Thank you, Sharon. Hello, everyone.

Welcome to Zhihu's second quarter 2024 financial results conference call. Joining me today from our senior management team are Mr.

Zhou Yuan, Founder, Chairman and Chief Executive Officer; Mr. Wang Han, Chief Financial Officer; and Mr.

Zhang Rongle, Chief Operating Officer. Before we begin, I'd like to remind you that today's discussion will include forward-looking statements made under the safe harbor provisions of the U.S.

Private Securities Litigation Reform Act of 1995. These statements involve inherent risks and uncertainties.

As such, actual results may be materially different from the views expressed today. Further information regarding these 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 except as required under applicable law.

Additionally, today's discussion will include both GAAP and non-GAAP financial measures for comparison purposes only. For a reconciliation of these non-GAAP measures to the most directly comparable GAAP measures, please refer to our earnings release issued earlier today.

A webcast of this conference call will be available on our IR website at ir.zhihu.com. Today, Mr.

Zhou Yuan will deliver prepared remarks in Chinese and followed by English translation. Please go ahead, sir.

大家好啊，那个我是周源。感谢大家参加我们二季度的业绩电话会。今天呢我主要讲三个方面的内容。第一，是我们的主营业务在第二季度的表现。第二呢，是在AI时代，知乎将如何将社区的内容、IP和专家资源转化为新的产品和商业价值。最后呢，我会来简要的总结一下上半年的工作和下半年的重点。

Hello, everyone, and thank you for joining Zhihu's Second Quarter 2024 Earnings Call. Today, I will cover three areas: our core business performance in the second quarter; how AI is expanding the value of our community, content, IP, and expert network; and our and our priorities for the

second half. 那总体来说，核心业务基本盘是保持稳定的，部分业务仍处于调整和收复阶段。在第二季度啊，公司总收入为人民币6.9亿元，同比下降3.7%，环比增长5.9%，收入实现环比改善，同比降幅也进一步收窄。受到收入结构变化以及阶段性业务投入的影响，净亏损为人民币1,025万元。具体的财务表现和利润变动原因，稍后呢将由CFO进一步介绍。在社区方面，我们的核心用户的使用深度保持稳定。第二季度核心用户日均使用时长约为39分钟，与去年同期基本持平。社区日均新增高质量的内容同比增长超过16%，延续了过去几个季度双位数的增长。在AIGC内容快速增长的背景之下，内容生产现在正在变得更加的容易，但是真实经验、明确来源和专业判断反而更加的稀缺。真实、专业、可信赖，一直是知乎最重要的社区基石，也是我们长期价值的起点。

Let me start with our core businesses. Overall, our core business remains stable, while some areas continue to adjust and recover.

In the second quarter, total revenue was RMB690 million, down 3.7% year-over-year and up 5.9% sequentially, with the year-over-year decline narrowing further. Adjusted net loss was RMB10.25 million, reflecting changes in revenue mix and phased business investments.

Our CFO will discuss the financial details shortly. Community engagement among core users remains stable.

Average daily time spent was about 39 minutes, broadly unchanged year-over-year. Daily creation of high-quality content grew more than 16%, continuing our trend of double-digit growth.

As AIGC makes content creation easier, authentic experiences, clear sourcing, and professional judgment are becoming more valuable. These remain the foundation of Zhihu and our long-term value.

在营销服务方面，第二季度收入为人民币1.99亿元，同比下降10.7%，环比增长4%。本季度我们继续聚焦在科技、汽车、大消费、家电和游戏，这些与知乎用户和内容优势匹配度比较高的行业。我们的效果类产品整体消耗环比增长31%，其中游戏行业消耗环比增长22%。那现在呢，效果类产品的增长尚未完全转化为整体营销收入的恢复，但是它验证了我们继续聚焦在重点行业、补强产品和算法能力的這個方向。营销服务目前仍然处于结构性修复阶段。接下来呢，我们会继续提升专业内容、用户决策场景和用户需求之间的匹配效率。

Turning to marketing services, revenue was RMB199 million, down 10.7% year-over-year and up 4% sequentially. We continued to focus on key verticals including technology, automotive, consumer electronics and home appliances, and gaming.

Spending on performance-based products grew 31% sequentially, including a 22% increase in gaming. This has not yet translated into a broader recovery in book marketing revenue, but it's but it spots supports our strategy of strengthening key verticals, products, and algorithms.

