Shareholder Resolutions - The AGM resolutions were passed with significant support, including 99.999174% of Class A shares voting in favor of adopting the audited consolidated financial statements for the year ended December 31, 2022 [11]. - The re-election of Mr. Henry Dachuan Sha as an executive director received 98.303200% support from Class A shares [6]. - The resolution to authorize the board to fix the remuneration of directors was supported by 99.978192% of Class A shares [15]. - A general mandate to issue additional Class A ordinary shares not exceeding 20% of the total issued shares was approved with 87.581129% support from Class A shares [16]. - The resolution to grant a general mandate to repurchase shares not exceeding 10% of the total issued shares received 99.998478% support from Class A shares [18]. - The resolution to extend the general mandate to issue additional shares by the number of shares repurchased was supported by 87.723918% of Class A shares [19]. - No shareholders indicated an intention to vote against any resolutions proposed at the AGM, reflecting a consensus among shareholders [4]. AGM Attendance and Voting - The total votes cast at the AGM amounted to 314,804,994, with a high turnout indicating strong shareholder engagement [18]. - A total of 145,188,442 shares were represented at the AGM, with 99.9987% voting in favor of the auditor re-appointment [6]. - The AGM was attended by key executives, including the Chairman and two executive directors, while two non-executive directors were absent due to other business arrangements [23]. Auditor Appointment - The Company re-appointed PricewaterhouseCoopers as auditor, with 99.9986% of Class A shares and 100% of Class B shares voting in favor [6]. Share Structure - The total number of issued shares as of the Share Record Date was 319,601,988, comprising 300,755,702 Class A Ordinary Shares and 18,846,286 Class B Ordinary Shares [3]. - The AGM was held on June 30, 2023, in Beijing, China, with all proposed resolutions duly passed [3].

Zhihu Inc. (NYSE:ZH) Q1 2023 Earnings Conference Call May 24, 2023 7:30 AM ET Company Participants Yolanda Lian Liu - Senior IR Manager Zhou Yuan - Founder, Chairman and CEO Henry Sha - Chief Financial Officer Li Dahai - Chief Technology Officer Conference Call Participants Vicky Wei - Citigroup Steve Qu - Goldman Sachs Xueqing Zhang - CICC Operator Ladies and gentlemen, thank you for standing by, and welcome to Zhihu Inc. First Quarter 2023 Financial Results Conference Call. [Operator Instructions] Today's ...

Financial Performance - Total revenue for Q1 2023 was RMB 994.2 million (USD 144.8 million), an increase of 33.8% compared to RMB 743.2 million in Q1 2022[6] - Net loss for Q1 2023 was RMB 179.0 million (USD 26.1 million), a reduction of 70.9% from the same period in 2022[6] - Adjusted net loss (non-GAAP) for Q1 2023 was RMB 120.2 million (USD 17.5 million), narrowing by 67.3% year-over-year[6] - Operating loss decreased by 66.6% from RMB 648.2 million in the same period of 2022 to RMB 216.7 million (USD 31.6 million)[8] - Adjusted operating loss (non-GAAP) decreased by 60.7% from RMB 400.7 million in the same period of 2022 to RMB 157.3 million (USD 22.9 million)[8] - Net loss decreased by 70.9% from RMB 614.3 million in the same period of 2022 to RMB 179.0 million (USD 26.1 million)[8] - Adjusted net loss (non-GAAP) decreased by 67.3% from RMB 367.4 million in the same period of 2022 to RMB 120.2 million (USD 17.5 million)[8] - Diluted net loss per American Depositary Share (ADS) was RMB 0.30 (USD 0.04), compared to RMB 1.02 in the same period of 2022[8] User Metrics - Average monthly active users (MAUs) reached 102.4 million in Q1 2023, up from 101.6 million in Q1 2022[6] - Average monthly subscription members increased by 116.0% year-over-year to 14.9 million in Q1 2023[6] Revenue Breakdown - Paid membership revenue grew by 105.2% year-over-year to RMB 454.8 million (USD 66.2 million) in Q1 2023[7] - Vocational training revenue surged by 170.6% year-over-year to RMB 107.0 million (USD 15.6 million) in Q1 2023[7] - Gross profit for Q1 2023 was RMB 512.2 million (USD 74.6 million), a 52.7% increase from RMB 335.5 million in Q1 2022[7] - Gross margin improved to 51.5% in Q1 2023, up from 45.1% in the same period last year[7] Cash Flow and Assets - Operating cash flow was RMB 59.9 million in Q1 2023, marking the first positive