Company: ZHIHF
Filing Date: 2025-04-15
Form Type: 20-F
Source: 0001410578-25-000729
Chunk: 98

Company: Zhihu Inc.
Filing Date: 2025-04-15
Form: 20-F
Item: Item 3
Chunk 98
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 collectively enhance user participation and contribute to the vibrant and interactive environment of the Zhihu community.

Our users are instrumental in building and maintaining our community culture of sincerity, expertise, and respect. We provide a set of comprehensive community identity and recognition systems that strengthen users’ sense of community belonging. Our high-quality content and strong brand have enabled us to effectively expand our user base while maintaining user loyalty.

We have implemented a systematic approach in managing our user growth. Our product, content, community governance, technology, and sales and marketing teams collaborate closely with our experienced management team to align and execute our user growth strategies, ensuring optimized user acquisition. We also strategically deploy multi-dimensional user growth strategies to complement our word-of-mouth referrals, such as brand marketing, targeted campaigns, and pre-installations on mobile devices. To adapt to dynamic market conditions and competitive landscape, we consistently review and refine our user growth strategy. For example, we prioritize promoting Zhihu as an online community where everyone can find their own answers to attract users with broader and more diverse backgrounds. We also emphasize our strength as the go-to online community for content coverage on trending topics with significant social impact.

Our Monetization

We have adopted a multi-engine, content-centric monetization approach. We derive revenues from marketing services, paid membership, vocational training, and other services such as sales of our private label products and book series.

Table of Contents

Marketing Services

At the beginning of 2023, we optimized our organizational structure by combining our advertising and content commerce solutions services into a “marketing services” business, offering our merchants and brands more effective and comprehensive marketing solutions. Currently, our marketing services primarily consist of online advertising services and content-commerce solutions.

Our online advertising services help merchants and brands deliver advertisements effectively to their targeted audience. Our customers are generally attracted by our expanding user base, high-quality user profiles, and the content generated in our community. They typically select target audiences based on user profiles and review performance indices instead of specifying target content categories or monitoring other similar metrics. Our online advertising services primarily include launch-screen and feed advertisements. Advertisements can be placed in various areas on our Zhihu app and website in diverse formats. Merchants and brands can place display-based or performance-based advertisements. We charge these advertisements by the cost-per-mille model, the cost-per-click model and the cost-per-day model. 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