Marketing services remain in structural recovery, and we'll continue to improve the matching of professional content, user need, and client demand.

在付费内容和IP运营上，二季度收入为人民币4.26亿元，同比增长4.4%，环比增长5.9%。月均订阅会员为1,311万人，同比和环比基本持平，会员的ARPPU呢保持稳定。我们将继续优化会员内容和产品的体验，并且拓展知识类的内容，推动非内容形成“故事加上知识”的多元结构。那在这个季度呢，IP运营继续贡献增量。二季度版权合作数量环比增长105%，同比增长671%。推动盐言故事IP从单一版权出售向多形态、全生命周期开发延伸。那么整体看来，我们面临的面对的挑战依然是存在的，但收入变化正在收敛，业务结构正在调整，我们核心业务的方向发展方向始终没有改变。我们会继续推动核心业务企稳，并保持严格的投入纪律。

For paid content and IP, revenue reached RMB426 million, up 4.4% year-over-year and 5.9% sequentially. Average monthly subscribing members were 13.11 million, broadly stable, while member ARPPU also remained stable.

We'll continue to improve membership content and product experience while expanding knowledge-based offerings. IP operation continued to contribute incremental growth, licensing increasing 105% sequentially and 671% year-over-year.

We're extending Yanyan Story IP from one-time licensing toward multi-format, full-lifecycle development. Overall, challenges remain, but our business mix continues to adjust, and our strategic direction remained unchanged.

We'll continue to stabilize our core businesses while maintaining the investment discipline.

那么接下来呢，我想和大家重点谈一下AI时代的知乎。知乎始于社始于社区，但知乎不至于社区。不至于社区，而是让社区长期积累的价值通过新的产品、内容形态和应用场景被更多的人使用。真实用户、专业内容、IP和专家网络依然是我们最重要的资产，而AI呢正在帮助这些能力进入更多新的应用、内容形态和商业场景。那么第一呢，社区会变得更加的开放。AI正在改变内容被发现、组织和使用的方式。那对知乎而言，开放并不意味着要改变真实、专业和可信赖的社区定位，也不是把社区内容简单搬到外部，而是让高质量内容和专业创作者能够通过更多的工具和AI应用被更多用户和开发者发现。这种开放是有明确的边界的，我们会把内容的可溯源、创作者权益保护和社区价值维护作为开放生态的重要前提。在过去啊，用户主要通过搜索、推荐、信息流发现内容。在今天，我们正在推动知乎直达和知乎的搜索进一步融合，使AI搜索成为发现社区内容的结构化入口，而不是对原有内容进行替代。那么初步的我们的产品测试显示，这项工作对用户留存产生了正向的影响，我们还在持续观察其适用范围和长期的效果。那么同时呢，我们也在探索社区智能体，AI看山就是其中一个具体的尝试。希望AI看山可以成为帮助用户探索知乎社区的一个伙伴，让用户更方便的发现真实的人、专业内容和不同的观点。目前呢，AI看山仍处于早期的测试阶段，我们将重点观察其对内容发现、用户互动和留存的实际价值，而不是单纯的追求使用规模。之前我提到的AI Works，那么截至目前呢AI Works是继续推进的，平台已经沉淀超过2,600个AI项目，数据开放平台已经有超过17,600名开发者，其中的20%是来自知乎创作者以外的新增开发者。那么同时呢，我们还发布了新版的知乎CLI，进一步提升了开发者和用户在不同AI工具中发现和使用知乎内容的便利性。这意味什么呢？这意味着知乎长期积累的内容、创作者和专业能力未来不会只在知乎APP内被发现和使用。通过AI搜索、智能体、开放平台和开发工具，他们可以进入更多产品和使用场景，覆盖更大的用户、开发者和客户。我们认为呢，知乎正在我们认为AI正在成为一种快速变化的新媒介。一个更加开放的知乎可以让存量内容被重新发现，让专业创作者触达新的受众，让开发者基于知乎能力创造新应用，也可以为内容授权、品牌内容资产和专家服务带来新的商业机会。

Next, I would like to focus on Zhihu in the AI era. Zhihu starts with the community, but aims bringing the value accumulated within Zhihu to more people through new products, formats, and use cases.

Real users, professional content, IP, and our next expert network remain our most important assets. AI is helping extend these capabilities into new applications and commercial scenarios.

