Zhihu Inc. Reports Unaudited Third Quarter 2025 Financial Results
25-Nov-2025 03:55:01 EST
Zhihu Inc. Reports Unaudited Third Quarter 2025 Financial Results
GlobeNewswire November 25, 2025
BEIJING, China, Nov. 25, 2025 (GLOBE NEWSWIRE) — Zhihu Inc. (“Zhihu” or the “Company”) (NYSE: ZH; HKEX: 2390), a leading online content community in China, today announced its unaudited financial results for the quarter ended September 30, 2025.
Third Quarter 2025 Highlights
Total revenues were RMB658.9 million (US$92.6 million), compared with RMB845.0 million in the same period of 2024.
Gross margin was 61.3%, compared with 63.9% in the same period of 2024.
Net loss was RMB46.7 million (US$6.6 million), compared with RMB9.0 million in the same period of 2024.
Adjusted net loss (non-GAAP)[1] was RMB21.0 million (US$3.0 million), compared with RMB13.1 million in the same period of 2024.
Average monthly subscribing members[2] were 14.3 million in the third quarter of 2025.
“We are firmly on track to achieve full-year non-GAAP breakeven, with solid progress made during the quarter,” said Mr. Yuan Zhou, chairman and chief executive officer of Zhihu. “As our structural optimization initiatives continue to take effect, we are further refining our service offerings and striking a stronger balance between commercialization and community health. Our community remains vibrant, with growing user engagement and increasing contribution of authentic, high-quality content from both day-to-day users and professional creators. With our High-quality Content × Expert Network × AI Capabilities working in greater synergy, Zhihu is accelerating its evolution into an AI-native community that delivers trusted and differentiated experiences for users both within and beyond.”
Mr. Han Wang, chief financial officer of Zhihu, added, “In the third quarter, our non-GAAP operating loss narrowed by 16.3% year over year, reflecting disciplined cost management and continued gains in operational efficiency. While we continue investing in long-term growth initiatives, we have maintained effective control over total costs and expenses. Looking ahead, we will further strengthen monetization resilience and pursue new revenue models by leveraging our core advantages in content quality, creator expertise, and AI-driven innovation. We remain focused on delivering sustainable, high-quality growth.”
Third Quarter 2025 Financial Results
Total revenues were RMB658.9 million (US$92.6 million), compared with RMB845.0 million in the same period of 2024.
Marketing services revenue was RMB189.4 million (US$26.6 million), compared with RMB256.6 million in the same period of 2024. The decrease was primarily due to our proactive and ongoing refinement of service offerings.
Paid membership revenue was RMB385.6 million (US$54.2 million), compared with RMB459.4 million in the same period of 2024. The decrease was primarily due to a decline in the number of our average monthly subscribing members.
Other revenues[3] were RMB83.9 million (US$11.8 million), compared with RMB129.0 million in the same period of 2024. The decrease was primarily due to the strategic refinement of our vocational training business.
Cost of revenues decreased by 16.3% to RMB255.3 million (US$35.9 million) from RMB304.9 million in the same period of 2024. The decrease was primarily due to reduced content and operating costs associated with the decline in our revenues.
Gross profit was RMB403.6 million (US$56.7 million), compared with RMB540.1 million in the same period of 2024. Gross margin was 61.3%, compared with 63.9% in the same period of 2024.
Total operating expenses decreased by 19.4% to RMB503.5 million (US$70.7 million) from RMB624.5 million in the same period of 2024.
Selling and marketing expenses decreased by 14.9% to RMB330.1 million (US$46.4 million) from RMB388.0 million in the same period of 2024. The decrease was primarily due to more disciplined promotional spending and a decrease in personnel-related expenses.
Research and development expenses decreased by 36.2% to RMB114.4 million (US$16.1 million) from RMB179.3 million in the same period of 2024. The decrease was primarily attributable to improvements in our research and development efficiency.
General and administrative expenses were RMB59.0 million (US$8.3 million), compared with RMB57.2 million in the same period of 2024.
Loss from operations was RMB99.8 million (US$14.0 million), compared with RMB84.3 million in the same period of 2024.
