Company: ZHIHF
Filing Date: 2025-04-15
Form Type: 20-F
Source: 0001410578-25-000729
Chunk: 330

Company: Zhihu Inc.
Filing Date: 2025-04-15
Form: 20-F
Item: Item 5
Chunk 330
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          (84,797)         (11,617)         (30.3)
Staff costs                          ​     248,678              218,873             29,985          (29,805)          (4,083)         (12.0)
Payment processing costs             ​     198,199              168,151             23,037          (30,048)          (4,117)         (15.2)
Others                               ​     142,241              128,094             17,549          (14,147)          (1,938)          (9.9)
Total                                ​   1,903,041            1,418,076            194,276         (484,965)         (66,440)         (25.5)
​
Our cost of revenues decreased by 25.5% from RMB1.9 billion in 2023 to RMB1.4 billion (US$194.3 million) in 2024. The decrease was primarily attributable to reduced content and operating costs associated with the decline in our revenues and a decrease in cloud services and bandwidth costs resulting from our improved technological efficiency.
Gross Profit and Gross Profit Margin

     ​         ​       ​         ​          ​         ​         ​       ​        ​        ​       ​        ​      ​  
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​              ​   For the Year Ended December 31,                     ​     ​           ​     ​          ​     ​    
​              ​   2023        ​        2024                           ​     Change                                  
​                  RMB                  RMB                  US$             RMB               US$              %    
​              ​   (in thousands, except percentages)                                                                
Gross profit       2,295,848   ​        2,180,829   ​        298,772   ​     (115,019)   ​     (15,758)   ​     (5.0)
​
In 2023 and 2024, our gross profit was RMB2.3 billion and RMB2.2 billion (US$298.8 million), respectively, and our gross profit margin was 54.7% and 60.6%, respectively. The increase in gross profit margin was primarily due to monetization enhancements and improvements in our operating efficiency.

108

Operating Expenses

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