First, the community will become more open. AI is changing how content is discovered and used.

For Zhihu, openness does not mean changing our positioning. It means enabling the high-quality content creators to reach more users and developers through the AI tools and applications.

This requires clear guardrails around content sourcing, creator rights, and community values. We're further integrating Zhihu Zhida with Zhihu search, making AI-powered search a new gateway to community content rather than a substitute for it.

Early testing has shown positive signals for user retention. We are also exploring community agents.

AI Kanshan is one example. Rather than another general-purpose chatbot, we wanted to help users explore Zhihu and discover real people, professional content, and diverse perspectives.

The product remains at an early testing stage, and our focus is on content discovery, interaction, and retention. AI Works now hosts more than 2,600 AI projects, while the data open data platform API has attracted more than 17,600 professional developers.

About 20% were not previously Zhihu creators. We also released an updated Zhihu CLI, making it easier to discover and use Zhihu content across AI tools.

Through AI search, agents, open platforms, and developer tools, Zhihu's content and professional capabilities can reach more users, developers, and clients beyond the Zhihu app. We believe AI is becoming a new medium that can help existing content reach new audiences, enable new applications, and create new opportunities in content licensing, brand content assets, and expert services.

第二呢，营销服务正在从流量价值走向内容资产价值。现在有非常多的信息获取是发生在AI环境中的。那么品牌不仅需要被用户看到，也开始更加关注自己的专业信息能否被AI准确的理解、引用和持续传播。那围绕这个需求呢，我们正在帮助品牌客户沉淀具有明确来源和专业信息的内容资产。那么我们认为呢，专业内容资产正在成为AI时代的一种新的品牌资产。它的核心价值不只是完成一次传播，而是帮助品牌持续积累可复用的创作内容内容，让一次的内容投入能够产生更加长期、更广泛的价值，也让品牌信息更容易的被AI准确理解和引用。围绕这个需求，我们正在不断尝试和推动AI内容资产业务，相关业务仍然处于早期阶段。在二季度，合作的客户数量环比增长50%。虽然今天项目数量和合作金额的增长还不意味着已经形成了稳定规模化的收入贡献，但是让我们非常清晰的看到了知乎专业内容资产在AI时代的新商业价值。下一阶段我们会更加关注客户实际的使用效果、复购意愿和产品标准化的能力。

Second, marketing services are evolving from traffic value toward content asset value. As more information discovery happens through AI, brands increasingly care not only about visibility, but also whether their professional information can be accurately understood and cited by AI.

We're helping brands build professional content assets with clear sourcing. Unlike a one-off campaign, these assets can continue to be discovered and used across search, AI, and other channels, creating longer-term value.

Our AI content asset offering remains at early stage. In the second quarter, the number of clients increased 50% sequentially.

This does not yet represent a stable or scalable revenue contribution, but is beginning to demonstrate new commercial value. Going forward, we'll focus on client outcomes, repeat demand, and product standardization.

第三呢，AI正在推动内容IP进一步的多媒体化。AI所带来的另一项变化是进一步降低了优质IP从文字向多媒体形态转化的门槛。对于知乎来说，这就意味着多年所积累的大量的原创的IP可以通过漫剧、短剧、影视以及更多新的内容形态被更高效率的并触达广泛的用户。那么在这个季度所实现的商业化的漫剧项目中，相当一部分它是来自于2025年以及以前沉淀的优质原创IP。这说明优质内容不会因为时间而失去价值。技术改变的是内容开发的效率、呈现方式和触达范围，优质IP本身具有更长的生命周期。那么在上半年呢，我们在自制和承制方面也进行了一些尝试，初歩项目在模式上我们会根据项目情况灵活的选择版权的授权、自制和承制的方式，并有选择的向产业链更前端延伸。未来呢，内容多媒体化将依然是一个重要的趋势，我们会持续的提升IP筛选和跨形态运营的能力，让更多长期积累的优质作品获得更多的新用户和商业价值。

Third, AI is accelerating the expansion of IP into multimedia formats. AI is lowering the cost and barriers of turning text-based IP into multimedia formats.

For Zhihu, this allows our large base of original content to be developed more efficiently into comic dramas, short dramas, film, and television, and other formats. A meaningful portion of the comic drama projects monetized this quarter came from the works created in 2023 or earlier.

