文｜连线Insight 王慧莹

编辑｜子夜

zhihuchuangshirenzhouyuan，zheiliangnianshichangjiangyingliguazaizuibian。

2023nianzuihouyigeyue，zhouyuanjizhihudingxialexinyiniandemubiao——yinglixingzengzhang。dangshi，zhihudegujiadafuxiadie，zhouyuanzhanchulaihuiyingshichang：tarenweigujiadongdangdeyinsushiduofangmiande，zhihudejiazhibeidigu，danyishidegujiazhangdiebuhuiyingxiangtuijinzhanlvezhixingdefangxianghejuexin。

suoweidezhanlvefangxiangjiushibaochishengtaijiankangbingshixianyingli。2024nian3yue，zhouyuanzhongshenjiakuaishixianyinglishi2024niandeshouyaozhanlvemubiao。

fazhanzhijin，zhihuzaojiuguoleneirongyushangyedepinghengdian，ershidaolekuisunheyinglidezhuanzhedian。

rujin，zheigezhuanzhediankuaichuxianle。sanjiducaibaoxianshi，zhihudejingkuisuntongbishouzhai96.8%zhi900wanyuan，chengweishangshiyilaikuisunzuishaodejidu。

jinguanrengshikuisun，dan900wanyuandekuisune，yiweizhezhihuyijingmodaoyinglidebianle。

zheihendachengdushangguigongyuzhihudejiangbenzengxiao。congcaibaoshangyekeyikandao，xiangduiyuyingshouxiahua，chengbenkongzhishizhihujiankuideguanjian。benjidu，zhihuzongyingyunkaizhitongbijianshao30.5%zhi6.24yiyuan。

zhideguanzhudeshi，zhihudeshourujiegoufashenglemingxiandebianhua。sanjidu，zhihufufeiyueduyingshou 4.59 yiyuan，yingxiaofuwuyingshou 2.57 yiyuan，zhiyejiaoyuyingshou 1.05 yiyuan。gaobieyiwangguanggaoshouruzhanzhudao，fufeihuiyuankangqilezhihudeyingshoudaqi，shouruzhanbishouciguoban。

zheiyeyiweizhe，shangyehuadetansuoshang，zhihuyouneirongbenshenchanshengdezhijieshouruyuelaiyueduo，congshequzhangchulaidezhihu，youhuidaoshequ，yegenghaodihuida“zhihushishei”zheiyiwenti。

10yue31ri，beiwenjiheshishouzhipinghengshi，zhouyuanjichudedaanshi“kuaile”。yigeyuehou，zhihudechengjihuiyinglezheijuhua。shangshisannian，zhihuzhongyuliyingliyuelaiyuejin，zhouyuanyinggainengsongkouqile。

1、知乎离盈利，只有一步之遥？

2016nian，zhouyuanmianduizhihuzenmezhuanqiandewentishi，youxiefanzao。“henduorenlaoshiwenwomenzenmeshangyehua，wohenfan。yushiwojiudaizheyigetuanduizuoleyigeshangyehuadedongxi，bujiuzhuanqianma？”

meiguoduojiu，yonglaizhuanqiandexiangmu“zhihu”bulelezhi，zhouyuanzheijudiaokanchengweixianshi，zhuanqianchengweizhihudelaodanan。

congqunianniandikaishi，zhouyuanjiuwei2024niandingxialeyingkuipinghengdemubiao，zhihucongshangdaoxiadouzaixiangjidingmubiaonuli。

jingguojinyiniandetansuo，zhihuyinglailehaoxiaoxi。

11yue26riwanjian，zhihufabu2024nianq3yejibaogaoxianshi，zhihujinnianq3jingkuisuntongbijiangdi96.8%zhi900wanyuan，chengweizhihuzishangshiyilaizuidikuisunjidu。

zheiduizhihulaishuowuyishilihao，zhihujiankuifuduchuangxialishixingao，gengzhongyaodeshibudaoqianwanyuandekuisunyiweizhezhihuliyingliyoujinyibu。

