Earnings release
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1 Zhihu Inc. Reports Unaudited Second Quarter 2026 Financial Results BEIJING, China, August 26, 2026 — Zhihu Inc. (“Zhihu” or the “Company”) (NYSE: ZH; HKEX: 2390), a leading online content community in China, today announced its unaudited financial results for the quarter ended June 30, 2026. Second Quarter 2026 Highlights ● Total revenues were RMB690.1 million (US$101.7 million), compared with RMB716.9 million in the same period of 2025. ● Gross margin was 57.0%, compared with 62.5% in the same period of 2025. ● Net loss was RMB37.4 million (US$5.5 million), compared with a net income of RMB72.5 million in the same period of 2025. ● Adjusted net loss (non-GAAP)[1] was RMB 10.3 million (US$1 .5 million), compared with an adjusted net income of RMB91.3 million in the same period of 2025. ● Average monthly subscribing members[2] were 13.1 million in the second quarter of 2026. “During the second quarter, Zhihu’s authentic, professional, and trustworthy community remained resilient, with stable engagement depth among our core users and continued growth in high-quality content and professional creators,” said Mr. Yuan Zhou, chairman and chief executive officer of Zhihu. “AI is increasingly becoming a new medium connecting users with content, enabling Zhihu’s long-established content, IP and expert capabilities to extend into a broader range of use cases and commercial applications. Our new businesses remain at the commercial validation stage. We will allocate resources based on genuine market demand, customer value and investment returns, while working to stabilize our core businesses and prudently assessing the sustainability of new business opportunities.” “During the second quarter, our total revenues increased by 5.9% quarter-over-quarter, while the year-over-year decline narrowed further,” said Mr. Han Wang, chief financial officer of Zhihu. “Notably, paid content and IP operations achieved year-over-year growth, and our expert data solutions initially validated the end-to-end process from understanding customer needs through delivery at scale. We will continue to balance investments in key businesses with operating efficiency and optimize our revenue mix. We will maintain our disciplined approach and continue to execute share repurchases to maximize long-term value for our shareholders.” Second Quarter 2026 Financial Results Total revenues were RMB690.1 million (US$101.7 million), compared with RMB716.9 million in the same period of 2025. Marketing services revenue was RMB199.0 million (US$29.3 million), compared with RMB222.8 million in the same period of 2025. The decrease was primarily due to our proactive and ongoing refinement of service offerings.
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2 Paid content and IP operations revenue[3] was RMB425.9 million (US$62.8 million), compared with RMB408.2 million in the same period of 2025. The increase was primarily due to the growth of revenues generated from our IP operations. Other revenues[3][4] were RMB65.2 million (US$9.6 million), compared with RMB86.0 million in the same period of 2025. The decrease was primarily due to the strategic refinement of our vocational training business. Cost of revenues was RMB296.7 million (US$43.7 million), compared with RMB268.7 million in the same period of 2025. The increase was primarily due to an increase in content-related costs. Gross profit was RMB393.4 million (US$58.0 million), compared with RMB448.2 million in the same period of 2025. Gross margin was 57.0%, compared with 62.5% in the same period of 2025. The decrease in gross margin was primarily due to our continued efforts in broadening and enhancing content offerings for all of our users. Total operating expenses decreased by 13.0% to RMB469.4 million (US$69.2 million) from RMB539.2 million in the same period of 2025. Selling and marketing expenses decreased by 5.4% to RMB308.7 million (US$45.5 million) from RMB326.3 million in the same period of 2025. The decrease was primarily due to more disciplined marketing spending. Research and development expenses decreased by 25.4% to RMB108.6 million (US$16.0 million) from RMB145.7 million in the same period of 2025. The decrease was primarily attributable to improvements in our research and development efficiency. General and administrative expenses decreased by 22.7% to RMB52.0 million (US$7.7 million) from RMB67.3 million in the same period of 2025. The decrease was primarily attributable to a decrease in personnel-related expenses. Loss from operations narrowed by 16.6% to RMB75.9 million (US$11.2 million) from RMB91.0 million in the same period of 2025. Adjusted loss from operations (non-GAAP)[1] narrowed by 32.0% to RMB48.7 million (US$7.2 million) from RMB71.5 million in the same period of 2025. Investment income was RMB16.4 million (US$2.4 million), compared with RMB140.8 million in the same period of 2025. The decrease was primarily attributable to unrealized gains as a result of re- measuring the fair value of our investment in a privately held company associated with an observable price change in the second quarter of 2025. Net loss was RMB37.4 million (US$5.5 million), compared with a net income of RMB72.5 million in the same period of 2025.
