Hello Group Inc (MOMO) 2025 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the second quarter 2025 Hello Group, Inc. earnings conference call. Please note, this conference is being recorded today. I would now like to hand the conference over to your first speaker today, Ms. Ashley Jing.

女士們，先生們，感謝你們的支持，歡迎參加 2025 年第二季 Hello Group, Inc. 收益電話會議。請注意，今天正在錄製本次會議。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. Good morning, and good evening, everyone. Thank you for joining us today for Hello Group's second quarter 2025 earnings conference call. 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.

謝謝您，接線生。大家早安，晚上好。感謝您今天參加 Hello Group 2025 年第二季財報電話會議。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。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 will discuss the company's business operations and highlights as well as the financials and guidance. We 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，我們將隨時回答您的問題。

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 Securities 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 cause the company's actual results, performance or achievements to differ materially from those in the forward-looking statements.

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《私人證券訴訟改革法案》的安全港條款做出的前瞻性陳述。此類陳述基於管理層當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的事件，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 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 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 will now pass the call over to our COO, Ms. Zhang Sichuan. Mr. Zhang?

現在我將把電話轉給我們的營運長張四川女士。張先生？

Thank you. Appreciate it. Hello, everyone. Thank you for joining our call. In Q2, both our domestic and overseas business continued to see positive trends again at the start of the year, achieving good results across various operational and financial metrics.

謝謝。非常感謝。大家好。感謝您參加我們的電話會議。第二季度，公司國內外業務延續年初以來的良好勢頭，各項營運和財務指標均取得良好成績。

Next, I will give you an update on execution of our strategic goals. Starting with the financial performance. For Q2 '25, total group revenue was RMB2.62 billion, down 3% year over year. Domestic revenue reached RMB2.18 billion, down 11% year over year, while overseas business was RMB442 million, up 73% year over year. Adjusted operating income was RMB448 million, down 6% from Q2 last year with a margin of 17%.

接下來，我向大家通報我們策略目標的執行。從財務表現開始。2025年第二季度，集團總收入為人民幣26.2億元，較去年同期下降3%。其中，國內業務收入21.8億元，年減11%；海外業務收入4.42億元，較去年成長73%。調整後營業收入為4.48億元人民幣，較去年第二季下降6%，利潤率為17%。

Our key priorities for 2025 include the following. For Momo, the goal is to maintain the productivity of this cash cow business with the healthy social ecosystem. For Tantan, the goal is to maintain and improve its core dating experience and build an efficient business model that drives profitable growth. For the new endeavors, our goal is to continue deepening our presence in overseas markets, enriching our brand portfolio, and building a long-term growth engine.

我們 2025 年的重點工作包括以下幾點。對陌陌來說，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。對探探來說，目標是維護和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我們在海外市場的存在，豐富我們的品牌組合，並打造長期成長引擎。

In the first half of 2025, our domestic business gradually stabilized with both revenue and profit exceeding our initial expectations. For overseas business, we continue to drive rapid revenue growth with controllable costs and expenses. And now let me walk you through the details.

2025年上半年，國內業務逐步穩定，營收和利潤都超出了最初的預期。海外業務方面，我們持續在成本費用可控的情況下推動收入快速成長。現在讓我向您介紹一下細節。

First, on Momo app, all products and user acquisition efforts were focused around the goal of ensuring the productivity of the cash cow business. On the product side, the focus was to enhance user track experience to ensure long-term stability through our healthy social ecosystem. In Q2, we fully roll out in-house developed AI greeting feature, which have male users to generate personalized reading, driving the rates up by a high single-digit percentage. Using our use of AI to enhance icebreaking chat experience, we have also been testing an AI chat assistant feature, which provides content suggestion for male users during the ongoing conversations.

首先，陌陌所有產品和用戶獲取工作都圍繞著保證現金牛業務的生產力這一目標。在產品方面，重點是透過我們健康的社交生態系統來增強用戶追蹤體驗，以確保長期穩定。第二季度，我們全面推出自主研發的AI問候功能，為男性用戶產生個人化朗讀，帶動費率增加個位數百分比。為了利用人工智慧增強破冰聊天體驗，我們也一直在測試人工智慧聊天助理功能，該功能可在對話過程中為男性用戶提供內容建議。

This feature drives an increase in number of multiround conversation and rate of in-depth tracks, thereby improving retention and playing positive growth in stabilizing Momo's user base. On the user acquisition front, we further refined our approach based on ROI and reduced the budget of inefficient channels. We also optimized acquisition materials for high ARPPU users and drove sequential growth in ARPPU by enhancing the on-boarding experience for paying features among users from these channels.

此功能帶動了多輪對話次數和深度追蹤率的提升，從而提升了留存率，對穩定陌陌的用戶群起到了正向增長的作用。在用戶獲取方面，我們進一步完善了基於投資報酬率的方法，並減少了低效通路的預算。我們還針對高 ARPPU 的用戶優化了獲取材料，並透過增強來自這些管道的用戶的付費功能入門體驗來推動 ARPPU 的連續成長。

The reduction in unit acquisition costs combined with the ARPPU growth drove further improvement in ROI, which has already achieved a target greater than 100% in Q1. The overall user retention remained stable despite increased channel investments. Thanks to the improved user experience driven by product enhancements and algorithm optimization as well as the ability to accommodate channel users more effectively.

單位獲取成本的降低加上ARPPU的成長推動了投資報酬率的進一步提高，第一季投資報酬率已經實現了超過100%的目標。儘管通路投資增加，整體用戶留存率仍保持穩定。得益於產品升級、演算法最佳化帶來的使用者體驗提升，以及更有效服務通路用戶的能力。

In Q2, Momo app had 3.5 million paying users, a sequential decrease of 0.6 million due to our ongoing efforts to cut user acquisition investments with negative ROI. Since the ultra-low paying users that we proactively abandon, make very limited contribution to the top line.

第二季度，陌陌應用程式的付費用戶數為 350 萬，季減 60 萬，原因是我們持續努力削減投資報酬率為負的用戶獲取投資。由於我們主動放棄的超低付費用戶對收入的貢獻非常有限。

The absence of this group has had a very minimal negative impact on revenue. Instead, their absence contribute to an improvement in profitability. We believe that the current user acquisition environment in China has fundamentally changed from the pre-pandemic experience and our user acquisition strategy to also evolve to achieve ongoing improvements in ROI. I believe that -- I'm confident that both Momo and Tantan still have room for continuous improvement in this area.

