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The CEO built\nthe rope; you put it around their own neck.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "document", "agents": null, "matchId": "28117931-65e2-4ab0-bee9-2d1358fb217e", "evidence": null, "pageRefs": null, "priority": null, "whenToUse": "When management credibility is the lever", "confidence": null, "extraction": { "at": "2026-04-29 12:07:50.209813+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": null, "whyItWorks": "- **Maximum credibility**: no adjective you could write is as damning as the\n target's own prior statement.\n- **No rebuttal path**: management can't argue they didn't say it.\n- **It forces accountability onto a person**, not an institution — even if\n you aren't explicitly naming a villain elsewhere.\n- **Reporters amplify it**. 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"activistThesis": { "tone": "adversarial", "notes": "Follow-up/rebuttal to Wolfpack's earlier QTT short report, published ~3 weeks after QTT's December 27, 2019 response. Word-style memo on Wolfpack letterhead — no cover slide, no named human author (firm-credited). Structure is 12 numbered rebuttals plus a 13th 'Questions for QTT, PwC Zhong Tian, the SEC and NASDAQ' section that functions as the closing ask. Strong specimen of short-seller rebuttal rhetoric: quote-the-target-verbatim, then demolish. Embedded tables (bank breakdown p.4, unit economics p.14, related-party tables p.12) but no designed charts. Cross-references Wutong Holding (300292 CH) Chinese filings as the smoking-gun comparison for related-party disclosure.", "kpisCited": [ { "detail": "~RMB 930M (~$135M) of SEC-reported revenue unaccounted for in Chinese SAIC filings after generous consolidation", "metric": "SEC vs. SAIC revenue gap (2018)" }, { "detail": "RMB 2,120.1M claimed — RMB 525.4M cash + RMB 1,594.7M short-term investments held at 5 unnamed banks", "metric": "Cash and short-term investments (Sep 30, 2019)" }, { "detail": "RMB 5.5M–6.5M expected vs. reported net interest EXPENSE of ~RMB 1M (RMB 999,076)", "metric": "Implied Q3 2019 interest income" }, { "detail": "RMB 1.61B (~$230M) reported by Dianguan/Jifen but absent from SEC filings; equates to 8.5 and 10.7 months of gross revenue", "metric": "Customer advances in Chinese filings" }, { "detail": "QTT disclosed RMB 76.7M total; Wutong (300292 CH) alone disclosed RMB 134.3M with Shanghai Jifen", "metric": "Related-party transactions (2018)" }, { "detail": "RMB 5,128.1M (97.9% of revenue) — user acquisition + user engagement combined", "metric": "Loyalty program expense (TTM Q3 2019)" }, { "detail": "RMB 86M of Jifen accounts and equity of 5 subsidiaries frozen by a Chinese court on December 23, 2019", "metric": "Frozen bank accounts" }, { "detail": "RMB 72.1M (~$10.5M) paid on November 1, 2018 to COO Chen Sihui — not disclosed as related-party", "metric": "Beijing Churun acquisition" } ], "closingAsk": "Answer the open questions to QTT, PwC Zhong Tian, the SEC, and NASDAQ — including why the RMB 86M account freeze, the revenue/cash/interest-income gaps, and the undisclosed related-party transactions have not been addressed.", "extraction": { "at": "2026-04-22 22:53:00+00", "model": "unknown-legacy", "runId": null, "seconds": 102.83755, "promptVersion": null }, "scqaReward": "No explicit price target; the implied reward is validation of the fraud thesis and downside to the then-$4.20 share price / $1.06B market cap as regulators and auditors confront unanswered questions.", "thesisTypes": [ "fraud_exposure" ], "top3Reasons": [ "QTT's SEC revenue exceeds Chinese SAIC revenue by ~RMB 930M (~$135M) — missing money", "Q3 2019 net interest expense contradicts claim of RMB 2.1B in cash and WMPs", "Wutong's filings disclose RMB 134M related-party transactions — nearly 2x QTT's total disclosure" ], "scqaSituation": "Qutoutiao (NASDAQ: QTT) is a Chinese interactive-media company that pays users cash 'loyalty points' to read content and watch ads; Wolfpack had previously published a short report alleging fraud.", "thesisSummary": "This follow-up report from Wolfpack Research rebuts Qutoutiao's December 27, 2019 response to Wolfpack's original short thesis, arguing QTT only addressed 7 of the original points and did so with vague or materially false explanations. Wolfpack itemizes 12 unresolved lies and omissions: a ~RMB 930M (~$135M) gap between SEC-reported revenue and Chinese SAIC filings; unverifiable cash balances at unnamed banks; missing Q3 2019 interest income on the purported RMB 2.1B liquidity; RMB 1.61B of customer advances in Chinese filings absent from SEC filings; the abusive Dianguan acquisition; and a pattern of undisclosed related-party transactions, including with Wutong Holding Group (300292 CH) and the Beijing Churun acquisition from COO Chen Sihui. Wolfpack closes with direct questions for QTT, its auditor PwC Zhong Tian, the SEC, and NASDAQ, plus the new