Glonghui, August 29 | Guotai Junan released a research report stating that while maintaining Zhihu's “increase in holdings” rating, the target price is HK$29.36. The company's performance for the second quarter was in line with expectations. 2Q23 achieved revenue of 1,044 million yuan, gross profit of 562 million yuan, and a gross profit margin of 54%. Under improved gross margin and cost control, this quarter was better than expected. In the future, the company will continue to focus on pursuing healthy growth. According to the report, the number of members at Zhihu MAU is stable at a new high, and it is embracing AI to promote community upgrading. The company's 2Q23 average MAU reached 109 million people, up 3% year on year and 7% month on month. The number of users continued to grow and hit a new high; the average number of monthly subscribers was 14 million, an increase of 65.3% over the previous year. The number of members remained high. Continued richness in the content of Yanyan Story is expected to drive the number of members to continue to grow. Vocational education grew strongly during the period. In 2Q23, vocational training revenue was 145 million yuan, an increase of 213% over the previous year. The education business structure was built and improved, and online course products became more and more abundant, and internal and external vitality drove a rapid increase in education revenue.