而另一边，挚文集团的财务数据则反映出明显的增长压力。其总营收已连续三年下滑，从2022年的127亿元、2023年的120亿元，降至2024年的 105.63亿元。 这种收缩趋势在核心产品的付费用户数据中体现得更为严峻。根据12月10日公布的2025年第三季度财报，陌陌的付费用户仅为370万，与去年同期 相比近乎腰斩；探探的付费用户也同比下滑22.2%，降至70万。两大核心产品的用户付费意愿与规模正呈现出显著、加速的收缩态势。 针对上述情况，《BUG》栏目致电挚文集团投资者关系部门进行了解，但多次拨打均无人接听；同时向其官方发送采访函，截至发稿尚未收到回 应。 总裁王力一年多套现近6000万元 挚文集团于2011年成立，2014年12月11日在美国纳斯达克交易所挂牌上市（NASDAQ: MOMO），拥有陌陌、探探等多款手机应用，以及电影制 作发行、节目制作等多元业务。 公开信息显示，王力为挚文集团创始合伙人，现任挚文集团（原陌陌）执行董事兼总裁。2011年7月加入陌陌担任运营总监，2014年6月升任首席运 营官，2017年4月兼任联席总裁 ，2018年升任集团总裁，2020年11月起接替唐岩出任首席执行官，20 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 文|《BUG》栏目 闫妍 日前，陌陌母公司挚文集团（Nasdaq：MOMO）递交给美国SEC的文件显示，挚文集团执行董事、总 裁王力近期持续减持公司股权。据统计，连续四个交易日内王力共计套现了约2250万元。 而另一边，挚文集团的财务数据则反映出明显的增长压力。其总营收已连续三年下滑，从2022年的127 亿元、2023年的120亿元，降至2024年的105.63亿元。 这种收缩趋势在核心产品的付费用户数据中体现得更为严峻。根据12月10日公布的2025年第三季度财 报，陌陌的付费用户仅为370万，与去年同期相比近乎腰斩；探探的付费用户也同比下滑22.2%，降至 70万。两大核心产品的用户付费意愿与规模正呈现出显著、加速的收缩态势。 针对上述情况，《BUG》栏目致电挚文集团投资者关系部门进行了解，但多次拨打均无人接听；同时 向其官方发送采访函，截至发稿尚未收到回应。 总裁王力一年多套现近6000万元 挚文集团于2011年成立，2014年12月11日在美国纳斯达克交易所挂牌上市（NASDAQ： MOMO），拥 有陌陌、探探等多款手机应用， ...

来源：中国经营报 中经记者 李昆昆 李正豪 北京报道 近日，陌陌母公司挚文集团（纳斯达克：MOMO）发布了截至2025年9月30日的财报。财报显示，挚文 集团2025年前9个月营收为77.91亿元，较上年同期的79.26亿元下降1.7%。同时，公司前三季度净利润 同比下滑33.5%。 《中国经营报》记者采访陌陌方面关于公司业绩的相关问题，截至发稿前，对方尚未回复。 在张思远看来，陌陌当前面临三大发展瓶颈。首先，用户结构老化与增长停滞。 作为成立超过13年的社交平台，陌陌用户群体已从年轻用户主导转向中老年人为主。用户规模增长陷入 停滞，付费用户数同步下滑30%，反映出核心产品对年轻用户吸引力减弱。 其次，国内市场竞争与监管压力加剧。国内陌生人社交赛道竞争白热化，Soul、伊对等新兴平台通过AI 互动、视频社交等创新功能抢占市场份额，而陌陌产品迭代相对滞后，仅推出"AI恋爱军师"这些有限功 能，未能有效突破用户增长瓶颈。同时，监管环境趋严对业务运营形成持续约束，2025年第三季度国内 业务收入下滑11%部分源于"内容安全自查"及其他合规成本上升，历史上探探2019年下架、陌陌关闭动 态功能等事件已多次影响用户活跃 ...

