Core Insights - The core viewpoint of the articles highlights the declining revenue and user base of Zhiyuan Group, particularly through its apps Momo and Tantan, indicating challenges in the social networking industry [1][2]. Financial Performance - Zhiyuan Group reported a net revenue of 2.521 billion yuan for Q1 2025, a year-on-year decrease of 1.5% [1] - The net profit attributable to the company was 358 million yuan, showing a significant year-on-year increase of 6815.3% [1] - Revenue from mainland China was 2.106 billion yuan, down 9.5% from 2.319 billion yuan in the same period last year [1] - Overseas revenue reached 415 million yuan, marking a year-on-year increase of 72% [1] - The company anticipates total net revenue for Q2 2025 to be between 2.57 billion and 2.67 billion yuan, reflecting a year-on-year decline of 4.5% to 0.8% [1] User Metrics - Momo app had a total of 4.2 million paying users in Q1, down from 7.1 million in the same period last year, a decrease of 2.9 million users [1] - Tantan app reported 800,000 paying users in Q1, down from 1.1 million, a reduction of 300,000 users [1] - Both Momo and Tantan have experienced a continuous decline in paying user numbers over the past five years [1][2] Industry Context - The decline in paying users for Momo and Tantan is attributed to a shift in user preferences from superficial social interactions to deeper connections driven by interests [2] - Competitors like Soul and Xiaohongshu have gained traction among younger users, indicating a shift in the social networking landscape [2]

【1】核心业务护城河边缘化 曾经陌陌、探探是准国民级的社交APP，但如今它究竟怎么了？挚文集团的窘境反映出国内部分AP存在的问题——"核心业务护城河崩塌"与"第二曲线探 索失败"，在逐渐被边缘化的大潮下，挚文集团正在陷入进退两难的困局中。 日前，陌陌APP、探探APP母公司挚文集团发布2024年财报：2024年，挚文集团总营收为105.63亿，同比下滑11.99%，而其归母净利润更是惨遭腰斩，下 滑幅度高达46.89%，只有10.40亿。 更为重要的是，2024年业绩欠佳并非个例，从2020年起，挚文集团在营收上已经连续五年下滑，较高峰时期，其营收利润下降幅度分别高达38.2%、 65%，下滑已经成为一种趋势。 谈到挚文集团不佳的业绩表现，首先要问一句：你有多久没有用过陌陌跟探探了？ 陌陌APP、探探APP所代表的陌生人社交业务是挚文集团最为核心的产品，也是其营收支柱，但如今随着00后成长、消费认知改变，曾经主打"快速匹 配"的陌陌、探探正在被用户抛弃。 据挚文集团财报数据显示：2024年12月，探探APP的月活跃用户为1080万，陌陌APP月活数据没有公布。但是在2018年，探探APP月活数量在3000万左 ...