Buy Zhihu on the Q2 Reset: Cheap Valuation and Improving Unit Economics
Zhihu’s Q2 print showed a small revenue decline and a return to GAAP loss, but paid-content and IP operations expanded, operating expenses fell 13%, and management continued buybacks. At a market cap of roughly $268m and a PB of 0.45, the stock already prices in significant risk. This trade targets a rebound as margins stabilize and monetization fr…