ZH (ZH) financial statements

· Market cap $298M

ZH reported revenue of 2.7B CNY in fiscal 2025, up 26.5% a year over 6 years.

Net income was -193M CNY and the operating margin -18.5%, against -157.9% in 2019.

Free cash flow was -365M CNY, and the company returned 167M CNY in net buybacks.

The diluted share count rose 286% over the period (dilution).

Revenue and free cash flow

Fiscal years, $ billions (CNY).

-202462019202020212022202320242025RevenueFree cash flow
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Income statement

Fiscal years, in CNY, from ZH's 10-K filings with the SEC.

Fiscal year2019202020212022202320242025
Revenue671M CNY1.4B CNY3.0B CNY3.6B CNY4.2B CNY3.6B CNY2.7B CNY
Cost of revenue358M CNY594M CNY1.4B CNY1.8B CNY1.9B CNY1.4B CNY1.1B CNY
Gross profit312M CNY758M CNY1.6B CNY1.8B CNY2.3B CNY2.2B CNY1.6B CNY
Research and development351M CNY330M CNY620M CNY763M CNY901M CNY733M CNY525M CNY
Selling, general and admin1.0B CNY1.0B CNY2.3B CNY2.6B CNY2.5B CNY1.9B CNY1.5B CNY
Operating income-1.1B CNY-603M CNY-1.4B CNY-1.6B CNY-1.1B CNY-481M CNY-507M CNY
Pre-tax income-1.0B CNY-516M CNY-1.3B CNY-1.6B CNY-828M CNY-178M CNY-173M CNY
Income tax40,000 CNY1M CNY5M CNY14M CNY12M CNY-9M CNY22M CNY
Net income-1.0B CNY-518M CNY-1.3B CNY-1.6B CNY-844M CNY-172M CNY-193M CNY
EPS (diluted)-22.99 CNY-18.36 CNY-6.12 CNY-5.19 CNY-2.82 CNY-0.63 CNY-0.80 CNY
Diluted shares62M65M240M305M299M274M240M
Gross margin46.6%56.0%52.5%50.2%54.7%60.6%59.9%
Operating margin-157.9%-44.6%-47.0%-44.5%-25.5%-13.4%-18.5%
Net margin-149.8%-38.3%-43.9%-43.9%-20.1%-4.8%-7.0%

Balance sheet

Fiscal years, in CNY, from ZH's 10-K filings with the SEC.

Fiscal year2019202020212022202320242025
Cash and short-term investments900M CNY2.0B CNY4.4B CNY5.3B CNY3.9B CNY4.5B CNY4.2B CNY
Receivables—486M CNY832M CNY834M CNY665M CNY421M CNY358M CNY
Inventory——5M CNY10M CNY22M CNY31M CNY26M CNY
Total current assets—3.7B CNY8.3B CNY7.3B CNY6.4B CNY5.5B CNY4.7B CNY
Property, plant and equipment—8M CNY10M CNY7M CNY11M CNY8M CNY5M CNY
Goodwill——74M CNY126M CNY191M CNY126M CNY—
Total assets—3.8B CNY8.8B CNY7.7B CNY6.8B CNY5.7B CNY5.2B CNY
Total current liabilities—1.0B CNY1.9B CNY1.8B CNY1.9B CNY1.5B CNY1.3B CNY
Total liabilities—1.0B CNY2.1B CNY2.0B CNY2.1B CNY1.5B CNY1.3B CNY
Shareholders' equity-4.0B CNY-5.1B CNY6.7B CNY5.7B CNY4.6B CNY4.1B CNY3.8B CNY
Net debt-900M CNY-958M CNY-2.2B CNY-4.5B CNY-2.1B CNY-4.0B CNY-3.4B CNY

Cash flow

Fiscal years, in CNY, from ZH's 10-K filings with the SEC.

Fiscal year2019202020212022202320242025
Operating cash flow-716M CNY-244M CNY-440M CNY-1.1B CNY-416M CNY-280M CNY-364M CNY
Capital spending5M CNY2M CNY7M CNY714,000 CNY8M CNY3M CNY1M CNY
Free cash flow-720M CNY-246M CNY-448M CNY-1.1B CNY-424M CNY-283M CNY-365M CNY
Stock-based compensation180M CNY180M CNY548M CNY374M CNY165M CNY59M CNY87M CNY
Share buybacks (net)———-128M CNY-370M CNY-401M CNY-167M CNY
Free cash flow margin-107.4%-18.2%-15.1%-30.9%-10.1%-7.9%-13.3%
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Questions

What was ZH's revenue in 2025?

2.7B CNY in fiscal 2025, from its 10-K filing.

How much free cash flow does ZH generate?

-365M CNY in fiscal 2025 (operating cash flow minus capital spending).

From ZH's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.