Company: ZHIHF
Filing Date: 2025-04-15
Form Type: 20-F
Source: 0001410578-25-000729
Chunk: 100

Company: Zhihu Inc.
Filing Date: 2025-04-15
Form: 20-F
Item: Item 3
Chunk 100
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 provide commissioned works and copyright holders that grant us licenses for specific copyrighted works. We also offer an on-demand access option to our content library to supplement our Yan Selection membership program. In 2024, we had an average of 15.0 million monthly subscribing members, increased by 3.7% from 14.5 million in 2023. We expect to expand our paid membership services by continually enhancing the quality of our premium content, including professionally generated and professional user-generated content, while diversifying the spectrum of our premium content library.

Vocational Training

We launched our vocational training service in 2020. We offer a diverse course portfolio primarily focusing on professional qualification exams and other vocational education, which is a valuable supplement to our content offerings. In 2024, we generated RMB468.1 million (US$64.1 million) in revenues from our vocational training services.

Table of Contents

We utilize our existing technological infrastructure, including our content distribution engine, customer relationship management, data management platform, and transaction system, to advance the development of our vocational training services. We attract users by creating and distributing content that stimulates users’ interest in topics that relate to our courses and that encourages users to purchase such courses. In addition to our proprietary vocational training business, we also conduct strategic acquisitions to strengthen our content supply. Since 2021, we have enriched the content supply for our vocational training services through acquisitions of equity interests in companies that provide certain vocational training courses. Overall, our vocational skill and interest courses have been particularly popular, such as AGI and film post-production, and have also shown stronger profit margins. In 2024, we strategically streamlined our portfolio to concentrate on high-performing categories in which we demonstrate a competitive edge.

Other Monetization Channels

As part of our efforts to grow our content portfolio and cater to the evolving trend of our users’ content consumption, we continue to identify and introduce additional products and services. We believe that there are significant monetization opportunities across many of our content domains, such as e-commerce, where users are highly engaged and we have accumulated a vast repository of content.

Our e-commerce operations enable content creators to seamlessly integrate actionable utilities in their content to introduce and recommend products to our users. We currently drive traffic externally to third-party e-commerce platforms, which pay us commissions based on pre-agreed percentages of the relevant GMV realized on these platforms. We then split the commissions with the respective content creators.

Our trustworthy brand image makes Zhihu popular in various product categories.