operating cash flow since the company's IPO[6] - As of March 31, 2023, cash and cash equivalents, time deposits, and short-term investments amounted to RMB 6,257.7 million (USD 911.2 million), slightly down from RMB 6,261.5 million as of December 31, 2022[8] - Total assets as of March 31, 2023, were RMB 1,107,665 thousand, compared to RMB 7,656,239 thousand as of December 31, 2022, indicating a decrease of approximately 85.5%[18] - Total liabilities as of March 31, 2023, were RMB 302,149 thousand, an increase from RMB 1,961,971 thousand as of December 31, 2022, reflecting an increase of approximately 84.6%[18] - Cash and cash equivalents as of March 31, 2023, were RMB 607,491 thousand, compared to RMB 4,525,852 thousand as of December 31, 2022, indicating a decrease of approximately 86.5%[18] Expenses - R&D expenses increased from RMB 166.5 million in the same period of 2022 to RMB 183.0 million (USD 26.6 million), primarily due to higher salaries and benefits for R&D personnel and increased investment in technological innovation[8] - General and administrative expenses decreased by 67.7% from RMB 310.6 million in the same period of 2022 to RMB 100.4 million (USD 14.6 million), mainly due to a reduction in recognized equity incentive expenses and professional service fees[8] - Research and development expenses for the three months ended March 31, 2023, were RMB 21,205 thousand, up from RMB 15,770 thousand for the same period in 2022, representing an increase of approximately 34.4%[17] - The company reported a significant increase in marketing expenses, which rose to RMB 8,758 thousand for the three months ended March 31, 2023, compared to RMB 6,472 thousand for the same period in 2022, representing an increase of approximately 35.3%[17] Share Repurchase - The company announced a share repurchase plan to buy back up to USD 100 million of Class A ordinary shares or ADS within 12 months, with approximately 6.9 million shares repurchased for a total of USD 17.8 million as of March 31, 2023[9] - The board approved the extension of the share repurchase plan until June 10, 2024, subject to shareholder approval at the upcoming annual general meeting[9]

Exhibit 99.1 Zhihu Inc. Reports Unaudited First Quarter 2023 Financial Results BEIJING, China, May 24, 2023 — 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 ended March 31, 2023. First Quarter 2023 Highlights ● Total revenues were RMB994.2 million (US$144.8 million) in the first quarter of 2023, representing a 33.8% increase from the same period of 2022. ● Net loss was RMB179.0 million ...

Financial Performance - Total revenue for 2022 reached RMB 3,604,919 thousand, representing a 21.8% increase from RMB 2,959,324 thousand in 2021[8] - Gross profit for 2022 was RMB 1,808,052 thousand, up 16.4% from RMB 1,553,901 thousand in 2021[13] - Operating loss for 2022 increased to RMB (1,603,751) thousand, a 15.3% rise compared to RMB (1,390,709) thousand in 2021[13] - Net loss for 2022 was RMB (1,578,403) thousand, reflecting a 21.5% increase from RMB (1,298,880) thousand in 2021[13] - Adjusted operating loss for 2022 was RMB (1,218,803) thousand, a significant increase of 45.5% from RMB (837,864) thousand in 2021[13] - Adjusted net loss for 2022 reached RMB (1,195,855) thousand, marking a 60.1% increase from RMB (747,130) thousand in 2021[13] - Total operating expenses rose to RMB 3.41 billion in 2022 from RMB 2.94 billion in 2021, with significant increases in sales and marketing expenses and R&D expenditures[27] - Total operating expenses for 2022 were RMB 3.4 billion, up from RMB 2.9 billion in 2021[37] - Cash and cash equivalents decreased from RMB 7.4 billion at the end of 2021 to RMB 6.3 billion at the end of 2022[42] - Net cash used in operating activities was RMB 1.1 billion in 2022, compared to RMB 440.2 million in 2021[43] Revenue Sources - Revenue from paid memberships surged by 84.1% to RMB 1.2 billion in 2022, compared to RMB 668.5 million in 2021[18] - Revenue from professional training increased significantly from RMB 45.8 million in 2021 to RMB 248.3 million in 2022, attributed to diversified online course offerings and contributions from recently acquired businesses[32] - Advertising revenue decreased by 20.2% to RMB 926.3 million in 2022, down from RMB 1.16 billion in 2021, reflecting challenges in the online advertising industry due to macroeconomic conditions[32] User Engagement