投资要点 | --- | --- | --- | --- | |---------|-------------|-------|-------| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | MO | Holding Ltd | | | | | | | | | SAIF IV | | | | | Qiming | Venture | | | 公司 Q3 实现营收 8.45 亿元，同比降低 17.32%；净亏损同比降低 96.8%至 900 万元；毛利率由 2023 年同期的 53.7%提高至 63.9%，达到历史新高。 分业务来看，Q3 三大业务营收均出现下滑。其中广告营销服务实现收入 2.57 亿元，同比下降 32.9%；付费会员实现收入 4.59 亿元，同比下降 1.71%； 职业培训实现收入 1.05 亿元，同比下降 27.59%。分析其原因，营销服务 收入的减少主要由于公司持续优化广告服务产品供给，将提高利润率作为 战略核心，减少了效率低的广告接口；付费会员收入的小幅下降主要是由 于推广激励活动使得付费会员 ARPU 下降； ...

Zhihu Inc. (NYSE: ZH ) has not fared all that well since its IPO in 2021. The stock spent most of the past three years in decline, resulting in a new multi-year and post-IPO low as recently asWelcome to my author's site. As an avid follower of SeekingAlpha, I take great interest in articles posted as the subject matter is often something that appeals to me. However, I will sometimes encounter an article that I might not agree with. My purpose is to present an alternative view to readers that they may want t ...

Investment Rating - The report maintains a "Buy" rating for Zhihu (ZH) with a target price of $4.87 per ADS [5][17] Core Views - Zhihu achieved significant loss reduction in 24Q3, with the lowest quarterly loss since its IPO [2][3] - The company's community ecosystem has been optimized, with core user health metrics steadily improving [3] - Zhihu's 24Q3 gross margin reached 63.9%, a YoY increase of 10.26 percentage points [3] - The company has implemented cost-saving measures across sales, R&D, and management expenses [3] - Zhihu's average MAU recovered to 81.1 million in 24Q3, showing a QoQ growth of 0.6% [3] Financial Performance Revenue and Profit - 24Q1-Q3 revenue reached RMB 2.74 billion, a YoY decrease of 10.48% [2] - 24Q3 revenue was RMB 845 million, a YoY decrease of 17.33% [2] - 24Q3 net loss attributable to shareholders was RMB 10 million, a significant reduction from the previous year [2] - Adjusted net loss for 24Q3 was RMB 13 million, showing a substantial improvement [2] Business Segments - Marketing services revenue in 24Q3 was RMB 257 million, a YoY decrease of 32.99% [3] - Paid membership revenue reached RMB 459 million in 24Q3, with monthly paying members increasing to 16.5 million [3] - Vocational training revenue was RMB 105 million in 24Q3, with self-operated courses showing growth [3] Cash Position - As of 24Q3, Zhihu held cash and cash equivalents of RMB 5.048 billion [3] - The company completed a share repurchase program, buying back 33.02 million Class A ordinary shares [3] Future Projections - Revenue for 2024-2026 is projected to be RMB 3.555 billion, RMB 3.055 billion, and RMB 3.229 billion respectively [3][12] - Net loss is expected to decrease from RMB 272 million in 2024 to RMB 23 million in 2026 [3] - Average MAU is forecasted to be 830 million, 830 million, and 850 million for 2024-2026 [11] - Marketing service revenue is projected to be RMB 1.233 billion, RMB 1.048 billion, and RMB 1.079 billion for 2024-2026 [11] - Paid membership revenue is expected to reach RMB 1.740 billion, RMB 1.589 billion, and RMB 1.724 billion in 2024-2026 [11] Valuation - The report values Zhihu at 1x PS for 2025, resulting in a fair value estimate of $4.87 per ADS [17] - The current PS ratio is 0.68x for 2024, 0.79x for 2025, and 0.75x for 2026 [17]

