过3.5万条，封禁私域盗版社群超过 150个，发起民事诉讼超过20起，发起刑事诉讼超过10起，关停盗版网站近20家，打击盗版团伙超过10 个。 【环球网科技综合报道】4月17日消息，近日，知乎正式发布2024年ESG（环境、社会与管治）报告， 从社会责任、社区创新、用户体验、企业管理与绿色运营等多个角度，披露公司在ESG各个领域的举措 与成果。 过去一年，知乎也通过AI技术赋能知识的生产和消费，放大社区的专业可信价值。知乎自研大模型"知 海图AI"是首批通过国家备案的大模型之一；AI搜索产品"知乎直答"实现了AI生成结果直接溯源答主真 实创作，有效缓解了AI产品普遍存在的幻觉问题，受到用户与创作者的认可。借助产品技术创新等举 措，知乎引领了知识服务行业模式创新，先后入选第五批国家文化和科技融合示范基地，和首批北京市 文化和科技融合示范基地。 报告显示，迄今为止，超过 7700 万各行各业的专业人士在知乎活跃："夸父一号"卫星首席科学家甘为 群、三代核电技术" ...

《报告》显示，62.4% 的用户囤积照片、视频等「情绪痕迹」，61.9% 的人存储大量「存了等于学了」 的学习资料，56.3% 的打工人则积攒了以TB为单位的职场文件。究其原因，值得关注的是，71.6% 的用 户因「害怕未来需要」而拒绝删除文件，折射出深层的「损失厌恶」心理。 知乎站内话题 # 数据焦虑 # 下，用户自嘲为「电子神农」、「快门杀手」、「互联网收藏家」—— 他 们用存储构建私人数字博物馆，却陷入「越存越乱、越乱越慌」的恶性循环。数据不再是工具，而成为 情感与效率的双重负担。 ——超六成用户患「数字囤积症」，绿联NAS私有云打造数据管理新范式 在这个万物皆可数字化的时代，每个人的设备里，都藏着一座精神仓库。那些不愿删去的老照片、舍不 得清空的聊天记录、反复回看的视频片段… 一条条记录、一帧帧画面，都是我们人生的备份。我们总有一万个不删的理由，却鲜有人能真正管理好 这份珍贵的数字记忆。我们为什么成为「数据仓鼠」？又该如何守护好自己的精神粮仓？ 这些现象背后，是当代人普遍面临的「数据囤积症」。今日，全球性科技消费电子知名品牌绿联 (UGREEN)与中文互联网第一问答平台知乎携手，联合发布《当代人数据囤 ...

Full information regarding these and other risks and uncertainties is included in our public filings with the U.S. Securities and Exchange Commission and the Hong Kong Stock Exchange. The company does not assume any obligation to update any forward-looking statements as required under the applicable law. Additionally, the discussion today will include both GAAP and non-GAAP financial measures for comparison purpose only. For reconciliation of these non-gap measures to the most directly comparable gap measur ...

