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LIZHI INC. Reports Third Quarter 2023 Unaudited Financial Results

November 29, 2023 5:00 PM EST

GUANGZHOU, China, Nov. 29, 2023 (GLOBE NEWSWIRE) -- LIZHI INC. (“LIZHI” or the “Company” or “We”) (NASDAQ: LIZI), an audio-based social and entertainment platform, today announced its unaudited financial results for the third quarter ended September 30, 2023.

Third Quarter 2023 Financial and Operational Highlights

  • Net revenues were RMB425.1 million (US$58.3 million) in the third quarter of 2023, compared with RMB565.2 million in the third quarter of 2022.
  • Average total mobile MAUs1 in the third quarter of 2023 was 42.1 million, compared with 49.7 million in the third quarter of 2022.
  • Average total monthly paying users2 in the third quarter of 2023 was 402.6 thousand, compared with 476.7 thousand in the third quarter of 2022.

Mr. Jinnan (Marco) Lai, Founder and CEO of LIZHI, commented, “In the third quarter of 2023, we continued to develop our ecosystem with innovative product features and diverse content offerings by leveraging our accumulated in-house suite of technologies. Amid the challenging and fast-evolving macro environment, we maintained our focus on integrating advanced technologies and fostering a healthy and sustained business ecosystem while promoting innovation across our domestic business and effectively executing our global expansion strategy.”

Ms. Chengfang Lu, Acting Chief Financial Officer of LIZHI, stated, “Our net revenues in the third quarter of 2023 were RMB425.1 million. Despite the complex backdrop and market uncertainties that persisted, we remained steadfast in strengthening our core competitiveness through technological innovation during the quarter. Moving forward, we remain committed to further enhancing organizational efficiency, developing globalization capability, and enhancing overall agility, positioning us to deliver enduring value to our stakeholders.”

___________________1 Refers to the average monthly number of active users across our platforms and Apps in a given period, calculated by dividing (i) the sum of mobile active users for each month of such period, by (ii) the number of months in the same period.2 Refers to the average monthly number of paying users in a given period, calculated by dividing (i) the total number of paying users in each month of such period by (ii) the number of months in the same period.

Third quarter 2023 Unaudited Financial Results

Net revenues were RMB425.1 million (US$58.3 million) in the third quarter of 2023, compared with RMB565.2 million in the third quarter of 2022, primarily due to the decline in average paying users and user spending on our audio entertainment products.

Cost of revenues was RMB317.3 million (US$43.5 million) in the third quarter of 2023, compared with RMB376.2 million in the third quarter of 2022, mainly attributable to (i) the decreased revenue sharing fees, (ii) the decreased share-based compensation expenses, (iii) the decreased payment handling costs, and (iv) the decreased other miscellaneous costs.

Gross profit was RMB107.8 million (US$14.8 million) in the third quarter of 2023, compared with RMB189.1 million in the third quarter of 2022.

Non-GAAP gross profit3 was RMB107.9 million (US$14.8 million) in the third quarter of 2023, compared with RMB190.8 million in the third quarter of 2022.

Gross margin in the third quarter of 2023 was 25%, compared with 33% in the third quarter of 2022, mainly due to an increase in the revenue sharing percentage resulting from the adjustment in revenue sharing policies in the third quarter of 2023.

Non-GAAP gross margin in the third quarter of 2023 was 25%, compared with 34% in the third quarter of 2022.

Operating expenses were RMB167.9 million (US$23.0 million) in the third quarter of 2023, compared with RMB176.6 million in the third quarter of 2022.

Research and development expenses were RMB83.8 million (US$11.5 million) in the third quarter of 2023, representing a 7% increase from RMB78.3 million in the third quarter of 2022, primarily due to the increased salary and welfare benefits expenses related to increased severance pay to optimize the efficiency of the research and development employees, and partially offset by the decreased expenses related to research and development services provided by third parties.

Selling and marketing expenses were RMB59.1 million (US$8.1 million) in the third quarter of 2023, compared with RMB71.2 million in the third quarter of 2022, primarily attributable to decreased branding and marketing expenses. The Company will monitor its discretionary advertising and promotion expenses and adjust accordingly depending on market conditions.

