UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934
For the month of March 2025
Commission File Number: 001-40253
Zhihu Inc.
(Registrant’s Name)
18 Xueqing Road
Haidian District, Beijing
100083
People’s Republic
of China
(Address of Principal Executive Offices)
Indicate by check mark whether the registrant files or will file annual
reports under cover Form 20-F or Form 40-F.
Form 20-F x Form 40-F ¨
EXHIBIT INDEX
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| |
Zhihu Inc. |
| |
|
| |
By |
: |
/s/
Han Wang |
| |
Name |
: |
Han Wang |
| |
Title |
: |
Chief Financial Officer |
Date: March 26, 2025
Exhibit 99.1
Zhihu Inc. Reports Unaudited Fourth Quarter
and Fiscal Year 2024 Financial Results
BEIJING, China, March 26, 2025 — 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 and fiscal year ended December 31, 2024.
Fourth Quarter 2024 Highlights
| ● | Total revenues were RMB859.2 million (US$117.7 million)
in the fourth quarter of 2024, compared with RMB1,138.3 million in the same period of 2023. |
| ● | Gross margin expanded to 62.9% in the fourth quarter
of 2024 from 59.1% in the same period of 2023. |
| ● | Net income was RMB86.4 million (US$11.8 million) in the
fourth quarter of 2024, compared with a net loss of RMB103.1 million in the same period of 2023. |
| ● | Adjusted net income (non-GAAP)[1] was RMB97.1
million (US$13.3 million) in the fourth quarter of 2024, compared with an adjusted net loss of RMB91.3 million in the same period of
2023. |
| ● | Average monthly active users (MAUs)[2] were
81.4 million in the fourth quarter of 2024. |
| ● | Average monthly subscribing members[3] were
14.1 million in the fourth quarter of 2024. |
Fiscal Year 2024 Highlights
| ● | Total revenues were RMB3,598.9 million (US$493.0 million)
in 2024, compared with RMB4,198.9 million in 2023. |
| ● | Gross margin expanded to 60.6% in 2024 from 54.7% in
2023. |
| ● | Net loss was RMB169.0 million (US$23.1 million) in 2024,
narrowed by 79.9% from 2023. |
| ● | Adjusted net loss (non-GAAP)[1] was RMB96.3
million (US$13.2 million) in 2024, narrowed by 85.4% from 2023. |
“The
year of 2024 marked a significant turnaround for Zhihu, driven by the successful execution of the strategic roadmap we laid out at the
beginning of the year and culminating in a profitable fourth quarter,” said Mr. Yuan Zhou, chairman and chief executive officer
of Zhihu. “We optimized our ecosystem to foster greater vibrancy and trust across our community, consistently improving user metrics
and deepening creator engagement throughout the year. We have consistently invested in AI applications, leveraging our premium
content and strong network of trusted experts. By further integrating AI into our diverse community scenarios, we are unlocking new possibilities
to redefine user interactions in the AI era while sharpening our own competitive edge.”
Mr. Han Wang, chief financial officer of Zhihu,
added, “The fourth quarter of 2024 marked a milestone for Zhihu as we achieved a major inflection point with positive operating
profit and net income on both GAAP and non-GAAP basis for the first time—a testament to our strategic focus and successful execution.
Improved operating efficiency and disciplined cost management drove significant margin expansion during the quarter, with gross profit
margin expanding by 3.8 percentage points year-over-year to 62.9% while operating expenses decreased by 37.9%. Going forward, we will
build on this robust momentum to lay a solid foundation for sustainable long-term growth, unlocking greater value for our shareholders
and users.”
Fourth Quarter 2024 Financial Results
Total
revenues were RMB859.2 million (US$117.7 million), compared with RMB1,138.3 million in the same period of 2023.
Marketing
services revenue was RMB315.9 million (US$43.3 million), compared with RMB465.2 million in the same period of 2023. The decrease
was primarily due to our proactive and ongoing refinement of service offerings to strategically focus on margin improvement.
