Hello Group Inc (MOMO) 2024 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by and welcome to fourth-quarter and fiscal year 2024 Hello Group Inc earnings conference call. (Operator instructions) Please note that this conference is being recorded today.

女士們，先生們，感謝大家的支持，歡迎參加 Hello Group Inc 2024 財年第四季和收益電話會議。（操作員指示）請注意，今天正在錄製本次會議。

I would now like to hand the conference over to your first speaker today, Ms. Ashley Jing. Thank you. Please go ahead, ma'am.

現在，我想將會議交給今天的第一位演講者 Ashley Jing 女士。謝謝。請繼續，女士。

Thank you, Alfrita. Good morning and good evening everyone. Thank you for joining us today for Hello Group's fourth-quarter and fiscal 2024 earnings conference call. The company's results were released earlier today and are available on the company's IR website.

謝謝你，阿爾弗里塔。大家早安，晚上好。感謝您今天參加 Hello Group 第四季和 2024 財年財報電話會議。該公司的業績已於今天早些時候公佈，並可在公司的 IR 網站上查閱。

On the call today, Mr. Tan Yan, CEO of the company; Ms. Zhang Sichuan, COO of the company; and Ms. Penng Hui, CFO of the company. They will discuss the company's business operations and highlights, as well as the financials and guidance. They will all be available to answer your questions during the Q&A session that follows.

今天電話會議上，公司執行長譚延先生；公司營運長張四川女士；以及公司財務長Penng Hui女士。他們將討論公司的業務運作和亮點，以及財務狀況和指導。他們將在隨後的問答環節中回答您的問題。

Before we begin, I would like to remind you that this call may contain forward-looking statements made under the Safe Harbour position of the Private Security Litigation Reform Act of 1995. Such statements are based on management's current expectations and current market and operating conditions and relate to events that involve known or unknown risks, uncertainties, and other factors.

在我們開始之前，我想提醒您，本次電話會議可能包含根據 1995 年《私人安全訴訟改革法》的安全港條款做出的前瞻性陳述。此類聲明是基於管理層目前的預期和當前的市場及營運條件，並與涉及已知或未知風險、不確定性和其他因素的事件有關。

All of which are difficult to predict and many of which are beyond the company's control, which may cause the company's actual results, performance, or achievements to differ materially from those in the forward-looking statements.

所有這些都很難預測，其中許多超出了公司的控制範圍，這可能會導致公司的實際結果、業績或成就與前瞻性陳述中的結果、業績或成就存在重大差異。

Further information regarding this and other risks, uncertainties and factors is included in the company's findings with the US Securities and Exchange Commission. The company does not undertake any obligation to update any forward-looking statement as a result of new information, future events, or otherwise except as required under the law.

有關此風險和其他風險、不確定性和因素的更多資​​訊包含在公司向美國證券交易委員會提交的調查結果中。除法律要求外，本公司不承擔因新資訊、未來事件或其他情況而更新任何前瞻性聲明的義務。

I will now pass the call over to our CEO, Mr. Tang Yan. Mr Tang, please.

現在我將電話轉給我們的執行長唐岩先生。請叫我唐先生。

(spoken in foreign language)

（用外語說）

Hello everyone. Thank you for joining our call. 2024 was a year fraught with challenges and opportunities. Our team maneuvered well through external uncertainties and delivered satisfactory financial and operational results. No more cash flow business continues to be productive with an ecosystem that is healthier than last year.

大家好。感謝您加入我們的電話會議。 2024年是充滿挑戰與機會的一年。我們的團隊成功地應對了外部的不確定性，並取得了令人滿意的財務和營運績效。沒有更多的現金流業務在比去年更健康的生態系統下繼續富有成效。

Our overseas business maintained its robust growth momentum and made more meaningful contributions to the group's financial standing. This impels us to take bolder measures to propel growth and innovation in international markets in the future.

海外業務持續保持強勁成長勢頭，為集團財務狀況做出了更有意義的貢獻。這促使我們採取更大膽的措施，推動未來國際市場的成長和創新。

I will now pass the call over to (inaudible) for more details.

我現在將把電話轉給（聽不清楚），以了解更多詳細資訊。

Hello everyone. Thank you for joining our call. Our (inaudible) update on our business in Q4 and fiscal 2024 and then outline our strategic goals for fiscal 2025.

大家好。感謝您加入我們的電話會議。我們對 2024 財年第四季和業務進行了（聽不清楚）更新，然後概述了我們 2025 財年的策略目標。

Starting with an overview of our financial performance for Q4 (technical difficulty), total group revenue was RMB2.64 billion, down 12% year over year. Adjusted operating income was RMB280 million with a margin of 10.6%. Our coupon costs included RMB94 million in fuel production-related expenses.

首先介紹我們第四季的財務表現（技術難度），集團總收入為 26.4 億元，年減 12%。調整後營業收入為人民幣2.8億元，利潤率為10.6%。我們的票面成本包括人民幣9,400萬元的燃料生產相關費用。

Excluding such costs, adjusted operating income would have been [RMB3174 million] with a margin of 14.2%. Revenue from the mobile app and standalone new apps total RMB2.42 billion down 11% year over year. The decrease is mainly due to the 18% year over year decline in the mobile apps resulting from our proactive product adjustments and weak macroeconomy.

除去這些成本，調整後的營業收入將達到 [ 31.74 億元]，利潤率為 14.2%。行動應用程式及獨立新應用程式收入合計24.2億元，較去年同期下降11%。下降的主要原因是，受公司主動的產品調整和宏觀經濟疲軟影響，行動應用程式較去年同期下降了18%。

Meanwhile, standalone new app revenue increased 37% from a year ago. Thanks for the rapid growth of our overseas business, adjusted operating income from the mobile app and standalone new apps with RMB269 million with a margin of 11.1%. Excluding film-related costs, adjusted operating income will have been RMB363 million with a margin of 15%.

同時，獨立新應用收入比去年同期成長了 37%。得益於海外業務的快速成長，行動應用及獨立新應用的調整後營業收入為2.69億元，利潤率為11.1%。除去電影相關成本，調整後營業收入為3.63億元人民幣，利潤率為15%。

As for (inaudible), Q4 revenue totaled RMB213 million, down 22% year over year due to the decreased number of paying users. Adjusted operating income was RMB11.37 million compared to RMB27.04 million from a year ago.

至於（聽不清楚），第四季營收總計 2.13 億元，年減 22%，原因是付費用戶數量減少。調整後營業收入為人民幣1137萬元，去年同期為人民幣2704萬元。

For fiscal 2024, total good revenue was RMB10.6 billion compared with a RMB12 billion last year. Adjusted operating income was RMB1.173 billion with a margin of 16.3%. Revenue from the mobile app and standalone new apps total RMB9.7 billion, down 11% year over year.

2024財年總收入為人民幣106億元，去年為人民幣120億元。調整後營業收入為人民幣11.73億元，利潤率為16.3%。行動應用程式及獨立新應用程式收入合計97億元人民幣，較去年同期下降11%。

Mobile revenue decreased 16%, mainly due to our proactive product adjustments and macro factors. Revenue from standalone new apps grow 40%, driven by our overseas expansion. Adjusted operating income from the mobile app and standalone new app was RMB1.65 billion with a margin of 17.1%. As for (inaudible), total revenue for fiscal 2024 was RMB900 million compared with a RMB1.2 billion in the previous year. The adjusted operating income was RMB175.94 million compared with all RMB101 million the previous year.

移動收入下降16%，主要由於我們主動的產品調整及宏觀因素。受海外擴張的推動，獨立新應用的收入成長了 40%。行動應用程式和獨立新應用程式的調整後營業收入為人民幣16.5億元，利潤率為17.1%。至於（聽不清楚），2024財年的總收入為人民幣9億元，而上一年為人民幣12億元。調整後營業收入為1.7594億元，上年度為1.01億元。

Now, I will now give you an update on our execution, strategic priorities for each business line in 2024, as well as the challenges we are facing and how we plan to address them.

現在，我將向您介紹我們的執行情況、2024 年各業務線的策略重點，以及我們面臨的挑戰和應對計畫。

First, on the mobile app, our goal is to maintain the productivity of this cash cow business with a healthy social ecosystem. Over the past year, our proactive product adjustments combined with [microsoftness] put a lot of pressure on revenue. However, quality of content and a strong ecosystem will lay a solid foundation for the stable productivity of our cash cow business next year.

首先，在行動應用上，我們的目標是透過健康的社會生態系統來維持這棵搖錢樹業務的生產力。在過去的一年裡，我們積極的產品調整，加上[微軟性]給收入帶來了巨大壓力。但優質的內容和強大的生態系統將為我們明年的搖錢樹業務的穩定生產力奠定堅實的基礎。

On the product and operational fronts, in 2024, our product team focused on improving the female user experience and optimizing real-time social use cases to drive effective interruptions. We introduced an AI assistant chat tool to for male users in multiple voice and tech-based chat experiences such as greetings and (inaudible). The AI tool can generate greetings based on female users text and picture-based profile information, as well as their historical posts to improve the quality of ice booking conversations, thereby increasing the response rate from female users and improving the overall interactive experience.

