ZHIHU-W (02390) plans to invest 1.5 billion yuan to subscribe for limited partnership equity in a fund to deepen its understanding of the evolution of artificial intelligence technology, products, and business model development.

ZHIHU-W (02390) announced that on September 4, 2026 (after the trading hours of the Stock Exchange), the subscriber Beijing Zhizhe Exploration Technology Co., Ltd. (a wholly-owned subsidiary of the company) entered into a subscription agreement with the general partner and fund manager, whereby the subscriber agreed to subscribe for limited partnership interests in the fund amounting to a committed capital of RMB 1.5 billion, and to enter into a partnership agreement for the fund. The above matters are subject to the approval of the subscription by shareholders at a special general meeting. The company primarily operates Zhihu, one of China's leading online content communities. The company continually promotes the integration of artificial intelligence technology with its community and business, including Zhihu Zhidai, expert data solutions, and AI-enabled content and IP operations. Based on the aforementioned business development direction, the board believes that the fund's focus on investing in foundational models, artificial intelligence infrastructure, Siasun Robot & Automation, and artificial intelligence applications is highly relevant to the company's ongoing attention to the development of artificial intelligence technology and industry. Through the subscription, the company expects to expand its channels for participating in investment opportunities in high-quality artificial intelligence and technology enterprises and to deepen its understanding of the evolution of artificial intelligence technology, products, and business models. The fund's investment strategy also presents certain potential synergies with the companys existing artificial intelligence-related business. Specifically, the fund's investments in foundational models and artificial intelligence applications will help the company further understand the development of large model technology, product forms, and application scenarios, and may provide potential technical applications or business cooperation opportunities in areas such as Zhihu Zhidai, expert data solutions, and AI-related content and IP development. Additionally, the fund's investments in artificial intelligence infrastructure, Siasun Robot & Automation, and other related fields will also help the company deepen its understanding of the artificial intelligence industry chain and frontier technology trends. Given that the company, as a limited partner in the fund, does not participate in the specific investment decisions of the fund, any potential business cooperation or synergy opportunities will depend on the fund's actual investment portfolio and related business opportunities, and will be evaluated separately by the company based on commercial rationality. Considering that investment in the primary market of the artificial intelligence field entails a high level of professionalism and resource barriers, with high requirements for industry research, project acquisition, investment screening, transaction execution, and post-investment management capabilities, the board believes that by participating in a fund managed by professional fund managers, the company can: (i) more effectively leverage the professional capabilities of the fund managers in industry research, project selection, investment judgment, project acquisition, and post-investment management; (ii) access investment opportunities in artificial intelligence and technology companies with high technological barriers and long-term growth potential; and (iii) further enhance the company's understanding of cutting-edge artificial intelligence technology and industry ecology, providing more industry perspectives and opportunities for potential business cooperation in the future. The subscription does not represent a change in the companys main business or strategic focus. The company will continue to focus on the development of the Zhihu community and continuously improve the operational quality and efficiency of its core business while prudently assessing and promoting artificial intelligence-related business opportunities. The company may also, under appropriate circumstances, explore potential cooperation opportunities with participants in the artificial intelligence industry ecology, leveraging its long-term accumulation in professional content, IP, creators, experts, and AI applications. Any such potential cooperation opportunities (if any) will be evaluated separately by the company based on commercial rationality.