7Baggers

Zhihu Inc
(NYSE:ZH) 

ZH stock logo

Zhihu Inc. operates an online content community platform in the People's Republic of China. The company's community allows people to seek inspiration, find solutions, make decisions, and have fun. It also offers technology, business support, and consulting services; information and marketing service...

Founded: 2011
CEO / Founder: Zhōu Yuán 
Sector: Communication Services
Industry: Internet Content & Information
Chinese
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At a glance:
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Income Statements:
Quarterly
Annual
    Unit: USD2025-11-25 2025-08-27 2025-03-26 2024-12-31 2024-11-26 2023-12-31 2023-08-23 2023-05-24 2023-03-22 2022-12-31 2022-11-30 2022-08-30 2022-05-25 2022-04-08 2022-03-14 2021-12-31 2021-11-22 2021-08-16 2021-05-17 
                       
      revenues:
    		                   
      marketing services
    		222,778,000 196,959,000 256,631,000 232,788,000 343,979,000  392,137,000 392,137,000            
      paid membership
    		401,974,000 417,874,000 459,387,000 335,440,750 432,652,000  454,769,000 454,769,000 335,435,000 207,068,250 271,168,000 221,670,000 221,670,000  178,307,000 114,937,750 154,872,000 126,572,000 126,572,000 
      others
    		92,142,000 20,301,000 23,944,000 -39,749,000 23,546,000  40,316,000 40,316,000 36,334,000 -108,930,000 40,670,000 37,909,000 37,909,000  45,672,000 -94,979,000 27,777,000 17,139,000 17,139,000 
      total revenues
    		716,894,000 729,665,000 845,020,000 684,923,250 933,810,000  994,220,000 994,220,000 911,711,000 622,738,500 836,016,000 743,227,000 743,227,000  823,466,000 485,026,000 638,352,000 478,286,000 478,286,000 
      yoy
    		-23.23%  -15.01% -31.11% 2.42%  18.92% 33.77% 22.67%  1.52% 53.23% 16.43%  72.17%     
      qoq
    		-1.75% -13.65% 23.37% -26.65%   0.00% 9.05% 46.40% -25.51% 12.48% 0.00%   69.78% -24.02% 33.47% 0.00%  
      cost of revenues
    		-268,711,000 -278,561,000  -318,547,000 -377,266,000  -482,001,000 -482,001,000 -467,327,000 -485,442,000 -436,414,000 -407,684,000 -407,684,000  -398,617,000 -539,392,000 -261,798,000 -205,616,000 -205,616,000 
      gross profit
    		448,183,000 451,104,000 540,141,000 540,665,000 556,544,000  512,219,000 512,219,000 444,384,000 628,523,000 399,602,000 335,543,000 335,543,000 1,553,901,000 424,849,000 479,828,000 376,554,000 272,670,000 272,670,000 
      yoy
    		-19.47%  5.45% 5.55% 25.24%  28.18% 52.65% 32.44% -59.55% -5.94% -30.07% -10.89% 469.88% 55.81%     
      qoq
    		-0.65% -16.48% -0.10% -2.85%   0.00% 15.26% -29.30% 57.29% 19.09% 0.00% -78.41% 265.75% -11.46% 27.43% 38.10% 0.00%  
      gross margin %
    		62.52% 61.82% 63.92% 78.94% 59.60% NaN% 51.52% 51.52% 48.74% 100.93% 47.80% 45.15% 45.15% Infinity% 51.59% 98.93% 58.99% 57.01% 57.01% 
      selling and marketing expenses
    		-326,255,000 -320,632,000  -316,198,000 -416,985,000  -445,565,000 -445,565,000 -478,279,000 -509,229,000 -532,375,000 -506,585,000 -506,585,000 -1,634,733,000 -374,696,000 -470,175,000 -443,229,000 -346,633,000 -346,633,000 
      research and development expenses
    		-145,683,000 -141,866,000  -146,613,000 -209,323,000  -182,960,000 -182,960,000 -160,760,000 -212,495,000 -223,589,000 -166,518,000 -166,518,000 -619,585,000 -184,657,000 -208,006,000 -120,620,000 -106,302,000 -106,302,000 
      general and administrative expenses
    		-67,251,000 -41,209,000  -65,988,000 -114,107,000  -100,438,000 -100,438,000 -83,944,000 -123,107,000 -104,290,000 -310,632,000 -310,632,000 -690,292,000 -187,972,000 -176,881,000 -163,243,000 -162,196,000 -162,196,000 
      total operating expenses
    		-539,189,000 -503,707,000  -528,799,000 -740,415,000  -728,963,000 -728,963,000 -722,983,000 -844,831,000 -860,254,000 -983,735,000 -983,735,000 -2,944,610,000 -747,325,000 -855,062,000 -727,092,000 -615,131,000 -615,131,000 
      income from operations
    		-91,006,000 -52,603,000  11,866,000 -183,871,000  -216,744,000 -216,744,000 -278,599,000 -216,308,000 -460,652,000 -648,192,000 -648,192,000 -1,390,709,000 -322,476,000 -375,234,000 -350,538,000 -342,461,000 -342,461,000 
      yoy
    		-50.51%   -105.47% -34.00%  -52.95% -66.56% -57.02% -84.45% 42.85% 72.74% 84.91% 306.09% -5.84%     
      qoq
    		73.01%   -106.45%   0.00% -22.20% 28.80% -53.04% -28.93% 0.00% -53.39% 331.26% -14.06% 7.05% 2.36% 0.00%  
      operating margin %
    		-12.69% -7.21% 0% 1.73% -19.69% NaN% -21.80% -21.80% -30.56% -34.73% -55.10% -87.21% -87.21% -Infinity% -39.16% -77.36% -54.91% -71.60% -71.60% 
      other income/
    		                   
