Hello Group Inc (MOMO) 2025 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by and welcome to the first quarter 2025 Hello Group Inc earnings conference call.

女士們，先生們，感謝大家的支持，歡迎參加 2025 年第一季 Hello Group Inc 收益電話會議。

(Operator Instructions)

（操作員指示）

I would now like to hand the conference over to your first speaker today, Ms. Ashley Jing.

現在我想將會議交給今天的第一位演講者 Ashley Jing 女士。

Thank you. Please go ahead, ma'am.

謝謝。請繼續，女士。

Thank you, operator.

謝謝您，接線生。

Good morning and good evening, everyone.

大家早安，晚上好。

Thank you for joining us today for Hello Group's first quarter 2025 earnings conference call.

感謝您今天參加 Hello Group 2025 年第一季財報電話會議。

The company's results were released earlier today and are available on the company's IR website. On the call today are Mr. Tang Yan, CEO of the company; Ms. Zhang Sichuan, COO of the company; and Ms. Peng Hui, CFO of the company.

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。今天參加電話會議的有公司執行長唐岩先生、公司營運長張四川女士和公司財務長彭暉女士。

They'll 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.

他們將討論公司的業務運營和亮點以及財務狀況和指導。在接下來的問答環節中，他們都會回答您的問題。

Before we begin, I would like to remind you that this call may contain forward-looking statements made under the Safe Harbor provision 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, all of which are difficult to predict and many of which are beyond the company's control, which may cost the company's actual results, performance, or achievements to differ materially from those in the forward-looking statement.

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案》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以及當前的市場和營運條件，涉及已知或未知的風險、不確定性和其他因素，所有這些因素都難以預測，其中許多因素超出了公司的控制範圍，可能導致公司的實際結果、業績或成就與前瞻性聲明中所述的結果、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 filings with the US Securities and Exchange Commission. The company does not undertake any obligation to update any forward-looking statements 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文件中。除法律要求外，本公司不承擔因新資訊、未來事件或其他原因而更新任何前瞻性聲明的義務。

I'll now pass the call over to our COO, Ms. Zhang Sichuan. Ms. Zhang, please.

現在我將電話轉給我們的營運長張四川女士。請張女士。

Hello, everyone.

大家好。

Thank you for joining our call.

感謝您參加我們的電話會議。

Hello everyone. Thank you for joining our call. Q1 was a solid quarter and a good start to 2025. Next I'll review our strategic priorities for the year and provide updates on execution.

大家好。感謝您參加我們的電話會議。第一季表現穩健，為 2025 年開了個好頭。接下來，我將回顧我們今年的策略重點並提供執行情況的最新情況。

Before getting into the financials, investors who have reviewed our Q1 earnings would noticed that we've disclosed geographical breakdown on revenue level. Over the past few years, with the rapid development of overseas businesses, their revenue contribution to the Group is getting increasingly prominent.

在了解財務狀況之前，查看我們第一季收益的投資者會注意到，我們已經披露了收入水平的地理分佈。過去幾年，隨著海外業務的快速發展，對集團的收入貢獻日益凸顯。

In Q1, overseas revenue accounted for 16% of total revenue, up from less than 10% in Q1'24. We expect this percentage to continue growing rapidly in coming quarters. We believe that the geographical revenue breakdown helps investors better track our overseas development progress. Next, let's dive into the details of Q1. Starting with an overview of financial performance.

第一季度，海外收入佔總營收的 16%，高於 2024 年第一季的不到 10%。我們預計這一比例在未來幾季將繼續快速成長。我們相信，按地區劃分收入有助於投資者更好地追蹤我們的海外發展進展。接下來，讓我們深入了解 Q1 的細節。從財務績效概述開始。

For Q1'25, total Group revenue was 2.52 billion RMB, exceeding the high-end of our guidance, slightly down 2% year-over-year. Domestic revenue reached 2.11 billion RMB, down 9% yoy; overseas revenue reached 415 million RMB, with accelerated yoy growth of 72%. Adjusted operating income was 350 million RMB, down 33% from Q1 last year, with a margin of 14%, down 6 percentage point from the same period last year. On last earnings call, I outlined several key priorities for 2025.

2025年第一季，集團總營收為人民幣25.2億元，超過我們預期的上限，年比略有下降2%。其中，國內營業收入21.1億元，較去年同期下降9%；海外營業收入4.15億元，較去年同期大幅成長72%。調整後營業收入為3.5億元人民幣，較去年第一季下降33%，利潤率為14%，較去年同期下降6個百分點。在上次財報電話會議上，我概述了 2025 年的幾個關鍵優先事項。

For Momo, our goal is to maintain the productivity of this cash cow business with a healthy social ecosystem. For Tantan, our goal is to improve its core dating experience and build an efficient business model that drives profitable growth. As for the new endeavors, our goal is to continue deepening our presence in overseas market, enriching our brand portfolio, and building a long-term growth engine. Since the beginning of the year, we've made strong progress across all three fronts. Let me walk you through the details.

對陌陌來說，我們的目標是透過健康的社交生態系統來維持這棵搖錢樹業務的生產力。對於探探，我們的目標是提升其核心約會體驗，並建立推動獲利成長的高效商業模式。對於新的努力，我們的目標是繼續深化海外市場佈局，豐富品牌組合，打造長期成長引擎。今年以來，我們在三個方面都取得了長足的進步。讓我向您詳細介紹一下。

First, on Momo app, at the product level, we continue to optimize interactive features that facilitate users in making meaningful connections and maintaining interactions, with the goal of enhancing social experience and stabilizing user base scale. As mentioned before, we've developed an in-house AI algorithm that generates personalized greetings for male users by analyzing female users' historical text or image posts. Data shows that the response rate for AI-generated greetings is significantly higher than that of user-generated ones. Since we fully rolled out this feature, the response rate to greetings has continued to rise.

首先，在陌陌App上，我們在產品層面持續優化互動功能，幫助用戶建立有意義的聯繫並維持互動，以提升社交體驗並穩定用戶規模。如前所述，我們開發了一種內部人工智慧演算法，可以透過分析女性用戶的歷史文字或圖像貼文為男性用戶產生個人化的問候語。數據顯示，人工智慧產生的問候語的回應率明顯高於使用者產生的問候語。自從我們全面推出此功能以來，問候的回覆率持續上升。

On the user acquisition front, to ensure stable productivity of the cash cow business, in Q1 we trimmed inefficient channels with ROI below 80%, and gradually terminated cooperation with underperforming ones. The average user acquisition cost narrowed slightly from last quarter. Thanks to improved channel efficiency and enhanced user onboarding and conversion capabilities, user retention remained stable despite a double-digit increase in user acquisition.