Paid
membership revenue was RMB420.2 million (US$57.6 million), compared with RMB455.9 million in the same period of 2023. The slight
decrease was primarily attributable to a marginal decline in our average revenue per subscribing member.
Vocational
training revenue was RMB84.0 million (US$11.5 million), compared with RMB169.3 million in the same period of 2023. The decrease
was primarily driven by lower revenue contribution from our acquired businesses.
Other
revenues were RMB39.1 million (US$5.4 million), compared with RMB48.0 million in the same period of 2023.
Cost
of revenues decreased by 31.5% to RMB318.5 million (US$43.6 million) from RMB465.2 million in the same period of 2023. The
decrease was primarily due to reduced content and operating costs associated with the decline in our revenues and a decrease in cloud
services and bandwidth costs resulting from our improved technological efficiency.
Gross
profit was RMB540.7 million (US$74.1 million), compared with RMB673.1 million in the same period of 2023. Gross margin
expanded to 62.9% from 59.1% in the same period of 2023, primarily attributable to our monetization enhancements and improvements in our
operating efficiency.
Total
operating expenses decreased by 37.9% to RMB528.8 million (US$72.4 million) from RMB851.3 million in the same period of 2023.
Selling
and marketing expenses decreased by 40.1% to RMB316.2 million (US$43.3 million) from RMB527.6 million in the same period of
2023. The decrease was primarily due to more disciplined promotional spending and a decrease in personnel-related expenses.
Research
and development expenses decreased by 37.0% to RMB146.6 million (US$20.1 million) from RMB232.6 million in the same period
of 2023. The decrease was primarily attributable to more efficient spending on technological innovation and a decrease in personnel-related
expenses.
General
and administrative expenses decreased by 27.5% to RMB66.0 million (US$9.0 million) from RMB91.1 million in the same period
of 2023. The decrease was primarily attributable to a decline in the allowance for expected credit losses on trade receivables.
Income
from operations was RMB11.9 million (US$1.6 million), compared with a loss from operations of RMB178.2 million in the same
period of 2023.
Adjusted
income from operations (non-GAAP)[1] was RMB23.1 million (US$3.2 million), compared with an adjusted loss from operations
of RMB165.3 million in the same period of 2023.
Net
income was RMB86.4 million (US$11.8 million), compared with a net loss of RMB103.1 million in the same period of 2023.
Adjusted
net income (non-GAAP)[1] was RMB97.1 million (US$13.3 million), compared with an adjusted net loss of RMB91.3 million
in the same period of 2023.
Diluted
net income per American depositary share (“ADS”) [4] was RMB1.00 (US$0.14), compared with a diluted
net loss per ADS of RMB1.07 in the same period of 2023.
Cash and cash equivalents, term deposits, restricted cash and short-term
investments
As of December 31, 2024, the Company had cash and cash equivalents,
term deposits, restricted cash and short-term investments of RMB4,859.0 million (US$665.7 million), compared with RMB5,462.9 million as
of December 31, 2023.
Fiscal Year 2024 Financial Results
Total
revenues were RMB3,598.9 million (US$493.0 million), compared with RMB4,198.9 million in 2023.
Marketing
services revenue was RMB1,247.1 million (US$170.9 million), compared with RMB1,653.0 million in 2023. The decrease was primarily
due to our proactive and ongoing refinement of service offerings to strategically focus on margin improvement.
Paid
membership revenue was RMB1,762.0 million (US$241.4 million), compared with RMB1,826.6 million in 2023. The slight decrease
was primarily attributable to a marginal decline in our average revenue per subscribing member.
Vocational
training revenue was RMB468.1 million (US$64.1 million), compared with RMB565.6 million in 2023. The decrease was primarily
driven by lower revenue contribution from our acquired businesses, partially offset by the growth of our self-operated course offerings.
Other
revenues were RMB121.7 million (US$16.7 million), compared with RMB153.8 million in 2023.
Cost
of revenues decreased by 25.5% to RMB1,418.1 million (US$194.3 million) from RMB1,903.0 million in 2023. The decrease was primarily
due to reduced content and operating costs associated with the decline in our revenues and a decrease in cloud services and bandwidth
costs resulting from our improved technological efficiency.
