ZH on NYSE

Zhihu

Logo: https://www.zhihu.com/, Public domain, via Wikimedia Commons4

Chinese question-and-answer forum website

Zhihu (Chinese: 知乎; pinyin: Zhīhū) is a Chinese social question and answer site and news aggregator. Originally based in Chengdu and with creators from Sichuan, the website launched on January 26, 2011.3 From Wikipedia, CC BY-SA 4.0

Price unavailable

Last updated Oct 19, 2026.

Overview

$393.1MRevenue, fiscal 20255
-$27.9MNet income, fiscal 20255
Jan 26, 2011Founded1

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  • TickerZH on NYSE1
  • IndustryServices-Business Services, NEC1
  • HeadquartersHaidian District1
  • Websitewww.zhihu.com
  • Listed onNew York Stock Exchange (ZH), Nasdaq (ZH)1
  • Incorporated inCayman Islands6
  • Business address18 Xueqing Road, Haidian District, Beijing, F4 1000836
  • Filer categoryAccelerated filer6

Zhihu (Chinese: 知乎; pinyin: Zhīhū) is a Chinese social question and answer site and news aggregator. Originally based in Chengdu and with creators from Sichuan, the website launched on January 26, 2011. As of 2021 it has 76 million registered users. It has often been compared to Quora, though by the early 2020s it has also acquired Reddit-like features.3

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

59.9%Gross margin5
-18.5%Operating margin5
-7.1%Net margin5
-20.3%Revenue growth, 20255
-5.1%Return on equity5
-$52.2MFree cash flow5

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Membership brought in 65% of the revenue Zhihu broke down this way in fiscal 2025.

  1. Membership1.5B CNY565%down 13% from 2024
  2. Advertising843.9M CNY535%down 32% from 2024
Products and services by year
Products and services202320242025
Membership1.8B CNY1.8B CNY1.5B CNY
Advertising1.7B CNY1.2B CNY843.9M CNY

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue40¢$157.5M
  • Research and development19¢$75.1M
  • Other costs40¢$157.5M
  • Income tax1¢$3.1M

Out of $393.1M in revenue.5 The company lost money this year.

Financial statements

Revenue8910115$393.1M in 2025−15% since 2021
0$200.0M$400.0M$600.0M2021: $464.4M$464.4M20212022: $522.7M$522.7M2022+13%2023: $591.4M$591.4M2023+13%2024: $493.0M$493.0M2024−17%2025: $393.1M$393.1M2025−20%
Gross profit8910115$235.6M in 2025−3% since 2021
0$100.0M$200.0M$300.0M$400.0M2021: $243.8M$243.8M20212022: $262.1M$262.1M2022+8%2023: $323.4M$323.4M2023+23%2024: $298.8M$298.8M2024−8%2025: $235.6M$235.6M2025−21%
Operating income8910115-$72.5M in 2025−67% since 2021
-$300.0M-$200.0M-$100.0M02021: -$218.2M-$218.2M20212022: -$232.5M-$232.5M2022+7%2023: -$151.0M-$151.0M2023−35%2024: -$65.9M-$65.9M2024−56%2025: -$72.5M-$72.5M2025+10%
Net income8910115-$27.9M in 2025−86% since 2021
-$300.0M-$200.0M-$100.0M02021: -$203.8M-$203.8M20212022: -$228.8M-$228.8M2022+12%2023: -$118.2M-$118.2M2023−48%2024: -$23.1M-$23.1M2024−80%2025: -$27.9M-$27.9M2025+21%

Every line of the income statement as filed: the last 3 fiscal years, latest first.5