在用戶獲取方面，為確保現金牛業務的穩定生產，第一季我們清理了投資回報率低於80%的低效管道，並逐步終止了與表現不佳的管道的合作。平均用戶獲取成本較上一季略有收窄。由於通路效率的提高以及用戶引導和轉換能力的增強，儘管用戶獲取量實現了兩位數的成長，但用戶留存率仍保持穩定。

Significant reduction in channel investment with a negative ROI has resulted in a substantial decline in long tail paying users. In Q1, Momo app had 4.2 million paying users, a sequential decrease of 1.5 million. Since the long-tail paying users abandoned by channels had relatively low engagement and spending, the absence of this group did not have much negative impact on overall user activity and revenue. Instead, it has played a positive role in improving overall profits.

通路投入大幅減少，投資報酬率為負，導致長尾付費用戶大幅下降。第一季度，陌陌App付費用戶數為420萬，季減150萬。由於被通路拋棄的長尾付費用戶的參與度和消費額相對較低，因此該群體的缺失對整體用戶活躍度和收入沒有太大的負面影響。反而對提高整體利潤起到了積極的作用。

The continuously improving user acquisition ROI in the past two quarters has proved that such a strategy is very effective, and we plan to continue with this effort.

過去兩個季度不斷提高的用戶獲取投資回報率證明了這種策略非常有效，我們計劃繼續這種努力。

Now on the productivity of Momo cash cow business. In Q1, Momo's value added services--previously known as live streaming and VAS, but combined as value-added service from this quarter, revenue totaled1.78 billion RMB, down less than 10% year over year. The decline narrowed from last year mainly because we completed our proactive de-monetization operational adjustments by the end of 2024. We believe the content ecosystem of the platform is now at a relatively satisfactory level.

現在來說說陌陌現金牛業務的生產力。第一季度，陌陌增值服務（原直播和增值服務，從本季起合併為增值服務）營收17.8億元人民幣，年減不到10%。降幅較去年有所收窄，主要因為我們在 2024 年底前完成了主動去貨幣化營運調整。我們認為平台的內容生態目前處於比較令人滿意的水平。

The annual decline was mainly attributed to spending weakness among top paying users caused by macro factors. We have introduced new operational events and gifting features tailored for mid-cohort users across various audio and video scenarios. We adjusted the recommendation algorithm in "Chatroom" to better align with the social preferences of mid-cohort users, driving growth in both penetration rate and user scale of the Chatroom experience.

年比下降主要歸因於宏觀因素導致頂級付費用戶支出疲軟。我們針對各種音訊和視訊場景中的中層用戶推出了量身定制的全新營運活動和贈送功能。我們調整了「聊天室」的推薦演算法，使其更加貼合中階用戶的社交偏好，推動了聊天室體驗的滲透率和用戶規模的成長。

Moreover, we launched new ice-breaking paying features to boost spending among mid-cohort, which partially offset the revenue pressure caused by the decline of top paying users. The increase in revenue contribution from Chatroom, which has a relatively lower revenue-sharing ratio, alongside the scale-back of revenue oriented live streaming operation events, has together played a positive role in stabilizing gross margin amid revenue pressure.

此外，我們推出了新的破冰付費功能，以增加中階用戶的支出，這部分抵銷了頂級付費用戶下降帶來的收入壓力。收入分成比例較低的聊天室收入貢獻度提升，以及以收入為導向的直播運營活動的縮減，在收入承壓的背景下，對穩定毛利率起到了積極作用。

Turning to Tantan. In recent years, the strategy of cost reduction and efficiency improvement, combined with product adjustments, has put sustained pressure on Tantan's user base and revenue. To maintain profitability, we further reduced Tantan's marketing spend in Q1.

轉向探探。近年來，探探的降本增效策略以及產品調整給其用戶規模和營收帶來持續壓力。為了維持獲利能力，我們在第一季進一步減少了探探的行銷支出。

The decrease in channel traffic has put some pressure on the overall user scale. However, we are very pleased to see that, thanks to the gradual improvements in the ecosystem and product experience, organic traffic-primarily from returning users-has continued to grow steadily, largely offsetting the decrease caused by reduced marketing spend. In March, Tantan's MAU was 10.7 million, a slight decline of 1% quarter-over-quarter.

頻道流量的減少對整體用戶規模造成了一定的壓力。不過，我們很高興地看到，由於生態系統和產品體驗的逐步改善，主要來自回訪用戶的自然流量持續穩定成長，很大程度上抵消了行銷支出減少造成的下降。3月份，探探月活躍用戶數為1,070萬，較上季下滑1%。

As of the end of Q1, Tantan had 800 thousand paying users, a decrease of 60 thousand from previous quarter. This was mainly due to the ongoing product upgrade, which is improving user experience but has a short-term negative impact on paying conversion. While we were rolling out testing features to a larger pool of users, the paying ratio declined slightly from the last quarter.

截至第一季末，探探付費用戶數為80萬，較上季減少6萬。這主要是由於正在進行的產品升級，雖然改善了用戶體驗，但對付費轉換產生了短期負面影響。當我們向更多的用戶推出測試功能時，付費率與上一季相比略有下降。

Turing to Tantan's financials, revenue from the onshore business in Q1 was close to 170 million rmb, down 19% year-on-year. The decrease was due to the decline in paying user count, whereas arppu grew double digit, partially offseting revenue pressure.

探探財報顯示，第一季境內業務營收近1.7億元，較去年同期下降19%。下降是由於付費用戶數量的下降，而arppu卻實現了兩位數的成長，部分抵消了收入壓力。

On the product front, in Q1, we wrapped up the product upgrade launched last year, with a focus on enhancing user authenticity through scaled product testing, which further increased the real-user verification rate.

產品方面，第一季我們完成了去年推出的產品升級，重點在於透過規模化產品測試提升用戶真實性，進一步提高了真實用戶驗證率。

On the channel front, our goal was to achieve 100% ROI, namely recover all fixed and variable costs, including labor. As we abandoned channels with relatively high costs that could not be fully recouped, overall marketing spending decreased further from last quarter, and the average user acquisition cost dropped by double digits.

在通路方面，我們的目標是實現 100% 的投資回報率，即收回所有固定成本和可變成本，包括勞動力。由於我們放棄了成本相對較高且無法完全收回的管道，整體行銷支出較上一季進一步下降，平均用戶獲取成本下降了兩位數。

Combined with minor product-driven improvements in ARPU, this has led to a significant sequential increase in user acquisition ROI. Currently, channel ROI has far exceeded 100%, which is the key to achieving quarterly profit growth despite revenue pressure in Q1.

加上產品驅動的 ARPU 的輕微改進，這導致用戶獲取投資報酬率 (ROI) 連續大幅成長。目前通路ROI已遠超過100%，這是Q1營收面臨壓力的情況下仍實現季度利潤成長的關鍵。

On the commercial product front, to mitigate the revenue pressure caused by decline in paying user, we upgraded membership features to boost ARPPU. At the same time, we moderately increased promotion efforts to offset the negative impact of product optimization on paying conversion.