Gross
profit was RMB2,180.8 million (US$298.8 million), compared with RMB2,295.8 million in 2023. Gross margin expanded to
60.6% from 54.7% in 2023, primarily attributable to our monetization enhancements and improvements in our operating efficiency.
Total
operating expenses decreased by 21.0% to RMB2,661.9 million (US$364.7 million) from RMB3,368.1 million in 2023.
Selling
and marketing expenses decreased by 21.9% to RMB1,599.2 million (US$219.1 million) from RMB2,048.1 million in 2023. The decrease
was primarily due to more disciplined promotional spending and a decrease in personnel-related expenses.
Research
and development expenses decreased by 18.7% to RMB732.6 million (US$100.4 million) from RMB901.5 million in 2023. The decrease
was primarily attributable to more efficient spending on technological innovation and a decrease in personnel-related expenses.
General
and administrative expenses decreased by 21.1% to RMB330.2 million (US$45.2 million) from RMB418.5 million in 2023. The decrease
was primarily attributable to lower share-based compensation expenses.
Loss
from operations narrowed by 55.1% to RMB481.1 million (US$65.9 million) from RMB1,072.2 million in 2023.
Adjusted
loss from operations (non-GAAP)[1] narrowed by 54.4% to RMB405.4 million (US$55.5 million) from RMB888.0 million
in 2023.
Net
loss narrowed by 79.9% to RMB169.0 million (US$23.1 million) from RMB839.5 million in 2023.
Adjusted
net loss (non-GAAP)[1] narrowed by 85.4% to RMB96.3 million (US$13.2 million) from RMB659.1 million in 2023.
Diluted
net loss per ADS[4] was RMB1.88 (US$0.26), compared with RMB8.46 in 2023.
Share Repurchase Programs
As of December 31, 2024, the Company had repurchased 31.1 million Class
A ordinary shares (including Class A ordinary shares underlying the ADSs) for a total price of US$66.5 million on both the New York Stock
Exchange and The Stock Exchange of Hong Kong Limited under the Company’s existing US$100 million share repurchase program (the “2022
Repurchase Program”), established in May 2022 and extended until June 26, 2025. In addition, a concurrent share repurchase program
(the “2024 Repurchase Program”) was established in June 2024 and will remain effective until June 26, 2025. The maximum number
of shares (including shares underlying the ADSs) that can be repurchased under the 2024 Repurchase Program, together with the remaining
number of shares (including shares underlying the ADSs) that can be repurchased under the 2022 Repurchase Program, will not exceed 10%
of the total number of issued shares of the Company (excluding any treasury shares) as of June 26, 2024, the date of the resolution granting
the general unconditional mandate to purchase the Company’s own shares approved by shareholders.
In addition, as previously announced, the Company conducted an all
cash tender offer and repurchased a total of 33,016,016 Class A ordinary shares tendered (including 19,877,118 Class A ordinary shares
in the form of 6,625,706 ADSs) for a total consideration of approximately HK$300 million. These shares were repurchased and canceled on
November 8, 2024.
[1]
Adjusted income/(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]
MAUs refers to the sum of the number of mobile devices that launch our mobile apps at least once in a given month, or mobile
MAUs, and the number of logged-in users who visit our PC or mobile website at least once in a given month, after eliminating duplicates.
[3]
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.
[4]
On May 10, 2024, we effected a change in the ratio of our ADSs to Class A ordinary shares from two ADSs representing one
Class A ordinary share to a new ratio of one ADS representing three Class A ordinary shares. Basic and diluted net loss per ADS have been
retrospectively adjusted to reflect this ADS ratio change for all periods presented.
Conference Call
The Company’s management will host an earnings conference call
at 7:00 a.m. U.S. Eastern Time on March 26, 2025 (7:00 p.m. Beijing/Hong Kong time on March 26, 2025).
