On 26 January 2026, Zhihu Inc. released a Next Day Disclosure Return detailing share capital changes and treasury share movements through 23 January 2026, indicating no net change to its Class A ordinary shares in issue during this period. The opening and closing balances stood at 254,416,106 Class A ordinary shares, accompanied by 15,446,778 Class B ordinary shares, totaling 269,862,884 shares.

During January 2026, the company executed multiple share repurchases for cancellation. Most transactions involved repurchases of 99,000 Class A ordinary shares on various dates, each constituting about 0.037% of the total issued shares. Smaller-scale transactions included purchases of 4,704 shares and 17,646 shares on 14 and 21 January 2026, respectively. The repurchase prices ranged broadly from around USD 1.123 to USD 1.266 per share, and all targeted shares remain in the process of cancellation.

Additionally, the disclosure confirms that on 23 January 2026 (U.S. time), 33,000 American Depositary Shares (ADS) were bought back on the New York Stock Exchange at USD 3.7170 per ADS. Each ADS corresponds to three Class A ordinary shares. According to the report, these purchases complied with all relevant listing regulations, and no further changes or new issuances occurred during the stated period.