人民网记者 葛俊俊 走进趣头条，独特的互联网公司特质让人眼前一亮：开放式的办公区域、充满个性的装饰，前沿科技的气息弥漫在每一个角落。 这是一家主营新闻资讯平台"趣头条"、网络文学小说"米读小说"、微短剧平台"魔豆剧场"等的上海本土民营互联网企业。成立不到10年，却拥有众多用 户。 按照"网上网下形成同心圆"的要求，2019年，在张江科学城综合党委的引领下，趣头条以政治建设为核心，打造了"圆周率"党建品牌，为互联网企业党 建工作注入了鲜活力量，成为了红色党建在互联网领域绽放光彩的生动范例。 以党建为基石，创新党建品牌 为何以"圆周率"为党建品牌，有何深意？"构建同心圆，要把网下的社会、文化各方面和网上的生态、数据等方面凝聚在同一个圆心，党建是重要基 石。"趣头条党委副书记金真表示，所有的圆，都具有共同的圆周率。 根据"π"的数值3.14，趣头条党委提出了"加强党员政治实践、表达和参与"的3个切入点；"打造与党同心同德、以人民为中心的队伍"的1个核心目标，形 成"可复制、可推广、可实践、可发展"的4项工作输出属性。 "圆周率"党建 趣头条党委深知，将"人"的政治能力提升并运用到具体工作中，转化为平台营造网络清朗空 ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 20-F (Mark One) ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12(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, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 20-F (Mark One) ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR Qutoutiao Inc. ☒ 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 OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES E ...

