Investment Rating - The report maintains a "Buy" rating for Zhihu (ZH) with a target price of 4.87perADS[5][17]CoreViews−Zhihuachievedsignificantlossreductionin24Q3,withthelowestquarterlylosssinceitsIPO[2][3]−Thecompany′scommunityecosystemhasbeenoptimized,withcoreuserhealthmetricssteadilyimproving[3]−Zhihu′s24Q3grossmarginreached63.94.87 per ADS [17] - The current PS ratio is 0.68x for 2024, 0.79x for 2025, and 0.75x for 2026 [17]