Company: ZHIHF
Filing Date: 2025-04-15
Form Type: 20-F
Source: 0001410578-25-000729
Chunk: 325

Company: Zhihu Inc.
Filing Date: 2025-04-15
Form: 20-F
Item: Item 5
Chunk 325
---
 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 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.

105

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