在產品和營運方面，2024年，我們的產品團隊專注於改善女性用戶體驗並優化即時社交用例以推動有效的中斷。我們推出了一款人工智慧助理聊天工具，為男性用戶提供多種語音和基於技術的聊天體驗，例如問候和（聽不清楚）。此AI工具可根據女性用戶的文字、圖片資料以及歷史貼文產生問候語，提高冰上預約對話質量，進而提高女性用戶的回覆率，提升整體互動體驗。

In addition, we promoted several matching-based real-time voice chat features on the homepage that proved effective in driving deeper user interaction and paying conversion. That's further strengthening normal social attributes.

此外，我們在首頁上推廣了幾項基於匹配的即時語音聊天功能，這些功能已被證明能有效推動更深入的用戶互動和付費轉換。這進一步強化了正常的社會屬性。

On the user (inaudible) front over the past two years, we have shifted from a focus on overall user growth to a more pragmatic profit focused our eye driven growth model, and we have made good progress in optimizing the efficiency of transitional fee channels and reducing user acquisition costs.

在用戶（聽不清楚）方面，過去兩年，我們從專注於整體用戶成長轉向更務實的以利潤為中心的眼球驅動成長模式，並在優化過渡費用管道效率和降低用戶獲取成本方面取得了良好進展。

The continued improvement in our eye has allowed us to reduce overall marketing spend while keeping traffic volatilly stable. Given the significant cost optimization achieved over the last few years, the space for the reduced costs in traditional channels is limited.

我們眼光的持續改善使我們能夠減少整體行銷支出，同時保持流量波動穩定。鑑於過去幾年已實現的顯著成本優化，傳統通路成本降低的空間有限。

In 2024, we began to explore new ways to acquire traffic through KOS by collaborating with short video (technical difficulty) influences on platforms such as [Douyin] and Red Notes. We have increased brand exposure and gradually shifted our budget from high-cost traditional channels to carry out channels, which helps reduce unit acquisition costs.

2024年我們開始探索透過KOS獲取流量的新方式，與抖音、小紅書等平台的短片（技術難度）大咖合作。我們增加了品牌曝光度，並逐步將預算從高成本的傳統管道轉移到門市通路，這有助於降低單位獲取成本。

In Q4, the mobile app had 5.7 million paying users, a sequential decrease of 1.2 million, due to our cost reduction and efficiency improvement strategies. We reduced the acquisition of some extremely low paying with a negative ROI which benefits profitability.

第四季度，由於我們降低成本和提高效率的策略，行動應用程式擁有 570 萬付費用戶，季減 120 萬。我們減少了一些投資回報率為負的極低報酬的收購，這有利於盈利。

Now, on the productivity of cash cow of Momo, the cash cow business. In Q4, Momo's live streaming revenue was RMB1.19 billion, down 16% year over year. The year over year decline for wider than the previous three quarters, mainly due to the reduction in revenue oriented competition events, which resulted in a significant decrease in incremental revenue from year-end competition events compared to previous years.

現在來說說陌陌的現金牛生產力，現金牛業務。第四季，陌陌直播收入為11.9億元，年減16%。年比降幅較前三個季度有所擴大，主要由於收益型賽事減少，導致年終賽事增量收入較前幾年大幅減少。

In fiscal 2024, live streaming revenue totaled RMB4.8 billion, down 14% year over year. This decrease was mainly due to our proactive operational adjustments to maintain a healthy social ecosystem, as well as spending softness among top paying users, amid the weak macro economy.

2024財年，直播收入總計48億元人民幣，較去年同期下降14%。下降的主要原因是我們為維持健康的社交生態系統而採取的主動營運調整，以及在宏觀經濟疲軟的情況下導致頂級付費用戶的支出疲軟。

To mitigate the revenue pressure from the decline in top paying users, we stepped up our efforts to promote live streaming on the homepage to improve its channel penetration and paying conversion. Meanwhile, We increased our product innovation efforts, targeting meat and long tail users to stabilize the revenue scale of this group.

為緩和頂級付費用戶下滑帶來的收入壓力，我們加大首頁直播推廣力度，提升首頁直播的管道滲透率和付費轉換率。同時，我們加強產品創新力度，瞄準肉客、長尾用戶，穩定該族群的收入規模。

In early stage of our operational adjustments, we found that the reduction in competition bonus resulting in insufficient profits for supply side partners and reduced their motivation to work hard on our platform. Therefore, in the year's second half, we moderately adjust the incentive policy for daily events, which resulted in a slight increase in revenue sharing ratio for 2024 compared to 2023.

我們在前期的營運調整中發現，競爭獎金的減少，導致供應方的利潤不夠，降低了他們在我們平台上努力工作的動機。因此，我們於下半年適度調整日常活動的激勵政策，導致2024年的收益分成比例較2023年略有增加。

However, the decrease, the increase in sales of live streaming showroom costume and PK pops, which do not require revenue sharing plays a positive role in stabilizing the profit level of our cash cow business.

不過，不需要分成的直播間服飾、PK彈幕業務銷量的減少，對穩定我們搖錢樹業務的利潤水平起到了積極的作用。

Now moving on to our value added services. In Q4, revenue from vast excluding (inaudible), total RMB1.2 billion, down 5% year over year. Plus revenue from the Momo app was RMB800 million, down 15% year over year.

現在來談談我們的加值服務。第四季度，除（聽不清楚）以外的各項開支總計 12 億元人民幣，年減 5%。另外陌陌應用程式的收入為8億元人民幣，年減15%。

Revenue from the spend on one app was RMB400 million, up 24% year over year. For fiscal 2024, revenue from value added services excluding Tantan total RMB4.177 billion, down 6% year over year. (inaudible) revenue from the normal app was RMB3.28 billion, down 17% year over year. Revenue from the standalone app was RMB1.49 billion, up 35% over year over year.

單款應用消費收入4億元，較去年成長24%。2024財年除探探以外的增值服務收入總計41.77億元人民幣，較去年同期下降6%。 （聽不清楚）普通應用收入為人民幣32.8億元，較去年同期下降17%。獨立應用營收為14.9億元，較去年成長35%。

The incremental revenue from our new endeavors largely offset the decline in revenue from our legacy business. The decline in mobile app watch revenue was mainly due to our proactive product and operation adjustments in audio and video-based life experiences over the past year to mitigate regulatory risk where we significantly reduced the monetization level of agency dominated and heavily monetized use cases.

我們新業務所增加的收入在很大程度上抵消了我們傳統業務收入的下降。行動應用觀看收入的下降主要由於我們過去一年對基於音訊和視訊的生活體驗進行了積極的產品和營運調整，以降低監管風險，我們大幅降低了代理商主導和高度貨幣化用例的貨幣化水平。

Like in live stream, we set up the promotion of the chat room experience on the homepage, introduced interactive gifting features for the mid and long tail users and launched new categories such as mini games and love fortune talent to improve chat room penetration and paying conversion while driving organic revenue growth.

像直播一樣，我們在首頁設置了聊天室體驗的推廣，為中長尾用戶引入了互動贈送功能，並推出了小遊戲、愛情運勢才藝等新的品類，以提高聊天室滲透率和付費轉換率，同時推動有機收入增長。

Turning to Tantan. Tantan's strategic growth for the year was to improve its core dating experience to build an efficient business model that drives profitable growth with four dating experiences suitable for Asians and to drive organic user growth and retention through quality products.

轉向探探。探探今年的策略性成長是改善其核心約會體驗，建立高效的商業模式，透過適合亞洲人的四種約會體驗推動獲利成長，並透過優質產品推動用戶的自然成長和留任。

We initiated a product upgrade in 2024, focusing on user experience to encourage more explanation, experimentation on the product. Our management decided not to constrain the team with short-term metrics. During the pilot phase, but allowed more fluctuation in user skeleton revenue.

我們於 2024 年啟動了產品升級，重點關注用戶體驗，以鼓勵對產品進行更多的解釋和實驗。我們的管理階層決定不以短期指標來限制團隊。在試點階段，但允許用戶框架收入有較大的波動。

By the end of the year, product adjustments has played a positive role in improving user experience, still user retention and organic user growth have not been significantly improved. The user scale and revenue continue to show a gradual downward trend.

截止到年底，產品調整對用戶體驗起到了積極改善作用，但用戶留存和有機用戶成長仍未得到明顯提升。用戶規模和收入持續呈現逐步下滑的趨勢。

Moving to Tantan future trends and financials, although the continuous cost reduction and efficiency improvements over the past two years have brought Tantan to break even. There has been no breakthrough in user retention driven by product experience or organic user growth. Meanwhile, continuous reduction in channel investments has put significant pressure on the user base.

談到探探未來的趨勢和財務狀況，雖然過去兩年持續的成本削減和效率提升使探探實現了盈虧平衡。產品體驗或有機用戶成長所推動的用戶留存尚未取得突破。同時，通路投入的不斷減少，也對使用者群體帶來了較大壓力。

The combination of multiple factors led to a 10% sequential decline in Tantan's MAU to RMB10.8 million in September. As of the end of Q4, Tantan has 860,000 paying users, down 80,000 sequentially due to the decline in MAU.