Community Growth and Engagement - Zhihu's community has grown to over 77 million professionals contributing content, enhancing the platform's reputation for professionalism and trustworthiness [11] - Zhihu has implemented accessibility standards and improved community features to foster inclusivity, particularly for individuals with disabilities [15] - The company aims to increase the density of "in-depth discussion" content to establish a trusted bridge connecting professional insights with public issues [55] - Enhanced community engagement through user-friendly creative activities, inspiring a wider user base to participate in content creation [72] - By the end of December 2024, a total of 30 sessions of the "Content Creation Challenge" have been held, significantly enhancing the volume and interaction of ideas and responses on the platform [75] - The "Zhizhi Plan" has cumulatively inspired more than 39,000 creators by December 2024, providing financial incentives through a fund of hundreds of millions of RMB [87] - The "Creator Salon" events reached over 300 high-value answerers in 2024, fostering community engagement and sharing among creators [95] Technological Innovation - The company launched its self-developed large language model, "Zhihaitu AI," which is among the first to receive regulatory registration, showcasing its technological innovation [16] - Zhihu's AI search product, "Zhihu Zhida," ensures AI-generated responses are traceable to original human creators, addressing common issues in AI products [16] - The "Zhihu Zhida" AI-powered search product was launched in June 2024, covering over 50 million documents in Chinese and English, enhancing user access to high-quality information [101] - The "Zhihu Zhida" will integrate the "full version" of DeepSeek-R1 in February 2025, upgrading reasoning capabilities and enhancing the AI search experience [101] - AI technology has been applied in content review to strengthen the identification of low-quality content, protecting original creators' rights [105] Environmental, Social, and Governance (ESG) Initiatives - Zhihu integrated the United Nations Sustainable Development Goals (SDGs) into its strategy, aligning with 12 of the 17 SDGs to promote global sustainability [18] - Zhihu's ESG governance structure includes a three-tier system with the Board of Directors overseeing ESG matters, ensuring effective implementation of initiatives [22] - The company has identified a total of 23 materiality topics, including 4 environmental, 16 social, and 3 governance topics, with new additions such as "AI Ethics" and "Original Content Support" [44] - The company has implemented a transition plan for the new Environmental, Social and Governance Reporting Code effective January 1, 2025, focusing on Scope 3 greenhouse gas emissions [38] - Zhihu is committed to promoting digital inclusion by providing customized services for people with special needs, ensuring equal access to services [53] Content Safety and Governance - In 2024, Zhihu handled over 31 million pieces of non-compliant content, demonstrating its commitment to maintaining a healthy community environment [17] - The company emphasizes community governance to ensure content safety and the security of advertising business models, fostering a positive ecosystem [56] - Zhihu continuously enhances governance intensity and efficiency through institutional regulation optimization and product function upgrades [57] - The company issued reminders for 35,113 pieces of inaccurate content and published over a thousand rumor-dispelling articles, with an exposure exceeding 40 million [62] - Cumulatively protected 120,370 users from harassment by strangers and handled over 27 million pieces of unfriendly information [62] - Blocked over 3.6 million malicious login attempts and identified over 350,000 spam registration accounts [63] - Launched the "Content Tagging" feature to prevent users from being misled by incorrect information, enhancing recognition coverage and accuracy [63] - In 2024, a dedicated governance and publicity campaign against cyber violence was conducted, releasing over 50 weekly reports on handling cyber violence [62] - Upgraded the "One Click Protection" feature to enhance proactive protection against inappropriate comments and private message harassment [62] - Established a diverse and transparent user feedback mechanism, allowing users to supervise, report, and provide feedback on community content [65] - Continuously optimized the machine review strategy by incorporating AI technology for more efficient detection and filtering of problematic content [70] Creator Support and Development - The "Beacon Prize" program provided nine creator teams with tens of millions in creation incentives, contributing nine premium content works with long-term value [88] - The "Haiyan Plan 6.0" initiative introduced "Navigators" to enhance content distribution through algorithmic signals, improving content ecosystem vitality [79] - The "Creation Training Program" equips creators with essential skills, enhancing content quality and enabling them to identify suitable vertical niches [82] - In 2024, creators' earnings achieved a year-on-year growth exceeding 20% for four consecutive quarters [91] - The optimization initiative for creator experience resulted in a double-digit improvement in creator experience metrics [152] Information Security and User Protection - The company is committed to enhancing information security management and protecting innovative achievements through comprehensive measures [53] - The company conducted 10 information security audits in 2024, focusing on personal information display desensitization and log audits to reduce the risk of personal information leakage [177] - Zhihu completed the third-level network security protection certification and obtained the ISO/IEC 27001 information security management system certification in 2024 [178] - The company established a dedicated elderly service hotline and optimized age-friendly accessibility services to better meet the needs of elderly users [161] - In 2024, Zhihu launched an online safety knowledge education program for adolescents, utilizing comics and quizzes to guide proper internet use [158] - Zhihu's information security protection mechanism includes pre-event prevention, in-process monitoring, and post-event response to ensure comprehensive security management [172] - Zhihu has obtained the ISO/IEC 27701 certification for its privacy information management system, ensuring compliance with information security standards [193] - During the Reporting Period, Zhihu did not experience any major data or user data breaches related to information security, indicating strong data protection measures [193] Employee Development and Workplace Culture - The company adheres to a "Talent First" development philosophy, providing diverse and equitable employment policies and abundant career growth opportunities [194] - Zhihu has established a comprehensive employment system that strictly complies with relevant labor laws and regulations, ensuring employee rights are safeguarded [195] - The company promotes a diverse and inclusive work environment, opposing all forms of employment discrimination and ensuring equal pay for equal work [196] - Zhihu has developed a comprehensive talent cultivation system with three modules: general skills, professional competency, and leadership, supported by various training programs [198] - The "Sailor Program" and "Navigate the Future" program are part of Zhihu's leadership development system aimed at nurturing young talents and middle managers [199] - Zhihu conducts systematic foundational training sessions annually, including business ethics and information security training, to enhance employees' general skills [200]

BEIJING, April 15, 2025 (GLOBE NEWSWIRE) -- Zhihu Inc. ("Zhihu" or the "Company") (NYSE:ZH, HKEX: 2390)), a leading online content community in China, today announced that it filed its annual report on Form 20-F for the fiscal year ended December 31, 2024 with the Securities and Exchange Commission on April 15, 2025. The annual report can be accessed on the Company's investor relations website at https://ir.zhihu.com. The Company will provide a hard copy of its annual report containing the audited consolida ...

