Investor Presentaiton

Online Advertising In billion RMB 22.8 -18% YOY +4% QoQ 18.6 18.6 18.0 19.5 -17% 16.1 +3% 16.1 15.7 3.3 -25% +8% 2.5 2.3 2.5 2Q21 2Q22 Social & Others 1Q22 2Q22 Media Overall • 2Q22 revenue declined 18% YoY, reflecting notable weakness in Internet services, education and finance sectors • Ad spend was hardest hit in the first two months of 2Q. In June, YoY decline magnitude narrowed as large eCommerce platforms increased ad spend for 618 promotion, and underlying ad demand recovered moderately Social & Others • Moments introduced an immersive display ad format, frame-breaking ad, which gained traction from brand advertisers • Video Accounts started showing in-feed ads to active users in July, and selling on a contract basis to brand advertisers Media • Video ad revenue increased sequentially due to stronger content release and positive seasonality in 2Q22, despite tough comparison in 1Q22 which benefitted from Beijing 2022 Winter Olympics 17

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