      investment income
    		140,836,000 19,349,000 13,679,000 13,049,000 21,811,000  6,006,000 6,006,000 23,138,000 5,922,000 20,596,000 20,724,000 20,724,000 59,177,000 15,617,000 22,107,000 11,791,000 9,662,000 9,662,000 
      interest income
    		20,247,000 20,610,000 31,136,000 26,311,000 26,754,000  39,493,000 39,493,000 14,598,000 33,671,000 10,480,000 9,355,000 9,355,000 31,305,000 9,850,000 9,877,000 8,251,000 3,327,000 3,327,000 
      fair value change of financial instruments
    		  6,887,000 30,698,000 31,412,000  -3,582,000 -3,582,000 -79,322,000 -4,619,000 -101,197,000 8,453,000        
      exchange losses
    		-38,000       -5,649,000     -4,155,000       
      income before income tax
    		101,159,000   83,738,000 -87,658,000               
      income tax benefits/
    		-28,679,000 233,000  1,682,000 7,063,000               
      net income
    		72,480,000   86,401,000 -80,595,000  -178,972,000 -178,972,000 -297,585,000 -179,514,000 -487,021,000 -614,283,000 -614,283,000  -269,812,000 -383,291,000 -321,084,000 -324,693,000 -324,693,000 
      yoy
    		-189.93%   -148.28% -72.92%  -63.25% -70.86% -51.56%  80.50% 60.27% 91.32%  -16.90%     
      qoq
    		   -207.20%   0.00% -39.86% 65.77% -63.14% -20.72% 0.00%   -29.61% 19.37% -1.11% 0.00%  
      net income margin %
    		10.11% 0% 0% 12.61% -8.63% NaN% -18.00% -18.00% -32.64% -28.83% -58.25% -82.65% -82.65% NaN% -32.77% -79.02% -50.30% -67.89% -67.89% 
      net loss attributable to noncontrolling interests
    		2,000                   
      net income attributable to zhihu inc.’s shareholders
    		72,482,000   86,274,000 -82,739,000               
      net income per share
    		                   
      basic
    		0.3   -0.23 -0.3  -0.59 -0.59 -0.98 -1.15 -1.59 -2.04 -2.04  -0.91 -1.228 -1.09 -6.93 -6.93 
      diluted
    		0.29   -0.23 -0.3  -0.59 -0.59 -0.98 -1.15 -1.59 -2.04 -2.04  -0.91 -1.228 -1.09 -6.93 -6.93 
      net income per ads
    		                   
