Zhihu Inc. (ZH) — Financial statements
Income statement, balance sheet, and cash flow for Zhihu Inc. — annual and quarterly history with growth and margin analysis.
| Metric (CNY Millions) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
| Revenue & Gross Profit | ||||||
| Revenue | 2,674↓26.7% | 3,650↓13.1% | 4,198↑14.5% | 3,668↑25.6% | 2,921 | |
| Cost of Revenue | 1,071↓25.5% | 1,438↓24.4% | 1,903↑4.1% | 1,828↑31.8% | 1,387 | |
| Gross Profit | 1,603↓27.5% | 2,212↓3.7% | 2,296↑24.8% | 1,840↑20.0% | 1,534 | |
| Operating Expenses | ||||||
| R&D Expenses | 511↓31.3% | 743↓17.6% | 901↑16.0% | 777↑27.0% | 612 | |
| General & Administrative Expenses | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Selling & Marketing Expenses | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| SG&A Expenses | 1,463↓25.2% | 1,957↓20.7% | 2,466↓8.5% | 2,695↑17.4% | 2,295 | |
| Other Expenses | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Operating Expenses | 1,973↓26.9% | 2,700↓19.8% | 3,368↓3.0% | 3,472↑19.4% | 2,906 | |
| Total Costs & Expenses | 3,045↓26.4% | 4,138↓21.5% | 5,270↓0.6% | 5,300↑23.4% | 4,294 | |
| Operating Results | ||||||
| Operating Income | -371↑24.0% | -488↑54.5% | -1,072↑34.3% | -1,632↓18.9% | -1,373 | |
| Depreciation & Amortization | 0.00↓100.0% | 22↓10.6% | 25↓3.0% | 26↑21.2% | 21 | |
| EBITDA | -371↓133.6% | -159↑80.2% | -803↑48.7% | -1,566↓24.7% | -1,256 | |
| EBIT | -371↓104.9% | -181↑78.1% | -828↑48.0% | -1,592↓24.7% | -1,277 | |
| Interest & Other Income | ||||||
| Net Interest Income | 295↑156.7% | 115↓27.5% | 159↑133.0% | 68↑117.5% | 31 | |
| Interest Income | 295↑156.7% | 115↓27.5% | 159↑133.0% | 68↑117.5% | 31 | |
| Interest Expense | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Non-Operating Income | 0.00↑100.0% | -307↓25.6% | -244↓507.8% | -40↑58.1% | -96 | |
| Other Income / Expenses | 202↓34.3% | 307↑25.6% | 244↑507.8% | 40↓58.1% | 96 | |
| Income Before Tax | -169↑6.7% | -181↑78.1% | -828↑48.0% | -1,592↓24.7% | -1,277 | |
| Income Tax Expense | 21↑321.5% | -10↓180.5% | 12↓18.0% | 14↑168.6% | 5 | |
| Net Income & EPS | ||||||
| Net Income from Continuing Operations | -190↓10.8% | -171↑79.6% | -839↑47.7% | -1,606↓25.3% | -1,282 | |
| Net Income from Discontinued Operations | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Net Income | -188↓7.7% | -174↑79.3% | -844↑47.6% | -1,609↓25.5% | -1,282 | |
| Bottom-Line Net Income | -188↓7.7% | -174↑79.3% | -844↑47.6% | -1,609↓10.9% | -1,450 | |
| EPS (Basic) | -2.37↓25.4% | -1.89↑77.7% | -8.47↑46.0% | -15.68↑14.6% | -18.35 | |
| EPS (Diluted) | -2.37↓25.4% | -1.89↑77.7% | -8.47↑46.0% | -15.68↑14.6% | -18.35 | |
| Weighted Average Shares | 80↓12.5% | 91↓8.2% | 100↓0.9% | 100↑26.9% | 79 | |
| Weighted Average Diluted Shares | 80↓12.5% | 91↓8.2% | 100↓0.9% | 100↑26.9% | 79 | |
* All figures in Millions of CNY, except per share data. Growth rates calculated Year-over-Year (YoY). Data source: SEC Filings.