6-K
Zhihu Inc. (ZH)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934
For the month of November 2025
Commission File Number: 001-40253
Zhihu Inc.
(Registrant’s Name)
18 Xueqing Road
Haidian District,Beijing 100083
People’s Republicof China
(Address of Principal Executive Offices)
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
Form 20-F x Form 40-F ¨
EXHIBIT INDEX
| Exhibit No. | Description |
|---|---|
| 99.1 | Press Release—Zhihu<br> Inc. Reports Unaudited Third Quarter 2025 Financial Results |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| Zhihu Inc. | ||
|---|---|---|
| By | : | /s/ Han Wang |
| Name | : | Han Wang |
| Title | : | Chief Financial Officer |
Date: November 25, 2025
Exhibit 99.1
Zhihu Inc. Reports Unaudited Third Quarter 2025Financial Results
BEIJING, China, November 25, 2025 — Zhihu Inc. (“Zhihu” or the “Company”) (NYSE: ZH; HKEX: 2390), a leading online content community in China, today announced its unaudited financial results for the quarter ended September 30, 2025.
Third Quarter 2025 Highlights
| · | Total revenues were RMB658.9 million (US$92.6 million), compared with RMB845.0 million in the same period of 2024. |
|---|---|
| · | Gross margin was 61.3%, compared with 63.9% in the same period of 2024. |
| --- | --- |
| · | Net loss was RMB46.7 million (US$6.6 million), compared with RMB9.0 million in the same period<br>of 2024. |
| --- | --- |
| · | Adjusted net loss (non-GAAP)^[1]^ was RMB21.0 million (US$3.0 million), compared with<br>RMB13.1 million in the same period of 2024. |
| --- | --- |
| · | Average monthly subscribing members^[2]^ were 14.3 million in the third quarter of 2025. |
| --- | --- |
“We are firmly on track to achieve full-year non-GAAP breakeven, with solid progress made during the quarter,” said Mr. Yuan Zhou, chairman and chief executive officer of Zhihu. “As our structural optimization initiatives continue to take effect, we are further refining our service offerings and striking a stronger balance between commercialization and community health. Our community remains vibrant, with growing user engagement and increasing contribution of authentic, high-quality content from both day-to-day users and professional creators. With our High-quality Content × ExpertNetwork × AI Capabilities working in greater synergy, Zhihu is accelerating its evolution into an AI-native community that delivers trusted and differentiated experiences for users both within and beyond.”
Mr. Han Wang, chief financial officer of Zhihu, added, “In the third quarter, our non-GAAP operating loss narrowed by 16.3% year over year, reflecting disciplined cost management and continued gains in operational efficiency. While we continue investing in long-term growth initiatives, we have maintained effective control over total costs and expenses. Looking ahead, we will further strengthen monetization resilience and pursue new revenue models by leveraging our core advantages in content quality, creator expertise, and AI-driven innovation. We remain focused on delivering sustainable, high-quality growth.”
Third Quarter 2025 Financial Results
Total revenues were RMB658.9 million (US$92.6 million), compared with RMB845.0 million in the same period of 2024.
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Marketing services revenue was RMB189.4 million (US$26.6 million), compared with RMB256.6 million in the same period of 2024. The decrease was primarily due to our proactive and ongoing refinement of service offerings.
Paid membership revenue was RMB385.6 million (US$54.2 million), compared with RMB459.4 million in the same period of 2024. The decrease was primarily due to a decline in the number of our average monthly subscribing members.
Other revenues*^[3]^* were RMB83.9 million (US$11.8 million), compared with RMB129.0 million in the same period of 2024. The decrease was primarily due to the strategic refinement of our vocational training business.
Cost of revenues decreased by 16.3% to RMB255.3 million (US$35.9 million) from RMB304.9 million in the same period of 2024. The decrease was primarily due to reduced content and operating costs associated with the decline in our revenues.
Gross profit was RMB403.6 million (US$56.7 million), compared with RMB540.1 million in the same period of 2024. Gross margin was 61.3%, compared with 63.9% in the same period of 2024.
