Exhibit 99.1

Zhihu Inc. Reports Unaudited Fourth Quarter and Fiscal Year 2023 Financial Results

BEIJING, China, March 26, 2024 — Zhihu Inc. (“Zhihu” or the “Company”) (NYSE: ZH; HKEX: 2390), a leading online content community in China, today announced its unaudited financial results for the quarter and fiscal year ended December 31, 2023.

Fourth Quarter 2023 Highlights

· Total revenues were RMB1,138.3 million (US$160.3 million) in the fourth quarter of 2023, representing a 2.2% increase from the same period of 2022.

· Gross margin expanded to 59.1% in the fourth quarter of 2023 from 56.4% in the same period of 2022.

· Net loss was RMB103.1 million (US$14.5 million) in the fourth quarter of 2023, narrowed by 42.6% from the same period of 2022.

· Adjusted net loss (non-GAAP)^[1] was RMB91.3 million (US$12.9 million) in the fourth quarter of 2023, narrowed by 31.9% from the same period of 2022.

· Average monthly active users (MAUs)^[2] reached 99.0 million in the fourth quarter of 2023.

· Average monthly subscribing members^[3] reached 14.2 million in the fourth quarter of 2023, representing a 9.2% increase from the same period of 2022.

Fiscal Year 2023 Highlights

· Total revenues were RMB4,198.9 million (US$591.4 million) in 2023, representing a 16.5% increase from 2022.

· Gross margin expanded to 54.7% in 2023 from 50.2% in 2022.

· Net loss was RMB839.5 million (US$118.2 million) in 2023, narrowed by 46.8% from 2022.

· Adjusted net loss (non-GAAP)^[1] was RMB659.1 million (US$92.8 million) in 2023, narrowed by 44.9% from 2022.

“In the fourth quarter of 2023, we successfully navigated a challenging macroeconomic and competitive environment and achieved meaningful revenue growth and efficiency improvement through our multi-engine monetization approach, bolstered by our valuable community ecosystem,” said Mr. Yuan Zhou, chairman and chief executive officer of Zhihu. “We also honed our content strategy to fortify our position as a trustworthy online content community. By prioritizing user experience and improving our strategic execution, cost control and overall efficiency, we have set the stage for sustainable growth and continued value creation for our users and stakeholders.”

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Mr. Han Wang, chief financial officer of Zhihu, added, “While we faced a myriad of challenges in 2023, we remained resilient and dedicated to our multi-engine monetization strategy. As a result, our total revenues for the fourth quarter and full year increased by 2.2% and 16.5% year over year, respectively. Through prudent cost control and operating leverage, we were pleased to conclude the year with a further enhanced gross margin and significantly narrowed bottom-line loss. Going forward, we will remain committed to boosting our operating efficiency to reinforce our trajectory towards profitability.”

Fourth Quarter 2023 Financial Results

Total revenues were RMB1,138.3 million (US$160.3 million), representing a 2.2% increase from RMB1,114.0 million in the same period of 2022.

Marketing services revenue^[4] was RMB465.2 million (US$65.5 million), compared with RMB572.4 million in the same period of 2022.

Paid membership revenue was RMB455.9 million (US$64.2 million), representing a 13.3% increase from RMB402.5 million in the same period of 2022. The increase was primarily driven by the continued growth of our subscribing members.

Vocational training revenue was RMB169.3 million (US$23.8 million), representing a 100.1% increase from RMB84.6 million in the same period of 2022. The significant increase was primarily attributable to our further enriched online course offerings and the revenue contributions from our recently acquired vocational training businesses.

Other revenues were RMB48.0 million (US$6.8 million), compared with RMB54.5 million in the same period of 2022.

Cost of revenues decreased by 4.2% to RMB465.2 million (US$65.5 million) from RMB485.4 million in the same period of 2022, primarily attributable to a decrease in cloud services and bandwidth costs resulting from our improved efficiency.

Gross profit increased by 7.1% to RMB673.1 million (US$94.8 million) from RMB628.5 million in the same period of 2022. Gross margin expanded to 59.1% from 56.4% in the same period of 2022, primarily attributable to our enhanced monetization efforts and the improvement of cloud services and bandwidth utilization efficiency.