disclosure that a Chinese court froze RMB 86M of Jifen's bank accounts on December 23, 2019.", "primaryDemands": [ "QTT must explain ~RMB 930M (~$135M) revenue gap between SEC 20-F and Chinese SAIC filings", "QTT must produce bank statements and disclose names of banks holding its cash and WMPs", "QTT must explain missing Q3 2019 interest income on purportedly RMB 2.1B of cash and short-term investments", "QTT must address RMB 1.61B customer advances reported in China but absent from SEC filings", "QTT must disclose frozen RMB 86M in Jifen bank accounts and the Beijing Churun related-party acquisition" ], "scqaResolution": "Wolfpack demands QTT, auditor PwC Zhong Tian, the SEC, and NASDAQ answer specific questions on the revenue gap, cash verification, interest income, customer advances, related parties, and the frozen RMB 86M of Jifen bank accounts.", "thesisOneLiner": "QTT's rebuttal is non-responsive: revenue, cash, interest income, customer advances, and related-party transactions still don't reconcile between its SEC filings and Chinese filings — the fraud case stands.", "precedentsCited": [], "scqaComplication": "On December 27, 2019 QTT issued a rebuttal calling Wolfpack's report 'false and misleading,' but only addressed 7 of the points and its explanations either contradict U.S. GAAP or raise new red flags.", "narrativeInterest": 4, "notableSlidePages": [ 1, 2, 5, 14, 20 ], "peerCompaniesCited": [ "Wutong Holding Group (300292 CH)" ], "valuationFrameworks": [ "not_shown" ], "visualCraftInterest": 2 }, "pitchdeck": { "metadata": null, "profile": null }, "slides": [ { "page": 1, "type": "tension", "title": "This is a short-seller research note from Wolfpack Research.", "function": "expose_contradiction", "imagePath": "https://imgproxy.kitesheet.com/HEPSKUFk9Fll3p0-ufyzWPMkd6TjjBY1EX5ntlVLp-E/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy80MGExMWQxN2FiZTUvcDAwMS5wbmc", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 62, "componentCount": 7, "textChars": 2551, "nDataPoints": 0, "notes": "This is a short-seller research note from Wolfpack Research.", "elementsJson": [ "logo_grid", "paragraph", "numbered_list", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:04:36.177+00", "seconds": 4.288, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9a-83df2d8136b6/1", "deck": "/decks/019dd923-622c-750b-8b9a-83df2d8136b6", "deckAnchor": "/decks/019dd923-622c-750b-8b9a-83df2d8136b6#slide-1", "deckJson": "/decks/019dd923-622c-750b-8b9a-83df2d8136b6.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "We want to point out QTT's biggest lies, as well its key omissions and non-responses to many of our most important points because, as a long-held maxim of common law says, silence is a tacit admission of guilt.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:31:27+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-70f7-7334-b224-9221cd49f965", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.76, "x": 0.118, "y": 0.44 }, "kind": "list", "text": "1. QTT has failed to explain why its reported revenues in China are significantly lower than those they reported to US investors.\n2. QTT has provided no proof of its cash and short-term investments balance, and we have found additional reasons for concern. Namely, missing interest income in 3Q19.\n3. QTT has failed to address the additional RMB 1.61 billion in customer advances reported by its Chinese subsidiaries that are absent from its SEC filings.\n4. QTT's attempt to blame the inconsistencies in Dianguan's filings in China on gross vs. net revenue presentation only make its situation worse.\n5. QTT's attempt to explain its rationale for the Dianguan acquisition highlight the absurdity of its story.\n6. Dianguan's website, which QTT is apparently so proud of, is far less functional and looks less professional than the websites of the agents QTT claimed to do little-to-no business with. In fact, yesterday the “contact us” button was entirely removed from Dianguan's website.\n7. In our view, QTT has continued to deceive investors with regards to the scope, nature and quantity of its related party transactions.\n8. QTT's explanation of the economics of its “loyalty program” only included the “user engagement” portion of its loyalty program expenses, which our analysis of QTT's filings shows, accounts for less than half of its total loyalty program expenses.\n9. 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QTT only addressed seven points and did so with explanations that were, in our view, vague and, in some cases, contained blatant material misrepresentations.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:04:36.177+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a75ad9a0-62c0-43f4-a840-344c5e1721db", "parentComponentId": null }, { "bbox": { "h": 0.11, "w": 0.42, "x": 0.118, "y": 0.048 }, "kind": "paragraph", "text": "Report Date: January 17, 2020\nCompany: Qutoutiao, Inc.