This shows that high-quality IP can retain value over time while technology improves the development efficiency and expands its reach. In the first half, we also explored in-house with some projects showing encouraging early results.

However, we'll remain disciplined and will not materially increase asset-heavy investments. We'll we'll flexibly choose among licensing, in-house, and commission production based on the project economics.

Going forward, we'll continue to strengthen our capabilities in IP selection, development, and cross-format operations to unlock more value from our content library. 那第四呢，这个专家数据的解决方案正在从项目的交付走向能力的复用。知乎的专家长期通过回答问题和创作内容把知识和经验分享给用户。那么在现在呢，我们开始探索如何通过训练数据、模型评测和复杂的任务设计，把这些专业知识、经验和判断进一步转化为模型能力。我们将这项业务定位为一个以研究为驱动的数据研究型实验室。它的核心不是传统的数据标注，而是持续的识别模型的能力边界和不足，并围绕这些问题研发训练数据、评测体系和复杂的任务环境，帮助模型实现能力的提升。在上半年我们已经在代码、搜索和深度研究、视觉推理、智能体等多个方面完成了项目的落地，并且逐步形成了一个从模型能力分析、数据研发和生产到质量检验、模型效果评测的一体化能力。知乎长期所积累的专家网络也为我们形成了定义专业任务、建立质量标准和验证数据质量这些工作提供了重要的基专家的价值并不是只是参与数据的生产，更重要的是帮助定义专业的任务，建立质量的标准，并判断模型输出是否真的符合专业要求。那么在目前呢，我们更加主动的研究不同模型的能力短板，自主研发相应的训练数据和评测方案，并通过实际的模型效果来验证数据价值。我们希望沉淀的不是只是单次交付的数据，而是一套方法论、评测体系和工具链。重点验证这套能力是否能够服务不同客户和能力，和模型的迭代。并且在下一步向数据产品、模型评估和复杂环境的解决方案持续的延伸。

Fourth, expert data solutions are evolving from project delivery toward reusable capabilities. AI is creating new ways to use Zhihu's expert capabilities, not only creating content for users.

Experts can now help translate the professional knowledge and judgment into model capabilities through training data, model evaluation, and complex task design. We position as a research-driven data lab.

We identify model capability gaps and develop training data, evaluation systems, and complex task task environments to help improve the model performance. In the first half, we completed projects across coding, search, and deep research, visual reasoning, and agents, while building capabilities spanning model analysis, data R&D, and production to quality inspection and model evaluation.

Our expert network plays an important role in this defining the professional tasks, setting quality standards, and evaluating whether model outputs meet the professional requirements. We're also becoming more proactive in identifying model gaps, developing training data and evaluation methods in-house, and validating the value through the actual model performance.

Our goal is not one or is not one-off data delivery, but reusable capabilities that can evolve across clients and model iterations. In the next phase, we'll continue to productize these and extend them into products, complex task environments, and solutions.

最后呢，我来简要的总结一下。在第二季度，公司的核心社区保持韧性，付费内容基本盘稳定，IP运营持续的增长，营销服务也出现边际改善。那与此同时，在AI时代，专业、真实、可信赖的社区依然是我们的基础。AI的价值是让我们长期积累的内容、IP和专业能这个专能力被更好的发现、组织和使用，并进入更加开放的生态和新的商业场景。在下半年我们会重点做好两方面的工作。一是继续巩固核心业务，改善核心用户体验，稳定会员的基本盘，提升IP开发效率，推动营销服务结构性的修整。二是继续验证AI所带来的新机会，包括更开放的社区生态、AI内容资产、IP以及专家数据解决方案。我们会更加关注真实需求、客户价值以及他们的复购表现和我们的投入回报，而不是单纯的追求短期的规模。我们也很清楚的看到，新的方向获得初步的验证它还不等于已经形成了稳定的增长，因此呢我们在投入上依然会保持审慎，坚持严格的投入回报的要求。在这个过程中，单各季度的利润表现仍可能会受到业务节奏和阶段性投入的影响。但我们对提升经营效率和恢复可持续盈利的长期目标始终没有改变。长期来看，我们希望知乎不仅是一个真实、专业、可信赖的社区，也能够成为一个连接真实内容、专业知识与AI应用的重要平台。谢谢大家。那么下面呢，请CFO进一步介绍本季度的财务表现。 Finally, let me briefly summarize.

