Core Viewpoint - Zhihu (ZH.US) experienced a significant increase of over 25%, reaching $4.45, driven by the shift in AI industry focus from computational power to application and commercialization [1] Group 1: Company Insights - Zhihu is leveraging a combination of high-quality content, expert networks, and AI capabilities to create stronger synergies in the AI era, enhancing its data and investment value [1] - The platform's high user engagement and trust in professional discussions are attracting valuable users and brand budgets, positioning Zhihu uniquely in the Q&A community [1] Group 2: Industry Trends - The integration of generative AI in Q&A expansion, personalized recommendations, and advertising creative generation is expected to improve both content supply and commercial conversion efficiency on the platform [1] - The deep fusion of AI applications is anticipated to unlock new monetization flexibility for Zhihu, benefiting from the advantages of large models and ample cash reserves [1]

海通国际在研报中指出，知乎凭借高黏性、高信任度的"专业讨论"场域，持续吸纳高价值用户与品牌预 算，并看好知乎在问答社区的独特卡位，叠加大模型红利与充足现金。"生成式AI在问答扩展、个性化 推荐及广告创意生成等场景的深度融合，有机会撬动平台内容供给与商业转化双端效率，带来新的变现 弹性。" 与此同时，以专业内容见长的平台有望在AI创新生态中受益，其中知乎被行业誉为AI创新产业 （300832）重要的"内容信源供应商"。品牌方认可知乎在建立专业认知与口碑方面的独特价值，常将其 作为内容营销与口碑建设的关键阵地。 据量子位智库报告显示，知乎专业内容被AI智能助手引用率达到29.9%，在内容社区中居首。在消费类 问题中，知乎内容被AI智能助手引用率高达62.5%，尤其在母婴、大健康等决策依赖专业知识的领域， 知乎内容占比分别达到28%和26%。 1月12日，AI概念股继续走强。知乎(02390)港股盘中一度涨超10%，收盘报9.97港元每股，上涨6.97%， 盘中成交明显放大。 投资层面上，中国银河（601881）证券指出，人工智能"泡沫"其担忧根本并非来自生产端，而是来自需 求端，当下生成式人工智能在AI应用层的提 ...

与此同时，以专业内容见长的平台有望在AI创新生态中受益，其中知乎被行业誉为AI创新产业重要 的"内容信源供应商"。品牌方认可知乎在建立专业认知与口碑方面的独特价值，常将其作为内容营销与 口碑建设的关键阵地。 据量子位智库报告显示，知乎专业内容被AI智能助手引用率达到29.9%，在内容社区中居首。在消费类 问题中，知乎内容被AI智能助手引用率高达62.5%，尤其在母婴、大健康等决策依赖专业知识的领域， 知乎内容占比分别达到28%和26%。 投资层面上，中国银河证券指出，人工智能"泡沫"其担忧根本并非来自生产端，而是来自需求端，当下 生成式人工智能在AI应用层的提升空间仍有待释放。 智通财经APP获悉，1月12日，AI概念股继续走强。知乎(02390)港股盘中一度涨超10%，收盘报9.97港 元每股，上涨6.97%，盘中成交明显放大。 随着AI搜索、AI智能助手应用的渗透，AI产业链的关注点正由早期的算力投入，逐步转向应用与商业 化落地。凭借"高质量内容 × 专家网络 × AI能力"产生更强的协同效应，知乎在AI时代和场景下的数据 价值和投资价值持续显现。 海通国际在研报中指出，知乎凭借高黏性、高信任度的"专业讨 ...

作为以专业讨论为定位的问答社区，知乎即将于2026年1月26日迎来15周岁生日。近日，知乎携手用户 启动15周年系列庆祝活动，包括重启社区首个问题"如何正确使用知乎"，发起15周年经验和故事征集， 共同回顾在知乎的创作历程，细数15年来，每个人对知乎不同的"打开方式"。 在知乎，大家相信"有问题，就会有答案"，但不必是唯一的正确答案。影评人张小北是知乎前一千名注 册用户，在知乎，他创作了4516条内容，先后获得了8个电影细分门类的优秀答主标签和"十年新知答 主"荣誉，创作领域也五花八门、涉猎丰富。在他看来，知乎没有所谓唯一正确的使用方式，"如果说知 乎有什么正确的用法，那就是我们仍然坚信互联网的分享精神，仍然相信人和人之间的分享是有意义 的。" 上海中医药大学附属龙华医院骨科医生孙悦礼在知乎创作了3792条医学科普内容，出版了9部科普图 书，他把陪伴自己11年的知乎"当成一个被问题反复打磨、被质疑持续修正、最终沉淀为长期价值的地 方，而不是即时反馈的自媒体流量平台"。相比确定性的标准答案，他更关注"看似普通、却始终没有被 好好回答的问题"，比如"怎么跑步不上膝盖"，他的回答帮助成千上万人纠正认知，健康运动。 ...

