Zhihu Inc. (NYSE: ZH)

Zhihu Inc. operates a leading online content community in China that began as an invitation only question and answer platform in 2010 and opened to the public in 2013. The company now hosts a diverse mix of content formats including questions and answers, articles, videos, live streams and other user generated materials. Its platform supports discussions on everyday consumer decisions, professional knowledge, technology topics such as artificial intelligence, academic subjects and important life decisions like education and career development. As of December 31 2025 the community claimed 80 point 3 million cumulative content creators who had contributed 953 point 9 million pieces of content covering more than one thousand verticals. Zhihu Inc. also reported 13 point five million average monthly subscribing members in 2025. The firm continues to expand its content centric business model while investing in technology to improve user experience and content quality.

Zhihu Inc. generates revenue through three main streams. The first is marketing services which combine online advertising and content commerce solutions to help brands reach target audiences using formats such as launch screen ads, feed advertisements and embedded commercial content. The second is paid membership via the Yan Selection program that provides subscribers access to a curated library of premium content including licensed works, professionally created material and exclusive offerings such as the Yanyan Story app. The third is other services which include vocational training courses focused on professional qualifications and skill based learning, e commerce collaborations that generate commission income from third party platforms and additional content related offerings. In 2025 the company reported that its marketing services, paid membership and other services together contributed to total revenue, with marketing services representing the largest share.

Zhihu Inc. holds a leading position among China's online content communities due to its large user base, extensive content library and strong brand reputation for trustworthy and expert driven information. The company competes with other comprehensive platforms that offer similar user generated content as well as with niche services that focus on specific verticals such as lifestyle sharing, live streaming or knowledge sharing. Competitive advantages stem from its proprietary technology including the TopicRank algorithm and AI powered tools that enhance content quality, recommendation and moderation, as well as from a vibrant creator ecosystem that continuously supplies high quality material across many topics. These factors enable Zhihu to attract and retain users, content creators and advertising partners more effectively than many rivals.

The company serves a broad base of individual users who seek information, make decisions, learn new skills and engage with content for entertainment. Its user base is notably young with over seventy three percent under thirty years old and a female majority of approximately sixty percent as of the end of 2025. In addition Zhihu benefits from a large community of content creators that includes professionals, domain experts and enthusiasts who contribute the majority of the platform's material. Finally the firm's customers for marketing services comprise brands and merchants looking to promote products and services to the platform's engaged audience.