9月8日，知乎宣布，已经正式发起"AI先行者"计划，持续联动投资机构、媒体和行业观察者，挖掘具有 前瞻性和影响力的潜力选手。9月6日，在知乎"AI先行者沙龙"上，知乎披露数据显示，平台已经聚集 1600万科技与AI领域持续学习者，356万科技与AI话题深度创作者，拥有858万个AI相关问题与2088万 个AI专业回答。 ...

Market Performance - On September 4, US stock indices closed higher, with the Dow Jones Industrial Average up 0.77%, the Nasdaq up 0.98%, and the S&P 500 up 0.83%, reaching new closing highs [1] - Major tech stocks saw significant gains, with Amazon rising over 4%, Netflix over 2%, and Google reaching a historical high with a 0.68% increase [1] - Chinese concept stocks generally declined, with the Nasdaq Golden Dragon China Index down 1.11%, and several companies like Alibaba and NIO dropping over 3% [1] Federal Reserve Developments - The Federal Reserve is experiencing internal divisions regarding interest rate decisions, with some members advocating for rate cuts while others emphasize inflation risks [6] - The probability of the Fed maintaining rates in September is 0.6%, while the likelihood of a 25 basis point cut is 99.4% [6] - Recent comments from New York Fed President John Williams suggest that while a rate cut may be appropriate over time, the impact of tariffs on inflation has been less severe than initially feared [6] Legal and Political Context - The Trump administration has urged the Supreme Court to expedite a ruling on tariffs, claiming that a recent appellate court decision undermines presidential authority in foreign trade matters [3] - The investigation into Federal Reserve Governor Lisa Cook by the Justice Department raises questions about her potential dismissal by Trump, marking a significant escalation in tensions between the administration and the Fed [4][5] - Trump's recent actions, including submitting new arguments to the Supreme Court, reflect ongoing conflicts regarding economic policy and the independence of the Federal Reserve [3][4]

Core Viewpoint - Zhihu has achieved its first quarterly profit after 14 years, marking a significant milestone in its journey towards profitability, although this has primarily been driven by cost-cutting rather than revenue growth [1][5][10]. Financial Performance - In Q2 2024, Zhihu reported an adjusted net profit of 91.3 million RMB, marking three consecutive quarters of Non-GAAP profitability [1]. - However, Zhihu's revenue declined by 23.7% year-on-year in the first half of 2024, with all major business segments—marketing services, paid memberships, and vocational training—experiencing revenue drops [2][3]. - The company managed to reduce its cost of revenue by 31.13% and total operating expenses by 30.87%, leading to an increase in gross margin from 58.1% to 62.2% [3][4]. - Investment income significantly contributed to profitability, amounting to 160 million RMB, compared to 38.71 million RMB in the same period last year [3]. Strategic Shifts - The management's focus has shifted towards cost reduction and operational efficiency, prioritizing profitability over aggressive growth [5][10]. - Zhihu's strategy has evolved from rapid commercial expansion to a more sustainable approach that emphasizes community health and user experience, even at the cost of scaling [9][12]. - The company has recognized the need to balance commercial goals with maintaining a healthy community ecosystem, leading to a strategic pivot towards "ecology-first" [10][12]. User Engagement and Community Dynamics - Despite achieving profitability, Zhihu has seen a decline in monthly active users, losing over 17 million users in 2024, which raises concerns about its long-term growth potential [10]. - The platform's advertising revenue continues to decline, and paid membership income has also decreased, indicating challenges in maintaining user engagement and monetization [10][11]. AI Integration and Future Prospects - Zhihu has launched an AI search product, "Zhihu Direct Answer," which has seen increased user engagement, with 50 million monthly active users interested in AI content [13][15]. - The company aims to leverage AI to enhance content quality and user experience, although challenges remain regarding the accuracy and reliability of existing content [16][17]. - The integration of AI is seen as a potential opportunity for Zhihu to strengthen its competitive advantage, but the complexity of community dynamics may pose challenges [15][18].

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8月31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9月4日 I. 法定/註冊股本變動 第 1 頁 共 10 頁 v 1.1.1 | 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. ...

Core Viewpoint - The majority of popular Chinese concept stocks in the US market are experiencing declines, with notable drops in several key companies [1] Group 1: Stock Performance - Xiaopeng Motors, Li Auto, and NIO have all fallen by over 2% [1] - Alibaba, JD.com, iQIYI, and Miniso have seen declines exceeding 1% [1] - Zhihu has increased by over 2%, while Douyu has risen by over 1% [1]

