知乎-W2025 中期报告

（於開曼群島註冊成立以不同投票權控制的有限責任公司） 股份代號 : 2390 2025中期報告 2公司資料 4主要摘要 6業務回顧及展望 10管理層討論與分析 17企業管治 22其他資料 32中期財務資料審閱報告 33未經審計簡明中期合併財務資料及附註 89釋義 2025527Derek Chen2025527 2025527Derek Chen2025527 18 20255272025527Derek Chen 33191912 202552720255272025527 PO Box 309Ugland HouseGrand Cayman KY1-1104Cayman Islands 22 2025527Derek Chen2025527 1513 Maples Fund Services (Cayman) LimitedPO Box 1093, Boundary HallCricket SquareGrand Cayman, KY1-1102Cayman Islands 1542 486A-C 2390ZH 1826 ir.zhihu.com 18127 183171712-1716 (1) 2025 202598.32024180.3202562.2% 14 DeepSeek-R1 65.5% 2025 TopicRank 20252025630911.49.7% 2025IP 2025202513.7202414.76.7% 202563074.1%302025659.3% 202526.9% 6163.6556%40%182414% 20256301,446.620241,894.723.7% 20252024882.47.1%819.82025156.62024279.1 2025 20256301,446.620241,894.720252024630 2025630419.72024674.5 2025630819.82024882.4 2025630156.62024279.1 202563050.3202458.7 2024794.731.1%2025630547.3 20252024630 2025630899.320241,100.0202458.1%202563062.2% 20256301,042.920241,508.630.9% 2024894.927.7%2025630646.9 2024406.729.3%2025630287.5 2024207.047.6%2025630108.5 2024408.664.9%2025630143.6 2024340.768.7%2025630106.5 2025630160.2202438.72025 202563062.42024246.4 202563098.32024180.3 20256302025630202412314,820.84,859.0163.7 2025630 2025630 2025630 20256303.8%20241231 AA 2025630 20256301,484 ABAB BABA15,446,778AA6.20% 8A.22BB (i)8A.17(1)(2)(3)(4)(ii)BB8A.18(iii)B8A.18(2)(iv)BA C.2.1 3.21 Derek Chen3.10(2)3.21 2410 3.25 8A.278A.282023524 DerekChen 8A.302023524 DerekChenDerekChen ••C.2.1A••A•8A.30 8A.35 8A.30(4)(6) 2025630XV(a)XV78(b)352(c) (1)MO Holding LtdMO Holding Ltd99%South Ridge Global LimitedSouth RidgeGlobal LimitedMO Holding LtdZhihu Holdings Inc.MO Holding Ltd(2)Ocean Alpha Investment Limited1,673,042Ocean Alpha Investment Limited(3)(4)10,000A2025630100%75%Derek Chen(5)2025630249,124,676A15,446,778B 2025630XV(a)352(b) 2025630XV23336 (1)HuangRiver Investment Limited700(2)Cosmic Blue Investments Limited1024Cosmic Blue Investments LimitedReach Best Developments LimitedSun Loft Investments LimitedReach Best DevelopmentsLimitedSunLoft Investments LimitedSunLoft InvestmentsLimitedSuHuaVistraTrust(Singapore) Pte. Limited(3)MOHolding LtdMO Holding Ltd99%SouthRidge GlobalLimitedSouth Ridge Global LimitedMO Holding LtdZhihu Holdings Inc.(4)Plus Channel Limited2022330Kastle Limited(5)2025630249,124,676A15,446,778B(6)336 2025630XV23336 2012 20126201220122023112012 2012 2012 201212,320,000201451:898,560,000A 201220126201210 20256302012113102012 (1) 2022 202232022 2022 2022(i)13,042,731(ii)(A)26,085,463(B)2012202511202213,042,73111,239,104202563013,042,73113,922,502 122022AA1% (i)(ii) 202220222022 2022 202563020222702025116302022 (1)216 (2)(i)(ii)17.03D1%(iii)120.1% 20221212 20222022KastleLimited 2022A0.27% 2025630 2 , 3 7 1 , 8 0 17,115,403A301,700A 13.51B(1) 2025527 2025527 2025527 2024123113.51B(1) 2025630 2025827 33882025630 2410 2025827 1. (a) ZhihuTechnology Limited20115172021320224A 2025630 1. (a) 201199%202155%2023100%201799%2023100% (b) (1)(2) 1. (b) (i) 10(i)(ii)(iii)(iv) 1. (b) (i) 202441%0.2 1%1%1%810-10-25-38A 1. (b) (ii) (iii) 1. (b) (iii) 2019315202011202011 • • • • 1. (b) (iii) ••••• 1. (b) (iii) 202563020241231 1. (b) (iii) 1. (b) (iii) (a)20252024630330.1380.020252024630270.6412.4202563020241231216.2136.2 1. (b) (iii) 20256302024123141.541.6 (c) 2025202463062.4246.420252024630163.7392.02025630202412318,815.78,877.9 202134,838.22021415.12025630202412313,198.53,999.2809.6320.1811.8538.80.90.92025630202412313,652.53,960.0 2. (a) 2024123120241231 202412312024123120241231 (b) 810 2. (c) (d) (e) 2. (e) ••• (1)(2)(3) 202563020241231 2. (f) (g) (h) 825– (i) 2016326 326 2. (i) 2025202463028.124.120252024630 (j) 2. (k) 12 (l) 606–606 ••• 2. (l) 20252024630 2. (l) CPMCPM CPC CPC CPD CPD 2. (l) 606-10-55-39 20252024630 2. (l) (m) (n) (o) (p) 2. (q) 201220122022202271816 (r) 260AB 2. (r) (s) 505-3018 (t) 280 (u) 20252024630 2. (v) 2023122023-097402023-09202412152023-09 2024112024-03220220-402024-0320261215202712152024-03 3. (a) 2005720%200872010620106202563020210.4%2%2024202320221%2%9% (b) 2025630 202563010% 3. (b) 202563010% 202563010%202563010% (c) 2025630202412312,805.32,807.9 4. 4. 5. 202563020241231 6. 2025630 2025202463031.233.8 7. 8. 9. 2(j)20252024630 2025630116.4 10. 201811842842 20256302024123156.67.268.319.1 10. 2025630202412311.960.57 2025630202412314.75%4.75% 2025202463014.218.9202520246302.43.5 11. 03 12. 202563020241231 13. 20252024630199.0255.4 14. (a) 6%9%13% (b) 2018/201928.25%216.5% 25%2008112025202463015%2025202463025% 20252024630 15. 201151750,00050,000110Zhihu Holdings Inc.Innovation Works HoldingsLimited80%20% 20192018123158,808,070 20213200,0001,600,000,000(i)1,500,000,0000.000125A(ii)50,000,0