Operator: Ladies and gentlemen, thank you for standing by, and welcome to the Zhihu Inc. Second Quarter 2026 Financial Results Conference Call. At this time, all participants are in a listen-only mode. After the speakers’ presentation, there will be a question and answer session. Today’s conference is being recorded and webcasted. At this time, I would like to turn the conference over to Jamie Leung of Investor Relations. Please go ahead, ma’am.

Jamie Leung, Investor Relations, Zhihu Inc.: Thank you, Sharon. Hello, everyone. Welcome to Zhihu Second Quarter 2026 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 Ronghua, 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 here today. Further information regarding this 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 replay 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.

Zhou Yuan, Founder, Chairman, and Chief Executive Officer, Zhihu Inc.: 大家好，我是周源。感谢大家参加我们的二季度的业绩电话会。今天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；第二是在AI时代，知乎将如何将内容IP和专家资源转化为新的产品和商业价值。最后，我会来简要地总结一下上半年的工作和下半年的重点。

Jamie Leung, Investor Relations, Zhihu Inc.: Hello everyone, and thank you for joining Zhihu Second Quarter 2026 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 priorities for the

Zhou Yuan, Founder, Chairman, and Chief Executive Officer, Zhihu Inc.: 总体来说，核心业务基本盘是保持稳定的，部分业务依然处于调整和恢复阶段。在第二季度，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，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地容易。但是真实经验、明确来源和专业判断反而更加地稀缺。真实、专业、可信赖一直是知乎最重要的社区基础，也是我们长期价值的起点。

Jamie Leung, Investor Relations, Zhihu Inc.: 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 RMB 619 million, down 3.7% year-over-year, and up 5.9% sequentially, with a year-over-year decline narrowing further. Adjusted net loss was RMB 10.25 million, reflecting changes in the 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. Daily creation of high-quality content grew more than 16%. 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.

Zhou Yuan, Founder, Chairman, and Chief Executive Officer, Zhihu Inc.: 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、3C家电和游戏这些以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%。在现在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这个方向。目前依然处于结构性修复阶段。接下来，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。

Jamie Leung, Investor Relations, Zhihu Inc.: Turning to marketing services, revenue were RMB 199 million, down 10.7% year-over-year and up 4% sequentially. We continue to focus on key verticals including technology, automotive, consumer electronics and home appliances, and gaming. Spending on performance 1% sequentially, including a 22% increase in gaming. This has not yet translated into a broader recovery in the marketing revenue. But it supports our strategy of strengthening key verticals, products and algorithms. Marketing services remain in structural recovery and will continue to improve the matching of professional content user needs and client demand.

Zhou Yuan, Founder, Chairman, and Chief Executive Officer, Zhihu Inc.: 在付费内容和IP运营上，二季度收入为人民币4.26亿。月均订阅会员为1311万，同比和环比基本持平。会员的ARPU能保持稳定。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，推动付费内容形成故事加上知识的多元结构。那么在这个季度，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%，推动原案故事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，并保持严格的成本纪律。

Jamie Leung, Investor Relations, Zhihu Inc.: For paid content and IP, revenue reached RMB 426 million, up 4.4% year-over-year and 5.9% sequentially. Average monthly subscribing members were 13.11 million, broadly stable, while member ARPU also remained stable. We will 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 600% year-over-year. We are expanding the initial IP from one time licensing toward multi-format for lifecycle development. Overall, challenges remain, but our business mix continues to adjust and our strategic direction remain unchanged. We will continue to stabilize our core businesses while maintaining the investment discipline.

Zhou Yuan, Founder, Chairman, and Chief Executive Officer, Zhihu Inc.: 那么接下来呢，我想和大家重点谈一下AI时代的知乎。知乎始于社区，但知乎不止于社区，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，社区会变得更加地开放。AI正在改变被发现、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，也不是把社区的内容简单搬到外部，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，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答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，这项工作对用户流程产生了正向影响。我们还在持续观察其适用范围和长期的效果。那么同时，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，让用户更方便地发现真实的人、专业内容和不同的观点。目前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、用户互动和流程的实际驾驶，而不是单纯地追求使用规模。之前我提到的AI Works，截止目前是继续推进的，平台已经沉淀超过2600个AI项目，数据开放平台已经有超过17600，其中的20%是来自知乎创作者以外的新增开发者。同时，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。这意味着什么呢？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。用户的开发者和客户。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。

Jamie Leung, Investor Relations, Zhihu Inc.: Next, I would like to focus on Zhihu in the AI area. Zhihu starts with the community 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 to reach more users and developers through the AI tools and applications. This requires clear cultures around content sourcing, creator rights, and community values. We are 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 remain 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 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.