Total operating expenses were RMB851.3 million (US$119.9 million), compared with RMB844.8 million in the same period of 2022.

Selling and marketing expenses increased to RMB527.6 million (US$74.3 million) from RMB509.2 million in the same period of 2022. The increase reflects our continued efforts in promoting our product and service offerings.

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Research and development expenses increased to RMB232.6 million (US$32.8 million) from RMB212.5 million in the same period of 2022. The increase was primarily attributable to our increased spending on technology innovation.

General and administrative expenses decreased by 26.0% to RMB91.1 million (US$12.8 million) from RMB123.1 million in the same period of 2022. The decrease was primarily attributable to a decline in personnel-related expenses.

Loss from operations was narrowed by 17.6% to RMB178.2 million (US$25.1 million) from RMB216.3 million in the same period of 2022.

Adjusted loss from operations (non-GAAP)^[1] decreased to RMB165.3 million (US$23.3 million) from RMB170.3 million in the same period of 2022.

Net loss was narrowed by 42.6% to RMB103.1 million (US$14.5 million) from RMB179.5 million in the same period of 2022.

Adjusted net loss (non-GAAP)^[1] was narrowed by 31.9% to RMB91.3 million (US$12.9 million) from RMB134.1 million in the same period of 2022.

Diluted net loss per American depositary share (“ADS”) was RMB0.18 (US$0.03), compared with RMB0.29 in the same period of 2022.

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

As of December 31, 2023, the Company had cash and cash equivalents, term deposits and short-term investments of RMB5,462.9 million (US$769.4 million), compared with RMB6,261.5 million as of December 31, 2022.

Fiscal Year 2023 Financial Results

Total revenues were RMB4,198.9 million (US$591.4 million), representing a 16.5% increase from RMB3,604.9 million in 2022.

Marketing services revenue^[4] was RMB1,653.0 million (US$232.8 million), compared with RMB1,956.5 million in 2022.

Paid membership revenue was RMB1,826.6 million (US$257.3 million), representing a 48.4% increase from RMB1,230.8 million in 2022. The increase was primarily driven by the continued growth of our subscribing members.

Vocational training revenue was RMB565.6 million (US$79.7 million), representing a 127.8% increase from RMB248.3 million in 2022. The significant increase was primarily attributable to our further enriched online course offerings and the revenue contributions from our recently acquired vocational training businesses.

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Other revenues were RMB153.8 million (US$21.7 million), compared with RMB169.4 million in 2022.

Cost of revenues increased to RMB1,903.0 million (US$268.0 million) from RMB1,796.9 million in 2022. The increase was primarily due to the growth of content and operating costs as we continued to enhance our content attractiveness, and an increase in payment processing costs driven by our revenue growth, partially offset by the decrease in cloud services and bandwidth costs.

Gross profit increased by 27.0% to RMB2,295.8 million (US$323.4 million) from RMB1,808.1 million in 2022. Gross margin expanded to 54.7% from 50.2% in 2022, primarily attributable to our enhanced monetization efforts and the improvement of cloud services and bandwidth utilization efficiency.

Total operating expenses decreased to RMB3,368.1 million (US$474.4 million) from RMB3,411.8 million in 2022.

Selling and marketing expenses were RMB2,048.1 million (US$288.5 million), compared with RMB2,026.5 million in 2022.

Research and development expenses increased to RMB901.5 million (US$127.0 million) from RMB763.4 million in 2022. The increase was primarily attributable to our increased spending on technology innovation.

General and administrative expenses decreased to RMB418.5 million (US$58.9 million) from RMB622.0 million in 2022. The decrease was primarily attributable to lower share-based compensation expenses.

Loss from operations was narrowed by 33.1% to RMB1,072.2 million (US$151.0 million) from RMB1,603.8 million in 2022.

Adjusted loss from operations (non-GAAP)^[1] was narrowed by 27.1% to RMB888.0 million (US$125.1 million) from RMB1,218.8 million in 2022.

