Exhibit 99.1

Zhihu Inc. Reports Unaudited Third Quarter 2025 Financial Results

BEIJING, China, November 25, 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 ended September 30, 2025.

Third Quarter 2025 Highlights

Total revenues were RMB658.9 million (US$92.6 million), compared with RMB845.0 million in the same period of 2024.

Gross margin was 61.3%, compared with 63.9% in the same period of 2024.

Net loss was RMB46.7 million (US$6.6 million), compared with RMB9.0 million in the same period of 2024.

Adjusted net loss (non-GAAP)^[1] was RMB21.0 million (US$3.0 million), compared with RMB13.1 million in the same period of 2024.

Average monthly subscribing members^[2] were 14.3 million in the third quarter of 2025.

“We are firmly on track to achieve full-year non-GAAP breakeven, with solid progress made during the quarter,” said Mr. Yuan Zhou, chairman and chief executive officer of Zhihu. “As our structural optimization initiatives continue to take effect, we are further refining our service offerings and striking a stronger balance between commercialization and community health. Our community remains vibrant, with growing user engagement and increasing contribution of authentic, high-quality content from both day-to-day users and professional creators. With our High-quality Content × Expert Network × AI Capabilities working in greater synergy, Zhihu is accelerating its evolution into an AI-native community that delivers trusted and differentiated experiences for users both within and beyond.”

Mr. Han Wang, chief financial officer of Zhihu, added, “In the third quarter, our non-GAAP operating loss narrowed by 16.3% year over year, reflecting disciplined cost management and continued gains in operational efficiency. While we continue investing in long-term growth initiatives, we have maintained effective control over total costs and expenses. Looking ahead, we will further strengthen monetization resilience and pursue new revenue models by leveraging our core advantages in content quality, creator expertise, and AI-driven innovation. We remain focused on delivering sustainable, high-quality growth.”

Third Quarter 2025 Financial Results

Total revenues were RMB658.9 million (US$92.6 million), compared with RMB845.0 million in the same period of 2024.

Marketing services revenue was RMB189.4 million (US$26.6 million), compared with RMB256.6 million in the same period of 2024. The decrease was primarily due to our proactive and ongoing refinement of service offerings.

Paid membership revenue was RMB385.6 million (US$54.2 million), compared with RMB459.4 million in the same period of 2024. The decrease was primarily due to a decline in the number of our average monthly subscribing members.

Other revenues^[3] were RMB83.9 million (US$11.8 million), compared with RMB129.0 million in the same period of 2024. The decrease was primarily due to the strategic refinement of our vocational training business.

Cost of revenues decreased by 16.3% to RMB255.3 million (US$35.9 million) from RMB304.9 million in the same period of 2024. The decrease was primarily due to reduced content and operating costs associated with the decline in our revenues.

Gross profit was RMB403.6 million (US$56.7 million), compared with RMB540.1 million in the same period of 2024. Gross margin was 61.3%, compared with 63.9% in the same period of 2024.

Total operating expenses decreased by 19.4% to RMB503.5 million (US$70.7 million) from RMB624.5 million in the same period of 2024.

Selling and marketing expenses decreased by 14.9% to RMB330.1 million (US$46.4 million) from RMB388.0 million in the same period of 2024. The decrease was primarily due to more disciplined promotional spending and a decrease in personnel-related expenses.

Research and development expenses decreased by 36.2% to RMB114.4 million (US$16.1 million) from RMB179.3 million in the same period of 2024. The decrease was primarily attributable to improvements in our research and development efficiency.

General and administrative expenses were RMB59.0 million (US$8.3 million), compared with RMB57.2 million in the same period of 2024.

Loss from operations was RMB99.8 million (US$14.0 million), compared with RMB84.3 million in the same period of 2024.

Adjusted loss from operations (non-GAAP)^[1] narrowed by 16.3% to RMB73.5 million (US$10.3 million) from RMB87.8 million in the same period of 2024.

Net loss was RMB46.7 million (US$6.6 million), compared with RMB9.0 million in the same period of 2024.

Adjusted net loss (non-GAAP)^[1] was RMB21.0 million (US$3.0 million), compared with RMB13.1 million in the same period of 2024.

Diluted net loss per American depositary share (“ADS”) was RMB0.58 (US$0.08), compared with RMB0.11 in the same period of 2024.

