Zhihu (ZH) Net Margin (2020 - 2025)

Zhihu (ZH) posted Net Margin of 32.42% for Q4 2025, down 357.91% sequentially from 7.08% in Q3 2025, and down 4246.0% YoY from 0.78% in Q4 2024.

Zhihu (ZH) Net Margin (2020 - 2025) Analysis & Trends

Zhihu has reported Net Margin for 6 years, with the latest figure at 32.42% in Q4 2025.

Quarterly Net Margin fell 4246.0% year-over-year to 32.42% in Q4 2025, while the trailing twelve-month figure through Dec 2025 was 9.23% (down 1921.0% YoY) and the FY2025 annual result came in at 7.02%, down 224.0% from the prior year.
Net Margin fell to 32.42% in Q4 2025 per ZH's latest filing, from 7.08% in the prior quarter.
Over five years, Net Margin peaked at 10.11% in Q2 2025 and troughed at 103.55% in Q1 2021.
A 5-year average of 26.27% and a median of 22.52% in 2023 frame the typical range for Net Margin.
The sharpest annual moves came in 2021 and 2025: Net Margin soared 9141 bps in 2021, then plunged 4246 bps in 2025.
Over 5 years, Net Margin stood at 37.61% in 2021, then surged by 57 bps to 16.13% in 2022, then jumped by 157 bps to 9.12% in 2023, then rose by 10 bps to 10.04% in 2024, then sank by 423 bps to 32.42% in 2025.
According to Business Quant data, Net Margin over the past three periods registered 32.42%, 7.08%, and 10.11% for Q4 2025, Q3 2025, and Q2 2025 respectively.

#	Company	Market Cap	Enterprise Value	Gross Profit (Qtr)	Net Margin (Qtr)
1	Alphabet	4,188.33 Bn	3,759.29 Bn	73.85 Bn	93.58%
2	Meta Platforms	1,532.60 Bn	1,442.34 Bn	49.47 Bn	26.07%
3	Taboola.com	1,134.31 Bn	1,134.18 Bn	139.48 Mn	0.91%
4	Baidu	288.43 Bn	283.93 Bn	1.88 Mn	834.82%
5	Spotify Technology	102.94 Bn	92.70 Bn	1.75 Bn	15.91%
6	Joyy	77.35 Bn	76.46 Bn	205.64 Mn	9.28%
7	BILI Social International	60.58 Bn	60.58 Bn	405,933.00	15.03%
8	Nebius	49.00 Bn	39.37 Bn	295.20 Mn	-1.45%
9	Reddit	30.30 Bn	27.51 Bn	734.60 Mn	31.41%
10	Zhihu	792.14 Mn	316.96 Mn	49.31 Bn	-32.42%

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