External broker reports(aggregated public sources), CMB International

CMB International

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

External broker reports(aggregated public sources)

Equity Bottom-Up

<ul><li>Zhihu delivered upbeat 1Q23 results (rev +34% YoY, 4% above consensus), with solid membership (+105% YoY) &amp; vocational training (+171% YoY) and narrowing loss.</li><li>We forecast 2Q23E rev +24% YoY, in which strong membership and vocational training would continue. Its newly-launched app of Yanyan &lt;盐言 故事&gt; would bring further upside to membership.</li><li>Marketing services saw a mild recovery from 3C and ecommerce verticals in 2Q23E, and 2H23E ads might see positive growth. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Zhihu delivered upbeat 1Q23 results (rev +34% YoY, 4% above consensus), with solid membership (+105% YoY) &amp; vocational training (+171% YoY) and narrowing loss.We forecast 2Q23E rev +24% YoY, in which strong membership and vocational training would continue. Its newly-launched app of Yanyan &lt;盐言 故事&gt; would bring further upside to membership.Marketing services saw a mild recovery from 3C and ecommerce verticals in 2Q23E, and 2H23E ads might see positive growth. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Zhihu (ZH US) – Positive OCF for the First Time

Zhihu Technology

Zhihu (ZH US) – Positive OCF for the First Time