Zhihu Income Statement

Financials in millions CNY. Fiscal year is January - December.

Millions CNY. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Revenue	2,965	3,599	4,199	3,605	2,959	1,352
Revenue Growth (YoY)	-23.55%	-14.29%	16.48%	21.82%	118.85%	101.67%
Cost of Revenue	1,121	1,418	1,903	1,797	1,405	594.4
Gross Profit	1,844	2,181	2,296	1,808	1,554	757.8
Selling, General & Admin	1,527	1,929	2,467	2,648	2,325	1,031
Research & Development	548.52	732.55	901.45	763.36	619.59	329.76
Operating Income	-231.56	-481.08	-1,072	-1,604	-1,391	-602.88
Interest Income	294.76	180.41	200.37	138.48	90.48	80.84
Other Non-Operating Income (Expense)	65.46	122.32	44.16	-98.95	6.79	5.57
Total Non-Operating Income (Expense)	360.22	302.73	244.53	39.53	97.27	86.41
Pretax Income	128.66	-178.36	-827.7	-1,564	-1,293	-516.47
Provision for Income Taxes	26.63	-9.39	11.83	14.18	5.44	1.08
Net Income	102.01	-171.8	-843.64	-1,581	-1,469	-1,198
Minority Interest in Earnings	0.02	2.84	4.11	2.75	-	-
Net Income Attributable to Preferred Dividends	-	-	-	-	-170.59	-680.73
Net Income to Common	102.01	-171.8	-843.64	-1,581	-1,469	-1,198
Shares Outstanding (Basic)	544	547	598	102	80	22
Shares Outstanding (Diluted)	544	547	598	102	80	22
Shares Change (YoY)	-0.99%	-8.55%	488.77%	26.92%	267.91%	4.87%
EPS (Basic)	0.19	-0.32	-1.41	-15.57	-18.36	-55.08
EPS (Diluted)	0.19	-0.32	-1.41	-15.57	-18.36	-55.08
Free Cash Flow	-	-282.92	-424.02	-1,116	-447.67	-246.37
Free Cash Flow Per Share	-	-0.52	-0.71	-10.98	-5.59	-11.32
Gross Margin	62.18%	60.60%	54.68%	50.16%	52.51%	56.04%
Operating Margin	-7.81%	-13.37%	-25.54%	-44.49%	-46.99%	-44.59%
Profit Margin	3.44%	-4.69%	-19.99%	-43.78%	-43.89%	-38.27%
FCF Margin	-	-7.86%	-10.10%	-30.95%	-15.13%	-18.22%
EBITDA	-231.56	-459.14	-1,047	-1,579	-1,369	-583.27
EBITDA Margin	-7.81%	-12.76%	-24.94%	-43.79%	-46.27%	-43.14%
EBIT	-231.56	-481.08	-1,072	-1,604	-1,391	-602.88
EBIT Margin	-7.81%	-13.37%	-25.54%	-44.49%	-46.99%	-44.59%
Effective Tax Rate	20.70%	5.27%	-1.43%	-0.91%	-0.42%	-0.21%

Updated Sep 30, 2025. Data Source: Fiscal.ai. Standard template. Financial Sources.