Zhihu Balance Sheet

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

Millions CNY. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 31, 2026	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
Cash & Equivalents	2,992	3,369	3,999	2,107	4,526	2,157
Short-Term Investments	1,288	870.94	858.9	3,356	1,736	5,055
Cash & Short-Term Investments	4,280	4,240	4,858	5,463	6,262	7,212
Cash Growth	-6.04%	-12.72%	-11.07%	-12.75%	-13.18%	132.90%
Accounts Receivable	417.16	383.57	462.22	682.93	859.05	849.82
Other Receivables	-	13.89	28.96	43.83	23.54	109.57
Receivables	417.16	397.46	491.18	726.77	882.59	959.39
Inventory	-	26.15	30.96	22.19	10.35	4.6
Prepaid Expenses	-	32.15	69.78	92.18	96.29	105.83
Restricted Cash	-	1.08	0.9	-	-	-
Other Current Assets	100.08	35.07	33.75	73.82	69.07	52.07
Total Current Assets	4,798	4,732	5,485	6,378	7,320	8,334
Property, Plant & Equipment	36.25	47.41	15.64	51.06	107.41	136.38
Long-Term Investments	243.64	368.48	51.18	44.62	-	178.52
Goodwill	-	-	126.34	191.08	126.34	73.66
Other Intangible Assets	27.91	29.59	54.53	122.65	80.24	68.31
Other Long-Term Assets	13.87	13.39	0.62	7.99	22.45	14.13
Total Assets	5,119	5,191	5,733	6,795	7,656	8,805
Accounts Payable	684.8	697.44	842.51	1,065	940.97	1,110
Accrued Expenses	193.41	224.09	327.13	406.33	334.39	372.34
Short-Term Debt	-	35	-	-	-	-
Current Portion of Leases	18.12	21.38	17.31	42.09	53.19	40.53
Current Income Taxes Payable	36.95	16.29	22.08	21.39	25.98	66.18
Current Unearned Revenue	222.02	186.03	235.54	303.57	355.63	239.76
Other Current Liabilities	112.49	88.19	80.09	107.53	114.69	68.78
Total Current Liabilities	1,268	1,268	1,525	1,945	1,825	1,898
Long-Term Leases	9.35	15.59	1.82	3.64	43.37	82.13
Long-Term Deferred Tax Liabilities	6.22	27.17	6.83	22.57	11.63	14.03
Other Long-Term Liabilities	5.97	4.65	3.96	121.96	82.13	73.14
Total Liabilities	1,289	1,316	1,537	2,094	1,962	2,067
Common Stock	3,756	0.21	0.2	0.24	0.25	0.24
Additional Paid-In Capital	-	13,183	13,113	13,487	13,615	13,350
Retained Earnings	-	-9,070	-8,877	-8,706	-7,862	-6,281
Treasury Stock	-	-275.06	-112.06	-161.64	-33.81	-
Comprehensive Income & Other	-	-33.74	12.38	-20.55	-65.81	-339.12
Total Common Equity	3,756	3,804	4,136	4,600	5,654	6,731
Minority Interest	74.28	70.91	59.56	101.8	40.57	7.5
Shareholders' Equity	3,830	3,875	4,196	4,702	5,694	6,738
Total Liabilities & Equity	5,119	5,191	5,733	6,795	7,656	8,805
Total Debt	27.46	71.97	19.13	45.73	96.56	122.66
Net Cash (Debt)	4,253	4,168	4,839	5,417	6,165	7,090
Net Cash Growth	-3.94%	-13.86%	-10.67%	-12.13%	-13.04%	129.15%
Net Cash Per Share	53.87	52.09	53.07	54.33	60.67	88.56
Filing Date Shares Outstanding	77.22	81.18	84	98.15	106.35	99.69
Total Common Shares Outstanding	77.22	81.18	84	98.15	106.35	99.69
Working Capital	3,530	3,464	3,960	4,432	5,495	6,436
Book Value Per Share	48.63	46.86	49.24	46.86	53.16	67.52
Tangible Book Value	3,728	3,775	3,955	4,286	5,447	6,589
Tangible Book Value Per Share	48.27	46.50	47.09	43.67	51.22	66.09
Machinery	-	23.31	24.07	25.77	23.95	22.65
Leasehold Improvements	-	22.12	21.47	19.38	14.02	13.7