Zhihu Inc. (ZH) stock

ZHNYSEServices-Business Services, NECFiscal year ends December 31Also trades as ZHIHF

Financials through fiscal 2025, year ended Dec 31, 2025Last filing: 20-F on Apr 17, 2026Score 2/30

$2.66+0.02 (+0.76%)

Close on Nov 13, 2026Market cap $239.28MP/E –Yield –

Zhihu gross margin

Gross margin is gross profit as a percentage of revenue.

For fiscal 2025 it was 59.9%, against 60.6% the year before. The highest annual figure on record is 60.6% in fiscal 2024.

Period	Period end	Value	Change (pts)
FY2025	Dec 31, 2025	59.9%	−0.7
FY2024	Dec 31, 2024	60.6%	+5.9
FY2023	Dec 31, 2023	54.7%	+4.5
FY2022	Dec 31, 2022	50.2%	−2.4
FY2021	Dec 31, 2021	52.5%	−3.5
FY2020	Dec 31, 2020	56.0%	+9.5
FY2019	Dec 31, 2019	46.6%	–

Trailing twelve months. Peers are matched on business description, industry and size. Ticks are peers, the dot is ZH.

Revenue growth-23.6% · median 7.0%

Gross margin59.9% · median 42.2%

Operating margin-18.5% · median 2.6%

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