Company: ZHIHF
Filing Date: 2025-04-15
Form Type: 20-F
Source: 0001410578-25-000729
Chunk: 334

Company: Zhihu Inc.
Filing Date: 2025-04-15
Form: 20-F
Item: Item 5
Chunk 334
---
 the assets or earnings of the variable interest entities and their subsidiaries through contractual arrangements.
We believe that, taking into account the cash and cash equivalents on hand and the financial resources available to us, including internally generated funds, we have sufficient working capital for our present requirement, which is, for at least the next 12 months from the date of this annual report.
Our short-term investments mainly include investments in financial instruments with a variable interest rate indexed to performance of underlying assets for cash management purposes. From the cash management and risk control perspective, we diversify our investment portfolios and mainly purchase low risk products from reputable banks in China and overseas and prefer those products with high liquidity. We prudently manage our short-term investments portfolio and their respective term to ensure that we have short-term investments readily convertible into cash from time to time in the event that there is a need for liquidity.
Our trade receivables primarily consist of outstanding amounts payable by third parties. Our trade receivables decreased from RMB834.3 million as of December 31, 2022 to RMB664.6 million as of December 31, 2023, and further to RMB420.6 million (US$57.6 million) as of December 31, 2024. We applied ASC Topic 326 to measure current expected credit losses for all trade receivables. We recorded provision of allowance for expected credit losses of trade receivables of RMB92.9 million, RMB122.7 million, and RMB147.5 million (US$20.2 million) as of December 31, 2022, 2023, and 2024, respectively.

110

Accounts payable and accrued liabilities represent (i) accrued sales rebates, (ii) operational costs payables and accruals, and (iii) marketing expenses payables and accruals. Accounts payable and accrued liabilities increased from RMB916.1 million as of December 31, 2022 to RMB1.0 billion as of December 31, 2023, and decreased to RMB835.7 million (US$114.5 million) as of December 31, 2024, primarily due to a decrease in operational costs payables and accruals.
Cash Flows
The following table sets forth a summary of our cash flows for the periods indicated.

                                      ​                                         ​        ​         ​          ​         ​         ​        ​        ​    
---------------------------------------------------------------------------------------------------------------------------------------------------------
​                                                                               ​                                         For the Year Ended