該團隊的缺席對收入的負面影響非常小。相反，他們的缺席有助於提高獲利能力。我們認為，當前中國的用戶獲取環境與疫情前相比已經發生了根本性的變化，我們的用戶獲取策略也在不斷發展，以實現投資回報率的持續提高。我相信——我相信陌陌和探探在這方面仍然還有持續改進的空間。

Now on the productivity of the cash -- of Momo cash cow capital. In Q2, Momo value-added service revenue reached RMB1.85 billion, down 11% year over year. The decline was mainly due to the soft spending sentiment among high-paying users, particularly in live streaming experience amid the weak macro environment. In light of this, we increased operational efforts in chat room experience, which is popular among mid cohort users. We adjusted common recommendation algorithm to enhance penetration rates and user scale of the audio and video-based experiences thereby stimulating consumption amongst mid cohort users.

現在談談現金的生產力——Momo 的現金牛資本。第二季，陌陌增值服務收入18.5億元，年減11%。下降的主要原因是高付費用戶的消費情緒疲軟，尤其是在宏觀環境疲軟的情況下，直播體驗方面。有鑑於此，我們加大了聊天室體驗的營運力度，這在中期用戶中很受歡迎。調整常用推薦演算法，提升音視頻體驗的滲透率與使用者規模，刺激中階用戶消費。

After the seasonal lows in Q2, we reorganized non-bonus driven competition events in live streaming and increased the exposure rate of high-quality broadcasters to high-paying users in our algorithm. On the product side, we introduced new interactive gifts that further facilitate relationship building and paying conversion between users and broadcasters. With the joint efforts of our algorithm and product, we enhanced our traffic monetization efficiency, coupled with a seasonal recovery. VAS revenue increased 4% from last quarter.

在第二季度經歷季節性低谷之後，我們重組了直播中非獎金驅動的比賽活動，並在我們的演算法中提高了優質主播對高付費用戶的曝光率。在產品方面，我們推出了新的互動禮物，進一步促進用戶和主播之間的關係建立和付費轉換。在演算法和產品的共同努力下，我們提高了流量貨幣化效率，並伴隨著季節性的復甦。增值服務收入較上一季成長4%。

Turning to Tantan. In order to maintain profitability amid revenue pressure, we continue our strategy of reducing channel investments in Q2. A plan initiated at the start of the year with a target ROI of over 100%, we further scaled back budgets for underperforming channels. This decrease in channel traffic puts some pressure on the overall user scale.

轉向探探。為了在收入壓力下保持獲利能力，我們在第二季度繼續實施減少通路投資的策略。該計劃於年初啟動，目標投資回報率超過 100%，我們進一步縮減了表現不佳的管道的預算。這種通路流量的減少，對整體用戶規模造成了一定的壓力。

However, organic user growth show a positive trend since the beginning of the year and increased steadily over quarter over quarter, which potentially offset the decline in user numbers caused by the reduction in marketing expense.

不過，有機用戶成長自年初以來呈現正面趨勢，且環比穩定成長，這可能抵消了因行銷費用減少而導致的用戶數量下降。

In June, Tantan's MAU reached 10.2 million, down 5% from last quarter. As of the end of Q2, Tantan had 740,000 paying users, a decrease of 80,000 from Q1. In addition to a decrease in MAU, another reason for the decline in paying users is the short-term pressure on the paying conversion caused by the improvement in user experience associated with the product upgrade. Following the full-scale rollout of the pilot projects, there was a slight quarter over quarter decrease in paying ratio.

6月份，探探月活躍用戶數為1020萬，季減5%。截至第二季末，探探付費用戶數74萬，較一季減少8萬。除了MAU下降之外，付費用戶數下降的另一個原因是產品升級帶來的用戶體驗提升對付費轉換率帶來的短期壓力。試辦全面推開後，繳費比例較上季略有下降。

Turning to Tantan's financials. Revenue from the onshore business in Q2 was RMB160 million, down 18% year over year and 4% quarter over quarter. The revenue decrease was due to a decline in the number of paying users, but ARPPU increased 18% year over year and 8% quarter over quarter, which particularly alleviated the pressure on revenue.

談談探探的財務狀況。第二季境內業務收入為1.6億元人民幣，較去年同期下降18%，季減4%。營收下降是由於付費用戶數量下降，但ARPPU年增18%，季增8%，尤其緩解了收入壓力。

At the product level, to explore dating experiences for Asian, we launched product upgrades from last year. Our key efforts included: first, strengthening view user application to enhance user authenticity and brand trust.

在產品層面，為了探索亞洲人的約會體驗，我們從去年開始推出了產品升級。我們的重點工作包括：第一，加強瀏覽用戶應用，提升用戶真實性和品牌信任度。

Number two, we're focusing on the core dating experience by simplifying the UI layout to focus on key information, while downplaying noncore dating features such as fees and good track. The improvement in user experience has a certain negative impact on paying ratio and user retention. The upgraded version was fully rolled out in Q2. And currently, we are mitigated the negative impact of the new version on user metrics and amortization through continuous product fine-tuning.

第二，我們專注於核心約會體驗，透過簡化 UI 佈局來集中關注關鍵訊息，同時淡化費用和良好軌跡等非核心約會功能。使用者體驗的提升對付費率、用戶留存有一定的負面影響。升級版本已於第二季全面推出。目前，我們正在透過持續的產品微調來減輕新版本對用戶指標和攤銷的負面影響。

On user acquisition, our goal was to achieve 100% ROI including personnel costs and to eliminate budgets from the underperforming channels. The unit acquisition cost narrowed significantly and ARPPU will slightly compared to last quarter. In Q2, ROI remained stable at a level far exceeding 100%. The improvement in organic traffic and in the channel ROI has led to a significant year over year and quarter over quarter growth in Tantan's profitability.

在用戶獲取方面，我們的目標是實現 100% 的投資回報率（包括人員成本），並消除表現不佳的管道的預算。單位購置成本大幅縮減，ARPPU與上一季相比略有下降。第二季度，投資報酬率保持穩定，遠超100%的水平。自然流量和通路投資報酬率的提升，使得探探的獲利能力較去年同期、季比均有顯著成長。

In terms of monetization, we mitigated the impact of the product upgrade on paying ratio by restructuring the membership package and refining the operations of core cities and user groups. The differentiated product design and pricing schemes has driven a continuous increase in ARPPU, recording a revenue decline that is significantly smaller than the decrease in the number of paying users.

貨幣化方面，透過重構會員套餐、精細化核心城市和用戶群運營，降低產品升級對付費率的影響。差異化的產品設計與定價方案，帶動ARPPU持續提升，營收降幅明顯小於付費用戶數降幅。

Lastly, on the overseas business. In Q2, overseas revenue reached RMB442 million, up 17.3% year over year and 7% quarter over quarter. The overseas revenue accounted for 17% of the group revenue compared to 10% in the same period last year. In Q2, overseas revenue maintained its rapid growth momentum driven by the audio and video-based social product in the MENA region. Soulchill product optimization to the core chat room experience, boosted both the paying conversion ratio and the paying user accounts, thereby driving the crucial revenue growth from a high base.

