Company: ZHIHF
Filing Date: 2025-04-15
Form Type: 20-F
Source: 0001410578-25-000729
Chunk: 329

Company: Zhihu Inc.
Filing Date: 2025-04-15
Form: 20-F
Item: Item 5
Chunk 329
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         16,676   ​     (32,031)    ​     (4,388)    ​     (20.8)
Total                     4,198,889            3,598,905            493,048         (599,984)         (82,197)         (14.3)
​
Our revenues decreased by 14.3% from RMB4.2 billion in 2023 to RMB3.6 billion (US$0.5 billion) in 2024.
Marketing services. Marketing services revenue decreased by 24.6% from RMB1.7 billion in 2023 to RMB1.2 billion (US$170.9 million) in 2024. The decrease was primarily due to our proactive and ongoing refinement of service offerings to strategically focus on margin improvement.
Paid Membership. Paid membership revenue decreased slightly by 3.5% from RMB1.83 billion in 2023 to RMB1.76 billion (US$241.4 million) in 2024, primarily due to a marginal decline in our average revenue per subscribing member.
Vocational training. Vocational training revenue decreased from RMB565.6 million in 2023 to RMB468.1 million (US$64.1 million) in 2024, primarily due to lower revenue contributions from our acquired businesses, partially offset by the growth of our self-operated course offerings.
Others. Other revenue decreased from RMB153.8 million in 2023 to RMB121.7 million (US$16.7 million) in 2024.
Cost of Revenues

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​                                    ​                     For the Year Ended December 31,   ​             ​   ​            ​   ​          ​
​                                    ​        2023   ​                                2024   ​                                        Change
​                                              RMB                  RMB                US$               RMB              US$              %
​                                    ​                                                                    (in thousands, except percentages)
Cost of revenues                     ​                                                                                                      
Content and operational costs        ​   1,033,878              707,710             96,956         (326,168)         (44,685)         (31.5)
Cloud services and bandwidth costs   ​     280,045              195,248             26,749