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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. filed a report announcing that its board of directors will meet on March 25, 2026. At this meeting, the board plans to consider and approve the company’s unaudited quarterly results for the three months ended December 31, 2025, and its unaudited annual results for the year ended December 31, 2025.
Management will host an earnings conference call on March 25, 2026 at 7:00 A.M. U.S. Eastern Time, which is 7:00 P.M. Beijing/Hong Kong Time. Participants are required to pre-register online to receive dial-in details and a unique access PIN.
Zhihu Inc. received an updated beneficial ownership report from Plus Channel Limited and Kastle Limited, showing they now beneficially own 25,430,552 Class A ordinary shares, or 10.0% of the Class A shares. This stake consists of 24,563,052 Class A ordinary shares in the form of 8,187,684 ADSs and 867,500 Class A ordinary shares held by Plus Channel Limited. The ownership percentage is based on 254,416,106 Class A ordinary shares outstanding as of November 30, 2025. The reporting entities state that, since the prior amendment, they continued share repurchases on the New York Stock Exchange and the Stock Exchange of Hong Kong Limited using Zhihu’s working capital, and now hold these shares on trust under Zhihu’s 2022 share incentive plan.
Zhihu Inc. received an updated ownership report showing that Plus Channel Limited and Kastle Limited together beneficially own 22,909,037 Class A ordinary shares, representing 9.0% of the company’s Class A shares as of October 31, 2025. This stake consists of 22,041,537 Class A shares in the form of 7,347,179 ADSs and 867,500 Class A shares held directly by Plus Channel Limited.
The reporting parties state that these shares are held on trust under Zhihu’s 2022 share incentive plan. Since the prior amendment, they continued repurchasing Zhihu shares on the New York Stock Exchange and the Hong Kong Stock Exchange, using Zhihu’s working capital, including a repurchase of 30,000 Class A shares in the form of 10,000 ADSs on November 18, 2025 that increased their ownership to 9.0%, which is described as a material change.
Zhihu Inc (ZH): Schedule 13G filed reporting a passive stake. FIL Limited and related entities disclosed beneficial ownership of 13,888,269 shares of Zhihu Class A common stock, representing 5.6% of the class. FIL Limited reports sole voting power over 13,607,298 shares and sole dispositive power over 13,888,269 shares, with no shared voting or dispositive power.
The filing states the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control. One or more other persons have rights to dividends or sale proceeds, including Fidelity China Special Situations PLC with 12,901,492 shares, or 5.2% of the class as of 09/30/2025.