Zhihu, Inc. Class A (HK:2390)
:2390
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Zhihu, Inc. Class A
(2390)
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Rating:51Neutral
Price Target:
HK$8.00
▼(-9.19% Downside)
Action:Reiterated
Date:04/21/26
The score is held back primarily by shrinking revenue and continued cash burn despite improving profitability trends. Technicals show improving momentum but with overbought signals and still below the 200-day average. The latest earnings call was moderately positive on operational discipline, AI traction, and buybacks, but near-term growth and margin pressures remain key risks.
Positive Factors
Conservative balance sheet
Very low leverage and sizable equity/assets reduce solvency risk and provide a multi-quarter runway to fund disciplined AI investments or weather slower top-line recovery. This capital flexibility supports durable operating choices and lowers refinancing pressure over the next 2–6 months.
Negative Factors
Two years of revenue contraction
Sustained top‑line declines weaken network effects and advertiser demand, constraining scale economics and making margin recovery harder. Even with better unit economics, prolonged revenue shrinkage limits free cash flow generation and raises execution pressure on monetization initiatives.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative balance sheet
Very low leverage and sizable equity/assets reduce solvency risk and provide a multi-quarter runway to fund disciplined AI investments or weather slower top-line recovery. This capital flexibility supports durable operating choices and lowers refinancing pressure over the next 2–6 months.
Read all positive factors
Zhihu, Inc. Class A (2390) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$2.03B
Dividend YieldN/A
Average Volume (3M)145.29K
Price to Earnings (P/E)―
Beta (1Y)1.65
Revenue Growth-23.64%
EPS Growth-42.22%
CountryHK
Employees1,887
SectorCommunication Services
Sector Strength97
IndustryInternet Content & Information
Share Statistics
EPS (TTM)0.55
Shares Outstanding250,907,520
10 Day Avg. Volume161,950
30 Day Avg. Volume145,293
Financial Highlights & Ratios
PEG Ratio-0.01
Price to Book (P/B)0.16
Price to Sales (P/S)0.22
P/FCF Ratio-1.73
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
HK$11.00Price Target Upside24.86% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)-0.11
Revenue Forecast (FY)HK$2.81B
Zhihu, Inc. Class A Business Overview & Revenue Model
Company Description
Zhihu Inc. operates an online content community in the People's Republic of China. Its community allows people to seek inspiration, find solutions, make decisions, and have fun. The company also offers technology, business support, and consulting ...
How the Company Makes Money
Zhihu generates revenue primarily through monetizing traffic and engagement on its platform and through commercial services built around its content ecosystem. Key revenue streams include: (1) Online advertising and marketing services: Zhihu sells...
Zhihu, Inc. Class A Earnings Call Summary
Earnings Call Date:Mar 25, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Jun 03, 2026
Earnings Call Sentiment Neutral
The call conveyed a mixed but cautiously constructive view: management highlighted a major structural milestone—first full-year non-GAAP profitability—and strong momentum in AI-driven engagement, creator activity, IP monetization and sequential recovery in marketing services. However, meaningful year-over-year revenue declines, Q4 non-GAAP loss, gross margin compression and a sizeable one-time goodwill impairment temper the outlook. Management plans disciplined, ROI-focused investments in AI monetization (IP and data services) while preserving operating discipline. Overall, positives (profitability milestone, AI/product traction, IP growth and sequential commercial recovery) are balanced by significant near-term revenue and margin challenges and one-time charges, leading to a measured tone about growth ahead.Positive Updates
First Full-Year Non-GAAP Profit
Achieved first ever full-year non-GAAP net income of RMB 37.9 million in 2025 versus an adjusted net loss of RMB 96.3 million in 2024, marking a structural profitability milestone driven by cost discipline and improved operating leverage.
Negative Updates
Year-over-Year Revenue Decline
Total Q4 revenue was RMB 643.5 million, down from RMB 859.2 million in Q4 2024 (approximately -25.1% YoY), reflecting ongoing revenue mix optimization and a multi-quarter top-line contraction despite sequential improvement.