In the second quarter, our core community remained resilient. Paid content remained stable.

IP operation continued to grow, and marketing services improved sequentially. Our position in the AI era is also becoming clear.

An authentic, professional, and trustworthy community remained the foundation, while AI helps us helps our content, IP, and professional network reach new users, applications, and commercial scenarios. In the second half, we'll focus on two priorities.

First, we'll stabilize our core businesses by improving user experience, maintaining a stable membership base, improving IP development efficiency, and advancing the structural recovery of marketing services. Second, we'll continue to validate AI-driven opportunities across our open community ecosystem, AI content assets, IP, and expert data solutions, by focusing on real demand, client value, capability reuse, and ROI.

Initial validation does not mean these initiatives have become stable growth drivers. Quarterly profitability may fluctuate due to the business timing and phased investments.

Our long-term goals of improving operating efficiency and returning sustainable to profitability remain unchanged. Over the long term, we want Zhihu to be not only an authentic, professional, and trustworthy community, but also an important platform connecting content, knowledge, and AI applications.

Thank you. I will now hand hand over to our CFO to review the quarter's financial performance.

Hi, everyone. Now I'll go over our second-quarter financial results.

A detailed review of our financials is contained in the earnings release issued earlier today. During the second quarter, our revenue trend continued to improve sequentially, supported by growth in paid payment paid content and IP operations.

At the same time, disciplined cost management drove year-over-year reductions in operating expenses and operating losses. Now turning to the financial highlights of the second quarter.

Our total revenues for the quarter were RMB690.1 million, down 3.7% year-over-year and up 5.9% sequentially. The sequential growth was primarily driven by content and IP operations.

Marketing services revenue were was RMB199 million, compared with RMB222.8 million in the same period of 2025. The decrease primarily reflected our proactive and ongoing refinement of service offerings.

Sequentially, marketing services revenue increased by 4%, listening to improving traction in key verticals and per performance-based products. We also continued to make early progress in AI-related commercial use cases.

Paid content and IP operations revenue was RMB425.9 million, up 4.4% year-over-year and 5.9% sequentially, primarily driven by continuous growth in IP operations. Average monthly subscribing members remained stable at 13.1 million.

We'll continue to strengthen our paid content offerings while developing and monetizing select selected IP across multiple formats, with disciplined attention to project returns and risks. Other revenues were were RMB65.2 million, compared with RMB86 million in the same period of 2025.

The decrease was primarily due to the continuous strategic refinement of our vocational training business. Sequentially, other revenues increased by 12.7%, and year-over-year decline continued to narrow.

Our gross profit for the quarter was RMB393.4 million, compared with RMB448.2 million in the same period of 2025. Gross margin was 57%, compared with 62.5% in the same period of 2025.

The decline in gross margin primarily reflected our continued efforts to broaden and enhance our content offerings. Total operating expenses decreased by 13% to RMB469.4 million from RMB539.2 million in the same period of 2025, reflecting continued efficiency improvements across our operations.

Selling and marketing expenses decreased by 5.4% to RMB308.7 million from RMB326.3 million in the same period of 2025, driven by disciplined marketing spendings. Research and development expenses decreased by 25.4% to RMB108.6 million from RMB145.7 million in the same period of 2025, primarily attributable to the to continuous improvements in our research and development efficiency.

General and administrative expenses decreased by 22.7% to RMB52 million from RMB67.3 million in the same period of 2025, primarily attributable to lower personnel-related expenses. Operating loss for the quarter narrowed by 16.5% to RMB76 million from RMB91 million in the same period of 2025.

On a non-GAAP basis, adjusted loss from operations narrowed by 32% to RMB48.7 million from RMB71.5 million in the same period of 2025. Investment income was RMB16.4 million, compared with RMB140.8 million in the same period of 2025.

The decrease was primarily due to an unrealized gain from the fair value remeasurement of our investments in a privately held company in the same period of 2025. Net loss was RMB37.4 million, compared with net income of RMB72.5 million in the same period of 2025.

On a non-GAAP basis, adjusted net loss was RMB10.3 million, compared with adjusted net income of RMB91.3 million in the same period of 2025. As of June 30, 2026, we had RMB4.4 billion in cash and cash equivalents, term deposits, restricted cash, and short-term investments, maintaining our solid liquidity position to support our on As of June 30, 2026, we had repurchased aggregate of 41.3 million Class A ordinary shares for total consideration of US$77.9 million on both in New York Stock Exchange and Stock Exchange of Hong Kong.

