Hello Group Inc. (MOMO) 2026 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to Hello Group's second quarter 2026 earnings conference call. (Operator Instructions) Please note, this conference is being recorded today.

各位女士、先生，感謝您稍候，歡迎參加 Hello Group 2026 年第二季財報電話會議。(接線員指示) 請注意，本次會議今日將被錄音。

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

現在我想把會議交給今天的第一位講者，Ashley Jing 女士。謝謝。女士，請開始。

Thank you, operator. Good morning, and good evening, everyone. Thank you for joining us today for Hello Group's second quarter 2026 earnings conference call. The company's results were released earlier today and are available on the company's IR website.

謝謝，接線員。各位早安、晚安。感謝各位參加 Hello Group 2026 年第二季財報電話會議。公司業績已於今日稍早發布，並可於公司投資人關係網站查閱。

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

今天出席電話會議的有公司 CEO 唐岩先生；公司 CEO 文建華先生；以及公司 CFO 彭輝女士。他們將討論公司的營運狀況與亮點，以及財務表現與指引。在隨後的問答環節中，他們也將回答各位的提問。

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.

在開始之前，我想提醒各位，本次電話會議可能包含依據 1995 年《私人證券訴訟改革法案》安全港條款所作出的前瞻性陳述。此類陳述係基於管理層目前的預期以及當前市場與營運狀況，並涉及已知或未知的風險、不確定性及其他因素；上述因素多數難以預測，且其中許多超出公司控制範圍，可能導致公司實際結果、表現或成就與前瞻性陳述所述存在重大差異。

For the 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 take any further obligation to update any forward-looking statement as a result of new information due to events or otherwise, except as required under law.

有關上述及其他風險、不確定性與因素的資訊，已載於公司向美國證券交易委員會提交的文件中。除法律要求外，公司不承擔因新資訊、事件或其他原因而更新任何前瞻性陳述的進一步義務。

I will now pass the call over to our COO, Mr. Wen Jianhua. Jianhua, please.

現在我把電話交給我們的營運長文建華先生。建華，請。

(interpreted) Hello, everyone. Thank you for joining today's call. The group maintained steady business momentum in Q2. On the domestic side, Momo continued to preserve the healthy functioning of our cash cow business through product innovation and refined operations. While Tantan focused on AI capability building to improve user experience and monetization efficiency. On the overseas side, the synergy across our diversified product portfolio became increasingly evident. Next, I'll walk you through the key updates.

(口譯) 各位好。感謝各位參加今天的電話會議。集團在第二季維持穩健的業務動能。在國內方面，陌陌透過產品創新與精細化營運，持續維持我們現金牛業務的健康運轉。探探則聚焦於 AI 能力建設，以提升使用者體驗與變現效率。在海外方面，我們多元化產品組合之間的協同效應愈發明顯。接下來我將帶各位回顧重點更新。

Starting with the financials for Q2 '26, total group revenue was RMB2.49 billion, down 5% year over year, but up 4% quarter over quarter. Domestic revenue reached RMB1.81 billion, down 17% year over year, but up 1% quarter over quarter. Overseas revenue was RMB673 million, up 52% year over year and 13% quarter over quarter. Overseas revenue accounted for 27% of total revenue compared to 17% in the same period last year. Adjusted operating income was RMB276 million with a margin of 11%.

先看 2026 年第二季財務數據，集團總營收為人民幣 24.9 億元，年減 5%，但季增 4%。國內營收達人民幣 18.1 億元，年減 17%，但季增 1%。海外營收為人民幣 6.73 億元，年增 52%，季增 13%。海外營收占總營收比重為 27%，高於去年同期的 17%。調整後營業利益為人民幣 2.76 億元，營業利益率為 11%。

Our 2026 priorities continue along three main tracks. For Momo, the goal is to ensure stable sustained productivity of our cash cow business. For Tantan, to continue exploring a dating experience and an efficient business model tailored for Asian users. And for our new businesses to deepen overseas presence, enrich our brand portfolio and build a long-term growth engine. Next, I'll walk you through each.

