v3.26.1
CONSOLIDATED BALANCE SHEETS
¥ in Thousands, $ in Thousands
Dec. 31, 2025
CNY (¥)
Dec. 31, 2025
USD ($)
Dec. 31, 2024
CNY (¥)
Current assets:      
Cash and cash equivalents ¥ 3,369,200 $ 481,783 ¥ 3,999,160
Term deposits 30,000 4,290 320,088
Short-term investments 840,938 120,253 538,816
Restricted cash 1,078 154 900
Trade receivables 357,998 51,193 420,636
Amounts due from related parties 25,570 3,656 41,588
Prepayments and other current assets 107,265 15,339 163,446
Total current assets 4,732,003 676,668 5,484,634
Non-current assets:      
Property and equipment, net 5,349 765 8,490
Intangible assets, net 29,588 4,231 54,534
Goodwill     126,344
Long-term investments, net 158,480 22,662 51,176
Term deposits 210,000 30,030  
Right-of-use assets 42,100 6,015 7,151
Other non-current assets 13,391 1,915 623
Total non-current assets 458,871 65,618 248,318
Total assets 5,190,874 742,286 5,732,952
Current liabilities (including amounts of the consolidated VIEs and their subsidiaries without recourse to the primary beneficiaries of RMB448,836 and RMB356,907 as of December 31, 2024 and 2025, respectively):      
Accounts payable and accrued liabilities 681,307 97,426 835,688
Salary and welfare payables 188,038 26,889 275,260
Taxes payable 16,285 2,329 22,081
Contract liabilities 186,034 26,603 235,539
Short-term lease liabilities 21,382 3,058 17,308
Short-term borrowings 35,000 5,005  
Total current liabilities 1,268,414 181,382 1,524,656
Non-current liabilities (including amounts of the consolidated VIEs and their subsidiaries without recourse to the primary beneficiaries of RMB8,637 and RMB7,553 as of December 31, 2024 and 2025, respectively):      
Long-term lease liabilities 15,592 2,230 1,823
Deferred tax liabilities 27,174 3,885 6,830
Other non-current liabilities 4,650 665 3,957
Total non-current liabilities 47,416 6,780 12,610
Total liabilities 1,315,830 188,162 1,537,266
Commitments and contingencies (See Note 18)
Shareholders' equity:      
Treasury stock (275,059) (39,333) (112,057)
Additional paid-in capital 13,183,041 1,885,150 13,113,010
Statutory reserves 706 101 435
Accumulated other comprehensive income/(loss) (33,736) (4,824) 12,383
Accumulated deficit (9,071,000) (1,297,140) (8,877,851)
Total Zhihu Inc.'s shareholders' equity 3,804,136 543,984 4,136,123
Noncontrolling interests 70,908 10,140 59,563
Total shareholders' equity 3,875,044 554,124 4,195,686
Total liabilities and shareholders' equity 5,190,874 742,286 5,732,952
Related Party      
Current liabilities (including amounts of the consolidated VIEs and their subsidiaries without recourse to the primary beneficiaries of RMB448,836 and RMB356,907 as of December 31, 2024 and 2025, respectively):      
Other current liabilities 16,135 2,307 6,825
Nonrelated Party      
Current liabilities (including amounts of the consolidated VIEs and their subsidiaries without recourse to the primary beneficiaries of RMB448,836 and RMB356,907 as of December 31, 2024 and 2025, respectively):      
Other current liabilities 124,233 17,765 131,955
Class A Ordinary shares      
Shareholders' equity:      
Ordinary shares 195 28 191
Class B Ordinary shares      
Shareholders' equity:      
Ordinary shares ¥ 12 $ 2 ¥ 12