多種因素綜合作用，導致9月探探的月活躍用戶數較上季下降10%至人民幣1,080萬元。截至第四季末，探探付費用戶數為86萬，受MAU下滑影響，季減8萬。

Turning to Tantan Financials, Q4 total revenue was RMB213 million, down 22% year over year, mainly due to the decreased number of paying users. For fiscal 2024, total revenue was RMB900 million, down 25% year over year. In terms of business line, last revenue was RMB550 million, down to 18% year over year due to the decline in number of paying users.

探探金融第四季總營收為2.13億元，年減22%，主要因為付費用戶數減少。2024財年總收入為人民幣9億元，較去年同期下降25％。業務線方面，上期營收為5.5億元，年減18%，主要因付費用戶數下降。

By subdividing members paying features, optimizing the guidance narratives on paying experiences and stepping up promotion efforts for relatively high price products such as SVIP, Black Gold, and additional pay as you go privilege for members, we managed to drive a significant year over year growth in that AP pool.

透過細分會員付費功能、優化付費體驗引導敘事、加大SVIP、黑金、會員額外預付費等相對高價位產品的推廣力度，帶動該AP池年比大幅成長。

Resulting in (inaudible) revenue declining much smaller than the user numbers. Live streaming revenue was RMB313 million down 38% year over year, mainly due to our strategic decision to the emphasize live streaming, which has a low collison with the dating experience.

導致（聽不清楚）收入下降的幅度遠小於使用者數量的下降。直播收入為人民幣3.13億元，年減38%，主要是因為我們的策略決策強調直播，而直播與約會體驗的衝突較低。

The fiscal 2024, Tantan has adjusted operating income with RMB75.94 million compared with RMB101 million from Q4 '23.

2024財年探探調整後營業收入為7,594萬元人民幣，而2023年第四季為1.01億元。

Now moving on to our efforts on Tantan product and user acquisition. First, on user efficient firms like Momo, Tantan also implemented KOL collaborations and apply integrated campaigns in 2012. This includes promotion events at bars, music festivals, and other youth venues combined with by targeting online campaigns across new media channels. This approach effectively optimize user acquisition costs while expanding brand influence.

現在我們來談談探探產品和使用者取得的努力。首先，除了陌陌等用戶效率型公司外，探探也在2012年實施了與KOL的合作，並進行了整合行銷。這包括在酒吧、音樂節和其他青年場所開展的促銷活動，以及透過新媒體管道進行的線上活動。此舉有效優化了用戶獲取成本，同時擴大了品牌影響力。

On the product front, at the beginning of the year, we identified the major issues affecting the user experience through interviews and surveys. In the year second half, our product team makes attempts to address two court issues. Uncertainty about the authenticity of user identity and lack of response to chats after matching.

在產品方面，我們在年初透過訪談和調查確定了影響使用者體驗的主要問題。下半年，我們的產品團隊嘗試解決兩個法庭問題。使用者身分真實性不確定，配對後聊天沒有回應。

After a year of effort, our goals improving Tantan's core dating experience has largely been achieved, but overall user retention has not improved significantly. In 2025, we will implement more extensive cost reduction and efficiency improvement measures, maintaining a low cost, modest profit level while continuing to export dating products.

經過一年的努力，探探核心交友體驗提升的目標基本上已經實現，但整體用戶留存率並沒有明顯提升。2025年，我們將實施更廣泛的降本增效措施，在繼續出口約會產品的同時，維持低成本、適度的利潤水準。

As for our new endeavors, our goal is to enrich the brand portfolio further, push the business boundaries beyond normal and Tantan and build a long term growth engine.

對於我們的新嘗試，我們的目標是進一步豐富品牌組合，突破常規和探探之外的業務界限，打造長期成長引擎。

In quarter four, the total revenue of the new app was RMB450 million, up 37% year over year. For fiscal 2024, the total revenue of the new ad was RMB1.57 billion, up 40% year over year.

第四季度，新應用程式總收入為4.5億元人民幣，年增37%。2024財年，新廣告總收入為人民幣15.7億元，較去年同期成長40%。

The rapid expansion of overseas business, especially (inaudible) was the key driver behind this sustained growth. Compared with our domestic businesses which face much (inaudible) and regulatory uncertainties. Overseas businesses offer clear growth potential and trajectory.

海外業務的快速擴張，尤其是（聽不清楚）是推動這持續成長的主要動力。與我們的國內業務相比，我們國內業務面臨許多（聽不清楚）和監管的不確定性。海外業務具有明顯的成長潛力和軌跡。

Our long-standing expertise in social products and operational gives us confidence that shifting human and financial resources towards overseas business will yield better returns on investments for the (inaudible) revenue and profits.

我們在社交產品和營運方面的長期專業知識使我們相信，將人力和財力資源轉向海外業務將為（聽不清楚）收入和利潤帶來更好的投資回報。

Since the beginning of 2024, we have been committed to localizing our overseas business and improving the operational efficiency of cross-border team collaboration. On the product front, we introduced virtual gift design and interactive features that aligned with local user preferences in the chat rooms and began exploring the expansion from (inaudible) to live stream.

自2024年起，我們致力於海外業務在地化，提高跨國團隊協作的營運效率。在產品方面，我們在聊天室中引入了符合當地用戶偏好的虛擬禮物設計和互動功能，並開始探索從（聽不清楚）到直播的擴展。

On the operational front, we refine our services for high paying users driven growth in the number of top cohort users, which drives overall AP growth. We also improved our supply side collaboration strategies, significantly increasing the number of new agencies and broadcasters.

在營運方面，我們針對高付費用戶改善服務，推動頂級用戶群數量的成長，進而推動整體 AP 的成長。我們也改進了供應方合作策略，大幅增加了新代理商和廣播公司的數量。

On the user acquisition front, while maintaining a stable ROI, we moderately increased our marketing efforts to deepen our presence, our presence in the existing market while expanding into new regions. The combined efforts of product operations and channels like to increase the paying users and our people, which drove rapid revenue growth.

在用戶獲取方面，在保持穩定的投資回報率的同時，我們適度加大了行銷力度，以深化我們的存在，在現有市場的存在，同時向新的地區擴張。產品營運和通路的共同努力，如增加付費用戶和員工，推動收入快速成長。

A rapid expansion in Turkish market and live streaming business offset the temporary consumption dips in [Nina] due to the political unrest at the year end (inaudible), so true to maintain strong growth momentum for its 2023 high base and continuously increase its revenue contribution to the group.

土耳其市場和直播業務的快速擴張抵消了[Nina]因年底政治動盪（聽不清楚）導致的暫時消費下滑，從而真正保持2023年高基數的強勁增長勢頭，並不斷增加對集團的收入貢獻。

Over the past two years, building on the success of (inaudible), we have launched more brands and new products in the [Nina] region. Among them, Yahale and audio-based voice social games and (inaudible), a voice-based social product, entered the initial marketing and monetization phase in 2024 after finalizing products sufficiently and monetization models.

在過去的兩年裡，在（聽不清楚）成功的基礎上，我們在[妮娜]地區推出了更多的品牌和新產品。其中，Yahale和基於音訊的語音社交遊戲以及基於語音的社交產品（inaudible）在充分確定產品和貨幣化模型後，於2024年進入初始行銷和貨幣化階段。

By the end of the year, the two products had reached a certain revenue scale and maintained stable ROI even as we significantly increased marketing investments. The initial success of Yahale and (inaudible) validates our strategy assessment that [Nina] market can accommodate multiple brands and platforms and give us confidence that our overseas business will play an even more important role in our group's revenues and profits in the future.

截至年底，兩款產品均已達到一定的營收規模，在大幅增加行銷投入的情況下，仍維持了穩定的ROI。Yahale 和（聽不清楚）的初步成功驗證了我們的策略評估，即（尼娜）市場可以容納多個品牌和平台，並使我們相信我們的海外業務將在未來的集團收入和利潤中發揮更重要的作用。

In 2025, we will continue to increase our investments in the Holland and on mars and strive for continuous improvements in our eye and profitability. If we are able to increase the revenue of these two apps and to a certain scale and achieve profitability, we will replicate the successful experience and models in other social entertainment apps, building a more diverse product portfolio.

2025年，我們將持續加大在荷蘭和火星的投入，力爭眼光和獲利能力不斷提升。如果我們能夠將這兩個應用的收入提升到一定的規模並實現盈利，我們將在其他社交娛樂應用中複製成功的經驗和模式，打造更多樣化的產品組合。

That concludes our business review for 2024. I will now briefly outline our priorities for 2025. Essentially, we will maintain the 2024 strategies for Momo and our overseas businesses with adjustments based on our new developments and the market dynamics.

這就是我們 2024 年的業務回顧。現在我將簡要概述我們 2025 年的優先事項。本質上，我們將維持陌陌和海外業務的 2024 年策略，並根據我們的新發展和市場動態進行調整。

First, for the Momo app, our goal is to maintain long-term stable operations with a healthy social ecosystem to ensure the continuous stable productivity of this (inaudible) card business (inaudible). The strategic goal for this year is to reduce cost and improve efficiency while maintaining profitability with a focus on continuing to explore dating experiences suitable for agents and efficient business models.

