Welcome to our dedicated page for Zhihu SEC filings (Ticker: ZH), a comprehensive resource for investors and traders seeking official regulatory documents including 10-K annual reports, 10-Q quarterly earnings, 8-K material events, and insider trading forms.
This page provides access to Zhihu Inc. (ZH) SEC filings, including Form 20-F annual reports and Form 6-K current reports for this China-based online content community. Zhihu’s filings reflect its dual listing on the New York Stock Exchange and The Stock Exchange of Hong Kong Limited, and document key developments in its business and capital structure.
Investors can use these filings to review quarterly financial disclosures furnished on Form 6-K, such as unaudited results for the first, second, and third quarters of 2025. These reports include revenue breakdowns for marketing services, paid membership, vocational training and others, along with gross margin, operating expenses, and net income or loss. They also explain the company’s use of non-GAAP measures like adjusted income or loss from operations and adjusted net income or loss.
Zhihu’s Form 6-K submissions also attach interim reports, Next Day Disclosure Returns, and Monthly Returns related to movements in securities and Hong Kong depositary receipts, as well as announcements on topics such as board changes, grant of restricted share units under its share incentive plan, and dates of board meetings. These documents help track share repurchase activity, equity issuance, and other capital management actions.
On Stock Titan, each new ZH filing is captured from EDGAR in near real time and paired with AI-powered summaries that highlight the most important points, so users can quickly understand lengthy financial tables and regulatory language. You can review annual Form 20-F reports for a comprehensive view of Zhihu’s operations and risk factors, and monitor ongoing Form 6-K filings for interim performance updates, governance changes, and securities movements without reading every page in full.
Zhihu Inc. Chief Financial Officer Wang Han received 330,000 Class A ordinary shares as an equity award. These shares were acquired at $0.01 per share when restricted share units (RSUs) vested after their performance-based conditions were achieved on April 17, 2026.
This is a compensation-related grant, not an open-market purchase or sale, and it increased his direct holdings to 2,830,000 Class A ordinary shares.
Zhihu Inc. files its Form 20-F annual report for the year ended December 31, 2025, reporting revenues of RMB2,749,004 thousand and a net loss of RMB195,161 thousand. The report explains Zhihu’s variable interest entity structure in mainland China and highlights heavy reliance on VIEs, which generated 68.7% of 2025 revenue. It details significant legal and regulatory risks tied to PRC foreign investment limits, evolving data and cybersecurity rules, licensing requirements, and potential enforcement that could impair operations or even make Zhihu’s securities substantially less valuable. Zhihu also describes HFCAA-related delisting risks, cash flow constraints from PRC dividend and capital controls, and continued negative operating cash flow despite a sizeable cash balance and net assets.
Zhihu Inc. files its Form 20-F annual report for the year ended December 31, 2025, reporting revenues of RMB2,749,004 thousand and a net loss of RMB195,161 thousand. The report explains Zhihu’s variable interest entity structure in mainland China and highlights heavy reliance on VIEs, which generated 68.7% of 2025 revenue. It details significant legal and regulatory risks tied to PRC foreign investment limits, evolving data and cybersecurity rules, licensing requirements, and potential enforcement that could impair operations or even make Zhihu’s securities substantially less valuable. Zhihu also describes HFCAA-related delisting risks, cash flow constraints from PRC dividend and capital controls, and continued negative operating cash flow despite a sizeable cash balance and net assets.
Zhihu Inc. granted an aggregate of 1,530,309 restricted share units (RSUs) on April 15, 2026 to seven eligible employees under its 2022 Share Incentive Plan. These RSUs represent the same number of Class A Ordinary Shares and about 0.61% of total shares in issue on a one share one vote basis.
The RSUs have a 48‑month mixed vesting schedule, with tranches starting to vest after the first anniversary of the vesting commencement date and continuing in batches. Vesting is tied to performance targets, and any unachieved portion is forfeited. The grant price is US$0.01 per RSU, compared with market prices of HK$8.74 per Class A share in Hong Kong and US$3.40 per ADS in New York around the grant date.
The company states that the awards aim to align employee and shareholder interests and help attract and retain key talent. None of the grantees are directors, chief executives, substantial shareholders, or their associates, and no shareholder approval is required for these grants.
Zhihu Inc. director Yu Bing Peter filed an initial Form 3, which is a required statement of beneficial ownership for insiders. The filing shows no reported purchases, sales, option exercises, gifts, or other transactions, and no derivative positions or holdings are listed in the provided data.
Zhihu Inc. reported unaudited results showing a mixed picture for the fourth quarter and full year 2025. In the fourth quarter, total revenues fell to RMB643.5 million (US$92.0 million) from RMB859.2 million a year earlier, with declines across marketing services, paid membership, and other revenues. Higher operating expenses and a RMB126.3 million (US$18.1 million) goodwill impairment led to a net loss of RMB210.8 million (US$30.1 million), versus net income of RMB86.4 million in the prior-year quarter.
For full year 2025, revenues decreased to RMB2,749.0 million (US$393.1 million) from RMB3,598.9 million, but cost of revenues fell 22.3% and total operating expenses dropped 19.0%. On this leaner cost base, Zhihu delivered its first-ever full-year non-GAAP profitability: adjusted net income was RMB37.9 million (US$5.4 million), compared with an adjusted net loss of RMB96.3 million in 2024, even though GAAP net loss widened slightly to RMB195.2 million (US$27.9 million). The company ended 2025 with RMB4,451.2 million (US$636.5 million) in cash, term deposits, restricted cash and short-term investments and had repurchased 31.1 million Class A shares for US$66.5 million.
Zhihu Inc. CEO Zhou Yuan has filed an initial ownership report showing substantial indirect holdings in the company. The filing lists 21,407,800 Class A Ordinary Shares and 15,446,778 Class B Ordinary Shares held indirectly through MO Holding Ltd. This Form 3 reflects existing ownership positions rather than new purchases or sales.