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 ...

[Clarification Announcement](index=1&type=section&id=Clarification%20Announcement) [Clarification Regarding the Chinese Version of the Q3 2022 Earnings Announcement](index=1&type=section&id=Clarification%20Regarding%20the%20Chinese%20Version%20of%20the%20Q3%202022%20Earnings%20Announcement) This announcement clarifies a data inconsistency in the Chinese version of the Q3 2022 earnings announcement, correcting vocational training revenue figures while other content remains unchanged Vocational Training Revenue Comparison Before and After Correction (Q3 2022) | Item | Q3 2022 (Corrected) (RMB Million) | Q3 2021 (RMB Million) | YoY Growth (%) | | :--- | :--- | :--- | :--- | | Vocational Training Revenue | 78.0 | 14.0 | 457.1 | - Vocational training revenue's **strong growth** is primarily attributed to the company's introduction of **more diversified courses**, attracting an **increase in paying members**[1](index=1&type=chunk)

Financial Performance - Total revenue for the six months ended June 30, 2022, was RMB 1,579,243 thousand, representing a 41.4% increase from RMB 1,116,638 thousand in the same period of 2021[7]. - Gross profit for the same period was RMB 735,145 thousand, up 13.2% from RMB 649,224 thousand year-over-year[7]. - Operating loss increased to RMB (1,108,844) thousand, a 60.0% rise compared to RMB (692,999) thousand in the prior year[7]. - Net loss for the six months was RMB (1,101,304) thousand, reflecting a 70.5% increase from RMB (645,777) thousand in 2021[7]. - Adjusted net loss, a non-GAAP measure, was RMB (811,200) thousand, which is 105.9% higher than RMB (393,905) thousand in the previous year[7]. - Total comprehensive loss for the six months ended June 30, 2022, was RMB (940,327) thousand, compared to RMB (747,933) thousand in the same period of 2021, representing an increase in comprehensive losses of approximately 25.7%[97]. User Engagement and Growth - Average monthly active users (MAUs) reached 103.7 million, a 15.7% increase from 89.7 million in the same period last year[7]. - Average monthly paying members increased to 7.7 million, representing a significant growth of 75.8% from 4.4 million in 2021[7]. - Average monthly page views rose by 18.0% to 573.5 million in the first half of 2022[15]. - 73.8% of average monthly active users were under 30 years old as of June 30, 2022[15]. Revenue Streams - Paid membership revenue increased by 75.1% year-on-year in the first half of 2022[13]. - Content commercialization solutions revenue grew by 42.3% to RMB 467.2 million from RMB 328.3 million year-over-year, reflecting continuous efforts in developing this business line[27]. - The company generates revenue through paid membership services, allowing users to access exclusive content for a duration ranging from one to twelve months[141]. - Advertising revenue is primarily derived from contracts with clients, with major formats including display ads charged on a cost-per-thousand-impressions (CPM) basis and cost-per-click (CPC) model[142]. Expenses and Costs - Total operating expenses increased to RMB 1,844.0 million from RMB 1,342.2 million year-over-year[29]. - Cost of revenue rose to RMB 844.1 million, representing 53.4% of total revenue, compared to 41.9% in the same period last year[30]. - Sales and marketing expenses for the same period were RMB 1,039.0 million, up 31.5% from RMB 789.9 million in 2021, primarily due to increased promotional and advertising expenses to attract new users and enhance brand awareness[33]. - Research and development expenses increased to RMB 390.1 million, a 72% rise from RMB 226.9 million in the previous year, reflecting ongoing investments in technology infrastructure and an increase in R&D personnel[33]. Corporate Governance - The company has established three committees: Audit Committee, Remuneration Committee, and Nomination and Corporate Governance Committee to oversee specific areas of the company's affairs[58]. - The Audit Committee consists of three independent non-executive directors and is responsible for reviewing the financial reporting process and risk management systems[59]. - The company has complied with the corporate governance code as per the Hong Kong Stock Exchange rules, except for the separation of the roles of Chairman and CEO[55]. - The company will continue to review and monitor its corporate governance practices to ensure compliance with the latest corporate governance code[55]. Share Structure and Equity - The company has a dual-class share structure with A shares having one vote per share and B shares having ten votes per share, with B shares representing approximately 38.52% of the voting rights[51]. - The company will issue 19,211,343 A shares to dual-class shareholders upon conversion of all issued B shares, which is about 5.90% of the total issued A shares[52]. - The company has a total of 19,211,343 Class B ordinary shares held by MO Holding Ltd, representing 100% of that class[70]. - The company has a total of 1,550,000,000 Class A common shares and 50,000,000 Class B common shares as of June 2022[179]. Cash Flow and Liquidity - Cash and cash equivalents, along with restricted cash, decreased by 4.8% to RMB 70.2 billion as of June 30, 2022, from RMB 73.7 billion as of December 31, 2021[39]. - Net cash used in operating activities was RMB (515.1) million, compared to RMB (145.7) million in the previous year[40]. - The liquidity assessment indicates that cash and short-term investments are sufficient to meet the company's operational and financial commitments for at least the next twelve months[128]. Investments and Acquisitions - The company acquired 55% of Prez Limited for a total purchase price of RMB 83.9 million, with the remaining 45% subject to a five-year service period for the founder[165]. - The company acquired 55% of Yincheng Limited for a total purchase price of RMB 35.6 million, with the remaining 45% subject to a six-year service period for the founder[165]. Variable Interest Entities (VIEs) - The company has established contracts that grant it actual control over the VIEs, ensuring it can influence their economic performance significantly[113]. - The VIEs' financial results are consolidated into the company's financial statements, reflecting their importance to the overall business model[110]. - The exclusive business cooperation agreement allows the foreign-invested enterprises to receive substantial economic benefits from the VIEs, with service fees paid by the VIEs amounting to RMB 149.9 million and RMB 231.5 million for the six months ending June 30, 2021, and 2022, respectively[114]. Stock Incentive Plans - The company has implemented equity incentive plans, with expenses recognized based on the fair value of the granted equity incentives[146]. - The total equity incentive expense recognized in profit or loss for the six months ended June 30, 2022, was RMB 278.3 million[198]. - The maximum number of shares to be issued under the 2022 incentive plan is capped at 39,128,194 shares[194].

Zhihu Inc. (NYSE:ZH) Q2 2022 Earnings Conference Call August 30, 2022 7:30 AM ET Company Participants Jingjing Du - Head of Investor Relations Yuan Zhou - Founder, Chairman & Chief Executive Officer Sun Wei - Chief Financial Officer Conference Call Participants Xueqing Zhang - CICC Ashley Xu - Credit Suisse Operator Ladies and gentlemen, thank you for standing by and welcome to the Zhihu Inc. Second Quarter and Half Year Interim '22 Financial Results Conference Call. [Operator Instructions] Today's conferen ...