Total operating expenses decreased by 19.4% to RMB503.5 million (US$70.7 million) from RMB624.5 million in the same period of 2024.
Selling and marketing expenses decreased by 14.9% to RMB330.1 million (US$46.4 million) from RMB388.0 million in the same period of 2024. The decrease was primarily due to more disciplined promotional spending and a decrease in personnel-related expenses.
Research and development expenses decreased by 36.2% to RMB114.4 million (US$16.1 million) from RMB179.3 million in the same period of 2024. The decrease was primarily attributable to improvements in our research and development efficiency.
General and administrative expenses were RMB59.0 million (US$8.3 million), compared with RMB57.2 million in the same period of 2024.
Loss from operations was RMB99.8 million (US$14.0 million), compared with RMB84.3 million in the same period of 2024.
Adjusted lossfrom operations (non-GAAP)^[1]^ narrowed by 16.3% to RMB73.5 million (US$10.3 million) from RMB87.8 million in the same period of 2024.
Net loss was RMB46.7 million (US$6.6 million), compared with RMB9.0 million in the same period of 2024.
Adjusted net loss (non-GAAP)^[1]^ was RMB21.0 million (US$3.0 million), compared with RMB13.1 million in the same period of 2024.
2
Diluted net loss per American depositaryshare (“ADS”) was RMB0.58 (US$0.08), compared with RMB0.11 in the same period of 2024.
Cash and cash equivalents, term deposits, restricted cash and short-terminvestments
As of September 30, 2025, the Company had cash and cash equivalents, current and non-current term deposits, restricted cash and short-term investments of RMB4,583.2 million (US$643.8 million), compared with RMB4,859.0 million as of December 31, 2024.
Share Repurchase Programs
As of September 30, 2025, the Company had repurchased 31.1 million Class A ordinary shares (including Class A ordinary shares underlying the ADSs) for a total price of US$66.5 million on both the New York Stock Exchange and The Stock Exchange of Hong Kong Limited under the Company’s existing share repurchase programs.
^[1]^Adjusted loss from operations and adjusted net loss are non-GAAP financial measures. For more information on the non-GAAP financial measures, please see the section “Use of Non-GAAP Financial Measures” and the table captioned “Unaudited Reconciliations of GAAP and Non-GAAP Results” set forth at the end of this press release.
^[2]^ Monthly subscribing members refers to the number of members who subscribed for our membership packages in a specified month. Average monthly subscribing members for a period is calculated by dividing the sum of monthly subscribing members for each month during the specified period by the number of months in such period.
^[3]^ Starting from the third quarter of 2025, the Company simplified its revenue stream by reclassifying vocational training into “others” to align with its overall strategy. Revenues for the applicable comparison periods have been retrospectively reclassified.
Conference Call
The Company's management will host a conference call at 6:00 A.M. U.S. Eastern Time on Tuesday, November 25, 2025 (7:00 P.M. Beijing/Hong Kong Time on Tuesday, November 25, 2025) to discuss the results.
All participants wishing to join the conference call must pre-register online using the link provided below. Once the pre-registration has been completed, each participant will receive a set of dial-in numbers and a unique access PIN which can be used to join the conference call.
Registration Link:
https://register-conf.media-server.com/register/BId01f39d00a68420ba15e28d3dc711d2d
Additionally, a live and archived webcast of the conference call will be available on the Company’s investor relations website at https://ir.zhihu.com.
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About Zhihu Inc.
Zhihu Inc. (NYSE: ZH; HKEX: 2390) is a leading online content community where people come to find solutions, make decisions, seek inspiration, and have fun. Since the initial launch in 2010, Zhihu has grown into the largest Q&A-inspired online content community in China. For more information, please visit https://ir.zhihu.com.
Use of Non-GAAP Financial Measures
In evaluating the business, the Company considers and uses non-GAAP financial measures, such as adjusted income from operations and adjusted net income, to supplement the review and assessment of its operating performance. The Company defines non-GAAP financial measures by excluding the impact of share-based compensation expenses, amortization of intangible assets resulting from business acquisitions and the tax effects of the non-GAAP adjustments, which are non-cash expenses. The Company believes that the non-GAAP financial measures facilitate comparisons of operating performance from period to period and company to company by adjusting for potential impacts of items, which the Company’s management considers to be indicative of its operating performance. The Company believes that the non-GAAP financial measures provide useful information to investors and others in understanding and evaluating the Company’s consolidated results of operations in the same manner as they help the Company’s management.