第一，對於陌陌APP來說，我們的目標是保持長期穩定的運營，建立健康的社會生態，保證這個（聽不清楚）卡業務的持續穩定的生產力（聽不清楚）。今年的策略目標是在保持獲利的情況下降本增效，重點是繼續探索適合經紀人的交友體驗和高效的商業模式。

Our new endeavors aim to enrich the brand portfolio further expand the business beyond normal and Tantan and view a long term growth engine. We'll further increase our overseas efforts and take even bolder steps to drive growth and innovation in international markets.

我們的新舉措旨在豐富品牌組合，進一步擴大超越常規和探探的業務，並著眼於長期成長引擎。我們將進一步增加海外佈局，採取更大膽的舉措，推動國際市場的成長和創新。

Lastly, I'm pleased to announce that our board has approved a special cash dividend in the amount of [0.3] USB for ADS for a total cash payment of approximately [USD50 million] or about 30% of the adjusted net income attributable to Hello Group Inc in 2024.

最後，我很高興地宣布，我們的董事會已批准對 ADS 派發 [0.3] 美元的特別現金股息，總現金支付額約為 [5000 萬美元]，約佔 2024 年歸屬於 Hello Group Inc 的調整後淨收入的 30%。

This is the seventh consecutive year that we have shared the fruits of our business with our shareholders through cash dividends, which is a strong testimony to our commitment to creating long-term value for our shareholders.

這是我們連續第七年透過現金分紅與股東分享業務成果，有力地證明了我們致力於為股東創造長期價值的承諾。

Now, let me pass the call to Cathy for the financial review. Cathy, please.

現在，讓我將電話轉給 Cathy 進行財務審查。請叫我凱西。

Thanks (inaudible). Hello everyone. Thank you for joining our conference call today. Now let me briefly take you through the financial review.

謝謝（聽不清楚）。大家好。感謝您參加我們今天的電話會議。現在讓我簡單向大家介紹一下財務回顧。

Total revenue for the fourth quarter of 2024 was RMB2.64 billion, down 12% a year on year and 1% quarter over quarter. Non-GAAP net income attributable to the company was RMB230.5 million compared to RMB514.7 million from the same period of 2023 and RMB493.3 million from Q3 '24.

2024年第四季總營收為人民幣26.4億元，年減12%，季減1%。非公認會計準則下歸屬於公司的淨利潤為人民幣 2.305 億元，而 2023 年同期為人民幣 5.147 億元，2024 年第三季為人民幣 4.933 億元。

Our Q4 costs included some film production-related expenses. At year end, we also conducted a thorough impairment review on certain assets on our balance sheet, including capitalized film production costs and other long-term investments, and made provisions in accordance with the principle of prudence.

我們第四季的成本包括一些與電影製作相關的費用。年底，我們也對資產負債表上的某些資產，包括資本化的電影製作成本和其他長期投資進行了徹底的減損審查，並根據審慎原則提列了準備。

Excluding these costs and expenses of RMB141 million, adjusted net income for Q4 2024 would have been RMB371.1 million. Looking into the key revenue items for Q4, firstly, on live broadcasting. Total revenue from live broadcasting business for the fourth quarter of 2024 was RMB1.26 billion, down 17% year on year and 2% quarter over quarter. The year over year decrease was mainly due to a decline in the core mobile live streaming business and to a lesser extent, the decrease in (inaudible).

除去這些1.41億元的成本和費用，2024年第四季的調整後淨收入將為3.711億元。看看第四季的重點收入項目，首先是直播。2024年第四季直播業務總收入為人民幣12.6億元，較去年同期下降17%，季減2%。年比下降主要由於核心行動直播業務的下滑，以及較小程度上由於（聽不清楚）。

Momo live broadcasting revenue totaled RMB1.19 billion for the quarter, down 16% year over year and 3% quarter over quarter. (inaudible) live broadcasting revenue amounted to RMB75.7 million, down 24% year over year, but up 14% quarter over quarter.

陌陌直播本季營收為11.9億元，年減16%，季減3%。 （聽不清楚）直播收入為人民幣 7,570 萬元，年減 24%，但環比增長 14%。

Revenue from the value-added services for the fourth quarter of 2024 was RMB1.33 billion, down 7% from Q4 last year and 2% sequentially. Revenue from value added service on an ex (inaudible) basis was RMB1.2 billion in the fourth quarter of 2024, down 5% from Q4 last year and 2% from the previous quarter.

2024年第四季增值服務收入為人民幣13.3億元，較去年第四季下降7%，較上一季下降2%。2024年第四季，以除（聽不清楚）口徑計算的增值服務收入為人民幣12億元，較去年第四季下降5%，較上一季下降2%。

Momo app value added service revenue decreased both on a year to year and quarter over quarter basis. This was due to a weak standing sentiment, as well as our proactive product adjustments. However, revenue from the standalone new apps continued to grow nicely, partially offsetting the revenue pressure from Momo value added services.

陌陌應用加值服務收入年比、季均有所下降。這是由於顧客信任度低迷以及我們主動進行產品調整。不過，獨立新應用程式的收入持續良好成長，部分抵消了陌陌增值服務的收入壓力。

Tantan value added services revenue amounted to RMB127.8 million, down 20% year over year and 7% sequentially. The decrease was due to a decline in paying users, which was in turn due to a reduction in channel investment. However, the continued improvement in RPU resulted in revenue declining much less than user count.

探探增值服務收入為人民幣1.278億元，較去年同期下降20%，季減7%。下降的原因是付費用戶數量下降，而付費用戶數量下降又是因為通路投資減少。然而，RPU的持續改善導致收入的下降幅度遠低於用戶數的下降幅度。

Now turning to cost and expenses, non-GAAP cost of revenue for the fourth quarter of 2024 was RMB1.72 billion compared to 1.77 billion for the same period last year. Non-GAAP gross margin for the quarter was 34.7%, down 6.5% points from the year ago period. Cost of revenue in Q4 included RMB94 million film production costs, as well as impairment costs provided for earlier film productions.

現在談到成本和費用，2024 年第四季的非 GAAP 收入成本為 17.2 億元，去年同期為 17.7 億元。本季非公認會計準則毛利率為 34.7%，較去年同期下降 6.5 個百分點。第四季的收入成本包括人民幣9,400萬元的電影製作成本，以及早期電影製作的減損成本。

Excluding these costs, gross margin, gross profit margin would have been 38.2%, down 2.9% points from Q4 last year. The year over year decrease was due to a number of factors. Number one, higher payout ratio, which in turn was due to two factors. One factor is that overseas business continued, contributed a larger percentage of total revenue while having higher payout ratio, especially during the new region expansion and the initial phase of (inaudible) service offering. And to a lesser degree, higher payout from more cash cow business to incentivize the supply side considering the downward revenue trend.

除去這些成本，毛利率則為38.2%，較去年第四季下降2.9個百分點。年比下降是由於多種因素造成的。第一，更高的派息率，這又源自於兩個因素。一個因素是海外業務持續發展，貢獻了總收入的更大比例，同時具有更高的派息率，特別是在新區域擴張和（聽不清楚）服務提供的初始階段。而在較小程度上，考慮到收入下降的趨勢，更多的搖錢樹業務的更高支出可以激勵供應方。

Number two, deleverage where direct personnel and infrastructure costs takes up a higher percentage of revenue. Number three, payment channel costs represent a slightly higher percentage of total revenue as revenue makes shifts towards overseas business where channel fees as a percentage of revenue are much higher than those for domestic business.

第二，去槓桿，直接人員和基礎設施成本佔收入的更高比例。第三，由於收入轉向海外業務，支付通路成本佔總收入的比例略高，而海外業務的通路費佔收入的比例遠高於國內業務。

Non-GAAP R&D expenses for the fourth quarter was RMB212.4 million compared to RMB218.1 million for the same period last year, or 3% decrease year over year. The decrease was due to optimization in personnel costs. Non-GAAP R&D expenses as a percentage of revenue was 8% compared with 7% from the year ago period.

第四季非美國通用會計準則研發費用為2.124億元人民幣，去年同期為2.181億元人民幣，較去年同期減少3%。下降的原因在於人員成本的最佳化。非公認會計準則研發費用佔營收的百分比為 8%，去年同期為 7%。

We ended the quarter with 1,390 total employees, of which 276 are from Tantan compared to 1,382 total employees, of which 301 from Tantan a year ago. The R&D personnel as a percentage of total employee for the group was 61% compared with 63% Q4 last year.

截至本季度，我們共有 1,390 名員工，其中 276 名來自探探，而去年同期共有 1,382 名員工，其中 301 名來自探探。集團研發人員佔員工總數的比例為61%，去年第四季為63%。

Non GAAP sales and marketing expenses for the fourth quarter was RMB311.7 million or 12% of total revenue compared to RMB296.0 million or 10% of total revenue for the same period last year. The year over year increase was primarily attributable to the increase in channel investment for the overseas app, whereas marketing spend for Momo core business and Tantan was narrowed to varying degrees.