Core Viewpoint - Haitong International initiates coverage on Zhihu-W (02390) with an "Outperform" rating, setting a target price of HKD 14.8 based on a projected price-to-sales ratio of 1.2x for the fiscal year 2025 [1] Group 1: Company Analysis - The integration of generative AI in Zhihu's Q&A expansion, personalized recommendations, and advertising creative generation is expected to enhance both content supply and commercial conversion efficiency, providing new monetization flexibility [1] - Zhihu's unique positioning in the Q&A community, combined with the benefits from large models and ample cash reserves, is viewed positively [1] - The management has committed to returning value to shareholders, having repurchased USD 66.5 million worth of shares in the first nine months of 2025 [1]

Core Viewpoint - Haitong International initiates coverage on Zhihu-W (02390) with an "Outperform" rating, setting a target price of HKD 14.8 based on a projected price-to-sales ratio of 1.2x for the fiscal year 2025 [1] Group 1: Company Analysis - The integration of generative AI in Zhihu's Q&A expansion, personalized recommendations, and advertising creativity is expected to enhance both content supply and commercial conversion efficiency, providing new monetization flexibility [1] - Zhihu's unique positioning in the Q&A community, combined with the benefits from large models and ample cash reserves, is viewed positively [1] - The management has committed to returning value to shareholders, having repurchased USD 6.65 million in the first nine months of 2025 [1]

Core Viewpoint - Haitong International initiates coverage on Zhihu with an "outperform" rating, projecting a target price of HKD 14.8 based on a price-to-sales ratio of 1.2 times for the fiscal year 2025 [1] Group 1: Financial Projections - The firm forecasts Zhihu's total revenue for Q4 2025 to be RMB 640 million and for the entire fiscal year 2025 to reach RMB 2.75 billion [1] - The management has committed to continuous shareholder returns, having repurchased USD 66.5 million worth of shares in the first nine months of 2025 [1] Group 2: Business Strategy and Opportunities - The integration of generative AI in various scenarios such as Q&A expansion, personalized recommendations, and advertising creativity is expected to enhance both content supply and commercial conversion efficiency [1] - The company is well-positioned in the Q&A community, benefiting from the large model dividend and ample cash reserves [1]

Investment Rating - The report initiates coverage on Zhihu-W (2390 HK) with an "Outperform" rating, targeting a price of HK$14.80 [2][5][24]. Core Insights - Zhihu is positioned as China's leading Q&A-centric online content community, leveraging generative AI to enhance content supply and commercial conversion, which is expected to unlock new monetization opportunities [3][19]. - The company aims to achieve its first annual adjusted profit in 2025, with a focus on improving operational efficiency and reducing costs [8][22]. - The integration of AI tools is transforming the community ecosystem, significantly increasing user engagement and monetization potential [23]. Financial Overview - For FY25, total revenue is projected to decline by 24% to RMB 27.5 billion, with adjusted net profit expected to be RMB 33.34 million, marking a return to profitability [9][20]. - The company reported a total revenue of RMB 6.589 billion in Q3 2025, a 22% year-over-year decline, but better than market expectations [20][21]. - Adjusted gross profit margin is expected to improve from 60.6% in FY24 to 61.7% in FY25, indicating a focus on margin expansion [17][20]. Business Segment Outlook - Online marketing services are anticipated to bottom out in Q4 2025, with management confident in maintaining revenue levels in 2026 [21]. - Paid membership services are being refined to enhance user experience and community integration, with projected revenue of RMB 344 million for Q4 2025 [21][22]. - The vocational education segment has reached breakeven and is now included in the "Other" business category, contributing to overall revenue stability [21][22]. Valuation Analysis - The report assigns a price-to-sales (P/S) ratio of 1.2 for FY25, reflecting a cautious valuation approach due to ongoing business adjustments [13][24]. - The target price of HK$14.80 is based on the company's unique positioning in the Q&A community and the anticipated benefits from AI integration [5][24].

Core Insights - Zhihu reported a total revenue of RMB 716.9 million for Q2 2025, a decrease of approximately 23% compared to RMB 933.8 million in Q2 2024 [1] - The gross margin improved from 59.6% in Q2 2024 to 62.5% in Q2 2025 [1] - The net profit for Q2 2025 was RMB 72.5 million, a significant turnaround from a net loss of RMB 80.6 million in Q2 2024 [1] Revenue Breakdown - Marketing services revenue decreased to RMB 222.8 million in Q2 2025 from RMB 344 million in Q2 2024, attributed to a strategic focus on improving profit margins [1] - Paid membership revenue slightly declined to RMB 402 million in Q2 2025 from RMB 432.7 million in Q2 2024, mainly due to a decrease in average monthly subscribers [1] - Vocational training revenue fell to RMB 62.1 million in Q2 2025 from RMB 133.6 million in Q2 2024, reflecting strategic optimization of Zhihu's business [1] - Other income increased by 27.6% to RMB 30 million in Q2 2025 from RMB 23.5 million in Q2 2024 [1] Subscriber Metrics - The average monthly paid subscribers reached 13.2 million in Q2 2025 [1]