\nTicker: QTT US\nIndustry: Interactive Media and Services\nStock Price (USD): $4.20\nMarket Cap (USD, Millions): $1,056.1", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:04:36.177+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e0b9e36d-c88d-4052-8cfe-4817a07a6708", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "silence is a tacit admission of guilt — Common Law Maxim", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:31:27+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-70f7-7334-b224-978dcfb77e86", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.6, "x": 0.118, "y": 0.895 }, "kind": "source-note", "text": "1 https://scholarship.law.cornell.edu/cgi/viewcontent.cgi?article=3598&context=clr", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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QTT has accused us of being dishonest regarding its numerous lawsuits, yet QTT has not disclosed the fact that RMB 86 million of its bank accounts were frozen by a Chinese court on December 23, 2019.\n11. QTT has not denied the accuracy of the ad distribution in our sample. Instead, QTT used a series of qualified assumptions to imagine a scenario that could create a skewed distribution of ad traffic on its platform.\n12. QTT has not denied the serious security issues that HybridAnalysis found in QTT's software.\n13. 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QTT has failed to explain why its reported revenues in China are significantly lower than those they reported to US investors:", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:04:36.007+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "639b51da-2360-4da2-9f04-8a5b15f047c0", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.764, "x": 0.118, "y": 0.42 }, "kind": "paragraph", "text": "Contrary to QTT's aspersions, we are actually very familiar with U.S. GAAP accounting...", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:04:36.007+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9e6cf74e-23ee-425b-b4e3-65c867f7c6b9", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.764, "x": 0.118, "y": 0.72 }, "kind": "paragraph", "text": "2. QTT has provided no proof of its cash and short-term investments balance, and we have found additional reasons for concern. 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We found it interesting that these reports matched prior to QTT's acquisition of Dianguan...", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:10:04.92+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fef577ea-942e-4bf4-b004-f239cb922e0f", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.74, "x": 0.13, "y": 0.43 }, "kind": "quote", "text": "As our business grew rapidly and substantially, it made perfect sense to start building our own distribution capabilities, i.e., an in-house advertising platform...", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:10:04.92+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d55aa20e-3bf9-4962-bec1-c987bcfc7c02", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "As our business grew rapidly and substantially, it made perfect sense to start building our own distribution capabilities, i.e., an in-house advertising platform. The benefit of owning an in-house advertising platform is not only enhanced monetization efficiency as we can improve advertising technology for better matching of supply and demand which results in higher average revenue per user ( ARPU ), it also allows our business to become independent and obtain long-term viability. — QTT", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:31:28+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-70f7-7334-b224-f220e36d03fa", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.8, "x": 0.1, "y": 0.33 }, "kind": "title", "text": "5. 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October 2017: Dianguan is incorporated. October 2017 to February 2018: QTT is the only customer of Dianguan. 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At the time of this acquisition, Dianguan had built up a good technical base as it owned several intellectual properties, which were valuable assets for us to further develop our proprietary advertising platform related technology. 