挚文集团五年连跌，困局何解？

Core Insights - The core viewpoint of the article highlights the significant decline in performance of Zhihui Group, the parent company of Momo and Tantan, with total revenue dropping to 10.563 billion, a year-on-year decrease of 11.99%, and net profit halving to 1.04 billion, a decline of 46.89% [1][10] Group 1: Core Business Challenges - The core business of Zhihui Group, represented by Momo and Tantan, is facing severe challenges as user preferences shift from superficial social interactions to deeper connections based on interests and values [2][3] - Monthly active users for Tantan have plummeted to 10.8 million from around 30 million in 2018, while Momo's user base has also significantly decreased from over 113 million [2][3] - The management's failure to adapt to changing social needs has led to a loss of users to platforms like Xiaohongshu, Douyin, and Soul, which focus on interest-based interactions [2][5] Group 2: Failed Second Curve Exploration - Zhihui Group has attempted to diversify its offerings by launching new apps and exploring international markets, but these efforts have largely failed, with no successful new products emerging [6][7] - The company has introduced multiple new apps annually, but many have been shut down due to poor performance, including a social e-commerce platform and a video social app [6][9] - The lack of a coherent strategy and the tendency to abandon projects after initial failures have hindered the company's growth and revenue generation [9][11] Group 3: Dilemma and Future Directions - Zhihui Group is currently in a precarious position, having lost its core user base and facing a market capitalization drop from 10.45 billion to a peak of 107 billion, indicating a loss of investor confidence [10][11] - To recover, the company must stabilize its existing user base while appealing to younger generations by focusing on interest-based community apps and consolidating resources to enhance core business capabilities [11][12] - The situation serves as a cautionary tale for other internet companies, emphasizing the importance of adapting to user needs and avoiding blind diversification [12][13]