Cash and cash equivalents, term deposits, restricted cash and short-term investments

As of September 30, 2025, the Company had cash and cash equivalents, current and non-current term deposits, restricted cash and short-term investments of RMB4,583.2 million (US$643.8 million), compared with RMB4,859.0 million as of December 31, 2024.

Share Repurchase Programs

As of September 30, 2025, 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 share repurchase programs.

^[1]Adjusted loss from operations and adjusted net 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] 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.

^[3] Starting from the third quarter of 2025, the Company simplified its revenue stream by reclassifying vocational training into “others” to align with its overall strategy. Revenues for the applicable comparison periods have been retrospectively reclassified.

Conference Call

The Company's management will host a conference call at 6:00 A.M. U.S. Eastern Time on Tuesday, November 25, 2025 (7:00 P.M. Beijing/Hong Kong Time on Tuesday, November 25, 2025) to discuss the results.

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/BId01f39d00a68420ba15e28d3dc711d2d

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 where people come to find solutions, make decisions, seek inspiration, and have fun. Since the initial launch in 2010, Zhihu has grown into 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 from operations and adjusted net income, 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 RMB7.1190 to US$1.00, the exchange rate in effect as of September 30, 2025 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 Nine Months Ended
	September 30, 2024			June 30, 2025			September 30, 2025						September 30, 2024			September 30, 2025
	RMB			RMB			RMB			US$			RMB			RMB			US$
Revenues:
Marketing services		256,631			222,778			189,388			26,603			931,152			609,125			85,563
Paid membership		459,387			401,974			385,625			54,168			1,341,763			1,205,473			169,332
Others		129,002			92,142			83,916			11,788			466,778			290,890			40,861
Total revenues		845,020			716,894			658,929			92,559			2,739,693			2,105,488			295,756
Cost of revenues		(304,879	)		(268,711	)		(255,288	)		(35,860	)		(1,099,529	)		(802,560	)		(112,735	)
Gross profit		540,141			448,183			403,641			56,699			1,640,164			1,302,928			183,021

Selling and marketing expenses		(388,049	)		(326,255	)		(330,144	)		(46,375	)		(1,282,988	)		(977,031	)		(137,243	)
Research and development expenses		(179,261	)		(145,683	)		(114,362	)		(16,064	)		(585,940	)		(401,911	)		(56,456	)
General and administrative expenses		(57,161	)		(67,251	)		(58,950	)		(8,281	)		(264,185	)		(167,410	)		(23,516	)
Total operating expenses		(624,471	)		(539,189	)		(503,456	)		(70,720	)		(2,133,113	)		(1,546,352	)		(217,215	)

Loss from operations		(84,330	)		(91,006	)		(99,815	)		(14,021	)		(492,949	)		(243,424	)		(34,194	)

Other income/(expenses):
Investment income		13,679			140,836			37,050			5,204			52,392			197,235			27,705
Interest income		31,136			20,247			17,306			2,431			88,653			58,163			8,170
Fair value change of financial instruments		6,887			-			-			-			47,707			-			-
Exchange losses		(1,097	)		(38	)		(43	)		(6	)		(688	)		(177	)		(25	)
Others, net		23,799			31,120			(391	)		(55	)		42,789			33,128			4,653

(Loss)/Income before income tax		(9,926	)		101,159			(45,893	)		(6,447	)		(262,096	)		44,925			6,309
Income tax benefits/(expenses)		949			(28,679	)		(850	)		(119	)		6,728			(29,296	)		(4,115	)
Net (loss)/income		(8,977	)		72,480			(46,743	)		(6,566	)		(255,368	)		15,629			2,194
Net (income)/loss attributable to noncontrolling interests		(1,514	)		2			88			12			(2,708	)		104			15
Net (loss)/income attributable to Zhihu Inc.’s shareholders		(10,491	)		72,482			(46,655	)		(6,554	)		(258,076	)		15,733			2,209

Net (loss)/income per share
Basic		(0.04	)		0.30			(0.19	)		(0.03	)		(0.92	)		0.07			0.01
Diluted		(0.04	)		0.29			(0.19	)		(0.03	)		(0.92	)		0.06			0.01

Net (loss)/income per ADS (One ADS represents three Class A ordinary shares)
Basic		(0.11	)		0.90			(0.58	)		(0.08	)		(2.77	)		0.20			0.03
Diluted		(0.11	)		0.88			(0.58	)		(0.08	)		(2.77	)		0.19			0.03