最後，關於海外業務。第二季度，海外營業收入達4.42億元，年增17.3%，較上季成長7%。海外收入佔集團收入的17%，去年同期為10%。第二季度，海外收入在MENA地區影音類社交產品的帶動下，持續保持快速成長動能。Soulchill 產品針對核心聊天室體驗進行最佳化，提升了付費轉換率和付費用戶帳戶，從而在高基數上推動了關鍵的收入成長。

For Yahale and Amar, the local teams drove growth involves the number of paying users and ARPPU by continuously optimizing product features and strictly adhering to a paying user-oriented acquisition strategy. We initiated expected the overseas revenue would have grow even faster with more aggressive marketing expansion. We decided to be more prudent due to the following reasons.

對於 Yahale 和 Amar 來說，本地團隊透過不斷優化產品功能並嚴格遵守以付費用戶為導向的獲取策略，推動了付費用戶數量和 ARPPU 的成長。我們最初預計，隨著更積極的營銷擴張，海外收入將會成長得更快。由於以下原因，我們決定更加謹慎。

Number one, train -- Soulchill expansion to an affluent Gulf region, we felt the need for a better segmentation among different user groups. Therefore, we are currently trying to penetrate the market with a stand-alone app, which might take a bit more time.

第一，火車－Soulchill 擴展到富裕的海灣地區，我們覺得需要對不同的使用者群體進行更好的細分。因此，我們目前正嘗試透過獨立應用程式打入市場，這可能需要更多時間。

Number two, we noticed that the unit acquisition costs increased a bit too fast as we increased channel investment in two new apps. Therefore, we decided to move a bit slowly on the marketing expansion plans, focusing on improving ARPPU and optimizing acquisition costs, first. We will increase our channel investment again once ROI reaches a satisfactory level. We prefer such kind of prudent model that balance growth and bottom line because it prevents them from entering an awkward offer situation, where the rapid top line expansion is achieved through bottom line sacrifice.

第二，我們注意到，隨著我們增加對兩個新應用程式的通路投資，單位獲取成本增加得有點太快了。因此，我們決定在行銷擴展計劃上稍微放慢腳步，首先專注於提高 ARPPU 和優化獲取成本。一旦投資回報率達到令人滿意的水平，我們將再次增加通路投資。我們更喜歡這種平衡成長和底線的審慎模式，因為它可以防止他們陷入尷尬的報價境地，即透過犧牲底線來實現快速的頂線擴張。

It's worth to mention that our overseas business is not limited to audio and video-based social product in the MENA market. Another key focus of our overseas business lies in the dating market across developed countries. Turning the overseas dating products led by our Singapore team already contributed a double-digit percentage of our total overseas revenue, primarily driven by Tantan International. After checking over last year, the Singapore team, we evaluated the brand positioning and product strategy for overseas Chinese and other Asian country users.

值得一提的是，我們的海外業務並不限於MENA市場的影音社交產品。我們海外業務的另一個重點是已開發國家的婚戀市場。由我們新加坡團隊主導的海外約會產品已經為我們海外總收入貢獻了兩位數的比例，這主要得益於探探國際。經過去年對新加坡團隊的考察，我們針對海外華人和其他亞洲國家用戶評估了品牌定位和產品策略。

Tantan International shifted from balancing entertainment and dating to focusing on the core dating experience. Based on this, we have initiated the product and branding. After one year's effort, Tantan International revenue has now stabilized. Moving forward, we will focus on dating and the growth opportunities in overseas Chinese communities and the Southeast Asia market.

探探國際從平衡娛樂和約會轉向專注於核心約會體驗。基於此，我們啟動了產品和品牌推廣。經過一年的努力，探探國際的收入目前已經趨於穩定。未來，我們將專注於約會以及海外華人社區和東南亞市場的成長機會。

We plan to take Tantan International as a pilot product to take our presence in our overseas stating field, providing users with some more dating brands that facilitate the discovery of romantic relationships and effectively establish connection from online to offline. This concludes my remarks.

我們計劃以探探國際作為試點產品，進軍海外交友領域，為用戶提供更多能夠幫助用戶發現戀愛關係、有效建立線上線下聯繫的交友品牌。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。

Thank you, Sic. Hello, everyone. Thank you for joining our conference call today. Now let me take you through the financial review. Total revenue for the second quarter 2025 was RMB2.62 billion, down 3% year on year, but up 4% quarter over quarter.

謝謝你，Sic。大家好。感謝您今天參加我們的電話會議。現在讓我帶您了解財務審查。2025年第二季總營收為26.2億元人民幣，年減3%，但季增4%。

Non-GAAP net loss was RMB96.0 million compared to RMB449.2 million from the same period of 2024. In the second quarter, we accrued an additional amount of withholding income tax of RMB547.9 million, associated with profits generated by our [wolfi] in China for prior periods. I will elaborate on this accounting treatment later. This tax expense item is one-off in nature and did not reflect the normal business operations of the current and future periods. Excluding this special item, non-GAAP net income for the quarter would have been RMB451.9 million, up 1% from Q2 last year and 12% from last quarter.

非公認會計準則淨虧損為人民幣 9,600 萬元，而 2024 年同期為 4.492 億元。第二季度，我們額外提列了 5.479 億元的預扣所得稅，這與我們 [wolfi] 在中國前期產生的利潤有關。我稍後會詳細說明這種會計處理。此稅費項目為一次性費用，並不反映本期及未來期間的正常營業活動。剔除此項特殊項目，本季非美國通用會計準則淨利為4.519億元人民幣，較去年同期成長1%，較上季成長12%。

Looking into the key revenue items for Q2. Total revenue from value added services for the second quarter of 2025 was RMB2.58 billion, down 3% year on year, but up 4% quarter on quarter. On a user geography basis, PRC Mainland SaaS revenue was RMB2.14 billion, down 11% year on year, but up 3% quarter over quarter.

研究第二季度的主要收入項目。2025年第二季增值服務總營收為人民幣25.8億元，較去年同期下降3%，較上季成長4%。按用戶地理劃分，中國大陸SaaS營收為人民幣21.4億元，較去年同期下降11%，季增3%。

The year over year decrease was primarily due to soft consumer sentiment stemming from the macro factors, which put pressure on Momo business, and, to a lesser degree, a decline in compound paying users. The sequential increase was primarily driven by the recovery from Q1 seasonal weakness.

年比下降主要是由於宏觀因素導致的消費者情緒疲軟，給陌陌業務帶來壓力，其次是複合付費用戶數量的下降。環比成長主要得益於第一季季節性疲軟的復甦。

VAS overseas revenue came in at RMB440.7 million, up 73% year over year and 7% quarter over quarter. The year over year and sequential growth was mainly driven by the rapid expansion from multiple social entertainment and dating brands across our rich portfolio.

