Zhihu Q4 Revenue Falls 25.1% to RMB643.5M, Posts RMB210.8M Net Loss
Zhihu’s Q4 revenue dropped 25.1% to RMB643.5 million with gross margin sliding to 53.6%, while net loss widened to RMB210.8 million versus a year-ago profit. For full-year 2025, revenues fell 23.6% to RMB2.75 billion, but the company achieved its first annual non-GAAP profit of RMB37.9 million.
1. Fourth Quarter Financial Results
Zhihu reported Q4 revenue of RMB643.5 million, down from RMB859.2 million a year earlier. Gross profit declined to RMB344.8 million, pushing the margin down to 53.6% from 62.9%. The period produced a net loss of RMB210.8 million and an adjusted net loss of RMB39.4 million, with average monthly subscribing members at 12.2 million.
2. Fiscal Year 2025 Highlights
For the full year, total revenues totaled RMB2,749.0 million versus RMB3,598.9 million in 2024. Gross margin held at 59.9%, net loss was RMB195.2 million but non-GAAP profitability was achieved with an adjusted net income of RMB37.9 million.
3. Strategic Outlook
Management highlighted a shift toward high-quality, expert-driven content and cost discipline that drove non-GAAP profitability. The company plans to accelerate AI-related commercialization, prioritize higher-margin revenue streams and continue disciplined capital allocation, including share repurchases, to enhance shareholder value.