Net loss was narrowed by 46.8% to RMB839.5 million (US$118.2 million) from RMB1,578.4 million in 2022.

Adjusted net loss (non-GAAP)^[1] was narrowed by 44.9% to RMB659.1 million (US$92.8 million) from RMB1,195.9 million in 2022.

Diluted net loss per ADS was RMB1.41 (US$0.20), compared with RMB2.59 in 2022.

Share Repurchase Program

As of December 31, 2023, 26.3 million Class A ordinary shares (including Class A ordinary shares underlying the ADSs) had been repurchased for a total price of US$58.5 million on both the New York Stock Exchange and The Stock Exchange of Hong Kong Limited under the Company’s existing US$100 million share repurchase program established in May 2022 and extended in May 2023 (the “Repurchase Program”), which is effective until June 10, 2024. The repurchases made under the Repurchase Program were covered by the general unconditional mandate to purchase the Company’s own shares approved by shareholders at the Company’s annual general meetings held on June 10, 2022 and June 30, 2023, respectively.

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^[1] Adjusted loss from operations and adjusted net loss are non-GAAP financial measures. For more information on the non-GAAP financial measures, please see the section of “Use of Non-GAAP Financial Measures” and the table captioned “Unaudited Reconciliations of GAAP and Non-GAAP Results” set forth at the end of this press release.

^[2] MAUs refers to the sum of the number of mobile devices that launch our mobile apps 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.

^[3] Monthly subscribing members refers to the number of our Yan Selection members in a specified month. Average monthly subscribing members for a period is calculated by dividing the sum of monthly subscribing members for each month during the specified period by the number of months in such period.

^[4] Starting with the first quarter of 2023, we report revenues generated from advertising and content-commerce solutions collectively as “marketing services revenue” to better present our business and results of operation in line with our overall strategies. Revenues for the applicable comparison periods of 2022 have been retrospectively re-classified.

Conference Call

The Company’s management will host an earnings conference call at 7:00 a.m. U.S. Eastern Time on March 26, 2024 (7:00 p.m. Beijing/Hong Kong time on March 26, 2024).

All participants wishing to join the conference call must pre-register online using the link provided below. Once the pre-registration has been completed, each participant will receive a set of 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.

Participant Online Registration: https://dpregister.com/sreg/10187223/fbcf65bd2c

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 April 2, 2024, by dialing the following telephone numbers:

United States (toll free):	+1-877-344-7529
International:	+1-412-317-0088
Replay Access Code:	4320125

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About Zhihu Inc.

Zhihu Inc. (NYSE: ZH; HKEX: 2390) is a leading online content community in China where people come to find solutions, make decisions, seek inspiration, and have fun. Since the initial launch in 2010, we have grown from a Q&A community into one of the top comprehensive online content communities and the largest Q&A-inspired online content community in China. For more information, please visit https://ir.zhihu.com. 

Use of Non-GAAP Financial Measures

In evaluating the business, the Company considers and uses non-GAAP financial measures, such as adjusted loss from operations and adjusted net loss, to supplement the review and assessment of its operating performance. The Company defines non-GAAP financial measures by excluding the impact of share-based compensation expenses, amortization of intangible assets resulting from business acquisitions and the tax effects of the non-GAAP adjustments, which are non-cash expenses. The Company believes that the non-GAAP financial measures facilitate 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 measures provide 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 measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. The presentation of the non-GAAP financial measures may not be comparable to similarly titled measures presented by other companies. The use of the non-GAAP financial measures 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 measures, 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 Renminbi amounts into U.S. dollars at a specified rate solely for the convenience of the reader. Unless otherwise noted, all translations from Renminbi to U.S. dollars were made at a rate of RMB7.0999 to US$1.00, the exchange rate in effect as of December 29, 2023 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.

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For investor and media inquiries, please contact:

In China:

Zhihu Inc.

