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Core Points - Zhihu Inc. has received a Compliance Notice from the NYSE indicating that it is no longer below the minimum average share price requirement of US$1.00 over a 30 trading-day period [1] - The company had previously been notified on December 28, 2023, that it was not in compliance due to the trading price of its American Depositary Shares [1] Company Overview - Zhihu Inc. is a leading online content community in China, evolving from a Q&A platform since its launch in 2010 to one of the largest comprehensive online content communities in the country [2]

BEIJING, June 5, 2024 /PRNewswire/ -- Zhihu Inc. (NYSE: ZH; HKEX: 2390) ("Zhihu" or the "Company"), a leading online content community in China, today announced the appointment of Mr. Bin Sun as the Company's chief technology officer, effective immediately. Mr. Dahai Li resigned as the Company's chief technology officer due to his commitment of serving full-time as the chief executive officer of Modelbest, a technology start-up company dedicated to AI and large language models. Mr. Li will remain as a direc ...

Core Points - Zhihu Inc. will hold its annual general meeting (AGM) on June 26, 2024, in Beijing to consider proposed resolutions [1] - Shareholders of record as of May 24, 2024, are entitled to attend and vote at the AGM [2] - The company has filed its annual report on Form 20-F for the fiscal year ended December 31, 2023, with the SEC [2] Company Overview - Zhihu Inc. is a leading online content community in China, evolving from a Q&A platform since its launch in 2010 to one of the largest comprehensive online content communities [3]

BEIJING, May 27, 2024 /PRNewswire/ -- Zhihu Inc. ("Zhihu" or the "Company") (NYSE: ZH; HKEX: 2390), a leading online content community in China, today announced that it will report its unaudited financial results for the quarter ended March 31, 2024 before the U.S. market opens on June 12, 2024.The Company's management will host a conference call at 7:00 A.M. U.S. Eastern Time on Wednesday, June 12, 2024 (7:00 P.M. Beijing/Hong Kong Time on Wednesday, June 12, 2024) to discuss the results.All participants w ...

BEIJING, April 26, 2024 /PRNewswire/ -- Zhihu Inc. (NYSE: ZH; HKEX: 2390) ("Zhihu" or the "Company"), a leading online content community in China, today announced that it plans to change the ratio of its American depositary shares ("ADSs") to its Class A ordinary shares (the "ADS Ratio Change"), par value US$0.0001 per share, from the current ratio of two ADSs representing one Class A ordinary share to a new ratio of one ADS representing three Class A ordinary shares, effective on or about May 10, 2024, U.S ...