知乎（02390.HK）于今天发布2024年第三季度未经审计财务业绩。期内知乎总收入为8.45亿元（人民 币，下同），同比减少17.3%。毛利率从去年同期的53.7%提升至63.9%，净亏损为9000万元，较去年同 期大幅收窄96.8%，创造上市以来减亏幅度最大且净亏损额最少的单季纪录。经调整净亏损为1.31亿 元，同比收窄94.2%。 知乎推出的AI搜索产品知乎直答在第三季度继续保持高增长，进入更具专业、实用性的深度搜索能力 拓展阶段。今年10月底，知乎直答正式上线"专业搜索"功能，引入维普、知乎精选等专业内容源，涵盖 超过5000万篇中英文文献数据。同时支持文件上传和超长文件解析，并针对提供单篇精读、指定来源问 答等功能，更加契合专业人士的生产力场景。 知乎继续推进多引擎商业策略，各项业务也在稳步渡过调整期。其中付费阅读业务作为最大的收入来 源，贡献4.59亿元营收，收入占比首次过半，达到54%。营销服务业务和职业教育业务分别贡献2.57亿 元和1.05亿元收入，其中职业教育自营业务继续保持正向增长。 期内知乎在用户活跃和会员增长方面也取得了显著成绩。知乎2024年第三季度平均月活跃用户 （MAUs）为8 ...

Zhihu Inc (NYSE:ZH) Q3 2024 Results Conference Call November 26, 2024 6:00 AM ET Company Participants Yolanda Liu - CEO Wang Han - Chief Financial Officer Zhou Yuan - Chairman and Chief Executive Officer Conference Call Participants Xueqing Zhang - CICC Daisy Chen - Haitong International Lincoln Kong - Goldman Sachs Vicky Wei - Citi Stella Wang - TH Capital Cici Cheng - CLSA Operator Good morning, ladies and gentlemen. Thank you for standing by, and welcome to the Zhihu Inc. Third Quarter 2024 Financial Res ...

Good morning, ladies and gentlemen. Thank you for standing by, and welcome to the Chuhu, Inc. Third Quarter 2024 Financial Results Conference Call. At this time, all participants are on a listen-only mode. After the speaker's presentation, there will be a question-and-answer session. Today's conference call is being recorded, and at this time, I would like to turn the conference over to Ms. Yolanda Lau, Director of Investor Relations. Please go ahead, ma'am. Thank you, Operator. Hello, everyone. Welcome to ...

BEIJING, Nov. 26, 2024 /PRNewswire/ -- Zhihu Inc. ("Zhihu" or the "Company") (NYSE: ZH; HKEX: 2390), a leading online content community in China, today announced its unaudited financial results for the quarter ended September 30, 2024.Third Quarter 2024 Highlights Total revenues were RMB845.0 million (US$120.4 million) in the third quarter of 2024, compared with RMB1,022.2 million in the same period of 2023. Gross margin expanded to 63.9% in the third quarter of 2024 from 53.7% in the same period of 2023. N ...

BEIJING, Nov. 11, 2024 /PRNewswire/ -- Zhihu Inc. (NYSE: ZH; HKEX: 2390) ("Zhihu" or the "Company"), a leading online content community in China, today announced that it will report its unaudited financial results for the quarter ended September 30, 2024 before the U.S. market opens on November 26, 2024.The Company's management will host a conference call at 6:00 A.M. U.S. Eastern Time on Tuesday, November 26, 2024 (7:00 P.M. Beijing/Hong Kong Time on Tuesday, November 26, 2024) to discuss the results.All p ...

BEIJING, Oct. 30, 2024 /PRNewswire/ -- Zhihu Inc. (NYSE: ZH; HKEX: 2390) ("Zhihu" or the "Company"), a leading online content community in China, today announced the results of the Company's all cash tender offers (the "Offers") to buy back up to 46,921,448 Class A ordinary shares of the Company (including in the form of American depositary shares (the "ADSs")). The Offers, including the U.S. Offer, expired at 4:00 a.m., New York City time, or 4:00 p.m., Hong Kong time, on Wednesday, October 30, 2024 (the " ...

BEIJING, Oct. 23, 2024 /PRNewswire/ -- Zhihu Inc. (NYSE: ZH; HKEX: 2390) ("Zhihu" or the "Company"), a leading online content community in China, today updated that, in relation with the Company's all cash tender offers (the "Offers") to buy back up to 46,921,448 Class A ordinary shares of the Company (including in the form of American depositary shares (the "ADSs")), Mr. Dahai Li, a director of the Company, has informed the Company of his current intention to accept the Offers related to a part of the Clas ...