General and administrative expenses were RMB25.1 million (US$3.4 million) in the third quarter of 2023, compared with RMB27.1 million in the third quarter of 2022, mainly driven by decreased professional service fees provided by third parties, provision for litigation contingencies, and other miscellaneous expenses.

Operating loss was RMB60.1 million (US$8.2 million) in the third quarter of 2023, compared to operating income of RMB12.5 million in the third quarter of 2022.

Non-GAAP operating loss4 was RMB55.0 million (US$7.5 million) in the third quarter of 2023, compared to non-GAAP operating income of RMB20.2 million in the third quarter of 2022.

___________________3 Non-GAAP gross profit is a non-GAAP financial measure, which is defined as gross profit excluding share-based compensation expenses. This adjustment amounted to RMB0.1 million (US$0.0 million) and RMB1.7 million in the third quarter of 2023 and 2022, respectively. Please refer to the section below titled “Unaudited Reconciliations of GAAP and Non-GAAP Results” for details.4 Non-GAAP operating loss is a non-GAAP financial measure, which is defined as operating loss excluding share-based compensation expenses. This adjustment amounted to RMB5.1 million (US$0.7 million) and RMB7.7 million in the third quarter of 2023 and 2022, respectively. Please refer to the section below titled “Unaudited Reconciliations of GAAP and Non-GAAP Results” for details.

Other expenses were RMB5.9 million (US$0.8 million) in the third quarter of 2023, compared to other income of RMB1.7 million in the third quarter of 2022, mainly attributable to the remuneration fees to the depositary bank in relation to the ratio change of ADS5 on September 20, 2023.

Net loss was RMB62.0 million (US$8.5 million) in the third quarter of 2023, compared to net income of  RMB19.8 million in the third quarter of 2022.

Non-GAAP net loss was RMB56.9 million (US$7.8 million) in the third quarter of 2023, compared to non-GAAP net income of RMB27.5 million in the third quarter of 2022.

Net loss attributable to LIZHI INC.s ordinary shareholders was RMB59.9 million (US$8.2 million) in the third quarter of 2023, compared to net income attributable to LIZHI INC.’s ordinary shareholders of RMB19.8 million in the third quarter of 2022.

Non-GAAP net loss attributable to LIZHI INC.s ordinary shareholders6 was RMB54.8 million (US$7.5 million) in the third quarter of 2023, compared to non-GAAP net income attributable to LIZHI INC.’s ordinary shareholders of RMB27.5 million in the third quarter of 2022.

Basic and diluted net loss per ADS were both RMB11.01 (US$1.51) in the third quarter of 2023, compared to basic and diluted net income of RMB3.81 and RMB3.79 per ADS in the third quarter of 2022, respectively.

Non-GAAP basic and diluted net loss per ADS7 were both RMB10.07 (US$1.38) in the third quarter of 2023, compared to non-GAAP basic and diluted net income RMB5.29 and RMB5.26 per ADS in the third quarter of 2022, respectively.

Balance Sheets

As of September 30, 2023, the Company had cash and cash equivalents and restricted cash of RMB615.8 million (US$84.4 million).

___________________5 ADS refers to American Depositary Share. Each ADS represents two hundred Class A ordinary shares of the Company. Basic and diluted net loss per ADS is net loss attributable to LIZHI INC.’s ordinary shareholders divided by the weighted average number of ADS.6 Non-GAAP net loss attributable to LIZHI INC.’s ordinary shareholders is a non-GAAP financial measure, which is defined as net loss attributable to LIZHI INC.’s ordinary shareholders, excluding share-based compensation expenses. These adjustments amounted to RMB5.1 million (US$0.7 million) and RMB7.7 million in the third quarter of 2023 and 2022, respectively. Please refer to the section below titled “Unaudited Reconciliations of GAAP and Non-GAAP Results” for details.

7 Non-GAAP basic and diluted net loss per ADS is a non-GAAP financial measure, which is defined as non-GAAP net loss attributable to LIZHI INC.’s ordinary shareholders divided by the weighted average number of ADS used in the calculation of basic and diluted net income per ADS. 

