Zhihu Inc. Chief Financial Officer Wang Han received 330,000 Class A ordinary shares as an equity award. These shares were acquired at $0.01 per share when restricted share units (RSUs) vested after their performance-based conditions were achieved on April 17, 2026.
This is a compensation-related grant, not an open-market purchase or sale, and it increased his direct holdings to 2,830,000 Class A ordinary shares.
Zhihu Inc. files its Form 20-F annual report for the year ended December 31, 2025, reporting revenues of RMB2,749,004 thousand and a net loss of RMB195,161 thousand. The report explains Zhihu’s variable interest entity structure in mainland China and highlights heavy reliance on VIEs, which generated 68.7% of 2025 revenue. It details significant legal and regulatory risks tied to PRC foreign investment limits, evolving data and cybersecurity rules, licensing requirements, and potential enforcement that could impair operations or even make Zhihu’s securities substantially less valuable. Zhihu also describes HFCAA-related delisting risks, cash flow constraints from PRC dividend and capital controls, and continued negative operating cash flow despite a sizeable cash balance and net assets.
Zhihu Inc. granted an aggregate of 1,530,309 restricted share units (RSUs) on April 15, 2026 to seven eligible employees under its 2022 Share Incentive Plan. These RSUs represent the same number of Class A Ordinary Shares and about 0.61% of total shares in issue on a one share one vote basis.
The RSUs have a 48‑month mixed vesting schedule, with tranches starting to vest after the first anniversary of the vesting commencement date and continuing in batches. Vesting is tied to performance targets, and any unachieved portion is forfeited. The grant price is US$0.01 per RSU, compared with market prices of HK$8.74 per Class A share in Hong Kong and US$3.40 per ADS in New York around the grant date.
The company states that the awards aim to align employee and shareholder interests and help attract and retain key talent. None of the grantees are directors, chief executives, substantial shareholders, or their associates, and no shareholder approval is required for these grants.
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.