Zhihu’s first full-year non-GAAP profit in 2025 was overshadowed by a weak fourth quarter, highlighting how much of its improvement still rests on cost cuts rather than renewed growth.
Fourth-quarter revenue fell to RMB 643.5 million (USD 93.2 million) from RMB 859.2 million (USD 124.4 million) a year earlier, while gross margin narrowed to 53.6% from 62.9%. Adjusted net income swung to a loss of RMB 39.4 million (USD 5.7 million) from a profit of RMB 97.1 million (USD 14.1 million).
For the full year, revenue declined to RMB 2.7 billion (USD 391 million) from RMB 3.6 billion (USD 521.3 million) in 2024. Even so, adjusted net income turned positive at RMB 37.9 million (USD 5.5 million), compared with an adjusted loss of RMB 96.3 million (USD 13.9 million) a year earlier. On a GAAP basis, net loss widened to RMB 195.2 million (USD 28.3 million) from RMB 169 million (USD 24.5 million), suggesting Zhihu has improved efficiency without restoring sustained growth.
The full-year improvement was driven mainly by lower costs. Cost of revenue fell to RMB 1.1 billion (USD 159.3 million) from RMB 1.4 billion (USD 202.7 million) in 2024, while selling and marketing, R&D, and general and administrative expenses also declined. Adjusted operating loss narrowed to RMB 269.2 million (USD 39 million) from RMB 405.4 million (USD 58.7 million).