第四季非美國通用會計準則銷售及行銷費用為人民幣3.117億元，佔總收入的12%，去年同期為人民幣2.96億元，佔總收入的10%。年比成長主要由於海外應用通路投入增加，而陌陌核心業務及探探的行銷投入則不同程度收窄。

Non-gap G&A expenses was RMB117.6 million for the fourth quarter of 2024 compared to RMB87.2 million for the same quarter last year, representing a 4% and 3% of total revenue respectively. The year over year increase in G&A expenses was due to a combination of factors including provisions for some pending legal matters, self-inspection on tax-related matters, and due diligence-related costs in connection with potential investments.

2024 年第四季非缺口一般及行政費用為人民幣 1.176 億元，去年同期為人民幣 8,720 萬元，分別佔總收入的 4% 及 3%。一般及行政費用的年增率是由於多種因素造成的，包括一些未決法律事務的撥備、稅務相關事項的自我檢查以及與潛在投資相關的盡職調查相關費用。

Non-GAAP operating income was RMB279.9 million with a margin of 10.6% compared with RMB264.2 million with a margin of 22.1% from the same period last year. Excluding film production-related costs, as mentioned earlier, non-GAAP operating income would have been RMB373.9 million with a margin of 14.2%. Non-GAAP operating expenses as a percentage of total revenue was 24%, an increase from 20% for Q4 2023.

非美國通用會計準則營業收入為人民幣2.799億元，利潤率為10.6%，去年同期為人民幣2.642億元，利潤率為22.1%。如前所述，若扣除電影製作相關成本，非美國通用會計準則下的營業收入為 3.739 億元，利潤率為 14.2%。非 GAAP 營業費用佔總收入的百分比為 24%，高於 2023 年第四季的 20%。

Non-GAAP operating expenses as a on a year to year basis increased 7%. The increase in both absolute RMB amount and as a percentage of revenue for operating expenses was mainly due to an increase in G&A expenses and to a lesser degree increase in sales and marketing expenses.

非公認會計準則營業費用較去年同期成長 7%。營業費用絕對金額和占收入百分比的增加，主要是由於一般行政管理費用的增加，以及銷售和行銷費用的增加（但幅度較小）。

Now briefly on income taxes. Total income tax expense was RMB89.5 million for the quarter with an effective tax rate of 28%. In Q4, the company accrued withholding income tax is RMB19.5 million, which is 5% of undistributed profits generated by our (inaudible).

現在簡單談談所得稅。本季總所得稅費用為人民幣8,950萬元，有效稅率為28%。第四季度，公司預提所得稅為人民幣1,950萬元，佔本公司未分配利潤的5%。（聽不清楚）。

In Q4 2024, as a result of our self-inspection of tax-related matters, we also paid some taxes that were due but unpaid in earlier years. Without such adjustments and the withholding tax, our estimated non-GAAP effective tax rate in Q4 would have been around 17% in the fourth quarter.

2024年第四季度，透過稅務自查，我們也補繳了部分前幾年應繳但未繳的稅。如果沒有這些調整和預扣稅，我們估計第四季的非 GAAP 有效稅率將在 17% 左右。

Now turning to balance sheet and cash flow items. As of December 31, 2024, whole group's cash, cash equivalents, short term deposits, long term deposits, short-term investments, and restricted cash total of RMB14.73 billion compared to RMB13.48 billion as of December 31, 2023. Net cash provided by operating activities in the fourth quarter of 2024 was RMB423.6 million.

現在轉向資產負債表和現金流量項目。截至 2024 年 12 月 31 日，整個集團的現金、現金等價物、短期存款、長期存款、短期投資及受限現金總額為人民幣 147.3 億元，而截至 2023 年 12 月 31 日為人民幣 134.8 億元。2024年第四季經營活動產生的淨現金為人民幣4.236億元。

Lastly, on business outlook. We estimated our first quarter revenue to come in the range from RMB2.4 billion to RMB2.5 billion, representing a decrease of 6.3% to 2.4% year on year, or a decrease of 9% to 5.2% quarter over quarter.

最後，關於商業前景。我們預計第一季營業收入將在24億元至25億元之間，年減6.3%至2.4%，季減9%至5.2%。

At segment level for Q1 2025, on a year over year basis, we expect more segment revenue to decrease, around mid to low single digits due to the continuous macro headwind offset by the rapid growth of overseas business.

在 2025 年第一季的分部層面，與去年同期相比，我們預計更多分部收入將下降，降幅約為中低個位數，原因是持續的宏觀逆風被海外業務的快速增長所抵消。

On the Tantan side, we expect revenue to decrease around 20% due to value added service revenue contraction caused by a decline in user base and to a lesser degree our operational adjustments to deemphasize less dating centric livestreaming services. Please be mindful that this forecast represents the company's current and preliminary view on the market and operational conditions which are subject to changes.

就探探方面而言，我們預計收入將下降 20% 左右，原因是用戶群下降導致增值服務收入萎縮，以及我們在營運方面進行調整，不再強調以約會為中心的直播服務。請注意，此預測代表公司對市場和營運條件的當前和初步看法，可能會發生變化。

That concluded our prepared portion for today's discussion. With that, let me turn the call back to Ashley to start Q&A. Ashley, please.

這就是我們今天準備要討論的部分。說完這些，讓我將電話轉回給 Ashley 開始問答環節。請叫我艾希莉。

(inaudible) Speak Chinese, please ask your questions in Chinese first, followed by English translation by yourself. Our operator, we're ready for questions, please. Thank you.

（聽不清楚）說中文，請先用中文問問題，然後再自己用英文翻譯。我們的接線生，我們已經準備好回答您的問題了。謝謝。

(Operator instructions)

（操作員指令）

Xueging Zhang, CICC.

張學慶，中金公司。

(spoken in foreign language)

（用外語說）

Thanks management for taking my question. My question about Momo. In the first quarter, number of paying users on Momo request by RMB1.2 million quarter on quarter, which is significantly larger than the historical average. So what's the main reason for this? What's the impact on revenue and profit? Can we see the number of paying users around this year?

感謝管理層回答我的問題。我對 Momo 有疑問。一季度，陌陌付費用戶數季增加120萬元，大幅高於歷史平均。那麼，主要原因是什麼呢？對收入和利潤有何影響？我們能看到今年的付費用戶數大概是多少嗎？

And secondly, how does management view the adjustments to live streaming and vast products over the past year? Are there any further adjustments this year?

其次，管理階層如何看待過去一年來直播和大數據產品的調整？今年還有什麼調整嗎？

Lastly, how to view the revenue and profit of the Momo in 2025. Thank you.

最後如何看待2025年陌陌的營收和利潤。謝謝。

I will take this answer. So about the question of paying users. For the last few years, we pushed hard to get a lot of small ticket paying users because we thought we could keep improving our earnings and we spend quite a bit on different channels to acquire them, but the cost could not be recouped.

我會接受這個答案。那麼關於付費用戶的問題。過去幾年，我們努力去獲取大量小額付費用戶，因為我們認為可以不斷提高我們的收入，而且我們在不同管道投入了不少錢去獲取這些用戶，但成本無法收回。

Now, given the tough economic and our goals should be more focused on the profits, we have decided to cut back on trying to bring in this low return paying users in the fourth quarters. That's why we saw a big drop in long term paying users, which is more than what we usually experience at the at the end of this year of the year end.

現在，考慮到嚴峻的經濟形勢，我們的目標應該更多地集中在利潤上，我們決定在第四季度減少吸引低迴報付費用戶的努力。這就是為什麼我們看到長期付費用戶數量大幅下降，這比我們通常在今年年底經歷的下降幅度還要大。

So in the month ahead, we will keep reducing our efforts to acquire this low return small ticket users. This means that we expected the number of paying users to drop more than usual, even though this will lower our overall count of paying users, but this users generally don't engage much or spend, so, stopping our efforts to bring them inform really hurt the platform.

因此，在接下來的一個月裡，我們將繼續減少獲取這些低迴報小額用戶的力道。這意味著我們預計付費用戶數量將比平常下降更多，儘管這會降低我們總體的付費用戶數量，但這些用戶通常不會參與太多或消費，因此，停止我們向他們提供資訊的努力確實會損害平台。

In fact, the shift should help us boost the profitability of our main business. Regarding the product adjustments of Momo, so after a year of efforts, we think Momo's content has greatly improved, so we won't make any changes to reduce earnings right now. Instead, we're going to focus on adding fun features and ways to engage users.

事實上，這種轉變應該有助於我們提高主營業務的獲利能力。關於陌陌的產品調整，經過一年的努力，我們認為陌陌的內容已經有了很大的進步，所以我們現在不會做任何減少收入的改變。相反，我們將專注於添加有趣的功能和吸引用戶的方式。

At the same time, we will keep looking for ways to save costs to make sure our main business continue to pool in good profits even with our revenue goes down a bit.

同時，我們也會不斷尋找節省成本的方法，以確保在收入略有下降的情況下，主營業務仍能繼續帶來良好的利潤。

Cathy will share more about Momo's financial plans for this year.

Cathy 將分享更多有關 Momo 今年的財務計劃。

This is a very extensive question. So, let me try to break it down into a few key components and take them one by one.