Financial Performance - Total revenues for 2023 reached RMB 4,198,889 thousand, representing a 16.5% increase from RMB 3,604,919 thousand in 2022[11] - Gross profit for 2023 was RMB 2,295,848 thousand, up 27.0% from RMB 1,808,052 thousand in 2022[11] - The net loss for 2023 decreased to RMB 839,528 thousand, a 46.8% improvement compared to RMB 1,578,403 thousand in 2022[11] - Adjusted loss from operations for 2023 was RMB 887,984 thousand, a 27.1% reduction from RMB 1,218,803 thousand in 2022[11] - Adjusted net loss for 2023 was RMB 659,093 thousand, down 44.9% from RMB 1,195,855 thousand in 2022[11] - Marketing services revenue decreased to RMB1.7 billion in 2023 from RMB2.0 billion in 2022, reflecting a challenging industry environment[38] - Paid membership revenue increased by 48.4% to RMB1.8 billion in 2023, up from RMB1.2 billion in 2022, driven by growth in subscribing members[38] - Vocational training revenue surged by 127.8% to RMB565.6 million in 2023, compared to RMB248.3 million in 2022, due to enhanced online course offerings and contributions from acquired businesses[38] - Gross profit rose by 27.0% to RMB2.3 billion in 2023, with gross margin expanding to 54.7% from 50.2% in 2022[42] - Total operating expenses remained flat at RMB3.4 billion in 2023, with research and development expenses increasing by 18.1% to RMB901.5 million[43] User Engagement - Average monthly active users (MAUs) increased by 4.0% to 105.3 million in 2023 from 101.3 million in 2022[11] - Average monthly subscribing members rose by 47.5% to 14.5 million in 2023, compared to 9.8 million in 2022[11] - As of December 31, 2023, the cumulative number of content creators reached 71.3 million, a 13.0% increase from 63.1 million in 2022[26] Assets and Liabilities - Total assets as of December 31, 2023, amounted to RMB 6,795,272 thousand, a decrease from RMB 7,656,239 thousand in 2022[8] - Current liabilities increased to RMB 1,945,488 thousand in 2023 from RMB 1,824,841 thousand in 2022[8] - Total shareholders' equity for Zhihu Inc. was RMB 4,599,810 thousand as of December 31, 2023, compared to RMB 5,653,696 thousand in 2022[8] Corporate Structure and Compliance - The company operates its Zhihu online platforms and other services through Consolidated Affiliated Entities, which are subject to foreign investment restrictions under PRC laws[91] - The company holds an ICP License, which is required for providing commercial internet information services in China[93] - The company has obtained a Publication Operation License to conduct publication distribution business in compliance with PRC regulations[102] - The Company faces risks related to compliance with PRC laws regarding its contractual arrangements, which could lead to penalties or loss of operational control[105] - The Company has adopted measures to ensure compliance with Contractual Arrangements, including annual reviews by the Board and external legal advisors if necessary[106] Governance and Management - The executive team includes Mr. Zhou as Chairman and CEO, and Mr. Dahai Li as Chief Technology Officer, both with extensive industry experience[171][172] - The Group's management team includes Mr. Han Wang as Chief Financial Officer, appointed in February 2024, with prior experience in investment firms[178] - The Board consists of seven members: two executive Directors, two non-executive Directors, and three independent non-executive Directors[188] - During the Reporting Period, the Board held four meetings, with all Directors actively participating in the majority of them[190] - The Company has received annual confirmations of independence from all independent non-executive Directors, ensuring compliance with independence requirements[194] Strategic Initiatives - The company plans to enhance its monetization model and expand discussions and search scenarios in the community to better serve users and clients in 2024[31] - The Company emphasizes a content-centric business model to create value for stakeholders through sustainable growth and continuous development[181] - The Group is committed to reviewing and adjusting its business strategies to respond to changing market conditions and foster sustainability[182] Shareholder Information - The Company did not recommend the distribution of an annual dividend for the Reporting Period[153] - The Company repurchased approximately 39,758,632 ADSs, representing a total of 19,879,316 Class A Ordinary Shares, for an aggregate consideration of US$41,783,921 during the Reporting Period[141] - The weighted voting rights structure allows the WVR Beneficiary to control the Company despite not holding a majority economic interest[136] Risks and Challenges - The company faces risks related to its corporate structure, including potential penalties from the PRC government regarding its contractual arrangements with Consolidated Affiliated Entities[73] - The company is subject to uncertainties in China's legal system, which could limit legal protections and impose additional obligations[75] - The company's Class A ordinary shares and ADSs have experienced volatility, which could result in substantial losses for investors[81]

Core Points - Zhihu Inc. filed its annual report on Form 20-F for the fiscal year ended December 31, 2023, with the Securities and Exchange Commission on April 26, 2024 [1] - The annual report includes audited consolidated financial statements and is available on the Company's investor relations website [1] - Shareholders and ADS holders can request a hard copy of the annual report free of charge [1] Company Overview - Zhihu Inc. is a leading online content community in China, evolving from a Q&A platform since its launch in 2010 to one of the top comprehensive online content communities [2] - The company is recognized as the largest Q&A-inspired online content community in China [2] - For investor and media inquiries, Zhihu provides contact information for representatives in both China and the United States [2]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 20-F (Mark One) ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to OR ☐ SHELL COMPANY REPORT PURSUANT TO SE ...

