v3.26.1
Operations and Principal Activities (Tables)
12 Months Ended
Dec. 31, 2025
Operations and Principal Activities  
Summary of the Company's major subsidiaries and VIE

As of December 31, 2025, the Company’s major subsidiaries, VIEs and major VIEs’ subsidiaries are as follows:

  ​ ​ ​

Place and year of

  ​ ​ ​

Incorporation/acquisition

Principal activities

Major Subsidiaries

  ​

  ​

Zhihu Technology (HK) Limited

Hong Kong, 2011

Investment holding in Hong Kong

Zhizhe Sihai (Beijing) Technology Co., Ltd.

PRC, 2012

Technology, business support and consulting service in the PRC

Beijing Zhihu Network Technology Co., Ltd.

PRC, 2018

Information and marketing service in the PRC

Shanghai Zhishi Technology Co., Ltd.

PRC, 2021

Technology and consulting service in the PRC

Wuhan Zhihu Network Technology Co., Ltd.

PRC, 2024

Information and marketing service in the PRC

Wuhan Bofeng Technology Co., Ltd.

PRC, 2023

Technology and consulting service in the PRC

VIEs

 

  ​

Beijing Zhizhe Tianxia Technology Co., Ltd.

PRC, 2011

Internet service in the PRC

Shanghai Pinzhi Education Technology Co., Ltd.

 

PRC, 2021

Vocational training in the PRC

Wuhan Xinyue Network Technology Co., Ltd.

PRC, 2023

Information and consulting service in the PRC

Major VIEs’ subsidiaries

Beijing Leimeng Shengtong Cultural Development Co., Ltd.

PRC, 2017

Audio-Visual Permit holder in the PRC

Wuhan Zhibo Wenshuo Technology Co., Ltd.

PRC, 2023

Internet service in the PRC

Summary of the consolidated financial information of the Group's VIE and its subsidiaries

The following consolidated financial information of the Group’s VIEs and their subsidiaries as of December 31, 2024 and 2025 and for the years ended December 31, 2023, 2024 and 2025 was included in the accompanying consolidated financial statements of the Group as follows (in thousands):

As of December 31, 

  ​ ​ ​

2024

  ​ ​ ​

2025

RMB

RMB

ASSETS

Current assets:

  ​

Cash and cash equivalents

 

496,891

368,887

Short-term investments

 

5,624

54,801

Restricted cash

900

1,078

Trade receivables

 

70,894

77,203

Amounts due from related parties

 

11,062

14,348

Amounts due from Group companies

47,479

42,107

Prepayments and other current assets

 

86,390

55,073

Non-current assets:

Property and equipment, net

 

456

624

Intangible assets, net

 

41,542

18,791

Goodwill

103,514

Right-of-use assets

 

2,320

6,306

Other non-current assets

 

378

919

Total assets

 

867,450

640,137

Current liabilities:

Accounts payable and accrued liabilities

 

208,525

154,411

Salary and welfare payables

 

13,111

6,840

Taxes payable

 

4,885

4,751

Contract liabilities

 

195,507

159,173

Amounts due to related parties

 

2,586

1,312

Amounts due to Group companies(a)

390,742

379,300

Short-term lease liabilities

 

2,063

2,832

Other current liabilities

 

22,159

27,588

Non-current liabilities:

Long-term lease liabilities

85

2,903

Deferred tax liabilities

4,595

Other non-current liabilities

3,957

4,650

Total liabilities

 

848,215

743,760

For the Year Ended December 31, 

2023

2024

2025

  ​ ​ ​

RMB

  ​ ​ ​

RMB

  ​ ​ ​

RMB

Inter-company revenues

485

569

4,674

Third-party revenues

 

2,445,830

2,296,096

1,888,975

Inter-company cost(a)

(804,488)

(721,936)

(701,878)

Third-party cost

(845,458)

(701,990)

(558,886)

Gross Profit

796,369

872,739

632,885

Operating expenses(a)

(847,972)

(897,583)

(770,968)

Other income

20,302

26,664

2,266

(Loss)/Income before income tax

(31,301)

1,820

(135,817)

Income tax (expenses)/benefits

(7,070)

6,453

4,525

Net (loss)/income

 

(38,371)

8,273

(131,292)

Net loss/(income) attributable to noncontrolling interests

 

1,758

(946)

2,260

Net (loss)/income attributable to the Company

 

(36,613)

7,327

(129,032)

For the Year Ended December 31, 

2023

2024

2025

  ​ ​ ​

RMB

  ​ ​ ​

RMB

  ​ ​ ​

RMB

Purchases of goods and services from Group companies(a)

 

(878,010)

 

(696,877)

 

(626,872)

Other operating activities with Group companies

4,242

Operating activities with external parties

 

1,093,734

 

722,064

 

768,732

Net cash provided by operating activities

 

215,724

 

25,187

 

146,102

Purchases of short-term investments

 

(431,000)

 

(1,202,944)

 

(2,807,713)

Proceeds of maturities of short-term investments

 

387,014

 

1,286,977

 

2,765,045

Investing activities with Group companies

6,376

Other investing activities with external parties

 

(63,862)

 

11,594

 

(349)

Net cash (used in)/provided by investing activities

 

(107,848)

 

95,627

 

(36,641)

Capital contribution from shareholders

 

 

18,342

 

Financing activities with Group companies

(237,287)

Net cash provided by/(used in) financing activities

 

 

18,342

 

(237,287)

Net increase/(decrease) in cash, cash equivalents and restricted cash

 

107,876

 

139,156

 

(127,826)

Cash, cash equivalents and restricted cash at beginning of the year

250,759

358,635

497,791

Cash, cash equivalents and restricted cash at end of the year

358,635

497,791

369,965

(a)The VIEs have incurred RMB857.4 million, RMB670.6 million and RMB686.2 million in fees related to services provided by the WFOEs and WFOEs concurrently recognized the same amounts as revenues for the years ended December 31, 2023, 2024 and 2025, respectively. In 2023, 2024, and 2025, the total amount of such service fees that VIEs paid to the relevant WFOEs under the relevant agreements was RMB834.5 million, RMB695.9 million and RMB595.4 million, respectively. Unsettled balance of such transactions was RMB136.2 million and RMB270.3 million as of December 31, 2024 and 2025, respectively.