Zhihu Inc. Reports Unaudited Second Quarter 2025 Financial Results
Zhihu (NYSE: ZH) reported its Q2 2025 financial results, marking its third consecutive quarter of non-GAAP profitability. The company achieved a net income of RMB72.5 million (US$10.1 million), compared to a net loss of RMB80.6 million in Q2 2024.
Total revenues were RMB716.9 million (US$100.1 million), down from RMB933.8 million year-over-year. However, gross margin improved to 62.5% from 59.6%. The company maintained 13.2 million average monthly subscribing members and reported significant operating efficiency improvements driven by AI integration.
Operating expenses decreased by 27.2% to RMB539.2 million, reflecting disciplined cost management. The company's cash position remained strong at RMB4,820.8 million (US$673.0 million) as of June 30, 2025.
Zhihu (NYSE: ZH) ha riportato i risultati finanziari del secondo trimestre 2025, segnando il suo terzo trimestre consecutivo di redditività non-GAAP. La società ha registrato un utile netto di RMB72,5 milioni (US$10,1 milioni), rispetto a una perdita netta di RMB80,6 milioni nel Q2 2024.
I ricavi totali sono stati di RMB716,9 milioni (US$100,1 milioni), in calo rispetto a RMB933,8 milioni anno su anno. Tuttavia, il margine lordo è migliorato attestandosi al 62,5% rispetto al 59,6%. L'azienda ha mantenuto 13,2 milioni di iscritti paganti medi mensili e ha riportato significativi miglioramenti nell'efficienza operativa grazie all'integrazione dell'IA.
Le spese operative sono diminuite del 27,2% a RMB539,2 milioni, a testimonianza di una gestione dei costi rigorosa. La posizione di cassa è rimasta solida a RMB4.820,8 milioni (US$673,0 milioni) al 30 giugno 2025.
Zhihu (NYSE: ZH) publicó sus resultados financieros del segundo trimestre de 2025, marcando su tercer trimestre consecutivo de rentabilidad no-GAAP. La compañía alcanzó un beneficio neto de RMB72,5 millones (US$10,1 millones), frente a una pérdida neta de RMB80,6 millones en el Q2 de 2024.
Los ingresos totales fueron de RMB716,9 millones (US$100,1 millones), frente a RMB933,8 millones interanual. No obstante, el margen bruto mejoró hasta el 62,5% desde el 59,6%. La empresa mantuvo 13,2 millones de suscriptores mensuales de pago de media e informó mejoras significativas en la eficiencia operativa impulsadas por la integración de IA.
Los gastos operativos disminuyeron un 27,2% hasta RMB539,2 millones, reflejando una gestión disciplinada de los costos. La posición de caja se mantuvo fuerte en RMB4.820,8 millones (US$673,0 millones) al 30 de junio de 2025.
Zhihu (NYSE: ZH)는 2025년 2분기 실적을 발표하며 비-GAAP 기준 손익 흑자 3분기 연속을 기록했습니다. 회사는 순이익 RMB72.5백만(미화 1,010만 달러)을 달성했으며, 이는 2024년 2분기의 순손실 RMB80.6백만과 대비됩니다.
총매출은 RMB716.9백만(미화 1억 10만 달러)로 전년 동기 RMB933.8백만에서 감소했습니다. 다만, 총이익률은 59.6%에서 62.5%로 개선되었습니다. 회사는 월평균 유료 구독자 1,320만 명을 유지했으며 AI 통합에 따른 운영 효율성 개선이 크게 나타났습니다.
영업비용은 27.2% 감소한 RMB539.2백만으로 집계되어 엄격한 비용 관리가 반영되었습니다. 현금성 자산은 2025년 6월 30일 기준 RMB4,820.8백만(미화 6.730억 달러)으로 견조했습니다.
Zhihu (NYSE: ZH) a publié ses résultats du deuxième trimestre 2025, marquant son troisième trimestre consécutif de rentabilité non-GAAP. La société a réalisé un résultat net de 72,5 millions de RMB (10,1 M$), contre une perte nette de 80,6 millions de RMB au T2 2024.
Les revenus totaux se sont élevés à 716,9 millions de RMB (100,1 M$), en baisse par rapport à 933,8 millions de RMB d'une année sur l'autre. Cependant, la marge brute s'est améliorée, passant de 59,6% à 62,5%. L'entreprise a maintenu 13,2 millions d'abonnés payants mensuels en moyenne et a signalé des améliorations significatives de l'efficacité opérationnelle grâce à l'intégration de l'IA.