Financial Performance - Total revenue for 2023 reached RMB 4,198.9 million, an increase of 16.5% compared to RMB 3,604.9 million in 2022[8] - Gross profit for 2023 was RMB 2,295.8 million, representing a gross margin of approximately 54.7%[8] - Operating loss for 2023 was RMB 1,072.2 million, a decrease from RMB 1,603.8 million in 2022, indicating improved operational efficiency[8] - Net loss attributable to shareholders for 2023 was RMB 843.6 million, down from RMB 1,581.2 million in 2022[8] - Adjusted net loss for 2023 was RMB 659.1 million, compared to RMB 1,195.9 million in 2022, reflecting a significant reduction in losses[8] - Operating expenses totaled RMB 3,368.1 million in 2023, slightly down from RMB 3,411.8 million in 2022[27] - The net loss for 2023 was RMB 839.5 million, an improvement from a net loss of RMB 1,578.4 million in 2022[27] - Revenue cost increased by 5.9% from RMB 1.8 billion in 2022 to RMB 1.9 billion in 2023, primarily due to increased content and operational costs[33] User Engagement - Average monthly active users (MAUs) increased by 4.0% to 105.3 million in 2023 from 101.3 million in 2022[11] - Average monthly subscription members rose by 47.5% to 14.5 million in 2023, up from 9.8 million in 2022[11] - Approximately 74.1% of active users are under 30 years old, with female users making up 60.5% of the total active user base[21] Content and Product Development - The company launched its first large language model, "Zhihai Map AI," with over 100 billion parameters, enhancing user experience and content recommendation[18] - The total number of content pieces reached 774.7 million, covering over 1,000 verticals as of December 31, 2023[19] - The company introduced "Salted Story," a premium short story app for subscribers, to expand its content offerings[20] - The number of content creators increased to 71.3 million by December 31, 2023, up 13.0% from 63.1 million in the previous year[22] Revenue Streams - Paid membership revenue surged by 48.4% to RMB 1,826.6 million in 2023, compared to the previous year's RMB 1,230.5 million[17] - The revenue from vocational training services surged by 127.8% to RMB 565.6 million in 2023, up from RMB 248.3 million in 2022[25] - Marketing services revenue decreased to RMB 1,652.9 million in 2023 from RMB 1,956.5 million in 2022, reflecting strategic adjustments[32] Strategic Plans and Future Outlook - The company plans to expand its market presence and invest in new product development to drive future growth[8] - The company aims to enhance community culture and high-quality content creation in 2024, focusing on professional users and content creators[26] - The company plans to leverage generative AI technology to support comprehensive business growth and improve operational efficiency[26] Corporate Governance - The company has adhered to all applicable principles and code provisions of the corporate governance code during the reporting period, except for the separation of the roles of Chairman and CEO, which are currently held by the same individual[145] - The board consists of seven members, including two executive directors, two non-executive directors, and three independent non-executive directors[147] - The company has established four committees: Audit Committee, Remuneration Committee, Nomination Committee, and Corporate Governance Committee to oversee specific areas of the company's affairs[162] Risk Management and Compliance - The company has established a comprehensive risk management policy covering various operational areas, including financial reporting, data systems, internal controls, human resources, and investment management[175] - The company has implemented internal controls to detect and remove inappropriate or illegal content on its platform, including the development of AI-driven proprietary systems[177] - The company has a whistleblowing policy in place to encourage reporting of corruption, bribery, fraud, and unethical behavior, ensuring confidentiality for whistleblowers[178] Shareholder Communication - The company maintains effective communication with shareholders through annual and extraordinary general meetings, announcements, and press releases[185] - The company has established a shareholder communication policy to ensure timely access to important information for shareholders[190] - The company encourages shareholder participation in meetings and has made arrangements to facilitate this[195] Social Responsibility and ESG - The group reported charitable and other donations of approximately RMB 450,000 during the reporting period[131] - The company’s ESG report covers the period from January 1, 2023, to December 31, 2023, providing insights into its management practices[197] - The ESG report adheres to the guidelines set by the Hong Kong Stock Exchange, ensuring transparency and accountability in its disclosures[198]