Zhihu Quarterly Report Infographic: Revenue of 640 million yuan, Zhou Yuan says 2025 will be a structural turning point

Ledi Network, Lei Jianping, March 25

Zhihu (NYSE: ZH; HKEX: 2390) released its financial report for the fourth quarter and full year of 2025 today. The report shows that Zhihu’s revenue for 2025 was 2.75B yuan (approximately $393 million), a 23.6% decrease from 3.6 billion yuan in the same period last year.

Zhihu’s operating loss for 2025 was 507 million yuan (about $72.5 million), with an adjusted operating loss of 269 million yuan;

Zhihu’s investment income for 2025 was 232 million yuan ($33.2 million), compared to 65.4 million yuan in 2024. This increase was mainly due to unrealized gains from remeasuring the fair value of Zhihu’s investments in a private company with observable price changes.

Net loss for 2025 was 195 million yuan, with an adjusted net profit of 37.9 million yuan. This marks Zhihu’s first full-year non-GAAP profit.

Zhihu founder, Chairman, and CEO Zhou Yuan stated: “2025 is a structural turning point for Zhihu. Building on the first quarter non-GAAP profit achieved in Q4 2024, we realized full-year non-GAAP profitability in 2025. Looking ahead to 2026, while consolidating our core business, we will accelerate exploration of AI-related commercialization.”

Zhihu Q4 revenue of 640 million yuan, down 25% year-over-year

Zhihu’s revenue for Q4 2025 was 640 million yuan (about $92 million), a 25% decline from 859 million yuan in the same period last year.

Zhihu’s marketing services revenue for Q4 2025 was 235 million yuan ($33.6 million), down 25.6% from 316 million yuan in the same period last year, mainly due to proactive optimization of service product offerings.

Zhihu’s paid membership revenue for Q4 2025 was 334 million yuan (( $192837465657483.91T), compared to 420 million yuan in the same period last year. The decline was mainly due to a decrease in average monthly subscribed members.

Zhihu’s other income for Q4 2025 was 75.2 million yuan (( $192837465657483.91T), down from 123 million yuan in the same period last year. This decrease was mainly due to strategic optimization of the professional training business, partially offset by revenue growth from intellectual property derivative products.

Zhihu Q4 costs of 300 million yuan, down 6% year-over-year

Zhihu’s costs for Q4 2025 were 300 million yuan, a 6.2% decrease from 319 million yuan in the same period last year, mainly due to reduced personnel-related expenses.

Zhihu Q4 gross profit of 345 million yuan, gross margin 54%

Zhihu’s gross profit for Q4 2025 was 345 million yuan ($49.3 million), compared to 541 million yuan in the same period last year. The gross margin for Q4 2025 was 53.6%, down from 62.9% in the same period last year. The decline in gross margin was mainly due to Zhihu’s efforts to expand and enhance content products for all users.

Zhihu Q4 expenses of 600 million yuan, up 15% year-over-year

Zhihu’s total operating expenses for Q4 2025 were 609 million yuan ($87 million), a 15% increase from 529 million yuan in the same period last year.

Zhihu’s sales and marketing expenses for Q4 2025 were 275 million yuan, down 13% from 316 million yuan in the same period last year, mainly due to more disciplined marketing spending and reduced personnel expenses.

Zhihu’s R&D expenses for Q4 2025 were 123 million yuan, down 16% from 147 million yuan in the same period last year, mainly due to improved R&D efficiency.

Zhihu’s general and administrative expenses for Q4 2025 were 84 million yuan, up from 66 million yuan in the same period last year. This increase was mainly due to higher share-based compensation expenses.

Zhihu’s goodwill impairment for Q4 2025 was 126 million yuan ($18.1 million), compared to zero in the same period last year. This impairment mainly relates to goodwill from previous acquisitions, which is now lower due to current market valuation conditions.

Zhihu Q4 operating loss of 264 million yuan, operating profit margin -41%

Zhihu’s operating loss for Q4 2025 was 264 million yuan ($37.7 million), compared to an operating profit of 11.9 million yuan in the same period last year.

Zhihu’s adjusted operating loss for Q4 2025 was 89.3 million yuan ($12.8 million), compared to an adjusted operating profit of 23.1 million yuan in the same period last year.

Zhihu Q4 net loss of 210 million yuan

Zhihu’s net loss for Q4 2025 was 211 million yuan ($30.1 million), compared to a net profit of 86.4 million yuan in the same period last year.

Zhihu’s Q4 non-GAAP net loss was 39.4 million yuan, compared to an adjusted net profit of 97.1 million yuan in the same period last year.

As of December 31, 2025, Zhihu held cash and cash equivalents, current and non-current time deposits, restricted funds, and short-term investments totaling 4.45B yuan ($637 million), compared to 4.86B yuan as of December 31, 2024.