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    Yi Jing Wei • Citigroup Inc.

    Yi Jing Wei's questions to Zhihu Inc (ZH) leadership

    Yi Jing Wei's questions to Zhihu Inc (ZH) leadership • Q1 2025

    Question

    Vicky Wei (Yi Jing Wei) asked for management's thoughts on the shareholder return program for the current year.

    Answer

    CFO Wang Han confirmed Zhihu's commitment to enhancing shareholder returns. He announced that the Board approved a new 2025 buyback plan, authorizing the repurchase of up to 10% of issued and outstanding shares. He added that management believes the current share price does not fully reflect the company's value, underscoring confidence in its long-term success.

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    Yi Jing Wei's questions to Zhihu Inc (ZH) leadership • Q1 2024

    Question

    Yi Jing Wei from Citi asked for an outlook on the membership business, including the competitive landscape, business strategy, paying user behaviors for 'YinYin' stories, and an update on IP operations.

    Answer

    CFO Wang Han asserted that Zhihu remains a leader in the short story segment. The strategy includes separating story and non-story content via the standalone 'YinYin' story app to optimize user experience. He also highlighted the success of IP monetization, noting that the short drama 'Zhi Bi' became a top revenue-sharing drama, which has increased the perceived value of Zhihu's IP library among major video platforms.

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    Yi Jing Wei's questions to iQIYI Inc (IQ) leadership

    Yi Jing Wei's questions to iQIYI Inc (IQ) leadership • Q1 2025

    Question

    Yi Jing Wei (Vicky Wei) asked for clarification on the changes to iQIYI's long-form video content strategy and the rationale behind them.

    Answer

    Chief Content Officer Xiaohui Wang affirmed that long-form video remains the cornerstone of iQIYI's ecosystem. He detailed a strategic shift to better meet user preferences, focusing on two key areas: 1) producing high-quality premium dramas with fewer episodes, and 2) increasing the output of high-quality short dramas (5-20 minutes per episode). Mr. Wang stated this approach aims to increase the volume and diversity of content, improve scheduling flexibility, and reduce the company's reliance on individual blockbuster titles.

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    Yi Jing Wei's questions to Smart Share Global Ltd (EM) leadership

    Yi Jing Wei's questions to Smart Share Global Ltd (EM) leadership • Q1 2024

    Question

    Yi Jing Wei of Citigroup Inc. inquired about the GMV and profitability outlook for the upcoming quarters, the comparative profitability of the direct versus network partner models, and the potential financial impact of the company's new initiatives.

    Answer

    CFO Maria Xin stated that the company is not providing guidance due to weak and fluctuating consumer traffic. CEO Mars Cai elaborated that the network partner model is profitable and serves as the primary growth engine, while the direct model, crucial for brand presence in key accounts (KAs), is currently unprofitable and undergoing optimization. Cai also mentioned that new initiatives in the renewable energy sector are in early stages but could begin contributing to financials in the second half of the year.

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