Exhibit 99.2 (A company controlled through weighted voting rights and incorporated in the Cayman Islands with limited liability) Stock Code : 2390 2024 Environmental, Social and Governance Report ANNUAL REPORT 2024 MaxWin Inter national Holdings Limite d 加 和 國 際 控 股 有 限 公 司 ANNUAL REPORT 2024 MaxWin Inter 有 限 公 national Holdings Limite d 加 和 國 際 控 股 司 2024 環境、社會及 管治報告 （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 CONTENTS | 2 | About This Report | | --- | --- | | 3 | CEO's Message | | 5 | Statement from the Board ...

BEIJING, April 15, 2025 (GLOBE NEWSWIRE) -- Zhihu Inc. ("Zhihu" or the "Company") (NYSE:ZH, HKEX: 2390)), a leading online content community in China, today announced that it filed its annual report on Form 20-F for the fiscal year ended December 31, 2024 with the Securities and Exchange Commission on April 15, 2025. The annual report can be accessed on the Company's investor relations website at https://ir.zhihu.com. The Company will provide a hard copy of its annual report containing the audited consolida ...

Financial Performance - Revenues for 2023 reached RMB 4,198,889, a 16.5% increase from RMB 3,604,919 in 2022[48] - Gross profit for 2023 was RMB 2,295,848, representing a gross margin of approximately 54.7%[48] - Net loss attributable to Zhihu Inc.'s shareholders decreased to RMB 843,641 in 2023 from RMB 1,581,157 in 2022, a reduction of 46.6%[48] - The company expects revenues for 2024 to be approximately RMB 3,598,905, reflecting a decrease of 14.3% compared to 2023[48] - The net loss per share for 2023 was RMB 2.82, significantly improved from RMB 5.19 in 2022[48] - In 2022, 2023, and 2024, the company incurred net losses of RMB1.6 billion, RMB839.5 million, and RMB169.0 million (US$23.1 million) respectively, along with negative operating cash flows of RMB1.1 billion, RMB415.5 million, and RMB280.2 million (US$38.4 million) respectively[79] Cash Flow and Liquidity - Cash and cash equivalents as of December 31, 2023, were RMB 2,106,639, down from RMB 4,525,852 at the beginning of the year[51] - Net cash used in operating activities improved to RMB 415,527 in 2023 from RMB 1,114,954 in 2022[51] - Cash and cash equivalents increased to RMB 3,999,160 thousand in 2024 from RMB 2,106,639 thousand in 2023, representing an increase of approximately 90%[55][57] - Net cash provided by operating activities was RMB (280,185) thousand for the year ended December 31, 2024, compared to a positive cash flow in the previous year[57] - The company reported net cash used in investing activities of RMB 1,681,140 thousand for 2023, compared to a net cash provided of RMB 3,490,467 thousand in 2022[59] Assets and Liabilities - Total current assets decreased to RMB 6,377,880 in 2023 from RMB 6,795,272 in 2022[50] - Total liabilities reduced to RMB 1,537,266 in 2024 from RMB 2,093,662 in 2023, indicating a 26.8% decrease[50] - As of December 31, 2024, total assets amounted to RMB 5,732,952 thousand, a decrease from RMB 6,795,272 thousand as of December 31, 2023[55][56] - Total current liabilities decreased to RMB 1,524,656 thousand in 2024 from RMB 1,945,488 thousand in 2023, a reduction of about 22%[55][56] Investments and Capital Contributions - The aggregate amount of capital contributions by Zhihu Inc. to its intermediate holding companies and subsidiaries was RMB10.3 billion, RMB10.0 billion, and RMB9.6 billion (US$1.3 billion) for 2022, 2023, and 2024, respectively[42] - The company reported a total of RMB 1,007,851 thousand in cash inflows from investing activities, highlighting strong investment performance[57] - The company has experienced significant user growth, with a highly engaged user base, but any decline in content quality may adversely affect user retention and growth[73] Regulatory and Compliance Risks - The PCAOB's ability to inspect registered public accounting firms in mainland China and Hong Kong may affect the trading of Zhihu's shares in the U.S. under the HFCAA[37] - The company operates through PRC subsidiaries and VIEs, relying on contractual arrangements due to restrictions on foreign investment in certain sectors[33] - The company has obtained requisite licenses and permits for its operations in China, but uncertainties remain regarding future compliance[39] - The company is subject to complex and evolving laws regarding cybersecurity and data privacy, which could lead to penalties and increased operating costs if not complied with[90] - The PRC government may impose penalties or revoke business licenses if the VIE structure is deemed non-compliant with regulations, which could adversely affect operations[153] User Engagement and Market Competition - The company faces risks related to maintaining an engaged user base and high-quality user-generated content, which are critical for its success[63] - The company operates in a highly competitive market and must keep up with technological developments to avoid adverse effects on its business[63] - The company may struggle to balance monetization efforts with user experience, which could negatively impact brand reputation if advertisements are perceived as intrusive[77] Technology and Innovation - The company is actively developing AI-powered tools, such as Zhihu Zhida, to adapt to technological changes, but there is uncertainty regarding the timely capture of benefits from these advancements[71] - The company launched its first Large Language Model, Zhihaitu AI, in 2023, which received regulatory registration in November 2023[101] - In June 2024, the company introduced the AI search product, Zhihu Zhida, enhancing user experience in querying and searching[101] Shareholder and Corporate Governance - Zhihu Inc. has not declared or paid any cash dividends since its ADS listing in March 2021 and does not plan to do so in the foreseeable future[44] - The board of directors has complete discretion over dividend distribution, which may depend on future operational results and cash flow[226] - Holders of ADSs have limited voting rights and cannot directly attend shareholder meetings[229] Foreign Investment and Economic Environment - The U.S. government imposed a 10% tariff on most countries, with a 34% additional tariff on goods imported from China, leading to cumulative tariffs exceeding 100% between the U.S. and China[145] - The final rule from the U.S. Department of the Treasury may limit the ability to raise capital from U.S. investors, potentially affecting business operations and financial condition[144] - The ongoing geopolitical tensions, particularly between the United States and China, may adversely impact the company's business and financial condition[142]