我們 2026 年的重點仍沿著三條主線推進。對陌陌而言，目標是確保我們現金牛業務穩定且可持續的產出能力。對探探而言，將持續探索更適合亞洲使用者的交友體驗與高效率的商業模式。對新業務而言，將深化海外布局、豐富品牌組合，並打造長期成長引擎。接下來我將逐一說明。

Let me start with Momo. On the user side, a year of user-oriented product iteration has effectively lifted platform engagement, combined with the sequential recovery from the seasonal low inorganic traffic, this drove a modest increase in Momo's overall user base. Building on this uptick in the overall scale, our audio and video small-ticket scenarios run themed operational events around the World Cup and key seasonal occasions, driving paying users up 200,000 quarter over quarter to 3.9 million.

先從陌陌開始。在使用者端，經過一年以使用者為導向的產品迭代，有效提升了平台互動度；再加上非自然流量自季節性低點的逐步回升，帶動陌陌整體使用者規模小幅增加。在整體規模回升的基礎上，我們在音訊與視訊的小額付費場景，圍繞世界盃與重要季節節點策劃主題營運活動，推動付費使用者較上季增加 20 萬人至 390 萬人。

On the product side, Knock Knock focused on refining our deep chat matching strategy, precisely paring users with a high intent to chat, which had a positive effect on engagement, retention, and overall user scale. AI chat assistants trains its models on real user behavior data to deepen its understanding of user preferences, driving steady growth in future adoption as well as the reply rate in AI greetings.

在產品端，Knock Knock 著重優化深度聊天配對策略，精準匹配高聊天意願的使用者，對互動、留存與整體使用者規模均產生正向效果。AI 聊天助理以真實使用者行為數據訓練模型，加深對使用者偏好的理解，帶動後續採用率穩步提升，同時提高 AI 問候語的回覆率。

This has both supported long-term retention and user base scale and open up new revenue scenarios. This quarter, we also began gray testing (inaudible), which has AI browse user phots to identify common interest, complete on initial screening of potential matches, and automatically generate a personalized ice breaker message, further improving matching efficiency and connection success rate.

這不僅支撐了長期留存與使用者規模，也開啟了新的營收場景。本季我們也開始灰度測試（聽不清），其可透過 AI 瀏覽使用者照片以識別共同興趣，完成對潛在配對的初步篩選，並自動生成個人化破冰訊息，進一步提升配對效率與連結成功率。

On user acquisition, we ran a holdout experiment on channel spend for dormant user reactivation, aiming to test whether attribution errors in our channel data were leading to inefficiencies in these re-engagement efforts. The results showed that there is indeed room for continued optimization in our channel investment, and we are confident we can maintain our current platform scale and revenue with less spend. In Q3, we will continue to improve acquisition efficiency based on these findings.

在拉新方面，我們針對沉睡使用者喚醒的渠道投放進行留出組實驗，旨在測試渠道數據中的歸因誤差是否導致這些再互動投入效率不佳。結果顯示，我們的渠道投資確實仍有持續優化空間；我們有信心在更低投放支出的情況下，維持目前的平台規模與營收。在第三季，我們將基於這些發現持續提升獲客效率。

Turning to Momo's commercial performance. In Q2, Momo's VAS revenue was RMB1.54 billion, down 16% year over year but up 2% quarter over quarter. The year-over-year decline was mainly driven by two factors. Number one, continued tightening on the tax front, which has had a sustained and material negative impact on our agencies and broadcasters. Number two, softness in consumer spending due to macro.

接著看陌陌的商業表現。第二季，陌陌增值服務（VAS）營收為人民幣 15.4 億元，年減 16%，但季增 2%。年減主要由兩個因素驅動。第一，稅務端持續收緊，對我們的公會與主播造成持續且重大的負面影響。第二，受宏觀環境影響，消費支出偏弱。

Sequential growth came in weaker than in previous years, mainly because since April, some agencies in the audio scenario scaled by operations due to tax-related pressures, which weighted on revenue. In late May, we rolled out targeted subsidies to ease the operating pressure on these agencies, which drove a quick recovery in revenue.

