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	1,736	5,055	2,139
Cash & Short-Term Investments	4,372	4,858	5,463	6,262	7,212	3,097
Cash Growth	-12.49%	-11.07%	-12.75%	-13.18%	132.90%	-12.61%
Accounts Receivable	350.1	462.22	682.93	859.05	849.82	499.89
Other Receivables	-	28.96	43.83	23.54	109.57	0.36
Receivables	350.1	491.18	726.77	882.59	959.39	500.25
Inventory	-	30.96	22.19	10.35	4.6	-
Prepaid Expenses	-	69.78	92.18	96.29	105.83	61.24
Restricted Cash	0.9	0.9	-	-	-	-
Other Current Assets	148.88	33.75	73.82	69.07	52.07	61.93
Total Current Assets	4,872	5,485	6,378	7,320	8,334	3,720
Property, Plant & Equipment	52.35	15.64	51.06	107.41	136.38	11.35
Long-Term Investments	400.26	51.18	44.62	-	178.52	-
Goodwill	126.34	126.34	191.08	126.34	73.66	-
Other Intangible Assets	43.71	54.53	122.65	80.24	68.31	23.48
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	690.03	842.51	1,065	940.97	1,110	547.83
Accrued Expenses	159.42	327.13	406.33	334.39	372.34	269.47
Current Portion of Leases	24.85	17.31	42.09	53.19	40.53	2.89
Current Income Taxes Payable	15.47	22.08	21.39	25.98	66.18	7.07
Current Unearned Revenue	192.68	235.54	303.57	355.63	239.76	160
Other Current Liabilities	132.88	80.09	107.53	114.69	68.78	27.32
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	-
Long-Term Deferred Tax Liabilities	34.85	6.83	22.57	11.63	14.03	-
Other Long-Term Liabilities	3.92	3.96	121.96	82.13	73.14	-
Total Liabilities	1,380	1,537	2,094	1,962	2,067	1,015
Common Stock	4,052	0.2	0.24	0.25	0.24	0.05
Additional Paid-In Capital	-	13,113	13,487	13,615	13,350	-
Retained Earnings	-	-8,877	-8,706	-7,862	-6,281	-4,949
Treasury Stock	-	-112.06	-161.64	-33.81	-	-
Comprehensive Income & Other	-	12.38	-20.55	-65.81	-339.12	-195.93
Total Common 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	-
Shareholders' Equity	4,121	4,196	4,702	5,694	6,738	2,747
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	122.66	2.89
Net Cash (Debt)	4,222	4,839	5,417	6,165	7,090	3,094
Net Cash Growth	-14.30%	-10.67%	-12.13%	-13.04%	129.15%	-12.06%
Net Cash Per Share	50.85	53.07	54.33	60.67	88.56	142.18
Filing Date Shares Outstanding	79.83	84	98.15	106.35	99.69	19.77
Total Common Shares Outstanding	79.83	84	98.15	106.35	99.69	19.77
Working Capital	3,551	3,960	4,432	5,495	6,436	2,706
Book Value Per Share	50.75	49.24	46.86	53.16	67.52	-260.22
Tangible Book Value	3,882	3,955	4,286	5,447	6,589	-5,168
Tangible Book Value Per Share	48.62	47.09	43.67	51.22	66.09	-261.41
Machinery	-	24.07	25.77	23.95	22.65	18.74
Leasehold Improvements	-	21.47	19.38	14.02	13.7	10.08

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

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