海外增值服務收入為人民幣4.407億元，較去年成長73%，較上季成長7%。年成長和連續成長主要得益於我們豐富的產品組合中多個社交娛樂和約會品牌的快速擴張。

Turning to cost and expenses. Non-GAAP cost of revenue for the second quarter of 2025 was RMB1.60 billion compared to RMB1.59 billion for the same period last year. Non-GAAP gross margin for the quarter was 38.8%, down 2-percentage-points from the year ago period. The year over year decrease was due to three factors. Number one, an elevated payout ratio driven by structural revenue shifts towards overseas markets, which have a higher payout ratio, especially during fast expansion phases.

談到成本和費用。2025年第二季非公認會計準則營收成本為人民幣16.0億元，去年同期為人民幣15.9億元。本季非公認會計準則毛利率為38.8%，較去年同期下降2個百分點。年比下降有三個因素。第一，由於結構性收入向海外市場轉移，股息率上升，尤其是在快速擴張階段，海外市場的派息率更高。

Number two, workforce optimization leading to one-off severance payments.

第二，勞動力優化導致一次性遣散費。

Number three, payment channel costs and infrastructure expenses accounted for a larger revenue proportion due to geographic mix tilting towards international operations, where fee structures are systematically higher compared to domestic business.

第三，由於地域結構傾向國際業務，支付通路成本和基礎設施費用佔收入的比重較大，國際業務的費用結構與國內業務相比系統性地較高。

Non-GAAP R&D expenses for the second quarter was RMB172.0 million compared to RMB179.7 million for the same period last year, representing a 4% decrease year over year. The decrease was attributed to personnel optimization. Non-GAAP R&D expenses remained stable at 7% of revenue, consistent with the figure from the previous year. We ended the quarter with 1,268 total employees compared to 1,364 from a year ago. The R&D personnel as a percentage of total employees for the group was 58% compared with 62% from Q2 last year.

第二季非美國通用會計準則研發費用為人民幣1.720億元，去年同期為人民幣1.797億元，較去年同期下降4%。減少的原因在於人員優化。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 1,268 人，而去年同期為 1,364 人。該集團研發人員佔員工總數的比例為 58%，去年第二季為 62%。

Non-GAAP sales and marketing expenses for the second quarter was RMB239.7 million compared to RMB360.6 million for the same period last year, both representing 13% of total revenue. The year over year decrease in sales and marketing expenses was attributable to the ongoing cost control strategy for the PRC Mainland businesses where both Momo and Tantan narrowed their marketing spend.

第二季非美國通用會計準則銷售及行銷費用為2.397億元人民幣，去年同期為3.606億元人民幣，兩者均佔總收入的13%。銷售和行銷費用年減歸因於中國大陸業務持續實施的成本控制策略，陌陌和探探均縮減了行銷支出。

This decrease was partially offset by the increase in channel investment for the overseas app. Non-GAAP G&A expenses was RMB67.5 million for the second quarter compared to RMB89.5 million for the same quarter last year, both representing 3% of total revenue. Non-GAAP operating income was RMB447.7 million with a margin of 17.1% compared with RMB476.5 million with a margin of 17.7% from the same period last year. Non-GAAP operating expenses as a percentage of total revenue was 22%, a decrease from 23% from Q2 2024.

這一下降被海外應用通路投資的增加部分抵消。第二季非美國通用會計準則一般及行政費用為人民幣 6,750 萬元，去年同期為 8,950 萬元，兩者均佔總收入的 3%。非美國通用會計準則營業收入為人民幣4.477億元，利潤率為17.1%，去年同期為人民幣4.765億元，利潤率為17.7%。非公認會計準則營業費用佔總收入的百分比為 22%，低於 2024 年第二季的 23%。

Now on income tax expenses. Total income tax expenses was RMB638 million for the quarter. In Q2, the company accrued withholding income tax of RMB578 million, of which RMB547.9 million was a special item -- special nonrecurring item related to prior periods, namely that in the second quarter of 2025, we accrued an additional withholding tax of RMB547.9 million, related to dividends paid or payable by our WOFE in Mainland China to its offshore parent company in Hong Kong.

現在談談所得稅費用。本季所得稅總費用為6.38億元人民幣。第二季度，公司提列預扣所得稅5.78億元，其中5.479億元為特殊項目－與前期相關的特殊非經常性項目，即2025年第二季度，我們額外提列了5.479億元預扣所得稅，與我們在中國大陸的WOFE向其在香港的離岸母公司支付或應付的股息有關。

This accrual followed a notice received by our WOFE Momo Beijing from the Chinese tax authorities requiring it to withhold tax at the standard rate of 10% instead of the previously applied preferential rate of 5%. While the company continues to believe our initial assessment was reasonable, we note the authorities most recent interpretation and position and have complied accordingly.

此項應計是在我們的外商獨資企業陌陌北京收到中國稅務機關的通知後進行的，通知要求其按 10% 的標準稅率而不是之前適用的 5% 的優惠稅率預扣稅款。雖然公司仍然認為我們最初的評估是合理的，但我們注意到當局最新的解釋和立場，並已相應遵守。

Among the total amount accrued, RMB356.1 million was related to dividends paid by WOFE in 2024 and in the first half of 2025, and this amount has been paid in September 2025. The remaining RMB191.8 million was the additional 5% withholding tax accrued for the undistributed retained earnings of Momo Beijing as of March 31, 2025.

在應計總額中，人民幣 3.561 億元與 WOFE 在 2024 年和 2025 年上半年支付的股息有關，該金額已於 2025 年 9 月支付。剩餘人民幣1.918億元為陌陌北京截至2025年3月31日未分配留存收益額外提列的5%預扣稅。

So from Q2 2025 onwards, we will accrue withholding tax rate at 10% and for profit generated by our Beijing WOFE. Without withholding tax, our estimated non-GAAP effective tax rate was around 11% in the second quarter.

因此，從 2025 年第二季開始，我們將對北京 WOFE 產生的利潤按 10% 的稅率徵收預扣稅率。如果不計預扣稅，我們估計第二季的非公認會計準則有效稅率約為 11%。

Now turning to balance sheet and cash flow items. As of June 30, 2025, Hello Group's cash, cash equivalents, short-term deposits, long-term deposits, and restricted cash totaled RMB12.39 billion compared to RMB14.73 billion as of December 31, 2024. The decrease in cash reserves was largely attributable to the repayment of RMB1.76 billion bank loan, including accrued interest in the first half of 2025.

現在轉向資產負債表和現金流量項目。截至2025年6月30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123.9億元，而截至2024年12月31日為人民幣147.3億元。現金儲備減少主要由於2025年上半年償還銀行貸款人民幣17.6億元，包括應計利息。

Additionally, in Q2, we paid an equivalent of RMB346 -- we paid an equivalent of RMB346 million cash dividend to our shareholders. Net cash provided by operating activities in the second quarter 2025 was RMB250.1 million.