環比成長弱於往年，主要因為自 4 月以來，音訊場景中的部分公會因稅務相關壓力而縮減營運規模，對營收造成拖累。5 月下旬，我們推出定向補貼以緩解這些公會的營運壓力，帶動營收快速回升。

In Q2, our overall VAS revenue share and ratio rose by a low single-digit percentage points, both year over year and quarter over quarter, mainly because we moderately raised the revenue sharing ratio and subsidy support for certain core agencies in the audio scenarios to ease the supply side financial pressure through the tax compliance process, keeping the supply side stable at a manageable cost.

第二季，我們整體 VAS 分成占比與分成比例，無論年比或季比均上升了低個位數百分點；主要因為我們適度提高了音訊場景中部分核心公會的分成比例與補貼支持，以在稅務合規流程中緩解供給端的財務壓力，並在可控成本下保持供給端穩定。

On the product and operations side, we stayed with our approach of tier monetization and use case innovation. For high-value users, we selected top grossing broadcasters and created AI-generated likeness-based custom gifts for them, which effectively refreshed the paying interest among our top spenders.

在產品與營運方面，我們延續分層變現與使用情境創新的策略。針對高價值使用者，我們挑選了營收最高的主播，為其打造 AI 生成的擬真形象客製禮物，有效刷新頭部高消費用戶的付費興趣。

For mid-tier users, we capitalized on World Cup-related traffic by rolling out interactive game play such as match predictions, which lifted engagement and user stickiness. At the long tail end, we gray tested a Moments Boost feature letting users pay to increase the exposure of their post. This not only produced positive operating data, but also successfully validated a new small ticket payment scenario. This multipronged refined operating approach provided solid support for the stability of our overall revenue base amid the macro downturn.

針對中階使用者，我們把握世界盃相關流量，上線賽事預測等互動玩法，提升互動度與使用者黏著度。在長尾端，我們灰度測試了「動態加推」功能，讓使用者付費提升其貼文曝光。此舉不僅帶來正向的營運數據，也成功驗證了一個新的小額付費場景。這種多管齊下的精細化營運方式，在宏觀下行期間為我們整體營收基本盤的穩定提供了有力支撐。

Now let's turn to Tantan. As of the end of Q2, Tantan had 0.5 million paying users, a modest decrease of 40,000 quarter over quarter, mainly due to pressure on paying conversion from Alipay's adjustments to its auto renewal deduction rules.

現在讓我們把焦點轉向探探。截至第二季末，探探付費用戶為50萬，較上季小幅減少4萬，主要由於支付寶調整自動續費扣款規則，對付費轉化造成壓力。

On the user base, average domestic user scale was stable with a slight uptick in Q2, marking the first stabilization in our user base since we began scaling back marketing spend in early 2022. New user growth stayed under year-over-year pressure amid the lingering effects of lower marketing spend. But on the product side, refined targeting strategies for different user segments improved matching efficiency, lifting retention among both male and female users to varying degrees and contributing positively to overall user base stability.

在用戶基礎方面，第二季國內平均用戶規模保持穩定並略有回升，這是自我們於2022年初開始縮減行銷支出以來，用戶基礎首次出現穩定。由於行銷支出降低的影響仍在，新用戶增長仍承受同比壓力。但在產品端，針對不同用戶分群的精細化定向策略提升了配對效率，使男女用戶留存率在不同程度上提升，並對整體用戶基礎穩定性帶來正面貢獻。

In Q2, Tantan's domestic business focused its core efforts on exploring AI-driven improvements to the user experience. Among this, AI icebreaker and AI chat assistant delivered encouraging early results. The team strengthened AI's semantic understanding of users' photos, which feed Tantan's users preference for expressing themselves through images rather than text and use the photo content to generate personalized opening lines, which had a particularly strong pull on female user retention.

