Company: ZHIHF
Filing Date: 2025-04-15
Form Type: 20-F
Source: 0001410578-25-000729
Chunk: 11

Company: Zhihu Inc.
Filing Date: 2025-04-15
Form: 20-F
Item: Item 3
Chunk 11
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 foreseeable future. We currently intend to retain most, if not all, of our available funds and any future earnings to operate and expand our business. See “ Item 8. Financial Information - A. Consolidated Statements and Other Financial Information - Dividend Policy.” For PRC and United States federal income tax considerations of an investment in our ADSs, see “ Item 10. Additional Information - E. Taxation.”

A. [Reserved]

Selected Financial Data

The following selected consolidated statements of operations data and selected consolidated statements of cash flow data for the years ended December 31, 2022, 2023, and 2024, and the selected consolidated balance sheets data as of December 31, 2023 and 2024 have been derived from our audited consolidated financial statements, which are included in this annual report beginning on page F-1. Our historical results are not necessarily indicative of results expected for future periods. You should read this selected financial data together with our audited consolidated financial statements and the related notes and information under “ Item 5. Operating and Financial Review and Prospects” in this annual report. Our consolidated financial statements are prepared and presented in accordance with accounting principles generally accepted in the United States of America, or U. S. GAAP.

Table of Contents

The following table sets forth our selected consolidated statements of operations data for the years indicated.

                                                            For the Year Ended December 31,                                                     
                                                                                       2022             2023             2024                   
                                                                                        RMB              RMB              RMB              US$  
                                                                             (in thousands)                                                     
 ────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Selected Consolidated Statements of Operations Data:                                                                                          
  Revenues                                                                        3,604,919        4,198,889        3,598,905          493,048  
  Cost of revenues                                                              (1,796,867)      (1,903,041)      (1,418,076)        (194,276)  
  Gross profit                                                                    1,808,052        2,295,848        2,180,829          298,772  
  Selling and marketing expenses                                                (2,026,468)      (2,048,090)      (1,599,186)        (219,088)  
  Research and development expenses                                               (763,362)        (901,452)        (732,553