在商業產品方面，為了緩解付費用戶下降帶來的收入壓力，我們升級了會員功能以提高ARPPU。同時，我們適度加大推廣力度，抵銷產品優化對付費轉換的負面影響。

As for the overseas business, in Q1, overseas revenue reached 415 million RMB, with accelerated yoy growth of 72%. Overseas revenue accounted for 16.4% of total group revenue, up from 9.4% in Q1'24. Over the past few years, our overseas revenue has mainly come from our voice-based social product Soulchill in the MENA market. While Soulchill has maintained rapid growth, we believe that due to the fragmented nature of social entertainment space and the diversified and nuanced user preference, in order to expand our market share in mena area more effectively and efficiently, we need other brands in addition to Soulchill.

海外業務方面，第一季海外收入達4.15億元人民幣，較去年同期成長72%。海外收入佔集團總營收的 16.4%，高於 24 年第一季的 9.4%。過去幾年，我們的海外收入主要來自中東和北非市場的語音社交產品Soulchill。在Soulchill保持快速成長的同時，我們認為，由於社交娛樂領域的碎片化以及用戶偏好的多樣化和細微化，為了更有效、更有效率地擴大我們在中東和北非地區的市場份額，除了Soulchill之外，我們還需要其他品牌。

As we've accumulated more product and operation experience in MENA, and built up our local team, we've launched more independent brands in recent years to meet different user groups' online social entertainment needs. Drawing on Soulchill's success, we have developed a play book for the zero-to-one development of social entertainment products in the Middle East. This has significantly shortened the cycle from product launch to monetization and trial-and-error costs has become more controllable. Since the beginning of 2025, we've ramped up channel investment for new products.

隨著我們在中東和北非地區累積了更多的產品和營運經驗，並建立了本地團隊，近年來我們推出了更多獨立品牌，以滿足不同用戶群的線上社交娛樂需求。借鑒 Soulchill 的成功經驗，我們制定了中東地區社交娛樂產品從零到一發展的劇本。這大大縮短了產品從發佈到貨幣化的周期，試誤成本變得更加可控。自2025年初以來，我們加大了新產品的通路投入。

The ROI-oriented channel strategy has driven the revenue of new products to exceed our initial expectations. This is the main reason for the accelerated year-on-year growth of overseas revenue in Q1. Currently, the overseas revenue increment can largely offset the domestic revenue decline.

以投資報酬率為導向的通路策略推動了新產品的收入超出了我們最初的預期。這是第一季海外營收年增率加速成長的主要原因。目前，海外收入增量基本上可以抵銷國內收入的下降。

In Q1, Soulchill, which generated the highest revenue amongst overseas apps, brought in close to 300 million RMB, representing a year-on-year growth of nearly 40%. The growth was mainly driven by localized operation over the past year and improved cross-border collaboration between front and back-end teams, enabling Soulchill to achieve satisfactory results in both expansion into new markets and launch of new features.

Q1出海App收入最高的《Soulchill》營收近3億元人民幣，較去年同期成長近40%。這一成長主要得益於過去一年的在地化營運以及前後端團隊跨境協作的提升，使得Soulchill在拓展新市場和推出新功能方面都取得了令人滿意的成績。

On a quarterly basis, revenue growth faced pressure due to political unrest in the Middle East at the end of last year, coupled with Ramadan, during which user's spending sentiment was depressed. However, I'm very pleased to see that our team was able to adjust operational strategies promptly to mitigate negative impact of these uncertainties, which played a positive role in stabilizing revenue.

從季度來看，由於去年年底中東地區的政治動盪，加上齋戒月期間用戶的消費情緒低迷，收入成長面臨壓力。但我很高興地看到，我們的團隊能夠及時調整營運策略，以減輕這些不確定性帶來的負面影響，對穩定收入起到了積極的作用。

Apart from Soulchill, our audio- based social game product Yaahlan and voice-based social product Amar have entered monetization phase recently, and have delivered stable ROI since we increased marketing investment at the beginning of this year. As a result, we further increased marketing spent, which drives significant quarterly revenue growth for both products.

除了Soulchill之外，我們基於音訊的社交遊戲產品Yaahlan和基於語音的社交產品Amar近期也已進入盈利階段，自今年年初加大市場投入以來，均取得了穩定的投資回報。因此，我們進一步增加了行銷支出，推動了兩種產品的季度收入大幅成長。

Beyond pursuing top-line growth, our team also focused on optimizing the revenue-sharing model and driving high-margin feature revenue to improve overall gross profit. These efforts lay a solid foundation for achieving operational breakeven. We are confident the team will reach this goal by year-end. Our goal for the overseas market is not limited to social and entertainment products in MENA region.

除了追求營收成長之外，我們的團隊還致力於優化收入分享模式，推動高利潤的功能收入，以提高整體毛利。這些努力為實現經營損益平衡奠定了堅實的基礎。我們相信團隊將在年底前實現這一目標。我們的海外市場目標不僅限於中東和北非地區的社交和娛樂產品。

Hello Group is the operator of Asia's largest open social platform. We understand Asian users' preference and pain points in discovering new relationships and building meaningful interactions better than other players in the market. Therefore we are confident that we should be playing a key role in the global dating market. Currently, we've set up a team in Singapore with deep expertise in overseas dating operations and marketing.

哈嘍集團是亞洲最大的開放式社群平台營運商。我們比市場上的其他參與者更了解亞洲用戶在發現新關係和建立有意義的互動方面的偏好和痛點。因此，我們有信心在全球約會市場中發揮關鍵作用。目前，我們在新加坡成立了一支擁有深厚海外交友營運和行銷經驗的團隊。

Moving forward, we expect to push harder on the front of building better dating experience and brands for users seeking romantic relationships. This concludes my remarks.

展望未來，我們希望更加努力為尋求浪漫關係的用戶打造更好的約會體驗和品牌。我的發言到此結束。

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

現在，讓我將電話轉給 Cathy 進行財務審查。凱茜，請。

Thanks, Sic. Hello, everyone. Thank you for joining our conference call today.

謝謝，Sic。大家好。感謝您今天參加我們的電話會議。

Before getting into the financials, let me first outline the adjustments we've made to our disclosure practice starting this quarter. Number one, we've introduced a geographical breakdown of revenues to more accurately reflect the rapidly growing and increasingly significant overseas business.

在討論財務狀況之前，讓我先概述一下我們從本季開始對資訊揭露實務所做的調整。首先，我們引入了按地區劃分的收入，以便更準確地反映快速成長且日益重要的海外業務。

Number two, given that the line between live streaming and value-added services is becoming increasingly blurred and these two are really in subsidence, all fee-based revenues where we directly charge the users for value added services and in many cases, in turn share part of the revenues with content providers.

第二，鑑於直播和增值服務之間的界限越來越模糊，而且這兩項業務實際上都處於衰退之中，所有基於收費的收入都是我們直接向用戶收取增值服務費用，並且在許多情況下，我們又與內容提供商分享部分收入。

We've merged the two business lines into one, which we now refer to as value added services. Number three, given that Tantan's revenue accounts for less than 10% of the group's total revenue, we've discontinued its segment reporting.

