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20-F

Annual Report (Foreign)

Zhihu Inc. ZH ZHIHF

0001104659-26-044557

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Filed
Apr 17, 2026 12:00 AM ET
Period of report

On SEC.gov

Financials in this filing

Metric Period Value
Shares Diluted FY 2025 · Dec 31, 2025 240.04M sh
Shares Diluted FY 2025 · Dec 31, 2024 273.56M sh
Shares Diluted FY 2025 · Dec 31, 2023 299.13M sh
Stock Repurchased FY 2025 · Dec 31, 2025 $23.89M
Stock Repurchased FY 2025 · Dec 31, 2025 ¥167.06M
Stock Repurchased FY 2025 · Dec 31, 2024 ¥400.71M
Stock Repurchased FY 2025 · Dec 31, 2023 ¥369.57M
Capex FY 2025 · Dec 31, 2025 $189K
Capex FY 2025 · Dec 31, 2025 ¥1.32M
Capex FY 2025 · Dec 31, 2024 ¥2.73M
Capex FY 2025 · Dec 31, 2023 ¥8.49M
Operating Cash Flow FY 2025 · Dec 31, 2025 −$51.99M
Operating Cash Flow FY 2025 · Dec 31, 2025 −¥363.61M
Operating Cash Flow FY 2025 · Dec 31, 2024 −¥280.19M
Operating Cash Flow FY 2025 · Dec 31, 2023 −¥415.53M
Short Term Debt FY 2025 · Dec 31, 2025 $5.01M
Short Term Debt FY 2025 · Dec 31, 2025 ¥35M
Short Term Investments FY 2025 · Dec 31, 2025 $120.25M
Short Term Investments FY 2025 · Dec 31, 2025 ¥840.94M
Short Term Investments FY 2025 · Dec 31, 2024 ¥538.82M
Cash And Equivalents FY 2025 · Dec 31, 2025 $481.78M
Cash And Equivalents FY 2025 · Dec 31, 2025 ¥3.37B
Cash And Equivalents FY 2025 · Dec 31, 2024 ¥4B
Stockholders Equity FY 2025 · Dec 31, 2025 $543.98M
Stockholders Equity FY 2025 · Dec 31, 2025 ¥3.8B
Stockholders Equity FY 2025 · Dec 31, 2024 ¥4.14B
Current Liabilities FY 2025 · Dec 31, 2025 $181.38M
Current Liabilities FY 2025 · Dec 31, 2025 ¥1.27B
Current Liabilities FY 2025 · Dec 31, 2024 ¥1.52B
Total Liabilities FY 2025 · Dec 31, 2025 $188.16M
Total Liabilities FY 2025 · Dec 31, 2025 ¥1.32B
Total Liabilities FY 2025 · Dec 31, 2024 ¥1.54B
Current Assets FY 2025 · Dec 31, 2025 $676.67M
Current Assets FY 2025 · Dec 31, 2025 ¥4.73B
Current Assets FY 2025 · Dec 31, 2024 ¥5.48B
Total Assets FY 2025 · Dec 31, 2025 $742.29M
Total Assets FY 2025 · Dec 31, 2025 ¥5.19B
Total Assets FY 2025 · Dec 31, 2024 ¥5.73B
Eps Diluted FY 2025 · Dec 31, 2025 −$0.11
Eps Diluted FY 2025 · Dec 31, 2025 −¥0.80
Eps Diluted FY 2025 · Dec 31, 2024 −¥0.63
Eps Diluted FY 2025 · Dec 31, 2023 −¥2.82
Eps Basic FY 2025 · Dec 31, 2025 −$0.11
Eps Basic FY 2025 · Dec 31, 2025 −¥0.80
Eps Basic FY 2025 · Dec 31, 2024 −¥0.63
Eps Basic FY 2025 · Dec 31, 2023 −¥2.82
Sga Expense FY 2025 · Dec 31, 2025 $35.95M
Sga Expense FY 2025 · Dec 31, 2025 ¥251.42M
Sga Expense FY 2025 · Dec 31, 2024 ¥330.17M
Sga Expense FY 2025 · Dec 31, 2023 ¥418.53M
Rd Expense FY 2025 · Dec 31, 2025 $75.07M
Rd Expense FY 2025 · Dec 31, 2025 ¥525M
Rd Expense FY 2025 · Dec 31, 2024 ¥732.55M
Rd Expense FY 2025 · Dec 31, 2023 ¥901.45M
Operating Income FY 2025 · Dec 31, 2025 −$72.54M
Operating Income FY 2025 · Dec 31, 2025 −¥507.29M
Operating Income FY 2025 · Dec 31, 2024 −¥481.08M
Operating Income FY 2025 · Dec 31, 2023 −¥1.07B
Gross Profit FY 2025 · Dec 31, 2025 $235.63M
Gross Profit FY 2025 · Dec 31, 2025 ¥1.65B
Gross Profit FY 2025 · Dec 31, 2024 ¥2.18B
Gross Profit FY 2025 · Dec 31, 2023 ¥2.3B
Cost Of Revenue FY 2025 · Dec 31, 2025 $157.48M
Cost Of Revenue FY 2025 · Dec 31, 2025 ¥1.1B
Cost Of Revenue FY 2025 · Dec 31, 2024 ¥1.42B
Cost Of Revenue FY 2025 · Dec 31, 2023 ¥1.9B
Revenue FY 2025 · Dec 31, 2025 $393.1M
Revenue FY 2025 · Dec 31, 2025 ¥2.75B
Revenue FY 2025 · Dec 31, 2024 ¥3.6B
Revenue FY 2025 · Dec 31, 2023 ¥4.2B
Shares Outstanding FY 2025 · Dec 31, 2018 58.81M sh