第二季，探探國內業務將核心精力聚焦於探索以AI驅動的用戶體驗提升。其中，AI破冰與AI聊天助理取得了令人鼓舞的早期成果。團隊強化了AI對用戶照片的語義理解，契合探探用戶偏好以圖片而非文字表達自我的特點，並利用照片內容生成個人化開場白，對女性用戶留存的拉動尤為明顯。

To address the pain point of female users receiving too many matches, the new AI curated matching feature scans through a large volume of matches to surface the best people to chat with, effectively reducing decision fatigue. In addition, AI 1-click registration and profile optimization, process the user information in bulk with precision, which not only lowers the barrier to onboarding, but also laid a high-quality data foundation for building an AI agent social manager down the road and enabling deeper, more curated matching and recommendations.

為解決女性用戶收到配對過多的痛點，新的AI精選配對功能會在大量配對中篩選出最適合聊天的人選，有效降低決策疲勞。此外，AI一鍵註冊與個人檔案優化可精準批量處理用戶資訊，不僅降低新手導入門檻，也為未來打造AI代理社交管家奠定高品質數據基礎，從而實現更深度、更精選的配對與推薦。

On user acquisition, external factors pushed up unit acquisition costs year over year. And combined with narrowed channel budget, this reduced the number of users acquired from a year ago. However, because organic traffic retains better and drops more slowly than channel traffic, this partially offset the pressure on the overall user base from the reduction in paid acquisition. Channel ROI declined quarter over quarter due to rising unit costs and the impact of Alipay's policy change on ARPPU, but Tantan's overall ROI remained at a healthy level, above 100% payback.

在獲客方面，外部因素推升了單位獲客成本的同比上升。再加上渠道預算收窄，使得獲取的用戶數較去年同期減少。然而，由於自然流量的留存更好、下滑更慢，部分抵消了付費獲客減少對整體用戶基礎帶來的壓力。受單位成本上升及支付寶政策變動對ARPPU的影響，渠道ROI環比下降，但探探整體ROI仍維持在健康水準，回本率高於100%。

On the financial side, in Q2, Tantan generated total revenue of RMB156 million, down 18% year over year and 3% quarter over quarter. The revenue decline was mainly due to the temporary pressure on membership renewals from Alipay's domestic channel policy adjustments. In response, we took several measures.

在財務方面，第二季探探實現總營收人民幣1.56億元，同比下降18%，環比下降3%。營收下滑主要由於支付寶國內渠道政策調整，對會員續費帶來的短期壓力。為此，我們採取了多項措施。

First, we launched a lifetime membership product and encouraged the short-cycle subscribers to convert to longer cycle plans, reducing the volatility risk tied to the renewal frequency. Second, we completed an upgrade to our payment infrastructure, integrating Douyin Pay and WeChat Pay to meaningfully reduce the reliance on a single channel. At the same time, we optimized the matching strategy behind FlashChat, driving revenue growth in that scenario against the broader trend.

第一，我們推出終身會員產品，並鼓勵短週期訂閱用戶轉為更長週期方案，以降低續費頻率帶來的波動風險。第二，我們完成支付基礎設施升級，接入抖音支付與微信支付，顯著降低對單一渠道的依賴。同時，我們優化了FlashChat背後的配對策略，使該場景收入在整體趨勢下行中逆勢增長。

Lastly, our new businesses. In Q2, total overseas revenue was RMB673 million, up 52% year over year and 13% quarter over quarter. Overseas revenue as a share of group revenue rose 10 percentage points year over year to 27%. The acceleration in year-over-year growth was mainly driven by strong momentum from our new MENA products as well as the consolidation of overseas dating products acquired last year.

最後是我們的新業務。第二季，海外總營收為人民幣6.73億元，同比增長52%，環比增長13%。海外營收佔集團營收比重同比提升10個百分點至27%。同比增速加快主要由我們在中東及北非（MENA）新產品的強勁動能，以及去年收購的海外交友產品並表所帶動。

Sequentially, overseas revenue grew at a double-digit rate, mainly reflecting the natural recovery in the MENA region following the seasonal Ramadan low, along with new gamified features on the product side and same-day events tied to seasonal occasions and the World Cup on the operational side, both of which lifted user engagement and paying propensity and drove revenue growth across the board.