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/BI822b4edc673942e382e2354f17702df3
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 in China where people come to find solutions, make decisions, seek
inspiration, and have fun. Since the initial launch in 2010, we have grown from a Q&A community into one of the top comprehensive
online content communities and 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 income/(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 of intangible assets resulting from business acquisitions 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.
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 RMB7.2993 to US$1.00, the exchange rate in effect as of December 31, 2024 as set forth in the H.10
statistical release of the Federal Reserve Board.
Safe Harbor Statement
This announcement contains forward-looking statements.
These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995.
Statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements.
Forward-looking statements involve inherent risks and uncertainties, and a number of factors could cause actual results to differ materially
from those contained in any forward-looking statement. In some cases, forward-looking statements can be identified by words or phrases
such as “may,” “will,” “expect,” “anticipate,” “target,” “aim,”
“estimate,” “intend,” “plan,” “believe,” “potential,” “continue,”
“is/are likely to,” or other similar expressions. Further information regarding these and other risks, uncertainties or factors
is included in the Company’s filings with the SEC and the Hong Kong Stock Exchange. All information provided in this press release
is as of the date of this press release, and the Company does not undertake any duty to update such information, except as required under
applicable law.
For investor and media inquiries, please contact:
Zhihu Inc.
Email: ir@zhihu.com
Christensen Advisory
Roger Hu
Tel: +86-10-5900-1548
Email: zhihu@christensencomms.com
ZHIHU INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS
OF OPERATIONS
(All amounts in thousands, except share, ADS, per
share data and per ADS data)
| | |
For the Three Months Ended | |
For the Year Ended | |
| | |
December 31, 2023 | | |
September 30, 2024 | | |
December 31, 2024 | |
December 31, 2023 | | |
December 31, 2024 | |
| | |
RMB | | |
RMB | | |
RMB | | |
US$ | |
RMB | | |
RMB | | |
US$ | |
| Revenues: | |
| | |
| | |
| | |
| |
| | |
| | |
| |
| Marketing services | |
465,153 | | |
256,631 | | |
315,940 | | |
43,284 | |
1,652,992 | | |
1,247,092 | | |
170,851 | |
| Paid membership | |
455,906 | | |
459,387 | | |
420,215 | | |
57,569 | |
1,826,557 | | |
1,761,978 | | |
241,390 | |
| Vocational training | |
169,272 | | |
105,058 | | |
83,984 | | |
11,506 | |
565,585 | | |
468,111 | | |
64,131 | |
| Others | |
47,966 | | |
23,944 | | |
39,073 | | |
5,353 | |
153,755 | | |
121,724 | | |
16,676 | |
| Total revenues | |
1,138,297 | | |
845,020 | | |
859,212 | | |
117,712 | |
4,198,889 | | |
3,598,905 | | |
493,048 | |
| Cost of revenues | |
(465,197 | ) | |
(304,879 | ) | |
