EL7.AI
StocksMedium•26 March 2026•
1 min read

Zhihu Reports Q4 Revenue Decline and Shift to Net Loss for 2025

Key Facts

1Zhihu's Q4 revenues fell to RMB 643.5 million ($92.0 million) from RMB 859.2 million in the same period of 2024.
2Q4 gross margin declined to 53.6% from 62.9% year-over-year, reflecting weaker profitability.
3The company posted a net loss of RMB 210.8 million in Q4, compared with net income of RMB 86.4 million in the prior-year quarter.
4Despite Q4 losses, the company achieved a full-year 2025 adjusted net income of RMB 37.9 million.

Zhihu Inc. (ZH) reported its financial results for the fourth quarter and full year 2025, highlighting a significant downturn in quarterly performance. Total revenue for Q4 fell to RMB 643.5 million ($92.0 million), down from RMB 859.2 million in the same period of 2024. The company's profitability metrics also weakened, with gross margins contracting to 53.6% compared to 62.9% a year earlier. Consequently, Zhihu posted a net loss of RMB 210.8 million for the quarter, a sharp reversal from the net income of RMB 86.4 million recorded in Q4 2024. Despite the challenging final quarter, the company managed to achieve a full-year adjusted net income of RMB 37.9 million. These results reflect a difficult operating environment for the Chinese online content platform as it navigates shifting market dynamics.