Core Viewpoint - Hello Group Inc. (formerly Momo) is attempting to reverse a five-year revenue decline by introducing AI-backed features in its dating app, but recent financial results indicate continued revenue challenges [2][5][17] Financial Performance - The company's revenue fell 2.6% year-on-year in the second quarter to 2.62 billion yuan ($368 million), down from 2.69 billion yuan a year earlier [5][7] - In the first quarter, revenue had only declined by 1.5%, suggesting a potential for recovery that has not materialized [5] - For the third quarter, Hello Group forecasts revenue between 2.59 billion yuan and 2.69 billion yuan, indicating a possible decline of 3.2% at the low end and a slight increase of 0.6% at the high end [6] - The company reported its first net loss in over three years, amounting to 139 million yuan, primarily due to one-time tax expenses [8][15] User Engagement and Features - The newly introduced AI greeting feature aims to assist male users in crafting personalized messages for potential dates, which is expected to enhance user engagement [3][4] - The AI chat assistant feature is designed to improve ongoing conversations, potentially increasing retention rates among users [4] - Despite these innovations, the company has not yet seen a halt in revenue decline, contrasting with other consumer-facing companies in China that have stabilized [4][17] User Metrics - Paid users for the Momo app decreased by approximately 15% sequentially to 3.5 million in the second quarter, while Tantan's paid users fell by about 10% to 740,000 [13] - The value-added services for the Momo app experienced an 11% year-on-year decline, dropping to 1.85 billion yuan, which constitutes about 70% of total revenue [12] International Business - Hello Group's international business saw a significant revenue increase of 73% year-on-year in the second quarter, contributing 17% to total revenue, up from 9.5% a year earlier [14] - However, growth in the international segment is expected to slow to the mid-60% range in the third quarter as the company adopts a more conservative expansion strategy [14] Market Sentiment - Following the release of the latest financial report, Hello Group's stock fell by 7.3%, erasing most of its gains for the year, although it remains up 17% over the past 52 weeks [9] - Analysts are mixed on the company's outlook, with six out of eight still rating it a "buy," while the stock trades at a low price-to-earnings (P/E) ratio of 11 compared to global peers [16]

Core Viewpoint - Momo, once a leading dating app, is experiencing a significant decline in user engagement and revenue, particularly among younger demographics, as it struggles to adapt to changing social preferences and competition from newer platforms [1][3][4]. Group 1: Financial Performance - Momo's total revenue for Q2 was 2.62 billion yuan, a year-on-year decrease of 2.6%, marking the 22nd consecutive quarter of revenue decline since Q4 2020 [1]. - The number of paying users has plummeted from 7.2 million to 3.5 million year-on-year, representing a 51.4% decrease [1]. - The monthly active users of Momo's other dating app, Tantan, fell from 12.9 million to 10.2 million, with paying users dropping by 30% to 700,000 [1]. Group 2: User Demographics and Preferences - Momo's user base is increasingly skewed towards older demographics, with over 75% of users aged 25 and above, and nearly half of male users aged 41 and older [9]. - The app's original model, which focused on location and appearance, is now considered outdated by younger users who prefer connecting based on shared interests and values [4][9]. - The shift in user demographics has led to Momo becoming a platform primarily for middle-aged and older users, with a notable lack of engagement from younger individuals [4][10]. Group 3: Revenue Streams and Challenges - Momo's revenue has heavily relied on live-streaming services, which have seen a decline due to regulatory scrutiny and competition from platforms like Douyin and Kuaishou [10]. - The spending habits of older users are less robust compared to younger users, making it difficult for Momo to sustain its financial performance [10]. - The company is attempting to control costs to mitigate revenue decline but is still searching for effective strategies for recovery [12].

Daily Spotlight 11 September 2025 Michael MENG (852) 3988 6433 michael.meng@bocigroup.com Index Performance | | Last close | % 1D | % YTD | | --- | --- | --- | --- | | HSI | 26,200 | 1.0 | 30.6 | | HSCEI | 9,328 | 0.9 | 28.0 | | HSCCI | 4,377 | 0.6 | 15.8 | | MSCI HK | 13,646 | 1.2 | 29.2 | | MSCI CHINA | 86 | 0.6 | 33.1 | | FTSE CHINA A50 | 14,844 | 0.5 | 9.9 | | CSI 300 | 4,445 | 0.2 | 13.0 | | TWSE | 25,193 | 1.4 | 9.4 | | SENSEX | 81,101 | 0.4 | 3.8 | | NIKKEI 225 | 43,838 | 0.9 | 9.9 | | KOSPI | 3,315 ...