(318,547 | ) | |
(43,641 | ) |
(1,903,041 | ) | |
(1,418,076 | ) | |
(194,276 | ) |
| Gross profit | |
673,100 | | |
540,141 | | |
540,665 | | |
74,071 | |
2,295,848 | | |
2,180,829 | | |
298,772 | |
| | |
| | |
| | |
| | |
| |
| | |
| | |
| |
| Selling and marketing expenses | |
(527,604 | ) | |
(388,049 | ) | |
(316,198 | ) | |
(43,319 | ) |
(2,048,090 | ) | |
(1,599,186 | ) | |
(219,088 | ) |
| Research and development expenses | |
(232,585 | ) | |
(179,261 | ) | |
(146,613 | ) | |
(20,086 | ) |
(901,452 | ) | |
(732,553 | ) | |
(100,359 | ) |
| General and administrative expenses | |
(91,069 | ) | |
(57,161 | ) | |
(65,988 | ) | |
(9,040 | ) |
(418,531 | ) | |
(330,173 | ) | |
(45,234 | ) |
| Total operating expenses | |
(851,258 | ) | |
(624,471 | ) | |
(528,799 | ) | |
(72,445 | ) |
(3,368,073 | ) | |
(2,661,912 | ) | |
(364,681 | ) |
| | |
| | |
| | |
| | |
| |
| | |
| | |
| |
| (Loss)/Income from operations | |
(178,158 | ) | |
(84,330 | ) | |
11,866 | | |
1,626 | |
(1,072,225 | ) | |
(481,083 | ) | |
(65,909 | ) |
| | |
| | |
| | |
| | |
| |
| | |
| | |
| |
| Other income/(expenses): | |
| | |
| | |
| | |
| |
| | |
| | |
| |
| Investment income | |
12,279 | | |
13,679 | | |
13,049 | | |
1,788 | |
41,695 | | |
65,441 | | |
8,965 | |
| Interest income | |
38,828 | | |
31,136 | | |
26,311 | | |
3,605 | |
158,671 | | |
114,964 | | |
15,750 | |
| Fair value change of financial instruments | |
14,780 | | |
6,887 | | |
30,698 | | |
4,206 | |
(5,170 | ) | |
78,405 | | |
10,741 | |
| Exchange (losses)/gains | |
(937 | ) | |
(1,097 | ) | |
1,701 | | |
233 | |
97 | | |
1,013 | | |
139 | |
| Others, net | |
15,032 | | |
23,799 | | |
113 | | |
15 | |
49,236 | | |
42,902 | | |
5,878 | |
| | |
| | |
| | |
| | |
| |
| | |
| | |
| |
| (Loss)/Income before income tax | |
(98,176 | ) | |
(9,926 | ) | |
83,738 | | |
11,473 | |
(827,696 | ) | |
(178,358 | ) | |
(24,436 | ) |
| Income tax (expenses)/benefits | |
(4,929 | ) | |
949 | | |
2,663 | | |
365 | |
(11,832 | ) | |
9,391 | | |
1,287 | |
| Net (loss)/income | |
(103,105 | ) | |
(8,977 | ) | |
86,401 | | |
11,838 | |
(839,528 | ) | |
(168,967 | ) | |
(23,149 | ) |
| Net income attributable to noncontrolling interests | |
(666 | ) | |
(1,514 | ) | |
(127 | ) | |
(17 | ) |
(4,113 | ) | |
(2,835 | ) | |
(388 | ) |
| Net (loss)/income attributable to Zhihu Inc.’s shareholders | |
(103,771 | ) | |
(10,491 | ) | |
86,274 | | |
11,821 | |
(843,641 | ) | |
(171,802 | ) | |
(23,537 | ) |
| | |
| | |
| | |
| | |
| |
| | |
| | |
| |
| Net (loss)/income per share | |
| | |
| | |
| | |
| |
| | |
| | |
| |
| Basic | |
(0.36 | ) | |
(0.04 | ) | |
0.34 | | |
0.05 | |
(2.82 | ) | |
(0.63 | ) | |
(0.09 | ) |
| Diluted | |
(0.36 | ) | |
(0.04 | ) | |
0.33 | | |
0.05 | |
(2.82 | ) | |
(0.63 | ) | |
(0.09 | ) |
| | |
| | |
| | |
| | |
| |
| | |
| | |
| |
| Net (loss)/income per ADS (One ADS represents three Class A ordinary shares) | |
| | |
| | |
| | |
| |
| | |
| | |
| |
| Basic | |
(1.07 | ) | |
(0.11 | ) | |
1.01 | | |
0.14 | |
(8.46 | ) | |
(1.88 | ) | |
(0.26 | ) |
| Diluted | |
(1.07 | ) | |
(0.11 | ) | |
1.00 | | |
0.14 | |