我們將這兩條業務線合併為一條，現在我們稱之為加值服務。第三，鑑於探訪的收入佔集團總收入的不到10%，我們已停止其分部報告。

Now let me take you through the financial review. Total revenue for the first quarter of 2025 was RMB2.52 billion, down 2% year on year and 4% quarter on quarter, exceeding the high end of our revenue guidance. Non-GAAP net income at attributable to the company was RMB403.8 million compared to RMB59.9 million for the same period last year and RMB230.5 million from Q424.

現在讓我帶您了解財務審查。2025年第一季總營收為人民幣25.2億元，年減2%，季減4%，超過我們營收預期的高端。非美國通用會計準則下公司應佔淨利為4.038億元人民幣，去年同期為5,990萬元人民幣，2024年第四季為2.305億元。

In the first and last quarter of 2024, we had some one-off tax and impairment related expenses excluding these special items. Net income for Q1 2024 and Q4 '24 would have been RMB508.5 million and RMB371.1 million respectively.

2024 年第一季和最後一季度，除了這些特殊項目外，我們還有一些一次性稅收和減損相關費用。2024 年第一季和 2024 年第四季的淨收入分別為 5.085 億元和 3.711 億元。

Looking into the key revenue items for Q1. Total revenue from value-added services, the sum of revenues from former live streaming and VAS but combined as value added service from this quarter was RMB2.49 billion, down 2% year on year and 4% quarter on quarter.

查看第一季的主要營收項目。增值服務總收入（原直播收入與增值服務收入合計，自本季起合併為增值服務收入）為 24.9 億元，年減 2%，季減 4%。

On the user geographic basis, VAS PRC mainland revenue was RMB2.08 billion, down 9% year over year and 7% quarter over quarter. The year over year decrease was mainly due to the weak consumer sentiment caused by macro factors, which put pressure on Momo business.

按用戶地理劃分，中國大陸加值服務收入為人民幣 20.8 億元，較去年同期下降 9%，季減 7%。同比下降主要由於宏觀因素導致的消費者信心低迷，對陌陌業務帶來壓力。

And to a lesser extent, the decrease in Tantan due to the decline in the number of paying users. The sequential decrease was due to negative seasonality. VAS overseas revenue came in at RMB413.1 million, up 73% year over year and 16% quarter over quarter.

而在較小程度上，探探的下滑是由於付費用戶數量的下降。環比下降是由於季節性因素造成的。海外增值服務收入為4.131億元人民幣，較去年同期成長73%，較上季成長16%。

The year over year growth was driven by both the rapid expansion of Sochio and the initial monetization of a few emerging brands.

年比成長主要得益於 Sochio 的快速擴張以及一些新興品牌的初步貨幣化。

Turning to cost and expenses. Non-GAAP cost of revenue for the first quarter of 2025 was RMB1.57 billion compared to RMB1.50 billion for the same period last year. Non-GAAP gross margin for the quarter was 37.9%, down 3.5 percentage points from the year ago period.

轉向成本和費用。2025年第一季非公認會計準則營收成本為人民幣15.7億元，去年同期為人民幣15.0億元。本季非公認會計準則毛利率為37.9%，較去年同期下降3.5個百分點。

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 is that overseas business contributed a larger percentage of total revenue while having a higher payout ratio, especially during the first regional expansion and initial phase of live streaming service offering and to a lesser degree, slightly higher payout from Momo app to incentivize the supply side considering the downward revenue trend.

年比下降是由於多種因素造成的。第一，更高的派息率，這又歸因於兩個因素。一是海外業務貢獻了較大的總收入比重，同時派息率也較高，尤其是在首次區域擴張和直播服務推出的初期；二是考慮到收入趨勢下降，陌陌應用程式的派息幅度略高，以激勵供應方。

Number two, optimization of personnel, which led to an increase in one-off severance payments. Number three, payment channel costs and infrastructure expenses constitute a higher percentage of as the revenue mix shifts toward overseas business where these fees as a percentage of revenues are higher compared to domestic business.

二是人員優化，一次性補償金增加。第三，隨著收入結構向海外業務轉移，支付通路成本和基礎設施費用佔收入的比例更高，與國內業務相比，這些費用佔收入的比例更高。

Non-GAAP R&D expenses for the first quarter was RMB185.9 million in RMB compared to RMB183.4 million for the same period last year, representing a 1% increase year over year. The increase was attributed to severance payments associated with personnel optimization.

第一季非美國通用會計準則研發費用為人民幣1.859億元，去年同期為人民幣1.834億元，較去年同期成長1%。這一增長歸因於與人員優化相關的遣散費。

Non-GAAP R&D expenses remained stable at 7% of revenue, consistent with the figure from the previous year. We ended the quarter with 1,336 total employees compared to 1,375 from a year ago. The R&D personnel as a percentage of total employees for the group was 58% compared with 62% from Q1 last year.

非公認會計準則研發費用維持穩定，佔營收的 7%，與前一年持平。本季末，我們的員工總數為 1,336 人，而去年同期為 1,375 人。集團研發人員佔員工總數的比例為58%，去年第一季為62%。

Non-GAAP sales and marketing expenses for the first quarter was RMB322.1 million or 13% of total revenue, compared to RMB287.3 million or 11% of total revenue for the same period last year. The year over year increase was attributable to the increase in channel investment for the overseas apps whereas marketing spend for the PRC mainland business narrowed due to Tantan's ongoing cost control strategy.

第一季非美國通用會計準則銷售及行銷費用為人民幣3.221億元，佔總收入的13%，去年同期為人民幣2.873億元，佔總收入的11%。同比成長歸因於海外應用通路投入的增加，而中國大陸業務的營銷支出因探探持續的成本控制策略而縮減。

Non-GAAP G&A expenses was RMB114.8 million for the first quarter compared to RMB93.5 million for the same quarter last year, representing a 5% and 4% of total revenue respectively. Non-GAAP operating income was RMB345.3 million with a margin of 13.7% compared with RMB515.0 million with a margin of 20.1% from the same period last year.

第一季非美國通用會計準則一般及行政費用為 1.148 億元，去年同期為 9,350 萬元，分別佔總收入的 5% 及 4%。非美國通用會計準則營業收入為人民幣3.453億元，利潤率為13.7%，去年同期為人民幣5.150億元，利潤率為20.1%。

Non-GAAP operating expenses as a percentage of total revenue was 25%, an increase from 22% from Q1 2024. Now briefly on income tax expenses. Total income tax expenses was RMB70.4 million for the quarter, with an effective tax rate of 16%.

非公認會計準則營業費用佔總收入的百分比為 25%，高於 2024 年第一季的 22%。現在簡單介紹一下所得稅費用。本季所得稅總費用為人民幣7,040萬元，有效稅率為16%。

In Q1, the company accrued withholding income tax of RMB12.9 million, which is 5% of undistributed profit generated by our ROFE. Without the withholding tax, our estimated non-GAAP effective tax rate was around 13% in the first quarter.

第一季度，公司提列預扣所得稅1,290萬元，占我們ROFE產生的未分配利潤的5%。不計預扣稅，我們估計第一季非公認會計準則有效稅率約為 13%。

Now turning to balance sheet and cash flow items. As of March 31, 2025, Hello Group's cash, cash equivalents, short-term deposits, long term deposits, and restricted cash totaled RMB12.79 billion compared to RMB14.73 billion as of December 31, 2024.