交银国际研究 每日晨报 2025 年 9 月 11 日 今日焦点 | 挚文集团 | | MOMO US | | --- | --- | --- | | 经营利润超预期，海外新产品维持强劲増势 | | 评级: 买入 | | 收盘价: 美元 7.88 | 目标价: 美元 9.40↑ | 潜在涨幅: +19.3% | | 赵丽, CFA | zhao.li@bocomgroup.com | | 我们将估值基准切换至 2026 年，考虑行业估值中枢上移，基于 8 倍 2026 年市盈率，上调目标价至 9.4 美元，维持买入。 业绩回顾：2025 年 2 季度收入 26.2 亿元，同比降 3%。经调整运营利润 4.5 亿元，高于我们预期的 3.9 亿元，主要受益于好于预期的成本控制及 探探营销渠道优化。海外收入持续扩张，同比增 73%，收入占比提升至 17%。 展望：我们预计 2025 年 3 季度收入同比降 2%。主播税收合规强化影响 下，公司或将提高分成激励，预计对陌陌收入影响可控，但毛利率将有 所下降。预计 3 季度海外收入同比增 62%，Amar、Yaahlan 有望维持强 劲增长。考虑派息预提税率调整影响及潜 ...

陌陌母公司挚文集团（Nasdaq:MOMO）昨日公布2025年第二季度及上半年财报。财报显示，挚文集团2025年上半年营收为51.41亿元（约7.18亿美元）， 较上年同期的营收52.52亿元下降2.1%。 | | Three months | | | First half year | | | | --- | --- | --- | --- | --- | --- | --- | | | Ended June 30 | | | Ended June 30 | | | | | 2024 | 2025 | 2025 | 2024 | 2025 | 2025 | | | RMB | RMB | USS | RMB | RMB | ાટક | | Net revenues(i): | | | | | | | | Value-added service | 2,648.336 | 2.579.292 | 360.055 | 5.181.253 | 5.069.194 | 707.632 | | Other services | 43.055 | 41,076 | 5,734 | 70,558 | 72,009 | 1 ...

Hello Group (NasdaqGS:MOMO) Q2 2025 Earnings Call September 09, 2025 08:00 AM ET Company ParticipantsZhang Sichuan - COOJiayun Fang - Group Sustainability and ImpactTang Yan - CEOAshley Jing - Director of Investor RelationsCathy Hui Peng - CFOConference Call ParticipantsThomas Chong - Stock AnalystXueqing Zhang - Media AnalystLeo Chiang - Equity Research AnalystOperatorLadies and gentlemen, thank you for standing by and welcome to the Second Q Earnings Conference Call. All participants are in a listen-only ...

Hello Group (NasdaqGS:MOMO) Q2 2025 Earnings Call September 09, 2025 08:00 AM ET Company ParticipantsTang Yan - CEOJiayun Fang - Group Sustainability and ImpactCathy Hui Peng - CFOAshley Jing - Director of Investor RelationsZhang Sichuan - COOConference Call ParticipantsLeo Chiang - Equity Research AnalystThomas Chong - Stock AnalystXueqing Zhang - Media AnalystOperatorLadies and gentlemen, thank you for standing by and welcome to the second quarter 2025 Hello Group Inc. earnings conference call. All partic ...

Hello Group (NasdaqGS:MOMO) Q2 2025 Earnings Call September 09, 2025 08:00 AM ET Speaker1Ladies and gentlemen, thank you for standing by and welcome to the second quarter 2025 Hello Group Inc. earnings conference call. All participants are in a listen-only mode. There will be a presentation followed by a question and answer session. If you wish to ask a question, you'll need to press the star key followed by the number one on your telephone keypad. Please note this conference is being recorded today. I woul ...

Accessibility StatementSkip Navigation BEIJING, Sept. 9, 2025 /PRNewswire/ -- Hello Group Inc. (NASDAQ: MOMO) ("Hello Group" or the "Company"), a leading player in Asia's online social networking space, today announced its unaudited financial results for the second quarter of 2025. Â Second Quarter of 2025 Highlights First Half of 2025 Highlights * This press release contains translations of certain Renminbi amounts into U.S. dollars at specified rate solely for the convenience of readers. Unless otherwise ...

Group 1 - The core viewpoint of the news highlights the financial performance and market position of Zhihui Group (MOMO), indicating a mixed revenue trend but significant profit growth [1][2]. - As of March 31, 2025, Zhihui Group reported total revenue of 2.521 billion RMB, a year-on-year decrease of 1.55%, while the net profit attributable to the parent company reached 358 million RMB, showing a remarkable year-on-year increase of 6805.75% [1]. - The company's stock price increased by 2.09% to $8.3 per share, with a total market capitalization of $1.334 billion as of August 22 [1]. Group 2 - Zhihui Group is recognized as a leader in China's online social and entertainment sector, with its flagship product MOMO being a prominent location-based mobile social application [2]. - The company was established in 2011 and went public on the NASDAQ on December 11, 2014, under the ticker symbol MOMO, and operates multiple applications including MOMO, Tantan, and Hertz, alongside diverse business ventures such as film production and financial investment [2]. - The company is set to disclose its fiscal year 2025 interim report on September 9, 2023, before the market opens [2].