Zhihu (NYSE:ZH), the operator of China’s largest online Q&A community, reported its unaudited financial results for the fourth quarter and full year ended December 31, 2025, on March 25, 2026.
Total revenue for the full year 2025 was RMB2,749 million, compared with RMB3,598.9 million in 2024.
Fourth-quarter revenue contributed RMB643.5 million to that total.
While the revenue base contracted, the company successfully optimized its cost structure, maintaining a robust gross margin of 59.9% for the fiscal year.
The company’s focus on efficiency was evidenced by a 19% year-over-year reduction in operating expenses.
These cuts allowed Zhihu to record a full-year adjusted net income (non-GAAP) of RMB37.9 million, representing a significant operational milestone.
On a GAAP basis, the company reported a net loss of RMB195.2 million, which was impacted by a one-time goodwill impairment charge of RMB126.3 million taken in the fourth quarter.
As of December 31, 2025, the company held cash and cash equivalents totaling RMB4,451.2 million.
Management also demonstrated a commitment to shareholder returns, executing US$66.5 million in share repurchases throughout the 2025 calendar year.