| 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 |
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| 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. |
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