      weighted-average number of ordinary shares outstanding
    		                   
      basic
    		240,762,092 244,504,405 277,309,431  279,241,647  305,245,036 305,245,036   307,101,052 300,483,336 300,483,336  295,179,795  293,735,095 71,493,738 71,493,738 
      diluted
    		245,755,672 244,504,405 277,309,431  279,241,647  305,245,036 305,245,036   307,101,052 300,483,336 300,483,336  295,179,795  293,735,095 71,493,738 71,493,738 
      vocational training
    		 94,531,000 105,058,000 96,031,750 133,633,000  106,998,000 106,998,000 78,004,000 40,918,750 46,127,000 39,544,000 39,544,000       
      exchange gains/
    		 -96,000                  
      (loss)/income before income tax
    		 -10,341,000                  
      net (loss)/income
    		 -10,108,000                  
      net (income)/loss attributable to noncontrolling interests
    		 14,000                  
      net (loss)/income attributable to zhihu inc.’s shareholders
    		 -10,094,000                  
      net (loss)/income per share
    		                   
      basic
    		 -0.04                  
      diluted
    		 -0.04                  
      net
    		                   
      basic
    		 -0.12                  
      diluted
    		 -0.12                  
      (loss)/income from operations
    		                   
      exchange (losses)/gains
    		   -172,000 289,000               
      income tax (expenses)/benefits
    		  949,000                 
      net income attributable to noncontrolling interests
    		   -127,000 -2,144,000  -2,383,000 -2,383,000 -2,590,000 -164,000          
      exchange gains
    		      -5,649,000  28,302,000 -1,524,000 49,126,000 -4,155,000   8,724,000 -30,154,000 5,458,000 -693,000 -693,000 
      loss before income tax
    		      -174,143,000 -174,143,000 -294,930,000 -176,759,000 -480,646,000 -611,885,000 -611,885,000  -269,509,000 -380,268,000 -319,504,000 -324,156,000 -324,156,000 
      income tax expense
    		      -4,829,000 -4,829,000 -2,655,000 -2,755,000 -6,375,000 -2,398,000 -2,398,000  -303,000 -3,023,000 -1,580,000  -537,000 
      net loss attributable to zhihu inc.’s shareholders
    		      -181,355,000 -181,355,000 -300,175,000 -179,678,000 -487,021,000 -614,283,000 -614,283,000  -269,812,000 -383,291,000 -321,084,000 -495,278,000 -495,278,000 
      net loss per ads
    		                   
      basic
    		      -0.3 -0.3 -0.49 -0.575 -0.79 -1.02 -1.02  -0.46 -0.615 -0.55 -3.46 -3.46 
      diluted
    		      -0.3 -0.3 -0.49 -0.575 -0.79 -1.02 -1.02  -0.46 -0.615 -0.55 -3.46 -3.46 
      advertising
    		        196,689,000 162,900,750 237,597,000 217,317,000 217,317,000  321,072,000 195,768,500 248,272,000 213,730,000 213,730,000 
      content-commerce solutions
    		        265,249,000 183,122,500 240,454,000 226,787,000 226,787,000  278,415,000 151,672,750 207,431,000 120,845,000 120,845,000 
      accretions of convertible redeemable preferred shares to redemption value
    		                 -170,585,000 -170,585,000 
      weighted average number of ordinary shares outstanding
    		                   
      basic
    		        306,621,507           
      diluted
    		        306,621,507           
      fair value change of financial instrument
    		            8,453,000  11,136,000 6,100,000 10,610,000   
      ​
    		                   
      revenue
    		             2,959,324,000      
      cost of revenue
    		             -1,405,423,000      
      income tax benefit
    		                 -537,000  
    Balance Sheets:
    Quarterly
    Annual
      Unit: USD2025-09-30 2025-06-30 2024-12-31 2024-09-30 2023-12-31 2023-06-30 2023-03-31 2022-12-31 2022-09-30 2022-06-30 2022-04-08 2022-03-31 2021-12-31 2021-09-30 2021-06-30 2021-03-31 
                      