Zhou Yuan, Founder, Chairman, and Chief Executive Officer, Zhihu Inc.: 第二，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准确地理解、引用和持续传播。围绕这个需求，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。我们认为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。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地被AI准确理解和引用。围绕这个需求，我们正在不断地尝试和推动AI内容资产业务。相关业务仍然早期阶段，在二季度合作的客户数量环比增长了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，但这让我们非常清晰地看到了知乎专业内容资产在AI时代的新的商业价值。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。

Jamie Leung, Investor Relations, Zhihu Inc.: Second, marketing services are evolving from traffic value to what the content asset value. As more information discovery happens through AI, brands increasingly care not only about visibility, but also whether the professional information can be accurately understood and cited by AI, while helping brands be 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 an early stage. In Q2, the number of clients increased 50% sequentially. This does not yet represent a stable or scalable revenue contribution, but it’s beginning to demonstrate new commercial value. Going forward, we will focus on client outcomes with demand and product standardization.

Zhou Yuan, Founder, Chairman, and Chief Executive Officer, Zhihu Inc.: 第三，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，被更高效地触达新的用户。那么在这个季度所实现商业化的漫剧项目中，相当一部分是来自于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，我们在自制和承制方面也进行了一些尝试，初步效果良好。在模式上，我们会根据项目情况，灵活地选择版权的授权、自制和承制的方式，并有选择地向产业链更前端延伸。未来，内容多媒体化将仍然是一个重要的趋势，我们会持续地提升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。

Jamie Leung, Investor Relations, Zhihu Inc.: 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 2025 or earlier. This shows that high quality IP can return 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 will remain disciplined and will not materially increase asset-heavy investments. We will flexibly choose among licensing, in-house and commission production based on the project economics.

Going forward, we will continue to strengthen our capabilities in IP selection, development, and cross-format operations to unlock more value from our content library.

Zhou Yuan, Founder, Chairman, and Chief Executive Officer, Zhihu Inc.: 第四，专家数据的解决方案正在从项目的交付走向能力的复用。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，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，而是持续地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deep research、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支持。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，我们更加主动地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地延伸。

Jamie Leung, Investor Relations, Zhihu Inc.: Fourth, expert data solutions are evolving from project delivery towards 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 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 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 capability-spanning model analysis. Our expert network plays an important role in defining the professional tasks, setting quality standards, and evaluating whether model outputs meet the professional requirements. We are 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-off data delivery, but reusable capabilities that can evolve across clients and model iterations. In the next phase, we will continue this and extend them into products, complex tasks, and environments. 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 area is also becoming clear. Our authentic, professional, and trustworthy community remain the foundation, while AI helps us reach new users, applications, and commercial scenarios. Second, we will 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. Ability may fluctuate due to the business timing and phase investments.

Our long-term goals of improving operating efficiency and returning sustainable 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 over to our CFO to review the quarter’s financial performance.

Wang Han, Chief Financial Officer, Zhihu Inc.: Hi, I will now go over our second quarter issued earlier today. During the second quarter, our revenue trend continued to improve sequentially, supported by growth in paid content and IP operations. At the same time, disciplined cost management showed 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 in the IP operations. Marketing services revenue was RMB199 million, compared with RMB222.8 million in the same period of 2025. Decreased primarily reflected our proactive and ongoing refinement of service offerings. Sequentially, marketing services revenue increased by 4%, with improving traction in key verticals and performance-based products. We also continued to make early progress in AI-related commercial use cases.

Content and IP operations revenue was RMB425.9 million, up 4.4% year-over-year, and 5.9% sequentially, primarily driven by continued growth in IP operations. Average monthly subscribing members remained stable at 13.1 million. We will continue to strengthen our paid content offerings while developing and monetizing selected IP across multiple formats with disciplined attention to project returns and risk. Other revenues were RMB86 million in the same period of 2025. The decrease was primarily due to the continued strategic refinements 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 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. Disciplined marketing spending. 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 continued 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. 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 RMB114.8 million in the same period of 2025.

The decrease was primarily due to an unrealized gain from the fair value remeasurement of our investment in a privately held company in the same period of 2025. 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 a solid liquidity position to support our. As of June 30, 2026, we had repurchased aggregate of 41.3 million Class A ordinary shares for a total consideration of US$77.9 million on both the New York Stock Exchange and The Stock Exchange of Hong Kong Limited.

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 initiatives with operating efficiency. While quarterly profitability may be affected investment, our long-term objective of improving operating efficiency and returning to sustainable profitability remains unchanged. 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. Now I turn the call over to the operator for the Q&A session.

Operator: Thank you. To ask a question, you will need to press star 1 and 1 on your telephone and wait for your name to be announced. To withdraw your question, please press star 1 and 1 again. In the interest of time, please ask one question each time. If you have any follow-up questions, please go back to the queue. Thank you. We will now go to the first question. One moment, please. Your first question today comes from the line of Thomas Chong from Jefferies. Please go ahead.

