Zhihu Inc. (ZH)

Zhihu Income Statement

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

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep 30, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Revenue	2,965	3,599	4,199	3,605	2,959	1,352
Revenue Growth (YoY)	-23.55%	-14.29%	16.48%	21.82%	118.85%	101.67%
Cost of Revenue	1,121	1,418	1,903	1,797	1,405	594.4
Gross Profit	1,844	2,181	2,296	1,808	1,554	757.8
Selling, General & Admin	1,527	1,929	2,467	2,648	2,325	1,031
Research & Development	548.52	732.55	901.45	763.36	619.59	329.76
Operating Expenses	2,075	2,662	3,368	3,412	2,945	1,361
Operating Income	-231.56	-481.08	-1,072	-1,604	-1,391	-602.88
Interest & Investment Income	294.76	180.41	200.37	138.48	90.48	80.84
Currency Exchange Gain (Loss)	1.52	1.01	0.1	71.75	-16.67	62.66
Other Non Operating Income (Expenses)	63.94	121.31	44.07	-170.7	23.46	-57.09
EBT Excluding Unusual Items	128.66	-178.36	-827.7	-1,564	-1,293	-516.47
Other Unusual Items	-	-	-	-	-170.59	-
Pretax Income	128.66	-178.36	-827.7	-1,564	-1,464	-516.47
Income Tax Expense	26.63	-9.39	11.83	14.18	5.44	1.08
Earnings From Continuing Operations	102.03	-168.97	-839.53	-1,578	-1,469	-517.55
Minority Interest in Earnings	-0.02	-2.84	-4.11	-2.75	-	-
Net Income	102.01	-171.8	-843.64	-1,581	-1,469	-517.55
Preferred Dividends & Other Adjustments	-	-	-	-	-	680.73
Net Income to Common	102.01	-171.8	-843.64	-1,581	-1,469	-1,198
Shares Outstanding (Basic)	82	91	100	102	80	22
Shares Outstanding (Diluted)	83	91	100	102	80	22
Shares Change (YoY)	-11.72%	-8.55%	-1.87%	26.92%	267.91%	4.87%
EPS (Basic)	1.25	-1.88	-8.46	-15.56	-18.35	-55.07
EPS (Diluted)	1.20	-1.89	-8.46	-15.57	-18.36	-55.08
Free Cash Flow	-	-282.92	-424.02	-1,116	-447.67	-246.37
Free Cash Flow Per Share	-	-3.10	-4.25	-10.98	-5.59	-11.32
Gross Margin	62.19%	60.60%	54.68%	50.16%	52.51%	56.04%
Operating Margin	-7.81%	-13.37%	-25.54%	-44.49%	-46.99%	-44.59%
Profit Margin	3.44%	-4.77%	-20.09%	-43.86%	-49.66%	-88.62%
Free Cash Flow Margin	-	-7.86%	-10.10%	-30.95%	-15.13%	-18.22%
EBITDA	-211.82	-459.14	-1,047	-1,579	-1,369	-583.27
EBITDA Margin	-7.14%	-12.76%	-24.94%	-43.79%	-46.27%	-43.13%
D&A For EBITDA	19.74	21.95	24.89	25.21	21.45	19.61
EBIT	-231.56	-481.08	-1,072	-1,604	-1,391	-602.88
EBIT Margin	-7.81%	-13.37%	-25.54%	-44.49%	-46.99%	-44.59%
Advertising Expenses	-	350.4	721.9	967.4	782.6	311

Updated Nov 25, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.

SEC Filings: 10-K · 10-Q