Zhihu Inc. released its unaudited results for the year ended 31 December 2025. Total revenue declined 23.6% year-on-year to RMB2.75 billion, mainly due to weaker performance in marketing services and paid memberships.
Gross profit fell 24.4% to RMB1.65 billion, yet gross margin remained resilient at 59.9% versus 60.6% in 2024. Operating expenses contracted 19.0% to RMB2.16 billion, reflecting disciplined marketing spending and lower R&D and G&A costs.
GAAP loss from operations widened 5.4% to RMB507.29 million and GAAP net loss rose to RMB195.16 million from RMB168.97 million. After adjusting for share-based compensation, amortisation and impairment items, Zhihu reported an adjusted operating loss of RMB269.24 million, narrowing 33.6% year-on-year, and achieved an adjusted net profit of RMB37.87 million versus a RMB96.27 million loss in 2024.
Segment-wise, paid membership remained the largest contributor at RMB1.54 billion, representing 56.0% of total revenue but down 12.7%. Marketing services generated RMB843.93 million (30.7% of revenue), a 32.4% decrease. “Others” revenue, including vocational training, fell 37.9% to RMB366.13 million. Average monthly subscribing members slipped 10.0% to 13.5 million.
Cash, cash equivalents, term deposits, restricted cash and short-term investments totalled RMB4.45 billion at year-end, compared with RMB4.86 billion a year earlier. Operating cash outflow increased to RMB363.61 million. The gearing ratio stood at 0.9%, and no dividend was proposed.
Management highlighted ongoing investment in AI integration, content quality and operational efficiency, with 2025 marking the platform’s first non-GAAP annual profitability. The company outlined plans to deepen AI-driven monetisation and reinforce its creator ecosystem in 2026.
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