Investment Rating - Maintain BUY rating with a target price of US$7 9 [2][4] Core Views - Zhihu delivered better-than-feared 1Q24 results with revenue down 3 4% YoY but 4% above consensus and adjusted net loss of RMB136mn vs consensus of RMB180mn [2] - Vocational training revenue was resilient at +36% YoY in 1Q24 while membership revenue decelerated to +1% YoY [2] - The company is prioritizing higher efficiency and aims for quarterly breakeven in 4Q24E with expected short-term volatility in user metrics and revenue [2] - Revenue forecast for FY24-26E was trimmed by 6 4%-7 0% and adjusted NPM was cut by 0 9-3 9ppts [2] Financial Performance - 1Q24 revenue was RMB961mn down 3 4% YoY with gross margin at 56 6% [8] - Adjusted net loss narrowed to RMB136mn in 1Q24 with adjusted NPM at -14% vs consensus of -19% [2] - Revenue breakdown for 1Q24 shows marketing services at RMB331mn (-16% YoY) paid membership at RMB450mn (-1% YoY) and vocational training at RMB145mn (+36% YoY) [9] Revenue and Profit Forecasts - FY24E revenue is forecasted at RMB3 532mn a 15 9% YoY decline with FY25E and FY26E revenue expected to grow 8 3% and 6 9% respectively [3] - Adjusted net profit is expected to improve from a loss of RMB347 7mn in FY24E to a profit of RMB59 0mn in FY25E and RMB125 7mn in FY26E [3] - Gross margin is projected to improve from 55 0% in FY24E to 56 1% in FY26E [14] Valuation and Share Performance - DCF-based target price adjusted to US$7 9 with an upside potential of 148 7% from the current price of US$3 18 [4] - Share performance shows a 1-month decline of 18 0% and a 6-month decline of 43 5% [5] Business Segments - Marketing services revenue is expected to decline 25% YoY in 2Q24E while paid membership revenue is forecasted to decline 4% YoY [2] - Vocational training revenue is expected to decline 7% YoY in 2Q24E as the company focuses on high-quality development and shrinks low-margin subjects [2] Efficiency and Cost Management - Group gross margin is expected to improve by 2 5ppts YoY in 2Q24E driven by disciplined expenses and operational efficiency [2] - Operating expenses are forecasted to decline with a focus on cost control and higher efficiency [2]

design master/iStock via Getty Images Elevator Pitch Zhihu Inc. (NYSE:ZH) [2390:HK] shares are awarded a Hold investment rating. My prior update written on December 10, 2023 was focused on the review of Zhihu's Q3 2023 financial results. I turn my attention to ZH's most recent financial disclosures for the first quarter of 2024 with this latest article. There are mixed takeaways from Zhihu's latest results. On one hand, ZH's Q1 revenue beat expectations, and the vocational training business' growth prospect ...

♪ The. Ladies and gentlemen, Thank you for standing by and welcome to Zhihu Inc. First Quarter 2024 Financial Results Conference Call. At this time, all participants are in the listen-only mode. After the speaker's presentation, there will be a question and answer session. Today's conference is being recorded. At this time, I would like to turn the conference over to Yolanda Liu, Director of Investor Relations. Please go ahead, ma'am. Thank you, operator. Hello, everyone. Welcome to Zhihu's first quarter 20 ...

Zhihu Inc. (NYSE:ZH) Q1 2024 Earnings Conference Call June 12, 2024 7:00 AM ET Company Participants Yolanda Liu - Director, IR Zhou Yuan - Founder, Chairman and CEO Wang Han - CFO Conference Call Participants Xueqing Zhang - CICC Daisy Chen - Haitong International Cici Cheng - CLSA Vicky Wei - Citi Thomas Chong - Jefferies Operator Ladies and gentlemen, thank you for standing by and welcome to the Zhihu Inc. First Quarter 2024 Financial Results Conference Call. At this time, all participants are in the list ...

♪ The. Ladies and gentlemen, Thank you for standing by and welcome to Zhihu Inc. First Quarter 2024 Financial Results Conference Call. At this time, all participants are in the listen-only mode. After the speaker's presentation, there will be a question and answer session. Today's conference is being recorded. At this time, I would like to turn the conference over to Yolanda Liu, Director of Investor Relations. Please go ahead, ma'am. Thank you, operator. Hello, everyone. Welcome to Zhihu's first quarter 20 ...

ლელელელელელელელელელელელელელელელელელელელელელელელელელელელელელელელელელელელელე� ♪♪♪ ♪♪♪ ទᾶ ទᾶ ទᾶ ទᾶ ទᾶ ទᾶ ទᾶ Ladies and Gentlemen, Thank you for standing by and welcome to Zhihu Inc. First Quarter 2024 Financial Results Conference Call. At this time, all participants are in the listen-only mode. After the speaker's presentation, there will be a question and answer session. Today's conference is being recorded. At this time, I would like to turn the conference over to Yolanda Liu, Director of Investor Relations. ...

BEIJING, June 12, 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 March 31, 2024.First Quarter 2024 HighlightsTotal revenues were RMB960.9 million (US$133.1 million) in the first quarter of 2024, compared with RMB994.2 million in the same period of 2023.Gross margin expanded to 56.6% in the first quarter of 2024 from 51.5% in the same period of 2023.Net loss w ...

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BEIJING, June 5, 2024 /PRNewswire/ -- Zhihu Inc. (NYSE: ZH; HKEX: 2390) ("Zhihu" or the "Company"), a leading online content community in China, today announced that it has received a letter from the New York Stock Exchange ("NYSE") dated June 3, 2024 (the "Compliance Notice"), notifying the Company that it is no longer considered below the NYSE's continued listing criterion of a minimum average share price of US$1.00 over a 30 trading-day period (the "NYSE Trading Price Requirement").As previously announce ...

BEIJING, June 5, 2024 /PRNewswire/ -- Zhihu Inc. (NYSE: ZH; HKEX: 2390) ("Zhihu" or the "Company"), a leading online content community in China, today announced the appointment of Mr. Bin Sun as the Company's chief technology officer, effective immediately. Mr. Dahai Li resigned as the Company's chief technology officer due to his commitment of serving full-time as the chief executive officer of Modelbest, a technology start-up company dedicated to AI and large language models. Mr. Li will remain as a direc ...