Adjusted loss from operations (non-GAAP)[1] narrowed by 16.3% to RMB73.5 million (US$10.3 million) from RMB87.8 million in the same period of 2024.
Net loss was RMB46.7 million (US$6.6 million), compared with RMB9.0 million in the same period of 2024.
Adjusted net loss (non-GAAP)[1] was RMB21.0 million (US$3.0 million), compared with RMB13.1 million in the same period of 2024.
Diluted net loss per American depositary share (“ADS”) was RMB0.58 (US$0.08), compared with RMB0.11 in the same period of 2024.
Cash and cash equivalents, term deposits, restricted cash and short-term investments As of September 30, 2025, the Company had cash and cash equivalents, current and non-current term deposits, restricted cash and short-term investments of RMB4,583.2 million (US$643.8 million), compared with RMB4,859.0 million as of December 31, 2024.
Share Repurchase Programs
As of September 30, 2025, the Company had repurchased 31.1 million Class A ordinary shares (including Class A ordinary shares underlying the ADSs) for a total price of US$66.5 million on both the New York Stock Exchange and The Stock Exchange of Hong Kong Limited under the Company's existing share repurchase programs.
[1] Adjusted loss from operations and adjusted net loss are non-GAAP financial measures. For more information on the non-GAAP financial measures, please see the section “Use of Non-GAAP Financial Measures” and the table captioned “Unaudited Reconciliations of GAAP and Non-GAAP Results” set forth at the end of this press release.
[2] Monthly subscribing members refers to the number of members who subscribed for our membership packages in a specified month. Average monthly subscribing members for a period is calculated by dividing the sum of monthly subscribing members for each month during the specified period by the number of months in such period.
[3] Starting from the third quarter of 2025, the Company simplified its revenue stream by reclassifying vocational training into “others” to align with its overall strategy. Revenues for the applicable comparison periods have been retrospectively reclassified.
Conference Call
The Company's management will host a conference call at 6:00 A.M. U.S. Eastern Time on Tuesday, November 25, 2025 (7:00 P.M. Beijing/Hong Kong Time on Tuesday, November 25, 2025) to discuss the results.
All participants wishing to join the conference call must pre-register online using the link provided below. Once the pre-registration has been completed, each participant will receive a set of dial-in numbers and a unique access PIN which can be used to join the conference call.
Additionally, a live and archived webcast of the conference call will be available on the Company's investor relations website at https://ir.zhihu.com.
About Zhihu Inc.
Zhihu Inc. (NYSE: ZH; HKEX: 2390) is a leading online content community where people come to find solutions, make decisions, seek inspiration, and have fun. Since the initial launch in 2010, Zhihu has grown into the largest Q&A-inspired online content community in China. For more information, please visit https://ir.zhihu.com.
Use of Non-GAAP Financial Measures
In evaluating the business, the Company considers and uses non-GAAP financial measures, such as adjusted income from operations and adjusted net income, to supplement the review and assessment of its operating performance. The Company defines non-GAAP financial measures by excluding the impact of share-based compensation expenses, amortization of intangible assets resulting from business acquisitions and the tax effects of the non-GAAP adjustments, which are non-cash expenses. The Company believes that the non-GAAP financial measures facilitate comparisons of operating performance from period to period and company to company by adjusting for potential impacts of items, which the Company's management considers to be indicative of its operating performance. The Company believes that the non-GAAP financial measures provide useful information to investors and others in understanding and evaluating the Company's consolidated results of operations in the same manner as they help the Company's management.
The non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. The presentation of the non-GAAP financial measures may not be comparable to similarly titled measures presented by other companies. The use of the non-GAAP financial measures has limitations as an analytical tool, and investors should not consider them in isolation from or as a substitute for analysis of our results of operations or financial condition as reported under U.S. GAAP. For more information on the non-GAAP financial measures, please see the tables captioned “Unaudited Reconciliations of GAAP and Non-GAAP Results” set forth at the end of this press release.
