Zhi Tong Cai Jing·2025-12-02 06:06Core Viewpoint - Haitong International initiates coverage on Zhihu-W (02390) with an "Outperform" rating, setting a target price of HKD 14.8 based on a projected price-to-sales ratio of 1.2x for the fiscal year 2025 [1] Group 1: Company Analysis - The integration of generative AI in Zhihu's Q&A expansion, personalized recommendations, and advertising creative generation is expected to enhance both content supply and commercial conversion efficiency, providing new monetization flexibility [1] - Zhihu's unique positioning in the Q&A community, combined with the benefits from large models and ample cash reserves, is viewed positively [1] - The management has committed to returning value to shareholders, having repurchased USD 66.5 million worth of shares in the first nine months of 2025 [1]