Conference Call

The Company’s management will host an earnings conference call at 8:00 PM U.S. Eastern Time on November 29, 2023 (9:00 AM Beijing/Hong Kong Time on November 30, 2023).

For participants who wish to join the call, please access the link provided below to complete the online registration 20 minutes prior to the scheduled call start time. Upon registration, participants will receive details for the conference call, including dial-in numbers, a personal PIN and an e-mail with detailed instructions to join the conference call.

Registration Link:https://register.vevent.com/register/BI23af8f892c1b4c1ab2e8f0ed20fdbcee

Once registration is completed, please dial in 10 minutes before the scheduled start time of the earnings call and enter the personal PIN as instructed to connect to the call.

Additionally, a live webcast of the conference call and a replay of the webcast will be available on the Company’s investor relations website at http://ir.lizhi.fm.

About LIZHI INC.

LIZHI INC. has created a comprehensive audio-based social ecosystem with a global presence. The Company aims to cater to users’ interests in audio entertainment and social networking through its product portfolios. LIZHI INC. envisions an audio ecosystem where everyone can be connected and interact through voices. LIZHI INC. has been listed on Nasdaq since January 2020.

For more information, please visit: http://ir.lizhi.fm.

Use of Non-GAAP Financial Measures

The unaudited condensed consolidated financial information is prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”).

LIZHI uses non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating loss/income, non-GAAP net loss/income, non-GAAP net loss/income attributable to LIZHI INC.’s ordinary shareholders and non-GAAP basic and diluted net loss/income per ADS, which are non-GAAP financial measures. Non-GAAP gross profit is gross profit excluding share-based compensation expenses. Non-GAAP gross margin is non-GAAP gross profit as a percentage of net revenues. Non-GAAP operating loss/income is operating loss/income excluding share-based compensation expenses. Non-GAAP net loss/income is net loss/income, excluding share-based compensation expenses. Non-GAAP net loss/income attributable to LIZHI INC.’s ordinary shareholders is net loss/income attributable to LIZHI INC.’s ordinary shareholders, excluding share-based compensation expenses. Non-GAAP basic and diluted net loss/income per ADS is non-GAAP net loss/income attributable to LIZHI INC.’s ordinary shareholders divided by the weighted average number of ADS used in the calculation of basic and diluted net loss/income per ADS. The Company believes that separate analysis and exclusion of the non-cash impact of the above reconciling item adds clarity to the constituent parts of its performance. The Company reviews these non-GAAP financial measures together with GAAP financial measures to obtain a better understanding of its operating performance. It uses the non-GAAP financial measure for planning, forecasting and measuring results against the forecast. The Company believes that non-GAAP financial measure is useful supplemental information for investors and analysts to assess its operating performance without the non-cash effect of share-based compensation expenses.

However, the use of non-GAAP financial measures has material limitations as an analytical tool. One of the limitations of using non-GAAP financial measures is that they do not include all items that impact the Company’s net income for the period. In addition, because non-GAAP financial measures are not measured in the same manner by all companies, they may not be comparable to other similarly titled measures used by other companies. In light of the foregoing limitations, you should not consider non-GAAP financial measures in isolation from, superior to, or as an alternative to the financial measure prepared in accordance with U.S. GAAP.

The presentation of these non-GAAP financial measures is not intended to be considered in isolation from, or as a substitute for, the financial information prepared and presented in accordance with U.S. GAAP. For more information on these non-GAAP financial measures, please see the table captioned “Unaudited Reconciliations of GAAP and Non-GAAP Results” near the end of this release. 

Exchange Rate Information

This announcement contains translations of certain RMB amounts into U.S. dollars at a specified rate solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars and from U.S. dollars to RMB are made at a rate of RMB7.2960 to US$1.00, the exchange rate on September 29, 2023, set forth in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or U.S. dollars amounts referred could be converted into U.S. dollar or RMB, as the case may be, at any particular rate or at all.