Financial Performance - Total revenues for the year ended December 31, 2022, were RMB 1,083,045 thousand, a decrease from RMB 4,339,603 thousand in 2021, reflecting a significant decline in revenue[43]. - Gross profit for 2022 was RMB 520,438 thousand, compared to RMB 3,167,977 thousand in 2021, indicating a substantial drop in profitability[43]. - Net loss attributable to Qutoutiao Inc. for 2022 was RMB 914,767 thousand, an increase from RMB 1,239,617 thousand in 2021, showing worsening financial performance[43]. - Total operating expenses for 2022 were RMB 900,765 thousand, down from RMB 4,467,298 thousand in 2021, suggesting cost-cutting measures were implemented[43]. - The company reported a loss from operations of RMB 318,498 thousand in 2022, compared to a loss of RMB 1,193,223 thousand in 2021, indicating improved operational efficiency despite losses[43]. - Non-operating expenses for 2022 totaled RMB 595,901 thousand, reflecting a significant increase from RMB 40,708 thousand in 2021, impacting overall financial results[43]. - The company experienced a gross profit margin of approximately 48.1% in 2022, down from 73% in 2021, highlighting challenges in maintaining profitability[43]. - The company recorded income tax benefits of RMB 1,048 thousand in 2022, compared to expenses of RMB 3,050 thousand in 2021, reflecting a shift in tax position[43]. - As of December 31, 2022, total assets for Qutoutiao Inc. amounted to RMB 3,754,106 thousand, a decrease from RMB 2,080,475 thousand as of December 31, 2021[46][47]. - Total current liabilities increased to RMB 2,736,222 thousand as of December 31, 2022, compared to RMB 3,263,673 thousand as of December 31, 2021[46][47]. - Cash and cash equivalents rose to RMB 50,989 thousand in 2022 from RMB 19,633 thousand in 2021, indicating a significant increase[46][47]. - The company's total liabilities decreased to RMB 2,757,840 thousand in 2022 from RMB 3,297,813 thousand in 2021, reflecting improved financial health[46][47]. - Total shareholders' deficit for Qutoutiao Inc. was RMB (3,590,739) thousand as of December 31, 2022, compared to RMB (2,389,556) thousand in 2021[46][47]. - The amount due from related parties increased to RMB 48,802 thousand in 2022 from RMB 259,863 thousand in 2021, indicating a shift in financial relationships[46][47]. - The company's short-term investments were RMB 26,402 thousand in 2022, a decrease from RMB 343,017 thousand in 2021[46][47]. - Accounts payable increased to RMB 394,994 thousand in 2022 from RMB 313,768 thousand in 2021, suggesting higher operational liabilities[46][47]. - The total current assets decreased to RMB 481,825 thousand in 2022 from RMB 1,862,509 thousand in 2021, indicating a decline in liquidity[46][47]. - The company's goodwill remained stable at RMB 7,268 thousand for both years, reflecting consistent valuation in this area[46][47]. Cash Flow - For the year ended December 31, 2020, the net cash provided by operating activities was RMB (863,774) thousand, indicating a significant cash outflow[49]. - In 2021, the net cash provided by operating activities improved to RMB (279,122) thousand, showing a reduction in cash outflow compared to 2020[50]. - For the year ended December 31, 2022, the net cash provided by operating activities was RMB (443,797) thousand, reflecting continued challenges in cash generation[50]. - The net cash used in investing activities for 2020 was RMB (782,545) thousand, while in 2021 it was RMB 75,521 thousand, indicating a substantial improvement in cash flow from investing activities[49][50]. - In 2022, the net cash provided by investing activities was RMB 267,555 thousand, further demonstrating a positive trend in cash flow from investments[50]. - The net cash provided by financing activities in 2020 was RMB 307,746 thousand, which increased to RMB (66,094) thousand in 2021, indicating a shift towards cash outflows in financing[49][50]. Regulatory and Compliance Risks - The Group faces legal and operational risks associated with evolving PRC laws and regulations, which could materially affect its business[29]. - The Holding Foreign Companies Accountable Act may affect the trading of the Group's ADSs if audit reports are not issued by a PCAOB-inspected firm for two consecutive years[30]. - The PCAOB's ability to inspect registered public accounting firms in China remains uncertain, impacting compliance with the HFCAA[30]. - The Group faces significant risks related to regulatory compliance in China, which could adversely affect its operations and financial condition[55]. - The Group's operations may be adversely affected by regulatory compliance issues, including potential penalties and content distribution restrictions imposed by the Chinese government[68]. - The Group may face administrative sanctions under the Audio-visual Program Provisions, including fines up to RMB30,000 and potential cessation of audio and video transmission[84]. - If the Group fails to maintain its Internet news information services license, it could incur fines between RMB10,000 and RMB30,000 and may be ordered to cease news dissemination[87]. - The Group's financial position may be adversely affected by any future regulatory investigations or allegations, regardless of their validity[96]. - The Group's advertising operations may be subject to severe penalties, including potential termination of operations, if found in violation of advertising regulations[124]. - The Group faces regulatory uncertainties in China, including potential challenges to its permits and licenses, which could disrupt operations and require additional capital[141]. - The Group's business may be adversely affected by new laws or regulations concerning data protection, which could increase compliance costs and impact advertising revenue[149]. - The Group's ability to navigate evolving regulations related to online live streaming may increase compliance burdens and impact business operations[142]. - The Group's ability to attract and retain advertising customers may be impacted by changes in the regulatory environment and increased compliance costs[129]. User Engagement and Market Position - The company relies heavily on advertising and marketing for revenue generation, making it vulnerable to fluctuations in this sector[55]. - The company has experienced declines in installed users, MAUs, DAUs, and revenues from 2021 to 2022, indicating potential challenges in user engagement and retention[61]. - The Group's mobile applications had approximately 31.4 million combined average MAUs and approximately 9.9 million combined average DAUs, with an average daily time spent per DAU of approximately 40.9 minutes for the three months ended December 31, 2022[67]. - The Group's user engagement efforts may not achieve expected results, and