知乎做对了什么？

yibanlaishuo，qiyedafujiankuideyuanyinwuwaihuliangge，yigeshikaiyuan，yigeshijieliu。

congcaibaoshangkan，zhihusanjiduyingshou8.45yiyuan，tongbixiajiang17.32%，qizhongsandayewuyingshoujunchuxianxiahua；yuzhixiangdui，benjiduzhihuzongyingyunkaizhi6.24yiyuan，tongbijianshao30.5%。

duibiliangzushujuhenzhiguandikandao，zhihubenjidudedafujiankuilaiyuanyuchengbenkongzhi。caibaozhichu，jianshaodeyingyunkaizhizhuyaojizhongzaiyingxiaojirenyuandengfangmian。qizhong，xiaoshoujiyingxiaokaizhitongbixiajiang27.4%zhi3.88yiyuan，yanfakaizhitongbixiajiang28.2%zhi1.79yiyuan，yibanjixingzhengkaizhitongbixiajiang50.1%zhi0.57yiyuan。

ciwai，bansuigeleifeiyongdafuxuejian、yunyingxiaolvdetigao，zhihubenjidushouruchengbencongquniantongqide4.737yixiajiang 35.6%zhi3.049yi，maolilvdadao63.9%，dadaolishizuigaoshuiping。

zhihuchengbenkongzhidechengxiaoyoumugongdu，dandanghulianwangliulianggengweizhengui，zhihudejiangbennanmiandailaiyixieyejizhibiaodexiahua。

biruyingxiaofuwuyewushourujianshao，zhihubiaoshi，yingxiaofuwushourudejianshaozhuyaoyouyuyouhuafuwuchanpingongji，jiangtigaolirunlvzuoweizhanlvehexin；

birupingjunhuoyueyonghutongbixiajiang，zhouyuanbiaoshi，yonghuguimodebianhuayouliangbufenyinsu，yifangmianshigongsiyouhualetoufangdefeiyong，dihuoyueyonghuzaichixujianshao；lingyifangmianshigongsijiadaleyonghuchanpintiyanfangmiandegongzuo，gaohuoyueyonghuzaizengjia，zheiqishishiyijianyizeng。

shijishang，guoquyinian，weiraotigaolirundehexinzhanlve，zhouyuandailingzhihujinxingleyixiliedegaige，baokuojianhuazuzhi，xiaochulangfei，jiligaochanchu，taotaidixiaoneng。

yixiliedequshezhijian，zhouyuanbayinglifangzaileyouxianji。

zaozai2022nian11yuedi，zhouyuanzhiyan：“womennulidejieguoshiwomengengyouxinxintouziyuzhangqizengzhang，tongshizhengquduanqiyingli。”

jinniansanyuefen，zhihujichuleniukuishijianbiao，yujizai2024nianq4shixiandanjidudenon-gaapyingli。cicisanjidudebiaoxianjizhihusijidudailaixinxin，ruguobuchuyiwai，zhihuyouwangzaijinniandisijidushixianyingli。

caibaohuishang，zhouyuanzaicaibaodianhuahuizhongzaiciqiangdiao，2025nianyoulianggeyouxianshixiang，qizhongzhiyihaishiquannianweidushangshixiandafujiankui，shenzhijiejinquannianyingli。

jinglizheixienianshichangjingzheng、zibenshenshi，zheiweichuangshirenbuzaijuedezhihuzhuanqianshigebunaifandehuati，ershixiguanjiangyinglifangzaizhongyaoweizhi，bingdailingtuanduiyibubuzouxiangyingli。

