Zhihu Posts First Full-Year Non-GAAP Profit

Zhihu reported its first full-year non-GAAP profit for 2025, recording adjusted net income of RMB 37.9 million while full-year revenue declined to RMB 2.7 billion year-over-year. The company said fourth-quarter revenue fell to RMB 643.5 million, gross margin narrowed, and membership counts dropped, noting the full-year improvement came mainly from cost cuts even as it pursues AI initiatives and held RMB 4.4 billion cash.
Scoring Rationale
Official earnings show profit via cost cuts, but weak revenue and membership limit transformative impact.
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