the acquisition cost per user may increase due to new marketing initiatives[67]. - The Group's business has faced downward pressures in user base and engagement due to changes in operating strategies, regulatory environment, and the impacts of the COVID-19 pandemic[67]. - The Group's user engagement and retention strategies are critical for maintaining its user base amidst regulatory challenges and competition[139]. - The Group's user growth and engagement are dependent on effective interoperability with mobile operating systems and app distribution channels that the Group does not control, such as Android and iOS[196]. - The Group's ability to attract users and generate revenues depends on successfully creating new content formats and services, which may involve new technologies with limited prior experience[105]. - The Group's content providers play a crucial role in maintaining user engagement; any decline in content quality or quantity could negatively impact the user base[114]. - The Group's advertising customers are not bound by long-term agreements, making it essential to continuously attract and retain them to sustain revenue[110]. - The Group's user engagement is threatened by intense competition from content aggregators and other entertainment platforms, which may lead to a decrease in user traffic[106][107]. Corporate Structure and Governance - Qutoutiao Inc. operates primarily through contractual arrangements with Group VIEs in China, without owning equity interests in them[26]. - The Group's corporate structure and contractual arrangements are subject to PRC laws, which may change and impact compliance and operational control[220]. - If the PRC government deems the contractual arrangements illegal, the Group may lose control over the VIEs, leading to potential business disruption[221]. - The Group's ADSs may significantly decline in value if it cannot assert control over the VIEs' assets[218]. - The Group's dual-class share structure may limit the ability of Class A shareholders to influence corporate matters, potentially discouraging change of control transactions[175]. - Mr. Eric Siliang Tan controls approximately 41.2% of the total issued and outstanding share capital and 87.5% of the voting power due to the dual-class share structure[175]. - The Group's internal control over financial reporting was deemed ineffective as of December 31, 2022, due to a lack of sufficient qualified personnel[191]. - The material weakness in internal control was first identified in 2017 and has not been remediated as of December 31, 2022[191]. Operational Challenges - The Group's operations are significantly affected by the performance of China's Internet infrastructure and telecommunications networks, which are primarily controlled by state-owned operators[198]. - The Group's information technology infrastructure costs have increased due to the addition of engaging content such as short videos and live-streaming, which may impact financial performance if service costs rise[200]. - The Group's user-generated content volume is increasing, necessitating expansion and adaptation of technology and infrastructure to maintain performance during peak usage[202]. - The Group's business could be harmed by service disruptions or failures to scale technology effectively, impacting user retention and acquisition[201]. - The Group has limited business insurance coverage, which may lead to substantial costs and resource diversion in case of uninsured disruptions[208]. - The Group's ability to maintain its preferential tax treatments in China is subject to ongoing verification by local tax authorities, which could result in a standard tax rate of 25% if not maintained[195]. - A prolonged downturn in the Chinese or global economy could negatively impact the Group's business, particularly affecting advertising revenue and consumer spending on entertainment[207]. - The Group's reliance on a limited number of telecommunications service providers poses risks, as disruptions could hinder its ability to deliver services effectively[198]. Security and Privacy Concerns - Privacy concerns regarding user data collection could damage the Group's reputation and deter users from its mobile applications[147]. - The Group's security measures are critical, as breaches could lead to unauthorized access to user data, resulting in significant legal and financial exposure[153]. - Security breaches in online payment systems could lead to litigation and damage the Group's reputation, potentially resulting in a loss of active users[156]. - An increase in fees charged by payment platforms could materially and adversely affect the Group's business and financial condition[157]. - The Group may be subject to cybersecurity reviews by PRC regulatory authorities, which could disrupt operations and require suspension of new user registrations[160]. - The revised Cybersecurity Review Measures effective from February 15, 2022, require procurement of network products and services affecting national security to undergo review[160]. - The Group has not been informed of any requirement for a cybersecurity review as of the date of the annual report, but faces potential risks if deemed a critical information infrastructure operator[162]. - The PRC Data Security Law imposes obligations on entities regarding data activities, including collection and processing, which could impact the Group's operations[163]. - The Group's mobile apps and websites only collect basic user information necessary for service provision, and it has implemented measures to improve data privacy protection[167]. - The Group's ability to leverage algorithms for user engagement may be adversely impacted by new regulations governing their use[169]. Intellectual Property and Legal Issues - The Group's intellectual property rights are critical to its success, but there are challenges in protecting these rights effectively in China[180]. - The Group is currently defending claims related to alleged unauthorized content on its platform, which may adversely affect its business[186]. - The Group's share-based compensation strategy is essential for attracting and retaining talent, potentially increasing future expenses[177]. - The Group may face significant costs and operational disruptions from future investments and acquisitions, which may not yield expected results[178]. - The Group's financial condition may be adversely affected if it is found to owe additional taxes or fines due to past non-compliance with tax regulations[205]. - The Group's business could face severe penalties or operational restrictions if found in violation of PRC laws[223]. - The Group's contractual arrangements have not been tested in a court of law in China, leading to uncertainties in enforcement outcomes[215].

