Company: ZHIHF
Filing Date: 2025-04-15
Form Type: 20-F
Source: 0001410578-25-000729
Chunk: 171

Company: Zhihu Inc.
Filing Date: 2025-04-15
Form: 20-F
Item: Item 3
Chunk 171
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247,092      170,851       34.7  
  Paid membership                                      1,230,804       34.1      1,826,557       43.5      1,761,978      241,390       49.0  
  Vocational training                                    248,266        6.9        565,585       13.5        468,111       64,131       13.0  
  Others                                                 169,369        4.7        153,755        3.6        121,724       16,676        3.3  
  Total                                                3,604,919      100.0      4,198,889      100.0      3,598,905      493,048      100.0  

Notes:

  (1)      Starting in 2023, we collectively reported the revenues generated from advertising and content-commerce solutions as “marketing services revenue” to better present our business and results of o...  
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Marketing services. We generate revenue from marketing services, which primarily consist of advertising revenue and revenue from content-commerce solutions. We experienced a decline in our marketing services revenue in 2022, 2023 and 2024 primarily due to our proactive and ongoing refinement of service offerings to strategically focus on margin improvement.

Table of Contents

Our customers are generally attracted by the consistent and active user base, high-quality user profiles, and the content generated in our community. They typically select target audience based on user profiles and review performance indices instead of specifying target content category or monitoring other similar metrics. We do not believe that we have concentration in terms of user profiles. The pricing of our advertising is determined based on our internally-set price guidelines that are updated from time to time. The guidelines generally take into consideration factors including, among other things, nature and type of customers, products and services to be marketed, prior relationships, level of comparable demands, and scale of orders, and are implemented based on the marked price for our advertising services.

Paid Membership. We generate substantially all of our paid membership revenue from Yan Selection membership fees. We officially launched our Yan Selection membership program in March 2019, and since then have continued to enhance the volume and quality of our premium content. Our average monthly subscribing members increased significantly