Exchange Rate Information
This announcement contains translations of certain Renminbi amounts into U.S. dollars at a specified rate solely for the convenience of the reader. Unless otherwise noted, all translations from Renminbi to U.S. dollars were made at a rate of RMB7.1190 to US$1.00, the exchange rate in effect as of September 30, 2025 as set forth in the H.10 statistical release of the Federal Reserve Board.
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, and a number of factors could cause actual results to differ materially from those contained in any forward-looking statement. In some cases, forward-looking statements can be identified by words or phrases such as “may,” “will,” “expect,” “anticipate,” “target,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to,” or other similar expressions. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the SEC and the Hong Kong Stock Exchange. All information provided in this press release is as of the date of this press release, and the Company does not undertake any duty to update such information, except as required under applicable law.
ZHIHU INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (All amounts in thousands, except share, ADS, per share data and per ADS data)
For the Three Months Ended
For the Nine Months Ended
September 30, 2024
June 30, 2025
September 30, 2025
September 30, 2024
September 30, 2025
RMB
RMB
RMB
US$
RMB
RMB
US$
Revenues:
Marketing services
256,631
222,778
189,388
26,603
931,152
609,125
85,563
Paid membership
459,387
401,974
385,625
54,168
1,341,763
1,205,473
169,332
Others
129,002
92,142
83,916
11,788
466,778
290,890
40,861
Total revenues
845,020
716,894
658,929
92,559
2,739,693
2,105,488
295,756
Cost of revenues
(304,879
)
(268,711
)
(255,288
)
(35,860
)
(1,099,529
)
(802,560
)
(112,735
)
Gross profit
540,141
448,183
403,641
56,699
1,640,164
1,302,928
183,021
Selling and marketing expenses
(388,049
)
(326,255
)
(330,144
)
(46,375
)
(1,282,988
)
(977,031
)
(137,243
)
Research and development expenses
(179,261
)
(145,683
)
(114,362
)
(16,064
)
(585,940
)
(401,911
)
(56,456
)
General and administrative expenses
(57,161
)
(67,251
)
(58,950
)
(8,281
)
(264,185
)
(167,410
)
(23,516
)
Total operating expenses
(624,471
)
(539,189
)
(503,456
)
(70,720
)
(2,133,113
)
(1,546,352
)
(217,215
)
Loss from operations
(84,330
)
(91,006
)
(99,815
)
(14,021
)
(492,949
)
(243,424
)
(34,194
)
Other income/(expenses):
Investment income
13,679
140,836
37,050
5,204
52,392
197,235
27,705
Interest income
31,136
20,247
17,306
2,431
88,653
58,163
8,170
Fair value change of financial instruments
6,887
–
–
–
47,707
–
–
Exchange losses
(1,097
)
(38
)
(43
)
(6
)
(688
)
(177
)
(25
)
Others, net
23,799
31,120
(391
)
(55
)
42,789
33,128
4,653
(Loss)/Income before income tax
(9,926
)
101,159
(45,893
)
(6,447
)
(262,096
)
44,925
6,309
Income tax benefits/(expenses)
949
(28,679
)
(850
)
(119
)
6,728
(29,296
)
(4,115
)
Net (loss)/income
(8,977
)
72,480
(46,743
)
(6,566
)
(255,368
)
15,629
2,194
Net (income)/loss attributable to noncontrolling interests
(1,514
)
2
88
12
(2,708
)
104
15
Net (loss)/income attributable to Zhihu Inc.'s shareholders
(10,491
)
72,482
(46,655
)
(6,554
)
(258,076
)
15,733
2,209
Net (loss)/income per share
Basic
(0.04
)
0.30
(0.19
)
(0.03
)
(0.92
)
0.07
0.01
Diluted
(0.04
)
0.29
(0.19
)
(0.03
)
(0.92
)
0.06
0.01
Net (loss)/income per ADS (One ADS represents three Class A ordinary shares)
Basic
(0.11
)
0.90
(0.58
)
(0.08
)
(2.77
)
0.20
0.03
Diluted
(0.11
)
0.88
(0.58
)
(0.08
)
(2.77
)
0.19
0.03
Weighted average number of ordinary shares outstanding
Basic
277,309,431
240,762,092