Safe Harbor Statement

This press release contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, and a number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: LIZHI’s goals and strategies; LIZHI’s future business development, results of operations and financial condition; the expected growth of the online audio market; the expectation regarding the rate at which to gain active users, especially paying users; LIZHI’s ability to monetize the user base; fluctuations in general economic and business conditions in China and overseas markets; the impact of the COVID-19 to LIZHI’s business operations and the economy in China and elsewhere generally; any adverse changes in laws, regulations, rules, policies or guidelines applicable to LIZHI; and assumptions underlying or related to any of the foregoing. In some cases, forward-looking statements can be identified by words or phrases such as “may,” “will,” “expect,” “anticipate,” “target,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with the Securities Exchange Commission. All information provided in this press release is as of the date of this press release, and the Company does not undertake any duty to update such information, except as required under applicable law.

For investor and media inquiries, please contact:

In China:

LIZHI INC.IR DepartmentTel: +86 (20) 8381-8791E-mail: [email protected]

Piacente Financial CommunicationsJenny CaiTel: +86 (10) 6508-0677E-mail: [email protected]

In the United States:

Piacente Financial CommunicationsBrandi PiacenteTel: +1-212-481-2050E-mail: [email protected]

 
LIZHI INC.
 
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(All amounts in thousands, except for share, ADS, per share data and per ADS data)
 
 December31,2022 September30,2023 September 30,2023
 RMB RMB US$
ASSETS     
Current assets     
Cash and cash equivalents 568,192  605,436  82,982
Short-term investments 111,353  -    -  
Restricted cash 10,323  10,409  1,427
Accounts receivable, net 3,233  2,238  307
Prepayments and other current assets 30,391  34,471  4,725
      
Total current assets 723,492   652,554   89,441
      
Non-current assets     
Property, equipment and leasehold improvement, net 26,546  17,631  2,417
Intangible assets, net 1,183  1,554  213
Right-of-use assets, net 25,116  18,430  2,526
Other non-current assets-  10,864  1,489
      
Total non-current assets 52,845   48,479   6,645
      
TOTAL ASSETS 776,337   701,033   96,086
      
LIABILITIES     
Current liabilities     
Accounts payable 53,832  43,943  6,023
Deferred revenue 35,677  27,222  3,731
Salary and welfare payable 136,837  136,241  18,673
Taxes payable 5,421  4,616  633
Short-term loans 73,765  7,180  984
Lease liabilities due within one year 18,372  13,134  1,800
Accrued expenses and other current liabilities 47,622  41,936  5,749
      
Total current liabilities 371,526   274,272   37,593
      
Non-current liabilities     
Lease liabilities 8,195  5,780  792
Other non-current liabilities 3,952  -    -  
      
Total non-current liabilities 12,147   5,780   792
      
TOTAL LIABILITIES 383,673   280,052   38,385

 
LIZHI INC.
 
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED)
(All amounts in thousands, except for share, ADS, per share data and per ADS data)
 
 December31,2022 September30,2023 September 30,2023
 RMB RMB US$
      
SHAREHOLDERS’ EQUITY     
Class A Ordinary shares (US$0.0001 par value, 1,268,785,000        
shares authorized, 818,962,260 shares issued and803,607,050 shares outstanding as of December 31, 2022;1,268,785,000 shares authorized, 838,962,260 shares issuedand 827,140,610 shares outstanding as of September 30,2023).543  557  76 
Class B Ordinary shares (US$0.0001 par value, 231,215,000        
shares authorized, issued and outstanding as of December 31,2022 and September 30, 2023, respectively).168  168  23 
Treasury stock(10) (8) (1)
Additional paid in capital2,657,433  2,683,447  367,797 
Statutory reserves529  529  73 
Accumulated deficit(2,280,543) (2,277,859) (312,207)
Accumulated other comprehensive income14,557  20,612  2,826 
TOTAL LIZHI Inc.’s shareholders’ equity 392,677    427,446    58,587  
      
Non-controlling interests(13) (6,465) (886)
      
TOTAL SHAREHOLDERS’ EQUITY 392,664    420,981    57,701  
     
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY 776,337    701,033    96,086  

 
LIZHI INC.
 