Core Insights - The company reported better-than-expected adjusted net profit of 91.34 million yuan for Q2 2025, despite a revenue decline of 23% year-on-year to 717 million yuan, which was slightly below the expected 730 million yuan [1][2] - The company is seeing initial success from business adjustments, particularly in marketing services and paid membership, with expectations for a turning point in upcoming quarters [1][2] Revenue and Profit Trends - Q2 2025 revenue from marketing services decreased by 35% year-on-year, but the company is optimistic about future improvements in the advertising structure [1] - Paid membership revenue fell by 7% year-on-year, but the average revenue per paying user (ARPPU) is expected to grow by 3% [1] - The company is shifting its focus towards acquiring long-lifecycle users and enhancing user engagement through new content formats [1] AI Integration and Community Value - The company upgraded its core AI product, Zhihu Zhidao, enhancing its knowledge base functionality, which has led to a significant increase in active usage penetration [2] - The presence of 365,000 professional creators in discussions related to technology and AI highlights the growing value of the company's content community [2] - The company’s quality content is becoming a valuable data asset, with AI assistants citing Zhihu more frequently than other content communities [2] Financial Performance and Share Buyback - The company achieved adjusted profitability for three consecutive quarters, with a decrease in operating expense ratio by 4 percentage points year-on-year [2] - In the first half of 2025, the company repurchased 7.42 million shares, representing about 3% of the total share capital [2] Revenue and Profit Forecast - Revenue forecasts for 2025 and 2026 have been revised down by 8.2% and 9.9% to 2.82 billion yuan and 2.97 billion yuan, respectively, due to ongoing adjustments in marketing services and vocational training [2] - Adjusted net profit for 2025 has been revised from a loss of 72.86 million yuan to a profit of 31.80 million yuan, while the 2026 adjusted net profit forecast has been reduced from 140 million yuan to 77.07 million yuan [2] - The current stock price corresponds to 1.0 times the price-to-sales ratio for 2025/2026, with a target price of 16 HKD/6.1 USD, indicating an upside potential of 25%/24% [2]

Core Viewpoint - In 2025, despite facing growth bottlenecks in content community platforms, Zhihu reported a unique semi-annual performance, showcasing its ability to balance commercialization and user experience through refined operations and AI integration [1][2]. Financial Performance - Zhihu's total revenue for the first half of 2025 was 1.447 billion yuan, a year-on-year decline of 23.7%, but adjusted net profit reached 98.28 million yuan, a significant turnaround from a net loss of 180 million yuan in the same period last year [4]. - The second quarter was particularly strong, with revenue of 717 million yuan and adjusted net profit of 91.3 million yuan, marking three consecutive quarters of Non-GAAP profitability [4]. - Cost control and operational optimization were key drivers of profit improvement, with revenue costs down 31.1% to 547 million yuan and operating expenses down 30.9% to 1.043 billion yuan [4]. Cost Structure and Efficiency - In the second quarter, costs related to content and operations, personnel expenses, and cloud services significantly decreased, leading to a total cost reduction of 28.8% to 269 million yuan [4]. - R&D spending was 146 million yuan in the second quarter, down 30.4%, indicating a balance between cost-saving and innovation [4]. AI Integration - AI technology has been deeply integrated into Zhihu's operations, enhancing efficiency in content review, member promotion, and vocational training, thereby reducing labor costs [5]. - The AI-assisted content review system quickly identifies violations, while smart recommendation algorithms improve paid membership conversion rates [5]. Business Strategy and Structure - Zhihu has strategically reduced investment in underperforming business lines, particularly in marketing services and vocational training, with revenues declining by 37.78% and 43.87% respectively [6]. - This proactive approach to shedding low-efficiency businesses marks a shift from a "burning money for growth" model to a sustainable business model focused on profitability [6]. Content Ecosystem and User Engagement - Zhihu is evolving its content ecosystem through a three-pronged strategy of high-quality content, a trusted expert network, and AI capabilities, aiming to build a knowledge community moat in the AI era [9]. - The platform has seen a more than 10% increase in daily high-quality content additions, with AI-related professional content growing over 45% year-on-year [9]. User Demographics and Engagement - 74.1% of active users are under 30 years old, with female users making up 59.3%, providing a diverse foundation for content [9]. - Despite stable monthly active user numbers, metrics such as daily active user engagement time, core user retention rates, and creator activity have significantly improved [9]. Expert Network and Knowledge Production - Zhihu has developed a large expert network, including 16 million participants in technology and AI discussions, and 365,000 deep creators in related topics [10]. - This "knowledge production network" is a core asset that differentiates Zhihu from other content platforms and is crucial for addressing challenges in the AI era [11]. AI Strategy and Product Development - Zhihu's AI strategy focuses on practical applications rather than generic models, launching the "Zhihu Direct Answer" AI search product to enhance knowledge acquisition [11]. - The strategy emphasizes integrating AI across the platform and extending reliable content and services to broader applications beyond the community [11]. Conclusion - Zhihu's performance and market strategy in the first half of 2025 demonstrate the strategic resilience and transformation wisdom of a mature internet company, achieving significant profit improvement amid industry pressures [12].