作为国内陌生人社交领域的早期入局者，挚文集团及其核心产品陌陌曾凭借独特的定位迅速崛起。然 而，随着社交娱乐市场的深刻演变，公司长期依赖的传统增长模式显露出疲态。在用户偏好转向兴趣与 深度互动、新型平台不断涌现的背景下，陌陌的竞争优势被逐渐削弱，集团的业务转型与未来增长路径 面临持续的不确定性。 核心业务承压与增长模式困境 核心业务承压与增长模式困境 挚文集团的经营隐忧，首要体现在其核心营收动力显露出可持续性挑战。公司的收入长期高度依赖于直 播等传统增值服务，而该业务板块已呈现增长乏力态势。与此同时，作为业绩根基的付费用户规模出现 波动，用户消费意愿的变化对营收稳定性构成直接影响。 挚文集团的经营隐忧，首要体现在其核心营收动力显露出可持续性挑战。公司的收入长期高度依赖于直 播等传统增值服务，而该业务板块已呈现增长乏力态势。与此同时，作为业绩根基的付费用户规模出现 波动，用户消费意愿的变化对营收稳定性构成直接影响。 在探索新增长曲线方面，集团的尝试成效尚未明朗。尽管已着力拓展海外市场及其他创新业务，但这些 新兴板块对整体营收的贡献占比仍相对有限，难以在短期内弥补主业的增长缺口。此外，行业监管政策 的调整与规范化， ...

（图源：Keeper） 简单来说，这项计划是为成功匹配的情侣而设，当他们通过Keeper相识、相恋，并走入婚姻殿堂后，需要向平台支付五万美元。对于这项看起来有点抽象 的条约，不少网友都表示过于霸道。Keeper的首席执行官Jake Kozloski却非常看好这项计划，只因Keeper采用先进的AI大模型算法，并相信AI将会是约会平 台的发展拐点。 但这也不禁让人疑惑，用大模型匹配到的"灵魂伴侣"，真的就是最完美的选择吗？ 成功率仅一成，AI当红娘并不靠谱 AI大模型技术走向大众后，也经常会被人们用在与自己生活相关的各种场景里，比如一些穿搭上的建议，关于人际关系处理的小技巧等。AI陪伴也是近年 来相当热门的赛道，只因大模型技术能够在陪伴的过程中不断学习使用者的喜好，变成一个可靠的陪伴者。 但提到用AI大模型去找对象，可能大多数人都会觉得不太可靠。的确，假如我们深入研究Keeper的这套模式，就会发现一些端倪。 掐指一算，马上又要到农历新年了。相信很多人回老家，最头疼的一件事就是面对无休无止的催婚吧？ 但你可能很难想象，如今不仅亲朋好友在催婚，就连AI也在"催婚"了。近期，美国一家AI初创公司Keeper开始吸引 ...

Core Insights - The company reported unaudited financial results for Q3 2025, with net revenue of RMB 2.6501 billion (approximately USD 372.3 million) [1] - The net profit attributable to the company was RMB 348.9 million (approximately USD 49 million) [1] - The number of paying users for Momo reached 3.7 million, while Tantan had 700,000 paying users [1] Financial Performance - Net revenue for Q3 2025 was RMB 2.6501 billion (USD 372.3 million) [1] - Net profit attributable to the company was RMB 348.9 million (USD 49 million) [1] User Metrics - Momo had 3.7 million paying users in Q3 2025 [1] - Tantan had 700,000 paying users in the same period [1]

文 | 市值榜 贾乐乐 这种环境之下，Soul推进IPO未必能够获得一个合意的估值。那么，Soul为何执着于IPO？一个关于灵魂、情绪的社交故 事，屡次折戟后更换了剧本再次登台，当下的资本市场还会不会买单呢？ 一、再次闯关IPO：从元宇宙到AI+ 编辑 | 嘉辛 近期，Soul又一次递交了招股书。从2021年冲击美股算起，这已是第四次尝试。 和当时相比，现在的Soul有更拿得出手的业绩：2024年收入达到22亿元，2025年前8个月收入16.8亿元，同比增长 17.8%；经营利润从2023年开始转正，并仍在增长趋势里；不再需要烧巨额的资金获客，比如2021年销售开支达到15亿 元，2024年降低至8.9亿元。 不过，现在的资本市场环境也与当时大不相同。 2021年，美股上市公司中，交友软件Bumble、Tinder和Hinge母公司Match Group都处在股价高位。当时的Soul，凭借"不 看脸"的新颖模式和快速增长，估值接近20亿美元。 而现在，两家公司的股价和高点相比，分别跌去了90%+和80%左右。陌陌和探探的母公司挚文集团，股价也有所下 滑。背后有业绩的原因，但杀估值可能是更重要的因素。 打开So ...

