知乎 2026年年度报告和过渡报告

(Mark One)REGISTRATION STATEMENT PURSUANT TO SECTION12(b)OR (g)OF THE SECURITIES EXCHANGE ACT ☐OF 1934 OR ☒ANNUAL REPORT PURSUANT TO SECTION13 OR 15 (d)OF THE SECURITIES EXCHANGE ACT OF 1934For the fiscal year ended December 31, 2025 OR ☐TRANSITION REPORT PURSUANT TO SECTION13 OR 15 (d)OF THE SECURITIES EXCHANGE ACT OF 1934For the transition period fromtoOR ☐SHELL COMPANY REPORT PURSUANT TO SECTION13 OR 15(d)OF THE SECURITIES EXCHANGE ACT OF1934 Date of event requiring this shell company reportCommission File Number: 001-40253Zhihu Inc. (Exact Name of Registrant as Specified in Its Charter)N/A (Translation of Registrant’s Name into English)Cayman Islands (Jurisdiction of Incorporation or Organization)18 Xueqing RoadHaidian District, Beijing 100083People’s Republic of China (Address of Principal Executive Offices)Han Wang, Chief Financial OfficerTelephone: +86 (10) 8271-6603Email: h@zhihu.com18 Xueqing RoadHaidian District, Beijing 100083People’s Republic of China (Name, Telephone, Email and/or Facsimile Number and Address of Company Contact Person) Title of Each ClassTrading SymbolName of Each Exchange on Which RegisteredAmerican depositary shares (eachrepresenting three Class A ordinary shares,ZHNew York Stock Exchange Securities registered or to be registered pursuant to Section12 (g)of the Act:None Securities for which there is a reporting obligation pursuant to Section15 (d)of the Act: Table of Contents Indicate the number of outstanding shares of each of the issuer’s classes of capital or common stock as of the close of the periodcovered by the annual report: 249,007,733 Class A ordinary shares (excluding 5,408,373 Class A ordinary shares issued to thedepositary bank for bulk issuance of ADSs reserved for future issuances upon the exercise or vesting of awards granted under ourshare incentive plan), par value US$0.000125 per share, and 15,446,778 Class B ordinary shares, par value US$0.000125 per share,as of December 31, 2025. Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule405 of the Securities Act. ☐Yes☒No If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant toSection13 or 15(d)of the Securities Exchange Act of 1934. ☐Yes☒No Note — Checking the box above will not relieve any registrant required to file reports pursuant to Section13 or 15(d)of theSecurities Exchange Act of 1934 from their obligations under those Sections. Indicate by check mark whether the registrant: (1)has filed all reports required to be filed by Section13 or 15 (d)of the SecuritiesExchange Act of 1934 during the preceding 12months (or for such shorter period that the registrant was required to file suchreports), and (2)has been subject to such filing requirements for the past 90days. ☒Yes☐No Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submittedpursuant to Rule405 of Regulation S-T (§232.405 of this chapter) during the preceding 12months (or for such shorter period thatthe registrant was required to submit such files). ☒Yes☐No Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerginggrowth company. See the definitions of “large accelerated filer,” “accelerated filer,” and “emerging growth company” in Rule12b-2of the Exchange Act. If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if theregistrant has elected not to use the extended transition period for complying with any new or revised financial accountingstandards† provided pursuant to Section13(a)of the Exchange Act.☐ †The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards Boardto its Accounting Standards Codification after April5, 2012. Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of theeffectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) bythe registered public accounting firm that prepared or issued its audit report.☒ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of theregistrant included in the filing reflect the correction of an error to previously issued financial statements.☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-basedcompensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).☐ Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing: U.S. GAAP☒ Other☐ as issued by the Internatio