Zhihu Q1 Turns Profit by Saving Costs: Revenue Has Been Declining for Three Consecutive Years, Can AI Webtoons Bear the Burden of Revenue Growth?
Zhihu's Q1 2026 financial report shows revenue of 652 million yuan, a 10.7% decrease compared to the same period last year, but adjusted net profit reached 17.16 million yuan, an increase of 147.2% year-on-year, achieving a recovery from losses on a quarterly basis. In terms of revenue structure, paid content and IP operations revenue reached 402 million yuan, with its proportion continuing to rise, as the company accelerates its transition to a membership and IP-based business model.
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