現在轉向資產負債表和現金流量項目。截至 2025 年 3 月 31 日，哈嘍集團的現金、現金等價物、短期存款、長期存款及受限現金總額為人民幣 127.9 億元，而截至 2024 年 12 月 31 日為人民幣 147.3 億元。

The decrease in cash reserves was largely attributable to the repayment of RMB1.74 billion bank loan, including accrued interest. Net cash provided by operating activities in the first quarter of 2025 was RMB239.7 million.

現金儲備減少主要是因為償還人民幣17.4億元銀行貸款及應計利息所致。2025年第一季經營活動產生的淨現金為人民幣2.397億元。

Lastly, on business outlook, we estimated our second quarter revenue to come in the range from RMB2.57 billion to RMB2.67 billion, representing a decrease of 4.5% to 0.8% year on year. This is based on the assumption that on a year to year basis, PRC mainland business will decrease mid to low teens percentage, while overseas revenue is expected to achieve more than 80% growth.

最後，關於業務展望，我們預期第二季營收將在人民幣25.7億元至人民幣26.7億元之間，年減4.5%至0.8%。這是基於這樣的假設：中國大陸業務的年年成長率將達到中低檔，而海外收入預計將實現 80% 以上的成長。

Please be mindful that this forecast represents the company's current and preliminary view on the market and operational conditions, which are subject to change.

請注意，此預測代表公司對市場和營運狀況的當前和初步看法，可能會發生變化。

That concluded our prepared portion of today's discussion.

今天討論的準備部分到此結束。

With that, let me turn the call back to Ashley to start Q&A. Ashley, please.

說完這些，讓我把電話轉回給 Ashley 開始問答。阿什利，請。

Just a quick reminder before we take the questions. For those who can speak Chinese, please ask your questions in Chinese first and followed by English translation by yourself.

在我們回答問題之前，請先快速提醒一下。對於會說中文的人士，請先用中文提問，然後再自行翻譯英文。

Thank you.

謝謝。

Operator, we're ready for questions.

接線員，我們已經準備好回答問題了。

(Operator Instructions)

（操作員指示）

Xueqing Zhang, CICC.

張學慶，中金公司。

Congratulations on a strong quarter. My question about social. On the first quarter earnings call, the management mentioned that Soulchill achieved 50% revenue growth in Q1 and mentioned just now that, year on year growth in Tantan were less than 40%.

恭喜本季業績強勁。我的問題是關於社交的。在第一季的財報電話會議上，管理層提到 Soulchill 在第一季實現了 50% 的收入增長，而剛才提到探探的同比增長不到 40%。

Apart from high base effect, are there any other reasons causing the slowdown in revenue such as market competition, consumption environment? What does the management think about the revenue silence for Soulchill and what's the profit guidance for the future?

除了高基數因素外，是否還有市場競爭、消費環境等其他原因造成收入成長放緩？管理層對於 Soulchill 的收入沉默有何看法？未來的利潤預期是什麼？

(Interpreted) Indeed, last year Soulchill achieved rapid revenue growth by strengthening localized operations, expanding into new markets, and introducing video features. However, since the beginning of this year, the revenue growth has slowed down a little bit. This can be attribute not only to a high base effect but also the political unrest in the Middle East at the end of last year, which dampened some users' consumption sentiment- a trend that continued into Q1 of this year.

(翻譯) 確實，去年 Soulchill 透過加強在地化營運、拓展新市場和推出視訊功能實現了快速的收入成長。但今年以來，收入成長速度已放緩。這既有基數較高的原因，也有去年年底中東地區政局動盪，抑制了部分用戶的消費情緒，這一趨勢也延續到了今年第一季。

To mitigate the impact of the event-driven revenue pressures, we beefed up our efforts to acquire paying users through various channels, and introduced new features designed to facilitate relationship building, and improve user engagement. The enhancement in user experience has positively impacted retention. Additionally, during Ramadan, we organized several operational events, resulting in more stable user fluctuation compared to previous years. This helped in the rapid recovery of user activity and spending after Ramadan.

為了減輕事件驅動的收入壓力的影響，我們加大了透過各種管道獲取付費用戶的力度，並推出了旨在促進關係建立和提高用戶參與度的新功能。使用者體驗的提升對保留產生了正面的影響。此外，我們在齋戒月期間舉辦了幾次營運活動，用戶波動較往年更加穩定。這有助於齋月後用戶活動和支出的快速恢復。

In terms of profit, Soulchill has maintained solid earnings in the recent years. However, during this phase of rapid revenue growth and ongoing efforts to enhance market penetration, we will not prioritize margin expansion. Instead, we will maintain strict control over channel ROI. As long as our user acquisition remains profitable, we will reinvest the incremental profits into user acquisition channels and strengthen localized operations.

在獲利方面，Soulchill 近年來一直保持穩健獲利。然而，在收入快速成長和持續努力提高市場滲透率的階段，我們不會優先考慮利潤率的擴大。相反，我們將嚴格控制通路投資報酬率。只要我們的用戶獲取仍然有利可圖，我們就會將增量利潤重新投資到用戶獲取管道並加強在地化營運。

I hope that answers your question.

我希望這能回答你的問題。

So Arita, please take the next one.

那麼，有田，請搭乘下一班。

Leo Chiang, Deutsche Bank.

德意志銀行的 Leo Chiang。

Thank you much for taking my question. My question is also regarding to overseas business. In Q1, overseas revenue was over RMB400 million and Soulchill was close to maybe RMB300 million. Does that mean that the other two apps that started to monetize the last year has combined exceed RMB100 million in quarterly revenue?

非常感謝您回答我的問題。我的問題也是關於海外業務的。第一季度，海外收入超過4億元人民幣，Soulchill接近3億元。這是否意味著去年開始獲利的另外兩款應用程式單季營收合計已突破1億元？

Could manage to make sure the growth plan of these two products and your estimation of overseas revenue this year?

能否確認一下這兩款產品的成長計畫以及今年海外收入的預估？

(Interpreted) From a revenue perspective, SC is currently our largest and most successful overseas product. Our other two social entertainment products targeting the Middle East also achieved significant breakthrough progress at the end of last year and the beginning of this year. This was mainly driven by improved user retention and channel marketing efficiency, which lead to significant improvement in user acquisition ROI. We believe that both products are well-positioned for rapid scaling and are expected to maintain strong growth momentum from their Q1 levels.

(翻譯)從收入角度來看，SC目前是我們規模最大、最成功的海外產品。我們的另外兩款針對中東地區的社交娛樂產品也在去年年底和今年年初取得了重大突破。這主要得益於用戶留存率和通路行銷效率的提高，從而顯著提高用戶獲取投資報酬率。我們相信，這兩款產品都具備快速擴展的條件，預計將保持第一季的強勁成長動能。

In addition to these three social entertainment products, our overseas revenue also includes Tantan's overseas business. Tantan has always been a mainstream brand among overseas Chinese communities and southeast Asian markets. As Sic mentioned, we established a strong overseas product operation team in Singapore last year, tasked with managing international dating products including Tantan. We have always been very bullish on the prospects of dating products in overseas markets, particularly in developed regions.