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(All amounts in thousands, except for share, ADS, per share data and per ADS data)
 
 Three Months Ended Nine Months Ended
 September30,2022 June30,2023 September30,2023 September 30,2023 September30,2022 September30,2023 September 30,2023
 RMB RMB RMB US$ RMB RMB US$
              
Net revenues             
Audio entertainment revenues562,573  590,530  423,110  57,992  1,589,613  1,642,406  225,110 
Podcast, advertising and other revenues2,655  2,327  1,992  273  8,022  6,544  897 
Total net revenues 565,228    592,857    425,102    58,265    1,597,635    1,648,950    226,007  
Cost of revenues (1)(376,159) (418,446) (317,302) (43,490) (1,064,843) (1,170,307) (160,404)
Gross profit 189,069    174,411    107,800    14,775   532,792   478,643    65,603  
              
Operating expenses (1)             
Selling and marketing expenses(71,167) (67,522) (59,098) (8,100) (191,932) (185,468) (25,421)
General and administrative expenses(27,093) (23,934) (25,075) (3,437) (80,021) (71,977) (9,865)
Research and development expenses(78,320) (75,184) (83,767) (11,481) (219,676) (230,862) (31,642)
Total operating expenses(176,580) (166,640) (167,940) (23,018) (491,629) (488,307) (66,928)
              
Operating income/(loss)12,489   7,771   (60,140) (8,243) 41,163   (9,664) (1,325)
              
Interest expense(468) (554) (70) (10) (1,826) (1,463) (201)
Foreign exchange losses(311) (352) (283) (39) (1,121) (894) (123)
Interest income and investment income2,198  2,973  2,090  286  4,221  8,367  1,147 
Government grants4,178  2,005  2,290  314  10,973  7,484  1,026 
Others, net1,736  142  (5,851) (802) 1,787  (5,441) (746)
              
Income/(loss) before income taxes19,822   11,985   (61,964) (8,494) 55,197   (1,611) (222)
              
Income tax expenses-  (424) (37) (5) (104) (500) (69)
              
Net income/(loss)19,822   11,561   (62,001) (8,499) 55,093   (2,111) (291)
                     
Net loss attributable to the non-controlling interests shareholders1  1,646  2,116  290  4  4,795  657 
              
Net income/(loss) attributable to LIZHI INC.’s ordinary shareholders19,823  13,207   (59,885) (8,209) 55,097   2,684   366  

 
LIZHI INC.
 
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (CONTINUED)
(All amounts in thousands, except for share, ADS, per share data and per ADS data)
 
 Three Months Ended Nine Months Ended
 September30,2022 June30,2023 September30,2023 September 30,2023 September30,2022 September30,2023 September 30,2023
 RMB RMB RMB US$ RMB RMB US$
              
Net income/(loss)19,822  11,561  (62,001) (8,499) 55,093  (2,111) (291)
              
Other comprehensive income/(loss):             
Foreign currency translation adjustments14,602 10,428 (1,309) (179) 28,728 5,894  808 
Total comprehensive income/(loss)34,424  21,989  (63,310) (8,678) 83,821  3,783   517  
Comprehensive loss attributable to non‑controlling interests shareholders1 1,811 2,085  286  4 4,956  679 
Comprehensive income/(loss) attributable to LIZHI INC.’s ordinary shareholders34,425  23,800  (61,225) (8,392) 83,825  8,739   1,196  
              
Net income/(loss) attributable to LIZHI INC.’s ordinary shareholders per share             
—Basic0.02 0.01 (0.06) (0.01) 0.05 0.00  0.00 
—Diluted0.02 0.01 (0.06) (0.01) 0.05 0.00  0.00 
Weighted average number of ordinary shares             
—Basic1,040,595,117 1,074,052,668 1,087,902,701  1,087,902,701  1,031,562,237 1,073,716,117  1,073,716,117 
—Diluted1,045,863,031 1,079,619,876 1,087,902,701  1,087,902,701  1,035,643,138 1,078,497,199  1,078,497,199 
              
Net income/(loss) attributable to LIZHI INC.’s ordinary shareholders per ADS             
—Basic3.81 2.46 (11.01) (1.51) 10.68 0.50  0.07 
—Diluted3.79 2.45 (11.01) (1.51) 10.64 0.50  0.07 
Weighted average number of ADS             
—Basic5,202,976 5,370,263 5,439,514  5,439,514  5,157,811 5,368,581  5,368,581 
—Diluted5,229,315 5,398,099 5,439,514  5,439,514  5,178,216 5,392,486  5,392,486 

 
LIZHI INC.
 
