财报显示，知乎的盈利主要来自于成本端的优化。报告期内，公司收入成本5.47亿，同比下滑31.1%； 营运开支也同比下降30.9%至10.43亿元。 财报显示，今年上半年，知乎实现总营收14.47亿元，同比下滑23.7%；经调整净利润9828万元，去年同 期亏损1.8亿元。其中，第二季度实现营收7.17亿元，经调整净利润9130万元，连续三个季度实现Non- GAAP（非美国通用会计准则）盈利。 知乎CFO（首席财务官）王晗表示，"人工智能驱动的生产力提升，带来成本结构和运营效率的持续改 善。我们将继续专注于严谨的执行力和可持续的商业化，以推动长期增长"。 从"故事会"到短剧IP，变现仍待破题 从业务端来看，知乎三大主营收入均出现下滑。付费会员业务依旧是最大收入来源，占比超过五成，上 半年实现8.20亿元，同比下降7%，但相较于其他板块跌幅最小；营销服务和职业教育业务分别录得4.2 亿元和1.6亿元，同比降幅达37.78%和43.87%。 艾媒咨询分析师张毅表示，知乎将利润指标重于收入规模，显然是主动放弃了一些投入产出比不成比例 的业务，比如投流买量等，也因此提升了毛利率。 随着短剧产业爆发，知乎社区的短篇小说 ...

Core Insights - The article discusses a side business related to promoting new users for the platform Zhihu, highlighting the unexpected success and earnings from this venture [1]. Group 1: Project Overview - The promotion project involves acting as a promoter for Zhihu, where individuals earn a commission of 4.5 yuan for each new user who registers through their shared link [3]. - There is also a feature for "old user recall," allowing promoters to earn 2.5 yuan for each former user who returns to the platform [3]. Group 2: Operational Steps - The first step in the process is to obtain permissions through a platform called "RenTuiBang," where users can easily find and apply for the Zhihu promotion project [4]. - The official guidelines provided by the platform are clear and detailed, making it accessible even for those without prior experience [6]. Group 3: Promotion Methods - One method of promotion involves engaging in trending discussions on platforms like Weibo, where promoters can leave intriguing comments to attract users to Zhihu [8]. - Another method is video promotion on Douyin (TikTok), where promoters can learn from successful videos and create their own content, which can lead to significant returns over time [11][14]. - It is noted that using multiple accounts may be necessary to mitigate the risk of account suspension when employing certain promotional tactics [10]. Group 4: Recommendations - The choice of promotion method should depend on individual circumstances, including time availability and account status, with the article serving as a reference for potential strategies [15].

Core Insights - The "Ask the Host" feature on WeChat has been gradually rolled out after extensive testing, allowing creators to engage their audience in content co-creation [1][2] - This feature enhances the visibility and influence of accounts within the WeChat ecosystem, similar to the "Zhihu Roundtable" format [3][4] - It provides a platform for creators to initiate discussions, thereby increasing user engagement and interaction quality [5][9] Group 1 - The "Ask the Host" feature serves as a private co-creation tool within WeChat, enabling creators to invite fans for discussions and content generation [2][3] - This functionality allows creators to display their identity as hosts, enhancing their presence and visibility in the WeChat community [3][4] - The feature aims to bridge public and private domains, facilitating better content distribution and interaction among users [9][15] Group 2 - The introduction of this feature increases the interactivity and playfulness of the "Ask the Host" platform, encouraging creators to engage their audience more effectively [5][10] - It allows for a more dynamic exchange of information, transforming one-dimensional comments into multi-dimensional interactions [9][10] - The "Ask the Host" function is positioned as a response to the challenges posed by AI-generated content, emphasizing the importance of human interaction and genuine user experiences [13][14] Group 3 - The feature is designed to enhance the community aspect of WeChat, fostering a space for authentic user-generated content that reflects real emotions and experiences [10][12] - It differentiates itself from other platforms by maintaining a focus on community purity and user engagement, avoiding the pitfalls of commercialization seen in competitors [14][15] - The ongoing evolution of the "Ask the Host" feature indicates WeChat's commitment to refining its content community and enhancing user interaction [15][16]

以下文章来源于差评X.PIN ，作者世超 差评X.PIN . Debug The World，关注科技、数码、汽车、产经、游戏，传播能改变世界的科技互联网信息。 该说不说，这种「 被信息流带偏 」的情况，几乎成了现代网友使用手机时的常态。 有网友恨小红书为什么没有「 不看首页 」的功能，每次打开后都忘记要搜啥了。 来源丨差评（ID：chaping321） 你有没有这样的经历： 作者丨刺猬 编辑丨 莽山烙铁头 图源丨Midjourney 本想查个教程、搜个关键词、买个日用品，结果一打开小红书、知乎、淘宝，就在首页信息流里，刷 得停不下来。 这个视频好好笑，这小东西好想买。 直到半小时后，你猛地发现： 诶，我刚要搜啥来的？ 也有人用知乎时出现了同样的情况，结果得到的回答是：兄弟+1。 即便在电商平台，也同样存在着这样的「 规则怪谈 」。 其实道理大家都懂。 毕竟算法太懂你，它就跟磁铁一样，只要意志稍微不坚定，就能把你吸走，脱离了原本的路。 以前世超也尝试过自律，强忍不刷。后来发现，我的意志在擦玻璃面前不堪一击。 但就在前两天！ 我刷到一位在读研究生Leslie做的App，叫NoFeed，非常火。 NoFeed用了 ...

