Zhihu Inc. has steadily reduced its operating losses from -$232.5 million in 2022 to -$72.5 million in 2025, supported by improving operational efficiency and prudent cash management detailed in recent SEC filings. The company maintains robust liquidity with a current ratio near 3.73 and significant cash reserves primarily denominated in Renminbi. Despite ongoing negative cash flows, disciplined capital allocation includes consistent share repurchases, reflecting management’s focus on shareholder value within liquidity constraints. Key risks include limited revenue disclosure and ongoing credit loss provisions, which bear close monitoring for financial resilience.