此外，在第二季度，我們向股東派發了相當於人民幣3.46億元的現金股利。2025年第二季經營活動產生的淨現金為人民幣2.501億元。

Lastly, on business outlook. We estimated our third quarter revenue to come in the range from RMB2.59 billion to RMB2.69 billion, representing a decrease of 3.2% to an increase of 0.6% year on year. This is based on assumption that on a year over year basis, PRC Mainland business will decrease mid- to low teens, while overseas revenue is expected to grow in mid-60s. 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.

最後，關於商業前景。我們預計第三季營收在25.9億元至26.9億元人民幣之間，年減3.2%至成長0.6%。這是基於以下假設：與去年同期相比，中國大陸業務將下降 15% 至 16% 左右，而海外收入預計將成長 60% 左右。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 the prepared portion of today's discussion. With that, let me turn the call back to Ashley to start Q&A. Ashley, please.

今天討論的準備部分到此結束。說完這些，讓我把電話轉回給 Ashley 開始問答。阿什利，請。

Thank you. (Event Instructions) Thank you. And operator, we're ready to take questions, please.

謝謝。（活動須知）謝謝。接線員，我們已經準備好回答問題了。

(Operator Instructions) Thomas Chong, Jefferies.

（操作員指示）Thomas Chong，Jefferies。

(interpreted)

（翻譯）

We have seen Momo fundamentals in first half came in better than expectations set in early 2025. Can you talk about our second half outlook? On the other hand, we just talk about different AI tools like AI greetings and AI chat assistance. Can you also talk about what are our thoughts and strategy on AI application?

我們看到陌陌上半年的基本面好於 2025 年初設定的期待。您能談談我們對下半年的展望嗎？另一方面，我們只是談論不同的人工智慧工具，如人工智慧問候和人工智慧聊天輔助。您能否也談談我們對人工智慧應用的想法和策略？

(interpreted)

（翻譯）

Let me translate this first. So Momo revenue achieved a sequential growth in the second quarter, primarily due to seasonal recovery. Additionally, with some the relatively stable consumer sentiment and regulatory environment, we took this opportunity to organize a number of nonbonus-oriented competition events. By offering the winners incentives such as training tours abroad or production of heat music videos, instead of simply cash rewards, we simulated broadcasters participation in this competition events at a relatively low cost.

我先翻譯一下這個。因此，陌陌收入在第二季度實現了環比成長，主要得益於季節性復甦。此外，在消費者情緒和監管環境相對穩定的背景下，我們藉此機會組織了一些非獎金導向的競賽活動。透過向獲勝者提供諸如出國訓練旅行或製作熱門音樂影片等獎勵，而不是簡單的現金獎勵，我們模擬了廣播公司以相對較低的成本參與此類比賽活動。

Whether this trend can be sustained in the second half of the year, largely depends on the overall consumer sentiment as well as the enthusiasm of agency and broadcasters. Regarding consumer sentiment. We currently do not see any significant deterioration, but are relatively fragile overall. On the other hand, due to some new tax regulations, agents and broadcasters may be affected in the second half of the year. Internally, we are adjusting our operational policies to address this issue.

這一趨勢能否在下半年持續下去，很大程度上取決於整體消費者的情緒以及代理商和廣播公司的熱情。關於消費者情緒。我們目前沒有看到任何明顯的惡化，但總體上相對脆弱。另一方面，由於一些新的稅收法規，經紀人和廣播公司可能會在下半年受到影響。在內部，我們正在調整營運政策來解決這個問題。

The main goal of our policy adjustment is to help the supply side enhance compliance while maintaining the normal and reasonable income and profit. This may put some pressure on the platform's revenue and gross margin, but our team will strive to mitigate this impact through improved product operations.

我們政策調整的主要目的是幫助供給方增強履約能力，同時維持正常合理的收入和利潤。這可能會對平台的收入和毛利率造成一定的壓力，但我們的團隊會努力透過改善產品運作來減輕這種影響。

Currently, Momo's overall revenue and profit in the second half of the year expected to be relatively controllable. Moreover, tax compliance across the entire industry is also a good thing for the long-term stability of the social entertainment platform.

目前，陌陌下半年整體營收和利潤預計相對可控。此外，全行業的稅收合規性對於社交娛樂平台的長期穩定也是一件好事。

(interpreted)

（翻譯）

Okay. Let me translate this. So the second question is about application of AI in the social field. Since 2022, the group has done a lot of explorations and innovations in this area with significant strategic deployment and efforts. At the application level, it mainly involves several aspects.

好的。讓我翻譯一下。第二個問題是關於人工智慧在社會領域的應用。自2022年以來，集團在該領域進行了大量的探索和創新，並做出了重大的策略部署和努力。在應用層面，主要涉及幾個面向。

Firstly, we are integrating AI into existing social products to enhance user experience. And Chinese users generally struggle with icebreaking conversations, which posted a significant barrier to building new connections and maintaining ongoing interactions. This has been a key user of pain point we have sought to address through product operations. AI, however, can play a substantial supporting role in this area. Momo's previous product practice in AI-assisted icebreaking have observed a strong evidence of this.

首先，我們正在將人工智慧融入現有的社交產品中，以提升使用者體驗。中國用戶通常難以進行破冰對話，這對建立新聯繫和維持持續互動造成了重大障礙。這一直是我們透過產品營運力圖解決的關鍵用戶痛點。然而，人工智慧可以在這一領域發揮重要的支援作用。陌陌先前在AI輔助破冰方面的產品實踐已經觀察到了這一點的有力證據。

We believe AI has broad application potential in this area, such as offering chat advice and providing other similar systems functions. In addition to existing applications, we have recently launched a stand-alone AI character role play in chat in Japan. Users can choose their preferable IPs and storylines to be engaged in chat and role playing. This app is currently doing very well in Japanese market, and we have initiated preliminary monetization efforts. And beyond these application level exploration, we have also made significant efforts in underlying technology and infrastructure.

我們相信人工智慧在該領域具有廣泛的應用潛力，例如提供聊天建議和提供其他類似的系統功能。除了現有的應用程式外，我們最近還在日本推出了獨立的AI角色扮演聊天應用程式。用戶可以選擇自己喜歡的IP和故事情節進行聊天和角色扮演。該應用程式目前在日本市場表現良好，我們已經啟動了初步的獲利工作。除了這些應用層面的探索之外，我們在底層技術和基礎設施方面也做出了巨大的努力。

Since there are no off-the-shelf AI vertical models tailored for the social sector available on the market, our group has set up a dedicated team for large model applications and continuously invested resources in this area. Based on Momo's we are conducting in-depth research and model training on how to leverage AI to better help users build and maintain new connections more efficiently.

由於目前市場上還沒有現成的針對社會領域的AI垂直模型，我們集團專門成立了大模型應用團隊，持續投入資源。基於陌陌，我們正在進行深入的研究和模型訓練，如何利用人工智慧來更好地幫助用戶更有效率地建立和維護新的聯繫。

Our progress achieved in this area will significantly enhance the product and commercial value to Momo and Tantan and many of our new social products in the overseas markets. Thomas, I think that's the answer to your question. So operator, we're ready for the next question.