Les charges d'exploitation ont diminué de 27,2% à 539,2 millions de RMB, reflétant une gestion rigoureuse des coûts. La position de trésorerie est restée solide à 4 820,8 millions de RMB (673,0 M$) au 30 juin 2025.
Zhihu (NYSE: ZH) veröffentlichte seine Finanzergebnisse für das zweite Quartal 2025 und verzeichnete damit das dritte Quartal in Folge mit Nicht-GAAP-Gewinn. Das Unternehmen erzielte einen Nettogewinn von RMB72,5 Mio. (US$10,1 Mio.), gegenüber einem Nettoverlust von RMB80,6 Mio. im Q2 2024.
Die Gesamterlöse lagen bei RMB716,9 Mio. (US$100,1 Mio.) und damit unter den RMB933,8 Mio. des Vorjahreszeitraums. Der Bruttomargenanteil verbesserte sich jedoch von 59,6% auf 62,5%. Das Unternehmen hielt 13,2 Mio. durchschnittliche monatliche zahlende Mitglieder und meldete deutliche Effizienzsteigerungen im Betrieb durch die Integration von KI.
Die Betriebskosten sanken um 27,2% auf RMB539,2 Mio., was auf diszipliniertes Kostenmanagement hinweist. Die Cash-Position blieb zum 30. Juni 2025 mit RMB4.820,8 Mio. (US$673,0 Mio.) stark.
- Achieved third consecutive quarter of non-GAAP profitability with RMB91.3 million in adjusted net income
- Gross margin expanded to 62.5% from 59.6% year-over-year
- Operating expenses decreased significantly by 27.2% to RMB539.2 million
- Strong cash position of RMB4,820.8 million (US$673.0 million)
- Investment income increased to RMB140.8 million from RMB21.8 million year-over-year
- Total revenues declined to RMB716.9 million from RMB933.8 million year-over-year
- Marketing services revenue decreased to RMB222.8 million from RMB344.0 million
- Paid membership revenue declined to RMB402.0 million from RMB432.7 million
- Vocational training revenue dropped to RMB62.1 million from RMB133.6 million
Insights
Zhihu achieves profitability turnaround with 62.5% gross margin despite revenue decline, marking third consecutive profitable quarter.
Zhihu's Q2 2025 results present a compelling story of strategic transformation from growth-at-all-costs to profitability-focused operations. While total revenues declined by
The revenue composition reveals strategic pivots: paid membership remains the dominant revenue stream at
Particularly impressive is the
The
The user metrics tell a story of quality over quantity - while subscribing members declined slightly, management highlighted improvements in DAU time spent and core user retention. The focus on AI integration appears to be bearing fruit not just in user experience but also in cost efficiency, as evidenced by reduced cloud services and bandwidth costs.
BEIJING, China, Aug. 27, 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 June 30, 2025.
Second Quarter 2025 Highlights
- Total revenues were RMB716.9 million (US
$100.1 million ) in the second quarter of 2025, compared with RMB933.8 million in the same period of 2024.
- Gross margin expanded to
62.5% in the second quarter of 2025 from59.6% in the same period of 2024.
- Net income was RMB72.5 million (US
$10.1 million ) in the second quarter of 2025, compared with a net loss of RMB80.6 million in the same period of 2024.
- Adjusted net income (non-GAAP)[1] was RMB91.3 million (US
$12.8 million ) in the second quarter of 2025, compared with an adjusted net loss of RMB44.6 million in the same period of 2024.
- Average monthly subscribing members[2] were 13.2 million in the second quarter of 2025.
“We achieved our third consecutive quarter of non-GAAP profitability,” said Mr. Yuan Zhou, chairman and chief executive officer of Zhihu. “This reflects the continued effectiveness of our refined operational strategies and the efficiency improvements driven by AI integration. Our community remains vibrant, with a stable user base and notable improvements in DAU time spent, core user retention, and creator activity. AI is now deeply embedded in our product experience, enhancing value for both users and creators. Zhihu has also been a key platform for AI-related content, product launches, and expert engagement. We believe the synergy arising from high-quality content, trusted creators, and AI capabilities will sharpen our differentiation and deliver significant long-term competitive advantages.”