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QTT's response contains information which directly contradicts the facts on the ground, and our ongoing research has identified a concerning relationship between QTT and an old friend, Wutong Holding Group Co., Ltd. (Ticker: 300292 CH).", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:10:05.039+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6c2e34c4-fdec-40c0-91ea-93225f949872", "parentComponentId": null }, { "bbox": { "h": 0.065, "w": 0.764, "x": 0.118, "y": 0.781 }, "kind": "paragraph", "text": "Further, if these two agents have only generated year-to-date revenues of RMB 400,000, it raises the question of which other \"second-tier\" agents might have accounted for the rest. That seems like an easy disclosure for QTT to make in order to disprove our research - unless that answer is potentially incriminating?", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:10:05.039+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7d573cc4-4ebf-4f26-ae3d-9aa9a1c455c8", "parentComponentId": null }, { "bbox": { "h": 0.035, "w": 0.764, "x": 0.118, "y": 0.413 }, "kind": "paragraph", "text": "QTT's claim that it has no trading relationship with Shanghai Jusou is strange given what we see on Jusou's website and Dianguan's website as of today:", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:10:05.039+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8a6130af-db1b-4292-968b-7fd8f770ae51", "parentComponentId": null }, { "bbox": { "h": 0.065, "w": 0.764, "x": 0.118, "y": 0.128 }, "kind": "paragraph", "text": "6. Dianguan's website, which QTT is apparently so proud of, is far less functional and looks less professional than the websites of the agents QTT claimed to do little-to-no business with. In fact, yesterday the \"contact us\" button was entirely removed from Dianguan's website:", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:10:05.039+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ca43a263-1ef0-406f-acfc-0b82a619fefb", "parentComponentId": null }, { "bbox": { "h": 0.125, "w": 0.764, "x": 0.118, "y": 0.268 }, "kind": "paragraph", "text": "QTT made the following claims in their response: \"The Report also quotes two advertising agents who claimed to us to be \"core\" advertising agents for QTT - the truth is, Hunan Jie Jisuan Computer Tech Company... is one of QTT's agents with year-to-date transactions amounting to only RMB0.4 million; as for Shanghai Jusou Info Tech Co., we do not have any direct business relationships with that particular advertising agent per our internal check.\"", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:10:05.039+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fd946b63-1032-4342-9e0c-5f0fa0e07a7c", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"The Report also quotes two advertising agents who claimed to be “core” advertising agents for QTT - the truth is, Hunan Jie Jisuan Computer Tech Company (湖南皆计算网络科技有限公司) is one of QTT’s agents with year-to-date transactions amounting to only RMB0.4 million; as for Shanghai Jusou Info Tech Co.(上海聚搜信息技术有限公司), we do not have any direct business relationships with that particular advertising agent per our internal check.\" — Qutoutiao, Inc.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:31:28+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-70f7-7334-b225-2a294cfa9124", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 10, "type": "tension", "title": "Includes a screenshot of a shareholder table from Qixin.com to prove Li Feng's involvement.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 65, "componentCount": 8, "textChars": 1317, "nDataPoints": 3, "notes": "Includes a screenshot of a shareholder table from Qixin.com to prove Li Feng's involvement.", "elementsJson": [ "paragraph", "data_table", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:10:07.864+00", "seconds": 15.978, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9a-83df2d8136b6/10", "deck": "/decks/019dd923-622c-750b-8b9a-83df2d8136b6", "deckAnchor": "/decks/019dd923-622c-750b-8b9a-83df2d8136b6#slide-10", "deckJson": "/decks/019dd923-622c-750b-8b9a-83df2d8136b6.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "We do not believe the Audit Committee is made up of truly independent directors. For instance, according to Chinese filings, the Chairman of QTT's Audit Committee, Li Feng (李峰), appears to be a 12% shareholder of one of QTT's most significant undisclosed related party advertisers.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:31:28+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-70f7-7334-b225-9c1390cb3bc5", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.75, "x": 0.14, "y": 0.44 }, "kind": "paragraph", "text": "\"Report and approve\" - The Audit Committee of the board of Qutoutiao is now composed of independent directors. Qutoutiao abides by all relevant U.S. securities laws and regulations and NASDAQ listing rules.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:10:07.864+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ab560be2-6c52-4777-aad8-e1cf4fe9abd5", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.78, "x": 0.11, "y": 0.17 }, "kind": "paragraph", "text": "Related party transactions are a major feature of the QTT story. While developing our report, the Wolfpack team debated at length which of the many undisclosed related party transactions we should include.