Zhihu Income Statement

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

Millions CNY. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Operating Revenue	2,383	3,599	4,199	3,605	2,959
Other Revenue	366.13	-	-	-	-
Revenue	2,749	3,599	4,199	3,605	2,959
Revenue Growth (YoY)	-23.62%	-14.29%	16.48%	21.82%	118.85%
Cost of Revenue	1,101	1,418	1,903	1,797	1,405
Gross Profit	1,648	2,181	2,296	1,808	1,554
Selling, General & Admin	1,504	1,929	2,467	2,648	2,325
Research & Development	525	732.55	901.45	763.36	619.59
Operating Expenses	2,029	2,662	3,368	3,412	2,945
Operating Income	-380.94	-481.08	-1,072	-1,604	-1,391
Interest & Investment Income	303.41	180.41	200.37	138.48	90.48
Currency Exchange Gain (Loss)	-0.23	1.01	0.1	71.75	-16.67
Other Non Operating Income (Expenses)	30.64	121.31	44.07	-170.7	23.46
EBT Excluding Unusual Items	-47.13	-178.36	-827.7	-1,564	-1,293
Impairment of Goodwill	-126.34	-	-	-	-
Other Unusual Items	-	-	-	-	-170.59
Pretax Income	-173.47	-178.36	-827.7	-1,564	-1,464
Income Tax Expense	21.69	-9.39	11.83	14.18	5.44
Earnings From Continuing Operations	-195.16	-168.97	-839.53	-1,578	-1,469
Minority Interest in Earnings	2.26	-2.84	-4.11	-2.75	-
Net Income	-192.9	-171.8	-843.64	-1,581	-1,469
Net Income to Common	-192.9	-171.8	-843.64	-1,581	-1,469
Shares Outstanding (Basic)	80	91	100	102	80
Shares Outstanding (Diluted)	80	91	100	102	80
Shares Change (YoY)	-12.25%	-8.55%	-1.87%	26.92%	267.91%
EPS (Basic)	-2.41	-1.88	-8.46	-15.56	-18.35
EPS (Diluted)	-2.41	-1.89	-8.46	-15.57	-18.36
Free Cash Flow	-	-282.92	-424.02	-1,116	-447.67
Free Cash Flow Per Share	-	-3.10	-4.25	-10.98	-5.59
Gross Margin	59.94%	60.60%	54.68%	50.16%	52.51%
Operating Margin	-13.86%	-13.37%	-25.54%	-44.49%	-46.99%
Profit Margin	-7.02%	-4.77%	-20.09%	-43.86%	-49.66%
Free Cash Flow Margin	-	-7.86%	-10.10%	-30.95%	-15.13%
EBITDA	-359	-459.14	-1,047	-1,579	-1,369
EBITDA Margin	-13.06%	-12.76%	-24.94%	-43.79%	-46.27%
D&A For EBITDA	21.95	21.95	24.89	25.21	21.45
EBIT	-380.94	-481.08	-1,072	-1,604	-1,391
EBIT Margin	-13.86%	-13.37%	-25.54%	-44.49%	-46.99%
Revenue as Reported	2,749	-	-	-	-
Advertising Expenses	-	350.4	721.9	967.4	782.6

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.