Company: ZHIHF
Filing Date: 2025-04-15
Form Type: 20-F
Source: 0001410578-25-000729
Chunk: 177

Company: Zhihu Inc.
Filing Date: 2025-04-15
Form: 20-F
Item: Item 3
Chunk 177
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54.7% and 60.6%, respectively. The increase in gross profit margin was primarily due to monetization enhancements and improvements in our operating efficiency.

Table of Contents

Operating Expenses

                                              For the Year Ended December 31,                                                                       
                                                                         2023           2024                   Change                               
                                                                          RMB            RMB          US$      RMB                 US$           %  
                                           (in thousands, except percentages)                                                                       
 ────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Operating expenses                                                                                                                                
  Selling and marketing expenses                                    2,048,090      1,599,186      219,088      (448,904)      (61,500)      (21.9)  
  Research and development expenses                                   901,452        732,553      100,359      (168,899)      (23,139)      (18.7)  
  General and administrative expenses                                 418,531        330,173       45,234      (88,358)       (12,105)      (21.1)  
  Total                                                             3,368,073      2,661,912      364,681      (706,161)      (96,744)      (21.0)  

Selling and Marketing Expenses. Our selling and marketing expenses decreased by 21.9% from RMB2,048.1 million in 2023 to RMB1,599.2 million (US$219.1 million) in 2024, primarily due to more disciplined promotional spending and a decrease in personnel-related expenses.

Research and Development Expenses. Our research and development expenses decreased by 18.7% from RMB901.5 million in 2023 to RMB732.6 million (US$100.4 million) in 2024, primarily due to more efficient spending on technology innovation and a decrease in personnel-related expenses.

General and Administrative Expenses. Our general and administrative expenses decreased by 21.1% from RMB418.5 million in 2023 to RMB330.2 million (US$45.2 million) in 2024, primarily due to lower share-based compensation expenses.

Loss from Operations

As a result of the foregoing, we had a loss from operations of RMB481.1 million (US$65.9 million) in 2024, narrowed by 55.1%