Mr. Han Wang, chief financial officer of Zhihu, added, “In the second quarter, we achieved a non-GAAP net income of RMB91.3 million, compared with a non-GAAP net loss of RMB44.6 million in the same period last year. Gross margin improved by approximately 3 percentage points year-over-year to
Second Quarter 2025 Financial Results
Total revenues were RMB716.9 million (US
Marketing services revenue was RMB222.8 million (US
Paid membership revenue was RMB402.0 million (US
Vocational training revenue was RMB62.1 million (US
Other revenues increased by
Cost of revenues decreased by
Gross profit was RMB448.2 million (US
Total operating expenses decreased by
Selling and marketing expenses decreased by
Research and development expenses decreased by
General and administrative expenses decreased by
Loss from operations narrowed by
Adjusted loss from operations (non-GAAP)[1] narrowed by
Investment income was RMB140.8 million (US
Net income was RMB72.5 million (US
Adjusted net income (non-GAAP)[1] was RMB91.3 million (US
Diluted net income per American depositary share (“ADS”) was RMB0.88 (US
Cash and cash equivalents, term deposits, restricted cash and short-term investments
As of June 30, 2025, the Company had cash and cash equivalents, current and non-current term deposits, restricted cash and short-term investments of RMB4,820.8 million (US
Share Repurchase Programs
As of June 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
[1] Adjusted income/(loss) from operations and adjusted net income/(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.
Conference Call
The Company's management will host a conference call at 7:00 A.M. U.S. Eastern Time on Wednesday, August 27, 2025 (7:00 P.M. Beijing/Hong Kong Time on Wednesday, August 27, 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.
Registration Link: https://register-conf.media-server.com/register/BI9225ac7d5dd24ef5919b95e9966af176
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/(loss) from operations and adjusted net income/(loss), 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 RMB7.1636 to US
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.
For investor and media inquiries, please contact:
Zhihu Inc.
Email: ir@zhihu.com
Christensen Advisory
Roger Hu
Tel: +86-10-5900-1548
Email: zhihu@christensencomms.com
| 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 Six Months Ended | |||||||||||||||||||
| June 30, 2024 | March 31, 2025 | June 30, 2025 | June 30, 2024 | June 30, 2025 | ||||||||||||||||
| RMB | RMB | RMB | US$ | RMB | RMB | US$ | ||||||||||||||
| Revenues: | ||||||||||||||||||||
| Marketing services | 343,979 | 196,959 | 222,778 | 31,099 | 674,521 | 419,737 | 58,593 | |||||||||||||
| Paid membership | 432,652 | 417,874 | 401,974 | 56,113 | 882,376 | 819,848 | 114,446 | |||||||||||||
| Vocational training | 133,633 | 94,531 | 62,100 | 8,669 | 279,069 | 156,631 | 21,865 | |||||||||||||
| Others | 23,546 | 20,301 | 30,042 | 4,194 | 58,707 | 50,343 | 7,028 | |||||||||||||
| Total revenues | 933,810 | 729,665 | 716,894 | 100,075 | 1,894,673 | 1,446,559 | 201,932 | |||||||||||||
| Cost of revenues | (377,266 | ) | (278,561 | ) | (268,711 | ) | (37,511 | ) | (794,650 | ) | (547,272 | ) | (76,396 | ) | ||||||
| Gross profit | 556,544 | 451,104 | 448,183 | 62,564 | 1,100,023 | 899,287 | 125,536 | |||||||||||||
| Selling and marketing expenses | (416,985 | ) | (320,632 | ) | (326,255 | ) | (45,543 | ) | (894,939 | ) | (646,887 | ) | (90,302 | ) | ||||||
| Research and development expenses | (209,323 | ) | (141,866 | ) | (145,683 | ) | (20,337 | ) | (406,679 | ) | (287,549 | ) | (40,140 | ) | ||||||
