Company News

Zhihu Inc. Reports Second Quarter and First Half 2022 Unaudited Financial Results

BEIJING, Aug. 30, 2022 /PRNewswire/ -- Zhihu Inc. ("Zhihu" or the "Company") (NYSE: ZH; HKEX: 2390), the operator of Zhihu, a leading online content community in China, today announced its unaudited financial results for the three months and six months ended June 30, 2022.

Second Quarter 2022 Highlights

  • Total revenues were RMB836.0 million (US$124.8 million) in the second quarter of 2022, representing a growth of 31.0% over the second quarter of 2021.
  • Average monthly active users (MAUs)[1] reached 105.9 million in the second quarter of 2022, representing a growth of 12.3% over the second quarter of 2021. 
  • Average monthly paying members[2] reached 8.5 million in the second quarter of 2022, representing a growth of 78.3% over the second quarter of 2021.

"The recent COVID-19 pandemic situation and macroeconomic condition created challenging environment in the second quarter. Against this backdrop, we focused on retaining high quality user growth in a sustainable and efficient manner," said Mr. Yuan Zhou, Chairman of the Board and Chief Executive Officer of Zhihu." Driven by our 'Community Ecosystem Comes First' strategy, we are actively expanding our fulfilling content offerings to strengthen the thriving vibrancy of our community. Our initiatives to inspire content creators and upgrade our infrastructure for supporting content creation are yielding expected results and improving our commercial value. In the second quarter, we successfully managed to continue growing our user base while further enhancing our operating efficiency and narrowed our operating loss on a sequential basis. Going forward, we will continue to innovate service offerings within our ecosystem and further unlock commercial value that catalyze sustainable long-term development."

Mr. Wei Sun, Chief Financial Officer of Zhihu, added, "Our content-centric business model again demonstrated its exciting growth potential in the quarter with total revenues increasing by 31% year-over-year to RMB836 million. As the macro-economy started to show a positive momentum in June 2022, our Content-Commerce Solutions services promptly captured the related business opportunities and recorded sequential increases in both end-customer pool and average spending per customer in the second quarter of 2022. Paid membership growth momentum remained strong with a revenue increase of 75% year-over-year, and vocational training further increased its contribution to our total revenues. The multiple growth engines in our business model position us well for strong, resilient and sustainable growth. Through prudent cost control, we will be able to effectively improve our operating efficiency and bottom-line performance. Looking forward, we will remain committed to continuously enhancing our monetization capability and driving shareholder value in the long run."

Second Quarter 2022 Financial Results

Total revenues were RMB836.0 million (US$124.8 million) in the second quarter of 2022, representing an increase of 31.0% from RMB638.4 million in the same period of 2021. The increase was driven by the expansion of our user base and increase of our average revenue per MAU.

Advertising revenue was RMB237.6 million (US$35.5 million) in the second quarter of 2022, compared with RMB248.3 million in the same period of 2021. The decrease primarily reflected the headwinds faced by the general online advertising industry in China due to, among other things, the general economic conditions and the COVID-19 pandemic situation.

Paid membership revenue was RMB271.2 million (US$40.5 million) in the second quarter of 2022, representing an increase of 75.1% from RMB154.9 million in the same period of 2021. The year-over-year increase was primarily attributable to increases in our overall user base and paying ratio for the period.

Content-commerce solutions revenue was RMB240.5 million (US$35.9 million) in the second quarter of 2022, representing an increase of 15.9% from RMB207.4 million in the second quarter of 2021. The year-over-year growth was primarily driven by increases in both our user base and average content-commerce solutions revenue per MAU, reflecting our continued efforts to develop this business line.

Vocational Training revenue[3] was RMB46.1 million (US$6.9 million) in the second quarter of 2022, up from RMB6.6 million in the second quarter of 2021. The strong year-over-year growth was primarily driven by a more diversified vocational training course offering, as well as the revenue contributions from companies we acquired in the second half of 2021.

