Group 1 - Haitong International initiated coverage on Zhihu with an "outperform" rating, highlighting its unique position in the Q&A community and the potential of AI applications [1][2] - Zhihu's total revenue for Q3 2025 is projected to be approximately 659 million yuan, with a 16.3% year-on-year reduction in non-GAAP operating losses, indicating improved operational efficiency and quality [1] - As of the end of Q3, Zhihu's cash and cash equivalents, along with short-term investments, totaled 4.58 billion yuan, demonstrating a strong cash reserve [1] Group 2 - Haitong International believes Zhihu's high user engagement and trust in the "professional discussion" space will continue to attract high-value users and brand budgets [2] - The firm predicts 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] - The integration of generative AI in Q&A expansion, personalized recommendations, and advertising creative generation is expected to enhance content supply and commercial conversion efficiency on the platform [2]
海通国际给予知乎"优于大市"评级，港股目标价14.8港元