Group 1 - A report highlighted a case in Shandong where a man's parents' information was misused for online solicitation, leading to strangers visiting their home [1] - The platforms involved in the misuse of information include Momo and Tantan, which are popular social networking applications in China [1] - Tantan was launched in July 2014 and was fully acquired by Momo in February 2018 through a combination of stock and cash [1] Group 2 - Momo, launched in August 2011, is a location-based mobile video social application developed by Zhiyuan Group, which was listed on NASDAQ in December 2014 [2] - Tantan Culture Development (Beijing) Co., Ltd., established in 2014, is a wholly-owned subsidiary of Beijing Momo Technology Co., Ltd., and focuses on cultural and artistic activities [2] - Beijing Momo Technology Co., Ltd. was founded in 2011 and is also a member of Zhiyuan Group, primarily engaged in technology promotion and application services [2]

Core Viewpoint - The online dating industry, once revolutionized by apps like Tinder, is facing significant challenges as user engagement declines and competition from niche platforms and social media increases [3][6][10]. Group 1: Industry Evolution - The first online dating site, Match.com, launched in 1995, but it wasn't until Tinder's introduction of the "swipe" feature in 2012 that online dating gained mainstream popularity [2][3]. - Match Group, Tinder's parent company, went public in 2015 and acquired several dating apps, becoming a leading player in the online dating market [3]. - During the pandemic, online dating usage surged, with Match Group's market value peaking near $50 billion [3]. Group 2: User Engagement Decline - Recent data shows that daily usage of dating apps in the U.S. has dropped from 100 minutes to about 50 minutes over the past decade [3]. - Tinder's parent company, Match Group, has seen its stock price fall by over 66% in the last five years, leading to significant layoffs and a CEO change [3][5]. - Bumble, another competitor, has experienced a nearly 95% drop in market value [3]. Group 3: User Sentiment and Safety Concerns - A Forbes survey indicates that nearly 80% of respondents feel fatigued by dating apps, with many viewing online dating as a chore rather than an enjoyable activity [4]. - Safety concerns persist, with about 50% of Americans believing dating apps are unsafe, and over half of users reporting experiences of deception [4]. Group 4: Subscription Services and User Retention - Over 30% of Americans have subscribed to paid dating app services, with Tinder offering various membership tiers, some costing up to $499 per month [5]. - Match Group's recent financial reports show a 5% decline in paid users, marking the tenth consecutive quarter of decline, with over 700,000 users lost in the past year [5]. Group 5: Shift in User Preferences - Nearly half of U.S. users are seeking long-term relationships, with Gen Z showing the highest preference for such connections [6]. - Niche dating apps like Hinge, which focus on serious relationships, are gaining traction, while platforms like TikTok and Instagram are increasingly used for dating [6][7]. Group 6: Rise of Offline Dating Events - Post-pandemic, there is a resurgence in offline dating events, with many brands organizing activities for singles, which are becoming popular among younger demographics [8][9]. - New startups focusing on offline social activities are emerging, indicating a shift away from traditional online dating [9]. Group 7: Challenges in the Chinese Market - Similar challenges are faced by dating apps in China, with platforms like Momo and Tantan experiencing user declines due to regulatory issues and shifting user preferences [10]. - Momo's paid user count has dropped by 40% year-on-year, reflecting broader trends in the online dating landscape [10].

Core Insights - Momo, once a leading dating app, is now losing popularity among younger users, with Soul and Qianshou becoming the preferred platforms for the new generation [1][12]. Group 1: Company Performance - Momo's parent company, Zhiyuan Group, reported a total revenue of 2.62 billion yuan in Q2, a year-on-year decrease of 2.6%, marking 22 consecutive quarters of revenue decline since Q4 2020 [3]. - The number of paying users on Momo plummeted from 7.2 million to 3.5 million year-on-year, indicating a significant loss of user engagement [3]. - Another dating app under Zhiyuan, Tantan, saw its monthly active users drop from 12.9 million to 10.2 million, with paying users reduced to 700,000, a 30% decline [3]. Group 2: User Demographics and Trends - Momo's user base has shifted significantly, with nearly 50% of its users being men aged 41 and above, while only 16% are under 24 [11][14]. - The platform's appeal has diminished for younger users, who report a poor social experience due to the prevalence of chatbots and marketing accounts [12][14]. - The original user base of Momo, which was primarily younger, has aged, leading to a demographic shift towards middle-aged users who are now more engaged with the platform [12][14]. Group 3: Market Position and Competition - Momo's initial success was driven by its location-based social features, which catered to the needs of young singles during the smartphone boom [5][7]. - However, the app's reliance on superficial criteria like appearance has become outdated, as younger users now prefer connecting over shared interests and emotional value [5][12]. - Competitors like Soul have capitalized on these changing preferences, attracting younger users away from Momo [12][14]. Group 4: Future Outlook - Momo may need to pivot its focus towards catering to middle-aged users, who have a higher willingness to pay and less complex social interaction needs [14]. - The changing demographic landscape presents both challenges and opportunities for Momo, as it adapts to the evolving social needs of its user base [14].