<p><strong>关键要点：</strong></p>
<ul>
<li>外国公司正面临一个新的 “内卷” 时代，地方竞争对手进行激烈的价格削减</li>
<li>知识平台知乎面临生存危机，因为用户转向提供更快且通常更全面答案的人工智能驱动搜索引擎</li>
</ul>
<p><img src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2025/12/17095346/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_17-12-2025_174915_thebambooworks.com_-1-1024x712.jpeg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2025/12/17095346/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_17-12-2025_174915_thebambooworks.com_-1-1024x712.jpeg"/></p>
<p>多年来，关于外国企业在中国的叙述一直是一致的：市场广阔且有利可图，但官僚主义是一个重大瓶颈。但现在，外国和国内公司都面临着来自地方环境快速、颠覆性变化的生存威胁。一方面，外国制造商正被地方质量的迅速提升和激烈的价格战挤出市场。另一方面，像 <strong>知乎</strong> (NYSE: ZH) (2390.HK) 这样的互联网公司发现，他们辛苦获得的盈利正被人工智能的突然普及所侵蚀。</p>
<p>我们长期以来听到外国社区对政府障碍阻碍其市场准入的抱怨。但德国商会在中国的一项最新调查突显了近期情绪的显著变化。根据数据，58% 的公司认为激烈的国内竞争是阻碍他们在中国投资的最大障碍。</p>
<p>这不再仅仅是标准市场竞争。我们认为这反映了中国所称的 “内卷” 现象——一种激烈、颠覆性和价值侵蚀的竞争状态。直到几年前，外国公司可以依靠在质量、可靠性和技术方面相对于国内同行的明显优势。但这种差距已经缩小。中国竞争对手在电动车（EV）等行业提升了竞争力，达到了与外国标准相当或超越的水平。</p>
<p>然而，中国本土产品在质量和吸引力上的进步只是故事的一半。另一半是激烈的价格战。中国公司通过激烈削减价格来竞争，而不仅仅是专注于技术优势。在正常市场中，这种扭曲的环境会迫使市场进行修正；亏损的公司最终会进行理性调整或退出。然而，在中国，金融系统——通常在政府的鼓励下——似乎继续资助这种破坏性的游戏。</p>
<p>对于像 <strong>大众汽车</strong>(VOW.DE)、<strong>通用汽车</strong> (NYSE: GM)，甚至 <strong>特斯拉</strong> (NASDAQ: TSLA) 这样的巨头来说，环境变得越来越不利。与愿意无限期降低利润并亏损的竞争对手竞争是困难的。虽然我们看到政府介入以理顺特定行业，如太阳能，但其他行业外国公司的损害基本上已经造成。</p>
<p>更糟糕的是，消费者情绪发生了变化。中国买家越来越倾心于本土品牌，逐渐远离对外国品牌的历史迷恋。当你再加上长期以来外国人被排除在国家采购之外的事实，情况就变得清晰。尽管北京口头上表示欢迎外国公司，但外国直接投资（FDI）正在下降。我们不期待回到之前的黄金时代水平；趋势显然不再有利于在中国进行投资。</p>
<h4>人工智能对知识共享宠儿知乎构成生存威胁</h4>
<p>技术的颠覆性力量不仅限于制造业。我们还在关注知乎，这个常被称为 “中国的 Quora” 的平台，正面临自己的危机。在去年终于找到盈利路径，通过货币化其问答和内容服务后，该公司又滑回了亏损。其第三季度收入暴跌 22%。</p>
<p>生成性人工智能模型的崛起从根本上改变了用户获取信息的方式。在美国和中国，用户越来越倾向于使用人工智能引擎，而不是传统的搜索或问答平台。知乎的创始人试图进行转型，声称公司将演变为 “可信的信息基础设施” 提供者，利用其社区提供多样化、可靠的观点。</p>
<p>我们发现这个论点难以接受。虽然人工智能模型确实从网络上聚合数据——包括未经验证的社交媒体内容——但知乎本质上更 “可信” 的观点是有争议的。所有内容都是经过策划的，无论是通过算法还是设计它的人。此外，经济学上也面临挑战。能够通过人工智能免费或低价获得 “足够好” 信息的用户不太可能继续留在知乎的付费生态系统中。</p>
<p>投资者还必须考虑长期存在的监管风险。作为中国的内容提供者，知乎面临着持续的审查。与纯粹的科技公司不同，他们向公众提供信息，这带来了显著的监管风险——这种风险在过去已经摧毁了股东价值。</p>
<p>最终，这两个话题都指向中国公司面临的更艰难现实。无论是面临 “内卷” 的制造商，还是与人工智能算法抗争的科技平台，轻松增长的时代似乎已经结束，无论是国内公司还是外国公司。</p>
<p><strong><em>Benzinga 免责声明：本文来自一位未付的外部贡献者。它不代表 Benzinga 的报道，并且未经过内容或准确性的编辑。</em></strong></p>