The non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. The presentation of the non-GAAP financial measures may not be comparable to similarly titled measures presented by other companies. The use of the non-GAAP financial measures has limitations as an analytical tool, and investors should not consider them in isolation from or as a substitute for analysis of our results of operations or financial condition as reported under U.S. GAAP. For more information on the non-GAAP financial measures, please see the tables captioned “Unaudited Reconciliations of GAAP and Non-GAAP Results” set forth at the end of this press release.
Exchange Rate Information
This announcement contains translations of certain Renminbi amounts into U.S. dollars at a specified rate solely for the convenience of the reader. Unless otherwise noted, all translations from Renminbi to U.S. dollars were made at a rate of RMB7.1190 to US$1.00, the exchange rate in effect as of September 30, 2025 as set forth in the H.10 statistical release of the Federal Reserve Board.
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, and a number of factors could cause actual results to differ materially from those contained in any forward-looking statement. In some cases, forward-looking statements can be identified by words or phrases such as “may,” “will,” “expect,” “anticipate,” “target,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to,” or other similar expressions. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with the SEC and the Hong Kong Stock Exchange. All information provided in this press release is as of the date of this press release, and the Company does not undertake any duty to update such information, except as required under applicable law.
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For investor and media inquiries, please contact:
Zhihu Inc.
Email: [email protected]
Christensen Advisory
Roger Hu
Tel: +86-10-5900-1548
Email: [email protected]
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ZHIHU INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTSOF OPERATIONS
(All amounts in thousands, except share, ADS, per share data and per ADS data)
| For<br> the Three Months Ended | For<br> the Nine Months Ended | ||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| September 30,<br><br> 2024 | June 30,<br> <br>2025 | September 30,<br> <br>2025 | September 30,<br><br> 2024 | September 30,<br> <br>2025 | |||||||||||||||
| RMB | RMB | RMB | US | RMB | RMB | US | |||||||||||||
| Revenues: | |||||||||||||||||||
| Marketing<br> services | 256,631 | 222,778 | 189,388 | 931,152 | 609,125 | ||||||||||||||
| Paid membership | 459,387 | 401,974 | 385,625 | 1,341,763 | 1,205,473 | ||||||||||||||
| Others | 129,002 | 92,142 | 83,916 | 466,778 | 290,890 | ||||||||||||||
| Total revenues | 845,020 | 716,894 | 658,929 | 2,739,693 | 2,105,488 | ||||||||||||||
| Cost of revenues | (304,879 | ) | (268,711 | ) | (255,288 | ) | ) | (1,099,529 | ) | (802,560 | ) | ) | |||||||
| Gross profit | 540,141 | 448,183 | 403,641 | 1,640,164 | 1,302,928 | ||||||||||||||
| Selling and marketing expenses | (388,049 | ) | (326,255 | ) | (330,144 | ) | ) | (1,282,988 | ) | (977,031 | ) | ) | |||||||
| Research and development expenses | (179,261 | ) | (145,683 | ) | (114,362 | ) | ) | (585,940 | ) | (401,911 | ) | ) | |||||||