Email: ir@zhihu.com

Piacente Financial Communications

Helen Wu

Tel: +86-10-6508-0677

Email: zhihu@tpg-ir.com

In the United States:

Piacente Financial Communications

Brandi Piacente

Phone: +1-212-481-2050

Email: zhihu@tpg-ir.com

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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 Year Ended
	December 31, 2022		September 30, 2023		December 31, 2023				December 31, 2022		December 31, 2023
	RMB		RMB		RMB		US$		RMB		RMB		US$
Revenues:
Marketing services	572,387		382,962		465,153		65,515		1,956,480		1,652,992		232,819
Paid membership	402,531		466,784		455,906		64,213		1,230,804		1,826,557		257,265
Vocational training	84,591		144,795		169,272		23,841		248,266		565,585		79,661
Others	54,456		27,622		47,966		6,756		169,369		153,755		21,656
Total revenues	1,113,965		1,022,163		1,138,297		160,325		3,604,919		4,198,889		591,401
Cost of revenues	(485,442	)	(473,712	)	(465,197	)	(65,522	)	(1,796,867	)	(1,903,041	)	(268,038	)
Gross profit	628,523		548,451		673,100		94,803		1,808,052		2,295,848		323,363
Selling and marketing expenses	(509,229	)	(534,328	)	(527,604	)	(74,311	)	(2,026,468	)	(2,048,090	)	(288,467	)
Research and development expenses	(212,495	)	(249,662	)	(232,585	)	(32,759	)	(763,362	)	(901,452	)	(126,967	)
General and administrative expenses	(123,107	)	(114,564	)	(91,069	)	(12,827	)	(621,973	)	(418,531	)	(58,949	)
Total operating expenses	(844,831	)	(898,554	)	(851,258	)	(119,897	)	(3,411,803	)	(3,368,073	)	(474,383	)
Loss from operations	(216,308	)	(350,103	)	(178,158	)	(25,094	)	(1,603,751	)	(1,072,225	)	(151,020	)
Other income/(expenses):
Investment income	5,922		11,617		12,279		1,729		70,380		41,695		5,873
Interest income	33,671		40,363		38,828		5,469		68,104		158,671		22,348
Fair value change of financial instruments	(4,619	)	(7,352	)	14,780		2,082		(176,685	)	(5,170	)	(728	)
Exchange (losses)/gains	(1,524	)	(393	)	(937	)	(132	)	71,749		97		14
Others, net	6,099		27,227		15,032		2,117		5,983		49,236		6,935
Loss before income tax	(176,759	)	(278,641	)	(98,176	)	(13,829	)	(1,564,220	)	(827,696	)	(116,578	)
Income tax (expense)/benefit	(2,755	)	256		(4,929	)	(694	)	(14,183	)	(11,832	)	(1,667	)
Net loss	(179,514	)	(278,385	)	(103,105	)	(14,523	)	(1,578,403	)	(839,528	)	(118,245	)
Net income attributable to noncontrolling interests	(164	)	(289	)	(666	)	(94	)	(2,754	)	(4,113	)	(579	)
Net loss attributable to Zhihu Inc.’s shareholders	(179,678	)	(278,674	)	(103,771	)	(14,617	)	(1,581,157	)	(843,641	)	(118,824	)
Net loss per share
Basic	(0.59	)	(0.94	)	(0.36	)	(0.05	)	(5.19	)	(2.82	)	(0.40	)
Diluted	(0.59	)	(0.94	)	(0.36	)	(0.05	)	(5.19	)	(2.82	)	(0.40	)
Net loss per ADS (Two ADSs represent one Class A ordinary share)
Basic	(0.29	)	(0.47	)	(0.18	)	(0.03	)	(2.59	)	(1.41	)	(0.20	)
Diluted	(0.29	)	(0.47	)	(0.18	)	(0.03	)	(2.59	)	(1.41	)	(0.20	)
Weighted average number of ordinary shares outstanding
Basic	304,665,906		297,742,064		291,056,615		291,056,615		304,836,318		299,132,894		299,132,894
Diluted	304,665,906		297,742,064		291,056,615		291,056,615		304,836,318		299,132,894		299,132,894