2、生态第一，付费内容扛起增长大旗

zhihuhuigangshangshineitian，zhouyuanzaizhihushangfabiaoleyipiantiezi，“guigangshangshi，hedajialiaoliao”。tiezizhong，taxiangwaijiehuiyingzhihuruhejiankangzengzhang、ruhekuodaguimoheyanghuoziji。

zhouyuanjichulesangebingbufuzadedaan：shengtaidiyi、shehuijiazhihelixingleguan。

suoweishengtaidiyi，jichuangzuozhetiyan、neironghuodegan、lianghaoshequfenwei，yijiheshequzengzhangxiangpipeideshangyehuazengsu。

jinnian3yue，zhouyuantichudeyinglixingzengzhangzhanlvemubiaoyebaohanleshengtaidiyi。“shengtaidiyijuebunengqudiao”，zhouyuanzaiyutengxunqianwangdeduihuazhongzhiyan。

zaizhouyuankanlai，haoshengtaidailaihaoneirong，haoneirongjiushihaoshengyi。

zheizhongtaiduyingshedaocaibaoshang，shishourujiegoudebianhua。zaozai2023nianyijidukaishi，fufeihuiyuanchaoguoguanggaoyewu，chengweizhihudeyingshouzhizhu。benjidu，fufeihuiyuanyewuzhanbijinyibutisheng，shouciguoban，yi4.59yiyuanzhanbi54.32%；xiangbizhixia，yingxiaofuwuyi2.57yiyuanzhanbi30.41%。

bianhuadebenzhizaiyu，genshengtaiyouguan，qifanzuoyongdezengzhangzhihudoubuyao。zaibenjidudecaibaodianhuahuishang，guanlicengduiguanggaoyewudezongjieweiraozheyigehexin，jijianshaodizhi、bukexindeshangyeneirong，zhuazhuzhihuduigaojiazhipinpaidechayihuayoushi。

juguanfangshuju，dizhineirongzaituijianyedepuguangzhanbibinianchujianshaolechaoguo40%，yonghudefufankuijianshaolechaoguo30%。

zaizhihushangyehuayouweijijindejinianli，guanggaoshizhihushourudezhuyinqing，danguanggaodefanlanyingxianglezhihuyidiandianjianliqideneirongshengtaiheshequdiaoxing，jiazhijinliangnianqiyeguanggaoyusuanyouxian，guanggaoyijingbuzaishihezuowei“xianjinniu”。

yuzhixiangdui，weiraoshequshengtaifufeineirong，zhihuzuochuyixiliediaozheng。

shouyaogaibiandeshizhihu“shuihua”，zhongjianzhihudezhuanyexing。zhihujianlipgcneirongshengtai，buduankuodayouzhihuguanfangzuchengdehaoqunyijiguanfangshaixuandeneirongjuzhen，bingqiequebaoqipuguangdu，rangyonghukandaoguanfang“yanxuan”deneirong；qici，jiangzhihu“gushihui”neirongdulichulai，chengli“xiaoshuo”pindao，bingqietongguocaimai、qianyue、zhuanhuadengxingshi，kuochongledaliangneirongyuan。

ciwai，duliyuzhihuzhupinpai，zhihuhaituichuleyanyangushi。jinnian3yue，zhihushujuxianshi，yanyangushitougaochuangzuozheguimoyijingchaoguo60wan，leijishangxiandeduanpiangushichaoguo10wanpian，chuangzuoticaiyijingfugaile180duogexifenpinlei。

bishi，fufeiyueduyewufuzerenfanjunmeibiaoshiyanyangushiyichengweiquanwangzuidadeduanpiangushishengchanhexiaofeijidi，shiduanpianzuozheshouxuandetougaopingtai。

zhideyitideshi，zheitaoneirongtixihairangzhihuganshangleduanjudefengkou。jiezhijinnian3yuefen，yanyangushiyiyoujinbaibuipwanchengyingshihuashouquan，chao400buzizhiguangboju、youshengjuchanpinshangxian。

yixiliedezuhequanzhixia，zhihuyouneirongzhijiechanshengdeshouruyuelaiyueduo，zheiyefanyinglezhihudeneirongshengtaiyuelaiyuejiankang，erjiankangdeshengtainengtishengyonghutiyan、xiyingengduoyonghu。