239,496,037
239,496,037
279,367,448
241,569,166
241,569,166
Diluted
277,309,431
245,755,672
239,496,037
239,496,037
279,367,448
246,688,130
246,688,130
ZHIHU INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (CONTINUED) (All amounts in thousands, except share, ADS, per share data and per ADS data)
For the Three Months Ended
For the Nine Months Ended
September 30, 2024
June 30, 2025
September 30, 2025
September 30, 2024
September 30, 2025
RMB
RMB
RMB
US$
RMB
RMB
US$
Share-based compensation expenses included in:
Cost of revenues
1,016
10
110
15
4,263
(752
)
(106
)
Selling and marketing expenses
547
(294
)
(434
)
(61
)
(2,244
)
(466
)
(65
)
Research and development expenses
6,233
(870
)
2,825
397
14,352
1,356
190
General and administrative expenses
(14,767
)
17,124
20,352
2,859
35,111
52,843
7,423
ZHIHU INC. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (All amounts in thousands)
As of December 31, 2024
As of September 30, 2025
RMB
RMB
US$
ASSETS
Current assets:
Cash and cash equivalents
3,999,160
2,730,011
383,482
Term deposits
320,088
597,385
83,914
Short-term investments
538,816
1,044,870
146,772
Restricted cash
900
900
127
Trade receivables
420,636
326,292
45,834
Amounts due from related parties
41,588
23,812
3,345
Prepayments and other current assets
163,446
148,881
20,913
Total current assets
5,484,634
4,872,151
684,387
Non-current assets:
Property and equipment, net
8,490
5,998
843
Intangible assets, net
54,534
43,705
6,139
Goodwill
126,344
126,344
17,747
Long-term investments, net
51,176
190,262
26,726
Term deposits
–
210,000
29,499
Right-of-use assets
7,151
46,355
6,511
Other non-current assets
623
6,611
929
Total non-current assets
248,318
629,275
88,394
Total assets
5,732,952
5,501,426
772,781
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Accounts payable and accrued liabilities
835,688
684,295
96,122
Salary and welfare payables
275,260
159,417
22,393
Taxes payables
22,081
15,474
2,174
Contract liabilities
235,539
192,681
27,066
Amounts due to related parties
6,825
5,734
805
Short-term lease liabilities
17,308
24,848
3,490
Short-term borrowings
–
105,508
14,821
Other current liabilities
131,955
132,880
18,666
Total current liabilities
1,524,656
1,320,837
185,537
Non-current liabilities
Long-term lease liabilities
1,823
20,351
2,859
Deferred tax liabilities
6,830
34,848
4,895
Other non-current liabilities
3,957
3,915
550
Total non-current liabilities
12,610
59,114
8,304
Total liabilities
1,537,266
1,379,951
193,841
Total Zhihu Inc.'s shareholders' equity
4,136,123
4,051,810
569,154
Noncontrolling interests
59,563
69,665
9,786
Total shareholders' equity
4,195,686
4,121,475
578,940
Total liabilities and shareholders' equity
5,732,952
5,501,426
772,781
ZHIHU INC. UNAUDITED RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS (All amounts in thousands)
For the Three Months Ended
For the Nine Months Ended
September 30, 2024
June 30, 2025
September 30, 2025
September 30, 2024
September 30, 2025
RMB
RMB
RMB
US$
RMB
RMB
US$
Loss from operations
(84,330
)
(91,006
)
(99,815
)
(14,021
)
(492,949
)
(243,424
)
(34,194
)
Add:
Share-based compensation expenses
(6,971
)
15,970
22,853
3,210
51,482
52,981
7,442
Amortization of intangible assets resulting from business acquisitions
3,490
3,490
3,490
490
12,970
10,470
1,471
Adjusted loss from operations
(87,811
)
(71,546
)
(73,472
)
(10,321
)
(428,497
)
(179,973
)
(25,281
)
Net (loss)/income
(8,977
)
72,480
(46,743
)
(6,566
)
(255,368
)
15,629
2,194
Add:
Share-based compensation expenses
(6,971
)
15,970
22,853
3,210
51,482
52,981
7,442
Amortization of intangible assets resulting from business acquisitions