環比來看，海外營收以兩位數增長，主要反映MENA地區在齋月季節性低谷後的自然回升；同時，產品端新增的遊戲化功能，以及運營端結合季節性節點與世界盃的當日活動，均提升了用戶參與度與付費意願，從而帶動整體收入全面增長。

Within the portfolio, SoulChill's progress moderated relative to our initial timeline due to external factors, including its removal from the Turkish App Store and the ongoing geopolitical tension in the Middle East since the beginning of the year. However, the product is gradually emerging from its Q1 trough and is showing a clear recovery trend. Notably, the two newer products in MENA demonstrated strong growth momentum with their combined revenue in the second quarter already approaching the scale of SoulChill. And alongside this high growth, profitability has also continued to improve.

在產品組合中，SoulChill的進展相較我們最初的時間表有所放緩，原因包括外部因素，例如其被土耳其App Store下架，以及自年初以來中東地緣政治緊張局勢持續。不過，該產品正逐步走出第一季低谷，呈現明顯復甦趨勢。值得注意的是，MENA的兩款較新產品展現出強勁增長動能，其第二季合計收入已接近SoulChill的規模。在保持高增長的同時，盈利能力也持續改善。

Yaahlan achieved a net income breakeven for the first time in Q2. Amar, having turned marginal contribution positive earlier this year, has seen its net loss continue to narrow quickly on the back of a rapid revenue growth and operating leverage. This marks a new stage of our MENA strategy moving from a social-driven single product model to a multiproduct matrix working in concert.

Yaahlan在第二季首次實現淨利損益兩平。Amar在今年較早時已轉為邊際貢獻為正，在收入快速增長與經營槓桿的帶動下，其淨虧損持續快速收窄。這標誌著我們的MENA策略進入新階段：從以社交驅動的單一產品模式，轉向多產品矩陣協同運作。

On the other hand, our developed market dating business has maintained high-quality expansion. In the first half of the year, Happn improved paid conversion and ARPPU through iterating on its membership benefit and precision targeting, driving continued revenue growth both year over year and quarter over quarter. Building on strong position in its core European markets, Happn begun exploring neighboring markets starting early this year and has seen encouraging early results. The current user and revenue performance in these new markets fully validates their long-term growth potential and lays a solid foundation for the next phase of scaled expansion.

另一方面，我們在成熟市場的交友業務保持高品質擴張。上半年，Happn透過迭代會員權益與精準定向，提升付費轉化率與ARPPU，推動收入同比與環比持續增長。在其歐洲核心市場的強勢地位基礎上，Happn自今年年初起開始探索周邊市場，並取得令人鼓舞的早期成果。這些新市場目前的用戶與收入表現充分驗證其長期增長潛力，並為下一階段的規模化擴張奠定堅實基礎。

Overall, in the first half of the year, while our domestic business continued to weather external headwinds, our overseas product portfolio has shifted from being supported by a single product to achieving balanced diversified growth. This validates the effectiveness of our sustained investment in globalization over the past several years and has given the group a healthier revenue structure and stronger resilience.

總體而言，上半年在國內業務持續承受外部逆風的同時，我們的海外產品組合已從單一產品支撐，轉為更均衡的多元化增長。這驗證了我們過去數年持續投入全球化的有效性，並使集團擁有更健康的收入結構與更強的韌性。

In the second half of the year, we'll continue to strengthen the foundation of our domestic cash cow business through product innovation and refined operations while advancing the scaling of our overseas business so as to create long-term value for both users and shareholders.

在下半年，我們將持續透過產品創新與精細化運營，夯實國內現金牛業務的基礎，同時推進海外業務的規模化發展，為用戶與股東創造長期價值。

This concludes my remarks today. Now let me pass the call over to Cathy for the financial review. Cathy, please.

我今天的發言到此結束。接下來我把電話交給Cathy進行財務回顧。Cathy，請。

Thanks, Jianhua and Ashley. Hello, everyone. Thank you for joining our conference call today. Now let me take you through the financial review.