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:10:07.864+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bbf6a579-ff36-40de-97ed-831e6e3a6262", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.75, "x": 0.14, "y": 0.3 }, "kind": "paragraph", "text": "\"Identify\" - Our financial reporting team maintains and regularly updates a full list of affiliate companies to facilitate our identification of related party transaction.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:10:07.864+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bf337d9e-8a2f-46ab-8005-4a5e384fdf61", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“Identify” - Our financial reporting team maintains and regularly updates a full list of affiliate companies to facilitate our identification of related party transaction. — Qutoutiao, Inc.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:31:28+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-70f7-7334-b225-a250b51e8f93", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.45, "x": 0.11, "y": 0.89 }, "kind": "source-note", "text": "https://www.qixin.com/company/3550bca9-5867-48c1-a6d1-db47d2ab9953", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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QTT's acquisition of Beijing Churun. 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QTT awards users 'loyalty points' which are redeemable for cash. Most loyalty programs don't work this way because it is horrifically expensive. 2. 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that we are dishonest, yet they failed to disclose that 5 of Shanghai Jifen’s subsidiaries had their equity frozen by the Chinese courts the day before their response was published.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:31:29+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-70f7-7334-b226-13f6c56bb86d", "parentComponentId": null }, { "bbox": { "h": 0.185, "w": 0.764, "x": 0.118, "y": 0.275 }, "kind": "list", "text": "Has Innotech Ltd., the entity that holds Eric Tan's QTT shares, sold any shares? Why hasn't QTT disclosed the current holdings of its insiders and principal shareholders since the 424B4 filed on April 3, 2019? Mr. Tan is reported to have pledged/sold millions of shares of Wutong Holdings Group. Would Mr. Tan like us to detail his dealings with Wutong? More importantly, would Mr. Wan Weifang like us to write a full report on Wutong? What about QTT's original CEO, Lei Li? How many shares has he sold? Why did he resign? Why was Lei Li's resignation followed by many more resignations of mid and upper level management, including Editor-in-Chief Xiao Houjun?", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:10:07.573+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a828f487-7d99-4b9c-b922-f06378676300", "parentComponentId": null }, { "bbox": { "h": 0.065, "w": 0.764, "x": 0.118, "y": 0.675 }, "kind": "paragraph", "text": "Furthermore, a portion of Shanghai Jifen's bank accounts were frozen with value RMB 86 million on January 3, 2020, apparently related to the same legal action as the equity freezes. We believe that both of these developments should be considered \"material legal proceedings,\" which are one of the few events the SEC requires foreign private issuers such as QTT to disclose to investors on Form 6-K.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:10:07.573+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "52736d03-980f-40be-8ba7-9a8291e20cc7", "parentComponentId": null }, { "bbox": { "h": 0.065, "w": 0.764, "x": 0.118, "y": 0.595 }, "kind": "paragraph", "text": "QTT claimed that we are dishonest, yet they failed to disclose that 5 of Shanghai Jifen's subsidiaries had their equity frozen by the Chinese courts the day before their response was published. Shanghai Jifen is QTT's core operating subsidiary which operates the Qutoutiao app. In our opinion, this is hypocrisy of the highest order.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:10:07.573+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "654941b8-e9b4-4438-a84f-4d133d388021", "parentComponentId": null }, { "bbox": { "h": 0.035, "w": 0.764, "x": 0.118, "y": 0.478 }, "kind": "paragraph", "text": "10. QTT has accused us of being dishonest regarding its numerous lawsuits, yet QTT has not disclosed the fact that RMB 86 million of its bank accounts were frozen by a Chinese court on December 23, 2019:", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:10:07.573+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8a73b521-f002-4bf9-9747-73628794f856", "parentComponentId": null }, { "bbox": { "h": 0.035, "w": 0.764, "x": 0.118, "y": 0.128 }, "kind": "paragraph", "text": "9. QTT's disclosures regarding insider sales are welcome, but QTT's reluctance to disclose the current holdings of its Insiders and Principal Shareholders raises serious questions:", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:10:07.573+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b4bea835-ee6c-45f1-b0a4-177b1aa2d073", "parentComponentId": null }, { "bbox": { "h": 0.065, "w": 0.714, "x": 0.168, "y": 0.171 }, "kind": "quote", "text": "Mr. Tan has not sold a single share of Qutoutiao during the IPO or after the IPO, and has taken the CEO role to drive the business forward. All the shares owned by Mr. Tan are founder's shares, and Mr. Tan has not earned any share rewards for his role as the CEO or Chairman of the Company. Mr. Tan has not pledged any of his shares to obtain cash advances either.