Jamie Leung, Investor Relations, Zhihu Inc.: [Foreign language] So I will translate myself. Thanks very much 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 new business investment, are there any fluctuation between quarters? Thanks.

Zhou Yuan, Founder, Chairman, and Chief Executive Officer, Zhihu Inc.: 我来回答你的问题，我是周源。那么从下半年来看，我们觉得不太适合简单地按照二季度的环比趋势去进行线性外推。其实还是不太一样的。营销服务仍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。我们的重点仍然是补强产研和效果广告的基础能力，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去推动增长。

Jamie Leung, Investor Relations, Zhihu Inc.: This is Demi speaking on behalf of CEO. Looking into the second half, we do not think it’s the sequential improvement seen in the second quarter. Different businesses have different operating rhythms. 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 will strengthen our product R&D and especially the performance advertising capabilities, and also increase the value per unit of traffic, rather than drive

Zhou Yuan, Founder, Chairman, and Chief Executive Officer, Zhihu Inc.: 付费内容它的基本盘现在是稳定的，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。

Jamie Leung, Investor Relations, Zhihu Inc.: 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.

Zhou Yuan, Founder, Chairman, and Chief Executive Officer, Zhihu Inc.: 那么同发展中的能力它是处在验证阶段，包括刚才我提到的AI内容资产，它就在这样一个阶段。那它在方向上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。短期它也会带来一定的投入。

Jamie Leung, Investor Relations, Zhihu Inc.: At the same time, we’re still validating the new capabilities like AI content assets and expert data solutions. We have seen like and client validation, but it might take time until we see scalable revenue contribution, and will also require some near-term investments.

Zhou Yuan, Founder, Chairman, and Chief Executive Officer, Zhihu Inc.: 所以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。我们会持续地保持一个比较审慎的投入，这个目标是没有变的，我们依然是改善我们的收入结构和恢复可持续盈利的能力。

Jamie Leung, Investor Relations, Zhihu Inc.: At this stage, we are more focused on the stability of our core businesses, while whether new initiatives can create real client value and reusable stuff and ROI. We’ll continue to invest prudently. Our long-term goals remain to improve our revenue mix and return to sustainable profitability.

Zhou Yuan, Founder, Chairman, and Chief Executive Officer, Zhihu Inc.: 谢谢。下一个问题。

Jamie Leung, Investor Relations, Zhihu Inc.: Next question, please.

Operator: Thank you. Your next question today comes from the line of Vicky Wei from Citi. Please go ahead.

Vicky Wei, Analyst, Citi: 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。

Jamie Leung, Investor Relations, Zhihu Inc.: 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.

Zhang Ronghua, Chief Operating Officer, Zhihu Inc.: 各位好，我是张锐，我来回答这个问题。我们整体上还是非常看好AI漫剧这个市场的，我们判断这个行业仍然处在一个比较明显的向上发展的阶段，主要体现在两个方面。一个方面是AI的整个内容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。而另一个方面，我们观察到越来越多到这个领域，我们看到内容创意、题材、表现形式都要丰富。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了。那随着制作能力的继续提升，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。

Jamie Leung, Investor Relations, Zhihu Inc.: This is speaking on behalf of COO. We are very positive on the AI comic drama market, and believe the industry is in a clear growth trend. On one hand, AI content generation capabilities continue to improve rapidly, including character consistency, visual quality, motion, and the overall production efficiency. On the other hand, as more creators enter the market, we are 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 content quality and user acceptance to rise further.

Zhang Ronghua, Chief Operating Officer, Zhihu Inc.: 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。早期大家还是在比拼谁能更快地使用AI，更低成本地能够生产出内容。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。IP持续地开发出来，逐渐成为竞争的关键。

Jamie Leung, Investor Relations, Zhihu Inc.: At the same time, the basis of computation is also changing. In the early stage, the focus was on who could adopt AI faster and produce content at lower cost. As AI production become 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 consistently turn IP into compelling visual content.

Zhang Ronghua, Chief Operating Officer, Zhihu Inc.: 那这恰恰是知乎非常有优势的地方。过去几年我们通过岩岩故事形成了比较完整的原创故事和社区创作者的生态。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IP开发的一个试错成本，提高整个内容组合的成功效率。

Jamie Leung, Investor Relations, Zhihu Inc.: This is where Zhihu has a clear advantage. Through YanYan story and other products, we have built a broad ecosystem of original stories and creators. Our advantage is not simply the size of the library, but our ability to continuously generate new content and identify the strongest titles supported by a well-established creator. This helps reduce the trial and error costs in IP development and improve the overall efficiency of our content portfolio.