| General and administrative expenses | (57,161 | ) | (67,251 | ) | (58,950 | ) | ) | (264,185 | ) | (167,410 | ) | ) | |||||||
| Total operating expenses | (624,471 | ) | (539,189 | ) | (503,456 | ) | ) | (2,133,113 | ) | (1,546,352 | ) | ) | |||||||
| Loss from operations | (84,330 | ) | (91,006 | ) | (99,815 | ) | ) | (492,949 | ) | (243,424 | ) | ) | |||||||
| Other income/(expenses): | |||||||||||||||||||
| Investment income | 13,679 | 140,836 | 37,050 | 52,392 | 197,235 | ||||||||||||||
| Interest income | 31,136 | 20,247 | 17,306 | 88,653 | 58,163 | ||||||||||||||
| Fair value change of financial<br> instruments | 6,887 | - | - | 47,707 | - | ||||||||||||||
| Exchange losses | (1,097 | ) | (38 | ) | (43 | ) | ) | (688 | ) | (177 | ) | ) | |||||||
| Others, net | 23,799 | 31,120 | (391 | ) | ) | 42,789 | 33,128 | ||||||||||||
| (Loss)/Income before income<br> tax | (9,926 | ) | 101,159 | (45,893 | ) | ) | (262,096 | ) | 44,925 | ||||||||||
| Income tax benefits/(expenses) | 949 | (28,679 | ) | (850 | ) | ) | 6,728 | (29,296 | ) | ) | |||||||||
| Net (loss)/income | (8,977 | ) | 72,480 | (46,743 | ) | ) | (255,368 | ) | 15,629 | ||||||||||
| Net (income)/loss attributable<br> to noncontrolling interests | (1,514 | ) | 2 | 88 | (2,708 | ) | 104 | ||||||||||||
| Net (loss)/income attributable<br> to Zhihu Inc.’s shareholders | (10,491 | ) | 72,482 | (46,655 | ) | ) | (258,076 | ) | 15,733 | ||||||||||
| Net (loss)/income per share | |||||||||||||||||||
| Basic | (0.04 | ) | 0.30 | (0.19 | ) | ) | (0.92 | ) | 0.07 | ||||||||||
| Diluted | (0.04 | ) | 0.29 | (0.19 | ) | ) | (0.92 | ) | 0.06 | ||||||||||
| Net (loss)/income per ADS<br> (One ADS represents three Class A ordinary shares) | |||||||||||||||||||
| Basic | (0.11 | ) | 0.90 | (0.58 | ) | ) | (2.77 | ) | 0.20 | ||||||||||
| Diluted | (0.11 | ) | 0.88 | (0.58 | ) | ) | (2.77 | ) | 0.19 | ||||||||||
| Weighted average number of ordinary shares<br> outstanding | |||||||||||||||||||
| Basic | 277,309,431 | 240,762,092 | 239,496,037 | 279,367,448 | 241,569,166 | ||||||||||||||
| Diluted | 277,309,431 | 245,755,672 | 239,496,037 | 279,367,448 | 246,688,130 |
All values are in US Dollars.
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ZHIHU INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTSOF OPERATIONS (CONTINUED)
(All amounts in thousands, except share, ADS, per share data and per ADS data)
| For<br> the Three Months Ended | For<br> the Nine Months Ended | ||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| September 30,<br><br><br> 2024 | June 30,<br> <br>2025 | September 30,<br> <br>2025 | September 30,<br><br><br> 2024 | September 30,<br> <br>2025 | |||||||||||||||
| RMB | RMB | RMB | US | RMB | RMB | US | |||||||||||||
| Share-based<br> compensation expenses included in: | |||||||||||||||||||
| Cost of revenues | 1,016 | 10 | 110 | 4,263 | (752 | ) | ) | ||||||||||||
| Selling<br> and marketing expenses | 547 | (294 | ) | (434 | ) | ) | (2,244 | ) | (466 | ) | ) | ||||||||
| Research<br> and development expenses | 6,233 | (870 | ) | 2,825 | 14,352 | 1,356 | |||||||||||||
| General<br> and administrative expenses | (14,767 | ) | 17,124 | 20,352 | 35,111 | 52,843 |
All values are in US Dollars.