我們在該領域的進展將顯著提升陌陌、探探以及我們眾多海外市場新社交產品的產品價值和商業價值。湯瑪斯，我想這就是你問題的答案。接線員，我們準備好回答下一個問題了。

Leo Chiang, Deutsche Bank.

德意志銀行的 Leo Chiang。

(interpreted) Management mentioned in the prepared remarks that the company has taken measures to restructure the membership package and require the operations of core cities and user groups to mitigate the impact of the product upgrade on paying ratio. Can management elaborate more details of what measures you have taken?

（翻譯）管理層在準備好的評論中提到，公司已採取措施重組會員套餐，並要求核心城市和用戶群的運營，以減輕產品升級對付費率的影響。管理階層能否詳細說明你們採取了哪些措施？

I will take this. So the recent Tantan product upgrade has led an increase in the number of users completing real person verification and profile pages now show more comprehensive information. User feedback shows that it feels like they can see more real people on Tantan.

我會接受這個。因此，探探近期產品升級，實名認證使用者數量大幅提升，個人資料頁面資訊也更加全面。使用者回饋，感覺在探探上能看到更多真人。

However, this improvement has resulted in users which has put some pressure on revenue to adjusted -- in Q2, we adopted a user classification approach, specifically with group user base on whether they have complete real personification, engagement level, paying history and factors such as appearance. For different user groups, we implemented tailor exposure strategy and monetization approaches.

但這種改進也導致用戶量減少，對收入造成了一定的壓力——在第二季度，我們採用了用戶分類的方法，具體來說就是根據用戶是否具有完整的真實擬人化、參與度、付費歷史、外貌等因素對用戶進行分組。針對不同的使用者群體，我們實施了量身定制的曝光策略和貨幣化方法。

For example, for users with high paying potential, we moderately adjusted their matching rate and pay design to improve their paying conversion and ARPPU. Additionally, we divided domestic cities into several tiers based on user engagement level and regional consumption capacity. We developed suitable membership packages and pricing plans.

例如，對於付費潛力高的用戶，我們適度調整他們的匹配率和付費設計，以提高他們的付費轉換率和ARPPU。此外，我們根據使用者參與度和區域消費能力將國內城市劃分為幾個層級。我們制定了合適的會員套餐和定價方案。

Our goal is to maximize revenue, either by increasing the paying ratio to grow the number of paying users or by boosting ARPPU to drive revenue growth. In terms of UI design, we focus on core saving features by the previously quarter images and test information on the homepage.

我們的目標是實現收入最大化，要么透過提高付費率來增加付費用戶數量，要么透過提高 ARPPU 來推動收入成長。在UI設計方面，我們透過首頁上前一季的圖片和測試訊息，專注於突出核心保存功能。

We now highlight the key information such as age, online status, and systems. The revenue pressure caused by the product upgrade was fully evaluated in Q2. Recent product and algorithm adjustments gradually mitigated the negative impact of the upgrade on the revenue. So therefore, it's worth noting that the improved user experience has helped drive organic user growth and user retention. Previously, the vast majority of new users on Tantan were acquired to pay marketing channels.

我們現在重點介紹年齡、線上狀態和系統等關鍵資訊。產品升級帶來的營收壓力在第二季得到了充分的評估。近期產品和演算法的調整逐漸減輕了升級對收入的負面影響。因此，值得注意的是，改善的用戶體驗有助於推動有機用戶成長和用戶保留。此前，探探的新增用戶絕大多數是透過付費行銷管道取得的。

However, since the start of this year, the number of organic users have been steadily increasing. In Q2, the number of new organic users significantly bypassed acquired through channels. We believe the enhanced user experience provided by the product has established a solid foundation for recovering our user base and revenue following a reduction in channel investment.

然而，自今年年初以來，自然用戶數量一直在穩步增長。第二季度，新增自然用戶數量明顯超過透過管道取得的用戶數。我們相信該產品帶來的用戶體驗的提升，為我們在減少通路投入後恢復用戶群和收入奠定了堅實的基礎。

Yes, that's it for the answer.

是的，答案就是這樣。

Yicheng Yuan, UBS.

袁一誠，瑞銀。

(interpreted) So we've seen like overseas revenue grow over -- grew by over 17% year over year for two consecutive quarters. So could management please share your views on sustainability of the strong growth? And what are your expectations for overseas revenue in the second half?

（解釋）因此，我們看到海外收入連續兩個季度同比增長超過 17%。那麼管理層能否分享您對強勁成長永續性的看法？您對下半年海外收入的期望是怎樣的？

Thank you for the question. I will kick this to sum up the rapid growth of the overseas business in the first half of the year in one line that is pretty well across the board. For the social entertainment business, Soulchill has maintained steady growth momentum. The accelerated growth in the first half of the year is mainly driven by continuous breakthrough with Yahale and Amar. Despite the ongoing increase in channel investments, the ROI has constantly met target, allowing us to achieve revenue growth while improving profitability.

謝謝你的提問。我就用一句話來概括上半年海外業務的快速成長，這個還算比較全面。社交娛樂業務方面，Soulchill保持著穩定的成長動能。上半年的加速成長主要得益於雅哈勒和阿瑪爾的不斷突破。儘管通路投入不斷增加，但投資報酬率始終達到目標，使我們在提高獲利能力的同時實現了收入成長。

This marks our most significant breakthrough since the start of the year. In fact, our social entertainment business could have grown even faster in Q2 and Q3. However, given the strict profit requirements set by the group, aiming for higher growth will sacrifice on profits, and we are conscious about the risky growth model at the moment.

這是我們今年以來最重大的突破。事實上，我們的社交娛樂業務在第二季和第三季的成長速度可能更快。然而，鑑於集團設定的嚴格利潤要求，追求更高的成長將犧牲利潤，我們目前意識到這種成長模式存在風險。

So in Q2 and Q3, we will focus on increasing ARPU and optimizing user acquisition costs. Although year on year growth may slow slightly, these three apps targeting MENA is still expecting to deliver very healthy and robust growth overall.

因此在第二季和第三季度，我們將專注於提高ARPU值和優化用戶獲取成本。儘管同比成長可能略有放緩，但這三款針對中東和北非地區的應用程式仍有望實現整體非常健康和強勁的成長。

So beyond social entertainment, our overseas dating business has also performed very well this year. This includes the stabilization of Tantan's overseas operation and other overseas dating products that managed by our Singapore team. We have also recently completed the acquisition of the [being app brands] happens although this scale is larger, isn't large compared to our overall overseas business.