Other revenues were RMB40.7 million (US$6.1 million) in the second quarter of 2022, representing an increase of 91.9% from RMB21.2 million in the same period of 2021. The year-over-year increase was primarily attributable to the growth of our e-commerce services, as well as private label products and book series offerings.

Cost of revenues increased to RMB436.4 million (US$65.2 million) in the second quarter of 2022 from RMB261.8 million in the same period of 2021. The increase was primarily due to an increase in content-related costs, as well as increases in staff costs and cloud services and bandwidth costs.

Gross profit was RMB399.6 million (US$59.7 million) in the second quarter of 2022, compared with RMB376.6 million in the same period of 2021. 

Gross margin in the second quarter of 2022 was 47.8%, compared to 59.0% in the same period of 2021. The decrease in gross profit margin is primarily due to our continued efforts in broadening and enhancing content offerings for all of our users.

Total operating expenses were RMB860.3 million (US$128.4 million) in the second quarter of 2022, compared with RMB727.1 million in the same period of 2021.

Selling and marketing expenses were RMB532.4 million (US$79.5 million) in the second quarter of 2022, compared with RMB443.2 million in the second quarter of 2021. The increase was primarily due to higher promotion and advertising expenses related to attracting new users and strengthening Zhihu's brand recognition.

Research and development expenses were RMB223.6 million (US$33.4 million) in the second quarter of 2022, compared with RMB120.6 million in the same period of 2021. The increase was primarily due to the higher headcount of research and development personnel, as we continued to invest in technical infrastructure, and research and development.

General and administrative expenses were RMB104.3 million (US$15.6 million) in the second quarter of 2022, compared with RMB163.2 million in the same period of 2021. The decrease was primarily due to decreased share-based compensation expenses.

Loss from operations was RMB460.7 million (US$68.8 million) in the second quarter of 2022, compared with RMB350.5 million in the same period of 2021. 

Other income/(expenses) comprised investment income, interest income, fair value change of financial instruments, exchange gains/(losses) and others, net. The year-over-year changes were mainly due to the following.

Fair value change of financial instruments was a loss of RMB101.2 million (US$15.1 million) in the second quarter of 2022, compared with a gain of RMB10.6 million in the same period of 2021, primarily attributable to the fair value change of financial instruments related to currency exchange options and forward contracts due to the appreciation of U.S. dollars against Renminbi in the second quarter of 2022.

Exchange gains/(losses) were gains of RMB49.1 million (US$7.3 million) in the second quarter of 2022, compared with gains of RMB5.5 million in the same period of 2021, primarily due to the appreciation of U.S. dollars against Renminbi.

Net loss was RMB487.0 million (US$72.7 million) in the second quarter of 2022, compared with RMB321.1 million in the same period of 2021.

Adjusted net loss (non-GAAP)[4] was RMB443.8 million (US$66.3 million) in the second quarter of 2022, compared with RMB200.3 million in the same period of 2021.

Basic and diluted net loss per ADS was RMB0.79 (US$0.12) in the second quarter of 2022, compared with RMB0.55 in the same period of 2021.

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

As of June 30, 2022, the Company had cash and cash equivalents, term deposits, restricted cash and short-term investments of RMB7.0 billion (US$1.0 billion), compared with RMB7.4 billion as of December 31, 2021.

First Half 2022 Financial Results

Total revenues were RMB1.6 billion (US$235.8 million) for the six months ended June 30, 2022, representing a growth of 41.4% from RMB1.1 billion in the same period of 2021. The increase was primarily driven by the expansion of our user base and increase of our average revenue per MAU.

Advertising revenue was RMB454.9 million (US$67.9 million) for the six months ended June 30, 2022, compared with RMB462.0 million in the same period of 2021. The decrease primarily reflected the headwinds faced by the general online advertising industry in China due to, among other things, the general economic conditions and the COVID-19 pandemic situation in the first half of 2022.