(8.46 | ) | |
(1.88 | ) | |
(0.26 | ) |
| | |
| | |
| | |
| | |
| |
| | |
| | |
| |
| Weighted average number of ordinary shares outstanding | |
| | |
| | |
| | |
| |
| | |
| | |
| |
| Basic | |
291,056,615 | | |
277,309,431 | | |
256,257,971 | | |
256,257,971 | |
299,132,894 | | |
273,560,865 | | |
273,560,865 | |
| Diluted | |
291,056,615 | | |
277,309,431 | | |
259,990,323 | | |
259,990,323 | |
299,132,894 | | |
273,560,865 | | |
273,560,865 | |
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 Year Ended | |
| | |
December 31, 2023 | | |
September 30, 2024 | | |
December 31, 2024 | | |
December 31, 2023 | | |
December 31, 2024 | |
| | |
RMB | | |
RMB | | |
RMB | | |
US$ | | |
RMB | | |
RMB | | |
US$ | |
| Share-based compensation expenses included in: | |
| | |
| | |
| | |
| | |
| | | |
| | |
| |
| Cost of revenues | |
1,575 | | |
1,016 | | |
(314 | ) | |
(43 | ) | |
| 9,751 | | |
3,949 | | |
542 | |
| Selling and marketing expenses | |
(7,001 | ) | |
547 | | |
269 | | |
37 | | |
| 13,882 | | |
(1,975 | ) | |
(271 | ) |
| Research and development expenses | |
(57 | ) | |
6,233 | | |
(6,436 | ) | |
(882 | ) | |
| 49,847 | | |
7,916 | | |
1,084 | |
| General and administrative expenses | |
12,983 | | |
(14,767 | ) | |
14,261 | | |
1,954 | | |
| 91,176 | | |
49,372 | | |
6,764 | |
ZHIHU INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(All amounts in thousands)
| | |
As of December 31, 2023 | | |
As of December 31, 2024 | |
| | |
RMB | | |
RMB | | |
US$ | |
| ASSETS | |
| | |
| | |
| |
| Current assets: | |
| | | |
| | | |
| | |
| Cash and cash equivalents | |
| 2,106,639 | | |
| 3,999,160 | | |
| 547,883 | |
| Term deposits | |
| 1,586,469 | | |
| 320,088 | | |
| 43,852 | |
| Short-term investments | |
| 1,769,822 | | |
| 538,816 | | |
| 73,817 | |
| Restricted cash | |
| - | | |
| 900 | | |
| 123 | |
| Trade receivables | |
| 664,615 | | |
| 420,636 | | |
| 57,627 | |
| Amounts due from related parties | |
| 18,319 | | |
| 41,588 | | |
| 5,698 | |
| Prepayments and other current assets | |
| 232,016 | | |
| 163,446 | | |
| 22,392 | |
| Total current assets | |
| 6,377,880 | | |
| 5,484,634 | | |
| 751,392 | |
| Non-current assets: | |
| | | |
| | | |
| | |
| Property and equipment, net | |
| 10,849 | | |
| 8,490 | | |
| 1,163 | |
| Intangible assets, net | |
| 122,645 | | |
| 54,534 | | |
| 7,471 | |
| Goodwill | |
| 191,077 | | |
| 126,344 | | |
| 17,309 | |
| Long-term investments, net | |
| 44,621 | | |
| 51,176 | | |
| 7,011 | |
| Right-of-use assets | |
| 40,211 | | |
| 7,151 | | |
| 980 | |
| Other non-current assets | |
| 7,989 | | |
| 623 | | |
| 85 | |
| Total non-current assets | |
| 417,392 | | |
| 248,318 | | |
| 34,019 | |
| Total assets | |
| 6,795,272 | | |
| 5,732,952 | | |
| 785,411 | |
| LIABILITIES AND SHAREHOLDERS’ EQUITY | |
| | | |
| | | |
| | |
| Current liabilities | |
| | | |
| | | |
| | |
| Accounts payable and accrued liabilities | |
| 1,038,531 | | |
| 835,688 | | |
| 114,489 | |
| Salary and welfare payables | |
| 342,125 | | |
| 275,260 | | |
| 37,710 | |
| Taxes payables | |
| 21,394 | | |
| 22,081 | | |