        assets
      		                
        current assets:
      		                
        cash and cash equivalents
      		2,730,011,000 3,198,537,000 3,999,160,000 3,214,074,000 2,106,639,000 4,033,624,000 4,172,007,000 4,525,852,000 3,397,542,000 2,249,117,000  2,393,111,000 94,427,000 1,467,251,000 884,544,000 6,005,655,000 
        term deposits
      		597,385,000 599,602,000 320,088,000 993,111,000 1,586,469,000 1,068,551,000 744,020,000 948,390,000 1,119,638,000 935,569,000  1,724,171,000  2,821,149,000 3,546,595,000 716,272,000 
        short-term investments
      		1,044,870,000 811,783,000 538,816,000 789,020,000 1,769,822,000 1,056,376,000 1,341,687,000 787,259,000 2,107,392,000 2,664,610,000  2,718,980,000  2,485,585,000 1,314,536,000 1,074,154,000 
        restricted cash
      		900,000 900,000 900,000 51,774,000      281,879,000  222,187,000  648,540,000 1,214,499,000  
        trade receivables
      		326,292,000 356,687,000 420,636,000 445,288,000 664,615,000 751,276,000 758,352,000 834,251,000 742,547,000 832,216,000  811,572,000  699,485,000 567,542,000 487,942,000 
        amounts due from related parties
      		23,812,000 20,857,000 41,588,000 48,498,000 18,319,000 9,833,000 19,127,000 24,798,000 30,275,000 39,229,000  38,930,000  18,321,000 35,393,000 17,053,000 
        prepayments and other current assets
      		148,881,000 137,471,000 163,446,000 207,843,000 232,016,000 239,671,000 215,087,000 199,249,000 230,887,000 187,380,000  182,030,000 42,232,000 184,606,000 151,182,000 99,995,000 
        total current assets
      		4,872,151,000 5,125,837,000 5,484,634,000 5,749,608,000 6,377,880,000 7,159,331,000 7,250,280,000 7,319,799,000 7,628,281,000 7,190,000,000 8,334,165,000 8,090,981,000 149,370,000 8,324,937,000 7,714,291,000 8,401,071,000 
        non-current assets:
      		                
        property and equipment
      		5,998,000 6,861,000 8,490,000 9,625,000 10,849,000 9,410,000 7,057,000 7,290,000 8,051,000 8,155,000  9,031,000  8,351,000 7,329,000 6,820,000 
        intangible assets
      		43,705,000 47,361,000 54,534,000 58,048,000 122,645,000 131,688,000 76,667,000 80,237,000 85,637,000 57,863,000  63,085,000  59,130,000 17,833,000 20,655,000 
        goodwill
      		126,344,000 126,344,000 126,344,000 126,344,000 191,077,000 191,077,000 126,344,000 126,344,000 126,344,000 73,663,000  73,663,000  50,833,000   
        long-term investments
      		190,262,000 165,366,000 51,176,000 51,177,000 44,621,000 30,000,000 30,000,000   12,383,000  19,045,000  19,456,000 19,380,000 19,714,000 
        right-of-use assets
      		46,355,000 56,560,000 7,151,000 13,327,000 40,211,000 82,138,000 94,188,000 100,119,000 109,008,000 123,035,000  135,025,000  98,334,000 83,145,000 79,063,000 
        other non-current assets
      		6,611,000 8,203,000 623,000 456,000 7,989,000 29,946,000 22,450,000 22,450,000 22,450,000 14,132,000  14,132,000  12,458,000 5,679,000 4,705,000 
        total non-current assets
      		629,275,000 620,695,000 248,318,000 258,977,000 417,392,000 474,259,000 356,706,000 336,440,000 351,490,000 1,175,136,000 471,000,000 313,981,000 6,666,713,000 410,697,000 876,277,000 295,239,000 
        total assets
      		5,501,426,000 5,746,532,000 5,732,952,000 6,008,585,000 6,795,272,000 7,633,590,000 7,606,986,000 7,656,239,000 7,979,771,000 8,365,136,000 8,805,165,000 8,404,962,000 6,816,083,000 8,735,634,000 8,590,568,000 8,696,310,000 
        liabilities and shareholders’ equity
      		                