Paid membership revenue was RMB492.8 million (US$73.6 million) for the six months ended June 30, 2022, representing a growth of 75.1% from RMB281.4 million in the same period of 2021. The year-over-year increase was primarily attributable to increases in our overall user base and paying ratio for the period.

Content-commerce solutions revenue was RMB467.2 million (US$69.8 million) for the six months ended June 30, 2022, representing a growth of 42.3% from RMB328.3 million in the same period of 2021. The year-over-year growth was primarily driven by increases in both our user base and average content-commerce solutions revenue per MAU, reflecting our continued efforts to develop this business line.

Vocational training revenue[3] was RMB85.7 million (US$12.8 million) for the six months ended June 30, 2022, up from RMB9.6 million in the same period of 2021. The year-over-year growth was primarily driven by a more diversified vocational training course offering, as well as the revenue contributions from companies we acquired in the second half of 2021.

Other revenues were RMB78.6 million (US$11.7 million) for the six months ended June 30, 2022, compared with RMB35.3 million in the same period of 2021. The year-over-year increase was primarily attributable to the continued growth in e-commerce services, private label products, and book series offerings.

Cost of revenues increased to RMB844.1 million (US$126.0 million) for the six months ended June 30, 2022 from RMB467.4 million in the same period of 2021. The increase was primarily due to an increase in content-related costs, as well as increases in staff costs and cloud services and bandwidth costs.

Gross profit was RMB735.1 million (US$109.8 million) for the six months ended June 30, 2022, compared with RMB649.2 million in the same period of 2021. 

Gross margin for the six months ended June 30, 2022 was 46.6%, compared to 58.1% in the same period of 2021. The decrease in gross profit margin is primarily due to our continued efforts in broadening and enhancing content offerings for all of our users.

Total operating expenses were RMB1,844.0 million (US$275.3 million) for the six months ended June 30, 2022, compared with RMB1,342.2 million in the same period of 2021.

Selling and marketing expenses were RMB1,039.0 million (US$155.1 million) for the six months ended June 30, 2022, compared with RMB789.9 million in the same period of 2021. The increase was primarily due to higher promotion and advertising expenses related to attracting new users and strengthening Zhihu's brand recognition.

Research and development expenses were RMB390.1 million (US$58.2 million) for the six months ended June 30, 2022, compared with RMB226.9 million in the same period of 2021. The increase was primarily due to the higher headcount of research and development personnel, as we continued to invest in technology infrastructure and research and development.

General and administrative expenses were RMB414.9 million (US$61.9 million) for the six months ended June 30, 2022, compared with RMB325.4 million in the same period of 2021. The increase was primarily due to an increase in the headcount of general and administrative personnel, as well as the expense related to our dual primary listing on The Stock Exchange of Hong Kong Limited.

Loss from operations was RMB1,108.8 million (US$165.5 million) for the six months ended June 30, 2022, compared with RMB693.0 million in the same period of 2021. 

Other income/(expenses) comprised investment income, interest income, fair value change of financial instruments, exchange gains/(losses) and others, net. The year-over-year changes were mainly due to the following.

Fair value change of financial instruments was a loss of RMB92.7 million (US$13.8 million) for the six months ended June 20, 2022, compared with a gain of RMB10.6 million in the same period of 2021, primarily attributable to the fair value change of financial instruments related to currency exchange options and forward contracts due to the appreciation of U.S. dollars against Renminbi.

Exchange gains/(losses) were gains of RMB45.0 million (US$6.7 million) for the six months ended June 30, 2022, compared with gains of RMB4.8 million in the same period of 2021, primarily due to the appreciation of U.S. dollars against Renminbi.

Net loss was RMB1,101.3 million (US$164.4 million) for the six months ended June 30, 2022, compared with RMB645.8 million in the same period of 2021.

Adjusted net loss (non-GAAP)[4] was RMB811.2 million (US$121.1 million) for the six months ended June 30, 2022, compared with RMB393.9 million in the same period of 2021.

Basic and diluted net loss per ADS was RMB1.81 (US$0.27) for the six months ended June 30, 2022, compared with RMB2.22 in the same period of 2021.

