Core Insights - Zhihu is increasingly becoming a major discussion platform for cutting-edge scientific technology, collaborating with various institutions to promote discussions on the theme of research transformation in the AI era [1][2] - The "2025 Science Season" launched by Zhihu aims to establish a scientific discussion community and facilitate dialogue between the public and science [1] Group 1: AI Research Paradigm - The "AI Research New Paradigm" discussion has attracted significant participation from researchers and enthusiasts, with optimistic views on AI's potential to revolutionize mathematics and data science [2] - However, there are concerns regarding the actual capabilities of AI, as demonstrated by a case where GPT-5 was found to have merely retrieved existing research rather than providing independent proofs [2] - Experts suggest that AI is not replacing human intellect but rather serving as a powerful collaborator in the research process [2] Group 2: Importance of Basic Science - Wes Sandquist posed a question about the role of basic science in advancing human health and industrial development, prompting diverse responses highlighting its critical importance [3] - The analogy of basic science as providing "sensors" and "system models" for societal development emphasizes its foundational role in technological advancements [3] - Scott Emmer's inquiry into the ESCRT complex's role in neurons sparked interdisciplinary discussions, showcasing the vitality of cross-disciplinary communication [3] Group 3: Work-Life Balance in Research - The discussion on balancing research and personal life resonated widely, with insights into the reputation-driven nature of research careers affecting work-life boundaries [3]

Market Performance - The three major U.S. stock indices closed higher, with the Dow Jones up 0.52%, the S&P 500 up 0.53%, and the Nasdaq up 0.52% [1] - Popular tech stocks showed mixed performance, with Tesla rising over 2% and Apple nearly 2%, while Oracle fell over 6%, and AMD and ARM dropped over 3% [1] - Chinese concept stocks also had mixed results, with New Oriental rising over 2%, Alibaba and JD.com up over 1%, while Zhihu, iQIYI, and Kingsoft Cloud fell over 1% [1] European Market - European stock indices closed lower, with Germany's DAX down 1.61%, France's CAC40 down 0.18%, and the UK's FTSE 100 down 0.86% [1] Commodity Prices - International precious metal futures generally declined, with COMEX gold futures down 0.85% at $4267.90 per ounce and COMEX silver futures down 5.01% at $50.63 per ounce [1] - U.S. oil main contract rose 0.46% to $57.25 per barrel, while Brent crude oil main contract also increased by 0.46% to $61.34 per barrel [1] Currency and Debt Markets - The U.S. dollar index rose 0.20% to 98.56, while the offshore RMB against the U.S. dollar fell by 24 basis points to 7.1269 [1] - U.S. Treasury yields collectively increased, with the 2-year yield up 4.77 basis points to 3.466%, the 3-year yield up 4.96 basis points to 3.472%, and the 10-year yield up 4.00 basis points to 4.013% [1] - European bond yields also rose, with the UK 10-year yield up 3 basis points to 4.529% and the German 10-year yield up 1 basis point to 2.579% [1]

Core Viewpoint - Zhihu-W (02390) announced the grant of a total of 1.0798 million restricted stock units to several qualified participants under the 2022 share incentive plan, representing approximately 0.4% of the total issued shares (excluding treasury shares) as of the announcement date [1] Summary by Relevant Sections - **Stock Incentive Plan** - The company is granting 1.0798 million restricted stock units under the 2022 share incentive plan [1] - **Impact on Shares** - The granted units correspond to the same number of Class A ordinary shares and represent about 0.4% of the total issued shares as of the announcement date [1]

Core Viewpoint - Zhihu-W (02390) announced the grant of a total of 1.0798 million restricted stock units to several qualified participants under the 2022 share incentive plan, representing approximately 0.4% of the total issued shares (excluding treasury shares) as of the announcement date [1] Summary by Relevant Sections - **Share Incentive Plan** - The company is granting 1.0798 million restricted stock units, equivalent to the same number of Class A ordinary shares [1] - **Conditions for Grant** - The grant is subject to acceptance by the grantees and compliance with the terms of the 2022 share incentive plan, and it will only become effective upon the fulfillment of its conditions [1]

格隆汇10月17日丨知乎-W(02390.HK)公告，于2025年10月17日，公司根据2022年股份激励计划向若干 合资格参与者授出合共108万份受限制股份单位，相当于相同数目的A类普通股及于本公告日期已发行 股份总数的约0.4%。 ...

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分內容而產生或因倚 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責任公司） （紐交所代號：ZH；聯交所代號：2390） 根據2022年股份激勵計劃授出受限制股份單位 於2025年10月17日，本公司根據2022年股份激勵計劃向若干合資格參與者授出 合共1,079,805份受限制股份單位，惟須待承授人接納以及遵守2022年股份激勵 計劃的條款及在其條件達成後方可作實。 於2025年10月17日，本公司根據2022年股份激勵計劃向若干合資格參與者授出合 共1,079,805份受限制股份單位，相當於相同數目的A類普通股及於本公告日期已 發行股份總數（不包括庫存股份）的約0.4%（按一股一票基準計算）。 授出之詳情 向承授人授出受限制股份單位之詳情如下： 授出日期： 2025年10月17日 承授人： 本集團6名僱員，即根據2022年股份激勵計劃之合資格參 與者 授出受限制股份 單位的總數： 1,079,805份 ...

