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	1,730	5,055
Cash & Short-Term Investments	4,240	4,858	5,463	6,256	7,212
Cash Growth	-12.72%	-11.07%	-12.67%	-13.26%	132.89%
Accounts Receivable	358	420.64	664.62	834.25	631.03
Other Receivables	25.57	41.59	18.22	24.8	18.8
Total Trade Receivables	383.57	462.22	682.83	859.05	649.83
Other Current Assets	108.34	164.35	232.02	199.25	272.08
Total Current Assets	4,732	5,485	6,378	7,320	8,134
Net Property, Plant & Equipment	47.41	15.64	51.06	107.41	136.38
Other Intangible Assets	29.59	54.53	122.65	80.24	68.31
Goodwill	-	126.34	191.08	126.34	73.66
Long-Term Investments	368.48	51.18	44.62	-	188.02
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	681.31	835.69	1,039	916.11	1,027
Accrued Expenses	204.32	297.34	363.52	309.52	379.86
Short-Term Debt	35	-	-	-	-
Current Portion of Leases	21.38	17.31	42.09	53.19	60.53
Unearned Revenue	186.03	235.54	303.57	355.63	239.76
Other Current Liabilities	140.37	138.78	197.78	190.39	190.84
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
Other Long-Term Liabilities	31.82	10.79	144.53	93.76	87.17
Total Long-Term Liabilities	47.42	12.61	148.17	137.13	169.3
Total Liabilities	1,316	1,537	2,094	1,962	2,067
Common Stock	-	0.2	0.24	0.25	0.24
Treasury Stock	-	-112.06	-161.64	-33.81	-
Additional Paid-in Capital	-	13,113	13,490	13,615	13,350
Accumulated Other Comprehensive Income	-	12.38	-20.55	-65.81	-339.12
Retained Earnings	-	-8,878	-8,708	-7,862	-6,281
Total Common Shareholders' Equity	-	4,136	4,600	5,654	6,731
Minority Interest	70.91	59.56	101.8	40.57	7.5
Shareholders' Equity	3,804	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	142.66
Net Cash (Debt)	4,168	4,839	5,417	6,159	7,070
Net Cash Growth	-13.86%	-10.67%	-12.05%	-12.88%	128.50%
Net Cash Per Share	52.09	53.07	9.05	60.62	88.31
Book Value	0	4,136	4,600	5,654	6,731
Book Value Per Share	-	45.36	7.69	55.64	84.07
Tangible Book Value	-29.59	3,955	4,286	5,447	6,589
Tangible Book Value Per Share	-0.37	43.38	7.16	53.61	82.30

Updated Mar 25, 2026. Data Source: Fiscal.ai. Standard template. Financial Sources.

SEC Filings: 10-K · 10-Q