Zhihu Cash Flow Statement

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

Millions CNY. Fiscal year is Jan - Dec.

Fiscal Year	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	-171.8	-843.64	-1,581	-1,299
Depreciation & Amortization	21.95	24.89	25.21	21.45
Loss (Gain) From Sale of Assets	-4.93	0.4	0.08	-
Loss (Gain) From Sale of Investments	-	-	20.89	-
Stock-Based Compensation	59.26	164.66	373.9	548.47
Provision & Write-off of Bad Debts	36.73	29.92	34.46	32.63
Other Operating Activities	-136.92	-32.04	145.5	-35.31
Change in Accounts Receivable	208.24	64.41	-132.84	-374.68
Change in Accounts Payable	-183.37	220.24	-15.87	524.25
Change in Unearned Revenue	-59.53	-87.06	78.22	79.4
Change in Income Taxes	0.96	-4.69	-40.85	59.02
Change in Other Net Operating Assets	-50.78	47.38	-22.49	3.41
Operating Cash Flow	-280.19	-415.53	-1,115	-440.23
Capital Expenditures	-2.73	-8.49	-0.71	-7.44
Sale of Property, Plant & Equipment	0.03	-	0.12	-
Cash Acquisitions	-	-63.59	-60.61	-33.18
Divestitures	12.16	-	-	-
Sale (Purchase) of Intangibles	-	-0.38	-	-
Investment in Securities	2,553	-1,609	3,697	-3,131
Other Investing Activities	-	-	-145.19	35.47
Investing Cash Flow	2,563	-1,681	3,490	-3,137
Short-Term Debt Issued	51.77	-	-	-
Total Debt Issued	51.77	-	-	-
Short-Term Debt Repaid	-51.77	-	-	-
Total Debt Repaid	-51.77	-	-	-
Issuance of Common Stock	1.16	4.51	19.61	4,876
Repurchase of Common Stock	-400.71	-369.57	-127.96	-
Other Financing Activities	-4.31	-	-	-
Financing Cash Flow	-403.86	-365.06	-108.35	4,876
Foreign Exchange Rate Adjustments	14.85	42.51	101.53	-100.17
Net Cash Flow	1,893	-2,419	2,369	1,199
Free Cash Flow	-282.92	-424.02	-1,116	-447.67
Free Cash Flow Margin	-7.86%	-10.10%	-30.95%	-15.13%
Free Cash Flow Per Share	-3.10	-4.25	-10.98	-5.59
Levered Free Cash Flow	-329.87	-214.37	-625.89	40.32
Unlevered Free Cash Flow	-329.87	-214.37	-625.89	40.32
Change in Working Capital	-84.48	240.29	-133.83	291.4

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