Research analysts who have asked questions during Zhihu earnings calls.
LK
Lincoln Kong
Goldman Sachs Group, Inc.
5 questions for ZH
Also covers: BIDU, BILI, IQ +3 more
XZ
Xueqing Zhang
China International Capital Corporation
5 questions for ZH
Also covers: BILI, IQ, MOMO +4 more
TC
Thomas Chong
Jefferies Financial Group Inc.
4 questions for ZH
Also covers: ATHM, BABA, BEKE +22 more
VW
Vicky Wei
Citigroup
4 questions for ZH
Also covers: DAO, EM
KC
Kewei Chen
Haitong International
3 questions for ZH
Also covers: WB
YJ
Yi Jing Wei
Citigroup Inc.
2 questions for ZH
Also covers: EM, IQ
CC
Cici Cheng
CLSA
1 question for ZH
DC
Daisy Chen
Haitong International
1 question for ZH
Also covers: SY
JH
Jingyi Huang
Guangfu
1 question for ZH
LQ
Lu Qingshu
Goldman Sachs
1 question for ZH
SQ
Steven Qu
Goldman Sachs
1 question for ZH
Recent press releases and 8-K filings for ZH.
Zhihu Inc. Reports Unaudited Third Quarter 2025 Financial Results
ZH
Earnings
Guidance Update
Share Buyback
- Zhihu Inc. reported total revenues of RMB658.9 million (US$92.6 million) for the third quarter of 2025, a decrease from RMB845.0 million in the same period of 2024. The net loss was RMB46.7 million (US$6.6 million), and adjusted net loss (non-GAAP) was RMB21.0 million (US$3.0 million).
- The gross margin for Q3 2025 was 61.3%, compared to 63.9% in Q3 2024. The company's non-GAAP operating loss narrowed by 16.3% year over year, and management stated they are on track to achieve full-year non-GAAP breakeven.
- As of September 30, 2025, Zhihu had repurchased 31.1 million Class A ordinary shares for a total of US$66.5 million under its existing share repurchase programs.
Nov 25, 2025, 12:00 PM
Zhihu Reports Q3 2025 Results, Narrows Non-GAAP Operating Loss
ZH
Earnings
Guidance Update
Share Buyback
- Zhihu reported total revenues of RMB 658.9 million for Q3 2025, with its non-GAAP operating loss narrowing by 16.3% year-over-year. The company remains on track to achieve full-year non-GAAP break-even in 2025.
- Marketing services revenue for Q3 2025 was RMB 189.4 million and is projected to begin sequential growth in Q4. Paid membership revenue reached RMB 385.6 million, with average monthly paid members increasing 8.1% sequentially to 14.3 million.
- Zhihu continues to deepen its AI integration, with the penetration rate of Zhihu Zhida exceeding 15% and AI assistant writing tools adoption surpassing 20% by the end of Q3 2025. Daily creation of high-quality content increased by over 25% year-over-year.
- As of September 30, 2025, the company repurchased 31.1 million Class A ordinary shares for $66.5 million on the open market and plans to continue its buyback program, citing undervaluation.
Nov 25, 2025, 11:00 AM
Zhihu Reports Q3 2025 Financial Results and Provides 2025 Profitability Outlook
ZH
Earnings
Guidance Update
Share Buyback
- Zhihu reported total revenues of RMB 658.9 million in Q3 2025, with a non-GAAP operating loss narrowing by 16.3% year-over-year. The company reported a GAAP net loss of RMB 46.7 million and a non-GAAP adjusted net loss of RMB 21 million. Zhihu is confident in achieving its full-year non-GAAP profitability target for 2025.
- In Q3 2025, marketing services revenue was RMB 189.4 million, and paid membership revenue reached RMB 385.6 million. The document also states "Other revenues were RMB 839 million" , which is inconsistent with the reported total revenues for the quarter. Marketing services revenue is expected to begin growing on a sequential basis in Q4.
- The penetration rate of Zhihu Zhida, an AI product, exceeded 15% in Q3 2025, nearly four times higher than the same period last year, and AI Copilot adoption by creators surpassed 20%. Daily time spent continued to trend higher year-over-year and quarter-over-quarter.
- As of September 30, 2025, the company repurchased 31.1 million Class A ordinary shares for $66.5 million on the open market and an additional 22.5 million Class A ordinary shares for $34.5 million through a trustee, and plans to continue its buyback program.
Nov 25, 2025, 11:00 AM
Zhihu's Yanyan Story Makes International Debut at Frankfurt Book Fair
ZH
Product Launch
New Projects/Investments
Revenue Acceleration/Inflection
- Zhihu Inc. debuted its Yanyan Story platform at the Frankfurt Book Fair, marking a significant step in the international expansion of Chinese short-form online literature.
- Yanyan Story is a key driver for Zhihu's 13.2 million paid subscribers and has licensed over 100 works for publication and translation into multiple languages.
- In Q2 2025, Zhihu's revenue from IP licensing grew in triple digits year-over-year and sequentially, with more than 100 Yanyan Story IP titles licensed for adaptation.
Oct 17, 2025, 9:05 AM
Quarterly earnings call transcripts for Zhihu.
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