Read all updates
Q4-2025 Updates
Positive
Negative
First Full-Year Non-GAAP Profit
Achieved first ever full-year non-GAAP net income of RMB 37.9 million in 2025 versus an adjusted net loss of RMB 96.3 million in 2024, marking a structural profitability milestone driven by cost discipline and improved operating leverage.
Read all positive updates
Company Guidance
Management guided that in 2026 Zhihu will prioritize disciplined operations while accelerating AI integration and scaling AI‑driven commercialization—focusing on higher‑margin, capital‑efficient revenue streams (notably AI‑enabled short‑form drama/comic adaptations and export data solutions) with investments concentrated on initiatives with visible ROI and a path to positive cash flow rather than aggressive cash burn. They pointed to 2025 achievements as the foundation for this plan: full‑year non‑GAAP adjusted net income of RMB 37.9 million (vs an adjusted net loss of RMB 96.3 million in 2024), Q4 total revenue of RMB 643.5 million (vs RMB 859.2 million YoY) with marketing services of RMB 234.8 million (up 24% sequentially; vs RMB 315.9 million YoY), paid membership revenue of RMB 333.5 million with 12.2 million average monthly members (Q4 ARPU +1.4% sequentially; renewal rates +2.7 ppt), Q4 gross profit RMB 344.8 million (gross margin 53.6%), Q4 GAAP net loss RMB 210.8 million (non‑GAAP adjusted net loss RMB 39.4 million), cash and equivalents RMB 4.5 billion (versus RMB 4.9 billion a year earlier), share buybacks of 31.1 million Class A shares for USD 66.5 million plus 16.6 million via trustee for USD 23.4 million (representing 6.29% of shares), and encouraging engagement/AI metrics—Q4 average daily time spent per user >41 minutes; Q4 daily high‑quality content +>20% YoY (full‑year +31%); professional AI content +>30% YoY; Ideas daily content +73.5% (daily interactions doubled); Circles daily content creation >100% sequentially (views +72%); Zhida direct MAUs +260% YoY (next‑month retention +83% YoY); and Feb ’26 average daily search queries per DAU +16% vs Nov ’25—which management expects to translate into continued recovery in marketing services and new scalable AI monetization in 2026.Zhihu, Inc. Class A Financial Statement Overview
Summary
Income Statement
42
Neutral
Balance Sheet
78
Positive
Cash Flow
35
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 3.15B | 2.75B | 3.60B | 4.20B | 3.60B | 2.96B |
| Gross Profit | 1.98B | 1.65B | 2.18B | 2.30B | 1.81B | 1.55B |
| EBITDA | -209.85M | -361.94M | -456.19M | -1.05B | -1.58B | -1.37B |
| Net Income | 138.17M | -192.90M | -171.80M | -843.64M | -1.58B | -1.30B |
Balance Sheet | ||||||
| Total Assets | 5.75B | 5.19B | 5.73B | 6.80B | 7.66B | 8.81B |
| Cash, Cash Equivalents and Short-Term Investments | 4.61B | 4.24B | 4.86B | 5.46B | 6.26B | 7.21B |
| Total Debt | 229.59M | 72.00M | 19.13M | 45.73M | 96.56M | 122.66M |
| Total Liabilities | 1.54B | 1.32B | 1.54B | 2.09B | 1.96B | 2.07B |
| Stockholders Equity | 4.14B | 3.81B | 4.14B | 4.60B | 5.65B | 6.74B |
Cash Flow | ||||||
| Free Cash Flow | 0.00 | -355.48M | -282.92M | -424.40M | -1.12B | -447.67M |
| Operating Cash Flow | 0.00 | -354.19M | -280.19M | -415.53M | -1.11B | -440.23M |
| Investing Cash Flow | 0.00 | -113.29M | 2.56B | -1.68B | 3.49B | -3.14B |
| Financing Cash Flow | 0.00 | -128.22M | -403.86M | -365.06M | -108.35M | 4.88B |
Zhihu, Inc. Class A Technical Analysis
Negative
8.81
Price Trends
8.26
Negative
8.76
Negative
10.17
Negative
Market Momentum
-0.09
Positive
46.57
Neutral
25.71
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:2390, the sentiment is Negative. The current price of 8.81 is above the 20-day moving average (MA) of 8.53, above the 50-day MA of 8.26, and below the 200-day MA of 10.17, indicating a bearish trend. The MACD of -0.09 indicates Positive momentum. The RSI at 46.57 is Neutral, neither overbought nor oversold. The STOCH value of 25.71 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for HK:2390.