jinniansanjidu，zhihuyuejundingyuehuiyuandadao1650wan，tongbihehuanbijunshixianzengzhang，pingjunyuehuoyueyonghuyeshixianhuanbizengzhang。zaineirongchuangzuozheshengtaishang，jiezhijinniansanjidu，zhihuleijineirongchuangzuoliangdadao8.55yi，tongbizengzhang14.9%；pingtaileijineirongchuangzuozhedadao7770wan，tongbizengzhang11.6%。

duici，zhouyuanzaicaibaohuishangbiaoshi，shequshengtaiyouhuaqudeleduoxiangjijichengguo，baokuohexinyonghujiankangzhibiaodewenbugaishanheyuehuoyueyonghudehuanbizengzhang。“womenyizhongzhenneirongchuangzuozhedexinxin，congertishengneirongzhiliangheyonghuhuoyue、jiaqiangshequfenwei。”

lingyigetongshuyuzhihuneirongfufeifanchoudeyewushizhiyejiaoyu，beizhouyuankanzuoshigouchengzhihu“wanquanti”deyibufen。jinnian1yue，zhihuzhengshixuanbuzhihuzhixuetangzuoweizhihuzipinpaiduliyunying，biaozhizhezhihuzaizhiyejiaoyulingyujinruquanxinfazhanjieduan。

benjidu，zhihuzhiyejiaoyuyewuyingshou1.05yiyuan，yingshouzhanbi12.5%。muqian，zhiyejiaoyurengzaitishengxiaolvhejiasujiankuidejieduan，guanlicengdemubiaoshizai2025nianshixiangaiyewudeyingkuipingheng。

benzhishang，zhiyejiaoyushizhihuneirongshengtaideyanshen。zhouyuanciqiantidao，zhiyejiaoyuzhixia，zhihuzhengzhuanbianweiyigeweixinzhirendajianpingtai、tigongfuwudegongsi。mouzhongyiyishanglaishuo，xinzhirenjishizhihufuwudedeyonghu，yeshizhichengzhihushequfenweidechuangzuozhe。

dangxiadezhihu，yirangoujianlequanxindepailiezuhe，zhaodaoleguimoxingzengzhangheyinglixingzengzhangdeluxian——zaibuyingxiangyonghutiyandeqiantixia，baochishequdezhuanyexing，bingcongyuanshengshequshengtaizhongzhangchuxindeshangyeshengtai。

3、AI搜索，会是知乎新的想象力吗？

zheiliangnian，hulianwang、kejigongsiyougexinbianliangai。zhanzaixinyilunjishubiangemianqian，zhouyuandexingfengengduo。

zaizhouyuankanlai，xinyidaijishuxia，yinggaihuijizhihudailaigengduojihui，jiefangxianshangtaolunfenxiangsuoshoudaodezhiyue。

zheiyisiluxia，bansuidamoxingyingyongluodibaofa，zhouyuanzhengzaishituzhonggouzhihu，aisousuoshitadezhugongfangxiangzhiyi。

jinnian6yue，zhihuzaidishijieyanclubxinzhiqingniandahuishangfabulequanxinaichanpin“zhihuzhida”，gaichanpinjiyuchuangzuozhedezhenshiwendashuju，keyigenjuyonghutiwenshengchenghuida，shizhihudiyikuanduliaichanpin。

zheiyeyushizhezhihuzhengshizuoshangdamoxingyingyongluodi“aisousuo”depaizhuo。

jinnian10yuedi，zhihuzhidazhengshishangxian“zhuanyesousuo”gongneng，yinruweipu、zhihujingxuandengzhuanyeneirongyuan，hangaichaoguo5000wanpianzhongyingwenwenxianshuju。tongshizhichiwenjianshangchuanhechaozhangwenjianjiexi，bingzhenduitigongdanpianjingdu、zhidinglaiyuanwendadenggongneng，gengjiaqihezhuanyerenshideshengchanlichangjing。

ruzhouyuansuoyan，“zhihuzhida”shiyigequanxindeshengchanligongju，yeyinggaichengweiyigefaxianshijiedelianjieqi，yijirenyurenlianjiedeqiaoliang。