我們的海外收入除了這三款社交娛樂產品之外，還包括探探的海外業務。探探一直是海外華人群體和東南亞市場的主流品牌。正如Sic所提到的，我們去年在新加坡建立了強大的海外產品營運團隊，負責管理包括探探在內的國際約會產品。我們一直非常看好約會產品在海外市場，特別是已開發地區的前景。

Hello Group holds unique competitive advantages in this sector, and dating market will be a key focus in our international expansion strategy. Overall speaking, we are very satisfied with the overall performance of our overseas business. Undoubtedly, the proportion of revenue and profit from overseas operations will continue to increase, and it will soon become a true grow engine for the group. As for our revenue expectations for overseas markets this year, Cathy can provide more details.

Hello集團在該領域擁有獨特的競爭優勢，婚戀交友市場將成為我們國際擴張策略的重點。整體來說，我們對海外業務的整體表現非常滿意。毫無疑問，海外業務的營收和利潤佔比將不斷提升，並很快成為集團真正的成長引擎。至於我們今年對海外市場的營收預期，Cathy 可以提供更多細節。

Let me take the more quantitative question on the overseas revenue outlook. This is the first quarter where we've broken out overseas versus domestic revenue, and I think it's an important milestone in understanding our global growth trajectory. I'd like to address this question from several perspective. Firstly: where the overseas revenue come from: In Q1 2025, overseas revenue accounted for 16% of total company revenue. Within this, SOUCHILL remains the largest contributor, making up approximately 60-70% of our overseas revenue in Q1.

讓我來回答有關海外收入前景的更量化的問題。這是我們首次將海外收入與國內收入進行比較，我認為這是了解我們全球成長軌跡的重要里程碑。我想從幾個角度來回答這個問題。第一：海外收入從何而來：2025年一季度，海外收入占公司總收入的16%。其中，SOUCHILL 仍然是最大的貢獻者，占我們第一季海外收入的約 60-70%。

The second-largest contributor is the overseas piece of Tantan, which is primarily a subscription-based dating product. That piece contributed around 10% of the overseas revenues. Beyond these two, we also have several emerging brands such as Yaahlan, Amar, and others that make up the remaining share.

第二大貢獻者是探探的海外業務，這主要是一款基於訂閱的約會產品。作品貢獻了海外收入的10%左右。除了這兩個品牌之外，我們還有幾個新興品牌，如 Yaahlan、Amar 等，它們佔據了剩餘的份額。

Together, this portfolio approach under the HelloGroup umbrella has driven robust growth internationally. In terms of growth dynamics in different sectors, we see two main forces behind the over 70% YoY overseas revenue growth. First, the social entertainment market in the Middle East and North Africa (MENA) has been a major opportunity. While there are established players in the region, the market is large and diverse enough to support multiple platforms. Our entry into MENA, through brands like SOUCHILL, Yaahlan, and Amar, has been informed by years of product iteration and operational learning.

總體而言，HelloGroup 旗下的這種投資組合方法推動了國際上的強勁成長。從不同產業的成長動力來看，我們看到海外收入年增超過70%的背後有兩大主要力量。首先，中東和北非（MENA）的社交娛樂市場是一個重大機會。雖然該地區已有成熟的參與者，但市場規模足夠大且多樣化，足以支援多個平台。我們透過 SOUCHILL、Yaahlan 和 Amar 等品牌進入中東和北非地區，這得益於多年的產品迭代和營運學習。

Over the past few years, we've developed a playbook from launching to scaling that we can replicate across different brands in that region. This matters because MENA isn't a single, uniform market-it spans multiple countries, demographics, and user behaviors. What works in the Gulf may not work in North Africa. So having a modular, portfolio-driven strategy and the operational agility to localize quickly has been a significant advantage. That playbook is now a real asset.

在過去的幾年裡，我們制定了從發佈到擴展的策略，可以在該地區的不同品牌中複製。這很重要，因為中東和北非地區並不是一個單一、統一的市場——它跨越多個國家、​​人口統計和使用者行為。在海灣地區行得通的方法在北非未必行得通。因此，擁有模組化、投資組合驅動的策略和快速在地化的營運敏捷性是一個顯著的優勢。這本劇本現在成了一筆真正的財富。

Other than the social entertainment opportunities in the mena area, our growth down the path will be increasingly driven by the overseas dating market as well. The overseas dating market, particularly through Tantan, is starting to turn a corner. Tantan's performance had been uneven in the past as we play balancing act between dating and more entertaining features such as livestreaming and chatrooms. Such balancing act a lot of times have been pretty uncomfortable for both the users and ourselves. What we've learned-especially over the last year-is that users, particularly in more developed markets, want a focused and authentic 1-to-1 dating experience.

除了中東和北非地區的社交娛樂機會之外，我們未來的成長也將越來越多地受到海外約會市場的推動。海外約會市場，尤其是透過探探，正開始出現轉機。探探過去的表現並不穩定，因為我們需要在約會和直播、聊天室等更有趣的功能之間取得平衡。很多時候，這種平衡行為對使用者和我們自己來說都是相當不舒服的。我們了解到（尤其是在過去的一年），用戶（尤其是較發達市場的用戶）希望獲得專注且真實的一對一約會體驗。

As a result, we've refined the product strategy to prioritize core dating functionality and slim down the peripheral entertainment features. .We've also made structural changes by relocating global marketing and operations for dating to Singapore. The Singapore team brings deep experience in running international dating platforms, and it's already proving effective. Combined with China's world class engineering capabilities - especially in product iteration-we now have both the local market insight and the engineering horsepower to compete globally. We believe this positions us well to scale our dating brands across the international markets.

因此，我們改進了產品策略，優先考慮核心約會功能並減少外圍娛樂功能。我們也進行了結構性改革，將全球行銷和交友業務遷至新加坡。新加坡團隊在經營國際約會平台方面擁有豐富的經驗，並且已經證明是有效的。結合中國世界一流的工程能力（尤其是在產品迭代方面），我們現在既擁有本地市場洞察力，又擁有參與全球競爭的工程實力。我們相信，這將使我們能夠在國際市場上擴大我們的約會品牌。

I hope this gives you guys a clear backdrop against which you can better understand the reason for the rapid growth of our overseas biz. Now let me give you the numbers to work with your models. Soulchill grew 38% year-over-year in Q1, but the rest of the overseas portfolio-Tantan, Yaahlan, Amar, and others-grew at a triple-digit rate. This drove total overseas revenue growth of over 70% year-over-year in Q1.

