HAITONG INT'L: First time covering ZHIHU-W(02390) with an "Outperform" rating and a target price of 14.8 Hong Kong dollars.

Haitong International released a research report stating that they are initiating coverage on ZHIHU-W (02390) with an "outperform" rating. They are forecasting a market-to-sales ratio of 1.2 times for the 2025 fiscal year, with a target price of HK$14.8. The firm believes that the company's generative AI technology, which integrates deeply into various scenarios such as question and answer expansion, personalized recommendations, and creative advertising generation, has the potential to improve both the supply of platform content and business conversion efficiency, bringing new revenue flexibility. The firm is optimistic about Zhihu's unique position in the question and answer community, combined with the benefits of large models and ample cash reserves. Additionally, the management has committed to continue rewarding shareholders, with $66.5 million USD already repurchased in the first nine months of 2025.