所以除了社交娛樂之外，我們的海外交友事業今年也表現得非常好。這包括探探的海外業務以及由我們新加坡團隊管理的其他海外約會產品的穩定性。我們最近也完成了對[being app brands]的收購，雖然規模較大，但與我們的整體海外業務相比並不大。

This brand has significant untapped potential in terms of user possession in European markets and team capacity -- capabilities. We believe that this overseas dating brands will become key growth driver for our international revenue in the future.

該品牌在歐洲市場的用戶佔有率和團隊能力方面具有巨大的未開發潛力。我們相信，這個海外交友品牌將成為我們未來國際收入的主要成長動力。

As for the revenue outlook, I will turn it over to Cathy.

至於收入前景，我會把它交給 Cathy。

Okay. Sic has already given pretty clear and detailed answers about the growth dynamics of our overseas business. Let me try to translate into those comments into more quantifiable terms that model builders can work with. First of all, as you can see in Q1, Q2, we delivered over 70% overseas growth, which reflects strong momentum across both social and our -- some of our emerging brands. We -- as Sic mentioned, we could have moved a little bit faster in Q2 in terms of top line growth.

好的。Sic對於我們海外業務的成長動態已經給出了非常清晰和詳細的答案。讓我嘗試將這些評論轉化為模型建構者可以使用的更可量化的術語。首先，正如您在第一季和第二季所看到的，我們的海外成長超過 70%，這反映了社交和一些新興品牌的強勁勢頭。正如 Sic 所提到的，就營收成長而言，我們第二季的成長速度本來可以更快一些。

However, we purposely slowed down a bit towards mid Q2, so we didn't have to sacrifice profit for faster top line and market expansion. It was really a decision out of strategic discipline and priority on growth with profit rather than growth at the expense of profit. And for that same reason, in Q3, we expect a temporary moderation maybe toward a year over year growth of around 60% as we deliberately pace marketing spend and focus on improving ROI through optimizing user acquisition costs and enhancing ARPU.

然而，我們在第二季中期故意放慢了速度，這樣我們就不必為了更快的營收和市場擴張而犧牲利潤。這實際上是出於策略紀律的決定，優先考慮利潤成長而不是以犧牲利潤為代價的成長。基於同樣的原因，在第三季度，我們預期成長率可能會暫時放緩至 60% 左右，因為我們會刻意調整行銷支出，並專注於透過優化用戶獲取成本和提高 ARPU 來提高投資報酬率。

That said, nonsocial emerging brands as a whole are continuing to accelerate at a triple-digit pace and will become an increasingly important growth driver as the year progresses. This is a good thing for the group because a lot of the new brands are subscription-based with higher margins.

儘管如此，非社交新興品牌整體上仍在以三位數的速度成長，並將隨著時間的推移成為越來越重要的成長動力。這對集團來說是件好事，因為許多新品牌都是基於訂閱的，利潤率更高。

And these brands -- as these brands mature, we could see gradual improvement in our overall margin profile. By Q4 as ROI optimization take effect and with the contribution from some of the newer brands, we expect overseas growth to reaccelerate again. Hopefully, that answers your question. Back to Ashley to take more questions.

隨著這些品牌的成熟，我們可以看到整體利潤率狀況的逐步改善。到第四季度，隨著投資報酬率優化生效以及一些新品牌的貢獻，我們預計海外成長將再次加速。希望這能回答你的問題。回到 Ashley 回答更多問題。

Okay. So in the interest of time, maybe let's just take one last question before we wrap up for today's conference. Please, operator, if we have any.

好的。因此，為了節省時間，在今天的會議結束之前，我們再問最後一個問題。接線員，請問我們是否有任何疑問。

Xueqing Zhang, CICC.

張學慶，中金公司。

(interpreted) The management just share the revenue outlook the second half of this year. And would like to know if there will be any change in terms of profit margin. In particular, regarding the withholding tax issue that Cathy just mentioned in the prepared remarks. Can you share more details? I believe investors are quite concerned about whether this is an issue specific to the company itself are effectively related to industry-wide process.

（翻譯）管理層剛剛分享了今年下半年的收入前景。並想知道利潤率方面是否會有任何變化。特別是關於 Cathy 剛才在準備好的發言中提到的預扣稅問題。能分享更多細節嗎？我相信投資人都比較關心這是否是公司本身特有的問題，是否與整個產業進程有效相關。

Okay. On margins, it's hard to separate the discussion on margin from our overall top line outlook. So here is a recap on how to think about revenue outlook for 2025 at the group level, again, in a more quantifiable way. As mentioned earlier, we expect some pressure on Momo's value-added services in the second half, primarily due to recent tightened up in tax scrutiny affecting a lot of our performers and agencies and of course, macro remains an uncertainty factor here as well.

好的。關於利潤率，很難將利潤率討論與我們的整體營收前景區分開來。因此，這裡再次以更量化的方式回顧如何在集團層面思考 2025 年的收入前景。如前所述，我們預計陌陌的增值服務將在下半年面臨一些壓力，主要是因為近期稅務審查收緊影響了我們的許多表演者和經紀公司，當然，宏觀經濟也是一個不確定因素。

For these reasons, there could be some fluctuations in revenue and gross margins, particularly in Q3 and Q4. That said, we've been adjusting our revenue sharing policies to offset part of the impact. So the overall effect on top line should remain pretty manageable. On the other hand, content's performance, as you can see, has been a positive surprise after the restructuring at the beginning of the year where we substantially cut down personnel and marketing costs. Despite significantly reducing marketing spend, product improvements and monetization enhancements have kept revenue more resilient than expected and the revenue is stabilizing as we move through the back half of the year.

由於這些原因，收入和毛利率可能會出現一些波動，尤其是在第三季和第四季。也就是說，我們一直在調整收入分享政策以抵消部分影響。因此，對營收的整體影響應該仍然相當可控。另一方面，正如您所見，在年初進行重組並大幅削減人員和行銷成本後，內容的表現令人驚訝。儘管大幅削減了行銷支出，但產品改善和貨幣化增強使收入比預期更具彈性，隨著下半年的到來，收入正在趨於穩定。

So it looks like we've achieved stabilizing revenue trend on top of significant cost savings for Tantan, which will give us pretty meaningful improvement in Tantan's profitability compared to last year.

因此，看起來我們在探探大幅節省成本的基礎上實現了收入趨勢的穩定，這將使探探的盈利能力與去年相比有相當大的提升。

Now moving back to group level revenue outlook for 2025. We continue to see somewhere around the low teens year over year decline for domestic revenue, offset by strong growth in overseas where we anticipate a year over year growth around 70% taken for the whole year. Taken together, this implies that group top line in 2025 could either see a slight downtick from or remain flattish versus 2024.