| 3,025 | |
| Contract liabilities | |
| 303,574 | | |
| 235,539 | | |
| 32,269 | |
| Amounts due to related parties | |
| 26,032 | | |
| 6,825 | | |
| 935 | |
| Short term lease liabilities | |
| 42,089 | | |
| 17,308 | | |
| 2,371 | |
| Other current liabilities | |
| 171,743 | | |
| 131,955 | | |
| 18,078 | |
| Total current liabilities | |
| 1,945,488 | | |
| 1,524,656 | | |
| 208,877 | |
| Non-current liabilities | |
| | | |
| | | |
| | |
| Long term lease liabilities | |
| 3,642 | | |
| 1,823 | | |
| 250 | |
| Deferred tax liabilities | |
| 22,574 | | |
| 6,830 | | |
| 936 | |
| Other non-current liabilities | |
| 121,958 | | |
| 3,957 | | |
| 541 | |
| Total non-current liabilities | |
| 148,174 | | |
| 12,610 | | |
| 1,727 | |
| Total liabilities | |
| 2,093,662 | | |
| 1,537,266 | | |
| 210,604 | |
| | |
| | | |
| | | |
| | |
| Total Zhihu Inc.’s shareholders’ equity | |
| 4,599,810 | | |
| 4,136,123 | | |
| 566,647 | |
| Noncontrolling interests | |
| 101,800 | | |
| 59,563 | | |
| 8,160 | |
| Total shareholders’ equity | |
| 4,701,610 | | |
| 4,195,686 | | |
| 574,807 | |
| | |
| | | |
| | | |
| | |
| Total liabilities and shareholders’ equity | |
| 6,795,272 | | |
| 5,732,952 | | |
| 785,411 | |
ZHIHU INC.
UNAUDITED RECONCILIATIONS OF GAAP AND NON-GAAP
RESULTS
(All
amounts in thousands)
| | |
For the Three Months Ended | | |
For the Year Ended | |
| | |
December 31, 2023 | | |
September 30, 2024 | | |
December 31, 2024 | | |
December 31, 2023 | | |
December 31, 2024 | |
| | |
RMB | | |
RMB | | |
RMB | | |
US$ | | |
RMB | | |
RMB | | |
US$ | |
| (Loss)/Income from operations | |
(178,158 | ) | |
| (84,330 | ) | |
11,866 | | |
1,626 | | |
| (1,072,225 | ) | |
(481,083 | ) | |
(65,909 | ) |
| Add: | |
| | |
| | | |
| | |
| | |
| | | |
| | |
| |
| Share-based compensation expenses | |
7,500 | | |
| (6,971 | ) | |
7,780 | | |
1,066 | | |
| 164,656 | | |
59,262 | | |
8,119 | |
| Amortization of intangible assets resulting from business acquisitions | |
5,365 | | |
| 3,490 | | |
3,490 | | |
478 | | |
| 19,585 | | |
16,460 | | |
2,255 | |
| Adjusted (loss)/income from operations | |
(165,293 | ) | |
| (87,811 | ) | |
23,136 | | |
3,170 | | |
| (887,984 | ) | |
(405,361 | ) | |
(55,535 | ) |
| | |
| | |
| | | |
| | |
| | |
| | | |
| | |
| |
| Net (loss)/income | |
(103,105 | ) | |
| (8,977 | ) | |
86,401 | | |
11,838 | | |
| (839,528 | ) | |
(168,967 | ) | |
(23,149 | ) |
| Add: | |
| | |
| | | |
| | |
| | |
| | | |
| | |
| |
| Share-based compensation expenses | |
7,500 | | |
| (6,971 | ) | |
7,780 | | |
1,066 | | |
| 164,656 | | |
59,262 | | |
8,119 | |
| Amortization of intangible assets resulting from business acquisitions | |
5,365 | | |
| 3,490 | | |
3,490 | | |
478 | | |
| 19,585 | | |
16,460 | | |
2,255 | |
| Tax effects on non-GAAP adjustments | |
(1,069 | ) | |
| (600 | ) | |
(600 | ) | |
(82 | ) | |
| (3,806 | ) | |
(3,025 | ) | |
(414 | ) |
| Adjusted net (loss)/income | |
(91,309 | ) | |
| (13,058 | ) | |
97,071 | | |
13,300 | | |
| (659,093 | ) | |
(96,270 | ) | |
(13,189 | ) |
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