Core Viewpoint - The article discusses the phenomenon of "cigarette butt stocks" in the Chinese internet sector, particularly focusing on social media companies that, despite having strong business models and profitability, are trading at low valuations, often below their cash reserves [4][5][23]. Group 1: Definition and Characteristics of Cigarette Butt Stocks - Cigarette butt stocks are generally defined as those whose market capitalization falls below their cash reserves, often indicated by a price-to-book (PB) ratio of less than 1 [5]. - The term gained popularity through Warren Buffett's analogy, where he likened finding such stocks to picking up a cigarette butt that can still provide a puff of profit [5]. Group 2: Case Studies of Social Media Companies - Zhihu, a prominent Q&A platform, has a market capitalization of approximately $350 million, while its cash reserves are close to $6 billion, indicating a significant disparity [17][18]. - Momo, a leader in stranger social networking, has a market cap around $1.134 billion, with net cash of $1.4 billion and a TTM price-to-earnings ratio of about 7, showcasing its profitability despite a declining stock price [6][7]. - Weibo, another major player, has a market cap of $2.36 billion, which is less than its cash reserves of $2.4 billion, and it has maintained a high profit margin with a net income of approximately $396 million [13][14]. Group 3: Financial Performance and Shareholder Returns - Momo reported revenues of 2.52 billion yuan and a profit exceeding 400 million yuan, with an adjusted net profit forecast of 1.233 billion yuan for 2024, indicating strong financial health [6][8]. - Momo has returned significant value to shareholders through stock buybacks, repurchasing 13% of its shares in 2024, and offering a dividend of $0.54 per share, translating to a yield of about 10% [8][9]. - Weibo has also been generous with dividends, distributing over $0.8 per share annually since 2023, resulting in a yield exceeding 8% based on current stock prices [15]. Group 4: Market Dynamics and Challenges - The article highlights a "reverse network effect" where social media platforms experience rapid user decline, making it difficult to recover once they enter a downward cycle [28][30]. - Companies like Momo and Soul have seen significant drops in active users, with Momo's paid users decreasing by 40% over three years, reflecting the challenges in maintaining user engagement [30][33]. - The article notes that many social media platforms struggle with monetization, often relying on low-efficiency value-added services, which leads to poor revenue generation compared to their user base [33][34]. Group 5: Broader Implications and Trends - The decline of these social media stocks is not merely a result of poor performance but also reflects broader market trends and investor sentiment towards the internet sector [23][24]. - The article suggests that despite their strong fundamentals, these companies are viewed as cigarette butt stocks due to their low market valuations, leading to a lack of investor interest [31][39].

Core Insights - The content creator industry is at a critical turning point, with 72% of top creators adopting a multi-account strategy, leading to significant monetization opportunities [1] - Successful cases highlight that systematic operations are replacing individual efforts, while 80% of failures stem from three major pitfalls [1] Group 1: Misconceptions - Blindly expanding the number of accounts is a common mistake among newcomers, as seen in a case where a clothing store owner failed to gain traction across multiple accounts [4] - A scientific model of "1+N" structure is recommended, where a main account builds brand identity and sub-accounts focus on niche areas [4] - The importance of using professional multi-account management tools to avoid risks associated with account association is emphasized [4] Group 2: Technological Empowerment - A leading MCN organization has tripled its hit rate through an intelligent distribution system, which relies on three key technology modules [5] - The platform feature analysis engine generates content tailored for different platforms, enhancing engagement [5] - Real-time cross-platform data dashboards allow for effective resource allocation, as demonstrated by a parenting account that increased follower growth by 47% after adjusting its strategy based on insights [5] Group 3: Practical Strategies - Efficient matrix operations require mastering three enhancement principles, including content fragmentation techniques that allow a single video to be repurposed into multiple formats [5] - Designing differentiated pathways for private domain traffic can significantly increase user acquisition, as illustrated by a brand that gained over 5,000 private domain users in a month [5] - An intelligent inspection system can preemptively block 32% of non-compliant content, creating a complete operational loop when combined with scheduled publishing features [5] Group 4: Industry Trends - The current content ecosystem has entered a phase of intelligent competition, with top teams managing over 100 content distributions daily through multi-account management tools [6] - Key advantages include automated watermark adaptation saving 85% of post-production time and intelligent format optimization increasing content click-through rates by 60% [6] - The trend indicates that true matrix effects arise from the digital reconstruction of operational processes rather than mere account accumulation [6]