謝謝建華和Ashley。各位好。感謝大家參加今天的電話會議。接下來我將帶大家回顧財務表現。

Total revenue for the second quarter of 2026 was RMB2.49 billion, down 5% year on year but up 4% quarter on quarter. Non-GAAP net income attributable to the shareholders of the company was RMB273.9 million compared to a net loss of RMB96 million in the same period of 2025, and RMB328.8 million in the previous quarter.

2026年第二季總營收為人民幣24.9億元，同比下降5%，但環比上升4%。歸屬於公司股東的非GAAP淨利為人民幣2.739億元，而2025年同期為淨虧損人民幣9,600萬元，上一季度為人民幣3.288億元。

Looking into the key revenue items for Q2. Total revenue from value-added services for the second quarter of 2026 was RMB2.44 billion, down 5% year on year, but up 4% quarter on quarter. On a geographic basis, PRC Mainland value-added services revenue was RMB1.77 billion, down 17% year over year. The decrease was primarily due to continuous tax scrutiny on some of Momo's agencies, combined with weak consumer sentiment due to broader macro pressures and, to a lesser degree, a decline in paying users on Tantan.

我們來看第二季的主要收入項目。2026年第二季增值服務總營收為人民幣24.4億元，同比下降5%，但環比上升4%。按地區劃分，中國大陸增值服務收入為人民幣17.7億元，同比下降17%。下降主要由於對陌陌部分公會的稅務稽查持續加強，疊加更廣泛宏觀壓力下的消費者信心疲弱，以及在較小程度上，探探付費用戶的下降。

PRC Mainland VAS revenue for Q2 '26 was up 1% quarter over quarter due to recovery from low seasonality. VAS overseas revenue for the second quarter of 2026 reached RMB664.9 million, up 51% year over year, driven by strong growth momentum from our new MENA product as well as the consolidation of overseas dating products acquired last year. Sequentially, overseas VAS revenue rose 12%, driven by a recovery in the MENA region after its seasonal low alongside product and operational initiatives.

2026 年第二季中國大陸 VAS 收入較上季成長 1%，主要因淡季後回升。2026 年第二季海外 VAS 收入達人民幣 6.649 億元，年增 51%，主要受惠於我們新推出的中東與北非（MENA）產品強勁成長動能，以及去年收購的海外交友產品併表。按季來看，海外 VAS 收入成長 12%，主要由於 MENA 地區在季節性低點後回升，並配合產品與營運舉措帶動。

Turning to cost and expenses. Non-GAAP cost of revenue for the second quarter of 2026 was RMB1.6 billion, same as the year ago period. Non-GAAP gross margin for the quarter was 35.8% compared to 38.8% from year ago period. Q2 cost of revenue included RMB56.8 million in film production expenses. Excluding this item, gross profit margin would have been 38.1%, a decline of less than 1 percentage point versus Q2 last year.

接下來談成本與費用。2026 年第二季非 GAAP 營收成本為人民幣 16 億元，與去年同期持平。本季非 GAAP 毛利率為 35.8%，去年同期為 38.8%。第二季營收成本包含人民幣 5,680 萬元的影視製作費用。剔除此項後，毛利率將為 38.1%，較去年第二季下降不到 1 個百分點。

The decrease was primarily due to payment channel costs rising as a percentage of revenue. This resulted from a geographic mix shift towards international operations, which carry higher payment channel fee structures compared with our domestic businesses.

下降主要因支付通道成本占營收比重上升。這源於地理組合轉向國際業務；相較於國內業務，國際業務的支付通道費率結構較高。

Although Momo raised agency payout ratio to mitigate impact from tax scrutiny, improved gross margins in the MENA region, coupled with larger revenue contribution from higher-margin overseas dating products offset the margin pressure stemming from Momo's operations. As a result, total revenue share costs as a percentage of revenue remained stable from the year ago period.