知乎-W

知乎

<p>在中国，外资公司正面临激烈的竞争，这种竞争被称为 “内卷”，其特点是本地竞争对手的激进降价。同时，知识平台知乎也面临挑战，因为用户转向人工智能驱动的搜索引擎，这影响了其盈利能力。国内品牌和人工智能技术的崛起正在重塑商业格局，使外资公司和传统平台难以生存</p>

<p><strong>Key Takeaways:</strong></p>
<div class="lb-trans"><p><strong>关键要点：</strong></p>
</div><ul>
<li>Foreign companies are facing a new era of &#34;involution&#34; characterized by savage price cuts by local rivals</li>
<li>Knowledge platform Zhihu faces an existential crisis as users shift towards AI-driven search engines that offer faster and often more comprehensive answers</li>
</ul>
<div class="lb-trans"><ul>
<li>外国公司正面临一个新的 “内卷” 时代，地方竞争对手进行激烈的价格削减</li>
<li>知识平台知乎面临生存危机，因为用户转向提供更快且通常更全面答案的人工智能驱动搜索引擎</li>
</ul>
</div><p><img src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2025/12/17095346/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_17-12-2025_174915_thebambooworks.com_-1-1024x712.jpeg" alt="" original-src="https://contributor-assets.benzinga.com/wp-content/uploads/2025/12/17095346/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_17-12-2025_174915_thebambooworks.com_-1-1024x712.jpeg"/></p>
<p>For years, the narrative regarding foreign business in China was consistent: the market was vast and lucrative, but bureaucracy was a big bottleneck. But now the ground is shifting beneath the feet of foreign and domestic companies alike, as they face existential threats from rapid, disruptive changes in the local landscape. On one hand, foreign manufacturers are being squeezed out by a ferocious mix of rising local quality and savage price wars. On the other, internet companies like <strong>Zhihu</strong> (NYSE: ZH) (2390.HK) are finding their hard-won profitability eroded by the sudden ubiquity of artificial intelligence.</p>
<div class="lb-trans"><p>多年来，关于外国企业在中国的叙述一直是一致的：市场广阔且有利可图，但官僚主义是一个重大瓶颈。但现在，外国和国内公司都面临着来自地方环境快速、颠覆性变化的生存威胁。一方面，外国制造商正被地方质量的迅速提升和激烈的价格战挤出市场。另一方面，像 <strong>知乎</strong> (NYSE: ZH) (2390.HK) 这样的互联网公司发现，他们辛苦获得的盈利正被人工智能的突然普及所侵蚀。</p>
</div><p>We've long heard complaints from the foreign community about government obstacles blocking their market access. But a recent survey by the German Chamber of Commerce in China highlights a stark change in recent sentiment. According to the data, 58% of companies cited intense domestic competition as the biggest barrier holding them back from investing more in China.</p>
<div class="lb-trans"><p>我们长期以来听到外国社区对政府障碍阻碍其市场准入的抱怨。但德国商会在中国的一项最新调查突显了近期情绪的显著变化。根据数据，58% 的公司认为激烈的国内竞争是阻碍他们在中国投资的最大障碍。</p>
</div><p>This is no longer just about standard market rivalry. We believe this reflects a phenomenon known in China as &#34;involution&#34; – a state of intense, disruptive, and value-eroding competition. Until a few years ago, foreign companies could rely on a distinct advantage over domestic peers in quality, reliability, and technology. That gap has closed. Chinese competitors have upped their game, particularly in sectors like electric vehicles (EVs), reaching parity with or exceeding foreign standards.</p>
