Investor Presentaiton

Leading Online Music and Audio Entertainment Platform in China ZE Leading Platform Massive User Scale Extensive Content Innovative Technology Strong Monetization ♫ 594mm Online music MAUS¹ 103.0mm Online music subscribers¹ 20.8% YoY growth 150mm+ Total music & audio tracks³ Winner of the world-renowned MIREX global song recognition technology competition RMB30.96bn Total cash, cash equivalents and term deposits4 ᏧᏧ World record 4 out of Top 5 129mm 390K+ Music mobile apps in China¹ Social entertainment mobile MAUS² Number of indie musicians³ in the MIREX song prediction technology competition RMB28.3bn LTM 20235 total revenues 21.3% LTM 20235 adj. net margin Note: 1. Four out of top five music mobile apps in terms of mobile MAUS in 2022; 2. In 3Q2023. For the definitions of the cited key operating metrics, please refer to the introduction section in the Company's 2022 20-F filed on April 25, 2023. Beginning in the first quarter of 2023, "online music MAUS" includes unique mobile and certain loT devices. "Online music MAUS" for any given period (i) refers to the monthly average of the sum of the MAUS for that period; and (ii) includes QQ Music, Kugou Music, Kuwo Music and other music products, through which such product is accessed at least once in that month; duplicate access of different services by the same device is not eliminated from the calculation; 3. As of December 31, 2022; 4. As of September 30, 2023; 5. Last twelve months as of September 30, 2023. 7

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