Zhihu Releases Q1 2026 Financial Results

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ZH|EPS ¥0.07|Rev ¥651.6M vs ¥627.0M est (+3.9%)|Net Loss ¥8.5M

Zhihu Inc. posted mixed first-quarter results that saw the Chinese online content community platform exceed revenue expectations despite continued year-over-year declines. The company reported non-GAAP earnings of ¥0.07 per share on revenue of ¥651.6M, topping the ¥627.0M analyst consensus by 3.9%. Net income for the quarter reached ¥17.2M.

The top line figure represented a 10.7% decrease from the ¥729.7M recorded in Q1 2025, reflecting persistent headwinds in China’s digital content sector. Paid content and IP operations remained the company’s largest revenue driver, generating ¥402.3M for the quarter, though the segment declined 4.4% on a year-over-year basis. Average monthly subscribing members stood at ¥13 for the quarter.

Zhihu operated 13 average monthly subscribing members at quarter end as the platform continues navigating a challenging competitive landscape for online content communities in China. The company’s ability to surpass revenue estimates while managing profitability demonstrates some operational resilience despite the overall revenue contraction.

Wall Street maintains a constructive view on the stock, with analyst consensus standing at 5 buy ratings, 2 hold ratings, and 0 sell ratings. The quarter’s performance suggests Zhihu is making incremental progress in stabilizing its business model amid broader market pressures.

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