Zhihu Balance Sheet

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
Cash & Equivalents	2,730	3,999	2,107	4,526	2,157	957.82
Short-Term Investments	1,642	858.9	3,356	1,730	5,055	2,139
Cash & Short-Term Investments	4,372	4,858	5,463	6,256	7,212	3,097
Cash Growth	-12.49%	-11.07%	-12.67%	-13.26%	132.89%	-12.61%
Accounts Receivable	326.29	420.64	664.62	834.25	631.03	86.92
Other Receivables	23.81	41.59	18.22	24.8	18.8	13.84
Total Trade Receivables	350.1	462.22	682.83	859.05	649.83	100.76
Other Current Assets	149.78	164.35	232.02	199.25	272.08	125.54
Total Current Assets	4,872	5,485	6,378	7,320	8,134	3,323
Net Property, Plant & Equipment	52.35	15.64	51.06	107.41	136.38	8.11
Other Intangible Assets	43.71	54.53	122.65	80.24	68.31	23.48
Goodwill	126.34	126.34	191.08	126.34	73.66	-
Long-Term Investments	400.26	51.18	44.62	-	188.02	3.24
Other Long-Term Assets	6.61	0.62	7.99	22.45	14.13	6.45
Total Assets	5,501	5,733	6,795	7,656	8,805	3,761
Accounts Payable	684.3	835.69	1,039	916.11	1,027	501.85
Accrued Expenses	174.89	297.34	363.52	309.52	379.86	242.84
Short-Term Debt	105.51	-	-	-	-	-
Current Portion of Leases	24.85	17.31	42.09	53.19	60.53	2.89
Unearned Revenue	192.68	235.54	303.57	355.63	239.76	160
Other Current Liabilities	138.61	138.78	197.78	190.39	190.84	110.93
Total Current Liabilities	1,321	1,525	1,945	1,825	1,898	1,015
Long-Term Leases	20.35	1.82	3.64	43.37	82.13	-
Other Long-Term Liabilities	38.76	10.79	144.53	93.76	87.17	-
Total Long-Term Liabilities	59.11	12.61	148.17	137.13	169.3	-
Total Liabilities	1,380	1,537	2,094	1,962	2,067	1,015
Common Stock	-	0.2	0.24	0.25	0.24	0.05
Treasury Stock	-	-112.06	-161.64	-33.81	-	-
Additional Paid-in Capital	-	13,113	13,490	13,615	13,350	-
Accumulated Other Comprehensive Income	-	12.38	-20.55	-65.81	-339.12	-195.93
Retained Earnings	-	-8,878	-8,708	-7,862	-6,281	-4,949
Total Common Shareholders' Equity	4,052	4,136	4,600	5,654	6,731	-5,144
Minority Interest	69.67	59.56	101.8	40.57	7.5	7,891
Shareholders' Equity	4,121	4,196	4,702	5,694	6,738	-5,144
Total Liabilities & Equity	5,501	5,733	6,795	7,656	8,805	3,761
Total Debt	150.71	19.13	45.73	96.56	142.66	2.89
Net Cash (Debt)	4,222	4,839	5,417	6,159	7,070	3,094
Net Cash Growth	-12.76%	-10.67%	-12.05%	-12.88%	128.50%	-12.05%
Net Cash Per Share	-	8.84	9.05	60.62	88.31	142.19
Book Value	4,052	4,136	4,600	5,654	6,731	-5,144
Book Value Per Share	-	7.56	7.69	55.64	84.07	-236.42
Tangible Book Value	3,882	3,955	4,286	5,447	6,589	-5,168
Tangible Book Value Per Share	-	7.23	7.16	53.61	82.30	-237.50

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