During the second quarter, we repurchased 6.5 million Class A ordinary shares for a total consideration of US$7.2 million. Looking ahead, we will continue to balance selective investments in new new initiatives with operating efficiency.

While quarterly profitability may be affected by phased investments, our long-term objective of improving operating efficiency and returning to sustainable profitability remains unchanged. We also we will also maintain a disciplined approach to capital allocation and continue to execute share repurchases to enhance long-term shareholder returns.

This concludes my prepared remarks on our financial performance for the quarter. I'll turn the call over to the operator for the Q&A session.

喂，你好。感谢管理层接受我的提问。呃，我的问题是，我们呃如何看待下半年的收入和盈利趋势？呃然后在业务结构调整和新业务投入情况下，呃季度间是不是还有一些波动？谢谢。So, I will translate myself. Thanks management for taking my question.

My question is how should we think the revenue and profit trend in the second half of the year? Under the business adjustment and the business investment, are there any fluctuations between quarters?

Thanks. 我来回答你的问题啊，我是周源。那么从 下半年来看的话啊， 我们觉得不太适合简单的按照二季度的环比趋势去进行线性的一个外推。

各个业务的节奏其实还是不太一样的。 营销服务呢依然处于结构性的修复过程中。

季度之间它会受到客户预算和行业需求变化的影响。 我们的重点呢仍然是补强产研和效果广告的基础能力， 呃去提升投放的效率和单位流量的价值，

而不是通过增加广告ad load去去推动增长。

I'm just speaking on behalf of CEO. Looking into the second half, we do not think it's appropriate to simply extrapolate the sequential improvement seen in in the second quarter.

Different businesses have different operate operating rhythms, and marketing services remain in a period of structural recovery, like we mentioned before, and may continue to be affected by changes in client budgets and industrial demand. We'll strengthen our product, R&D, and especially the performance uh advertising capabilities, and also increase the value per unit of traffic, rather than drive

growth by increasing ad load. 那付费内容呢，它的基本盘相对是稳定的。但是IP的运营本身，它会受到项目节奏的波动影响。近期行业规范和备案的要求变化，也可能对部分项目的上线节奏带来阶段性的影响。

Paid content remains relatively stable, while IP operations will be influenced by project timing. Recent changes in industry standards and filing requirements may also affect the launch timing of certain projects.

那么同时呢，在AI发展中的能力呢，它是处于一个验证阶段。包括刚才我提到的AI内容资产，它就在这样一个阶段。那它的方向上呢，已经看到了一些新的需求和客户的验证，但是距离稳定规模化的收入贡献还有一个过程。短期呢，它也会带来一定的投入。 Uh at

at the same time, we're still validating the new capabilities like AI content assets and expert data solutions. Uh we we have seen like client demand and client validation, but it might take time until we see scalable revenue contribution, and will also require some near-term uh investments.

所以呢我们现在的这个阶段，我们更加关注的是核心业务本身的稳定。新业务呢能不能形成真实、可持续客户价值，包括它可复用的能力，以及我们整体的投入回报是否合理。 我们会持续的保持一个比较审慎的投入节奏。

长期的目标是没有变的，我们依然是改善我们的收入结构，恢复可持续盈利的能力。 At this stage, we are more focused on the stable stability of our core businesses, while uh whether new initiatives can create real client value and reusable stuff and ROI.

We'll continue to invest uh prudently. Our long-term goals remain to improve our revenue mix and return to sustainable profitability.

谢谢。下一个问题。

Next question, please.

管理层晚上好，谢谢接受我的提问。能不能请公司分享一下您对漫剧行业的看法、公司的策略以及我们知乎优势和护城河？谢谢。Would management share some color about your view on the AI-generated comic dramas, and how should we think of Zhihu's advantages? Thank you.