and Growth - Average monthly active users increased by 5.6% from 95.9 million in 2021 to 101.3 million in 2022[22] - Average monthly subscription members grew by 93.2% from 5.1 million in 2021 to 9.8 million in 2022[14] - Average monthly page views increased by 20.6% from 503.6 million in 2021 to 607.4 million in 2022[22] - Over 74% of average monthly active users were under 30 years old as of December 31, 2022[22] - Female users accounted for 48.5% of average monthly active users in December 2022[22] Market Strategy and Future Plans - The company continues to focus on expanding its market presence and developing new products and technologies[8] - The company plans to diversify its monetization model further into paid memberships and professional training, aiming for more sustainable revenue growth[25] - The company aims to enhance content creation and user experience for professional users, expecting a more diverse user base in 2023[25] - The company plans to expand its market presence in Southeast Asia, targeting a 30% increase in market share by 2025[143] - New product launches are expected to contribute an additional $100 million in revenue over the next fiscal year[144] - The company has set a performance guidance of 20% revenue growth for the upcoming fiscal year[141] Corporate Governance - The company is committed to maintaining strict corporate governance standards and has complied with all applicable principles and code provisions since its listing[150] - The board consists of eight members, including three executive directors, two non-executive directors, and three independent non-executive directors[155] - The company emphasizes the importance of continuous professional development for directors, providing training and relevant materials[169] - The company has established three committees: audit, remuneration, and nomination & corporate governance, each with clear written terms of reference[172] - The audit committee is composed of three independent non-executive directors, ensuring oversight of financial reporting and risk management[173] Risks and Compliance - The company faces significant risks related to user engagement and the ability to provide quality original content, which are critical for business success[59] - The company operates in a highly competitive market and may struggle to effectively compete if it fails to keep up with technological advancements[59] - The company is subject to complex and evolving legal regulations regarding cybersecurity and data privacy, which may impact its operations[59] - The company may face risks if the Chinese government deems its business structure agreements non-compliant with local laws, potentially leading to severe penalties or loss of operational benefits[86] Shareholder Information - The company maintains a dual-class share structure, with Class A shares having one vote per share and Class B shares having ten votes per share[112] - The company has not entered into any new connected transactions or ongoing connected transactions that require disclosure under the Listing Rules during the reporting period[111] - The group’s five largest customers accounted for approximately 16.3% of total revenue, with the largest customer contributing about 6.2%[120] - The board does not recommend the distribution of an annual dividend for the reporting period[126] Employee and Community Engagement - The company is committed to fulfilling social responsibilities and promoting employee welfare and development, as well as environmental protection[66] - The company has established a community management team to detect and prevent inappropriate or illegal content on its platform[191] - The company has implemented anti-corruption policies and training programs to prevent unethical behavior among employees[192] Audit and Financial Reporting - The audit fees for the fiscal year amounted to RMB 21,080,000, while all other fees totaled RMB 1,583,000, leading to a total auditor remuneration of RMB 22,663,000[196] - The independent auditor's report confirms that the directors are responsible for preparing the financial statements and that there are no significant uncertainties affecting the company's ability to continue as a going concern[195]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 20-F (Mark One) ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to OR ☐ SHELL COMPANY REPORT PURSUANT TO ...