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3 Adjusted net loss (non-GAAP)[1] was RMB10.3 million (US$1.5 million), compared with an adjusted net income of RMB91.3 million in the same period of 2025. Diluted net loss per American depositary share (“ADS”) was RMB0.49 (US$0.07), compared with a diluted net income per ADS of RMB0.88 in the same period of 2025. Cash and cash equivalents, term deposits, restricted cash and short-term investments As of June 30, 2026, the Company had cash and cash equivalents, current and non-current term deposits, restricted cash and short-term investments of RMB4,423.8 million (US$652.0 million), compared with RMB4,451.2 million as of December 31, 2025. Share Repurchase Programs As of June 30, 2026, the Company had repurchased an aggregate of 41.3 million Class A ordinary shares (including Class A ordinary shares underlying the ADSs) for a total consideration of US$77.9 million on both the New York Stock Exchange and The Stock Exchange of Hong Kong Limited under the Company’s existing share repurchase programs. During the second quarter of 2026, the Company repurchased 6.5 million Class A ordinary shares for a total consideration of US$7.2 million. [1] Adjusted loss from operations and adjusted net income/(loss) are non-GAAP financial measures. For more information on the non-GAAP financial measures, please see the section “Use of Non- GAAP Financial Measures” and the table captioned “Unaudited Reconciliations of GAAP and Non- GAAP Results” set forth at the end of this press release. [2] Monthly subscribing members refers to the number of members who subscribed for our membership packages in a specified month. Average monthly subscribing members for a period is calculated by dividing the sum of monthly subscribing members for each month during the specified period by the number of months in such period. [3] Starting from the first quarter of 2026, the Company reported revenues generated from paid membership and IP operations collectively as “paid content and IP operations revenue” to better present its business and results of operations in line with its overall strategy. Revenues generated from IP operations, which were formerly included in “other revenues,” consist primarily of copyrights licensing and content distribution. Revenues for the applicable comparison periods have been retrospectively reclassified. [4] Starting from the third quarter of 2025, the Company simplified its revenue stream by reclassifying vocational training into “others” to align with its overall strategy. Revenues for the applicable comparison periods have been retrospectively reclassified. Conference Call
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4 The Company's management will host a conference call at 7:00 A.M. U.S. Eastern Time on Wednesday, August 26, 2026 (7:00 P.M. Beijing/Hong Kong Time on Wednesday, August 26, 2026) to discuss the results. All participants wishing to join the conference call must pre-register online using the link provided below. Once the pre-registration has been completed, each participant will receive a set of dial-in numbers and a unique access PIN which can be used to join the conference call. Registration Link: https://register-conf.media-server.com/register/BI3c94fe2d0990465dab12836827011f11 Additionally, a live and archived webcast of the conference call will be available on the Company’s investor relations website at https://ir.zhihu.com. About Zhihu Inc. Zhihu Inc. (NYSE: ZH; HKEX: 2390) is a leading online content community where people come to find solutions, make decisions, seek inspiration, and have fun. Since the initial launch in 2010, Zhihu has grown into the largest Q&A-inspired online content community in China. For more information, please visit https://ir.zhihu.com. Use of Non-GAAP Financial Measures In evaluating the business, the Company considers and uses non-GAAP financial measures, such as adjusted loss from operations and adjusted net income/(loss), to supplement the review and assessment of its operating performance. The Company defines non-GAAP financial measures by excluding the impact of share-based compensation expenses, amortization and impairment of intangible assets resulting from business acquisitions, impairment of goodwill and the tax effects of the non-GAAP adjustments, which are non-cash expenses. The Company believes that the non- GAAP financial measures facilitate comparisons of operating performance from period to period and company to company by adjusting for potential impacts of items, which the Company’s management considers to be indicative of its operating performance. The Company believes that the non-GAAP financial measures provide useful information to investors and others in understanding and evaluating the Company’s consolidated results of operations in the same manner as they help the Company’s management. The non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. The presentation of the non-GAAP financial measures may not be comparable to similarly titled measures presented by other companies. The use of the non-GAAP financial measures has limitations as an analytical tool, and investors should not consider them in isolation from or as a substitute for analysis of our results of operations or financial condition as reported under U.S. GAAP. For more information on the non-GAAP financial measures, please see the tables captioned “Unaudited Reconciliations of GAAP and Non-GAAP Results” set forth at the end of this press release.
