Core Viewpoint - Citic Securities has released a report indicating that Zhihu Technology (09911) has published solid operational and revenue data for 2025, with total revenue growth projected between 32.8% and 37.5%, aligning with market consensus and the firm's expectation of a 35.5% year-on-year increase, maintaining an outperform rating with a target price of HKD 17.5 [1] Group 1 - The company reported strong growth in the last quarter, with total revenue reaching RMB 1.93 billion, representing a year-on-year increase of 28% and a quarter-on-quarter increase of 7%, compared to year-on-year growth of 36% and 39% in the second and third quarters respectively [1] - The fourth quarter social network revenue is projected to grow by 26% year-on-year, reaching RMB 1.72 billion, driven by robust growth in diverse social products, with monthly active users increasing by 11% to 35 million, as well as the application of AI tools [1] - The fourth quarter innovative business revenue is expected to grow by 40% year-on-year, reaching RMB 210 million, primarily driven by traffic diversion, e-commerce, and short video business [1]
里昂：赤子城科技(09911)全年收入增长符预期 评级跑赢大市