Company: ZHIHF
Filing Date: 2025-04-15
Form Type: 20-F
Source: 0001410578-25-000729
Chunk: 170

Company: Zhihu Inc.
Filing Date: 2025-04-15
Form: 20-F
Item: Item 3
Chunk 170
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 revenue streams.

Table of Contents

Our operating efficiency

Our efficiency and margin depend on our ability to strategically increase our scale and manage our costs and expenses. As the majority of our content is generated by users, we benefit from our organically generated, diverse content that stimulates interactions among users and content creators, as well as efficient content acquisition. We also deploy resources to strategically acquire high-quality content to enrich our premium content library. As we continue to expand our revenue streams, our revenue mix and ability to manage the level of revenue sharing with content providers might also affect our gross profit margin.

We seek to continually optimize our expense structure. Our operating efficiency is significantly affected by our user acquisition strategy. In 2024. we reduced spending on community-related user acquisition, and shifted to prioritizing user experience and adopting a more organic approach to drive user growth. Moving forward, we will continue to enhance our brand recognition to achieve organic user acquisition and retention.

Our people and technology

We focus on investing in our people and technology, which are crucial for us to enrich our content offerings, further grow our user base, incentivize content creators, and attract merchants and brands. We recruit, retain, and motivate talented employees to support our growth. Our technology infrastructure supports our business model in various respects, including understanding our users, optimizing our content offerings, promoting interaction and engagement between our users and content creators, nurturing our community, and enhancing our service offerings. We will continue to develop and apply artificial intelligence technologies to keep pace with the growth of our business, scale our content offerings, and improve operating efficiency. We will continue to invest in people and technology to facilitate our future growth.

Key Components of Results of Operations

Revenue

We generate revenue primarily through (i) marketing services, (ii) paid membership, (iii) vocational training, and (iv) other services. The following table sets forth a breakdown of revenue by type both in absolute amount and as a percentage of our revenue for the periods indicated.

                                 For the Year Ended December 31,                                                                              
                                                            2022                      2023                      2024                          
                                                             RMB          %            RMB          %            RMB          US$          %  
                              (in thousands, except percentages)                                                                              
 ──────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Revenue                                                                                                                                     
  Marketing services (1)                               1,956,480       54.3      1,652,992       39.4      1,