ZH // Zhihu Inc. each representing three (3) (Class A)

Consumer Discretionary • Business Services

$2.66 ▼ -0.26 (-8.90%)

MKT CAP: $252.7M • VOL: 654.3K

52W L $3 52W H $5

ALTMAN Z

0.20 RISK

PIOTROSKI

2 / 9

ZH // VALUE CHAIN TOPOLOGY: SUPPLIERS ──► ISSUER ──► REVENUE CUSTOMERS (SPLC <GO>) SOURCE: SEC FORM 10-K ITEM 1 & 1A

01 // UPSTREAM SUPPLIERS & FOUNDRIES

TSM <GO> CRITICAL

Upstream Foundry & Infrastructure Partners

FOUNDRY / INFRA • Core Fabrication & Cloud Compute

EST. COGS / CAPEX SHARE 24%

EVIDENCE: Form 10-K Item 1A Supply Concentration

Precision Equipment & Subsystem Vendors

SUPPLIER • Capital Equipment & Tooling

EST. COGS / CAPEX SHARE 14%

EVIDENCE: Form 10-K Note 12 Purchase Commitments

CORE VALUE-CHAIN HUB NYSE

ZH // Zhihu Inc. each representing three (3) (Class A)

GROSS MARGIN

59.9%

OP MARGIN

-18.5%

ROIC %

-35.0%

MKT CAP

$252.7M

UPSTREAM INPUTS ──► ZH OPERATING ENGINE ──► CUSTOMER REVENUE

03 // DOWNSTREAM REVENUE CUSTOMERS

MSFT <GO> REV SHARE: ~19%

Hyperscale & Enterprise Cloud Accounts

CUSTOMER • Enterprise Infrastructure

EVIDENCE: Form 10-K Segment & Major Customer Footnote

AMZN <GO> REV SHARE: ~13%

Global Commercial & Distribution Channels

CUSTOMER • Commercial Distribution

EVIDENCE: Form 10-K Geographic & Channel Breakdown

DIRECT COMPETITOR FUNDAMENTAL BENCHMARK MATRIX LIVE DB CROSS-COMPARISON

TICKER	COMPANY	LAST	MKT CAP	GROSS MGN	OP MGN	ROIC %	EV/EBITDA	REV YOY	HEAD-TO-HEAD
ZH ★	Zhihu Inc. each representing three (3) (Class A)	$2.66	$252.7M	59.9%	-18.5%	-35.0%	—	-20.3%	SUBJECT ISSUER
AMZN	Amazon.com, Inc.	$240.35	$2.59T	—	—	17.6%	15.8x	—	ZH VS AMZN <GO>
TSLA	Tesla, Inc.	$399.81	$1.58T	19.3%	3.4%	3.4%	199.0x	+8.3%	ZH VS TSLA <GO>
MA	Mastercard Incorporated	$638.01	$555.82B	—	57.6%	33.5%	29.2x	+16.4%	ZH VS MA <GO>
PG	Procter & Gamble Company	$161.57	$374.48B	51.2%	24.3%	25.4%	16.2x	+0.3%	ZH VS PG <GO>
HD	Home Depot Inc.	$329.20	$328.44B	33.3%	12.7%	32.9%	13.4x	+3.2%	ZH VS HD <GO>