Financial Performance Review

Online Advertising In billion RMB 18.6 +34% YOY +19% QoQ 25.0 21.0 25.0 Overall Revenue grew 34% YoY to RMB25.0 billion, against a low-base quarter, and outpacing industry growth. Outperformance was driven by robust demand for Video Accounts ads and ongoing enhancement of machine learning on our advertising platform • Ad spend on our platforms grew at a double-digit year-on-year rate from almost every major advertiser category Weixin Weixin ad revenue increased YoY not only on Video Accounts but also on Moments, Mini Programs and Official Accounts. As we launched new functions to enhance vibrancy of Weixin's commerce ecosystem, we attracted merchants and brands to allocate more ad budget on multiple Weixin properties • Video Accounts ad revenue exceeded RMB3.0 billion in 2Q23 while ad load remained low, underpinned by continuing growth in user time spent and better ad targeting Content Platforms • Music ad revenue grew notably YoY, driven by ad-supported music service and brand sponsorship of offline music events Mobile Ad Network • Revenue ramped up significantly YoY, benefitting from partnership with high commercial value inventory owners; upgraded infrastructure and enhanced efficiency in matching advertisers' demand with traffic supply 2Q22 2Q23 1Q23 2Q23 13

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