Zhihu, Inc. Class A Peers Comparison
UnderperformOutperform
Sector (60)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | HK$103.28B | 12.16 | 13.77% | 1.01% | 17.42% | -3.31% | |
68 Neutral | HK$208.08B | 13.58 | 25.63% | ― | 12.62% | 22.16% | |
65 Neutral | HK$15.80B | -128.76 | 12.13% | 8.13% | 0.06% | 48.33% | |
60 Neutral | $48.67B | 4.58 | -11.27% | 4.14% | 2.83% | -41.78% | |
59 Neutral | HK$370.95B | 18.52 | 0.13% | ― | -2.26% | -98.47% | |
51 Neutral | HK$2.03B | -3.19 | -4.72% | ― | -23.64% | -42.22% | |
47 Neutral | HK$25.13B | -38.89 | -4.23% | ― | -9.16% | -273.98% |
* Communication Services Sector Average
HK:2390
Zhihu, Inc. Class A
8.14
-2.44
-23.06%
HK:0772
China Literature
24.60
-1.65
-6.29%
HK:9888
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134.20
48.10
55.87%
HK:9898
Weibo Corp Class A
64.30
0.74
1.16%
HK:1024
Kuaishou Technology Class B
47.68
-2.34
-4.68%
HK:1698
Tencent Music Entertainment Group Class A
36.02
-28.90
-44.51%
Zhihu, Inc. Class A Corporate Events
Zhihu Sets June 3 Board Meeting and Earnings Call for Q1 2026 Results
May 11, 2026
Zhihu Inc. has scheduled a board meeting for June 3, 2026 to review and approve its unaudited financial results for the quarter ended March 31, 2026. The board composition, including executive, non-executive, and independent non-executive director...
Zhihu Sets Record Date for 2026 Annual General Meeting Eligibility
May 7, 2026
Zhihu Inc. has set May 22, 2026, as the record date for determining which holders of its Class A and Class B ordinary shares are eligible to attend and vote at its upcoming annual general meeting. Shareholders must ensure that all share transfer d...
Zhihu Grants New Performance-Linked RSUs to Key Employees
Apr 15, 2026
Zhihu Inc. has granted 1,530,309 restricted share units under its 2022 Share Incentive Plan to seven eligible employees, equal to about 0.61% of its total share capital on a one-share-one-vote basis. The RSUs, priced at US$0.01 each against prevai...
Zhihu Publishes Unaudited 2025 Results and Cautions Investors on Reliance
Mar 25, 2026
Zhihu Inc. has released its unaudited condensed consolidated financial results for the fourth quarter and full year ended December 31, 2025, prepared under U.S. Generally Accepted Accounting Principles rather than International Financial Reporting...
Zhihu Revenue Drops in 2025 as Paying Users Decline but Adjusted Profit Turns Positive
Mar 25, 2026
Zhihu Inc. reported unaudited 2025 results showing total revenues fell 23.6% year-on-year to RMB 2.75 billion, with gross profit down 24.4%, reflecting pressure on its core online knowledge and membership business as average monthly subscribing me...
Zhihu Sets March 25 Board Meeting and Earnings Call for 2025 Results
Mar 2, 2026
Zhihu Inc. has scheduled a board meeting for March 25, 2026, to review and approve its unaudited quarterly results for the three months ended December 31, 2025, and its unaudited annual results for the full year 2025. The move underscores the comp...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.