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (CONTINUED)
(All amounts in thousands, except for share, ADS, per share data and per ADS data)
 
(1) Share-based compensation was allocated in cost of revenues and operating expenses as follows:
 
 Three Months Ended Nine Months Ended
 September30,2022 June30,2023 September30,2023 September 30,2023 September30,2022 September30,2023 September 30,2023
 RMB RMB RMB US$ RMB RMB US$
              
Cost of revenues 1,728 1,219 109  15 5,545 3,076 422
Selling and marketing expenses 455 456 485  66 1,729 1,566 215
General and administrative expenses 2,157 1,912 2,019  277 7,590 7,425 1,018
Research and development expenses 3,359 2,194 2,479  340 8,713 8,963 1,228

 
LIZHI INC.
 
UNAUDITED RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS
(All amounts in thousands, except for share, ADS, per share data and per ADS data)
 
 Three Months Ended Nine Months Ended
 September30,2022 June30,2023 September30,2023 September 30,2023 September30,2022 September30,2023 September 30,2023
 RMB RMB RMB US$ RMB RMB US$
              
Gross profit189,069 174,411 107,800  14,775  532,792  478,643   65,603 
Share-based compensation expenses 1,728  1,219  109   15   5,545  3,076   422 
Non-GAAP gross profit190,797  175,630  107,909   14,790   538,337  481,719   66,025  
              
Operating income/(loss)12,489 7,771 (60,140) (8,243) 41,163 (17,435) (1,325)
Share-based compensation expenses 7,699  5,781  5,092   698   23,577  15,249   2,883 
Non-GAAP operating income/(loss)20,188  13,552  (55,048) (7,545) 64,740  (2,186) 1,558  
              
Net income/(loss)19,822 11,561 (62,001) (8,499) 55,093 (13,672) (291)
Share-based compensation expenses 7,699  5,781  5,092   698   23,577  15,249   2,883 
Non-GAAP net income/(loss)27,521  17,342  (56,909) (7,801) 78,670  1,577   2,592  
              
              
Net income/(loss) attributable to LIZHI INC.’s ordinary shareholders                 
Share-based compensation expenses 7,699  5,781  5,092   698   23,577  15,249   2,883 
Non-GAAP net income/(loss) attributable to LIZHIINC.’s ordinary shareholders27,522  18,988  (54,793) (7,511) 78,674  4,726   3,249  
              
Non-GAAP net income/(loss) attributable to LIZHI INC.’s ordinary shareholders per share             
—Basic0.03 0.02 (0.05) (0.01) 0.08 0.00  0.00 
—Diluted0.03 0.02 (0.05) (0.01) 0.08 0.00  0.00 
Weighted average number of ordinary shares             
—Basic1,040,595,117  1,074,052,668  1,087,902,701   1,087,902,701  1,031,562,237  1,073,716,117   1,073,716,117 
—Diluted1,045,863,031  1,079,619,876  1,087,902,701   1,087,902,701  1,035,643,138  1,078,497,199   1,078,497,199 
              
Non-GAAP net income/(loss) attributable to LIZHI INC.’s ordinary shareholders per ADS             
—Basic5.29 3.54 (10.07) (1.38) 15.25 0.88  0.61 
—Diluted5.26 3.52 (10.07) (1.38) 15.19 0.88  0.60 
Weighted average number of ADS             
—Basic 5,202,976  5,370,263  5,439,514   5,439,514   5,157,811  5,368,581   5,368,581 
—Diluted 5,229,315  5,398,099  5,439,514   5,439,514   5,178,216  5,392,486   5,392,486 
Source: LIZHI INC.


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