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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 Year Ended
	December 31, 2022	September 30, 2023	December 31, 2023				December 31, 2022	December 31, 2023
	RMB	RMB	RMB		US$		RMB	RMB	US$
Share-based compensation expenses included in:
Cost of revenues	3,663	1,630	1,575		221		11,861	9,751	1,373
Selling and marketing expenses	5,019	5,741	(7,001	)	(986	)	24,334	13,882	1,955
Research and development expenses	15,831	13,758	(57	)	(8	)	62,503	49,847	7,021
General and administrative expenses	18,032	27,662	12,983		1,829		275,197	91,176	12,842

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ZHIHU INC.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(All amounts in thousands)

	As of December 31, 2022		As of December 31, 2023
	RMB		RMB		US$
ASSETS
Current assets:
Cash and cash equivalents		4,525,852		2,106,639		296,714
Term deposits		948,390		1,586,469		223,449
Short-term investments		787,259		1,769,822		249,274
Trade receivables		834,251		664,615		93,609
Amounts due from related parties		24,798		18,319		2,580
Prepayments and other current assets		199,249		232,016		32,679
Total current assets		7,319,799		6,377,880		898,305
Non-current assets:
Property and equipment, net		7,290		10,849		1,528
Intangible assets, net		80,237		122,645		17,274
Goodwill		126,344		191,077		26,913
Long-term investments		-		44,621		6,285
Right-of-use assets		100,119		40,211		5,664
Other non-current assets		22,450		7,989		1,125
Total non-current assets		336,440		417,392		58,789
Total assets		7,656,239		6,795,272		957,094
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities
Accounts payable and accrued liabilities		916,112		1,038,531		146,274
Salary and welfare payables		283,546		342,125		48,187
Taxes payables		25,975		21,394		3,013
Contract liabilities		355,626		303,574		42,758
Amounts due to related parties		24,861		26,032		3,667
Short term lease liabilities		53,190		42,089		5,929
Other current liabilities		165,531		171,743		24,189
Total current liabilities		1,824,841		1,945,488		274,017
Non-current liabilities
Long term lease liabilities		43,367		3,642		513
Deferred tax liabilities		11,630		22,574		3,179
Other non-current liabilities		82,133		121,958		17,177
Total non-current liabilities		137,130		148,174		20,869
Total liabilities		1,961,971		2,093,662		294,886
Total Zhihu Inc.’s shareholders’ equity		5,653,696		4,599,810		647,870
Noncontrolling interests		40,572		101,800		14,338
Total shareholders’ equity		5,694,268		4,701,610		662,208
Total liabilities and shareholders’ equity		7,656,239		6,795,272		957,094

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ZHIHU INC.

UNAUDITED RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS

(All amounts in thousands)

	For the Three Months Ended								For the Year Ended
	December 31, 2022		September 30, 2023		December 31, 2023				December 31, 2022		December 31, 2023
	RMB		RMB		RMB		US$		RMB		RMB		US$
Loss from operations	(216,308	)	(350,103	)	(178,158	)	(25,094	)	(1,603,751	)	(1,072,225	)	(151,020	)
Add:
Share-based compensation expenses	42,545		48,791		7,500		1,056		373,895		164,656		23,191
Amortization of intangible assets resulting from business acquisitions	3,490		5,365		5,365		756		11,053		19,585		2,758
Adjusted loss from operations	(170,273	)	(295,947	)	(165,293	)	(23,282	)	(1,218,803	)	(887,984	)	(125,071	)
Net loss	(179,514	)	(278,385	)	(103,105	)	(14,523	)	(1,578,403	)	(839,528	)	(118,245	)
Add:
Share-based compensation expenses	42,545		48,791		7,500		1,056		373,895		164,656		23,191
Amortization of intangible assets resulting from business acquisitions	3,490		5,365		5,365		756		11,053		19,585		2,758
Tax effects on non-GAAP adjustments	(600	)	(1,069	)	(1,069	)	(151	)	(2,400	)	(3,806	)	(536	)
Adjusted net loss	(134,079	)	(225,298	)	(91,309	)	(12,862	)	(1,195,855	)	(659,093	)	(92,832	)

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