| General and administrative expenses | (114,107 | ) | (41,209 | ) | (67,251 | ) | (9,388 | ) | (207,024 | ) | (108,460 | ) | (15,140 | ) | ||||||
| Total operating expenses | (740,415 | ) | (503,707 | ) | (539,189 | ) | (75,268 | ) | (1,508,642 | ) | (1,042,896 | ) | (145,582 | ) | ||||||
| Loss from operations | (183,871 | ) | (52,603 | ) | (91,006 | ) | (12,704 | ) | (408,619 | ) | (143,609 | ) | (20,046 | ) | ||||||
| Other income/(expenses): | ||||||||||||||||||||
| Investment income | 21,811 | 19,349 | 140,836 | 19,660 | 38,713 | 160,185 | 22,361 | |||||||||||||
| Interest income | 26,754 | 20,610 | 20,247 | 2,826 | 57,517 | 40,857 | 5,703 | |||||||||||||
| Fair value change of financial instruments | 31,412 | - | - | - | 40,820 | - | - | |||||||||||||
| Exchange gains/(losses) | 289 | (96 | ) | (38 | ) | (5 | ) | 409 | (134 | ) | (19 | ) | ||||||||
| Others, net | 15,947 | 2,399 | 31,120 | 4,344 | 18,990 | 33,519 | 4,679 | |||||||||||||
| (Loss)/Income before income tax | (87,658 | ) | (10,341 | ) | 101,159 | 14,121 | (252,170 | ) | 90,818 | 12,678 | ||||||||||
| Income tax benefits/(expenses) | 7,063 | 233 | (28,679 | ) | (4,003 | ) | 5,779 | (28,446 | ) | (3,971 | ) | |||||||||
| Net (loss)/income | (80,595 | ) | (10,108 | ) | 72,480 | 10,118 | (246,391 | ) | 62,372 | 8,707 | ||||||||||
| Net (income)/loss attributable to noncontrolling interests | (2,144 | ) | 14 | 2 | - | (1,194 | ) | 16 | 2 | |||||||||||
| Net (loss)/income attributable to Zhihu Inc.’s shareholders | (82,739 | ) | (10,094 | ) | 72,482 | 10,118 | (247,585 | ) | 62,388 | 8,709 | ||||||||||
| Net (loss)/income per share | ||||||||||||||||||||
| Basic | (0.30 | ) | (0.04 | ) | 0.30 | 0.04 | (0.88 | ) | 0.26 | 0.04 | ||||||||||
| Diluted | (0.30 | ) | (0.04 | ) | 0.29 | 0.04 | (0.88 | ) | 0.25 | 0.04 | ||||||||||
| Net (loss)/income per ADS (One ADS represents three Class A ordinary shares) | ||||||||||||||||||||
| Basic | (0.89 | ) | (0.12 | ) | 0.90 | 0.13 | (2.65 | ) | 0.77 | 0.11 | ||||||||||
| Diluted | (0.89 | ) | (0.12 | ) | 0.88 | 0.12 | (2.65 | ) | 0.76 | 0.11 | ||||||||||
| Weighted average number of ordinary shares outstanding | ||||||||||||||||||||
| Basic | 279,241,647 | 244,504,405 | 240,762,092 | 240,762,092 | 280,403,026 | 242,622,911 | 242,622,911 | |||||||||||||
| Diluted | 279,241,647 | 244,504,405 | 245,755,672 | 245,755,672 | 280,403,026 | 247,329,829 | 247,329,829 | |||||||||||||
| 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 Six Months Ended | |||||||||||||||||||
| June 30, 2024 | March 31, 2025 | June 30, 2025 | June 30, 2024 | June 30, 2025 | ||||||||||||||||
| RMB | RMB | RMB | US$ | RMB | RMB | US$ | ||||||||||||||
| Share-based compensation expenses included in: | ||||||||||||||||||||
| Cost of revenues | 750 | (872 | ) | 10 | 1 | 3,247 | (862 | ) | (121 | ) | ||||||||||
| Selling and marketing expenses | (6,063 | ) | 262 | (294 | ) | (41 | ) | (2,791 | ) | (32 | ) | (4 | ) | |||||||
| Research and development expenses | 4,439 | (599 | ) | (870 | ) | (121 | ) | 8,119 | (1,469 | ) | (205 | ) | ||||||||
| General and administrative expenses | 33,515 | 15,367 | 17,124 | 2,390 | 49,878 | 32,491 | 4,536 | |||||||||||||
| ZHIHU INC. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (All amounts in thousands) | |||||
| As of December 31, 2024 | As of June 30, 2025 | ||||
| RMB | RMB | US$ | |||
| ASSETS | |||||
| Current assets: | |||||
| Cash and cash equivalents | 3,999,160 | 3,198,537 | 446,499 | ||
| Term deposits | 320,088 | 599,602 | 83,701 | ||
| Short-term investments | 538,816 | 811,783 | 113,321 | ||
| Restricted cash | 900 | 900 | 126 | ||
| Trade receivables | 420,636 | 356,687 | 49,792 | ||
