BEIJING, China, March 25, 2026 (GLOBE NEWSWIRE) -- Zhihu Inc. (“Zhihu” or the “Company”) (NYSE: ZH; HKEX: 2390), a leading online content community in China, today announced its unaudited financial results for the quarter and fiscal year ended December 31, 2025. Fourth Quarter 2025 Highlights Total revenues were RMB643.5 million (US$92.0 million), compared with RMB859.2 million in the same period of 2024.Gross margin was 53.6%, compared with 62.9% in the same period of 2024.Net loss was RMB210.8 million (US ...

Core Drivers - The IPO market in 2025 will reflect the global economic recovery, technological innovation, and evolving regulatory environment [2] - Key sectors driving growth include AI and computing infrastructure, renewable energy and green technology, and biotechnology and life sciences [3][4][5] AI and Computing Infrastructure - The global AI industry has shifted from model development to application and computing power competition, with increased demand for AI efficiency tools and vertical applications [6] - IPO highlights include companies focused on AI chip design, AI SaaS providers with low-code solutions, and edge AI manufacturers for IoT and autonomous driving [6] Renewable Energy and Green Technology - Major economies are accelerating their carbon neutrality goals, with policies like the US Inflation Reduction Act providing incentives for the renewable energy sector [6] - IPO highlights include long-duration energy storage companies, smart grid operators, and green hydrogen production firms [6] Biotechnology and Life Sciences - The aging global population and breakthroughs in precision medicine are driving demand for innovative therapies and digital health solutions [6] - IPO highlights include companies focused on gene and cell therapies, digital health platforms, and synthetic biology [6] Structural Opportunities - The digital transformation in consumer and service sectors is deepening, with a focus on enterprise services and consumer technology [8][9] - The subscription-based SaaS model is gaining traction due to its resilience and stable cash flow [12] Capital Market Environment - The Federal Reserve is expected to enter a rate-cutting phase, which will enhance the valuation of risk assets and benefit the Nasdaq IPO market [10] - Regulatory scrutiny is increasing, particularly for Chinese companies listed in the US, leading to a divergence in IPO opportunities [11][13] Summary of Nasdaq IPO Logic for 2025 - The Nasdaq IPO landscape will be characterized by technology-driven growth, with a focus on differentiated technological barriers and user stickiness [11] - Companies should enhance ESG disclosures to align with global capital preferences [11]

Summary of AI Commercialization Conference Call Industry Overview - The conference discusses the current state of AI commercialization globally, highlighting significant progress in the sector, particularly among companies valued over $1 billion, such as OpenAI and Anthropic [2][27]. Key Companies and Their Business Models - **OpenAI**: Valued at $13 billion, primarily generates revenue (60-70%) from membership subscriptions, indicating a strong consumer-oriented (ToC) approach [2][6]. - **Anthropic**: Valued at $4 billion, derives approximately 70% of its revenue from API calls, focusing more on business-to-business (ToB) services [2][6]. - **Kolin**: A notable Chinese AI application, has annual revenue exceeding $100 million, with 70% coming from overseas markets, reflecting strong international demand for AI applications [17][18]. AI Application Trends - Companies in the $100 million to $1 billion range often focus on vertical applications, enhancing existing services like Figma and Grammarly, which have seen significant revenue growth post-AI feature integration [3][13]. - The programming sector is experiencing rapid growth, with tools like Cursor achieving over $500 million in scale, driven by model upgrades and cost reductions [4][7]. - Multi-modal AI applications, such as Runway and Midjourney, target professional content creators, emphasizing efficiency and cost reduction as key success factors [8][15]. Market Dynamics - The competitive landscape in the multi-modal AI sector is intense, with various companies, including domestic players like Kuaishou and Meitu, developing tools for content generation and editing [11][31]. - The overall AI application market is witnessing a shift towards subscription-based models, particularly in multi-modal tools, which cater primarily to B-end users but are increasingly attracting C-end users [11][15]. Financial Performance and Projections - OpenAI's annual recurring revenue (ARR) is projected to grow from $13 billion to $20 billion by the end of 2025, indicating robust growth potential [10][9]. - Kolin's revenue is expected to reach between $200 million to $250 million in 2025, showcasing the scalability of successful AI applications [17]. Investment Opportunities - The most promising investment directions identified are multi-modal and vertical AI applications, which have shown significant revenue generation and growth potential [31]. - Recommended companies for potential investment include Kuaishou, Meitu, Jiasen Technology, and Wanxing Technology, all of which have demonstrated strong performance in their respective markets [32]. Challenges and Considerations - Domestic AI applications face challenges in commercialization compared to international counterparts, primarily due to less mature consumer payment habits and intense competition [21][22][29]. - The AI companionship sector is rapidly evolving, with products like Eve offering innovative user experiences, indicating a growing market for AI-driven engagement tools [26]. Conclusion - The global AI application market is experiencing substantial growth, particularly in large models, multi-modal, and vertical applications, with companies continuously exploring new business models and market opportunities [27].