Core Viewpoint - CICC maintains an outperform rating for Zhihu-W (02390) due to increased investment income and an upward shift in industry valuation, setting a target price of HKD 16 / USD 6.1, which corresponds to a 1.25x 2025 target P/S ratio, indicating an upside potential of 25% / 24% for Hong Kong and US stocks respectively [1] Group 1: Business Performance - In Q2 2025, the company reported revenue of CNY 717 million and adjusted net profit of CNY 91.34 million, exceeding expectations primarily due to fair value changes in investment income and effective cost control [1] - The marketing services segment shows initial success from targeted structural adjustments, with expectations for growth in the advertising client structure and a projected 3% year-over-year increase in ARPPU for paid memberships [2] - The company is shifting its vocational training business from a traditional model focused on core categories to a new model driven by social interaction and knowledge sharing [2] Group 2: AI Integration and Community Value - In Q2 2025, the company upgraded its core AI product, Zhihu Zhidao, enhancing its knowledge base functionality to support subscriptions and sharing, leading to a significant increase in active usage penetration [3] - The company emphasizes the growing value of its content community in the AI era, with 3.65 million professional creators actively discussing technology and AI topics, and high citation rates of Zhihu content by AI assistants compared to other content communities [3] Group 3: Financial Health and Share Buyback - The company achieved adjusted profitability for three consecutive quarters, with a year-over-year decrease in operating expense ratio by 4 percentage points, and realized investment income of CNY 140 million from fair value changes [4] - In the first half of 2025, the company repurchased 7.42 million shares, accounting for approximately 3% of the total share capital [4]

Core Viewpoint - The company maintains an outperform rating due to increased investment income, with a target price of HKD 16 / USD 6.1, reflecting a 25% / 24% upside potential in Hong Kong and US stocks respectively [1] Group 1: Financial Performance - In Q2 2025, the company reported revenue of CNY 717 million and an adjusted net profit of CNY 91.34 million, exceeding expectations primarily due to fair value changes in investment income and effective cost control [1] - The company achieved adjusted profitability for three consecutive quarters, with a year-on-year decrease in operating expense ratio by 4 percentage points [4] Group 2: Business Adjustments and Growth Potential - Initial results from targeted structural adjustments in marketing services are promising, with expectations for growth in the advertising client structure and a projected 3% year-on-year increase in ARPPU for paid memberships [2] - The company is shifting its vocational training business from a traditional model to a more interactive and knowledge-sharing driven approach [2] Group 3: AI Integration and Community Value - The company upgraded its core AI product, Zhihu Zhidao, enhancing its knowledge base functionality, which has significantly increased active usage penetration [3] - The company emphasizes the value of quality content in the AI era, with 3.65 million professional creators engaging in discussions related to technology and AI, suggesting potential monetization opportunities for high-quality content [3] Group 4: Share Buyback Activity - In the first half of 2025, the company repurchased 7.42 million shares, accounting for approximately 3% of its total share capital [4]

Core Insights - Zhihu has demonstrated its profitability during business adjustments, reporting Q2 2025 revenue of 717 million yuan and adjusted net profit of 91.3 million yuan, achieving Non-GAAP profitability for three consecutive quarters [2][3]. Revenue Performance - Q2 2025 revenue decreased by 23.23% year-on-year from 934 million yuan to 717 million yuan, with Q1 2025 revenue at 730 million yuan. The decline in revenue was primarily due to a drop in paid reading subscriptions, which contributed 402 million yuan, accounting for 56.1% of total revenue [3][4]. - The average monthly subscription members decreased from 14.7 million in the previous year to 13.2 million in Q2 2025 [3]. Business Strategy - The company is focusing on improving member retention and increasing Average Revenue Per User (ARPU) by optimizing the structure of new members and expanding content offerings, such as voice live broadcasts [3][4]. - Marketing services revenue fell to 223 million yuan from 344 million yuan year-on-year, attributed to a strategic focus on improving profit margins [4][5]. Profitability and Cost Management - Despite revenue decline, Zhihu achieved a net profit of 72.5 million yuan in Q2 2025, compared to a net loss of 80.6 million yuan in the same period last year. Adjusted net profit was 91.3 million yuan, up from an adjusted net loss of 44.6 million yuan [5][6]. AI Integration - The company is fully embracing AI technology, launching the "Zhihu Direct Answer" AI search product to enhance user experience and content quality. This includes integrating professional content sources and improving search capabilities [6][7]. - The CEO emphasized the importance of high-quality content as a trust currency in the AI era, indicating that the platform's content quality will determine its value [7][8]. Future Outlook - The company aims to optimize its client structure and upgrade commercial products, focusing on high-value categories and enhancing the monetization of its IP [5][6]. - Continuous upgrades to the AI search and knowledge base are planned, with expectations for significant user experience improvements in Q4 2025 [7][8].