Financial Performance - Revenues for 2023 reached RMB 4,198,889, a 16.5% increase from RMB 3,604,919 in 2022[48] - Gross profit for 2023 was RMB 2,295,848, representing a gross margin of approximately 54.7%[48] - Net loss attributable to Zhihu Inc.'s shareholders decreased to RMB 843,641 in 2023 from RMB 1,581,157 in 2022, a reduction of 46.6%[48] - The company expects revenues for 2024 to be approximately RMB 3,598,905, reflecting a decrease of 14.3% compared to 2023[48] - The net loss per share for 2023 was RMB 2.82, significantly improved from RMB 5.19 in 2022[48] - In 2022, 2023, and 2024, the company incurred net losses of RMB1.6 billion, RMB839.5 million, and RMB169.0 million (US$23.1 million) respectively, along with negative operating cash flows of RMB1.1 billion, RMB415.5 million, and RMB280.2 million (US$38.4 million) respectively[79] Cash Flow and Liquidity - Cash and cash equivalents as of December 31, 2023, were RMB 2,106,639, down from RMB 4,525,852 at the beginning of the year[51] - Net cash used in operating activities improved to RMB 415,527 in 2023 from RMB 1,114,954 in 2022[51] - Cash and cash equivalents increased to RMB 3,999,160 thousand in 2024 from RMB 2,106,639 thousand in 2023, representing an increase of approximately 90%[55][57] - Net cash provided by operating activities was RMB (280,185) thousand for the year ended December 31, 2024, compared to a positive cash flow in the previous year[57] - The company reported net cash used in investing activities of RMB 1,681,140 thousand for 2023, compared to a net cash provided of RMB 3,490,467 thousand in 2022[59] Assets and Liabilities - Total current assets decreased to RMB 6,377,880 in 2023 from RMB 6,795,272 in 2022[50] - Total liabilities reduced to RMB 1,537,266 in 2024 from RMB 2,093,662 in 2023, indicating a 26.8% decrease[50] - As of December 31, 2024, total assets amounted to RMB 5,732,952 thousand, a decrease from RMB 6,795,272 thousand as of December 31, 2023[55][56] - Total current liabilities decreased to RMB 1,524,656 thousand in 2024 from RMB 1,945,488 thousand in 2023, a reduction of about 22%[55][56] Investments and Capital Contributions - The aggregate amount of capital contributions by Zhihu Inc. to its intermediate holding companies and subsidiaries was RMB10.3 billion, RMB10.0 billion, and RMB9.6 billion (US$1.3 billion) for 2022, 2023, and 2024, respectively[42] - The company reported a total of RMB 1,007,851 thousand in cash inflows from investing activities, highlighting strong investment performance[57] - The company has experienced significant user growth, with a highly engaged user base, but any decline in content quality may adversely affect user retention and growth[73] Regulatory and Compliance Risks - The PCAOB's ability to inspect registered public accounting firms in mainland China and Hong Kong may affect the trading of Zhihu's shares in the U.S. under the HFCAA[37] - The company operates through PRC subsidiaries and VIEs, relying on contractual arrangements due to restrictions on foreign investment in certain sectors[33] - The company has obtained requisite licenses and permits for its operations in China, but uncertainties remain regarding future compliance[39] - The company is subject to complex and evolving laws regarding cybersecurity and data privacy, which could lead to penalties and increased operating costs if not complied with[90] - The PRC government may impose penalties or revoke business licenses if the VIE structure is deemed non-compliant with regulations, which could adversely affect operations[153] User Engagement and Market Competition - The company faces risks related to maintaining an engaged user base and high-quality user-generated content, which are critical for its success[63] - The company operates in a highly competitive market and must keep up with technological developments to avoid adverse effects on its business[63] - The company may struggle to balance monetization efforts with user experience, which could negatively impact brand reputation if advertisements are perceived as intrusive[77] Technology and Innovation - The company is actively developing AI-powered tools, such as Zhihu Zhida, to adapt to technological changes, but there is uncertainty regarding the timely capture of benefits from these advancements[71] - The company launched its first Large Language Model, Zhihaitu AI, in 2023, which received regulatory registration in November 2023[101] - In June 2024, the company introduced the AI search product, Zhihu Zhida, enhancing user experience in querying and searching[101] Shareholder and Corporate Governance - Zhihu Inc. has not declared or paid any cash dividends since its ADS listing in March 2021 and does not plan to do so in the foreseeable future[44] - The board of directors has complete discretion over dividend distribution, which may depend on future operational results and cash flow[226] - Holders of ADSs have limited voting rights and cannot directly attend shareholder meetings[229] Foreign Investment and Economic Environment - The U.S. government imposed a 10% tariff on most countries, with a 34% additional tariff on goods imported from China, leading to cumulative tariffs exceeding 100% between the U.S. and China[145] - The final rule from the U.S. Department of the Treasury may limit the ability to raise capital from U.S. investors, potentially affecting business operations and financial condition[144] - The ongoing geopolitical tensions, particularly between the United States and China, may adversely impact the company's business and financial condition[142]