知乎-W2025年度报告

（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 2481320485272838991939597164 2025527Derek Chen2025527 2025527Derek Chen2025527 2025527Derek Chen2025527 2025527Derek Chen2025527 202552720255272025527 18 33191912 PO Box 309Ugland HouseGrand Cayman KY1-1104Cayman Islands 18127 22 183171712-1716 1513 Maples Fund Services (Cayman) LimitedPO Box 1093, Boundary HallCricket SquareGrand Cayman, KY1-1102Cayman Islands 1542 156A 1826 2390ZH ir.zhihu.com 81115&20 (1) 2025 202537.9202496.3 20252025 TopicRank 202520251231953.99.1% 2025 (IP)AIIP 2025 202513.5202415.010.0% 2025123173.2%3020251259.6% 2025123180.33.3% 202529.4% 20252,749.020243,598.923.6% 20241,762.012.7%20251,538.9 IPAI 2026 (1)2025 20252,749.020243,598.920252024 2025843.920241,247.1 20251,538.920241,762.0 2025366.12024589.8 20241,418.122.3%20251,101.3 20252024 20251,647.720242,180.8202559.9%202460.6% 20242,661.919.0%20252,155.0 20241,599.221.7%20251,252.3 2024732.628.3%2025525.0 2024330.223.9%2025251.4 2025126.32024 2025507.32024481.1 2024405.433.6%2025269.2 2025231.9202465.42025 2025195.22024169.0 202537.9202496.3 20252025202412314,451.24,859.0 2025 2025 20251231 20251231 202512310.9%20241231 A 20251231 202512311,154 20251231 (i)(ii)(iii)2025527Derek Chen2025527 201151720213ZH20224A2390 1 2025123120-F •••••••••••• •(i)(ii) • • •••A•••HFCAA A A ••A 20241126 772 A 1. 202411262025(i)(ii)20252025112027123120241126 2025123115.013.6 2. 2024112620252025112027123120241126 202512315.2 3. 2024112620241212026123120241126 202512313.2 4. (i) 202450% (ii) (iii) 2024 (iv) 2024 (v) ICP 2024 (vi) 201661 (vii) 201761 (i) 2024 (ii) (i)(ii)(iii) ••••••• •••• 20211221 (a)(b) 202197202111920246 20211221 1 (i)1(ii)1(iii)(iv)(v)(vi) 202197105012024 202111920246 20211221(i)(ii)(iii)(iv) 202197(a)(b)202111920246 20211221(i)(ii)(iii)(iv)30 202197202111920246 20238899%1%2023731 202440.21%99%1%1% (i)(ii)(iii) A (i)14A.105(ii)14A.53(iii)A14A.52 A (i)(ii)(iii) (i)(ii)(iii) A ••(i)(ii)(iii)••AA•A ••••• 300074014A.56 •• • • 22AA ABAB BABA15,446,778AA6.07% 8A.22BB (i)8A.17(1)(2)(3)(4) (ii)BB8A.18 (iii)B8A.18(2) 20251231 5 , 4 4 7 , 4 4 316,342,329A301,700A 13.4%3.8%11.6%3.6% 5% 7 13.51B(1)2025 202513.51B(1) F.1.1 20251231 2025123135.0 202233130 20233720233730 DerekChen202233130 202552730 20251231 20122022 2728 2025123118 8.10 20251231 2026417 4515200810201011(BeijingNuobote InformationalTechnologyCo.,Ltd.)20066200712IT2003620063 4520213202465201852024620151220184202332023620138201512201082013820076201092003720067 50201592011(TencentInvestment)2008920105(Bertelsmann Asia Investment)201731024201812BEKE2423201312202288344182020122023324691998720045 46202332025430102420168202542014920168Hulu, LLC2010720134FreeWheel Media Inc.2002620066 HopeNi5320213202242025527202182021420109202466669256108612020620081UCLATACreativityGlobalAACG202062022604002015320206199820041998519945 DerekChenZhiyongChen5020224Chen201392019TPG(TPGCapital(Beijing)Limited)TPGChen20043(SAIF(Beijing)Advisors Ltd.)20099201832019102003202112ChenChen2001 61202552025527204820172023LEJU2014201720122018EJ200620122005200620022004SOHO199720021995199719891991Yunji Inc.YJJOBSLAIXInc.LAIXCCSCGAGA 35202421920202023Access Technology VenturesAccess Industries, Inc.Len Blavatnik20182020201520182012 20211215202211120210036901326195220152423奧克斯電氣25800501249820034 C.2.1C1 C.2.1 C3 20255272025527Derek Chen2025527 20255273.09D 2026630 (1)2025527202511 (2)2025527 14 3.10(2)3.21 3.13 B.2.2B.2.2 B.1.3(1)(2)(3)(4)(5) 3.09F3.09G3.09H (1)Derek Chen(2) A.B.A(1)2025527(2)2025527 3.21 Derek Chen3.10(2)3.21 3.25 17.03F17.06B(7)(8) E.1.520251231 020,000,00020,000,000 2728 DerekChen DerekChenDerekChen • ••ESGESGESGESG•C.2.1A••A•8A.30•8A.35••8A.148A.15 8A.188A.24•• (i)(ii)8A.178A.30(4)(6)(iii) 8A.148A.15 8A.188A.24(iv) (i)(ii)(iii)(iv) 202512311,15449665843.0%57.0% • • • 15 8388 20251231 (1)(2) 2021121520221112022111203.28 3.2915 (i)(ii)(iii)(https://ir.zhihu.com/)(iv)(v) 14 18ir@zhihu.com (a) Online Feedback (https://www.computershare.com/hk/en/online_feedback)+8522862 855518317M (b) (a)(b)(c)(d)(e)(f)(g)( www.hkex.com.hk ) (c) (https://ir.zhihu.com) (d) 20251231XV(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 Limited1,673,042(3)(4)A2025123110,0007,500Derek Chen(5)20251231254,416,106A15,446,778B 20251231XV(a)352(b) 20251231XV23336 Huang River Investment Limited(1)(1)(1)Cosmic Blue Investments Limited(2)(2)MO Holding Ltd(3)AI Knowledge LLCKastle Limited(4)Plus Channel Limited(4) (1)HuangRiver Investment Limited700(2)Cosmic Blue Investments Limited1024Cosmic Blue Investments LimitedReach Best Developments LimitedSun Loft Investments LimitedVistra Trust (Singapore) Pte.LimitedReach Best Developments LimitedSun Loft Inv