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