| Amounts due from related parties | 41,588 | 20,857 | 2,912 | ||
| Prepayments and other current assets | 163,446 | 137,471 | 19,190 | ||
| Total current assets | 5,484,634 | 5,125,837 | 715,541 | ||
| Non-current assets: | |||||
| Property and equipment, net | 8,490 | 6,861 | 958 | ||
| Intangible assets, net | 54,534 | 47,361 | 6,611 | ||
| Goodwill | 126,344 | 126,344 | 17,637 | ||
| Long-term investments, net | 51,176 | 165,366 | 23,084 | ||
| Term deposits | - | 210,000 | 29,315 | ||
| Right-of-use assets | 7,151 | 56,560 | 7,895 | ||
| Other non-current assets | 623 | 8,203 | 1,145 | ||
| Total non-current assets | 248,318 | 620,695 | 86,645 | ||
| Total assets | 5,732,952 | 5,746,532 | 802,186 | ||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||
| Current liabilities | |||||
| Accounts payable and accrued liabilities | 835,688 | 756,409 | 105,591 | ||
| Salary and welfare payables | 275,260 | 166,906 | 23,299 | ||
| Taxes payables | 22,081 | 19,085 | 2,664 | ||
| Contract liabilities | 235,539 | 204,843 | 28,595 | ||
| Amounts due to related parties | 6,825 | 5,489 | 766 | ||
| Short term lease liabilities | 17,308 | 40,942 | 5,715 | ||
| Short-term borrowings | - | 161,295 | 22,516 | ||
| Other current liabilities | 131,955 | 118,328 | 16,518 | ||
| Total current liabilities | 1,524,656 | 1,473,297 | 205,664 | ||
| Non-current liabilities | |||||
| Long term lease liabilities | 1,823 | 27,348 | 3,818 | ||
| Deferred tax liabilities | 6,830 | 34,734 | 4,849 | ||
| Other non-current liabilities | 3,957 | 3,605 | 503 | ||
| Total non-current liabilities | 12,610 | 65,687 | 9,170 | ||
| Total liabilities | 1,537,266 | 1,538,984 | 214,834 | ||
| Total Zhihu Inc.’s shareholders’ equity | 4,136,123 | 4,141,195 | 578,089 | ||
| Noncontrolling interests | 59,563 | 66,353 | 9,263 | ||
| Total shareholders’ equity | 4,195,686 | 4,207,548 | 587,352 | ||
| Total liabilities and shareholders’ equity | 5,732,952 | 5,746,532 | 802,186 | ||
| ZHIHU INC. UNAUDITED RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS (All amounts in thousands) | ||||||||||||||||||||
| For the Three Months Ended | For the Six Months Ended | |||||||||||||||||||
| June 30, 2024 | March 31, 2025 | June 30, 2025 | June 30, 2024 | June 30, 2025 | ||||||||||||||||
| RMB | RMB | RMB | US$ | RMB | RMB | US$ | ||||||||||||||
| Loss from operations | (183,871 | ) | (52,603 | ) | (91,006 | ) | (12,704 | ) | (408,619 | ) | (143,609 | ) | (20,046 | ) | ||||||
| Add: | ||||||||||||||||||||
| Share-based compensation expenses | 32,641 | 14,158 | 15,970 | 2,229 | 58,453 | 30,128 | 4,206 | |||||||||||||
| Amortization of intangible assets resulting from business acquisitions | 4,115 | 3,490 | 3,490 | 487 | 9,480 | 6,980 | 974 | |||||||||||||
| Adjusted loss from operations | (147,115 | ) | (34,955 | ) | (71,546 | ) | (9,988 | ) | (340,686 | ) | (106,501 | ) | (14,866 | ) | ||||||
| Net (loss)/income | (80,595 | ) | (10,108 | ) | 72,480 | 10,118 | (246,391 | ) | 62,372 | 8,707 | ||||||||||
| Add: | �� | |||||||||||||||||||
| Share-based compensation expenses | 32,641 | 14,158 | 15,970 | 2,229 | 58,453 | 30,128 | 4,206 | |||||||||||||
| Amortization of intangible assets resulting from business acquisitions | 4,115 | 3,490 | 3,490 | 487 | 9,480 | 6,980 | 974 | |||||||||||||
| Tax effects on non-GAAP adjustments | (756 | ) | (600 | ) | (600 | ) | (84 | ) | (1,825 | ) | (1,200 | ) | (168 | ) | ||||||
| Adjusted net (loss)/income | (44,595 | ) | 6,940 | 91,340 | 12,750 | (180,283 | ) | 98,280 | 13,719 | |||||||||||
FAQ
What were Zhihu's (ZH) Q2 2025 earnings results?
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