各位好，我是张荣乐，我来回答这个问题。我们整体上是非常看好AI漫剧这个市场的。然后我们判断这个行业行业依然处在一个比较明显的一个向上发展的一个阶段。主要是体现在两个方面吧。一个方面是 AI的整个的一个内容的生产能力还是在快速进步的。过去一年无论是人物的一致性、镜头的表现、动作能力，还是整体的效率上，都有非常明显的提升。另外一个方面我们观察到越来越多创作者进入到这个领域。我们看到内容、创意、题材、表现形式都越来越丰富。所以，我们相信AI漫剧已经在逐渐形成一种新的内容消费形态。那随着制作能力的一个继续的提升，我们认为整个的内容质量和用户的接受度还会继续向上的。

This is speaking on behalf of COO. We're very positive on the AI comic drama market and believe the industry is still in a clear growth trend.

On one hand, AI content generation capabilities continue to improve rapidly, including like character consistency, visual quality motion, and the overall production efficiency. On the other hand, as more creators enter the market, we're seeing greater diversity in ideas and formats.

AI comic dramas are gradually becoming a new form of content consumption. As the production continue to improve, we expect we content quality and user acceptance to rise further.

在这个过程中，我们也观察到整个行业的竞争的关键点也在发生变化。早期呢，大家还是在比拼谁能更快的去使用AI，更低成本的能够生产出内容。但当随着这个AI整个的制作能力越来越普及之后，整个的竞争又回到了内容的一个本身，有没有好的故事，有没有持续的创意供给，好的视觉化能力，把这些优质的IP持续地开发出来，逐渐成为竞争的关键。

At the same time, the basis of competition is also changing. In the early stage, the focus was on like who could adopt AI faster and produce content at lower cost.

As AI production becomes more widely available, the real scarcity shifts back to the content itself, like the good stories, a sustainable pipeline of creative ideas, and the ability to to consistently turn IP into compelling visual content.

这恰恰是知乎非常有优势的地方。在过去几年我们通过盐言故事形成了比较完整的原创故事和社区的一个创作者的生态。知乎的优势不只是只有一批IP，主要是其实这个IP背后有一个持续产生新内容，并且不断筛选优质内容的体系和与之匹配的创作者生态。这会显著降低知乎在IP开发的一个试错成本，提高整个内容组合的成功效率。

This is where Zhihu has a clear advantage. Through Yanyan Story and other products, we have build a broader a broad ecosystem of original stories and creators.

Our advantage is not simply the size of the library, but our ability to continuously generate the new content and and identify the the strong strongest titles, supported by a well-established creator ecosystem. This helps reduce the trail and error costs in IP development and improve the overall efficiency of our content portfolio.

我们在今年上半年已经看到了这些优势在AI漫剧市场逐步的得到验证。根据第三方行业的一些数据，在上半年盐言故事已经成为抖音原生AI漫剧领先的版权方之一，并且进入了红果版权方的榜单的前三。那与此同时在今年上半年我们已经开始尝试做自制和承制的业务。从结果来看也是得到了很好的一个爆款率的一个结果。随着AI带来新的整个的一个媒介生态的一个变化，同一个优质的故事可以被重新地进行视觉化，重新开发并触达新的用户群体。AI实际上在帮助我们持续延长整个优质IP的一个生命周期，也在提升知乎既有内容的一个商业化效率。 We've

already seen this validated in the AI comic market. According to the third-party data, in the first half of 2024, Yanyan Story became one of the leading IP providers for native AI comic dramas on TikTok and ranked among the top-three IP providers on Hongguo.

We also began the in-house and commission production in second quarter, and have seen encouraging hit rates so far. As AI creates new media formats, a strong story can be visualized and In this way, AI helps extend the lifecycle of quality IP and improve the monetization efficiency of our existing content assets.

那从策略上来说，我们的核心还是继续发挥知乎在内容和创作者生态上的优势，同时利用AI技术在剧本、制作、发行各个环节不断地去提升IP的开发效率。那具体到一个IP具体的项目上，我们我们会社保持一个比较灵活的一个开发模式，包括版权授权、自制和承制。在商业回报比较清晰的环节，我们也会选择性的向产业链的一个更前端去进行延伸。

Strategically, our focus is to build on Zhihu's strength in the content and our creator ecosystem, like we mentioned before, while using AI to improve the development efficiency across like scribing scripting, production, and distribution. We'll remain flexible in our business models, including licensing, in-house, where the market demand and project economics are well validated, we we may selectively move further upstream in the value chain.

