LIZHI INC. Investor Presentation Q4 2021 2 Disclaimer This presentation has been prepared by LIZHI INC. (the "Company") solely for informational purposes. No representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness, reasonableness or correctness of the information or any opinions presented herein or any oral or written communication in connection with the contents contained herein. The information contained in this presentation ...

Business Overview - LIZHI INC 在2021年第三季度的净收入为5.05亿人民币，同比增长40%[13] - LIZHI INC 在2021年第三季度的平均总移动端MAU为5890万，同比增长5%[13, 32] - LIZHI INC 在2021年第三季度音频娱乐的平均移动端MAU为917万，同比增长21%[13, 22, 32] - LIZHI INC 在2021年第三季度的平均每月总付费用户为48.55万，同比增长8%[13, 32] - LIZHI INC 的用户中，超过90%是1990年后出生的[22] - 截至2021年9月，用户的朋友对数比2021年6月增加了64%[24] - 截至2021年9月，每位用户每天发送的消息数量比2021年6月增长了57%[24] Financial Highlights - LIZHI INC 在2021年第三季度的毛利率为30%，非美国通用会计准则（Non-GAAP）毛利率为31%[34] - LIZHI INC 在2021年第三季度的销售和营销费用占总收入的7.4%（Non-GAAP）[35] - LIZHI INC 在2021年第三季度的管理和行政费用占总收入的4.2%（Non-GAAP）[35] - LIZHI INC 在2021年第三季度的研发费用占总收入的14.6%（Non-GAAP）[35]

Financial Data and Key Metrics Changes - Total average mobile MAUs reached 58.9 million, with average monthly paying users at 485,000 in Q3 2021 [9] - Q3 revenue grew by 40% year-over-year to RMB 505 million, surpassing the total revenues for the full year of 2020 [10] - Gross margin increased to 30%, up 500 basis points year-over-year [10][22] - Total net revenue for Q3 was RMB 504.8 million, representing a 48% year-over-year increase [23] - Operating loss was RMB 40.1 million in Q3 2021, compared to RMB 9.6 million in Q3 2020 [30] Business Line Data and Key Metrics Changes - Audio entertainment average mobile MAUs grew by 21% year-over-year to 9.17 million [10] - The company focused on optimizing product functions and enhancing commercialization capabilities in the audio entertainment business [15] - The Tiya App saw increased user engagement, with a 57% rise in daily average messages sent per user compared to June [18] Market Data and Key Metrics Changes - The company is expanding its podcast footprint by collaborating with auto companies and platforms, enhancing its presence in the in-car audio market [19][20] - The strategic focus includes product optimization and technology innovation for in-car audio applications [20] Company Strategy and Development Direction - The company aims to build a sustainable and high-quality community ecosystem by enhancing content and interactive scenarios [11] - Globalization strategy focuses on optimizing products and ramping up localization teams to meet user needs [11] - The company is committed to technological empowerment and developing in-house audio technology solutions [12] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term benefits of a tightened regulatory environment, believing it will standardize digital content and operations [37] - Despite a slight decrease in user spending in Q3, management is optimistic about increasing the paying user base through refined operational strategies [38][39] - The company anticipates that the audio entertainment business will continue to drive top-line growth in the coming year [50] Other Important Information - Operating expenses increased by 91% year-over-year to RMB 191.3 million, driven by higher marketing and R&D costs [28] - As of September 30, 2021, cash and cash equivalents totaled RMB 515.9 million [32] Q&A Session Summary Question: Impact of regulatory environment on user growth and spending - Management believes the tightened regulatory environment will benefit long-term industry development and is adjusting products to meet compliance while enhancing user services [37] Question: Strategy for improving user paying ratio and overseas business growth - The company will focus on enhancing user engagement through promotional activities and optimizing marketing strategies to improve the paying user conversion rate [44][46] - Overseas business growth is expected to be driven by user experience optimization and gradual commercialization [48] Question: Reasons for slowing user base growth and revenue sharing decline - User base growth slowed due to strategic adjustments in content operations, focusing on higher commercialization potential [49] - The company is confident that the audio entertainment business will continue to be the primary driver of top-line growth despite short-term challenges [50]

| --- | --- | --- | |-------|-------|-----------------------------------| | | | | | | | LIZHI INC. Investor Presentation | | | | August 2021 | 2 Disclaimer This presentation has been prepared by LIZHI INC. (the "Company") solely for informational purposes. No representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness, reasonableness or correctness of the information or any opinions presented herein or any oral or written communica ...

| --- | --- | --- | |-------|-------|-----------------------------------| | | | | | | | LIZHI INC. Investor Presentation | | | | August 2021 | 2 Disclaimer This presentation has been prepared by LIZHI INC. (the "Company") solely for informational purposes. No representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness, reasonableness or correctness of the information or any opinions presented herein or any oral or written communica ...

Lizhi Inc. (LIZI) Q2 2021 Earnings Conference Call August 30, 2021 9:00 PM ET Company Participants Effy Kang - Investor Relations Marco Lai - Founder and Chief Executive Officer Zelong Li - Chief Operating Officer Chengfang Lu - Acting Chief Financial Officer Conference Call Participants Vincent Yu - Needham & Company Vicky Wei - Citi Operator Hello, ladies and gentlemen. Thank you for standing by and welcome to the Lizhi Inc.Â's Second Quarter 2021 Earnings Conference Call. At this time, all participants a ...

| --- | --- | --- | |-------|-------|-----------------------------------| | | | | | | | LIZHI INC. Investor Presentation | | | | June 2021 | 2 Disclaimer This presentation has been prepared by LIZHI INC. (the "Company") solely for informational purposes. No representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness, reasonableness or correctness of the information or any opinions presented herein or any oral or written communicati ...

LIZHI Inc. (LIZI) Q1 2021 Earnings Conference Call June 1, 2021 9:00 PM ET Company Participants Effy Kang - Head, Capital Markets Marco Lai - CEO Chengfang Lu - Acting CFO Conference Call Participants Vincent Yu - Needham & Company Vicky Wei - Citi Ivy Liu - Crédit Suisse Operator Hello, ladies and gentlemen, thank you for standing by for LIZHI's First Quarter 2021 Earnings Conference Call. At this time, all participants are in a listen-only mode. After managementÂ's remarks there will be a question-and-ans ...

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, 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 SECURITIES ...

| --- | --- | |-------|------------| | | | | | March 2021 | 2 Disclaimer This presentation has been prepared by LIZHI INC. (the "Company") solely for informational purposes. No representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness, reasonableness or correctness of the information or any opinions presented herein or any oral or written communication in connection with the contents contained herein. The information contained in ...