<img src="https://imageproxy.pbkrs.com/https://leidinews-1256465536.cos.ap-chengdu.myqcloud.com/u_News/20260417/6391206435693603636111412.jpeg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://leidinews-1256465536.cos.ap-chengdu.myqcloud.com/u_News/20260417/6391206435693603636111412.jpeg"/>
Leidi Network, Lei Jianping, April 17
Zhihu (stock code: &#34;2390&#34;) recently released its annual report for the year ending 2025. The report shows that the chairman and CEO of Zhihu is Zhou Yuan, with non-executive directors Li Dahai, Li Zhaohui, and Yu Bing; independent non-executive directors include Ms. Ni Hong, Derek Chen, and Dr. Cheng Lilan.
As of March 31, 2026, Zhou Yuan holds 13.9% of the shares and 43.6% of the voting rights; CFO Han Wang holds 0.6% of the shares with 0.4% of the voting rights; Li Dahai holds 0.7% of the shares and 0.4% of the voting rights.
<img src="https://imageproxy.pbkrs.com/https://leidinews-1256465536.cos.ap-chengdu.myqcloud.com/u_News/20260417/6391206435151415899800930.jpeg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://leidinews-1256465536.cos.ap-chengdu.myqcloud.com/u_News/20260417/6391206435151415899800930.jpeg"/>
Zhihu's shareholding structure as of March 31, 2026
Tencent holds 14.4% of the shares with 9.4% of the voting rights; Kuaishou holds 7.6% of the shares with 4.9% of the voting rights; Access holds 6.8% of the shares through AI Knowledge with 4.4% of the voting rights;
Plus Channel holds 9.7% of the shares with 6.3% of the voting rights; FIL Limited holds 5.2% of the shares with 3.4% of the voting rights.
As of March 31, 2025, Zhou Yuan holds 14% of the shares with 43.8% of the voting rights; Li Dahai holds 0.7% of the shares with 0.4% of the voting rights; Tencent holds 14.5% of the shares with 9.5% of the voting rights.
<img src="https://imageproxy.pbkrs.com/https://leidinews-1256465536.cos.ap-chengdu.myqcloud.com/u_News/20260417/6391206434601416756747878.jpeg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://leidinews-1256465536.cos.ap-chengdu.myqcloud.com/u_News/20260417/6391206434601416756747878.jpeg"/>
Zhihu's shareholding structure as of March 31, 2025
Kuaishou holds 7.6% of the shares with 5% of the voting rights; Access holds 6.8% of the shares through AI Knowledge with 4.4% of the voting rights; Plus Channel Limited holds 5.4% of the shares with 3.6% of the voting rights.
Comparing the data, it can be seen that over the past year, FIL Limited has become a shareholder with over 5% ownership
Annual revenue of 2.7 billion, first time achieving Non-GAAP profit
Zhihu has faced significant pressure in the past two years. The annual report shows that Zhihu's revenue for 2022, 2023, 2024, and 2025 is projected to be 3.6 billion, 4.2 billion, 3.6 billion, and 2.749 billion yuan, respectively; gross profit is expected to be 1.8 billion, 2.3 billion, 2.181 billion, and 1.648 billion yuan.
<img src="https://imageproxy.pbkrs.com/https://leidinews-1256465536.cos.ap-chengdu.myqcloud.com/u_News/20260417/6391206434042043942723010.jpeg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://leidinews-1256465536.cos.ap-chengdu.myqcloud.com/u_News/20260417/6391206434042043942723010.jpeg"/>
Zhihu's operating losses for 2022, 2023, 2024, and 2025 are projected to be 1.6 billion, 1.072 billion, 481 million, and 507 million yuan, respectively; net losses are expected to be 1.578 billion, 839 million, 169 million, and 195 million yuan.
Zhihu's investment income for 2025 is projected to be 232 million yuan (33.2 million USD), compared to 65.4 million yuan in 2024. This increase is mainly due to unrealized gains from the fair value remeasurement of Zhihu's investment in a private company with observable price changes in 2025.
<img src="https://imageproxy.pbkrs.com/https://leidinews-1256465536.cos.ap-chengdu.myqcloud.com/u_News/20260417/6391206433496728454655865.jpeg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://leidinews-1256465536.cos.ap-chengdu.myqcloud.com/u_News/20260417/6391206433496728454655865.jpeg"/>
Zhihu's monthly subscription membership for 2025 is projected to be 13.5 million, a decrease of 10% compared to 15 million in the same period last year.
Zhihu's adjusted net profit for 2025 is projected to be 37.9 million yuan. This marks Zhihu's first time achieving annual Non-GAAP profit.
Total shareholders' equity of 3.8 billion
As of December 31, 2025, Zhihu's total assets are projected to be 5.19 billion yuan, of which current assets are 4.73 billion and non-current assets are 459 million yuan.
<img src="https://imageproxy.pbkrs.com/https://leidinews-1256465536.cos.ap-chengdu.myqcloud.com/u_News/20260417/6391206432994676871760064.jpeg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://leidinews-1256465536.cos.ap-chengdu.myqcloud.com/u_News/20260417/6391206432994676871760064.jpeg"/>
As of December 31, 2025, Zhihu's current liabilities are projected to be 1.268 billion, non-current liabilities are 47.42 million, and total liabilities are 1.316 billion yuan.
As of December 31, 2025, Zhihu's total shareholders' equity is projected to be 3.8 billion yuan.
As of December 31, 2025, Zhihu's cash and cash equivalents, current and non-current time deposits, restricted funds, and short-term investments amount to 4.451 billion yuan (637 million USD), compared to 4.859 billion yuan as of December 31, 2024
————————————

02390

Zhihu (stock code: 2390) released its annual report for the year ending 2025, with Chairman Zhou Yuan holding 13.9% equity and 43.6% voting rights, while Tencent holds 14.4% equity and 9.4% voting rights. The annual report shows that Zhihu's annual revenue from 2022 to 2025 is projected to be 3.6 billion, 4.2 billion, 3.6 billion, and 2.749 billion yuan, achieving Non-GAAP profitability for the first time

雷帝触网

ZHIHU-W

Zhihu

TENCENT

KUAISHOU-W

Access Co., Ltd.

Tencent

TENCENT-R

Tencent HK SDR 10to1

Tencent Holdings Limited

KUAISHOU-WR

ZHIHU equity exposure: Zhou Yuan holds 13.9% of the shares with 43.6% voting rights, Tencent holds 14%