Welcome to our dedicated page for Zhihu SEC filings (Ticker: ZH), a comprehensive resource for investors and traders seeking official regulatory documents including 10-K annual reports, 10-Q quarterly earnings, 8-K material events, and insider trading forms.
This page provides access to Zhihu Inc. (ZH) SEC filings, including Form 20-F annual reports and Form 6-K current reports for this China-based online content community. Zhihu’s filings reflect its dual listing on the New York Stock Exchange and The Stock Exchange of Hong Kong Limited, and document key developments in its business and capital structure.
Investors can use these filings to review quarterly financial disclosures furnished on Form 6-K, such as unaudited results for the first, second, and third quarters of 2025. These reports include revenue breakdowns for marketing services, paid membership, vocational training and others, along with gross margin, operating expenses, and net income or loss. They also explain the company’s use of non-GAAP measures like adjusted income or loss from operations and adjusted net income or loss.
Zhihu’s Form 6-K submissions also attach interim reports, Next Day Disclosure Returns, and Monthly Returns related to movements in securities and Hong Kong depositary receipts, as well as announcements on topics such as board changes, grant of restricted share units under its share incentive plan, and dates of board meetings. These documents help track share repurchase activity, equity issuance, and other capital management actions.
On Stock Titan, each new ZH filing is captured from EDGAR in near real time and paired with AI-powered summaries that highlight the most important points, so users can quickly understand lengthy financial tables and regulatory language. You can review annual Form 20-F reports for a comprehensive view of Zhihu’s operations and risk factors, and monitor ongoing Form 6-K filings for interim performance updates, governance changes, and securities movements without reading every page in full.
Zhihu Inc. director Yu Bing Peter filed an initial Form 3, which is a required statement of beneficial ownership for insiders. The filing shows no reported purchases, sales, option exercises, gifts, or other transactions, and no derivative positions or holdings are listed in the provided data.
Zhihu Inc. reported unaudited results showing a mixed picture for the fourth quarter and full year 2025. In the fourth quarter, total revenues fell to RMB643.5 million (US$92.0 million) from RMB859.2 million a year earlier, with declines across marketing services, paid membership, and other revenues. Higher operating expenses and a RMB126.3 million (US$18.1 million) goodwill impairment led to a net loss of RMB210.8 million (US$30.1 million), versus net income of RMB86.4 million in the prior-year quarter.
For full year 2025, revenues decreased to RMB2,749.0 million (US$393.1 million) from RMB3,598.9 million, but cost of revenues fell 22.3% and total operating expenses dropped 19.0%. On this leaner cost base, Zhihu delivered its first-ever full-year non-GAAP profitability: adjusted net income was RMB37.9 million (US$5.4 million), compared with an adjusted net loss of RMB96.3 million in 2024, even though GAAP net loss widened slightly to RMB195.2 million (US$27.9 million). The company ended 2025 with RMB4,451.2 million (US$636.5 million) in cash, term deposits, restricted cash and short-term investments and had repurchased 31.1 million Class A shares for US$66.5 million.
Zhihu Inc. CEO Zhou Yuan has filed an initial ownership report showing substantial indirect holdings in the company. The filing lists 21,407,800 Class A Ordinary Shares and 15,446,778 Class B Ordinary Shares held indirectly through MO Holding Ltd. This Form 3 reflects existing ownership positions rather than new purchases or sales.
Zhihu Inc. Chief Financial Officer Wang Han reported beneficial ownership tied to an aggregate grant of 2,500,000 Restricted Share Units (RSUs), each representing one Class A ordinary share. The RSUs were granted on February 19, 2024, with vesting commencing on April 1, 2024.
Under the vesting schedule, 25% of the RSUs vest on the first anniversary of the April 1, 2024 vesting commencement date, and the remaining 75% vest in 12 equal quarterly installments, subject to his continued service. The total underlying shares also reflect rounding adjustments following a change in Zhihu’s ADS ratio.
Zhihu Inc. director Cheng Li-Lan filed an initial Form 3 reporting holdings of restricted share units linked to 135,468 Class A Ordinary Shares. These RSUs were granted on May 27, 2025, and vest in four equal 25% installments on each of the first four anniversaries of the grant date, subject to continued Board service.
Zhihu Inc. director Hope Ni has reported initial equity holdings with the company. The filing shows direct ownership of 135,468 restricted share units, each representing one Class A Ordinary Share, plus 10,000 Class A Ordinary Shares. The RSUs were granted on May 27, 2025 and vest in four equal annual installments, each 25% of the grant, contingent on continued Board service on each vesting date.
Zhihu Inc. director Chen Derek filed an initial ownership report showing beneficial ownership of 10,000 Class A ordinary shares. This total includes 2,500 restricted share units that are scheduled to vest on March 31, 2026 and will be settled in 2,500 Class A ordinary shares.
Zhihu Inc. director Li Dahai has filed an initial ownership report showing his stake in the company’s Class A ordinary shares. He reports 99,450 Class A shares held directly and a further 1,673,042 Class A shares held indirectly through Ocean Alpha Investment Limited. The holdings are in the form of American depositary shares, with each ADS representing three Class A ordinary shares.
Zhihu Inc.