我希望這能為大家提供一個清晰的背景，讓大家更能理解我們海外業務快速成長的原因。現在讓我給你提供與你的模型配合使用的數字。Soulchill 第一季年增 38%，但其餘海外投資組合（探探、Yaahlan、Amar 等）均以三位數的速度成長。這推動第一季海外總營收年增超過70%。

Looking ahead into the coming few quarters, we expect overseas growth to see substantial acceleration beyond this 70% level in the coming quarters. The growth will increasingly be driven by non-SOUCHILL brands, thanks to the dual engines of social entertainment in MENA and the rebound of our dating business. We believe this combination gives us strong momentum and diversified exposure across several high-growth segments internationally. I hope this address, addresses your question and now back to Ashley for more.

展望未來幾個季度，我們預計海外成長將在未來幾季大幅加速，超過 70% 的水平。由於中東和北非地區社交娛樂和約會業務的反彈這兩個引擎，成長將越來越多地由非 SOUCHILL 品牌推動。我們相信，這一結合將為我們帶來強勁的發展勢頭，並在國際多個高成長領域實現多元化佈局。我希望這個地址能夠解答您的問題，現在請 Ashley 提供更多資訊。

Hi operator, please.

您好，接線生。

Thomas Chong, Jefferies.

湯瑪斯‧張 (Thomas Chong)，傑富瑞 (Jefferies)。

We have seen the Momo and Tantan undergone a number of changes in 2024. How should we think about the 2025, outlook and how should we think about the China revenue for this year?

我們看到陌陌和探探在2024年經歷了一些變化。我們該如何看待2025年的前景以及我們該如何看待今年的中國收入？

(Interpreted) For mature brands like Momo and Tantan , our goal is to stabilize user scale and engagement while ensuring profitability. However, for social brands that have been around for over a decade, maintaining fundamental social metrics is no easy feat. Our product team has put considerable efforts into using new technologies to enhance users' social experience. E.g. as Sic mentioned, we provide male users with our self-developed AI tools to analyze the historical posts of female users and generate personalized greeting messages. This is a very practical social tool for Asian males who are not very adept at initiating conversations.

(解讀)對於陌陌、探探等成熟品牌，我們的目標是在確保獲利能力的同時，穩定用戶規模和參與度。然而，對於已經存在十多年的社群品牌來說，維持基本的社群指標並非易事。我們的產品團隊投入了大量精力來利用新技術來增強用戶的社交體驗。例如Sic提到的，我們為男性用戶提供自主研發的AI工具，分析女性用戶的歷史帖子，產生個人化的問候資訊。對於不太擅長發起對話的亞洲男性來說，這是一個非常實用的社交工具。

If male users feel that the content and phrases generated by AI do not match their personality and style of expression, they can request the AI to continuously adjust the greeting messages until they are satisfied. We have now replicated this technology in Tantan, allowing more users who are eager to find dates but lack certain skills to benefit from it.

如果男性使用者覺得AI產生的內容和短語與自己的個性和表達風格不符，可以要求AI不斷調整問候訊息，直到滿意為止。目前我們已經在探探複製了這項技術，讓更多渴望尋找約會對象但缺乏一定技能的用戶能夠從中受益。

Since the beginning of the year, enhancement in product operations and matching algo have driven yoy and qoq growth in several key metrics of the Momo social ecosystem. These include retention rate, two-way chats, and female ratio, all of which reflect increased user engagement. A stable and highly engaged user base forms the cornerstone that allows our cash cow business to sustain its profitability. Regarding Tantan, we implemented further cost-efficiency measures in both channel investment and personnel in Q1.

今年以來，產品營運與配對演算法的提升，帶動陌陌社交生態多項關鍵指標年比、季比均實現成長。這些包括留存率、雙向聊天和女性比例，所有這些都反映了用戶參與度的提高。穩定且高度參與的用戶群是我們搖錢樹業務保持獲利的基石。探探方面，第一季我們在通路投入和人員投入方面進一步實施了成本效益措施。

The ROI improvement brought by reduced marketing spend has far exceeded our expectations, creating greater operational flexibility for continuous product experience optimization. As for this year's domestic revenue performance, I'll let Cathy address those details

減少行銷支出所帶來的投資報酬率提升遠遠超出了我們的預期，為持續優化產品體驗創造了更大的營運彈性。至於今年國內票房表現，我會讓 Cathy 來解釋這些細節

As for this year's domestic revenue performance, I will leave Cathy to address those details.

至於今年國內的收入表現，我將讓 Cathy 來處理這些細節。

In Q1, Mainlan China's revenue declined by high single digit on a yoy basis. For Q2, we're guiding to a yoy decline in the low teens pecentage. Looking at the full year, we expect the decline rate to remain roughly in line with H1, which translates to a 10%+/- YoY decrease for the full year-for the domestic piece, this represents a significant narrowing from the high teens yoy decrease that we saw in 2024 vs 2023, which shows continuous stabilization of the domestic biz. Now let me briefly review the primary factors that drives our domestic business trajectory so you guys can put our estimation into perspective and maybe form your own view about how things may play out in the second half Firstly - Macro Sentiment Remains a Swing Factor.

第一季度，中國大陸營收年減高個位數。對於第二季度，我們預計低十幾歲的百分比將同比下降。縱觀全年，我們預計下降率將與上半年大致持平，這意味著全年同比下降 10%+/- - 對於國內部分而言，這代表著與 2024 年相比 2023 年高位同比下降幅度顯著收窄，表明國內業務持續穩定。現在，讓我簡要回顧一下推動我們國內業務發展軌蹟的主要因素，以便你們能夠正確看待我們的估計，並對下半年的情況形成自己的看法。首先，宏觀情緒仍然是一個搖擺因素。

Momo's revenue is heavily tied to value-added services, particularly virtual gifting, which depends on the discretionary entertainment spending of higher-income users. Spending sentiment among this group is closely linked to their personal financial outlook, and that, in turn, tracks with macroeconomic indicators. In Q1, we saw a short-term boost around Chinese New Year, supported by some optimism in the equity markets. However, as we entered Q2, macroeconomic and geopolitical uncertainties, such as tariffs, began to resurface. For now, sentiment appears stable, and our Q2 guidance reflects that. That said, the outlook for the second half will depend heavily on broader macro developments. And the second big factor here is regulatory environment.

陌陌的收入與增值服務密切相關，尤其是虛擬禮物，而增值服務則依賴高收入用戶的可自由支配的娛樂支出。該群體的消費情緒與他們的個人財務前景密切相關，而這又與宏觀經濟指標相符。在第一季度，我們看到農曆新年前後出現了短期提振，這得益於股市的一些樂觀情緒。然而，進入第二季度，關稅等宏觀經濟和地緣政治不確定性開始重新浮現。目前，市場情緒似乎穩定，我們的第二季指引也反映了這一點。儘管如此，下半年的前景將在很大程度上取決於更廣泛的宏觀發展。第二大因素是監管環境。

On that front, we've seen meaningful improvement in the regulatory landscape over the past few quarters. With that stability, we've shifted from a defensive risk management posture back to normal product development and operational execution. Third factor is the new strategy and restructuring of the domestic part of tantan as explained by sic in her prepared remarks. Starting in March 2025, we made the strategic decision to sharply reduce marketing and personnel expenses on the domestic side of Tantan. The goal was to improve the ROI of our user acquisition and support profitability for Tantan's domestic business. Naturally, the cut in spend will have a negative impact on tantan's topline.