“zaiaishidai，yibufendaanyebeiyasuozhiaidamoxingli，womenxuyaogongjuzhongxinlianjie。”zhouyuanbiaoshi，zhihuzhidashijisousuo、wendahezhuiwensanweiyitidechangshi。

zhichengzhihuzhidayunxingde，shizhihuaidamoxingdedicengnengli。2023nianhe2024nian3yue，zhihuyifenbiefabule“zhihaituai”damoxingheshequyuanshengaigongneng“faxian·aisousuo”，wanchenglecongmoxingkaifadaokaifangchanpinyingyongdeliangbuzhongyaojinzhan。

shuodaodi，aijihuolezhihushequshuxing，danlibukaizhihudeneirongheshequjiyin。

bencicaibaohuishang，zhihutidaodangqianshangxianzhuanyesousuogongnengshiweileyinrugengduochuizhilingyudezhuanyezhishi，manzubutonggongzuoliuxiadexuqiu。dantatongshizhichiyonghushangchuanzijideyanjiuziliao，jinxingdingzhihuawendaheshenrujiedu，yijitaweilaideshengjifangxiangrengjiushiyuzhihushequdezhenghe。

jinguanzhihuzhidabeichengweizhongwenbanperplexity，danzhouyuanrengduiaisousuobaochilengjingjinshendetaidu。youqishizaishangyehualuxianshang，zhouyuanshangweiweizhihuzhaodaoquedingdefangxiang，muqiantingliuzaizhishihuiyuan、fufeichayuedengchangshishang。

zaizhouyuankanlai，dangxiaaisousuohaichuyubijiaozaoqidejieduan，tanshangyehuaweishishangzao。2024shijiehulianwangdahuiwuzhenfenghuiqijian，zhouyuantandaozuoaisousuomianlindezuidatiaozhan，zhouyuanhuiyingcheng：“benzhishangshixiaofeizhehaimeiyouwanquanxiguan。nandianzaiyu，changjingcedeshenruchengduhaiyuanyuanbugou，bunengwanquanmanzuyonghudetongdian。”

deque，chuantongsousuoyijingzhanlingyonghuxinzhijishinian，chuantongsousuonengjiejuedewentiyehenfengfu，aisousuoxiangyaoqudaichuantongsousuo，bujinxuyaogengqiangdadegongneng，haixuyaogenggaoxiaodeliandong。

zaishixianshangyehuazhiqian，zhihudeaisousuozhudingyaozouyitiaojiannandelu，zheitiaoluxuyaozhenjinbaiyin，yexuyaozhencaishigan。zheiduishangweiyinglidezhihueryanshigeyali，yexuhaihuijingliyiduankuisun，danbixuzuo。

zhihugangshangshidejigeyue，zhouyuanhennanyuzhihudegujiahejie。laizierjishichangdeshenshibiyijishichangzhiguandeduo，gujia、shizhifenfenzhongdouzaibianhua。

houlai，zhouyuanwule。zhihudefazhanmeibiyaoguodushouwaibubianhuadeyingxiang，wulunshishuzipiluhaishizhanlvedongzuo，zhouyuanjuedezhihububiyingheshichang，yaozuoziji。

rujin，zhihuyexiangshichangzhengming，zuozijikeyishixianzengzhang。gengnandedeshi，zhihudeshequjiazhihaizai，zaiaidelangchaoxia，youbeizaicijifaxiangxianglidekeneng。dangran，juliyingkuipinghengdeshijianbiaolinjin，zhihuruhetihaozheilinmenyijiao，haixuyaozhihuhuida。