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Zhihu, Inc. Class A
(2390)
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Rating:50Neutral
Price Target:
HK$7.50
▼(-8.54% Downside)
Action:Reiterated
Date:09/10/26
The score is held back primarily by ongoing cash burn and still-weak/contracting top-line performance, despite a low-debt balance sheet and improving loss trajectory. Technical indicators also remain bearish (below key moving averages with negative MACD). The earnings call adds modest support due to efficiency progress, liquidity, and buybacks, but near-term revenue and margin uncertainty keeps the overall score near the lower-middle range.
Positive Factors
Conservative Balance Sheet
Zhihu’s very low leverage materially reduces solvency and refinancing risk, preserving flexibility while the company works to restore profitability. A sizable equity base also provides greater capacity to fund product initiatives and absorb continued operating volatility without relying heavily on debt.
Negative Factors
Persistent Revenue Contraction
Two consecutive years of substantial revenue contraction indicate ongoing pressure on demand and monetization rather than a brief quarterly fluctuation. Continued top-line weakness can limit operating leverage, constrain investment capacity, and make the path to durable profitability more dependent on further cost reductions.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative Balance Sheet
Zhihu’s very low leverage materially reduces solvency and refinancing risk, preserving flexibility while the company works to restore profitability. A sizable equity base also provides greater capacity to fund product initiatives and absorb continued operating volatility without relying heavily on debt.
Read all positive factors
Zhihu, Inc. Class A (2390) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$1.46B
Dividend YieldN/A
Average Volume (3M)19.30K
Price to Earnings (P/E)―
Beta (1Y)1.54
Revenue Growth-13.13%
EPS Growth-332.19%
CountryHK
Employees1,154
SectorCommunication Services
Sector Strength97
IndustryInternet Content & Information
Share Statistics
EPS (TTM)-3.05
Shares Outstanding244,789,780
10 Day Avg. Volume24,420
30 Day Avg. Volume19,303
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$9.00Price Target Upside9.76% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)-0.38
Revenue Forecast (FY)HK$3.03B
Zhihu, Inc. Class A Business Overview & Revenue Model
Company Description
Zhihu Inc. operates a prominent online content community in the People's Republic of China, providing a platform where users can discover inspiration, find solutions, make informed decisions, and engage in enjoyable activities. Beyond this core of...
How the Company Makes Money
Zhihu primarily monetizes its traffic, content ecosystem, and creator network through a mix of marketing services and paid content solutions. (1) Marketing services: Zhihu sells advertising and other marketing solutions to brands and merchants see...
Zhihu, Inc. Class A Earnings Call Summary
Earnings Call Date:Aug 26, 2026
(Q2-2026)
| Next Earnings Date:Dec 02, 2026
Earnings Call Sentiment Neutral
The call described a company in transition: core engagement metrics and paid-content/IP lines are stable or improving sequentially, operating expenses have been substantially reduced and licensing and AI initiatives show promising early traction. However, year-over-year revenue and margin declines, a large drop in investment income and a swing to a small non-GAAP adjusted net loss highlight profitability headwinds. New AI and IP monetization efforts are encouraging but not yet scalable. Overall, positives and negatives are balanced—operational progress and liquidity provide runway, but near-term profitability and marketing services recovery remain uncertain.Positive Updates
Sequential Revenue Recovery
Total revenue of RMB 690.1 million, down 3.7% year-over-year but up 5.9% sequentially, indicating a return to sequential growth after prior declines.
Negative Updates
Year-over-Year Revenue Decline
Total revenue decreased 3.7% year-over-year to RMB 690.1 million despite sequential improvement, signaling ongoing headwinds in some business lines.
Read all updates
Q2-2026 Updates
Positive
Negative
Sequential Revenue Recovery
Total revenue of RMB 690.1 million, down 3.7% year-over-year but up 5.9% sequentially, indicating a return to sequential growth after prior declines.