Zhang Ronghua, Chief Operating Officer, Zhihu Inc.: 我们在上半年已经看到了这些优势在AI漫剧市场逐步地得到验证。那根据第三方行业的一些数据，在上半年岩岩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。

Jamie Leung, Investor Relations, Zhihu Inc.: We have already seen this validated in the AI comic. According to the third-party data, in the first half of 2026, YanYan stories became one of the leading IP providers for native AI comic dramas on 抖音, and ranked among the top three IP providers on Hongguo. We also began the in-house information production in the second quarter, and have seen encouraging heat rates so far. As AI creates new media formats, a strong story can be visualized. In this way, AI helps extend the life cycle of quality IP and improve the monetization efficiency of our existing content assets.

Zhang Ronghua, Chief Operating Officer, Zhihu Inc.: 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，我们会保持一个比较灵活的一个开发模式，包括商业回报比较清晰的环节，我们也会选择性地向产业链的一个更前端去进行延伸。

Jamie Leung, Investor Relations, Zhihu Inc.: 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 scripting, production and distribution, we will remain flexible in our business models, including licensing in-house products, where the market demand and project economics are well validated. We may selectively move further upstream in the value chain.

Zhang Ronghua, Chief Operating Officer, Zhihu Inc.: 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。

Jamie Leung, Investor Relations, Zhihu Inc.: 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.

Zhang Ronghua, Chief Operating Officer, Zhihu Inc.: 谢谢。

Jamie Leung, Investor Relations, Zhihu Inc.: Thank you. Next question, please.

Operator: Thank you. Your next question today comes from the line of Xueqing Zhang from CICC. Please go ahead.

Xueqing Zhang, Analyst, CICC: [Foreign language] Thanks management for taking my question. Could management elaborate a little more on the business model for expert data solutions? What is Zhihu’s advantage in this business? Thank you.

Zhang Ronghua, Chief Operating Officer, Zhihu Inc.: 好，感谢您的提问。我们的定位是一个面向前沿模型能力提升的data lab。简单来说，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等这些东西。通过这个模型训练和评测，验证这些数据是否真的给这个模型带来能力提升。再简单说，就是我们的目标不是单纯交付数据，而是帮客户去。

Jamie Leung, Investor Relations, Zhihu Inc.: 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.

Zhang Ronghua, Chief Operating Officer, Zhihu Inc.: 目前肯定有一些是客户有一些前沿的需求，我们来定向地解决这些问题。但是现在越来越多的是我们自己去定义研究的方向、模型能力提升的方向，而且将这些能力产品化。随着项目积累，我们会把很多的可用的数据的pipeline、环境搭建的能力、评测体系、研究knowhow沉淀下来，然后去服务更多的客户和不同代际的模型。提升规模化的这个。

Jamie Leung, Investor Relations, Zhihu Inc.: Our business model currently includes the customized R&D projects based on the client’s frontier needs, while we also increasing our own research and exploring ways to productize selective capabilities. As we complete more projects, we aim to standardize and reuse our data pipelines, environment building capabilities, like evaluation frameworks and knowhow across more clients and different generations of models. These should improve both scalability and capability reuse.

Zhang Ronghua, Chief Operating Officer, Zhihu Inc.: 知乎的专家网络是非常重要的生产要素。而且我们首先肯定不是都是让专家自己个人去标，而是去建立一套识别模型的能力缺口，它主要是设计任务、去评判结果的这些信号、构建环境、验证效果等等。所以特别是在代码、agent、搜索、程序员、deep research这些方向，不是说让这个专家直接去标，而是依靠半人工半合成和一些去做模型实验，把专家更多在里面承担理解行业定义标准、专业判断、结果验证的角色。

Jamie Leung, Investor Relations, Zhihu Inc.: 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 graders, and ultimately validating model performance. In areas such as coding, search, and deep research, data production increasingly rely on the model 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.

Zhang Ronghua, Chief Operating Officer, Zhihu Inc.: 所以这项业务未来的这个投入结构会越来越和传统的以人力为主的数据服务有所不同，未来会更多地在算力、模型调用、基础研发这上面会有更多投入。所以现阶段我们主要是看我们是不是能够有效地帮模型提升能力，是不是能够跟客户持续地建立长期的信任合作，而且我们是不是有一些能力可以跨客户、跨模型地去服用。如果这些能够得到验证，我们肯定会在这些方向上去做更大的投入。

Jamie Leung, Investor Relations, Zhihu Inc.: The investment profile of this business will differ from the traditional one. Going forward, more of investment will be directed towards 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 with the clients and whether our capabilities can be reused across them. If these metrics continue to validate resources in a measured way based on the client demand and the ROI. Thank you.

Operator: Thank you. That concludes today’s Q&A session. At this time, I will turn the conference back to Demi for any additional or closing remarks.