Financial Data and Key Metrics Changes - In Q4 2022, total revenues increased by 9% year-over-year to RMB 1.1 billion, marking the third consecutive quarterly revenue increase [7][19] - Adjusted net loss decreased by 44%, with adjusted net margin narrowing to minus 12% from minus 24% in the same period of last year [7][25] - GAAP net loss in Q4 was RMB 179.5 million, narrowing by 53.2% on a yearly basis and about 40% sequentially [24][25] Business Line Data and Key Metrics Changes - Revenue from paid membership totaled over RMB 400 million in Q4, with a year-over-year growth rate of 93% [7][20] - Vocational training revenue reached RMB 84.6 million in Q4, a significant increase of 281% from RMB 22.2 million in the same period of 2021 [20] - Revenue from enterprise-oriented business, including online advertising and CCS, decreased by 23% year-over-year in Q4 due to pandemic-related disruptions [8][21] Market Data and Key Metrics Changes - Average monthly active users (MAUs) grew to 101 million by year-end 2022, with a 14% year-over-year increase in content creators, totaling 53.1 million [6][19] - Daily education-related searches increased significantly, accounting for a meaningful portion of total daily searches in Q4 [14] Company Strategy and Development Direction - The company is focused on a "Community Ecosystem First" strategy, aiming to expand high-quality content and user engagement [6][19] - Plans to invest in AI-based large language models (LOMs) and enhance technical capabilities to improve user experience and content creation [15][16] - The company aims to grow its user-oriented business, particularly in paid memberships and vocational training, which are expected to contribute significantly to total revenues [19][20] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges faced in 2022 due to COVID-19 and economic turmoil but expressed confidence in the company's resilience and growth potential [6][19] - The company anticipates continued growth in its community and education-related businesses, with a focus on technology investments to enhance operational efficiency [39][56] Other Important Information - As of December 31, 2022, the company had cash and cash equivalents of RMB 6.3 billion and had repurchased 6.5 million Class A ordinary shares at a total cost of USD 16.7 million [25] Q&A Session Summary Question: What are Zhihu's strategies for integrating large language models? - Management is evaluating both self-development and collaboration with third parties to empower content creation [28][30] Question: What are the company's priorities for 2023? - The company will continue with its ecosystem-first strategy, focusing on community and education-related business growth [33][35] Question: How is the advertising and CCS business recovering? - Recovery depends on the macroeconomic environment in China, which may take time [42] Question: What is the outlook for gross profit margin and breakeven timing? - Gross profit margin improved to about 56% in Q4, with expectations of around 50% on average moving forward [44][45] Question: What is the strategy for the membership business? - The membership business is expected to achieve high growth, with a focus on enhancing the content creation ecosystem [46][51] Question: What are the medium to long-term goals for the education segment? - The education-related business is seen as a massive market with opportunities for both organic growth and M&A [52][55]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 Zhihu Inc. （於開曼群島註冊成立以不同投票權控制的有限責任公司） （股份代號：2390） 截至2022年12月31日止年度業績公告 知乎（「本公司」）董事（「董事」）會（「董事會」）欣然宣佈，本公司、其附屬公司及 綜合聯屬實體（「本集團」）截至2022年12月31日止年度（「報告期間」）的未經審計 年度合併業績（「未經審計年度業績」），連同2021年同期的比較數字。該等年度業 績乃根據美國公認會計準則（「美國公認會計準則」）編製，並已由董事會審核委員 會（「審核委員會」）審閱。 於本公告內，「我們」指本公司及（倘文義另有所指）本集團（定義見「一般資料」一 節）。 1 財務表現摘要 | --- | --- | --- | --- | |----------------------------------|-------------------------|-------------------- ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 Zhihu Inc. （於開曼群島註冊成立以不同投票權控制的有限責任公司） （股份代號：2390) 內幕消息 截至2022年12月31日止季度及全年 未經審計財務業績 | --- | --- | |------------------------------------------------------------------------------------------------------------------|------------------| | | | | 本公告乃根據香港聯合交易所有限公司證券上市規則第 13.09 例（第 571 章）第 XIVA 部刊發。 | 條及證券及期貨條 | | 知乎（「 本公司 」）欣然宣佈本公司及其附屬公司及綜合聯屬實體截至 31 日止三個月及財政年度的未經審計簡明合併業績。 | 2022 年 12 月 | 本公司欣然宣佈，根據美國證券交易委員會（「 ...

Zhihu Inc. (NYSE:ZH) Q3 2022 Earnings Conference Call November 30, 2022 7:00 AM ET Company Participants Jingjing Du – Head-Investor Relations Zhou Yuan – Chairman and Chief Executive Officer Sun Wei – Chief Financial Officer Conference Call Participants Steve Qu – Goldman Sachs Xueqing Zhang – CICC Ashley Xu – Credit Suisse Yiwen Zhang – China Renaissance Operator Ladies and gentlemen, thank you for standing by, and welcome to the Zhihu Inc. Third Quarter 2022 Financial Results Conference Call. At this time ...