Read all positive updates
Company Guidance
Management guided that in H2 the company will prioritize stabilizing core businesses and validating AI-driven opportunities while balancing selective investments with efficiency, noting they do not expect the Q2 sequential improvement to necessarily continue as different businesses have different rhythms. Key Q2 metrics underpinning that guidance: total revenue RMB 690.1m (-3.7% YoY, +5.9% QoQ), marketing services RMB 199m (-10.7% YoY, +4% QoQ) which remains in structural recovery, content & IP RMB 425.9m (+4.4% YoY, +5.9% QoQ) with ~13.1m average monthly subscribing members, average daily time spent ~39 minutes and daily high‑quality content creation +16%; IP licensing was up 105% QoQ and 600% YoY. Management highlighted early AI traction (AI Works 2,600+ projects; 17,600+ API developers with ~20% new creators; AI clients +50% QoQ) but said these initiatives may take time to scale and could cause quarter-to-quarter profit fluctuations despite solid liquidity (RMB 4.4bn) and ongoing buybacks (41.3m shares repurchased for US$77.9m total; 6.5m in Q2 for US$7.2m). They reaffirmed focus on improving operating efficiency (Q2 gross profit RMB 393.4m, gross margin 57%; total Opex down 13% to RMB 469.4m — S&M RMB 308.7m, R&D RMB 108.6m, G&A RMB 52m) and returning to sustainable profitability (non‑GAAP adjusted loss from operations narrowed 32% to RMB 48.7m; adjusted net loss RMB 10.3m).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 | 2.64B | 2.75B | 3.60B | 4.20B | 3.60B | 2.96B |
| Gross Profit | 1.53B | 1.65B | 2.18B | 2.30B | 1.81B | 1.55B |
| EBITDA | -320.83M | -361.94M | -456.19M | -1.05B | -1.58B | -1.37B |
| Net Income | -300.98M | -192.90M | -171.80M | -843.64M | -1.58B | -1.30B |
Balance Sheet | ||||||
| Total Assets | 5.05B | 5.19B | 5.73B | 6.80B | 7.66B | 8.81B |
| Cash, Cash Equivalents and Short-Term Investments | 4.31B | 4.24B | 4.86B | 5.46B | 6.26B | 7.21B |
| Total Debt | 127.15M | 72.00M | 19.13M | 45.73M | 96.56M | 122.66M |
| Total Liabilities | 1.32B | 1.32B | 1.54B | 2.09B | 1.96B | 2.07B |
| Stockholders Equity | 3.66B | 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
8.20
Price Trends
8.09
Negative
8.17
Negative
8.56
Negative
Market Momentum
-0.36
Positive
46.45
Neutral
29.48
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 8.2 is above the 20-day moving average (MA) of 7.74, above the 50-day MA of 8.09, and below the 200-day MA of 8.56, indicating a bearish trend. The MACD of -0.36 indicates Positive momentum. The RSI at 46.45 is Neutral, neither overbought nor oversold. The STOCH value of 29.48 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 |
|---|---|---|---|---|---|---|---|
80 Outperform | HK$3.91T | 14.09 | 20.47% | 1.25% | 15.97% | 18.45% | |
69 Neutral | HK$12.92B | 4.97 | 8.15% | 9.16% | 1.85% | -14.40% | |
66 Neutral | HK$141.13B | 7.46 | 19.76% | 3.63% | 11.31% | 0.14% | |
60 Neutral | $48.67B | 4.58 | -11.27% | 4.14% | 2.83% | -41.78% | |
53 Neutral | HK$20.39B | -11.65 | -8.53% | ― | 11.79% | -1226.27% | |
50 Neutral | HK$1.46B | -2.08 | -7.89% | ― | -13.13% | -332.19% | |
47 Neutral | HK$244.38B | -44.36 | -1.74% | ― | -4.16% | -116.87% |
* Communication Services Sector Average
HK:2390
Zhihu, Inc. Class A
7.39
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-44.97%
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Zhihu, Inc. Class A Corporate Events
Zhihu Commits RMB1.5 Billion to AI-Focused Investment Fund
Sep 6, 2026
Zhihu Inc. has announced that a wholly owned subsidiary will commit RMB1.5 billion as a limited partner in a new fund focused on artificial intelligence and frontier technologies. The subscription, funded from internal resources, will give Zhihu u...
Zhihu Sets Record Date for Extraordinary General Meeting Eligibility
Sep 6, 2026
Zhihu Inc. has set September 21, 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 an upcoming extraordinary general meeting. Shareholders must ensure their transfe...
Zhihu Updates Nomination Committee Charter to Strengthen Board Governance
Aug 26, 2026
Zhihu Inc. has amended and restated the charter of its Board Nomination Committee, effective August 26, 2026, clarifying its mandate to recommend criteria for director selection, identify and assess board and committee candidates, advise on board ...
Zhihu Publishes Unaudited Q2 2026 Results and Cautions Investors
Aug 26, 2026
Zhihu Inc. has released its unaudited condensed consolidated financial results for the quarter ended June 30, 2026, prepared under U.S. Generally Accepted Accounting Principles rather than International Financial Reporting Standards. The disclosur...
Zhihu’s First-Half 2026 Revenue Declines as Profitability Remains Under Pressure
Aug 26, 2026
Zhihu reported unaudited interim results for the six months ended June 30, 2026, showing total revenue of RMB 1.34 billion, down 7.2% year on year, and gross profit of RMB 781.8 million, a 13.1% decline. The platform’s average monthly subscr...
Zhihu Sets August 26 Board Meeting and Earnings Call for Mid‑2026 Results
Aug 3, 2026
Zhihu Inc. has scheduled a board meeting for August 26, 2026 to review and approve its unaudited quarterly results for the three months ended June 30, 2026 and unaudited interim results for the six-month period ended the same date, ahead of their ...
Zhihu Grants New RSUs to Staff Under 2022 Share Incentive Plan
Jul 13, 2026
Zhihu Inc. has granted 2,226,711 restricted share units to 30 eligible employees under its Amended and Restated 2022 Share Incentive Plan, equivalent to about 0.85% of its issued share capital on a one-share-one-vote basis. The awards, priced at U...
Zhihu Shareholders Approve All Resolutions at 2026 AGM
Jun 30, 2026
Zhihu Inc. reported that all resolutions put to shareholders at its annual general meeting on June 30, 2026 in Beijing were duly passed by poll.Shareholders approved the audited financial statements for the year ended December 31, 2025, along with...
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.