Core Insights - Zhihu Inc. has launched its Yanyan Story platform at the Frankfurt Book Fair, marking a significant step in the international expansion of Chinese short-form online literature [1][2] Industry Overview - The Frankfurt Book Fair is the largest publishing exhibition globally, featuring over 4,000 publishers from 92 countries and regions [2] - Chinese online literature has reached approximately 200 million active overseas readers across more than 200 countries, with a market value exceeding RMB 5 billion [3] Company Developments - Yanyan Story integrates storytelling, technology, and user participation, creating a new model for global literary engagement [4] - The platform offers various content formats, including books, digital reading, audio dramas, and cultural products, contributing to Zhihu's 13.2 million paid subscribers [5] - Yanyan Story has licensed over 100 works for publication, with translations available in multiple languages such as English, Spanish, Japanese, Korean, Portuguese, Thai, and Indonesian [5] Financial Performance - In Q2 2025, Zhihu's revenue from IP licensing grew in triple digits year-over-year and sequentially [6] - More than 100 Yanyan Story IP titles have been licensed for adaptations in film, animation, and short dramas, with several already generating revenue [6] Strategic Vision - The Vice President of Zhihu emphasized that short-form literature and IP adaptation are transforming cultural storytelling, highlighting the platform's role in connecting creators and readers globally [7]

Core Insights - The article discusses a recent system outage at Zhihu, which has garnered significant public attention and led to the trending topic "Zhihu crashed" [1] - Zhihu's official response indicates that the issue is due to a bug in the system, which is currently being addressed by engineers, with no specific timeline for resolution provided [1] Financial Performance - For the fiscal year ending December 31, 2024, Zhihu reported total revenue of RMB 3.599 billion, representing a year-over-year decline of 14.5% [1] - The gross margin improved from 54.7% in 2023 to 60.6% in 2024 [1] - The net loss for the year was RMB 169 million, a significant reduction of 79.9% compared to a net loss of RMB 839 million in the previous year [1] - Adjusted net loss was RMB 96.3 million, narrowing by 85.4% from RMB 659 million in the same period last year [1] - In the fourth quarter of 2024, Zhihu achieved a net profit of RMB 86.4 million, contrasting with a net loss of RMB 103.1 million in the fourth quarter of 2023, marking the company's first quarterly profit [1]

Core Insights - The recent outage of Zhihu, which affected both web and mobile platforms, unexpectedly brought the company back into public attention [1][4] - This incident occurred during a challenging period for Zhihu, as the company is experiencing significant declines in its core business performance [12][14] Summary by Sections Incident Overview - On October 17, Zhihu faced a widespread outage, causing users to experience loading issues and account logouts [2] - Users reacted with confusion, initially blaming their devices or internet connections for the problems [5][6][7] - The outage particularly impacted users who rely on the platform for leisure during work or study [8][10] Business Performance - Zhihu reported a total revenue of 1.447 billion yuan for the first half of 2025, a significant decline of 23.7% year-over-year [12][13] - The three main business segments—marketing services, paid memberships, and vocational training—saw substantial revenue drops, with marketing services down 37.8% to 420 million yuan and paid memberships down 7.1% [13][14] - The number of paid subscribers decreased from 14.7 million to 13.7 million, indicating a loss of 1 million users [13] Profitability and Cost Management - Despite the revenue decline, Zhihu achieved a net profit of 62.37 million yuan in the first half of 2025, largely due to significant cost-cutting measures [14][15] - Total operating expenses decreased by 30.9%, with notable reductions in sales, research and development, and management costs [14][15] - The strategy of prioritizing profit over growth raises concerns about long-term sustainability and competitiveness, particularly in terms of innovation and technical stability [15] Leadership Changes - The recent resignation of the Chief Technology Officer (CTO) adds to the uncertainty surrounding Zhihu's strategic direction, especially as the company focuses on AI initiatives [15] - The timing of the CTO's departure, close to the outage incident, raises questions about the impact of leadership instability on technical maintenance and infrastructure [15]

Core Viewpoint - The recent outage of Zhihu has brought the platform back into public attention, highlighting its ongoing operational challenges and declining performance metrics [1][4]. Performance Summary - Zhihu reported a total revenue of 1.447 billion RMB for the first half of 2025, a significant decline of 23.7% year-on-year, with all three core business segments experiencing contraction [11]. - The paid membership segment saw its first revenue drop of 7.1%, with the number of monthly subscribers decreasing from 14.7 million to 13.7 million, losing 1 million paid users [12]. - Marketing services revenue plummeted by 37.8% to 420 million RMB, attributed to both a strategic shift towards optimizing low-margin services and a general decline in platform traffic [12]. - The vocational training segment also faced a sharp decline of 43.87%, with revenue falling to 157 million RMB, explained as a result of "strategic optimization adjustments" [13]. Profitability Analysis - Despite the revenue decline, Zhihu achieved a net profit of 62.37 million RMB in the first half of 2025, maintaining Non-GAAP profitability for three consecutive quarters, largely due to significant cost-cutting measures [13]. - Total operating expenses decreased by 30.9%, with sales expenses down 27.72%, R&D expenses down 29.29%, and management expenses down 47.61% [13]. Strategic Concerns - The aggressive cost-cutting strategy raises concerns about the long-term sustainability of profitability, as it may hinder future growth and innovation, particularly in R&D [14]. - The recent resignation of the Chief Technology Officer (CTO) adds to the uncertainty surrounding Zhihu's strategic direction, especially as the company is focusing on AI initiatives [14]. - The timing of the CTO's departure in relation to the platform's technical issues raises questions about the stability of the technical team and the potential impact on infrastructure and service reliability [14].