Zhihu, Inc. Class A (2390) AI Stock Analysis

• Market Cap: HK$2.80B
• Dividend Yield: N/A
• Average Volume (3M): 145.29K
• Price to Earnings (P/E): 18.4
• Beta (1Y): 1.51
• Revenue Growth: -22.45%
• EPS Growth: N/A
• Country: HK
• Employees: 1,887
• Sector: Communication Services
• Sector Strength: 97
• Industry: Internet Content & Information
• EPS (TTM): 0.32
• Shares Outstanding: 254,416,100
• 10 Day Avg. Volume: 161,950
• 30 Day Avg. Volume: 145,293
• PEG Ratio: 0.19
• Price to Book (P/B): 0.60
• Price to Sales (P/S): 0.69
• P/FCF Ratio: -8.79
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 57 Neutral
• Price Target: HK$12.50 ▲(14.78% Upside)

Zhihu's overall stock score reflects a mix of strong operational improvements and ongoing financial challenges. The company's profitability and efficiency gains are significant positives, but declining revenues in key segments and bearish technical indicators weigh on the score. The moderate valuation provides some support, but the lack of a dividend yield is a drawback for income investors.

Zhihu, Inc. Class A Business Overview & Revenue Model

Company Description

Zhihu, Inc. Class A (2390) is a leading Chinese online question-and-answer platform, specializing in knowledge sharing and community-driven content. Founded in 2010, the company operates primarily in the internet technology sector, providing users with a platform to ask questions, share insights, and engage in discussions across a variety of topics. Zhihu has expanded its services to include premium content subscriptions, online courses, and advertising solutions, positioning itself as a significant player in the knowledge-sharing ecosystem in China.

How the Company Makes Money

Zhihu generates revenue through several key streams. Primarily, it earns money from premium membership subscriptions that offer users exclusive access to high-quality content and features. Additionally, the company generates income through advertising services, allowing brands to promote their products and services to a targeted audience on the platform. Zhihu also monetizes through content creation partnerships, where it collaborates with creators and experts to produce paid content, further enhancing its offerings. The company has seen growth in its revenue from e-commerce initiatives and online educational services, leveraging its vast user base and established brand reputation to drive sales and partnerships in those areas.

Zhihu, Inc. Class A Financial Statement Overview

Summary

Zhihu, Inc. shows strong revenue growth and a solid equity base, but struggles with achieving profitability and positive cash flows. The company exhibits financial stability with low leverage but faces challenges in converting revenue growth into net income and cash flow, which are critical for long-term sustainability and growth.

Income Statement

The company shows a consistent pattern of revenue growth, with a notable 210% increase in total revenue from 2019 to 2024. However, profitability remains a challenge, as indicated by negative net income and EBIT margins over the years. The gross profit margin has improved, yet the net profit margin is still negative, reflecting ongoing operational challenges.

Balance Sheet

The balance sheet highlights a strong equity position with an equity ratio of 72% in 2024, indicating financial stability. However, the company has a history of negative net income, affecting the return on equity. The debt-to-equity ratio is low, suggesting minimal financial leverage, which can be both a strength and an area for potential growth through strategic borrowing.

Cash Flow

Cash flow analysis reveals persistent negative operating and free cash flows, posing liquidity challenges. Despite significant investing cash inflows in 2022 and 2024, the company has yet to achieve positive free cash flow growth, indicating difficulty in generating cash from its core operations.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	3.15B	3.60B	4.20B	3.60B	2.96B	1.35B
Gross Profit	1.98B	2.18B	2.30B	1.81B	1.55B	757.80M
EBITDA	-209.85M	-456.19M	-1.05B	-1.58B	-1.37B	-583.27M
Net Income	138.17M	-171.80M	-843.64M	-1.58B	-1.30B	-517.55M
Balance Sheet
Total Assets	5.75B	5.73B	6.80B	7.66B	8.81B	3.76B
Cash, Cash Equivalents and Short-Term Investments	4.61B	4.86B	5.46B	6.26B	7.21B	3.10B
Total Debt	229.59M	19.13M	45.73M	96.56M	122.66M	2.89M
Total Liabilities	1.54B	1.54B	2.09B	1.96B	2.07B	1.01B
Stockholders Equity	4.14B	4.14B	4.60B	5.65B	6.74B	2.75B
Cash Flow
Free Cash Flow	0.00	-282.92M	-424.40M	-1.12B	-447.67M	-246.37M
Operating Cash Flow	0.00	-280.19M	-415.53M	-1.11B	-440.23M	-244.42M
Investing Cash Flow	0.00	2.56B	-1.68B	3.49B	-3.14B	430.11M
Financing Cash Flow	0.00	-403.86M	-365.06M	-108.35M	4.88B	9.29M