        current liabilities
      		                
        accounts payable and accrued liabilities
      		684,295,000 756,409,000 835,688,000 893,532,000 1,038,531,000   916,112,000 922,995,000    30,828,000    
        salary and welfare payables
      		159,417,000 166,906,000 275,260,000 226,866,000 342,125,000 239,535,000 284,801,000 283,546,000 237,817,000 244,600,000  316,760,000  303,342,000 248,614,000 253,457,000 
        taxes payables
      		15,474,000 19,085,000 22,081,000 15,093,000  29,028,000 21,293,000  27,576,000 35,479,000  17,916,000  21,151,000 29,529,000 4,087,000 
        contract liabilities
      		192,681,000 204,843,000 235,539,000 278,735,000 303,574,000 378,279,000 377,637,000 355,626,000 376,876,000 269,932,000  257,850,000  253,987,000 201,652,000 180,738,000 
        amounts due to related parties
      		5,734,000 5,489,000 6,825,000 7,849,000 26,032,000 16,580,000 21,006,000 24,861,000 86,274,000 84,174,000  81,427,000  66,439,000 54,324,000 58,848,000 
        short-term lease liabilities
      		24,848,000   16,031,000 42,089,000   53,190,000         
        short-term borrowings
      		105,508,000 161,295,000  51,774,000             
        other current liabilities
      		132,880,000 118,328,000 131,955,000 148,584,000 171,743,000 229,399,000 174,400,000 165,531,000 214,513,000 216,551,000  124,158,000  121,340,000 110,334,000 111,704,000 
        total current liabilities
      		1,320,837,000 1,473,297,000 1,524,656,000 1,638,464,000 1,945,488,000 2,090,568,000 1,941,230,000 1,824,841,000 1,917,391,000 2,115,528,000 1,897,714,000 1,873,713,000 85,429,000 1,603,411,000 1,423,230,000 1,234,114,000 
        non-current liabilities
      		                
        long-term lease liabilities
      		20,351,000   2,630,000 3,642,000   43,367,000         
        deferred tax liabilities
      		34,848,000 34,734,000 6,830,000 7,430,000 22,574,000 24,711,000 11,030,000 11,630,000 12,230,000 12,830,000  13,430,000  11,030,000   
        other non-current liabilities
      		3,915,000 3,605,000 3,957,000 14,998,000 121,958,000 153,084,000 89,154,000 82,133,000 78,506,000 84,324,000  76,331,000  45,000,000   
        total non-current liabilities
      		59,114,000 65,687,000 12,610,000 25,058,000 148,174,000 197,554,000 133,800,000 137,130,000 144,885,000 164,003,000 169,302,000 170,018,000  118,262,000 52,675,000 49,112,000 
        total liabilities
      		1,379,951,000 1,538,984,000 1,537,266,000 1,663,522,000 2,093,662,000 2,288,122,000 2,075,030,000 1,961,971,000 2,062,276,000 2,279,531,000 2,067,016,000 2,043,731,000 85,429,000 1,721,673,000 1,475,905,000 1,283,226,000 
        total zhihu inc.’s shareholders’ equity
      		4,051,810,000 4,141,195,000 4,136,123,000 4,289,054,000 4,599,810,000 5,271,380,000 5,479,882,000 5,653,696,000 5,886,205,000 6,069,913,000  6,349,638,000 6,730,654,000    
        noncontrolling interests
      		69,665,000 66,353,000 59,563,000 56,009,000 101,800,000 74,088,000 52,074,000 40,572,000 31,290,000 15,692,000  11,593,000  3,397,000   
        total shareholders’ equity
      		4,121,475,000 4,207,548,000 4,195,686,000 4,345,063,000 4,701,610,000 5,345,468,000 5,531,956,000 5,694,268,000 5,917,495,000 6,085,605,000  6,361,231,000 6,730,654,000    
        total liabilities and shareholders’ equity
      		5,501,426,000 5,746,532,000 5,732,952,000 6,008,585,000 6,795,272,000 7,633,590,000 7,606,986,000 7,656,239,000 7,979,771,000 8,365,136,000  8,404,962,000 6,816,083,000    
        income from operations
      		-91,006,000 -52,603,000  -183,871,000  -216,744,000 -216,308,000          
        add:
      		                
