Company: ZHIHF
Filing Date: 2025-04-15
Form Type: 20-F
Source: 0001410578-25-000729
Chunk: 168

Company: Zhihu Inc.
Filing Date: 2025-04-15
Form: 20-F
Item: Item 3
Chunk 168
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 content communities in China. Our average MAUs were 105.3 million in 2023 and 83.0 million in 2024. Our average monthly subscribing members were 14.5 million in 2023 and 15.0 million in 2024. As of December 31, 2024, Zhihu had 77.7 million cumulative content creators, who had contributed 874.6 million cumulative pieces of content covering over 1,000 verticals. We continue to launch new monetization channels such as offering vocational training. We believe that we are still in an early stage of monetization with significant potential for growth across multiple monetization channels.

Our revenues increased from RMB3.6 billion in 2022 to RMB4.2 billion in 2023 and decreased to RMB3.6 billion (US$0.5 billion) in 2024. 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 net loss was RMB1.6 billion in 2022, RMB839.5 million in 2023, and RMB169.0 million (US$23.1 million) in 2024. We had net operating cash outflows of RMB1.1 billion, RMB415.5 million, and RMB280.2 million (US$38.4 million) in 2022, 2023, and 2024, respectively.

Key Factors Affecting Our Results of Operations

Our results of operations are affected by the following factors.

Table of Contents

Our content offerings

As an online content community, the overall scale of our user base, level of user engagement, and content creation all depend on the breadth, depth, richness, and quality of our content offerings. As of December 31, 2024, our community had 874.6 million cumulative pieces of content, including 654.8 million cumulative Q& As. The ever-growing Zhihu content has expanded to include timely content covering trending events to satisfy the needs and improve the experience of our increasingly diverse user base. In addition, our constantly broadening content coverage and diverse content formats cater to our users’ continually evolving preferences. We have been deepening our content and adding new product categories to cover a wider spectrum of content consumption scenarios in our users’