InsiderClue
Stocks · Industrials · Services-Business Services, NEC

Zhihu Inc.

ZH Clue Score33
China Fiscal year ends December CIK 0001835724
$3.47 +1.46% Close, 9 Oct 2026
Alert on the numbers Alert on insider trades
Price $3.47 −64.41% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 26 Mar 2021. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2019Revenue670.5Operating income−1,058.5Net income−1,004.2EPS, diluted−22.99Fiscal year 2020Revenue1,352.2 +101.7%Operating income−602.9Net income−517.6EPS, diluted−18.36Fiscal year 2021Revenue2,959.3 +118.9%Operating income−1,390.7Net income−1,298.9EPS, diluted−6.12Fiscal year 2022Revenue3,604.9 +21.8%Operating income−1,603.8Net income−1,578.4EPS, diluted−5.19Fiscal year 2023Revenue4,198.9 +16.5%Operating income−1,072.2Net income−839.5EPS, diluted−2.82Fiscal year 2024Revenue3,598.9 −14.3%Operating income−481.1Net income−169.0EPS, diluted−0.63Fiscal year 2025Revenue2,749.0 −23.6%Operating income−507.3Net income−195.2EPS, diluted−0.80
FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 670.5 1,352.2 2,959.3 3,604.9 4,198.9 3,598.9 2,749.0
Growth +101.7% +118.9% +21.8% +16.5% −14.3% −23.6%
Operating income −1,058.5 −602.9 −1,390.7 −1,603.8 −1,072.2 −481.1 −507.3
Net income −1,004.2 −517.6 −1,298.9 −1,578.4 −839.5 −169.0 −195.2
Growth
EPS, diluted −22.99 −18.36 −6.12 −5.19 −2.82 −0.63 −0.80

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Gross marginOperating marginNet margin
Fiscal year 2019Gross margin46.6%Operating margin−157.9%Net margin−149.8%Free cash flow margin−107.4%Fiscal year 2020Gross margin56.0%Operating margin−44.6%Net margin−38.3%Free cash flow margin−18.2%Fiscal year 2021Gross margin52.5%Operating margin−47.0%Net margin−43.9%Free cash flow margin−15.1%Fiscal year 2022Gross margin50.2%Operating margin−44.5%Net margin−43.8%Free cash flow margin−30.9%Fiscal year 2023Gross margin54.7%Operating margin−25.5%Net margin−20.0%Free cash flow margin−10.1%Fiscal year 2024Gross margin60.6%Operating margin−13.4%Net margin−4.7%Free cash flow margin−7.9%Fiscal year 2025Gross margin59.9%Operating margin−18.5%Net margin−7.1%Free cash flow margin−13.3%
FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Gross margin 46.6% 56.0% 52.5% 50.2% 54.7% 60.6% 59.9%
Operating margin −157.9% −44.6% −47.0% −44.5% −25.5% −13.4% −18.5%
Net margin −149.8% −38.3% −43.9% −43.8% −20.0% −4.7% −7.1%
Free cash flow margin −107.4% −18.2% −15.1% −30.9% −10.1% −7.9% −13.3%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2019Operating cash flow−715.5Capital expenditure−4.5Free cash flow−720.1Fiscal year 2020Operating cash flow−244.4Capital expenditure−2.0Free cash flow−246.4Fiscal year 2021Operating cash flow−440.2Capital expenditure−7.4Free cash flow−447.7Fiscal year 2022Operating cash flow−1,115.0Capital expenditure−0.7Free cash flow−1,115.7Buybacks−128.0Fiscal year 2023Operating cash flow−415.5Capital expenditure−8.5Free cash flow−424.0Buybacks−369.6Fiscal year 2024Operating cash flow−280.2Capital expenditure−2.7Free cash flow−282.9Buybacks−400.7Fiscal year 2025Operating cash flow−363.6Capital expenditure−1.3Free cash flow−364.9Buybacks−167.1
FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow −715.5 −244.4 −440.2 −1,115.0 −415.5 −280.2 −363.6
Capital expenditure −4.5 −2.0 −7.4 −0.7 −8.5 −2.7 −1.3
Free cash flow −720.1 −246.4 −447.7 −1,115.7 −424.0 −282.9 −364.9
Growth
Buybacks n/a n/a n/a −128.0 −369.6 −400.7 −167.1

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
Cash
Fiscal year 2019Cash900.4Shareholders’ equity−3,992.2Fiscal year 2020Cash957.8Shareholders’ equity−5,144.5Fiscal year 2021Cash2,157.2Shareholders’ equity6,730.7Fiscal year 2022Cash4,525.9Shareholders’ equity5,653.7Fiscal year 2023Cash2,106.6Shareholders’ equity4,599.8Fiscal year 2024Cash3,999.2Shareholders’ equity4,136.1Fiscal year 2025Cash3,369.2Shareholders’ equity3,804.1
FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 900.4 957.8 2,157.2 4,525.9 2,106.6 3,999.2 3,369.2
Shareholders’ equity −3,992.2 −5,144.5 6,730.7 5,653.7 4,599.8 4,136.1 3,804.1

In millions of CNY, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Cash flow

In millions of CNY, except per-share figures; shares in millions. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021† 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Operations
−715.5 −244.4 −440.2 −1,115.0 −415.5 −280.2 −363.6
Growth
20.2 19.6 21.5 25.2 24.9 21.9 19.0
Investment
−4.5 −2.0 −7.4 −0.7 −8.5 −2.7 −1.3
calc −720.1 −246.4 −447.7 −1,115.7 −424.0 −282.9 −364.9
Growth
calc −11.57 −3.77 −1.86 −3.66 −1.42 −1.03 −1.52
−2,102.5 430.1 −3,136.5 3,490.5 −1,681.1 2,562.6 −116.3
Financing
2,997.6 9.3 4,876.2 −108.4 −365.1 −403.9 −131.6
n/a n/a n/a −128.0 −369.6 −400.7 −167.1

† The diluted share count jumps at 2021, so per-share figures either side of that column are not comparable. Usually a split, but the break lands on the restatement boundary rather than on the split date, because every column is that period’s latest filing.

Lines marked calc are worked out here from filed figures; point at one for how. Capital expenditure, dividends and buybacks are shown as money out, so negative. Shown in CNY as filed; the screener converts to dollars.