长期来看，我们认为知乎在这个市场的一个真正的护城河其实是几个能力的组合，包括持续的一个原创IP的供给，真实用户行为形成的一个选品能力，长期稳定的创作者生态，清晰的版权体系，以及利用AI来实现的整个IP开发的能力。

Over the long term, we believe Zhihu's moat in this market will come from a combination of capabilities including a sustainable supply of the original IP, content selection based on real user behavior, a stable creator ecosystem, and a clear license framework, and AI-enabled cross-media IP development. 谢谢。

Thank you.

Next question, please.

诶感谢管理层接受我的提问。我想请教一下我们专家数据解决方案具体的业务模式是什么？然后知乎的壁垒在哪里？谢谢。Thanks management for taking my question. Could management elaborate a bit more on the business model for expert data solutions and what's Zhihu's advantage in this business?

Thank you.

好，感谢您的提问啊。我们定位呢是一个面向前沿模型能力提升的data lab。简单来说呢，我们会研究模型当前的能力边界，找到模型还不能稳定完成的任务，再围绕这些问题设计训练数据、复杂的环境和benchmark等能力等东西，并通这个模型训练和评测验证这些数据是不是真的给这个模型带来了能力提升。所以简单说就是我们的目标不是单纯交付数据，而是帮客户去解决具体的模型能力的问题。 We're positioned

as a data lab focused on improving frontier model capabilities. Simply put, we continuously study where models still have capability gaps, identify the tasks they cannot perform reliably, and then design the training data, complex task environments, and benchmarks around these gaps.

We then validate whether these efforts actually improve the performance through the training and evaluation. Our goal is not simply to deliver data, but to solve the specific model capability problems for our clients.

目前这里面有一些是客户有一些前沿的需求，然后我们来定向的解决这些问题。但是现在越来越多的是我们自己去定义研究的方向，模型这个能力提升的方向，而且呢这个将这些能力产品化。随着这个项目的积累，我们会把很多的可复用的数据的pipeline啊，这个环境搭建的能力、评测体系、研究know-how沉淀下来，然后能够去服务更多的客户和不同代际的模型，提升规模化的这个这个能力。

Our business model currently includes the customized R&D projects based on the clients' frontier needs, while we're also increasing our own research and exploring ways to productize our selective like capabilities. As we complete more projects, we aim to standardize and reuse our data pipelines, environment building capabilities, like evaluation frameworks, and know-how across like more clients and different generations of models.

This should improve both scalability and capability reuse.

那专家呢，就是知乎的专家网络是非常重要的生产要素。而且呢我们就是首先肯定不是都让专家自己个人去标了，而是去建立一套这个识别模型的这个能力缺口，然后去特别恶劣去设计任务，然后去这个去评判结果的这些信号，然后构建环境，去验证效果等等。所以呢就是说特别在代码呀，agent、搜索、深入研究、deep research这些方向，这个数据不是说让这个专家直接去标，而是依靠这个半人工、半合成和一些这个去做模型实验，把专家更多的在里面成承担这个理解行业、定义标准、专业判断和前物验证这些事。

Zhihu's expert network is an important part. At the same time, we are building an end-to-end R&D loop from identifying model gaps and designing tasks and training signals to building environments and and graders and ultimately evaluating model performance.

In areas such as coding, AI search, and deep research, data production increasingly rely on the bolder requirements rather than the large-scale manual work. Experts therefore play a greater role in setting standards, providing the professional judgment, and validating the results.

所以这项业务未来的这个投入结构会越来越和传统的这个以人力为主的数据服务有所不同。未来会更多的在算力呀、模型调用啊、基础研发上面会有更多的投入，然后能够建立一个更更 所以现阶段我们主要是看我们是不是能够这个有效的帮模型提升能力，然后是不是能够跟客户持续的建立这个长期的这个信任和合作，然后而且我们是不是有一些能力可以跨客户，然后跨模型的这个去复用。如果这些能够得到验证，我们肯定这个 这个 所以我们肯定会在这些方向上去做更大的这个资本投入。 The investment profile of this business will differ from the traditional one.

Going forward, more of investment will be directed toward compute, model usage, and R&D infrastructure, with the goal of building capabilities that can continuously evolve and be reused. At this stage, we are focused on three things: whether we can consistently improve the model performance, whether the long-term relationships between with the clients, and whether our capabilities can be reused across them.

If these metrics continue to validate, we will deploy resources in a measured way based on the client demand and the ROI. Thank you.