這是一個非常廣泛的問題。因此，讓我嘗試將其分解為幾個關鍵部分並逐一介紹。

And first of all, our revenue outlook for the cash cow business, I like to crack it down by considering both internal factors and external factors. Internally, if we look at fundamentals, I would say that the foundation of our business remains very solid and resilient.

首先，對於我們的搖錢樹業務的收入前景，我喜歡考慮內部因素和外部因素來分析。從內部來看，如果我們看基本面，我會說我們業務的基礎仍然非常穩固且有彈性。

First of all, Momo continues to be the go to social platform for users looking to discover new friends and expand their circles. Our core user engagement such as number of meaningful connections and a number of interactions remain pretty strong, which give us confidence in the platform's resilience on paying user metrics, which might have caused some concerns this quarter.

首先，陌陌將繼續成為用戶尋找新朋友、擴大社交圈的首選社群平台。我們的核心用戶參與度（例如有意義的聯繫數量和互動數量）仍然非常強勁，這使我們對平台在付費用戶指標方面的彈性充滿信心，這可能在本季度引起了一些擔憂。

I don't think investors need to really worry about it either, and here is why it's true that extremely high spending users, which we sometimes call the whales have faced pressure in recent years due to economic challenges. Many of them, especially business owners saw their net worth shrinking during COVID and subsequent real estate meltdown, which impacted spending.

我認為投資人也不需要真正擔心這一點，原因如下：由於經濟挑戰，那些極高消費的用戶（我們有時稱之為鯨魚用戶）近年來確實面臨壓力。他們中的許多人，尤其是企業主，在新冠疫情和隨後的房地產崩盤期間，淨資產縮水，這影響了支出。

It's also true that as (inaudible) mentioned earlier, the (inaudible) users those spending around RMB10 per month or even less have been deprioritized in our user acquisition strategy due to normalization potential and negative ROI. However, we're happy to see that meteor users, which we sometimes call dolphins in comparison with the whales have been the backbone of our platform.

正如 (聽不清楚) 之前所提到的，由於正常化潛力和負投資回報率，那些每月花費約 10 元人民幣甚至更少的 (聽不清楚) 用戶在我們的用戶獲取策略中被降低了優先級。然而，我們很高興地看到，流星用戶（與鯨魚相比，我們有時稱他們為海豚）一直是我們平台的支柱。

This group of dolphins has remained remarkably stable throughout the past few years. Perhaps some former whales have also transitioned into this category. Looking ahead, we expect this group of dolphin users to continue driving the business and providing a solid revenue base.

過去幾年裡，這群海豚的數量一直保持相當穩定。也許一些曾經的鯨魚也已經轉型成為這個類別了。展望未來，我們預期這群海豚用戶將繼續推動業務並提供堅實的收入基礎。

Now turning to two external factors impacting revenue. First off, on regulatory environment over the past few years, you probably know that policy changes have posted pretty serious challenges for Momo, the cash cow business. In response, we proactively adjusted our monetization strategies to reduce regulatory risk, however, since late 2024, the environment has stabilized a little bit, allowing us to focus on revenue recovery rather than risk management. So that's the regulatory factor.

現在來談談影響收入的兩個外在因素。首先，回顧過去幾年的監管環境，大家可能知道政策改變為陌陌這顆搖錢樹帶來了相當嚴峻的挑戰。作為回應，我們主動調整了貨幣化策略以降低監管風險，然而，自 2024 年底以來，環境已經稍微穩定下來，使我們能夠專注於收入恢復而不是風險管理。這就是監理因素。

And on macro environment, I would say that consumer sentiment at this point remains a key variable on which there is not much we can do really, but to adapt from what we've seen from how users performed so far into Q1, it looks like the very top of the pyramid users or the whales are going to continue to be very cautious in terms of spending.

就宏觀環境而言，我想說，消費者情緒在這一點上仍然是一個關鍵變量，我們對此實際上無能為力，但從我們看到的第一季度迄今為止的用戶表現來看，看起來金字塔頂端的用戶或鯨魚用戶在支出方面將繼續非常謹慎。

So live streaming may continue to see pressure, but that (inaudible) service should be doing relatively well. And as the year progresses, if consumer sentiment continues to recover and government policies further boost consumer confidence, especially the confidence from the business owners, we could see upside potential in user spending. But at this stage it's still too early to make a very strong call on the macro front.

因此，直播可能會繼續面臨壓力，但這項（聽不清楚）服務應該會表現相對較好。隨著時間的推移，如果消費者信心持續恢復，政府政策進一步增強消費者信心，特別是企業主的信心，我們可以看到使用者支出有上升的潛力。但現階段，對宏觀方面做出非常有力的判斷還為時過早。

So if you're looking for a more quantitative outlook, here's what I can share at this point as reflected in our guidance, we expect some seasonality in Q1, but you see a slight rebound in Q2, where we land post the rebound really depends on macro. For now, I would put in a low 10s revenue decline in the cash cow business for 2025, see if macro would help us perform better as we head deeper into the year. That's for the cow, that's for the cash cow.

因此，如果您正在尋找更量化的前景，那麼我現在可以分享的內容反映在我們的指導中，我們預計第一季度會出現一些季節性，但您會看到第二季度出現小幅反彈，反彈後我們會落到什麼位置實際上取決於宏觀因素。目前，我認為 2025 年搖錢樹業務的收入將下降 10% 以下，看看宏觀因素是否能幫助我們在進入新一年時取得更好的表現。那是給牛吃的，那是給搖錢樹的。

And if you throw in overseas piece and the tat tan piece into the pot and look at the growth group level rate, the Y-o-Y decrease will likely narrow pretty substantially to low single digits as the overseas is still gaining pretty strong traction at this point.

如果你把海外部分和紋身部分也考慮進去，並看看增長組水平率，同比降幅可能會大幅收窄至個位數，因為目前海外業務仍然具有相當強勁的吸引力。

Of course, in absolute dollar terms this will still be a meaningful year over year decrease from 2024. So we are further optimizing headcount, as well as improving marketing efficiency to absorb part of the top line pressure and reallocate some of the resources to overseas business as well. As a result, while revenue will decline, profitability impact will be less severe due to cost optimization for the cash cow.

當然，以絕對美元計算，與 2024 年相比，這仍將是一個顯著的同比下降。因此，我們正在進一步優化員工人數，提高行銷效率，以吸收部分營收壓力，並將部分資源重新分配給海外業務。因此，雖然收入會下降，但由於現金牛的成本優化，對獲利能力的影響將不會那麼嚴重。

However, we may invest a big part of the cost savings, especially the marketing savings to grow our overseas business. So I would say that at the group level, the picture is a little bit more complicated for the whole group, meaning combined the Tantan, and the fast expanding overseas business altogether, we are targeting a non-GAAP operating margin range from 12% to 13%.

然而，我們可能會將節省下來的很大一部分成本，特別是行銷節省下來的資金投入發展海外業務。因此我想說，在集團層面，整個集團的情況要複雜一些，這意味著結合探探和快速擴張的海外業務，我們的目標是非 GAAP 營業利潤率範圍在 12％至 13％之間。

However, you may want to take that range with an understanding that it is a very soft kind of guidance rather than a firm commitment because as you can understand, we are at the beginning of the year and there are still too many moving pieces that could move the bottom line margins one way or another. So this is what I can share at this point in time.

然而，您可能希望理解，這只是一種非常溫和的指導，而不是堅定的承諾，因為正如您所理解的，我們正處於年初，仍然有太多可能以某種方式影響底線利潤率的因素。這就是我現在可以分享的內容。

Back to Ashley to take the next question.

回到 Ashley 來回答下一個問題。

Operator next question please.

接線員，請問下一個問題。

Thomas Chong, Jefferies.

傑富瑞 (Jefferies) 的托馬斯張 (Thomas Chong)。

(spoken in foreign language)

（用外語說）

Thanks management for taking my question. My question is about our overseas application. Can management comment about the key market for social as well as its revenue and earnings? On the other hand, we also talk about the two new apps. Can management share the positioning of these two applications and how it is different from social?

感謝管理層回答我的問題。我的問題是關於我們的海外申請的。管理層能否評論一下社交的關鍵市場及其收入和收益？另一方面，我們也討論了兩個新的應用程式。管理階層能否分享一下這兩個應用程式的定位以及和社交有何不同？

How big are these two apps in terms of revenue and spending? In 2025, how should we think about the overall overseas revenue and earnings expectation as well as the growth potential in overseas market. Thank you.

這兩個應用程式的收入和支出規模有多大？2025年，我們應該如何看待整體的海外收入和獲利預期，以及海外市場的成長潛力。謝謝。

Regarding the question about social and other apps. So in the past few years, (inaudible) has become the fastest growing product in our group, both in revenue and profits. In 2024, its revenue grew by 50% from 2023, nearing RMB1 billion, and also surpassing Tantan's earnings.

關於社交和其他應用的問題。因此在過去幾年中，（聽不清楚）已成為我們集團成長最快的產品，無論在收入或利潤方面。2024年其營收較2023年成長50%，接近10億元人民幣，也超過了探探的獲利。

So this growth is mainly due to improving localization strategies we started last year and focusing on three main areas. One is reaching the mature markets to expanding into new regions and also adding features like live streaming.