Weighted average number of ordinary shares outstanding
Basic		277,309,431			240,762,092			239,496,037			239,496,037			279,367,448			241,569,166			241,569,166
Diluted		277,309,431			245,755,672			239,496,037			239,496,037			279,367,448			246,688,130			246,688,130

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 Nine Months Ended
	September 30, 2024			June 30, 2025			September 30, 2025						September 30, 2024			September 30, 2025
	RMB			RMB			RMB			US$			RMB			RMB			US$
Share-based compensation expenses included in:
Cost of revenues		1,016			10			110			15			4,263			(752	)		(106	)
Selling and marketing expenses		547			(294	)		(434	)		(61	)		(2,244	)		(466	)		(65	)
Research and development expenses		6,233			(870	)		2,825			397			14,352			1,356			190
General and administrative expenses		(14,767	)		17,124			20,352			2,859			35,111			52,843			7,423

ZHIHU INC.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(All amounts in thousands)

	As of December 31, 2024		As of September 30, 2025
	RMB		RMB		US$
ASSETS
Current assets:
Cash and cash equivalents		3,999,160		2,730,011		383,482
Term deposits		320,088		597,385		83,914
Short-term investments		538,816		1,044,870		146,772
Restricted cash		900		900		127
Trade receivables		420,636		326,292		45,834
Amounts due from related parties		41,588		23,812		3,345
Prepayments and other current assets		163,446		148,881		20,913
Total current assets		5,484,634		4,872,151		684,387
Non-current assets:
Property and equipment, net		8,490		5,998		843
Intangible assets, net		54,534		43,705		6,139
Goodwill		126,344		126,344		17,747
Long-term investments, net		51,176		190,262		26,726
Term deposits		-		210,000		29,499
Right-of-use assets		7,151		46,355		6,511
Other non-current assets		623		6,611		929
Total non-current assets		248,318		629,275		88,394
Total assets		5,732,952		5,501,426		772,781
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities
Accounts payable and accrued liabilities		835,688		684,295		96,122
Salary and welfare payables		275,260		159,417		22,393
Taxes payables		22,081		15,474		2,174
Contract liabilities		235,539		192,681		27,066
Amounts due to related parties		6,825		5,734		805
Short-term lease liabilities		17,308		24,848		3,490
Short-term borrowings		-		105,508		14,821
Other current liabilities		131,955		132,880		18,666
Total current liabilities		1,524,656		1,320,837		185,537
Non-current liabilities
Long-term lease liabilities		1,823		20,351		2,859
Deferred tax liabilities		6,830		34,848		4,895
Other non-current liabilities		3,957		3,915		550
Total non-current liabilities		12,610		59,114		8,304
Total liabilities		1,537,266		1,379,951		193,841

Total Zhihu Inc.’s shareholders’ equity		4,136,123		4,051,810		569,154
Noncontrolling interests		59,563		69,665		9,786
Total shareholders’ equity		4,195,686		4,121,475		578,940

Total liabilities and shareholders’ equity		5,732,952		5,501,426		772,781

ZHIHU INC.

UNAUDITED RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS

(All amounts in thousands)

	For the Three Months Ended												For the Nine Months Ended
	September 30, 2024			June 30, 2025			September 30, 2025						September 30, 2024			September 30, 2025
	RMB			RMB			RMB			US$			RMB			RMB			US$
Loss from operations		(84,330	)		(91,006	)		(99,815	)		(14,021	)		(492,949	)		(243,424	)		(34,194	)
Add:
Share-based compensation expenses		(6,971	)		15,970			22,853			3,210			51,482			52,981			7,442
Amortization of intangible assets resulting from business acquisitions		3,490			3,490			3,490			490			12,970			10,470			1,471
Adjusted loss from operations		(87,811	)		(71,546	)		(73,472	)		(10,321	)		(428,497	)		(179,973	)		(25,281	)


Net (loss)/income		(8,977	)		72,480			(46,743	)		(6,566	)		(255,368	)		15,629			2,194
Add:
Share-based compensation expenses		(6,971	)		15,970			22,853			3,210			51,482			52,981			7,442
Amortization of intangible assets resulting from business acquisitions		3,490			3,490			3,490			490			12,970			10,470			1,471
Tax effects on non-GAAP adjustments		(600	)		(600	)		(600	)		(84	)		(2,425	)		(1,800	)		(253	)
Adjusted net (loss)/income		(13,058	)		91,340			(21,000	)		(2,950	)		(193,341	)		77,280			10,854

Zhihu Inc. 6-K