Company: ZHIHF
Filing Date: 2025-04-15
Form Type: 20-F
Source: 0001410578-25-000729
Chunk: 176

Company: Zhihu Inc.
Filing Date: 2025-04-15
Form: 20-F
Item: Item 3
Chunk 176
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  Revenues                                                                                                                          
  Marketing services                                1,652,992      1,247,092      170,851      (405,900)      (55,608)      (24.6)  
  Paid membership                                   1,826,557      1,761,978      241,390       (64,579)       (8,847)       (3.5)  
  Vocational training                                 565,585        468,111       64,131       (97,474)      (13,354)      (17.2)  
  Others                                              153,755        121,724       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

                                             For the Year Ended December 31,                                                                       
                                                                        2023           2024                      Change