Core Viewpoint - Zhihu (ZH.US) experienced a 4% increase in stock price, reaching $3.66, following a series of share buybacks in the Hong Kong market [1] Group 1: Share Buyback Activity - On February 11, the company repurchased 99,000 shares for a total of $119,400, with prices ranging from $1.1733 to $1.2433 per share [1] - On February 10, approximately 94,600 shares were repurchased at a cost of about $116,200 [1] - On February 9, the company spent $118,600 to buy back 99,000 shares, with prices between $1.1667 and $1.2167 per share [1]

Core Insights - Zhihu celebrated its 15th anniversary with an exhibition themed "When Experience Flows Through Time," showcasing various exhibits that highlight the platform's journey and its community's stories [1][4] Group 1: Anniversary Celebration - The exhibition featured signed editions of "The Longest Day in Chang'an" by author Ma Boyong, a photo with WeChat founder Zhang Xiaolong, and memorabilia from various Zhihu contributors, illustrating the platform's 15-year history [1] - Notable moments included a question posed by Zhang Xiaolong in 2012 about whether mobile phones would replace personal computers, which became one of Zhihu's 15 "Annual Questions" [1][3] Group 2: Community Engagement - During the anniversary event, numerous Zhihu contributors shared personal stories about their experiences on the platform, emphasizing the importance of good questions in understanding the world [3][4] - The event also included performances and discussions that highlighted the diverse contributions of Zhihu users, showcasing the platform's role in fostering creativity and knowledge sharing [4] Group 3: Reflection and Future Direction - Zhihu revisited its first question, "How to Use Zhihu Correctly," with contributions from various experts reflecting on their creative journeys within the community [4] - The platform aims to maintain its spirit of openness, sharing, and truth-seeking, especially in the context of rapid AI development, emphasizing the need for high-quality engagement and trust [4]

Core Insights - Zhihu, a professional Q&A community, is celebrating its 15th anniversary on January 26, 2026, marking its official launch in 2011 [1] Group 1 - Zhihu has initiated a series of celebratory activities for its 15th anniversary, including the revival of its first question, "How to use Zhihu correctly?" [1] - The community is also collecting experiences and stories from users to commemorate the milestone [1]

Core Insights - Haitong International initiates coverage on Zhihu with an "outperform" rating, highlighting its unique positioning in the Q&A community and the potential of AI applications [1][2] Financial Performance - In Q3 2025, Zhihu reported total revenue of approximately 659 million yuan, with a non-GAAP operating loss narrowing by 16.3% year-on-year, indicating improved operational efficiency and quality [1] - Zhihu's cash reserves are robust, totaling 4.58 billion yuan as of the end of Q3, which includes cash and cash equivalents, time deposits, restricted funds, and short-term investments [1] Strategic Initiatives - The company is actively optimizing operations to eliminate inefficiencies, which has resulted in a slight loss as part of its investment in sustainable long-term operations [1] - Zhihu has implemented share buybacks and cost-reduction measures to strengthen its capital and profit flexibility, with positive expectations for profitability and margin improvement in 2025-2026 [1] AI Development - Zhihu's AI application, Zhihu Zhidao, has seen significant growth, with its penetration rate exceeding 15% by the end of Q3, nearly four times the level from the same period last year [1] - Future upgrades for Zhihu Zhidao will enhance AI capabilities across various scenarios, including search, content creation, and consumption, further increasing AI usage within the community [1] Market Outlook - Haitong International anticipates 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 projected price-to-sales ratio of 1.2 times for FY 2025 [2]

Group 1 - Haitong International initiated coverage on Zhihu (02390) with an "outperform" rating, highlighting its unique positioning in the Q&A community and the potential of AI applications [1][2] - The company forecasts Zhihu's target price at HKD 14.8 for 2025, with projected total revenue of approximately RMB 6.59 billion for Q3 2025 and a non-GAAP operating loss narrowing by 16.3% year-on-year [1][2] - Zhihu's cash reserves are robust, totaling RMB 4.58 billion as of the end of Q3, which supports its capital and profit flexibility [1] Group 2 - The usage and penetration of Zhihu's AI product, Zhihu Zhida, have been steadily increasing, with a penetration rate exceeding 15%, nearly four times that of the same period last year [1] - Haitong International believes that Zhihu's high user engagement and trust in its "professional discussion" space will continue to attract high-value users and brand budgets, benefiting from the generative AI trend [2] - The firm predicts Zhihu's total revenue for Q4 2025 and the fiscal year 2025 to be RMB 640 million and RMB 2.75 billion, respectively, with a projected price-to-sales ratio of 1.2 times [2]

Core Viewpoint - Zhihu-W (02390) announced the grant of a total of 1.0798 million restricted stock units to several qualified participants under the 2022 share incentive plan, representing approximately 0.4% of the total issued shares (excluding treasury shares) as of the announcement date [1] Summary by Relevant Sections - **Stock Incentive Plan** - The company is granting 1.0798 million restricted stock units under the 2022 share incentive plan [1] - **Impact on Shares** - The granted units correspond to the same number of Class A ordinary shares and represent about 0.4% of the total issued shares as of the announcement date [1]

Core Insights - Zhihu reported a revenue of 717 million yuan for Q2 2025, with an adjusted net profit of 91.3 million yuan, marking three consecutive quarters of Non-GAAP profitability [1] - The paid reading business generated 402 million yuan in revenue, accounting for 56.1% of total revenue [1] - Marketing services and vocational education contributed 223 million yuan and 62.1 million yuan, representing 31.1% and 8.7% of total revenue, respectively [1] - As of the end of Q2, Zhihu had a total of 4.82 billion yuan in cash and cash equivalents, time deposits, restricted funds, and short-term investments [1]