Zhihu Balance Sheet

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
Cash & Equivalents	3,369	3,999	2,107	4,526	2,157
Short-Term Investments	870.94	858.9	3,356	1,736	5,055
Cash & Short-Term Investments	4,240	4,858	5,463	6,262	7,212
Cash Growth	-12.72%	-11.07%	-12.75%	-13.18%	132.90%
Accounts Receivable	383.57	462.22	682.93	859.05	849.82
Other Receivables	13.89	28.96	43.83	23.54	109.57
Receivables	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	35.07	33.75	73.82	69.07	52.07
Total Current Assets	4,732	5,485	6,378	7,320	8,334
Property, Plant & Equipment	47.41	15.64	51.06	107.41	136.38
Long-Term Investments	368.48	51.18	44.62	-	178.52
Goodwill	-	126.34	191.08	126.34	73.66
Other Intangible Assets	29.59	54.53	122.65	80.24	68.31
Other Long-Term Assets	13.39	0.62	7.99	22.45	14.13
Total Assets	5,191	5,733	6,795	7,656	8,805
Accounts Payable	697.44	842.51	1,065	940.97	1,110
Accrued Expenses	224.09	327.13	406.33	334.39	372.34
Short-Term Debt	35	-	-	-	-
Current Portion of Leases	21.38	17.31	42.09	53.19	40.53
Current Income Taxes Payable	16.29	22.08	21.39	25.98	66.18
Current Unearned Revenue	186.03	235.54	303.57	355.63	239.76
Other Current Liabilities	88.19	80.09	107.53	114.69	68.78
Total Current Liabilities	1,268	1,525	1,945	1,825	1,898
Long-Term Leases	15.59	1.82	3.64	43.37	82.13
Long-Term Deferred Tax Liabilities	27.17	6.83	22.57	11.63	14.03
Other Long-Term Liabilities	4.65	3.96	121.96	82.13	73.14
Total Liabilities	1,316	1,537	2,094	1,962	2,067
Common Stock	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	3,804	4,136	4,600	5,654	6,731
Minority Interest	70.91	59.56	101.8	40.57	7.5
Shareholders' Equity	3,875	4,196	4,702	5,694	6,738
Total Liabilities & Equity	5,191	5,733	6,795	7,656	8,805
Total Debt	71.97	19.13	45.73	96.56	122.66
Net Cash (Debt)	4,168	4,839	5,417	6,165	7,090
Net Cash Growth	-13.86%	-10.67%	-12.13%	-13.04%	129.15%
Net Cash Per Share	52.09	53.07	54.33	60.67	88.56
Filing Date Shares Outstanding	81.18	84	98.15	106.35	99.69
Total Common Shares Outstanding	81.18	84	98.15	106.35	99.69
Working Capital	3,464	3,960	4,432	5,495	6,436
Book Value Per Share	46.86	49.24	46.86	53.16	67.52
Tangible Book Value	3,775	3,955	4,286	5,447	6,589
Tangible Book Value Per Share	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

Source: S&P Global Market Intelligence. Standard template. Financial Sources.