在這方面，我們看到過去幾季監管環境有了顯著改善。有了這種穩定性，我們已經從防禦性風險管理態勢轉回正常的產品開發和營運執行。第三個因素是探探國內業務的新策略和重組，正如sic在其準備好的發言中所解釋的那樣。從2025年3月開始，我們做出策略決策，大幅削減探探國內的行銷和人員開支。目標是提高用戶獲取的投資報酬率並支持探探國內業務的獲利能力。當然，削減支出將對探探的收入產生負面影響。

However, because after the cutting we are seeing significant improvement in roi of our user acquisition efforts, the decline in topline caused by cutting was pretty mild and manageable. This came as a pleasant surprise for us. For tantan's domestic biz, we also expect the yoy decrease to narrow down from what we saw in 2024, and we expect the bottom line to come in much better than last year. Lastly, I'd like to say a few words about the trajectory of the group level topline. Investors should already notice that our q1 revenue showed a slight yoy decrease of 2% and q2 we are guiding similar level of decrease yoy.

然而，由於削減之後我們看到用戶獲取工作的投資回報率顯著提高，因此削減造成的營業收入下降相當溫和且可控。這對我們來說是一個驚喜。對於探探的國內業務，我們也預計同比降幅將比 2024 年有所收窄，並且我們預計底線業績將比去年好得多。最後我想簡單說一下集團層級的業績走勢。投資者應該已經注意到，我們的第一季營收較去年同期略有下降 2%，而第二季預計也將出現類似的年減。

However, with continuous stabilization of domestic biz and the acceleration of growth from overseas biz, it's possible that we are going to see group level topline turn to possible growth in the second half of the year. If that happens it'd be a major structural turning point for us.

不過，隨著國內業務的持續穩定和海外業務成長的加速，我們有可能在下半年看到集團層面的營收轉為成長。如果發生這種情況，這對我們來說將是一個重大的結構性轉折點。

Atrika, do we have any more questions, queuing on the line? If we do, let's just take one last one before we, close the call.

Atrika，我們還有其他問題嗎，排隊等候嗎？如果我們這樣做了，那麼在結束通話之前，我們再做最後一次。

Jenny Yuan, UBS.

瑞銀的 Jenny Yuan。

First of all, congrats on the strong fiscal results. My question is on the margin side. So Cathy will go through the full year renew outlook earlier. So could you please also give us some color in terms of our profit outlook and how expenses are expected to be managed and allocated into the rest of the year.

首先，恭喜您取得強勁的財務業績。我的問題是關於邊際的。因此 Cathy 將提前完成全年續約展望。那麼，您能否向我們介紹一下我們的利潤前景以及預計如何管理和分配今年剩餘時間的費用。

I guess that's my job.

我想這就是我的工作。

Let me take the margin and bottom-line question. Maybe I'll break it down into a few key components. First of all, if you look at gross margin, our Q1 non-gap gross margin came in at approximately 38%, reflecting a little more than 3 percentage point decline year over year from Q1 2024.

讓我來回答利潤和底線問題。也許我會把它分解成幾個關鍵部分。首先，如果你看一下毛利率，我們第一季的非差距毛利率約為 38%，與 2024 年第一季相比同比下降了 3 個百分點多一點。

The biggest driver towards such margin decline was the makeshift toward an increasingly bigger overseas revenue overseas revenue contribution. Gross margins are lower for overseas business primarily because a payment channel costs are higher, and B, many overseas applications are still in the early stage of scaling where efficiency hasn't kicked in yet.

導致利潤率下降的最大原因是，為了增加海外收入，不得不放棄海外收入貢獻。海外業務毛利率較低，主要因為a.支付通路成本較高；b.許多海外應用仍處於規模化初期，效率還未顯現。

As the overseas business continue to grow as a percentage of total revenue, we expect to see similar level of Y-o-Y decline for the whole year 2025 meaning, in 2024, we reported a 39% non-GAAP gross margin for the full year.

隨著海外業務佔總收入的比例持續成長，我們預計 2025 年全年將出現類似的年減，這意味著 2024 年全年非 GAAP 毛利率為 39%。

For 2025, we anticipate a decline of a couple of percentage points putting us in the range between 36% to 37%. Over the longer term though, as overseas applications scale and payout ratios decline, we expect gross margin improvement and leverage gains.

到 2025 年，我們預計這一比例將下降幾個百分點，介於 36% 至 37% 之間。但從長期來看，隨著海外應用規模擴大和派息率下降，我們預期毛利率將有所提高，槓桿率也將有所提升。

Turning to operating expenses, first of all, R&D and G&A expenses with continued personnel optimization, both R&D and G&A expenses are expected to decrease slightly in, absolute dollar terms in 2025 versus 2024. With regards to sales and marketing, we anticipate, Around 10% year over year increase in sales and marketing spend. This increase is driven by our rapid expansion in overseas markets where we are acquiring new users and growing market share.

談到營運費用，首先是研發費用和一般及行政費用，隨著人員的持續優化，預計 2025 年研發費用和一般及行政費用的絕對美元金額將比 2024 年略有下降。關於銷售和行銷，我們預計銷售和行銷支出將年增 10% 左右。這一增長得益於我們在海外市場的快速擴張，我們在海外市場獲得了新用戶並擴大了市場份額。

It's important to note that all marketing investments are ROI driven. We only increase, that means we only increase spend when data give us confidence in cost recovery over time.

值得注意的是，所有行銷投資都是由投資報酬率驅動的。我們只會增加，這意味著只有當數據讓我們對隨著時間的推移收回成本充滿信心時，我們才會增加支出。

So if you TRY to put all these together and think about adjusted operating margin for the whole year, again in 2024, our non-GAAP operating margin was I think somewhere around 16% for 2025, we expect the margin in the low 10s percentage likely within the 13% to 14% range as we absorb the near term. Margin pressure as well as ramp up the marketing investments in overseas market. So that's my answer to the bottom line. Back to Ashley to wrap up the call.

因此，如果您嘗試將所有這些放在一起，並考慮全年的調整後營業利潤率，那麼在 2024 年，我們的非 GAAP 營業利潤率我認為在 2025 年約為 16％，我們預計利潤率將在 10％以下，可能在 13％至 14％的範圍內收益，因為我們會吸收短期收益。利潤壓力以及加大海外市場行銷投入。這就是我對底線問題的回答。回到 Ashley 那裡結束通話。

Yeah. I think that's it for today, that's it for today and thank you for joining us. I'll see you next quarter.

是的。我想今天的內容就到這裡，感謝您的參與。下個季度見。

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

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。

Portions of this transcript that are marked (interpreted) were spoken by an interpreter present on the live call. The interpreter was provided by the company sponsoring this event.

本記錄中標記（翻譯）的部分是由現場通話中的翻譯人員說的。翻譯由贊助此活動的公司提供。