Company: ZHIHF
Filing Date: 2025-04-15
Form Type: 20-F
Source: 0001410578-25-000729
Chunk: 173

Company: Zhihu Inc.
Filing Date: 2025-04-15
Form: 20-F
Item: Item 3
Chunk 173
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 processing costs                                          136,778       3.8        198,199       4.7        168,151       23,037       4.7  
  Others                                                            143,790       4.0        142,241       3.4        128,094       17,549       3.5  
  Total                                                           1,796,867      49.8      1,903,041      45.3      1,418,076      194,276      39.4  

Gross Profit and Gross Profit Margin

Our gross profit increased from RMB1.8 billion in 2022 to RMB2.3 billion in 2023, and decreased to RMB2.2 billion (US$0.3 billion) in 2024. Our gross profit margin was 50.2% in 2022, 54.7% in 2023, and 60.6% in 2024.

Table of Contents

Operating Expenses

Our operating expenses consist of (i) selling and marketing expenses, (ii) research and development expenses, and (iii) general and administrative expenses.

The following table sets forth a breakdown of our operating expenses 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)                                                                           
 ────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Operating expenses                                                                                                                                    
  Selling and marketing expenses                                    2,026,468      56.2      2,048,090      48.8      1,599,186      219,088      44.4  
  Research and development expenses                                   763,362      21.2        901,452      21.5        732,553      100,359      20.4  
  General and administrative expenses                                 621,973      17.2        418,531       9.9        330,173       45,234       9.2  
  Total                                                             3,411,803      94.6      3,368,073      80