<div class="lb-trans"><p>这不再仅仅是标准市场竞争。我们认为这反映了中国所称的 “内卷” 现象——一种激烈、颠覆性和价值侵蚀的竞争状态。直到几年前，外国公司可以依靠在质量、可靠性和技术方面相对于国内同行的明显优势。但这种差距已经缩小。中国竞争对手在电动车（EV）等行业提升了竞争力，达到了与外国标准相当或超越的水平。</p>
</div><p>However, the progress of Chinese domestic products in quality and attractiveness is only half the story. The other half is ferocious price wars. Chinese companies are competing by savagely cutting prices rather than solely focusing on technological advantages. In a normal market, such a distorted environment would force a correction; companies losing money would eventually rationalize or exit. Yet, in China, the financial system – often with government encouragement – appears to continue funding this destructive game.</p>
<div class="lb-trans"><p>然而，中国本土产品在质量和吸引力上的进步只是故事的一半。另一半是激烈的价格战。中国公司通过激烈削减价格来竞争，而不仅仅是专注于技术优势。在正常市场中，这种扭曲的环境会迫使市场进行修正；亏损的公司最终会进行理性调整或退出。然而，在中国，金融系统——通常在政府的鼓励下——似乎继续资助这种破坏性的游戏。</p>
</div><p>For giants like <strong>Volkswagen</strong>(VOW.DE), <strong>General Motors</strong> (NYSE: GM), and even <strong>Tesla</strong> (NASDAQ: TSLA), the environment is becoming increasingly inhospitable. It is difficult to compete against rivals who are willing to drop margins and lose money indefinitely. While we have seen the government step in to rationalize specific industries, such as solar, the damage for foreign companies across other sectors is largely done.</p>
<div class="lb-trans"><p>对于像 <strong>大众汽车</strong>(VOW.DE)、<strong>通用汽车</strong> (NYSE: GM)，甚至 <strong>特斯拉</strong> (NASDAQ: TSLA) 这样的巨头来说，环境变得越来越不利。与愿意无限期降低利润并亏损的竞争对手竞争是困难的。虽然我们看到政府介入以理顺特定行业，如太阳能，但其他行业外国公司的损害基本上已经造成。</p>
</div><p>Compounding this is a shift in consumer sentiment. Chinese buyers are increasingly enamored with domestic brands, moving away from the historic captivation with foreign names. When you add the long-standing exclusion of foreigners from state procurement, the picture becomes clear. Despite lip service from Beijing about welcoming foreign companies, foreign direct investment (FDI) is on a downward slope. We don't expect a rebound to previous golden-era levels; the trend is simply no longer in favor of building investments in China.</p>
<div class="lb-trans"><p>更糟糕的是，消费者情绪发生了变化。中国买家越来越倾心于本土品牌，逐渐远离对外国品牌的历史迷恋。当你再加上长期以来外国人被排除在国家采购之外的事实，情况就变得清晰。尽管北京口头上表示欢迎外国公司，但外国直接投资（FDI）正在下降。我们不期待回到之前的黄金时代水平；趋势显然不再有利于在中国进行投资。</p>
</div><h4>AI poses existential threat to knowledge-sharing darling Zhihu</h4>
<div class="lb-trans"><h4>人工智能对知识共享宠儿知乎构成生存威胁</h4>
</div><p>The disruptive force of technology is not limited to manufacturing. We are also looking at Zhihu, often called the &#34;Quora of China,&#34; which is facing its own crisis. After finally finding a path to profitability last year by monetizing its Q&amp;A and content service, the company is sliding back into the red. Its revenue plunged 22% in the third quarter.</p>