Share Repurchase Program

In May 2022, the Company announced a share repurchase program of up to US$100 million for the next 12 months, subject to the shareholders' approval for granting a general mandate to the board of directors to repurchase shares and/or ADSs of the Company. This mandate was obtained at the Company's annual general meeting held on June 10, 2022. The repurchases may be made from time to time in the open market at prevailing market prices and/or through other legally permissible means, depending on market conditions and in accordance with applicable rules and regulations. As of June 30, 2022, approximately 0.3 million Class A ordinary shares have been repurchased on both the New York Stock Exchange and The Stock Exchange of Hong Kong Limited under the program for a total price of approximately US$1.1 million.

[1] MAUs refers to the sum of the number of mobile devices that launch our mobile app at least once in a given month, or mobile MAUs, and the number of logged-in users who visit our PC or mobile website at least once in a given month, after eliminating duplicates.

[2] Average monthly paying members for a period is calculated by dividing the sum of monthly paying members for each month during the specified period by the number of months in such period.

[3] Effective in the first quarter of 2022, the Company separately reported the revenue of its vocational training business, which was formerly included in "revenue – others," in light of the significant growth of the revenue contribution from vocational training to the Company's total revenues. For comparison purposes, the revenue of vocational training business and the revenue in "others" for each quarter of 2021 have been retrospectively re-classified.

[4] Adjusted net loss is a non-GAAP financial measure. For more information on the non-GAAP financial measure, please see the section of "Use of Non-GAAP Financial Measure" and the table captioned "Unaudited Reconciliations of GAAP and Non-GAAP Results" set forth at the end of this press release.

Conference Call

The Company's management will host an earnings conference call at 7:30 a.m. U.S. Eastern Time on August 30, 2022 (7:30 p.m. Beijing/Hong Kong time on August 30, 2022).

All participants must pre-register online using the link provided below. Once the pre-registration has been completed, participants will receive dial-in numbers, a passcode, and a unique registrant ID which can be used to join the conference call. Participants may pre-register at any time, including up to and after the call start time.

PRE-REGISTER LINK: https://dpregister.com/sreg/10170482/f41885ff42

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.

A replay of the conference call will be accessible approximately one hour after the conclusion of the live call until September 6, 2022, by dialing the following telephone numbers:

United States:

+1-877-344-7529

International:

+1-412-317-0088

Replay Access Code:

3352639

About Zhihu Inc.

Zhihu Inc. (NYSE: ZH; HKEX: 2390), the operator of Zhihu, a leading online content community in China where people come to find solutions, make decisions, seek inspiration, and have fun. We have been dedicated to expanding our content and service offerings to enable our users to explore and enjoy "fulfilling content" (有获得感的內容) that broadens horizons, provides solutions, and resonates with minds. Since the initial launch in 2010, we have grown from a Q&A community into one of the top five comprehensive online content communities and the largest Q&A-inspired online content community in China, both in terms of average mobile MAUs and revenue in 2019, 2020, and 2021, according to CIC. For more information, please visit https://ir.zhihu.com

Use of Non-GAAP Financial Measure

In evaluating the business, the Company considers and uses adjusted net loss, a non-GAAP financial measure, to supplement the review and assessment of its operating performance. The Company defines adjusted net loss as net loss adjusted for the impact of share-based compensation expenses, amortization of intangible assets resulting from business acquisition and tax effects of the non-GAAP adjustments, which are non-cash expenses. The Company believes that the non-GAAP measure facilitates 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 measure provides useful information to investors and others in understanding and evaluating the Company's consolidated results of operations in the same manner as it helps the Company's management.