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5 Exchange Rate Information This announcement contains translations of certain Renminbi amounts into U.S. dollars at a specified rate solely for the convenience of the reader. Unless otherwise noted, all translations from Renminbi to U.S. dollars were made at a rate of RMB6.7851 to US$1.00, the exchange rate in effect as of June 30, 2026 as set forth in the H.10 statistical release of the Federal Reserve Board. Safe Harbor Statement This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward- looking statements. Forward-looking statements involve inherent risks and uncertainties, and a number of factors could cause actual results to differ materially from those contained in any forward- looking statement. In some cases, forward-looking statements can be identified by words or phrases such as “may,” “will,” “expect,” “anticipate,” “target,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to,” or other similar expressions. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with the SEC and the Hong Kong Stock Exchange. All information provided in this press release is as of the date of this press release, and the Company does not undertake any duty to update such information, except as required under applicable law. For investor and media inquiries, please contact: Zhihu Inc. Email: ir@zhihu.com Christensen Advisory Roger Hu Tel: +86-10-5900-1548 Email: zhihu@christensencomms.com
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6 ZHIHU INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (All amounts in thousands, except share, ADS, per share data and per ADS data) For the Three Months Ended For the Six Months Ended June 30, 2025 March 31, 2026 June 30, 2026 June 30, 2025 June 30, 2026 RMB RMB RMB US$ RMB RMB US$ Revenues: Marketing services 222,778 191,413 198,991 29,328 419,737 390,404 57,538 Paid content and IP operations 408,159 402,322 425,938 62,775 829,034 828,260 122,070 Others 85,957 57,831 65,192 9,608 197,788 123,023 18,131 Total revenues 716,894 651,566 690,121 101,711 1,446,559 1,341,687 197,739 Cost of revenues (268,711) (263,235) (296,689) (43,727) (547,272) (559,924) (82,523) Gross profit 448,183 388,331 393,432 57,984 899,287 781,763 115,216 Selling and marketing expenses (326,255) (285,146) (308,740) (45,503) (646,887) (593,886) (87,528) Research and development expenses (145,683) (110,065) (108,615) (16,008) (287,549) (218,680) (32,229) General and administrative expenses (67,251) (56,005) (51,995) (7,663) (108,460) (108,000) (15,917) Total operating expenses (539,189) (451,216) (469,350) (69,174) (1,042,896) (920,566) (135,674) Loss from operations (91,006) (62,885) (75,918) (11,190) (143,609) (138,803) (20,458) Other income/(expenses): Investment income 140,836 28,594 16,390 2,416 160,185 44,984 6,630 Interest income 20,247 15,608 14,696 2,166 40,857 30,304 4,466 Exchange losses (38) (90) (89) (13) (134) (179) (26) Others, net 31,120 11,856 4,164 614 33,519 16,020 2,361 Income/(Loss) before income tax 101,159 (6,917) (40,757) (6,007) 90,818 (47,674) (7,027) Income tax (expenses)/benefits (28,679) (1,610) 3,366 496 (28,446) 1,756 259 Net income/(loss) 72,480 (8,527) (37,391) (5,511) 62,372 (45,918) (6,768) Net loss/(income) attributable to noncontrolling interests 2 23 (31) (5) 16 (8) (1) Net income/(loss) attributable to Zhihu Inc.’s shareholders 72,482 (8,504) (37,422) (5,516) 62,388 (45,926) (6,769) Net income/(loss) per share Basic 0.30 (0.04) (0.16) (0.02) 0.26 (0.20) (0.03) Diluted 0.29 (0.04) (0.16) (0.02) 0.25 (0.20) (0.03) Net income/(loss) per ADS (One ADS represents three Class A ordinary shares) Basic 0.90 (0.11) (0.49) (0.07) 0.77 (0.60) (0.09) Diluted 0.88 (0.11) (0.49) (0.07) 0.76 (0.60) (0.09) Weighted average number of ordinary shares outstanding Basic 240,762,092 231,674,268 229,444,473 229,444,473 242,622,911 230,570,312 230,570,312 Diluted 245,755,672 231,674,268 229,444,473 229,444,473 247,329,829 230,570,312 230,570,312
