Public business registration records from September 2 reveal that Beijing Zhizhe Tansuo Technology Co., Ltd. (hereafter referred to as Zhizhe Tansuo) has been newly established with a registered capital of 1.5 billion yuan. The legal representative is Zhihu's founder, Zhou Yuan. The company's stated business scope encompasses big data services, internet data services, and the development of both foundational and application-level artificial intelligence software.

According to public filings, Zhizhe Tansuo is wholly owned by Beijing Zhizhe Tianxia Technology Co., Ltd., with Zhou Yuan serving as a director and Tang Liu acting as the financial officer. As of now, Zhihu has not yet disclosed the new entity's strategic positioning, staffing plans, or specific operational details.

Beijing Zhizhe Tianxia is the primary domestic operating entity for Zhihu. The company's 2025 annual report indicates that this entity manages the Zhihu website and App, and is consolidated into the listed company's financial statements through contractual agreements. Consequently, Zhizhe Tansuo represents an internal corporate structure within Zhihu's domestic operations, rather than an external investment.

It is important to note, however, that the 1.5 billion yuan figure refers to registered capital and does not directly equate to cash already allocated to AI initiatives. Under current Company Law, registered capital for a limited liability company represents the total subscribed contribution by shareholders, which must generally be paid in full within five years of establishment. Contributions can also be made using non-monetary assets such as intellectual property or equity. To date, no public information is available regarding the paid-in amount, the method of contribution, or the payment schedule for Zhizhe Tansuo.

The creation of this new entity coincides with a period where Zhihu is intensifying its efforts to validate AI business models. In June 2024, the company launched its AI search product Zhihu Zhida, subsequently expanding AI applications across search, content distribution, and community management. By 2026, the company's AI strategy had broadened to encompass branded content assets, expert data solutions, and developer tools.

During the second-quarter earnings call held in August, Zhihu's management stated that its open data platform has attracted over 17,600 professional developers, with its AI Works repository containing more than 2,600 projects. Additionally, the customer count for its AI content asset business grew by 50% quarter-over-quarter. However, management also noted that this segment has yet to generate stable, scalable revenue and remains in the commercial validation phase.

From a financial perspective, Zhihu appears to have sufficient resources to support incremental investment in its AI efforts during this phase. In the second quarter, the company generated revenue of 690 million yuan, up 5.9% sequentially but down 3.7% year-over-year. The first half of the year saw an adjusted net profit of 6.906 million yuan.

As of the end of June, the company held a combined total of 4.424 billion yuan in cash, time deposits, restricted funds, and short-term investments. Research and development expenses for the same period stood at 109 million yuan, reflecting the company's focus on efficiency even as it pursues new business avenues.

Judging from its registered business scope, Zhizhe Tansuo could serve as an independent legal entity for Zhihu's data services and AI applications. Nevertheless, existing disclosures are insufficient to confirm whether Zhihu plans to transfer its large model research and development, the Zhihu Zhida product, or its expert data business into the new company in its entirety.

The true significance of this new entity will ultimately depend on several factors: how the registered capital is actually paid in, whether core teams and assets are transferred, and when the AI business begins generating revenue that can be clearly identified and reported separately.