Zhihu Q2 FY26 swings to net loss of RMB 37.4 million; revenue falls to RMB 690.1 million
ZH•Membership and AI initiatives
Average monthly subscribing members totaled 13.1 million; management highlighted AI as a new medium extending content and expert capabilities into broader use cases.
Q2 revenue declines and company swings to loss
Zhihu posted Q2 2026 revenue of RMB 690.1 million, down 3.74% year over year.
Net results swung to a loss of RMB 37.4 million, versus profit a year earlier; diluted net loss per ADS was RMB 0.49.
Gross margin fell 5.5 percentage points to 57.0%.
Paid content grows while marketing services eases
Paid content and IP operations revenue rose to RMB 425.9 million; marketing services revenue slipped to RMB 199.0 million.