因此，這種成長主要歸功於我們去年開始改善在地化策略並專注於三個主要領域。一是進入成熟市場，拓展新地區，同時增加直播等功能。

We have also strengthened our partnership, which has helped boost revenue. (inaudible) is doing well in Turkey, Egypt, and Gulf countries, showing very strong market demand. We also launched two new apps in the Mina regions at the end of 2023.

我們也加強了合作夥伴關係，這有助於提高收入。 （聽不清楚）在土耳其、埃及和海灣國家表現良好，顯示出非常強勁的市場需求。我們也在 2023 年底在米納地區推出了兩款新應用程式。

The first one is [Yahale] and (inaudible), similar to (inaudible) but voice focused. Both products was ROI driven from the start and has shown promising potential in revenue and user acquisitions. So in 2025, if the ROI remain promises, we plan to increase marketing for both.

第一個是 [Yahale] 和（聽不清楚），類似（聽不清楚），但以語音為重點。這兩款產品從一開始就以投資回報率為導向，並在收入和用戶獲取方面展現出巨大的潛力。因此，到 2025 年，如果投資報酬率仍然可觀，我們計劃加強對兩者的行銷力度。

So the (inaudible) and our new product shows that the knowledge we gain in our home market works well, especially in the Mina region, which can accommodate multiple social brands.

因此（聽不清楚）和我們的新產品表明，我們在本土市場獲得的知識非常有效，特別是在米納地區，它可以容納多個社交品牌。

So in 2025, we will invest more in exploring international markets since our overseas products are focused on profits. Increasing investments will heavily affect the group's net profits.

所以2025年我們會加大對國際市場的開拓投入，因為我們的海外產品是注重利潤的。增加投資將嚴重影響集團的淨利。

So, Cathy will provide specific details on revenue and profit forecast.

因此，Cathy 將提供有關收入和利潤預測的具體細節。

Our overseas growth strategy for 2025 can be broken down into two buckets, the good old (inaudible) and the other new initiatives. For (inaudible), as Sic mentioned earlier, we're focusing on three main drivers this year. First one is better localization, second one is geographic expansion to both countries, where our current penetration is not as deep and the third driver is new video services.

我們的 2025 年海外成長策略可分為兩個部分：舊有的策略（聽不清楚）和其他新舉措。對於（聽不清楚），正如 Sic 之前提到的，我們今年將重點放在三個主要驅動因素。第一個是更好的在地化，第二個是向兩個國家的地理擴張，目前我們的滲透率還不是那麼深，第三個驅動因素是新的視訊服務。

If we make strong, if we make good progress across all those three areas we could reach the higher end of our growth target. If certain areas require more time, we might land in the mid to lower range of our targets.

如果我們在這三個領域都表現強勁、取得良好進展，我們就能達到成長目標的較高水準。如果某些領域需要更多時間，我們可能會落在目標的中下範圍內。

In 2025, we are going to have a second growth driver for our overseas business which are the two newer applications, Yahalan and Amar. Both applications are gaining pretty strong traction at this point, and we're significantly increasing our marketing efforts to accelerate revenue growth because the ROI is looking pretty promising.

2025年，我們海外業務的第二個成長動力將來自於兩個較新的應用程式：Yahalan 和 Amar。目前，這兩種應用程式都獲得了相當強勁的吸引力，而且我們正在大力加大行銷力度，以加速收入成長，因為投資回報率看起來相當可觀。

Despite stepping up, the marketing dollars ROI remains quite stable, which is a very positive sign. If we can maintain strong ROI as we continue to scale by the end of the year, the combined quarterly revenue run rate is new overseas apps could meaning these two smaller apps could reach where [Sochio] is today. If you analyze that would mean the overseas revenue contribution for 2026 will become very meaningful.

儘管有所增加，但行銷資金的投資回報率仍然相當穩定，這是一個非常積極的信號。如果我們能夠在年底前繼續擴大規模的同時保持強勁的投資回報率，那麼合併後的季度收入運行率將是新的海外應用程序，這意味著這兩個較小的應用程序可以達到 [Sochio] 今天的水平。如果你分析的話，這意味著 2026 年的海外收入貢獻將變得非常有意義。

However, if marketing efficiency declines as we scale, we may pause marketing expansion to focus on product improvements and operational refinance before wrapping up again. In that case, revenue growth for those two applications could come in a bit slower. So, looking at the full overseas portfolio, we expect revenue from (inaudible) to grow from around RMB1 billion in 2024 to a range between, could be between RMB1.7 billion to RMB2 billion in 2025. That's a pretty impressive growth for this year already.

然而，如果隨著規模擴大，行銷效率下降，我們可能會暫停行銷擴張，轉而專注於產品改進和營運再融資，然後再結束。在這種情況下，這兩個應用程式的收入成長可能會稍微慢一些。因此，從整個海外投資組合來看，我們預期（聽不清楚）的收入將從 2024 年的 10 億元左右增長到 2025 年的 17 億元至 20 億元之間。對於今年來說這已經是一個相當令人印象深刻的成長了。

Profitability is not a priority for overseas expansion this year as we are focused on scaling. That said, because we grow our overseas business with high level of focus on ROI as we continue to scale the bottom line for overseas business should improve over time. (technical difficulty)

獲利能力並不是今年海外擴張的首要任務，因為我們專注於擴大規模。也就是說，由於我們在發展海外業務時高度重視投資回報率，隨著我們不斷擴大海外業務的底線，海外業務的利潤應該會隨著時間的推移而改善。（技術難度）

We are ready for the next question. Thank you.

我們已經準備好回答下一個問題了。謝謝。

Leo Chiang, Deutsche Bank.

德意志銀行的 Leo Chiang。

(spoken in foreign language) Thank you management for taking my question. My question is regarding to Tantan. After one year of, business adjustment, we see Tantan user and revenue scale is still in a declining trend. Can management make sure the plan for Tantan this year in terms of product and operation. How should we think of Tantan revenue and profit outlook in 2025. Thank you.

（外語）感謝管理層回答我的問題。我的問題是關於探探的。經過一年的業務調整，我們看到探探的用戶和收入規模仍然處於下滑的趨勢。管理階層能否確定探探今年在產品和營運方面的計畫？我們該如何看待2025年探探的營收和利潤前景。謝謝。

Okay, I'll take the contact question. Maybe let me spend a little bit more time to discuss Tantan's strategy for 2025, and explain why we're taking this approach. Tantan has always had two main strategic objectives. One is delivering a good dating experience for users in China and the broader Asian market. This remains our top priority because, we obeyed all the ups and downs in the past.

好的，我將回答聯絡問題。也許我可以花多一點時間來討論探探的 2025 年策略，並解釋我們為什麼採取這種方法。探探一直以來都有兩個戰略目標。一是為中國及更廣泛的亞洲市場用戶提供良好的約會體驗。這仍然是我們的首要任務，因為我們服從了過去的所有起伏。

We still see this as a significant underserved demand in China market, and we believe we out of all of our peers, still have the best chance of being the best player in this market. And the second objective is building a sustainable, profitable business model.

我們仍然認為這是中國市場上尚未滿足的巨大需求，我們相信，在所有的同行中，我們仍然最有機會成為這個市場上最好的參與者。第二個目標是建立可持續的、獲利的商業模式。

Given China's highly competitive and costly user acquisition environment, there is only so much we can do to optimize our acquisition costs. So in order to build a profitable business model, referring to the second goal that I mentioned, we in the past thought that boosting monetization was a more feasible path. That's why in the past we focused heavily on increasing RPU to improve monetization.

鑑於中國競爭激烈且成本高昂的用戶獲取環境，我們能做的只有盡力優化獲取成本。所以為了建立一個可以獲利的商業模式，參考我剛才提到的第二個目標，我們過去認為提高貨幣化是更可行的路徑。這就是為什麼我們過去非常注重提高 RPU 來提高貨幣化。

However, this approach often conflicted with the user experience, forcing us into a pretty awkward balancing act, one that we've never executed successfully and sometimes even tumbled and struggled to get back on track.

然而，這種方法往往與使用者體驗相衝突，迫使我們陷入一種相當尷尬的平衡行為，我們從來沒有成功執行過，有時甚至會跌倒並掙扎著回到正軌。

This year we're taking a different path instead of prioritizing RPU growth, we're shifting our focus to reducing user acquisition cost in a pretty dramatic way. Now how do we get there? Typically, the more aggressively we acquire users, the higher the user acquisition cost would go, which means, if we want to maintain current level of user scale, it's difficult to further reduce unit acquisition cost.

今年我們採取了不同的路徑，不再優先考慮 RPU 成長，而是將重點轉向大幅降低用戶獲取成本。現在我們要怎麼到達那裡呢？通常來說，我們取得用戶的力道越大，取得用戶的成本就越高，也就是說，如果我們想維持現有的用戶規模，就很難進一步降低單位獲取成本。

On the other hand, if we reduce our acquisition volume, unit costs would also decrease. This year we will significantly cut back on user acquisition spending all the way to the point where the ROI turns positive, which is to say that every new user we acquire, we aim to fully recover their acquisition costs, including the fixed cost, meaning the personnel and other related network expenses.

