Zhihu Inc (2390) Fair Value & Analysis

Communication Services · HK · Market cap HK$2.1B

A solid business, screening 50% undervalued on our models.

What matters now

• The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution.
• Solid quality (52/100) at a price below fair value, the discount is the argument here, not the business quality.
• A fairly wide model range (HK$8.42 to HK$15.94) leaves room in how you read the outcome.

Price vs Fair Value (4 years)

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 5, 2026.

How to read this chart

52‑month range HK$6.83 – HK$32.45 · fair‑value band HK$8.42 – HK$15.94 · the HK$8.50 price screens below the HK$12.75 fair value. Dashed = 300-day average. As of Aug 5, 2026.

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Analysis

Zhihu Inc (2390) currently trades at HK$8.50, while our model-based Fair Value estimate is HK$12.75, implying the stock looks roughly 50.0% undervalued today. The Quality Score stands at 52/100 (solid quality), in the Communication Services sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: low), always confirm before acting.

Over the trailing twelve months, Zhihu Inc generated revenue of HK$2.7B at a net margin of -7.2%. Revenue declined 10.7% year over year. It earns a return on equity of -4.9%. The balance sheet holds a net cash position of HK$3.3B. Fundamentals as of Aug 5, 2026

Our scenario range runs from HK$8.42 (bear case) to HK$15.94 (bull case); at HK$8.50, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 41% below its 52-week high and 21% above its 52-week low, currently below its 200-day average. For context, the median of 10 Communication Services peers we cover trades at 2% fair-value upside, at 50%, 2390 screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Key figures & financial health

Quality Score breakdown

About the company

Zhihu Inc., together with its subsidiaries, operates an online content community in the People's Republic of China. The company offers contents in various categories, including career development, science and technology, business and finance, consumer decision-making, lifestyle, entertainment, and others.

Full company description

Zhihu Inc., together with its subsidiaries, operates an online content community in the People's Republic of China. The company offers contents in various categories, including career development, science and technology, business and finance, consumer decision-making, lifestyle, entertainment, and others. It also provides Yan Selection membership program which provides premium content items, such as fictional stories and novels, other books and magazines, live and recorded lectures, and audio books. In addition, the company offers marketing services comprising online advertising services and content-commerce solutions; and content-related services, including vocational training and other content-based offering. Further, it is involved in the provision of technology, business support, consulting, and internet services, as well as holds audio-visual permit. The company was formerly known as Zhihu Technology Limited and changed its name to Zhihu Inc. in October 2020. Zhihu Inc. was founded in 2010 and is headquartered in Beijing, the People's Republic of China.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Zhihu Inc reported revenue of HK$2.7B in FY2025 versus HK$3.0B in FY2021, a compound −1.8%/yr. Reported net income was −HK$193M in FY2025.

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Peer Group

Internet Content & Information · 151 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Valuation Multiples vs Internet Content & Information median · lower = cheaper

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

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Frequently asked questions

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.