Haitong International has issued an Outperform rating for ZHIHU-W (02390.HK) based on several key factors. The analyst highlights the company's deep integration of generative AI, which enhances efficiency in content supply and commercial conversion through improved Q&A expansion, personalized recommendations, and creative advertising generation. This technological advancement is expected to provide new monetization opportunities for the platform. Despite a forecasted decline in total revenue for 4Q25 and FY25, the broker remains optimistic about ZHIHU-W's unique position in the Q&A community, the advantages of large AI models, and the company's strong cash reserves, which contribute to a positive outlook. The target price set is HKD14.8.
