02390 Overview

Goldman Sachs Revenue Forecast: Goldman Sachs predicts that ZHIHU-W (02390.HK) will experience a 26% year-over-year decline in total revenue for Q4 2025, alongside a non-GAAP net loss of RMB38 million.

Membership and Training Impact: The anticipated revenue drop is attributed to a decrease in the company's membership numbers and vocational training services.

Broker Rating and Target Price Adjustment: The brokerage maintains a Neutral rating on ZHIHU-W and has lowered its target prices for the company's H-shares and US stock from $12.6/US$4.7 to $11.5/US$4.3.

Short Selling Data: As of December 23, 2025, ZHIHU-W has a short selling amount of $906.00 and a short selling ratio of 1.396%.

Research Coverage Initiation: Haitong International has initiated coverage on ZHIHU-W (02390.HK) with an Outperform rating and a target price of HKD14.8, despite a recent decline in stock price.

Generative AI Integration: The broker highlights ZHIHU-W's integration of generative AI in various applications, which could improve content supply efficiency and commercial conversion, providing new monetization opportunities.

Revenue Forecast: Haitong International projects ZHIHU-W's total revenue for 4Q25 and FY25 to be RMB640 million and RMB2.75 billion, respectively, reflecting a year-over-year decline of 25% and 24%.

Optimistic Outlook: Despite the revenue decline, the broker remains positive about ZHIHU-W's unique position in the Q&A community and its advantages from large models and substantial cash reserves.

Tencent's New Initiative: Tencent has launched two mini programs for short comic-dramas, marking its entry into the short comic-drama market, although they are still in the testing phase with limited content and features.

Market Competition: Major internet companies, including Kuaishou, Bilibili, iQIYI, Baidu, and Zhihu, are actively entering the short comic-drama space by implementing supportive policies and launching dedicated apps and mini programs.

Short Selling Activity: Tencent's stock has seen a short selling volume of $2.55 billion, with a short selling ratio of 17.575%, indicating significant market speculation against the stock.

Stock Performance: Tencent's stock price has decreased by 1.771%, reflecting broader market trends and investor sentiment in the tech sector.