Period ending2025-12-312024-12-312023-12-31
Cost of revenues (including transactions with related parties of RMB 37,074, RMB 29,332 and RMB 21,934 for the years ended December 31, 2023, 2024 and 2025, respectively)-1.1B CNY-1.4B CNY-1.9B CNY
Gross profit1.6B CNY2.2B CNY2.3B CNY
Selling and marketing expenses (including transactions with related parties of RMB 2,585, RMB 57,339 and RMB 28,158 for the years ended December 31, 2023, 2024 and 2025, respectively)-1.3B CNY-1.6B CNY-2.0B CNY
General and administrative expenses (including transactions with related parties of nil, RMB 3,792 and RMB 2,453 for the years ended December 31, 2023, 2024 and 2025, respectively)-251.4M CNY-330.2M CNY-418.5M CNY
Impairment of goodwill-126.3M CNY0 CNY0 CNY
Total operating expenses-2.2B CNY-2.7B CNY-3.4B CNY
Loss from operations-507.3M CNY-481.1M CNY-1.1B CNY
Investment income231.9M CNY65.4M CNY41.7M CNY
Interest income71.5M CNY115.0M CNY158.7M CNY
Fair value change of financial instruments78.4M CNY-5.2M CNY
Exchange gains/(losses)-233.0K CNY1.0M CNY97.0K CNY
Others, net30.6M CNY42.9M CNY49.2M CNY
Loss before income tax-173.5M CNY-178.4M CNY-827.7M CNY
Income tax (expenses)/benefits-21.7M CNY9.4M CNY-11.8M CNY
Net loss-195.2M CNY-169.0M CNY-839.5M CNY
Net (income)/loss attributable to noncontrolling interests2.3M CNY-2.8M CNY-4.1M CNY
Net loss attributable to Zhihu Inc.'s shareholders-192.9M CNY-171.8M CNY-843.6M CNY
Foreign currency translation adjustments-46.1M CNY33.0M CNY45.3M CNY
Total other comprehensive income/(loss)-46.1M CNY33.0M CNY45.3M CNY
Total comprehensive loss-241.3M CNY-136.0M CNY-794.3M CNY
Comprehensive (income)/loss attributable to noncontrolling interests2.2M CNY-2.9M CNY-4.1M CNY
Comprehensive loss attributable to Zhihu Inc.'s shareholders-239.0M CNY-138.9M CNY-798.4M CNY
Net loss per share, basic-0.80 CNY-0.63 CNY-2.82 CNY
Net loss per share, diluted-0.80 CNY-0.63 CNY-2.82 CNY
Weighted average number of ordinary shares, basic240.0M shares273.6M shares299.1M shares
Weighted average number of ordinary shares, diluted240.0M shares273.6M shares299.1M shares
Revenues2.7B CNY3.6B CNY4.2B CNY
Research and development expenses525.0M CNY732.6M CNY901.5M CNY

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The story

Zhihu began development in August 2010. It went through a closed beta test at the end of December 2010. The final product went online on January 26, 2011. It has reportedly received funding from Kai-Fu Lee's Innovation Works, Qiming Ventures, SAIF Partners, Tencent, and Sogou.

In October 2011, Zhihu completed its A-round of funding for US$7 million from Innovation Works and Qiming Ventures. In 2015, Zhihu completed its C-round of funding for US$55 million.

In 2017, Zhihu officially commercialized. In August 2018, Zhihu completed its E-round of funding, raising US$270 million for a total company valuation at US$2.5 billion. On August 12, 2019, Zhihu completed a subsequent F-round of funding led by Chinese short video platform Kuaishou and technology company Baidu, garnering US$450 million. As a result, Baidu mobile app searches would directly return Zhihu content.

The number of registered users on Zhihu exceeded 10 million by the end of 2013, and reached 17 million as of May 2015, with 250 million monthly page views.

On March 2, 2018, the Cyberspace Administration of China required all app stores to remove Zhihu for 7 days for the alleged presence of illegal content and insufficient monitoring. On the same day, Android app stores removed Zhihu. On the Apple App Store, Zhihu became unavailable for download.

On October 9, 2020, a video creation tool was launched on Zhihu. The tool is able to suggest images and generate voice over for text. The tool reduces the technical barrier to video creation on the platform.

In December 2021, ten of Zhihu's shareholders, including Sogou and Tencent's investment arm, sold all of their stakes (78% ownership) in Beijing Zhizhe Tianxia Technology, the parent company of Zhihu. All shares were transferred to the founder and CEO, Zhou Yuan (Chinese: 周源; pinyin: Zhōu Yuán), who owned more than 99% of the company thereafter. This occurred three days after regulatory pressures from the Beijing branch of the Cyberspace Administration of China (CAC), during which Zhihu was instructed to rectify practices that had led to unlawful release of information. Zhihu's initial public offering on the New York Stock Exchange came on March 26, 2021. Zhihu started trading on the Hong Kong Stock Exchange on April 11, 2022.

In July 2023, Zhihu no longer supported anonymous posting, although anonymous content is also under the monitoring of Zhihu. Previously published posts were not affected. In 2023, Zhuhu launched the "Yanyan Stories" stories feature, where short stories posted by Zhihu users were adapted into novels, with some of these adapted into movies and television shows. In October 2025, at the Frankfurt Book Fair in Germany, Zhihu unveiled the Yanyan Story Platform internationally. Content on the platform includes books, digital reading, audio dramas, and cultural products. Some literary works on the platform are available in multiple languages, including English, Indonesian, Spanish, Korean, Japanese, Portuguese, and Thai. At the time, over 100 works had been licensed for domestic or international publication.

Read the full text

On June 29, 2024, Zhihu launched Zhida, an AI search product.

From Wikipedia’s article on Zhihu, shared under CC BY-SA 4.0.7

Leadership

Who has led Zhihu, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Yuan Zhou2026–now
201520202025
Board members and other officers (6)

Products and brands

Zhihu functions similarly to Quora, to the point where it where has been describe as a "clone" of that website. Users may submit questions and answers, as well as upvote the best answer. Questions answers follow a power law distribution, with most questions receiving few answers and a small minority getting many answers. Answers to questions tend to come from a large pool of infrequently active users, rather than a small pool of highly active users.

