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 r&d expenses

Research and development expenses are spending on new products and technology.

For fiscal 2025 it was CN¥525.00M, down 28.3% from the year before. The highest annual figure on record is CN¥901.45M in fiscal 2023.

Annual r&d expenses

Period	Period end	Value	Change
FY2025	Dec 31, 2025	CN¥525.00M	-28.3%
FY2024	Dec 31, 2024	CN¥732.55M	-18.7%
FY2023	Dec 31, 2023	CN¥901.45M	+18.1%
FY2022	Dec 31, 2022	CN¥763.36M	+23.2%
FY2021	Dec 31, 2021	CN¥619.59M	+87.9%
FY2020	Dec 31, 2020	CN¥329.76M	-6.1%
FY2019	Dec 31, 2019	CN¥351.01M	–

Where these numbers come from

Parsed from the XBRL in Zhihu's annual and quarterly filings with the SEC
Per-share figures adjusted for the 1-for-6 reverse split on May 10, 2024
Fourth quarters derived from the annual report minus nine months
Every figure in the statements links to its source filing

Against peers

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

Compare: ZH vs QH · ZH vs ETSY · ZH vs KRKR · ZH vs ADV · ZH vs GETYQ

Revenue growth-23.6% · median 7.0%

Gross margin59.9% · median 42.2%

Operating margin-18.5% · median 2.6%

Company	Revenue	Growth
QH	CN¥4.03B	+56.0%
ADV	$3.60B	+2.9%
ETSY	$3.01B	+10.8%
ZH	CN¥2.75B	-23.6%
GETYQ	$978.00M	+3.3%
KRKR	–	–

Company

Exchange: NYSE
Industry: Services-Business Services, NEC
Fiscal year ends: December 31
Employees: 269
Held by institutions: 100.0%
Auditor: PricewaterhouseCoopers Zhong Tian LLP
SEC CIK: 1835724

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