【环球网科技综合报道】4月15日消息，在2025年世界互联网大会亚太峰会上，知乎创始人、CEO周源在会上发表演讲，系统阐释了AI时代知识社区的使命 与创新方向。在国内外大模型持续迭代、AI技术加速渗透各行各业的背景下，周源提出"以人的价值为锚点，推动AI应用高质量发展"的观点，引发业界对技 术伦理与人类创造力关系的思考。 在周源看来，专家网络会成为更强的"人和AI的结合体"，他们不仅不会被AI取代，每个行业10%的头部专家价值都会被放大。 为此，知乎在AI搜索产品知乎直答中持续强化专家网络的价值，实现AI生成内容直接溯源到知乎专家的真实创作。通过社区的专家网络，降低AI的幻觉和 污染问题，让AI更专业可信。数据显示，知乎直答在上线不到一年时间里，月活用户已增长至千万级别。（勃潺） 知乎拥有超过7700万创作者组成的专家网络，他们由各行业的新质生产力者组成，擅于拥抱和使用AI新技术。这些真实的专家分享与AI的协同正在重塑知 识共享的新形态：开发者与开源AI协作优化代码，学者借助AI工具挖掘跨学科研究新范式，创业者通过AI模拟市场推演迭代商业蓝图，教师通过AI个性化 教案推动普惠教育。 "人类创造力与AI在社区共 ...