The non-GAAP financial measure is not defined under U.S. GAAP and is not presented in accordance with U.S. GAAP. The presentation of the non-GAAP financial measure may not be comparable to similarly titled measure presented by other companies. The use of the non-GAAP measure has limitations as an analytical tool, and investors should not consider it 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 measure, 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 RMB amounts into U.S. dollars at a specified rate solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars were made at a rate of RMB6.6981 to US$1.00, the exchange rate in effect as of June 30, 2022 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:

In China:

Zhihu Inc.
Email: ir@zhihu.com 

The Piacente Group, Inc.
Helen Wu
Tel: +86-10-6508-0677
Email: zhihu@tpg-ir.com  

In the United States:

The Piacente Group, Inc.
Brandi Piacente
Phone: +1-212-481-2050
Email: zhihu@tpg-ir.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 Six Months Ended


June 30,

2021


March 31,

2022


June 30,

2022


June 30,

2021


June 30,

2022


RMB


RMB


RMB


US$


RMB


RMB


US$

Revenues: 














Advertising

248,272


217,317


237,597


35,472


462,002


454,914


67,917

Paid membership

154,872


221,670


271,168


40,484


281,444


492,838


73,579

Content-commerce solutions

207,431


226,787


240,454


35,899


328,276


467,241


69,757

Vocational Training

6,584


39,544


46,127


6,887


9,635


85,671


12,790

Others

21,193


37,909


40,670


6,072


35,281


78,579


11,732

Total revenues

638,352


743,227


836,016


124,814


1,116,638


1,579,243


235,775

Cost of revenues

(261,798)


(407,684)


(436,414)


(65,155)


(467,414)


(844,098)


(126,021)

Gross profit

376,554


335,543


399,602


59,659


649,224


735,145


109,754















Selling and marketing expenses

(443,229)


(506,585)


(532,375)


(79,481)


(789,862)


(1,038,960)


(155,113)

Research and development

   expenses

(120,620)


(166,518)


(223,589)


(33,381)


(226,922)


(390,107)


(58,241)

General and administrative

   expenses

(163,243)


(310,632)


(104,290)


(15,570)


(325,439)


(414,922)


(61,946)

Total operating expenses

(727,092)


(983,735)


(860,254)


(128,432)


(1,342,223)


(1,843,989)


(275,300)















Loss from operations

(350,538)


(648,192)


(460,652)


(68,773)


(692,999)


(1,108,844)


(165,546)















Other income/(expenses):














Investment income

11,791


20,724


20,596


3,075


21,453


41,320


6,169

Interest income

8,251


9,355


10,480


1,565


11,578


19,835


2,961

Fair value change of financial

   instruments

10,610


8,453


(101,197)


(15,108)


10,610


(92,744)


(13,846)

Exchange gains/(losses)

5,458


(4,155)


49,126


7,334


4,765


44,971


6,714

Others, net

(5,076)


1,930


1,001


149


933


2,931


438















Loss before income tax

(319,504)


(611,885)


(480,646)


(71,758)


(643,660)


(1,092,531)


(163,110)

Income tax expense

(1,580)


(2,398)


(6,375)


(952)


(2,117)


(8,773)


(1,310)

Net loss

(321,084)


(614,283)


(487,021)


(72,710)


(645,777)


(1,101,304)


(164,420)

Accretions of convertible

   redeemable preferred shares to

   redemption value

-


-


-


-


(170,585)


-


-

Net loss attributable to Zhihu

   Inc.'s shareholders

(321,084)


(614,283)


(487,021)


(72,710)


(816,362)


(1,101,304)


(164,420)















Net loss per share














Basic

(1.09)


(2.04)


(1.59)


(0.24)


(4.45)


(3.62)


(0.54)

Diluted

(1.09)


(2.04)


(1.59)


(0.24)


(4.45)


(3.62)


(0.54)















Net loss per ADS (Two ADSs

    represent one Class A

    ordinary share)














Basic

(0.55)


(1.02)


(0.79)


(0.12)


(2.22)


(1.81)


(0.27)

Diluted

(0.55)


(1.02)


(0.79)


(0.12)


(2.22)


(1.81)


(0.27)