Initially, Zhihu sought to appeal to an elite expert audience, featuring expert panels and daily and weekly newsletters. Originally user registration was primarily invitation-only, with referrals needed from a couple hundred registered users. Otherwise, new users had to apply to join by filling in a large amount of personal information and waiting for a reply. By the early 2020s, Zhihu had sought to move away from an expert answer model towards favouring mass audience participation.

Trending & live

Trending is a leaderboard where popular topics are ranked by engagement metrics, including likes, shares, and impressions. Live is where users, including individuals and organizations, can host live streams. Live streams in Zhihu can be set to unpaid or paid. In a paid live stream, participants are required to pay a fee to watch.

Zhida

Zhida is a large language model search and answer product. The meaning of its name is "direct answer" in Mandarin. It can integrate answers in content archive on platform with external links. It is intended to improve the user experience in asking, searching, generating results, and summarizing. Both service entry points and an independent domain are offered. Users can search by content or by contributor, and between brief or in-depth for the generation of answers.

From Wikipedia’s article on Zhihu, shared under CC BY-SA 4.0.7

Timeline

  1. Mar 18, 2026New chief executive Yuan Zhou becomes CEO12
  2. Mar 26, 2021Went public Listed on NASDAQ1
  3. Jan 26, 2011Founded Founded1

Filings

294 filings to the SEC since October 2021: 5 annual reports, 14 insider forms, 28 large holders, 247 other. The latest 20:

  1. Oct 13, 20266-K EDGAR
  2. Oct 5, 20266-K EDGAR
  3. Sep 28, 20266-K EDGAR
  4. Sep 24, 20266-K EDGAR
  5. Sep 21, 20266-K EDGAR
  6. Sep 14, 20266-K EDGAR
  7. Sep 8, 20266-K EDGAR
  8. Sep 8, 20266-K EDGAR
  9. Aug 31, 20266-K EDGAR
  10. Aug 26, 20266-K EDGAR
  11. Aug 24, 20266-K EDGAR
  12. Aug 17, 20266-K EDGAR
  13. Aug 10, 20266-K EDGAR
  14. Aug 6, 2026SCHEDULE 13G/A EDGAR
  15. Aug 3, 20266-K EDGAR
  16. Jul 30, 20264 OWNERSHIP DOCUMENT EDGAR
  17. Jul 27, 20266-K EDGAR
  18. Jul 20, 20266-K EDGAR
  19. Jul 15, 2026S-8 POS EDGAR
  20. Jul 13, 20266-K EDGAR

The 294 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

1 open-market trades by officers, directors and large owners since October 2021: 0 buys and 1 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Jun 5, 2026Cheng Li-LanDirectorSale360$2.85$1.0KForm 4

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 44. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
FIL Ltd3,639,387$11.5M0.0%+1,701,677
Goldman Sachs Group Inc577,573$1.8M0.0%+83,457
First Beijing Investment Ltd551,048$1.7M0.1%No change
E Fund Management (Hong Kong) Co., Ltd.508,019$1.6M0.5%−156,652
E Fund Management Co., Ltd.508,019$1.6M0.0%−156,652
Dodge & Cox501,092$1.6M0.0%+20,000
State Street Corp469,155$1.5M0.0%−141,895
UBS Group AG454,892$1.4M0.0%+7,082
Maven Securities LTD400,387$1.3M0.1%−79,369
Morgan Stanley232,938$729.1K0.0%−81,995
Oasis Management Co Ltd.225,000$704.2K0.1%No change
Arrowstreet Capital, Limited Partnership168,256$526.6K0.0%+18,170
Jane Street Group, LLC148,150$463.7K0.0%−155,479
XTX Topco Ltd133,210$416.9K0.0%−2,410
Citadel Advisors LLC111,816$350.0K0.0%+70,432
Jpmorgan Chase & Co104,565$327.3K0.0%−9,295
Sei Investments Co103,607$324.3K0.0%−25,595
Two Sigma Investments, LP99,458$311.3K0.0%+85,090
Russell Investments Group, Ltd.95,933$300.3K0.0%No change
Bnp Paribas Financial Markets95,875$300.1K0.0%−22,981
American Century Companies Inc83,097$260.1K0.0%No change
New York State Common Retirement Fund68,640$214.8K0.0%No change
Millennium Management LLC64,869$203.0K0.0%−48,331
Ameriprise Financial Inc63,291$198.1K0.0%−75
Ramsey Quantitative Systems53,846$168.5K0.2%New

13F reports cover disclosed long positions in U.S. stocks only.