Company: ZHIHF
Filing Date: 2025-04-15
Form Type: 20-F
Source: 0001410578-25-000729
Chunk: 320

Company: Zhihu Inc.
Filing Date: 2025-04-15
Form: 20-F
Item: Item 5
Chunk 320
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Item 5.OPERATING AND FINANCIAL REVIEW AND PROSPECTS
You should read the following discussion and analysis of our financial condition and results of operations in conjunction with our consolidated financial statements and the related notes included elsewhere in this annual report on Form 20-F. This discussion may contain forward-looking statements based upon current expectations that involve risks and uncertainties. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of various factors, including those set forth under “Item 3. Key Information—D. Risk Factors” or in other parts of this annual report.
A.Operating Results
Since we launched our business in 2010, we have been dedicated to expanding our content and service offerings to meet the diverse needs of our users, content creators, and business partners. We have grown from a Q&A community into one of the largest comprehensive online content communities in China. Our average MAUs were 105.3 million in 2023 and 83.0 million in 2024. Our average monthly subscribing members were 14.5 million in 2023 and 15.0 million in 2024. As of December 31, 2024, Zhihu had 77.7 million cumulative content creators, who had contributed 874.6 million cumulative pieces of content covering over 1,000 verticals. We continue to launch new monetization channels such as offering vocational training. We believe that we are still in an early stage of monetization with significant potential for growth across multiple monetization channels.
Our revenues increased from RMB3.6 billion in 2022 to RMB4.2 billion in 2023 and decreased to RMB3.6 billion (US$0.5 billion) in 2024. 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 net loss was RMB1.6 billion in 2022, RMB839.5 million in 2023, and RMB169.0 million (US$23.1 million) in 2024. We had net operating cash outflows of RMB1.1 billion, RMB415.5 million, and RMB280.2 million (US$38.4 million) in 2022, 2023, and 2024, respectively.
Key Factors