Securities report

Knowing – knowing is knowing, not knowing is knowing From China Merchants Securities

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Zhihu is the largest Q & a online community in China. Its content-oriented orientation is well recognized by young users in high-speed cities. The Q & a content distributed by the company through the algorithm and the mechanism of content creator ecology are the sources of the stickiness of its content community; In the development trend of video content and multi product platform, the company is expected to further enhance the commercial value.

Efficient content distribution and high quality content accumulation are the company’s unique competitive advantages. The company is the largest Q & a online community in China, and also one of the top five comprehensive online communities in China, with advertising and paid members as the main revenue, and gradually expand new revenue models. Zhihu’s content-oriented positioning is well recognized by young users in high-speed city. The company has deep content accumulation and active user interaction. It has accumulated 353 million pieces of content on the platform, including 315 million questions and answers, covering more than 1000 vertical fields and 571000 topics, 43.1 million content creators, and 676 million monthly interactions. Zhihu adheres to the high-quality content as the leading in algorithm and distribution, evaluates the content quality and optimizes the sorting method from the perspective of content value, and recommends questions according to user interests. Under the efficient distribution mechanism, Zhihu has formed a good user stickiness, with an average retention rate of 72% for Yan + users in 12 months.

Commercialization potential is gradually released. In addition to plug-in advertising and member income, “Zhi +” content marketing and content e-commerce have great follow-up potential. While the proportion of the company’s advertising business decreased significantly, the revenue share of payment and content commercialization solutions increased significantly. In particular, content commercialization solutions became the fastest growing business, and the company’s diversified business layout showed initial results. At present, the paid member business is the second largest source of revenue. In the past 20 years, the penetration rate of paid members has reached 3.4%, and the number of paid users has increased by 311.5%. CIC predicts that the CAGR of online content paid users will exceed 20% in the next five years, and the market size will exceed 30%. The number and price of paid users are expected to grow at the same time. The accurate topic selection and rich content scenarios make the overall click through rate of the content commercialization solution several times higher than that of traditional advertising, which will become the growth engine of the company in the next stage in the future;

The continuous innovation and upgrading of content products under the trend of content platform and content video is the driving force of the company’s diversified growth. The company has a solid foundation of content based on text and graphics, and realizes category diversification from video content. According to the 2020 China network audio visual development research report, the scale of China’s network audio-visual users is 901 million, and the utilization rate of Internet users is 95.8%, In the first quarter of this year, the penetration rate of video consumer users in dau reached 30%, and the average daily upload volume of videos more than one minute in the quarter increased by 17 times over the same period last year. The company will expand its audience in a wider Chinese Internet user base in the future.

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