現在回到 2025 年集團層級的收入展望。我們繼續看到國內收入年減百分之十幾左右，但被海外收入的強勁增長所抵消，我們預計全年海外收入同比增長率約為 70%。綜合來看，這意味著 2025 年集團營收可能較 2024 年略有下降或持平。

That's the current view of mine. Turning to margins. On the gross margin line, there are mixed forces that sometimes oppose one another. First, we are slightly raising payout ratios to support domestic agencies as well as performance as they adapt to the new tax environment, that could mean a 1-percentage-point to 2-percentage-point increase in overall payout on normal.

這就是我目前的看法。轉向利潤。在毛利率方面，存在著混合的力量，有時它們會相互對立。首先，我們略微提高了派息率，以支持國內機構及其績效適應新的稅收環境，這可能意味著整體派息率通常會增加 1 個百分點到 2 個百分點。

Second, as the overseas revenue contribution becomes increasingly meaningful, mix shift across businesses could swing gross margin one way or another, making it difficult to pin down the group level margin expectations.

其次，隨著海外收入貢獻變得越來越重要，業務組合的轉變可能會對毛利率產生一定的影響，從而難以確定集團層面的利潤率預期。

For example, if the dating brands continue to outperform, margin will improve. However, if some of our newer entertainment brands grow faster, it could shift the margin profile the other way around. That said, I can give you guys my best estimate at this point. As a reference point, adjusted gross margin was 39% in 2024. Last quarter, we guided for -- if I remember correctly, somewhere around 36%, 37% for 2025.

例如，如果約會品牌繼續表現出色，利潤率就會提高。然而，如果我們的一些較新的娛樂品牌成長更快，利潤率狀況可能會發生相反的變化。話雖如此，我現在可以給你們我最好的估價。作為參考點，2024 年調整後的毛利率為 39%。上個季度，我們預測——如果我沒記錯的話，2025 年的成長率大約是 36% 到 37%。

Given the recent developments in the live streaming and value-added services space in China, we now expect 2025 gross margin to land closer to the lower end of that range. So that's for gross margin. Below the gross margin line, R&D will trend lower in absolute dollar terms as we continue to optimize headcount.

鑑於中國直播和增值服務領域的最新發展，我們現在預計 2025 年的毛利率將接近該範圍的低端。這就是毛利率。在毛利率線以下，隨著我們持續優化員工人數，研發費用的絕對金額將呈現下降趨勢。

Sales and marketing will increase low teens percentage-wise, reflecting our investment to drive overseas growth, especially some of the newer applications that we are launching in the second half, especially in Q4. At the operating margin level, last quarter, we guided for -- from 13% to maybe 14% on an adjusted basis for 2025.

銷售和行銷將以百分比形式成長十幾個百分點，這反映了我們為推動海外成長而進行的投資，特別是我們將在下半年，尤其是第四季度推出的一些較新的應用程式。在上個季度的營業利潤率水準上，我們預計 2025 年的調整後利潤率將從 13% 上升到 14%。

Our current view is that we will probably land in the lower end of that range depending on where the top line ends. So overall, despite some near-term challenges faced by some of our agencies from tax scrutiny, our annual margin profile remains broadly stable and, I believe, aligned with prior guidance as we continue to exercise cost discipline and fund overseas expansions.

我們目前的觀點是，我們可能會處於該範圍的下限，這取決於頂線的終點。因此，總體而言，儘管我們的一些代理商在短期內面臨稅務審查方面的挑戰，但我們的年度利潤率狀況仍然基本穩定，而且我相信，隨著我們繼續嚴格成本控制並為海外擴張提供資金，我們的年度利潤率狀況與之前的指導保持一致。

So now the big question, moving below the operating profit line, it's probably worth elaborating a little bit more on the big special tax item for Q2. Basically, here is what happened. Recently, actually towards end of August, the tax authorities provided an interpretation that we believe represents a new position regarding the applicable withholding tax rate for dividends distributed by our WOFE to its Hong Kong parent company, Momo Hong Kong.

所以現在最大的問題是，低於營業利潤線，可能值得對第二季的重大特殊稅項目進行更詳細的闡述。基本上，事情是這樣的。最近，實際上是在 8 月底，稅務機關提供了一份解釋，我們認為這代表了關於我們的 WOFE 向其香港母公司 Momo Hong Kong 分配的股息適用預扣稅率的新立場。

The authorities have determined that the standard 10% rate should apply rather than the 5% preferential rate under the Mainland China and Hong Kong tax arrangement that we have applied in prior periods. Actually, from April 2025 to -- I'm sorry, from April 2024 to April 2025, our tax filings with 5% preferential dividend tax rate were subject to multiple routine reviews by the local tax bureau -- local tax authority, which raised no objections or concerns at the time.

當局已確定應適用 10% 的標準稅率，而不是我們之前所適用的中國內地和香港稅收安排下的 5% 的優惠稅率。實際上，從 2025 年 4 月到——抱歉，從 2024 年 4 月到 2025 年 4 月，我們享受 5% 優惠股息稅率的納稅申報表經過了當地稅務局——當地稅務機關的多次異議審查，當時沒有提出任何例行異議或擔憂。

In addition, we believe the practice we previously followed was a common industry approach for companies in similar situations. That's why we were surprised by the subsequent reassessment of the authorities. While we continue to believe our initial assessment was reasonable, we note that the application of tax laws can involve very complex interpretation.

此外，我們相信我們之前遵循的做法是處於類似情況的公司所採用的常見行業方法。這就是為什麼我們對當局隨後的重新評估感到驚訝。雖然我們仍然相信我們的初步評估是合理的，但我們注意到稅法的應用可能涉及非常複雜的解釋。

As a reasonable corporate citizen, we have complied with the authority's latest guidance and have adjusted our accounting accordingly. As to the question about whether this is industry-wide or specific to Hello Group, from our recent dialogues with the third-party advisers who have been involved all along in this specific matter as well as the dialogues with the authorities, it is our belief and our understanding that the latest scrutiny that Hello Group experience is not unique to us alone.

作為一個理性的企業公民，我們遵守了當局的最新指導，並相應地調整了我們的會計。至於這是整個行業的問題還是 Hello Group 獨有的問題，從我們最近與一直參與這一具體事務的第三方顧問的對話以及與當局的對話來看，我們相信並理解 Hello Group 所經歷的最新審查並非我們一家獨有。

Our original approach was not unique either. Many companies with similar structures have followed the same practice. And if so, according to the authorities, there is a possibility that they could face similar scrutiny as well.

我們最初的方法也並不是獨一無二的。許多具有類似結構的公司都遵循了同樣的做法。如果是這樣，根據當局的說法，他們也有可能面臨類似的審查。

That's what I can say at this point. So maybe back to Ashley to wrap up the call.

這就是我現在能說的。所以也許可以回到艾希莉來結束通話。

Yes. I think times up. So let's call the day, and thank you for joining us today, and we will see you next quarter. Operator, we're ready to close. Thank you.

是的。我認為時間到了。今天就到這裡，感謝您今天的加入，我們下個季度再見。接線員，我們準備關閉。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。

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。