$ZH Balance Sheet | Understand Stock

$ZH

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Financial Statements

Income Statement Balance Sheet Cashflow Statement

Consolidated balance sheets

In millions of CNY, except per-share amounts

	Q4 FY2025 As of Dec 31, 2025	Q4 FY2024 As of Dec 31, 2024	Q4 FY2023 As of Dec 31, 2023	Q4 FY2022 As of Dec 31, 2022	Q4 FY2021 As of Dec 31, 2021
ASSETS
Current assets:
Cash and cash equivalents
Term deposits
Short-term investments
Restricted cash
Trade receivables
Amounts due from related parties
Prepayments and other current assets
Total current assets
Non-current assets:
Property and equipment, net
Intangible assets, net
Goodwill
Long-term investments, net
Term deposits
Right-of-use assets
Other non-current assets
Total non-current assets
Total assets
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities (including amounts of the consolidated VIEs and their subsidiaries without recourse to the primary beneficiaries of RMB448,836 and RMB356,907 as of December 31, 2024 and 2025, respectively):
Accounts payable and accrued liabilities
Salary and welfare payables
Taxes payable
Contract liabilities
Amounts due to related parties
Other current liabilities
Related Party
Nonrelated Party
Total other current liabilities

Short-term lease liabilities
Short-term borrowings
Total current liabilities

Non-current liabilities (including amounts of the consolidated VIEs and their subsidiaries without recourse to the primary beneficiaries of RMB8,637 and RMB7,553 as of December 31, 2024 and 2025, respectively):
Long-term lease liabilities
Deferred tax liabilities
Other non-current liabilities
Total non-current liabilities
Total liabilities
Shareholders' equity:
Ordinary shares
Class A Ordinary shares
Class B Ordinary shares
Treasury stock
Additional paid-in capital
Statutory reserves
Accumulated other comprehensive income/(loss)
Accumulated deficit
Total Zhihu Inc.'s shareholders' equity
Noncontrolling interests
Total shareholders' equity
Total liabilities and shareholders' equity

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