Zhihu Inc. Reports Unaudited Third Quarter 2025 Financial Results
Rhea-AI Summary
Zhihu (NYSE: ZH) reported unaudited third quarter 2025 results for the period ended September 30, 2025. Total revenue was RMB658.9 million (US$92.6 million), down from RMB845.0 million a year earlier. Gross margin was 61.3% and adjusted net loss (non-GAAP) was RMB21.0 million (US$3.0 million). Reported net loss widened to RMB46.7 million (US$6.6 million). Average monthly subscribing members were 14.3 million. Operating expenses fell by 19.4% year over year and adjusted loss from operations narrowed by 16.3%. Cash and equivalents plus deposits and short-term investments totaled RMB4,583.2 million (US$643.8 million). The company repurchased 31.1 million Class A shares for US$66.5 million.
Positive
- Adjusted operating loss narrowed by 16.3% YoY
- Operating expenses decreased by 19.4% YoY
- Cash, deposits and short-term investments of RMB4,583.2m
- Share repurchases of 31.1m shares for US$66.5m
Negative
- Total revenue declined by 22.1% YoY to RMB658.9m
- Reported net loss widened to RMB46.7m from RMB9.0m
- Paid membership revenue fell by 16.1% YoY to RMB385.6m
- Gross margin compressed by 260 basis points to 61.3%
Insights
Mixed quarter: revenue and GAAP loss worsened, non-GAAP progress and cash position provide limited near-term cushion.
Zhihu reported total revenue of
The company frames this as structural optimization and a push toward non‑GAAP breakeven for the full year. Key dependencies and risks include the decline in average monthly subscribing members (reported at 14.3 million), continued pressure on marketing and vocational training revenues after strategic refinement, and the ability to convert tighter expense control into sustained revenue recovery. Cash and short‑term investments of
Monitor three concrete items over the next 1–3 quarters: whether non‑GAAP breakeven is achieved for full‑year results as stated, trends in average monthly subscribing members and paid membership revenue, and any commentary on new monetization initiatives at the conference call on
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 with63.9% 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
Third Quarter 2025 Financial Results
Total revenues were RMB658.9 million (US
Marketing services revenue was RMB189.4 million (US
Paid membership revenue was RMB385.6 million (US
Other revenues[3] were RMB83.9 million (US
Cost of revenues decreased by
Gross profit was RMB403.6 million (US
Total operating expenses decreased by
Selling and marketing expenses decreased by
Research and development expenses decreased by
General and administrative expenses were RMB59.0 million (US
Loss from operations was RMB99.8 million (US
Adjusted loss from operations (non-GAAP)[1] narrowed by
Net loss was RMB46.7 million (US
Adjusted net loss (non-GAAP)[1] was RMB21.0 million (US
Diluted net loss per American depositary share (“ADS”) was RMB0.58 (US
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
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
[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.
Registration Link:
https://register-conf.media-server.com/register/BId01f39d00a68420ba15e28d3dc711d2d
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
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 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 | 3,490 | 3,490 | 3,490 | 490 | 12,970 | 10,470 | 1,471 | |||||||||||||
| Tax effects on non-GAAP adjustments | (600 | ) | (600 | ) | (600 | ) | (84 | ) | (2,425 | ) | (1,800 | ) | (253 | ) | ||||||
| Adjusted net (loss)/income | (13,058 | ) | 91,340 | (21,000 | ) | (2,950 | ) | (193,341 | ) | 77,280 | 10,854 | |||||||||
FAQ
What were Zhihu's total revenues and net loss for Q3 2025 (ZH)?
How did Zhihu's paid membership revenue change in Q3 2025 (ZH)?
What cash resources did Zhihu report as of September 30, 2025 (ZH)?
Did Zhihu repurchase stock during the quarter (ZH)?
What operating-cost trends did Zhihu report for Q3 2025 (ZH)?
