智通财经网·2025-12-02 09:31Core Viewpoint - Haitong International initiated coverage on Zhihu (02390) with an "Outperform" rating, highlighting its unique positioning in the Q&A community and the potential of AI applications [1][2] Financial Performance - Zhihu's total revenue for Q3 2025 is projected to be approximately 659 million yuan, with a non-GAAP operating loss narrowing by 16.3% year-on-year, indicating improved operational efficiency and quality [1] - The company reported a slight loss in Q3 due to proactive optimization efforts aimed at eliminating inefficiencies and solidifying sustainable long-term operations [1] - As of the end of Q3, Zhihu's cash and cash equivalents, along with short-term investments, totaled 4.58 billion yuan, indicating a strong cash reserve [1] AI Application and Growth - Zhihu's AI product, Zhihu Zhidao, has seen a significant increase in usage, with penetration rates exceeding 15%, nearly quadrupling from the same period last year [1] - Future upgrades for Zhihu Zhidao will enhance AI capabilities across various scenarios, including search, content creation, and consumption, further increasing AI penetration within the community [1] Market Position and Revenue Forecast - Haitong International believes Zhihu's high engagement and trust in the "professional discussion" space will continue to attract high-value users and brand budgets [2] - The firm forecasts Zhihu's total revenue for Q4 2025 and the fiscal year 2025 to be 640 million yuan and 2.75 billion yuan, respectively, with a target price of 14.8 HKD based on a price-to-sales ratio of 1.2 times for FY 2025 [2]