Company: ZHIHF
Filing Date: 2025-04-15
Form Type: 20-F
Source: 0001410578-25-000729
Chunk: 353

Company: Zhihu Inc.
Filing Date: 2025-04-15
Form: 20-F
Item: Item 8
Chunk 353
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Notes:

  (1)      Intercompany sales of goods and services were eliminated at the consolidation level.  

  (2)      It represents the elimination of the investment in the subsidiaries by group companies.  

  (3)      The amounts due to group companies mainly represent unsettled service fees among WFOEs as primary beneficiaries, the VIEs and their subsidiaries and other subsidiaries, which are eliminated in ...  

  (4)      For the years ended December 31, 2022, 2023, and 2024, VIEs have incurred RMB572.3 million, RMB857.4 million, and RMB670.6 million (US$91.9 million) in fees related services provided by the WFO...  
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Table of Contents

B. Capitalization and Indebtedness

Not applicable.

C. Reasons for the Offer and Use of Proceeds

Not applicable.

D. Risks Factors

Summary of Risk Factors

An investment in the ADSs or our Class A ordinary shares involves significant risks. Below is a summary of material risks that we face, organized under relevant headings. These risks are discussed more fully in “ Item 3. Key Information - D. Risk Factors.”

Risks Relating to Our Business and Industry

  Our business depends on our ability to offer high-quality user-generated content for our users.  

  Our success depends on our ability to attract and maintain an engaged user base.  

  If we fail to maintain and strengthen our community culture, brand, and reputation, our ability to expand our user base and enhance content-centric monetization could be impaired, and our busin...  

  We have incurred net loss and negative operating cash flow in the past, which may continue in the future.  
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  We may not be able to manage our growth effectively, which may compromise the success of our business.  
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  We are subject to risks associated with financing activities and liquidity.  

  If we fail to retain or attract merchants and brands, or to increase their spending with us, our business, financial condition, and results of operations may be materially and adversely affected.  
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