<div class="lb-trans"><p>技术的颠覆性力量不仅限于制造业。我们还在关注知乎，这个常被称为 “中国的 Quora” 的平台，正面临自己的危机。在去年终于找到盈利路径，通过货币化其问答和内容服务后，该公司又滑回了亏损。其第三季度收入暴跌 22%。</p>
</div><p>The rise of generative AI models has fundamentally altered how users seek information. In the U.S. and China alike, users are increasingly defaulting to AI engines rather than traditional search or Q&amp;A platforms. Zhihu's founder has attempted to pivot, claiming the company will evolve into a &#34;trusted information infrastructure&#34; provider, leveraging its community for diverse, reliable perspectives.</p>
<div class="lb-trans"><p>生成性人工智能模型的崛起从根本上改变了用户获取信息的方式。在美国和中国，用户越来越倾向于使用人工智能引擎，而不是传统的搜索或问答平台。知乎的创始人试图进行转型，声称公司将演变为 “可信的信息基础设施” 提供者，利用其社区提供多样化、可靠的观点。</p>
</div><p>We find this argument difficult to swallow. While it's true that AI models aggregate data from across the web – including unverified social media content – the idea that Zhihu is inherently more &#34;trustworthy&#34; is debatable. All content is curated, whether by an algorithm or the people designing it. Furthermore, the economics are challenging. Users who can get &#34;good enough&#34; information for free or cheaply via AI are less likely to remain captive in Zhihu's paid ecosystem.</p>
<div class="lb-trans"><p>我们发现这个论点难以接受。虽然人工智能模型确实从网络上聚合数据——包括未经验证的社交媒体内容——但知乎本质上更 “可信” 的观点是有争议的。所有内容都是经过策划的，无论是通过算法还是设计它的人。此外，经济学上也面临挑战。能够通过人工智能免费或低价获得 “足够好” 信息的用户不太可能继续留在知乎的付费生态系统中。</p>
</div><p>Investors must also consider the perennial regulatory risk. As a content provider in China, Zhihu faces constant scrutiny. Unlike a pure tech play, they are feeding information to the public, which invites significant regulatory exposure – a risk that has destroyed shareholder value in the past.</p>
<div class="lb-trans"><p>投资者还必须考虑长期存在的监管风险。作为中国的内容提供者，知乎面临着持续的审查。与纯粹的科技公司不同，他们向公众提供信息，这带来了显著的监管风险——这种风险在过去已经摧毁了股东价值。</p>
</div><p>Ultimately, both topics point to a tougher reality in China Inc. Whether it's a manufacturer facing &#34;involution&#34; or a tech platform fighting AI algorithms, the era of easy growth appears to be over for domestic and foreign firms alike.</p>
<div class="lb-trans"><p>最终，这两个话题都指向中国公司面临的更艰难现实。无论是面临 “内卷” 的制造商，还是与人工智能算法抗争的科技平台，轻松增长的时代似乎已经结束，无论是国内公司还是外国公司。</p>
</div><p><strong><em>Benzinga Disclaimer: This article is from an unpaid external contributor. It does not represent Benzinga’s reporting and has not been edited for content or accuracy.</em></strong></p>
<div class="lb-trans"><p><strong><em>Benzinga 免责声明：本文来自一位未付的外部贡献者。它不代表 Benzinga 的报道，并且未经过内容或准确性的编辑。</em></strong></p>
</div>

Foreign Firms Face China's Cutthroat Competition, While AI Threatens Knowledge Platform Zhihu

- 外企在中国面临激烈的 “内卷” 竞争与价格战。
- 知乎因 AI 技术崛起遭遇营收下滑，盈利能力受到威胁。
- 外国投资信心减弱，未来增长前景堪忧。

外国企业在中国面临残酷竞争，同时人工智能对知识平台知乎构成威胁