Weighted average number of

   ordinary shares outstanding














Basic

293,735,095


300,483,336


307,101,052


307,101,052


183,518,197


303,843,801


303,843,801

Diluted

293,735,095


300,483,336


307,101,052


307,101,052


183,518,197


303,843,801


303,843,801















 

 

 

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 Six Months Ended


June 30,

2021


March 31,

2022


June 30,

2022


June 30,

2021


June 30,

2022


RMB


RMB


RMB


US$


RMB


RMB


US$

Share-based compensation

  expenses included in:














Cost of revenues

2,349


4,770


3,839


573


4,581


8,609


1,285

Selling and marketing

   expenses

4,614


6,472


6,196


925


9,417


12,668


1,891

Research and development

   expenses

2,709


15,770


14,294


2,134


10,317


30,064


4,489

General and administrative

   expenses

111,073


218,055


17,108


2,554


227,557


235,163


35,109

 

 

 

ZHIHU INC.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(All amounts in thousands)



As of December 31,

2021


As of June 30,

2022


RMB


RMB


US$

ASSETS






Current assets:






Cash and cash equivalents

2,157,161


2,249,117


335,784

Term deposits

2,815,509


935,569


139,677

Short-term investments

2,239,596


2,664,610


397,816

Restricted cash

-


281,879


42,083

Trade receivables

831,628


832,216


124,247

Amounts due from related parties

18,196


39,229


5,857

Prepayments and other current assets

272,075


187,380


27,975

Total current assets

8,334,165


7,190,000


1,073,439

Non-current assets:






Property and equipment, net

9,865


8,155


1,217

Intangible assets, net

68,308


57,863


8,639

Goodwill

73,663


73,663


10,997

Long-term investments

19,127


12,383


1,849

Term deposits

159,393


885,905


132,262

Right-of-use assets         

126,512


123,035


18,369

Other non-current assets

14,132


14,132


2,110

Total non-current assets

471,000


1,175,136


175,443

Total assets

8,805,165


8,365,136


1,248,882

LIABILITIES AND SHAREHOLDERS' EQUITY






Current liabilities






Accounts payables and accrued liabilities

1,026,534


1,213,206


181,127

Salary and welfare payables

313,676


244,600


36,518

Taxes payables               

66,184


35,479


5,297

Contract liabilities

239,757


269,932


40,300

Amounts due to related parties

83,591


84,174


12,567

Short term lease liabilities             

40,525


51,586


7,702

Other current liabilities

127,447


216,551


32,330

Total current liabilities

1,897,714


2,115,528


315,841

Non-current liabilities






Long term lease liabilities

82,133


66,849


9,980

Deferred tax liabilities

14,030


12,830


1,915

Other non-current liabilities

73,139


84,324


12,589

Total non-current liabilities

169,302


164,003


24,484

Total liabilities

2,067,016


2,279,531


340,325







Total Zhihu Inc.'s shareholders' equity

6,730,654


6,069,913


906,214

Noncontrolling interests

7,495


15,692


2,343

Total shareholders' equity

6,738,149


6,085,605


908,557







Total liabilities and shareholders' equity

8,805,165


8,365,136


1,248,882

 

 

 

ZHIHU INC.

UNAUDITED RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS

(All amounts in thousands)



For the Three Months Ended


For the Six Months Ended


June 30,

2021


March 31,

2022


June 30,

2022


June 30,

2021


June 30,

2022


RMB


RMB


RMB


US$


RMB


RMB


US$















Net loss

(321,084)


(614,283)


(487,021)


(72,710)


(645,777)


(1,101,304)


(164,420)

Add:














Share-based compensation

    expenses

120,745


245,067


41,437


6,186


251,872


286,504


42,774

Amortization of intangible

    assets resulting from

    business acquisition

-


2,400


2,400


358


-


4,800


717

Tax effects on non-GAAP

    adjustments

-


(600)


(600)


(90)


-


(1,200)


(179)

Adjusted net loss

(200,339)


(367,416)


(443,784)


(66,256)


(393,905)


(811,200)


(121,108)

 

 

 

SOURCE Zhihu Inc.