[Clarification Announcement](index=1&type=section&id=Clarification%20Announcement) [Clarification Regarding the Chinese Version of the Q3 2022 Earnings Announcement](index=1&type=section&id=Clarification%20Regarding%20the%20Chinese%20Version%20of%20the%20Q3%202022%20Earnings%20Announcement) This announcement clarifies a data inconsistency in the Chinese version of the Q3 2022 earnings announcement, correcting vocational training revenue figures while other content remains unchanged Vocational Training Revenue Comparison Before and After Correction (Q3 2022) | Item | Q3 2022 (Corrected) (RMB Million) | Q3 2021 (RMB Million) | YoY Growth (%) | | :--- | :--- | :--- | :--- | | Vocational Training Revenue | 78.0 | 14.0 | 457.1 | - Vocational training revenue's **strong growth** is primarily attributed to the company's introduction of **more diversified courses**, attracting an **increase in paying members**[1](index=1&type=chunk)

Financial Performance - Total revenue for the six months ended June 30, 2022, was RMB 1,579,243 thousand, representing a 41.4% increase from RMB 1,116,638 thousand in the same period of 2021[7]. - Gross profit for the same period was RMB 735,145 thousand, up 13.2% from RMB 649,224 thousand year-over-year[7]. - Operating loss increased to RMB (1,108,844) thousand, a 60.0% rise compared to RMB (692,999) thousand in the prior year[7]. - Net loss for the six months was RMB (1,101,304) thousand, reflecting a 70.5% increase from RMB (645,777) thousand in 2021[7]. - Adjusted net loss, a non-GAAP measure, was RMB (811,200) thousand, which is 105.9% higher than RMB (393,905) thousand in the previous year[7]. - Total comprehensive loss for the six months ended June 30, 2022, was RMB (940,327) thousand, compared to RMB (747,933) thousand in the same period of 2021, representing an increase in comprehensive losses of approximately 25.7%[97]. User Engagement and Growth - Average monthly active users (MAUs) reached 103.7 million, a 15.7% increase from 89.7 million in the same period last year[7]. - Average monthly paying members increased to 7.7 million, representing a significant growth of 75.8% from 4.4 million in 2021[7]. - Average monthly page views rose by 18.0% to 573.5 million in the first half of 2022[15]. - 73.8% of average monthly active users were under 30 years old as of June 30, 2022[15]. Revenue Streams - Paid membership revenue increased by 75.1% year-on-year in the first half of 2022[13]. - Content commercialization solutions revenue grew by 42.3% to RMB 467.2 million from RMB 328.3 million year-over-year, reflecting continuous efforts in developing this business line[27]. - The company generates revenue through paid membership services, allowing users to access exclusive content for a duration ranging from one to twelve months[141]. - Advertising revenue is primarily derived from contracts with clients, with major formats including display ads charged on a cost-per-thousand-impressions (CPM) basis and cost-per-click (CPC) model[142]. Expenses and Costs - Total operating expenses increased to RMB 1,844.0 million from RMB 1,342.2 million year-over-year[29]. - Cost of revenue rose to RMB 844.1 million, representing 53.4% of total revenue, compared to 41.9% in the same period last year[30]. - Sales and marketing expenses for the same period were RMB 1,039.0 million, up 31.5% from RMB 789.9 million in 2021, primarily due to increased promotional and advertising expenses to attract new users and enhance brand awareness[33]. - Research and development expenses increased to RMB 390.1 million, a 72% rise from RMB 226.9 million in the previous year, reflecting ongoing investments in technology infrastructure and an increase in R&D personnel[33]. Corporate Governance - The company has established three committees: Audit Committee, Remuneration Committee, and Nomination and Corporate Governance Committee to oversee specific areas of the company's affairs[58]. - The Audit Committee consists of three independent non-executive directors and is responsible for reviewing the financial reporting process and risk management systems[59]. - The company has complied with the corporate governance code as per the Hong Kong Stock Exchange rules, except for the separation of the roles of Chairman and CEO[55]. - The company will continue to review and monitor its corporate governance practices to ensure compliance with the latest corporate governance code[55]. Share Structure and Equity - The company has a dual-class share structure with A shares having one vote per share and B shares having ten votes per share, with B shares representing approximately 38.52% of the voting rights[51]. - The company will issue 19,211,343 A shares to dual-class shareholders upon conversion of all issued B shares, which is about 5.90% of the total issued A shares[52]. - The company has a total of 19,211,343 Class B ordinary shares held by MO Holding Ltd, representing 100% of that class[70]. - The company has a total of 1,550,000,000 Class A common shares and 50,000,000 Class B common shares as of June 2022[179]. Cash Flow and Liquidity - Cash and cash equivalents, along with restricted cash, decreased by 4.8% to RMB 70.2 billion as of June 30, 2022, from RMB 73.7 billion as of December 31, 2021[39]. - Net cash used in operating activities was RMB (515.1) million, compared to RMB (145.7) million in the previous year[40]. - The liquidity assessment indicates that cash and short-term investments are sufficient to meet the company's operational and financial commitments for at least the next twelve months[128]. Investments and Acquisitions - The company acquired 55% of Prez Limited for a total purchase price of RMB 83.9 million, with the remaining 45% subject to a five-year service period for the founder[165]. - The company acquired 55% of Yincheng Limited for a total purchase price of RMB 35.6 million, with the remaining 45% subject to a six-year service period for the founder[165]. Variable Interest Entities (VIEs) - The company has established contracts that grant it actual control over the VIEs, ensuring it can influence their economic performance significantly[113]. - The VIEs' financial results are consolidated into the company's financial statements, reflecting their importance to the overall business model[110]. - The exclusive business cooperation agreement allows the foreign-invested enterprises to receive substantial economic benefits from the VIEs, with service fees paid by the VIEs amounting to RMB 149.9 million and RMB 231.5 million for the six months ending June 30, 2021, and 2022, respectively[114]. Stock Incentive Plans - The company has implemented equity incentive plans, with expenses recognized based on the fair value of the granted equity incentives[146]. - The total equity incentive expense recognized in profit or loss for the six months ended June 30, 2022, was RMB 278.3 million[198]. - The maximum number of shares to be issued under the 2022 incentive plan is capped at 39,128,194 shares[194].

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