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NYSE · SERVICES-BUSINESS SERVICES, NEC · MID CAP

Zhihu Inc. ZH

7 fiscal years on record · CNY · FY2025 reported · SEC filings only
CNY 2.7B
▼ 23.6% YoY
CNY -195.2M
CNY -364.9M

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

In brief

What this company does

Zhihu runs an online content community built on user-generated content, presented in forms such as Q&As, articles, videos and live streaming. As of December 31, 2025, it had 80.3 million cumulative content creators, who had contributed 953.9 million cumulative pieces of content covering over 1,000 verticals. It derives revenues from marketing services, paid membership and other services. The marketing services consist of online advertising services and content-commerce solutions. The Yan Selection membership program provides subscribing members with access to a premium content library. In 2025 it had 13.5 million average monthly subscribing members. It also collaborates with third-party e-commerce platforms and earns commissions based on pre-agreed percentages of the relevant GMV realized on those platforms. Zhihu launched its business in 2010.

Written from the business description in Zhihu Inc.'s annual report to the U.S. Securities and Exchange Commission, filed 17 April 2026. Every sentence was checked against that document before publication.

Growth

CNY 2.7B
Revenue, FY2025 · full 7-year series below
Revenue CNY B Net income CNY B
FY2025 · Revenue 2.7 · Net income -0.2
2B3B-1B-2B
201920222025
Compound annual growth
−8.6%
+15.2%
+15.5%
3 yrs
5 yrs
10 yrs
15 yrs

Revenue compounded at +15.2% a year over the five years to FY2025.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability

−7 cents
lost on every revenue dollar
Operating margin Net margin
FY2025 · Operating -18.5% · Net -7.1%
-50%-100%-150%
201920222025
ROE
FY2025 · ROE -4.9%
-10%-20%
201920222025
Three returns, three denominators.

Each CNY of equity lost 5 cents this year.

Cash & shareholders

CNY 167.1M
returned in FY2025 · dividends + net buybacks
Free cash flow CNY B
FY2025 · FCF -0.4
-0.5B-1.0B
201920222025
Net buybacks CNY M Dividends CNY M
FY2025 · Dividends · · Net buybacks 167.1
150M300M
2022202320242025

CNY 167.1M in buybacks went back to shareholders in a year without profit.

Total assetsCNY 5.2B
EquityCNY 3.8B
CashCNY 3.4B
Gross debtCNY 35.0M
Net debtCNY -3.3B
Current ratio3.73×

The company holds more cash than debt.

The 7-year record

7 fiscal years
Every figure from documents filed with the SEC · CNY

EPS, diluted, dividend per share and shares outstanding are shown without shading, and a vertical line marks the year the share count changed — the series crosses a large, unexplained change in share count, so the years on either side are not on a comparable scale.

row low → row highnegative—not applicable◌not available in our data
ZH, 7-year financial record
Metric 2025202420232022202120202019
Revenue CNY B2.73.64.23.63.01.40.7
Operating income CNY B−0.5−0.5−1.1−1.6−1.4−0.6−1.1
EBITDA CNY B−0.5−0.5−1.0−1.6−1.4−0.6−1.0
Income tax CNY B0.0−0.00.00.00.00.00.0
Net income CNY B−0.2−0.2−0.8−1.6−1.3−0.5−1.0
Free cash flow CNY B−0.4−0.3−0.4−1.1−0.4−0.2−0.7
EPS, diluted CNY −0.80−0.63−2.82−5.19−6.12−18.36−22.99
Dividend / sh CNY ◌◌◌◌◌◌◌
Payout % — not applicable: no dividend———————
ROE %−4.9−3.9−16.4−25.5———

Slide the table for earlier years. "—" not applicable · "◌" not available in our data.

Compare

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Provenance

Company facts, as filed

How we verify · 0 failures in 33 reconciliationsAUDITED

Reconciled in 7 of the 7 fiscal years we could check. 26 checks were skipped: the balance sheet is not tagged before 2020. 12 checks were skipped: EPS is not tagged before 2019. 12 checks were skipped: revenue is not tagged before 2019.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquidityCurrency consistency0 failures
ActivityServices-Business Services, NEC
Listed onNYSE
Incorporated inoutside the United States — SEC code E9
Fiscal year endsDecember 31
Data on record since2019

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