Company: ZHIHF
Filing Date: 2025-04-15
Form Type: 20-F
Source: 0001410578-25-000729
Chunk: 321

Company: Zhihu Inc.
Filing Date: 2025-04-15
Form: 20-F
Item: Item 5
Chunk 321
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 Affecting Our Results of Operations
Our results of operations are affected by the following factors.

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Our content offerings
As an online content community, the overall scale of our user base, level of user engagement, and content creation all depend on the breadth, depth, richness, and quality of our content offerings. As of December 31, 2024, our community had 874.6 million cumulative pieces of content, including 654.8 million cumulative Q&As. The ever-growing Zhihu content has expanded to include timely content covering trending events to satisfy the needs and improve the experience of our increasingly diverse user base. In addition, our constantly broadening content coverage and diverse content formats cater to our users’ continually evolving preferences. We have been deepening our content and adding new product categories to cover a wider spectrum of content consumption scenarios in our users’ daily lives. We will continue to motivate and support content creators to create more high-quality content. Furthermore, we have developed and will continue to develop utilities and incentives to facilitate the content creation process.
Our user base
Our business and revenue growth are supported by our ability to maintain a consistent and active user base. Our vibrant community helps us motivate content creators to produce more high-quality content, which further stimulates user interactions and spending. With the larger and more engaged user base, more content creators have emerged on Zhihu. We provide multiple channels for content creators to monetize their contributions in our community.
Our average MAUs was 101.3 million in 2022, 105.3 million in 2023, and 83.0 million in 2024. Benefiting from our large user base and comprehensive content offerings, we have created a vibrant community with increasing numbers of subscribing members and other customers. For example, our average monthly subscribing members increased significantly from 9.8 million in 2022 to 14.5 million in 2023, and further to 15.0 million in 2024. In addition, our large and engaged user base has attracted merchants and brands to our community and to pursue more effective branding and advertising.
Our content-centric monetization
Our revenue and business scale depend on our ability to further enhance our monetization by optimizing the effectiveness of our diversified monetization model for each revenue stream and expanding our revenue streams.
We have been expanding our service offerings to meet the diverse needs of our users, content creators and business partners. We have been enhancing our content-centric monetization in each of our revenue streams, including marketing services