Exhibit 99.1

LIZHI INC. Reports Third Quarter 2023 Unaudited Financial Results

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.

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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.

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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.

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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.

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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 Department

Tel: +86 (20) 8381-8791

E-mail: ir@lizhi.fm

Piacente Financial Communications

Jenny Cai

Tel: +86 (10) 6508-0677

E-mail: Lizhi@tpg-ir.com

In the United States:

Piacente Financial Communications

Brandi Piacente

Tel: +1-212-481-2050

E-mail: Lizhi@tpg-ir.com

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LIZHI INC.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(All amounts in thousands, except for share, ADS, per share data and per ADS data)

	December 31, 2022		September 30, 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

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LIZHI INC.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED)

(All amounts in thousands, except for share, ADS, per share data and per ADS data)

	December 31,		September 30,		September 30,
	2022		2023		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 and 803,607,050 shares outstanding as of December 31, 2022; 1,268,785,000 shares authorized, 838,962,260 shares issued and 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 capital	2,657,433		2,683,447		367,797
Statutory reserves	529		529		73
Accumulated deficit	(2,280,543	)	(2,277,859	)	(312,207	)
Accumulated other comprehensive income	14,557		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

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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
	September 30,			June 30,			September 30,			September 30,			September 30,			September 30,			September 30,
	2022			2023			2023			2023			2022			2023			2023
	RMB			RMB			RMB			US$			RMB			RMB			US$
Net revenues
Audio entertainment revenues		562,573			590,530			423,110			57,992			1,589,613			1,642,406			225,110
Podcast, advertising and other revenues		2,655			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 income		2,198			2,973			2,090			286			4,221			8,367			1,147
Government grants		4,178			2,005			2,290			314			10,973			7,484			1,026
Others, net		1,736			142			(5,851	)		(802	)		1,787			(5,441	)		(746	)
Income/(loss) before income taxes		19,822			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 shareholders		1			1,646			2,116			290			4			4,795			657
Net income/(loss) attributable to LIZHI INC.’s ordinary shareholders		19,823			13,207			(59,885	)		(8,209	)		55,097			2,684			366

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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
	September 30,		June 30,		September 30,			September 30,			September 30,		September 30,			September 30,
	2022		2023		2023			2023			2022		2023			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 adjustments		14,602		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 shareholders		1		1,811		2,085			286			4		4,956			679
Comprehensive income/(loss) attributable to LIZHI INC.’s ordinary shareholders		34,425		23,800		(61,225	)		(8,392	)		83,825		8,739			1,196
Net income/(loss) attributable to LIZHI INC.’s ordinary shareholders per share
—Basic		0.02		0.01		(0.06	)		(0.01	)		0.05		0.00			0.00
—Diluted		0.02		0.01		(0.06	)		(0.01	)		0.05		0.00			0.00
Weighted average number of ordinary shares
—Basic		1,040,595,117		1,074,052,668		1,087,902,701			1,087,902,701			1,031,562,237		1,073,716,117			1,073,716,117
—Diluted		1,045,863,031		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
—Basic		3.81		2.46		(11.01	)		(1.51	)		10.68		0.50			0.07
—Diluted		3.79		2.45		(11.01	)		(1.51	)		10.64		0.50			0.07
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

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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
	September 30, 2022		June 30, 2023		September 30, 2023		September 30, 2023		September 30, 2022		September 30, 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

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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
	September 30, 2022		June 30, 2023		September 30, 2023			September 30, 2023			September 30, 2022		September 30, 2023			September 30, 2023
	RMB		RMB		RMB			US$			RMB		RMB			US$
Gross profit		189,069		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 profit		190,797		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		19,823		13,207		(59,885	)		(8,209	)		55,097		(10,523	)		366
Share-based compensation expenses		7,699		5,781		5,092			698			23,577		15,249			2,883
Non-GAAP net income/(loss) attributable to LIZHI INC.’s ordinary shareholders		27,522		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
—Basic		0.03		0.02		(0.05	)		(0.01	)		0.08		0.00			0.00
—Diluted		0.03		0.02		(0.05	)		(0.01	)		0.08		0.00			0.00
Weighted average number of ordinary shares
—Basic		1,040,595,117		1,074,052,668		1,087,902,701			1,087,902,701			1,031,562,237		1,073,716,117			1,073,716,117
—Diluted		1,045,863,031		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
—Basic		5.29		3.54		(10.07	)		(1.38	)		15.25		0.88			0.61
—Diluted		5.26		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

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