另一方面，如果我們減少採購量，單位成本也會下降。今年我們會大幅削減用戶獲取的開支，直到投資回報率變為正值，也就是說，我們獲取的每一個新用戶，都力爭完全收回他們的獲取成本，包括固定成本，也就是人員和其他相關的網絡費用。

By making this adjustment, even at our current RPU levels, we can recover marketing spend and minimize acquisition losses, creating a healthier business cycle. There is, of course, a trade off with this strategy. Since we're cutting back on user acquisition costs pretty dramatically, we will likely see a faster decline in active users.

透過進行此項調整，即使在我們目前的 RPU 水準下，我們也可以收回行銷支出並最大限度地減少收購損失，從而創造更健康的業務週期。當然，這種策略也有其弊端。由於我們大幅削減用戶獲取成本，我們可能會看到活躍用戶數量更快下降。

However, many of these users were only being maintained at the expense of profitability. So we're willing to let go of some scale in the short term. The upside is that, this shift buys us sufficient time and space to refine user experience and retention strategies as well as experiment with new premium features that could drive sustainable monetization.

然而，許多這樣的用戶都是以犧牲獲利能力為代價來維持的。因此我們願意在短期內放棄一些規模。好處是，這種轉變為我們贏得了足夠的時間和空間來改善用戶體驗和保留策略，以及嘗試可以推動永續貨幣化的新高級功能。

If we are successful in doing that, it's going to lay the foundation for future growth, where both user experience and revenue generation can scale together. And so that's the overall, that actually marks a pretty big shifting strategies for for Tantan in 2025, we will see how it plays out as the year progresses.

如果我們成功做到這一點，這將為未來的成長奠定基礎，用戶體驗和收入成長都可以一起擴大。總的來說，這實際上標誌著探探在 2025 年的策略發生了相當大的轉變，我們將拭​​目以待它隨著時間的推移將如何發展。

When it comes to Tantan's revenue outlook for 2025, there are two key factors shaping the quarterly trends. One is the product and operational adjustments impacting RPU. Last year we made some product and operational changes aimed at improving the dating experience. These changes were tested on a smaller group of users last year, and now we are fully rolling out these adjustments across the platform in the first half of 2025.

談到探探2025年的營收前景，有兩個關鍵因素影響季度趨勢。一是影響RPU的產品和營運調整。去年，我們對產品和營運進行了某些改變，旨在改善約會體驗。這些變化去年已在較小群體用戶中進行了測試，現在我們將在 2025 年上半年在整個平台上全面推出這些調整。

And because these changes will have a negative impact on RPU, a full scale rollout certainly will weigh on revenue in the near term.

由於這些變化將對 RPU 產生負面影響，全面推出肯定會在短期內對收入造成影響。

And the second factor that we should consider is significant reduction in marketing spend, as I mentioned in the overall strategy for Tantan 2025.

我們應該考慮的第二個因素是大幅削減行銷支出，正如我在探探2025的整體策略中所提到的。

As I said, starting from Q2 2025, we will pretty drastically cut marketing expenses to ensure the user acquisition achieves a full ROI recovery. Right now we are looking at reducing quarterly marketing spend from around RMB40 million to RMB50 million per quarter to approximately RMB20 million to RMB30 million per quarter. Naturally this will result in a decline in active users and top line revenues.

正如我所說，從 2025 年第二季開始，我們將大幅削減行銷費用，以確保用戶獲取實現完全的投資回報率恢復。目前，我們正考慮將季度行銷支出從每季約4000萬至5000萬元人民幣削減至每季約2000萬至3000萬元人民幣。這自然會導致活躍用戶和營業收入的下降。

So given these moving pieces, it's difficult to provide an exact revenue forecast at this point. That said, I would put a rough estimated range between 20%, maybe 20% to 30% revenue decline year over year decline for 2025.

因此，考慮到這些變動因素，目前很難提供準確的收入預測。話雖如此，我粗略估計 2025 年的營收年減幅度在 20% 之間，大概在 20% 到 30% 之間。

In terms of profitability outlook, despite the topline decline, because our efforts are focused on achieving better ROI, profitability will actually see improvement for domestic Tantan. Beyond optimizing marketing spend, we will also scale up personnel costs pretty significantly to align with our profitability goals.

從獲利前景來看，儘管營收下降，但由於我們的努力集中在實現更好的投資報酬率上，國內探探的獲利能力實際上會有所改善。除了優化行銷支出之外，我們還將大幅增加人員成本，以符合我們的獲利目標。

And we do expect Tantan to remain profitable for the coming couple of years although at a lower level of platform scale. We may need to put in some investments to expand Tantan overseas, but it will be experimental and ROI driven as well. So that's for, Tantan's financial outlook, actually maybe the last question.

我們確實預計，儘管平台規模較低，但探探在未來幾年仍將保持獲利。我們可能需要投入一些投資來將探探拓展到海外，但這也將是實驗性的，並以投資報酬率為導向。這就是探探的財務前景，實際上可能是最後一個問題。

Operator, let's see if we have any more requests on the line. If we do, let's take one last question before calling the night. Thank you.

接線員，我們看看是否還有其他請求。如果我們願意，那麼在結束一天的活動之前，我們再回答最後一個問題。謝謝。

Jenny Wong, UBS.

瑞銀的 Jenny Wong。

(spoken in foreign language)

（用外語說）

So thanks management for taking my question. My question is regarding our capital return. As (inaudible) mentioned, this is the seventh consecutive year of issuing special dividends. So looking ahead, are we planning our regular policy? We know that this year is not smaller than previous years, but on the other hand, we extended and upsize our share back program. So does this indicate a strategic preference for [shadow backs] or the dividends in terms of shareholder returns going forward. Thank you.

感謝管理層回答我的問題。我的問題是關於我們的資本回報。如 (聽不清楚) 所提到的，這是連續第七年發放特別股利。那麼展望未來，我們是否正在規劃我們的常規政策？我們知道今年的規模並不比往年小，但另一方面，我們延長並擴大了我們的股票回饋計畫。那麼，這是否顯示了未來股東回報方面對[影子支持]或股利的策略偏好。謝謝。

Okay, I'm hearing several questions here. On the question, of whether we are thinking about making the dividends program a regular one. Simple answer is no. We don't see a strong reason to make our special dividend plan a regular one, and here's why.

好的，我聽到這裡幾個問題了。關於我們是否正在考慮將股息計劃變為定期股息計劃的問題。簡單的回答是「不是」。我們認為沒有充分理由將我們的特別股息計劃變為常規股息計劃，原因如下。

First off, for long term investors who have been following us. It's already well understood that management takes a disciplined approach to capital allocation. When we have access cash, we return it to shareholders in a thoughtful and value enhancing way because this expectation is already well established. We don't see the need for fixed dividend policy just to formalize it.

首先，對於一直關注我們的長期投資者。眾所周知，管理階層對資本配置採取了嚴謹的方法。當我們有現金時，我們會以一種深思熟慮且能提升價值的方式將其返還給股東，因為這種預期已經很好地建立起來了。我們認為沒有必要僅為了將其正式化而實行固定股利政策。

Instead, we would rather keep some flexibility in how we allocate capital. If we see compelling opportunity, investment opportunities, we would prefer to deploy capital towards growth either organically or through M&As rather than commit to a rigid dividend schedule.

相反，我們寧願在資本分配上保持一定的彈性。如果我們看到引人注目的機會、投資機會，我們寧願透過有機方式或併購方式將資本部署到成長中，而不是承諾嚴格的股息計畫。

And the second point is perhaps related to, it's also related to your other question about how we decide between cash dividend versus share buyback. Now, even when it comes to returning capital to shareholders, we need the flexibility to decide between dividends versus share buybacks, given that our stock is still trading pretty significantly below cash value, buybacks currently offers a better return for shareholders compared to a fixed dividend payout.

第二點可能與您的另一個問題有關，即我們如何在現金股利和股票回購之間做出選擇。現在，即使涉及向股東返還資本，我們也需要靈活地在股息和股票回購之間做出決定，鑑於我們的股票交易價格仍遠低於現金價值，與固定股息支付相比，回購目前為股東提供了更好的回報。

So the conclusion is, rigid dividend policy would limit our ability to optimize capital allocation. Instead, we prefer to keep our options open and ensure every dollar is deployed in a way that creates the most value for our shareholders. So that's my answer to the question, and maybe with that we would like to wrap up today's call.

因此結論是，僵化的股利政策會限制我們優化資本配置的能力。相反，我們更願意保留自己的選擇，並確保每一美元都能為股東創造最大價值。這就是我對這個問題的回答，也許我們想就此結束今天的通話。

So thank you all for joining us. I will see you next quarter. Operator, we're ready to close. Thank you.

感謝大家加入我們。下個季度再見。接線員，我們準備結束通話了。謝謝。

Thank you. That does conclude our conference for today. Thank you for participating. You may now disconnect.

謝謝。今天的會議就到此結束了。感謝您的參與。您現在可以斷開連線。