        share-based compensation expenses
      		15,970,000 14,158,000 -6,971,000 32,641,000  55,918,000 42,545,000  41,437,000 245,067,000  140,702,000  120,745,000 131,127,000 63,753,000 
        amortization of intangible assets resulting from business acquisitions
      		3,490,000 3,490,000 3,490,000 4,115,000             
        adjusted income from operations
      		-71,546,000 -34,955,000  -147,115,000  -157,336,000 -170,273,000          
        net (loss)/income
      		72,480,000 -10,108,000 -8,977,000              
        tax effects on non-gaap adjustments
      		-600,000 -600,000 -600,000 -756,000  -600,000 -600,000  -600,000 -600,000  -600,000     
        adjusted net (loss)/income
      		91,340,000 6,940,000 -13,058,000              
        short term lease liabilities
      		 40,942,000 17,308,000   61,024,000 60,639,000  51,340,000 51,586,000  52,344,000  29,495,000 24,357,000 23,904,000 
        long term lease liabilities
      		 27,348,000 1,823,000   19,759,000 33,616,000  54,149,000 66,849,000  80,257,000  62,232,000 52,675,000 49,112,000 
        (loss)/income from operations
      		  -84,330,000              
        adjusted (loss)/income from operations
      		  -87,811,000              
        net income
      		   -80,595,000  -178,972,000 -179,514,000  -487,021,000 -614,283,000  -383,291,000  -321,084,000 -324,693,000 -90,057,000 
        adjusted net income
      		   -44,595,000  -120,164,000 -134,079,000  -443,784,000 -367,416,000  -240,789,000  -200,339,000 -193,566,000 -26,304,000 
        ​
      		                
        taxes payable
      		    21,394,000   25,975,000         
        commitments and contingencies
      		                
        shareholders’ equity:
      		                
        class a ordinary shares
      		    227,000   234,000         
        class b ordinary shares
      		    14,000   15,000         
        treasury stock
      		    -161,637,000   -33,814,000         
        additional paid-in capital
      		    13,487,371,000   13,615,042,000         
        statutory reserves
      		    2,680,000            
        accumulated other comprehensive loss
      		    -20,551,000   -65,808,000         
        accumulated deficit
      		    -8,708,294,000   -7,861,973,000         
        accounts payables and accrued liabilities
      		     1,136,723,000 1,001,454,000   1,213,206,000  1,023,258,000  807,657,000 754,420,000 601,376,000 
        amortization of intangible assets resulting from business acquisition
      		     3,490,000 3,490,000  2,400,000 2,400,000  2,400,000  -1,980,000   
        net assets
      		          6,738,149,000      
        total mezzanine equity
      		                
        total shareholders’ (deficit)/equity
      		          6,738,149,000   7,013,961,000 7,114,663,000 7,413,084,000 
        total liabilities, mezzanine equity and shareholders’ equity
      		          8,805,165,000      
        trade receivable
      		                
        amounts due from group companies
      		            12,711,000    
        investment in subsidiaries and vies and vies' subsidiaries
      		            6,666,713,000    
        amounts due to group companies
      		            54,601,000    
        liabilities, mezzanine equity and shareholders’ (deficit)/equity
      		                
        total zhihu inc.’s shareholders’ (deficit)/equity
      		             7,010,564,000   
        total liabilities, mezzanine equity and shareholders’ (deficit)/equity
      		             8,735,634,000 8,590,568,000 8,696,310,000 
      Cashflow Statements:
      Quarterly
      Annual
        Unit: USD