Company: ZHIHF
Filing Date: 2025-04-15
Form Type: 20-F
Source: 0001410578-25-000729
Chunk: 323

Company: Zhihu Inc.
Filing Date: 2025-04-15
Form: 20-F
Item: Item 5
Chunk 323
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 Operations
Revenue
We generate revenue primarily through (i) marketing services, (ii) paid membership, (iii) vocational training, and (iv) other services. The following table sets forth a breakdown of revenue by type both in absolute amount and as a percentage of our revenue for the periods indicated.

          ​             ​       ​       ​     ​    ​        ​       ​     ​    ​        ​       ​       ​      ​     ​ 
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​                       ​                                                               For the Year Ended December 31,
​                       ​                   2022    ​                   2023    ​                                  2024
​                                 RMB          %              RMB          %              RMB            US$          %
​                       ​                                                            (in thousands, except percentages)
Revenue                 ​           ​   ​      ​    ​           ​   ​      ​    ​           ​   ​          ​   ​      ​
Marketing services(1)   ​   1,956,480   54.3            1,652,992   39.4            1,247,092        170,851   34.7    
Paid membership         ​   1,230,804   34.1            1,826,557   43.5            1,761,978        241,390   49.0    
Vocational training     ​     248,266   6.9               565,585   13.5              468,111         64,131   13.0    
Others                  ​     169,369   ​    4.7    ​     153,755   ​    3.6    ​     121,724   ​     16,676   ​    3.3
Total                       3,604,919   100.0           4,198,889   100.0           3,598,905        493,048   100.0   
Notes:

(1)   Starting in 2023, we collectively reported the revenues generated from advertising and content-commerce solutions as “marketing services revenue” to better present our business and results of operations in line with our overall strategies. For comparison purposes, the breakdown of our revenues for the year ended December 31, 2022 have been retrospectively re-classified.
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Marketing services. We generate revenue from marketing services, which primarily consist