Company: ZHIHF
Filing Date: 2025-04-15
Form Type: 20-F
Source: 0001410578-25-000729
Chunk: 331

Company: Zhihu Inc.
Filing Date: 2025-04-15
Form: 20-F
Item: Item 5
Chunk 331
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​                                     ​                     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% from a loss from operations of RMB1.1 billion in 2023.
Investment Income
Our investment income increased from RMB41.7 million