Zhihu, Inc. Class A Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 10.89
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Positive

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 10.89 is below the 20-day moving average (MA) of 10.96, below the 50-day MA of 12.20, and below the 200-day MA of 11.58, indicating a bearish trend. The MACD of -0.38 indicates Negative momentum. The RSI at 34.60 is Neutral, neither overbought nor oversold. The STOCH value of 17.10 is Positive, 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

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
9888	77 Outperform	HK$335.25B	11.49	10.28%	―	-1.69%	42.04%
1024	75 Outperform	HK$290.92B	16.50	25.22%	―	10.72%	17.05%
1698	70 Outperform	HK$252.99B	24.97	14.50%	―	13.62%	80.52%
9898	65 Neutral	HK$20.59B	7.67	10.70%	7.93%	0.99%	14.41%
0772	61 Neutral	$43.27B	300.00	0.67%	―	-10.26%	-85.75%
Sector *	60 Neutral	$48.67B	4.58	-11.27%	4.14%	2.83%	-41.78%
2390	57 Neutral	HK$2.80B	18.44	3.26%	―	-22.45%	―

Zhihu, Inc. Class A Corporate Events

Zhihu Inc. Schedules Board Meeting to Review Q3 Financial Results

Zhihu Inc. has announced a board meeting scheduled for November 25, 2025, to consider and approve the company’s unaudited financial results for the third quarter ending September 30, 2025. This meeting will be followed by an earnings conference call on the same day, allowing stakeholders to gain insights into the company’s financial performance and strategic direction.

The most recent analyst rating on (HK:2390) stock is a Hold with a HK$12.50 price target. To see the full list of analyst forecasts on Zhihu, Inc. Class A stock, see the HK:2390 Stock Forecast page.

Zhihu, Inc. Grants Over 1 Million RSUs to Key Employees

Zhihu, Inc. announced the grant of 1,079,805 Restricted Share Units (RSUs) to six eligible employees under its 2022 Share Incentive Plan. This move aims to align the interests of the employees with those of the shareholders and incentivize outstanding performance. The RSUs, representing approximately 0.4% of the total shares, have a vesting period of 36 to 48 months, contingent on performance targets. The initiative is intended to motivate, attract, and retain key personnel crucial to the company’s operations.

The most recent analyst rating on (HK:2390) stock is a Hold with a HK$12.50 price target. To see the full list of analyst forecasts on Zhihu, Inc. Class A stock, see the HK:2390 Stock Forecast page.

Zhihu Inc. Releases Q2 2025 Financial Results

Zhihu Inc. announced its unaudited financial results for the quarter ended June 30, 2025, prepared according to U.S. Generally Accepted Accounting Principles. The announcement, made under the regulations of the Hong Kong Stock Exchange and the U.S. SEC, advises shareholders and potential investors to exercise caution when dealing with the company’s securities, highlighting the inherent risks and uncertainties in forward-looking statements.

The most recent analyst rating on (HK:2390) stock is a Hold with a HK$15.00 price target. To see the full list of analyst forecasts on Zhihu, Inc. Class A stock, see the HK:2390 Stock Forecast page.

Zhihu Inc. Reports Improved Net Income Despite Revenue Decline in H1 2025

Zhihu Inc. has announced its unaudited interim results for the first half of 2025, showing a decrease in total revenues by 23.7% compared to the same period in 2024. Despite the revenue drop, the company reported a net income of RMB 62,372 thousand, a significant improvement from a net loss in the previous year. The adjusted loss from operations also decreased by 68.7%, indicating improved operational efficiency. The average monthly subscribing members saw a slight decline of 6.7%, reflecting challenges in maintaining user engagement. These results suggest a positive shift in Zhihu’s financial health, although the decline in revenue and subscribers indicates areas needing attention.

The most recent analyst rating on (HK:2390) stock is a Hold with a HK$15.00 price target. To see the full list of analyst forecasts on Zhihu, Inc. Class A stock, see the HK:2390 Stock Forecast page.