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 12(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, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIE ...

Qutoutiao Inc. (QTT) Q3 2021 Earnings Conference Call December 21, 2021 8:00 AM ET Company Participants Angela Wang - IR Eric Tan - CEO Xiaolu Zhu - CFO Conference Call Participants Operator Hello, ladies and gentlemen. Thank you for standing by for the Third Quarter 2021 Earnings Conference Call for Qutoutiao Inc. At this time all participants are in a listen-only mode. After management's remarks, there will be a question-and-answer session. Today's conference call is being recorded. I will now turn the ca ...

Financial Data and Key Metrics Changes - The company's net revenues for Q2 2021 were RMB 1.202 billion, with ARPU increasing by RMB 0.46 and a quarterly average DAU of 29 million and MAU of 132 million, remaining stable sequentially [15] - Cost of revenues decreased by 17% year-on-year to RMB 328 million, leading to a gross profit margin of 73%, which expanded both year-on-year and sequentially [16] - Operating loss was RMB 200 million, with expectations for operational profitability in the second half of the year [18][19] Business Line Data and Key Metrics Changes - The company focused on improving operating efficiency and growing Midu Novel, which has seen positive growth trends with DAU exceeding 10 million in Q2 [10][26] - Sales and marketing expenditures totaled RMB 901 million, flat year-on-year, but represented a 13 percentage point increase as a percentage of revenue due to increased investment in user base growth for Midu Novels [17] Market Data and Key Metrics Changes - The overall digital advertising market in China has faced headwinds post-COVID-19, with advertisers showing caution in spending and budgeting [9][22] - The company anticipates continued pressure in the second half of the year, particularly in Q3, due to uncertainties in economic growth and regulatory environments [10][23] Company Strategy and Development Direction - The company is focusing on improving operating efficiency and investing in Midu Novel as a key growth strategy [10][11] - Management views recent regulatory actions as positive for the long-term health and stability of the Chinese tech industry [12] Management Comments on Operating Environment and Future Outlook - Management expressed caution regarding the advertising outlook for the second half of the year, noting that clients are conservative in ad spending [22] - The company expects revenue for Q3 to be stable, ranging between RMB 1.050 billion to RMB 1.1 billion [19] Other Important Information - The company has maintained a focus on compliance with regulations and has positioned itself to meet high standards in data privacy and security [31] Q&A Session Summary Question: Advertising outlook in the second half and impact of regulatory environment - Management indicated that the advertising market outlook remains cautious due to uncertainties in economic growth and regulatory environments, with clients being conservative in ad spending [22][23] Question: User acquisition costs and engagement - Management noted that user engagement costs have stabilized, and acquisition costs are rising due to increased investment in Midu, which is expected to yield good ROI [25][26] Question: Impact of regulations on data collection and advertising business - Management welcomed the regulatory developments, stating that they do not foresee significant incremental impacts on the advertising business due to prior compliance measures [31]

Qutoutiao, Inc. (QTT) Q1 2021 Results Earnings Conference Call June 1, 2021 8:00 AM ET Â Company Participants Sai Chi Du - IR Eric Tan - Co-founder, Chairman and Chief Executive Officer Xiaolu Zhu - CFO Conference Call Participants Thomas Chong - Jefferies Vicky Wei - Citigroup Operator Hello, ladies and gentlemen. Thank you for standing by for the First Quarter 2021 Earnings Conference Call for Qutoutiao Incorporated. At this time all participants are in a listen-only mode. After management's remarks, ther ...

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 12(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, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIE ...

Financial Data and Key Metrics Changes - The company's net revenues in Q4 2020 were RMB1.302 billion, with an ARPU of RMB0.44, showing significant sequential improvement [23] - The average DAU was 32 million and MAU was 125 million during the quarter, indicating a leaner user base [23][28] - The company achieved its first operational profit on a non-GAAP basis in Q4 2020, with an operating profit of RMB42.5 million and a 3% operating margin [27][36] Business Line Data and Key Metrics Changes - The cost of revenues decreased by 12% year-on-year to RMB441.7 million, driven by disciplined management [24] - Gross profit was RMB860.7 million, with a gross margin of 66%, slightly lower year-on-year [25] - Sales and marketing expenses were reduced significantly, halving year-on-year to RMB680.3 million, resulting in a 23 percentage point improvement in operating margin [26] Market Data and Key Metrics Changes - The free-to-read online literature sector is recognized as having multibillion-dollar potential, with optimism around its long-term growth [15] - The company plans to double Midu Novels' DAU and revenues by the end of 2021, indicating strong growth expectations [34] Company Strategy and Development Direction - The company is focused on enhancing unit economics and improving content quality while reducing loyalty points to attract a higher quality user base [10][19] - The strategy includes continued investment in content and technology to enhance user experience across the platform [19][20] - The company remains committed to lower-tier cities in China, where growth potential for smartphone users is significant [21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving full-year profitability in 2021, despite challenges in the competitive environment [20][36] - The company expects modest user base expansion and revenue growth for the entire company in 2021, with improved user economics [32][36] Other Important Information - The company completed a new round of financing for Midu Novels amounting to over $110 million, which will support growth across multiple fronts [33] - The operational focus for 2020 was on underlying profitability, which has shown positive results [18] Q&A Session Summary Question: What does management think of the long-term operating margin profile for the free online literature business in China? - Management believes it is too early to determine the long-term margin prospects for Midu, but expects operating profit margins to exceed 20% in the long term [40][41] Question: What is the specific user acquisition strategy for Midu in 2021? - The company plans to continue investing in Midu throughout 2021, focusing on disciplined spending and achieving good ROI from marketing efforts [42][43] Question: Can management comment on the competitive landscape of the advertising market? - Management noted a trend of recovery in the advertising market, particularly in e-commerce, and expressed confidence in their performance-based advertising strength [49][51]