Company: ZHIHF
Filing Date: 2025-04-15
Form Type: 20-F
Source: 0001410578-25-000729
Chunk: 172

Company: Zhihu Inc.
Filing Date: 2025-04-15
Form: 20-F
Item: Item 3
Chunk 172
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 from 9.8 million in 2022 to 14.5 million in 2023, and further to 15.0 million in 2024. The increase in average monthly subscribing members, both in absolute terms and as a percentage of average MAUs for the same period, reflects the wider acceptance of the paid membership among our community, demonstrating our content enhancements and refined user experience.

Vocational training. We offer various types of vocational trainings to further enhance our monetization channels. Our vocational training courses primarily consist of pre-recorded audio-video courses and live online training courses. Course fees are generally collected in advance and are initially recorded as contract liability. For vocational training business, revenue is recognized proportionately over the relevant period in which the training courses are delivered.

Others. Other revenue is mainly generated from the sales of our private label products and book series, as well as revenue from our e-commerce services. We have been strategically identifying opportunities for expanding our revenue streams.

Cost of Revenues

Our cost of revenues primarily consists of: (i) content and operational costs, (ii) cloud service and bandwidth costs, (iii) staff costs, and (iv) payment processing costs. Content and operational costs primarily include payments for content creators with respect to content included in our premium content library, other content-related costs and other business-related execution costs.

The following table sets forth a breakdown of our cost of revenues by nature both in absolute amount and as a percentage of our revenue for the periods indicated.

                                            For the Year Ended December 31,                                                                           
                                                                       2022                     2023                     2024                         
                                                                        RMB         %            RMB         %            RMB          US$         %  
                                         (in thousands, except percentages)                                                                           
 ──────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Cost of revenues                                                                                                                                    
  Content and operational costs                                     906,224      25.1      1,033,878      24.6        707,710       96,956      19.7  
  Cloud service and bandwidth costs                                 403,442      11.2        280,045       6.7        195,248       26,749       5.4  
  Staff costs                                                       206,633       5.7        248,678       5.9        218,873       29,985       6.1  
  Payment