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:10:07.573+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "89d26808-8f6a-40b6-a077-092047dfff6d", "parentComponentId": null }, { "bbox": { "h": 0.045, "w": 0.714, "x": 0.168, "y": 0.535 }, "kind": "quote", "text": "At the time of this response, the pending litigation shall not have material impact on our daily normal business operations, and we do not record any contingent liabilities relating to this pending litigation.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:10:07.573+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c66c9f30-33a8-43a5-8742-d79f9cbc8e64", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“Mr. Tan has not sold a single share of Qutoutiao during the IPO or after the IPO, and has taken the CEO role to drive the business forward. All the shares owned by Mr. Tan are founder’s shares, and Mr. Tan has not earned any share rewards for his role as the CEO or Chairman of the Company. Mr. Tan has not pledged any of his shares to obtain cash advances either.” — Qutoutiao (quoted by Wolfpack Research)", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:31:29+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-70f7-7334-b226-16f33ea219cd", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.764, "x": 0.118, "y": 0.855 }, "kind": "source-note", "text": "19-22 Footnotes regarding Bloomberg, Sina, court records, and SEC filings.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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We tweaked one variable at a time... For the 50,000-ad sample... these variables were randomized... Most importantly, the resulting traffic distribution was effectively the same in every sample we ran.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:10:06.447+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9ad282b0-0ddd-48b4-be6a-4b5c823a2fb2", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.78, "x": 0.11, "y": 0.21 }, "kind": "paragraph", "text": "In our report, we showed how QTT is directing a large portion of its traffic to related parties... 88.3% of the advertisements was directed to the top 10 advertisers. Even worse, more than 35% of the total advertising traffic was directed to related parties.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:10:06.447+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c1219aad-ffaa-492f-81f0-3ce6202b030f", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.72, "x": 0.14, "y": 0.32 }, "kind": "quote", "text": "The total number of advertisements placed on Qutoutiao's platform per day exceeds 2,000,000,000... As our programmatic advertising system considers a wide range of parameters... any results generated by a miniscule sample through a tiny group of fake users could inevitably be skewed.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:10:06.447+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "39cc612b-2157-47ea-9732-09250524856d", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"The total number of advertisements placed on Qutoutiao's platform per day exceeds 2,000,000,000. Therefore, analyzing 50,000 advertisements (i.e., only 0.0025% of total) concentrated in a very confined period (i.e., four hours on September 12, 2019) on Qutoutiao's platform would lead to skewed results, especially considering that behind the very limited sample size is a very limited number of test phones that are not capable of replicating the diverse behaviours exhibited by our 42 million daily active users. As our programmatic advertising system considers a wide range of parameters to determine which advertisement to display, including price bid, predicted click-through rate and content relevance, any results generated by a miniscule sample through a tiny group of fake users (i.e., test phones) could inevitably be skewed. That is to say, as the test phones probably have some identical or similar characteristics, when these test phones frequently send requests to our advertising system in a short period of time, it could respond to these “fake requests” by recommending similar contents, so that the advertisements received by these fake users are concentrated in a specific type, which cannot represent the actual overall situation.\" — Qutoutiao, Inc.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:31:29+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-70f7-7334-b226-86647376453b", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.78, "x": 0.11, "y": 0.12 }, "kind": "title", "text": "11. 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