Core Insights - The article discusses the rising issue of seasonal allergies in spring, highlighting the prevalence of allergic reactions among individuals and the need for effective management strategies [1][3][17] Group 1: Allergy Prevalence and Impact - Over 70 million people in China suffer from allergic rhinitis, primarily triggered by pollen and dust mites during spring [3] - The article notes that 14% of individuals with nasal allergies feel that wearing masks is ineffective against allergens [3] - The survey indicates that 46% of individuals experience skin allergies, with 50% identifying itching as the primary symptom [8][10] Group 2: Comprehensive Allergy Management - The "Allergy Star Spring Guide" provides a systematic approach to managing nasal, eye, and skin allergies, including prevention and treatment options [3][10][14] - For nasal allergies, the guide emphasizes the importance of understanding regional pollen sources and suggests wearing masks and using air purifiers [3][13] - Eye allergies are addressed with a comparison of symptoms to help individuals distinguish between allergic and bacterial infections [5][10] Group 3: Immune System and Skin Health - The article highlights the significance of maintaining a balanced immune system, particularly for children and the elderly, with 24% of older adults experiencing allergy-related symptoms [11] - Recommendations include dietary adjustments, adequate sleep, and nutritional supplements to enhance immune function [11][12] - The guide also stresses the importance of vitamins and collagen for skin health, noting that over 80% of adults in China have insufficient vitamin A and D intake [12] Group 4: Market Response and Consumer Behavior - JD.com reports a 40% year-on-year increase in allergy medication orders, indicating a growing demand for allergy management products [17] - The collaboration between JD.com and Zhihu aims to provide consumers with timely access to allergy medications, with delivery options as fast as 9 minutes [17] - The initiative has garnered significant attention, with over 520 million views on the related topic and active engagement from over 1,000 individuals discussing allergy management strategies [16][17]

Core Insights - Zhihu Inc. has achieved its first-ever profit in the fourth quarter of 2024, marking a significant milestone after over a decade of operations [1][3][5] - The company is focusing on enhancing its knowledge-sharing platform through the integration of AI technology, specifically with its new Zhida.ai tool [2][9][12] Financial Performance - Zhihu reported a profit of 86.4 million yuan for the fourth quarter, reversing a net loss of 103.1 million yuan from the previous year, despite a 25% year-over-year revenue decline to 859.2 million yuan [3][4][7] - The gross margin improved by 3.8 percentage points to 62.9%, contributing to the profitability [3] - The annual loss for Zhihu was 169 million yuan, a significant improvement from the 840 million yuan loss the previous year [4] User Metrics - The monthly average users decreased by 18% year-on-year to 81.4 million from 99 million [4][8] - The number of AI-focused content creators grew by 50% year-over-year in the fourth quarter, with income-generating creators increasing by 22% [14] Business Strategy - Zhihu is prioritizing high-quality users over quantity, leading to a deliberate reduction in less profitable user segments [2][8] - The company has segmented its business into paid membership, core marketing services, and vocational training education services, with marketing services revenue declining by about one-third year-on-year [6][8] AI Integration - The introduction of Zhida.ai aims to enhance the quality of user-generated content by leveraging AI to provide expert-supplied answers [9][12] - The company believes that the integration of AI will improve content creation efficiency and attract advertisers seeking high-quality content [17] Market Position - Zhihu's stock price has seen a 13% increase following the announcement of Zhida.ai, although it remains significantly lower than its all-time highs since its IPO [15] - Analysts view Zhihu as undervalued compared to competitors, with a price-to-sales ratio of 0.79, but emphasize the need for consistent profitability to improve investor confidence [18]

Core Insights - The report titled "Future AI Life Atlas" was jointly released by Zhihu and AWE 2025, highlighting five key themes: AI technology, integration technology, human-centered design, technological equity, and green energy efficiency [1][3] - The search index for "AI home appliances" on Zhihu increased by 553% month-on-month in March 2025, indicating a growing awareness in the industry about AI technology enabling proactive services in home appliances [2][3] - AWE 2025 signifies a shift in the home appliance industry from traditional hardware competition to AI-driven scenario understanding, evolving home appliances from mere tools to intelligent household managers [3] Industry Trends - The integration of AI technology in home appliances is leading to deeper incorporation of basic functionalities, allowing appliances to return to their essential tool nature [3] - There is a noticeable trend towards aging-friendly, localized, and health-oriented home appliances, emphasizing a human-centered approach where technology better serves people [3] - AWE 2025 showcases the extensive application and large-scale implementation of AI technology across smart home, smart entertainment, smart mobility, and smart energy sectors, marking a new era of "AI technology, AI life" [3] Community Engagement - Zhihu hosts a concentrated pool of content from experts, engineers, and product managers across various fields, facilitating professional discussions that not only address consumer questions but also inspire product innovation in the home appliance industry [3]