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ZHIHU INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(All amounts in thousands)
| As of December 31,<br> <br>2024 | As of September 30,<br> <br>2025 | ||||
|---|---|---|---|---|---|
| RMB | RMB | US | |||
| ASSETS | |||||
| Current assets: | |||||
| Cash and cash equivalents | 3,999,160 | 2,730,011 | |||
| Term deposits | 320,088 | 597,385 | |||
| Short-term investments | 538,816 | 1,044,870 | |||
| Restricted cash | 900 | 900 | |||
| Trade receivables | 420,636 | 326,292 | |||
| Amounts due from related parties | 41,588 | 23,812 | |||
| Prepayments and other current assets | 163,446 | 148,881 | |||
| Total current assets | 5,484,634 | 4,872,151 | |||
| Non-current assets: | |||||
| Property and equipment, net | 8,490 | 5,998 | |||
| Intangible assets, net | 54,534 | 43,705 | |||
| Goodwill | 126,344 | 126,344 | |||
| Long-term investments, net | 51,176 | 190,262 | |||
| Term deposits | - | 210,000 | |||
| Right-of-use assets | 7,151 | 46,355 | |||
| Other non-current assets | 623 | 6,611 | |||
| Total non-current assets | 248,318 | 629,275 | |||
| Total assets | 5,732,952 | 5,501,426 | |||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||
| Current liabilities | |||||
| Accounts payable and accrued liabilities | 835,688 | 684,295 | |||
| Salary and welfare payables | 275,260 | 159,417 | |||
| Taxes payables | 22,081 | 15,474 | |||
| Contract liabilities | 235,539 | 192,681 | |||
| Amounts due to related parties | 6,825 | 5,734 | |||
| Short-term lease liabilities | 17,308 | 24,848 | |||
| Short-term borrowings | - | 105,508 | |||
| Other current liabilities | 131,955 | 132,880 | |||
| Total current liabilities | 1,524,656 | 1,320,837 | |||
| Non-current liabilities | |||||
| Long-term lease liabilities | 1,823 | 20,351 | |||
| Deferred tax liabilities | 6,830 | 34,848 | |||
| Other non-current liabilities | 3,957 | 3,915 | |||
| Total non-current liabilities | 12,610 | 59,114 | |||
| Total liabilities | 1,537,266 | 1,379,951 | |||
| Total Zhihu Inc.’s shareholders’ equity | 4,136,123 | 4,051,810 | |||
| Noncontrolling interests | 59,563 | 69,665 | |||
| Total shareholders’ equity | 4,195,686 | 4,121,475 | |||
| Total liabilities and shareholders’ equity | 5,732,952 | 5,501,426 |
All values are in US Dollars.
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ZHIHU INC.
UNAUDITED RECONCILIATIONS OF GAAP AND NON-GAAPRESULTS
(All amounts in thousands)
| For<br> the Three Months Ended | For<br> the Nine Months Ended | ||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| September 30,<br><br><br> 2024 | June 30,<br> <br>2025 | September 30,<br> <br>2025 | September 30,<br><br><br> 2024 | September 30,<br> <br>2025 | |||||||||||||||
| RMB | RMB | RMB | US | RMB | RMB | US | |||||||||||||
| Loss<br> from operations | (84,330 | ) | (91,006 | ) | (99,815 | ) | ) | (492,949 | ) | (243,424 | ) | ) | |||||||
| Add: | |||||||||||||||||||
| Share-based<br> compensation expenses | (6,971 | ) | 15,970 | 22,853 | 51,482 | 52,981 | |||||||||||||
| Amortization<br> of intangible assets resulting from business acquisitions | 3,490 | 3,490 | 3,490 | 12,970 | 10,470 | ||||||||||||||
| Adjusted<br> loss from operations | (87,811 | ) | (71,546 | ) | (73,472 | ) | ) | (428,497 | ) | (179,973 | ) | ) | |||||||
| Net<br> (loss)/income | (8,977 | ) | 72,480 | (46,743 | ) | ) | (255,368 | ) | 15,629 | ||||||||||
| Add: | |||||||||||||||||||
| Share-based<br> compensation expenses | (6,971 | ) | 15,970 | 22,853 | 51,482 | 52,981 | |||||||||||||
| Amortization<br> of intangible assets resulting from business acquisitions | 3,490 | 3,490 | 3,490 | 12,970 | 10,470 | ||||||||||||||
| Tax<br> effects on non-GAAP adjustments | (600 | ) | (600 | ) | (600 | ) | ) | (2,425 | ) | (1,800 | ) | ) | |||||||
| Adjusted<br> net (loss)/income | (13,058 | ) | 91,340 | (21,000 | ) | ) | (193,341 | ) | 77,280 |
All values are in US Dollars.
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