Zhihu has announced its financial results for the fourth quarter and the full year of 2025. The report indicates that the company's revenue for the fourth quarter reached 644 million yuan, with an adjusted net loss of 39.4 million yuan.

During the fourth quarter of 2025, Zhihu continued to explore upgrades to its business model and optimize its revenue structure. Paid reading services contributed 334 million yuan, accounting for 51.8% of total revenue. Marketing services generated 235 million yuan, representing 36.5% of revenue, while other businesses, including education, consumer goods, and copyright-related activities, contributed 75.2 million yuan, making up 11.7% of the total. As of the end of the fourth quarter, Zhihu's combined cash and cash equivalents, time deposits, restricted funds, and short-term investments totaled 4.45 billion yuan.

For the full year of 2025, Zhihu reported revenue of 2.75 billion yuan and an adjusted net profit of 37.9 million yuan. This marks the first time the company has achieved full-year profitability on a non-GAAP basis.

Zhou Yuan, Founder, Chairman, and CEO of Zhihu, stated, "2025 represents a structural turning point for Zhihu. Following our first quarterly non-GAAP profit in the fourth quarter of 2024, we achieved our first full-year non-GAAP profit in 2025. This milestone demonstrates that our transition to high-quality growth has effectively strengthened our business model and profitability resilience. In the fourth quarter, we made steady progress in both community ecosystem development and commercialization efficiency. Looking ahead to 2026, while consolidating the foundation of our core business, we will accelerate commercialization efforts related to artificial intelligence. Leveraging our extensive expert network, trusted content assets, and diverse real-user scenarios, we are building differentiated moats around our community to further enhance Zhihu's strategic position within the broader AI ecosystem."