Core Insights - Zhihu achieved quarterly profitability for the first time in Q4 2024, with a net profit of 86.4 million yuan, compared to a net loss of 103.1 million yuan in the same period last year [1] - The company's total revenue for 2024 reached 3.6 billion yuan, with Q4 revenue at 860 million yuan, exceeding market expectations [1] - The revenue composition shows that paid memberships contributed nearly half of the total income, amounting to 420 million yuan, while marketing services and vocational education generated 320 million yuan and 84 million yuan, respectively [1] Revenue and Cost Management - The profitability in Q4 was attributed to improved operational efficiency and strict cost management, with revenue costs decreasing by 31.5% year-on-year and expenses down by 37.9% [1] - Despite the decline in paid membership revenue to 420 million yuan from 456 million yuan year-on-year, it still accounted for a significant portion of total revenue [7] Vocational Education Segment - Zhihu's vocational education platform, "Zhixuetang," launched in December 2022, operates independently and integrates six sub-brands covering various fields [3][4] - However, the vocational education segment generated only 84 million yuan in Q4, a decrease from 169 million yuan in the same period last year, indicating challenges in scaling this business [4] AI Integration and Future Prospects - The company views AI as a significant opportunity to enhance its value proposition, leveraging its expert network to address trust issues in the AI era [9][12] - The "Zhihu Direct Answer" product aims to combine AI with community engagement, enhancing user experience while maintaining the integrity of expert contributions [12][13] - The strategic direction reflects a balance between maintaining professional content quality and adapting to the entertainment-driven market [14] Market Perception and Strategic Challenges - Investors are increasingly evaluating Zhihu through the lens of AI concepts, indicating a shift in market perception [14] - The company faces the challenge of proving its value beyond profitability, particularly in a competitive landscape focused on AI applications and ecosystem restructuring [14]

Group 1 - The author focuses on value investing opportunities in Asia, particularly in the Hong Kong market, targeting deep value balance sheet bargains and wide moat stocks [1] - The investing group provides a range of watch lists with monthly updates for value investors [1]

Core Viewpoint - Zhihu has achieved profitability for the first time since its IPO, marking a significant milestone for the company as it aims to align with market expectations for profitability in 2024 [1][4][29] Financial Performance - In 2024, Zhihu's revenue decreased by 14.3% year-on-year to 3.599 billion yuan, while net loss narrowed by 79.9% to 169 million yuan, and adjusted net loss reduced by 85.4% to 96.3 million yuan [3] - For Q4 2024, revenue fell by 25% year-on-year to 859 million yuan, with net profit of 86.4 million yuan compared to a net loss of 103 million yuan in the same period of 2023 [3][4] - Operating profit for Q4 2024 was 11.9 million yuan, a turnaround from an operating loss of 178 million yuan in Q4 2023 [3][4] Cost Management - Zhihu's cost expenditures decreased by 31.5% year-on-year in Q4 2024, and total operating expenses fell by 37.9% [6] - For the entire year of 2024, operating expenses (including sales, R&D, and administration) decreased by 21%, while gross margin improved from 54.7% in 2023 to 60.6% in 2024 [6] Business Segments - Zhihu's revenue streams are primarily driven by three main segments: marketing services, paid memberships, and vocational education [7] - Paid membership revenue in Q4 2024 decreased by 7.9% to 420 million yuan, accounting for 48.9% of total revenue [8] - Marketing services revenue dropped by 32% to 316 million yuan in Q4 2024, representing 36.8% of total revenue [10] - Vocational education revenue plummeted by 50.3% to 84 million yuan in Q4 2024, with a revenue share of 9.8% [11] User Engagement - Average monthly active users (MAU) for Q4 2024 were 81.4 million, a slight increase of 300,000 from the previous quarter, but significantly lower than the 85 million MAU at the time of Zhihu's IPO in 2021 [12][13] - The user base remains predominantly young, with 73.8% of active users under 30 years old and nearly 51% being female [17] AI Integration - Zhihu has shifted focus towards AI, leveraging its high-quality content and community engagement to enhance its offerings [18][22] - The company has launched its self-developed AI model "Zhihai Map AI" and introduced AI search products to improve user experience and operational efficiency [24][25] - Despite a 37% year-on-year decrease in R&D spending to 147 million yuan in Q4 2024, the CFO believes that AI presents a historic opportunity for Zhihu to integrate high-quality content into its business model [27][28]