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7 ZHIHU INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (CONTINUED) (All amounts in thousands, except share, ADS, per share data and per ADS data) For the Three Months Ended For the Six Months Ended June 30, 2025 March 31, 2026 June 30, 2026 June 30, 2025 June 30, 2026 RMB RMB RMB US$ RMB RMB US$ Share-based compensation expenses included in: Cost of revenues 10 386 358 53 (862) 744 110 Selling and marketing expenses (294) (271) (297) (44) (32) (568) (84) Research and development expenses (870) 7,158 7,505 1,106 (1,469) 14,663 2,161 General and administrative expenses 17,124 17,005 18,170 2,678 32,491 35,175 5,184
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8 ZHIHU INC. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (All amounts in thousands) As of December 31, 2025 As of June 30, 2026 RMB RMB US$ ASSETS Current assets: Cash and cash equivalents 3,369,154 2,917,986 430,058 Term deposits 30,000 372,436 54,890 Short-term investments 840,938 1,014,212 149,476 Restricted cash 1,078 9,155 1,349 Trade receivables 357,998 407,727 60,092 Amounts due from related parties 25,570 16,541 2,438 Prepayments and other current assets 107,265 111,293 16,403 Total current assets 4,732,003 4,849,350 714,706 Non-current assets: Property and equipment, net 5,349 3,468 511 Intangible assets, net 29,588 26,232 3,866 Long-term investments, net 158,480 27,760 4,091 Term deposits 210,000 110,000 16,212 Right-of-use assets 42,063 27,365 4,033 Other non-current assets 13,391 9,363 1,380 Total non-current assets 458,871 204,188 30,093 Total assets 5,190,874 5,053,538 744,799 LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities: Accounts payable and accrued liabilities 681,307 702,167 103,487 Salary and welfare payables 188,038 115,254 16,986 Taxes payables 16,285 29,037 4,280 Contract liabilities 186,034 208,350 30,707 Amounts due to related parties 16,135 8,909 1,313 Short term lease liabilities 21,382 17,899 2,638 Short-term borrowings 35,000 104,058 15,336 Other current liabilities 124,233 112,904 16,640 Total current liabilities 1,268,414 1,298,578 191,387 Non-current liabilities: Long term lease liabilities 15,592 5,214 768 Deferred tax liabilities 27,174 6,116 901 Other non-current liabilities 4,650 6,340 935 Total non-current liabilities 47,416 17,670 2,604 Total liabilities 1,315,830 1,316,248 193,991 Total Zhihu Inc.’s shareholders’ equity 3,804,136 3,663,427 539,922 Noncontrolling interests 70,908 73,863 10,886 Total shareholders’ equity 3,875,044 3,737,290 550,808 Total liabilities and shareholders’ equity 5,190,874 5,053,538 744,799
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9 ZHIHU INC. UNAUDITED RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS (All amounts in thousands) For the Three Months Ended For the Six Months Ended June 30, 2025 March 31, 2026 June 30, 2026 June 30, 2025 June 30, 2026 RMB RMB RMB US$ RMB RMB US$ Loss from operations (91,006) (62,885) (75,918) (11,190) (143,609) (138,803) (20,458) Add: Share-based compensation expenses 15,970 24,278 25,736 3,793 30,128 50,014 7,371 Amortization and impairment of intangible assets resulting from business acquisitions 3,490 1,510 1,510 223 6,980 3,020 445 Adjusted loss from operations (71,546) (37,097) (48,672) (7,174) (106,501) (85,769) (12,642) Net income/(loss) 72,480 (8,527) (37,391) (5,511) 62,372 (45,918) (6,768) Add: Share-based compensation expenses 15,970 24,278 25,736 3,793 30,128 50,014 7,371 Amortization and impairment of intangible assets resulting from business acquisitions 3,490 1,510 1,510 223 6,980 3,020 445 Tax effects on non-GAAP adjustments (600) (105) (105) (15) (1,200) (210) (31) Adjusted net income/(loss) 91,340 17,156 (10,250) (1,510) 98,280 6,906 1,017