儘管 Momo 為緩解稅務稽查影響而提高了公會分成比例，但 MENA 地區毛利率改善，加上高毛利的海外交友產品收入貢獻提升，抵銷了 Momo 業務帶來的毛利壓力。因此，總分成成本占營收比重與去年同期相比保持穩定。

Non-GAAP R&D expenses for the second quarter was RMB171.3 million compared to RMB172.0 million for the same period last year. Non-GAAP R&D expenses as a percentage of revenue was 7%, same as Q2 last year. We ended the quarter with 1,399 total employees compared to 1,268 from a year ago. The R&D personnel as a percentage of total employees for the group was 56% compared with 58% from Q2 last year. Non-GAAP sales and marketing expenses for the second quarter was RMB380.4 million compared to RMB339.7 million for the same period last year, representing a 15% and 13% of total revenue, respectively.

2026 年第二季非 GAAP 研發費用為人民幣 1.713 億元，去年同期為人民幣 1.720 億元。非 GAAP 研發費用占營收比重為 7%，與去年第二季相同。本季末員工總數為 1,399 人，去年同期為 1,268 人。集團研發人員占員工總數比重為 56%，去年第二季為 58%。2026 年第二季非 GAAP 銷售與行銷費用為人民幣 3.804 億元，去年同期為人民幣 3.397 億元，分別占總營收的 15% 與 13%。

The year-over-year increase in sales and marketing expenses was mainly attributable to a greater marketing spend on our new overseas app. This increase was partly offset by ongoing cost controls in Mainland China operations, both Momo and Tantan cut marketing spend, while SoulChill temporary pulled back on channel investments amid external challenges.

銷售與行銷費用年增主要因我們新的海外 App 行銷投入增加。此增幅部分被中國大陸業務持續的成本管控所抵銷：Momo 與 Tantan 均削減行銷支出，而 SoulChill 在外部挑戰下暫時收縮渠道投放。

Non-GAAP G&A expenses was RMB75.1 million for the second quarter compared to RMB67.5 million for the same period last year. The increase was primarily driven by RMB11 million in exchange gains on euro-dominated deposits stemming from currency fluctuations in Q2 last year compared with a RMB1.8 million exchange loss in the current quarter. Non-GAAP G&A expenses as a percentage of revenue was 3%, largely unchanged from Q2 last year.

2026 年第二季非 GAAP 一般及行政費用為人民幣 7,510 萬元，去年同期為人民幣 6,750 萬元。增加主要因去年第二季受匯率波動影響，歐元計價存款產生人民幣 1,100 萬元匯兌收益；而本季為人民幣 180 萬元匯兌損失。非 GAAP 一般及行政費用占營收比重為 3%，與去年第二季大致持平。

Non-GAAP operating income was RMB276.1 million, representing a margin of 11.1% compared with RMB447.7 million and a margin of 17.1% from Q2 '25. As noted earlier, non-GAAP cost of revenue included film production-related expenses. Excluding these items, non-GAAP operating income from our recurring business would have been RMB332.9 million with a margin of 13.4%. Non-GAAP OpEx as a percentage of total revenue was 25%, an increase from 22% from the year ago period.

非 GAAP 營業利益為人民幣 2.761 億元，營業利益率為 11.1%；相比之下，2025 年第二季為人民幣 4.477 億元、營業利益率 17.1%。如前所述，非 GAAP 營收成本包含影視製作相關費用。剔除該等項目後，我們經常性業務的非 GAAP 營業利益將為人民幣 3.329 億元，營業利益率為 13.4%。非 GAAP 營業費用（OpEx）占總營收比重為 25%，高於去年同期的 22%。

Now briefly on income tax expenses. Non-GAAP income tax expenses was RMB71.2 million for the quarter with an effective tax rate of 23%. In Q2, the company accrued withholding income tax of RMB18.4 million, which is 10% of undistributed profit generated by our WFOE. Without the withholding tax, our estimated non-GAAP effective tax rate was around 17% in the second quarter.

接著簡要說明所得稅費用。本季非 GAAP 所得稅費用為人民幣 7,120 萬元，有效稅率為 23%。第二季公司計提預提所得稅人民幣 1,840 萬元，為我們外商獨資企業（WFOE）所產生未分配利潤的 10%。若不含預提稅，我們第二季估計的非 GAAP 有效稅率約為 17%。

Now turning to balance sheet and cash flow items. As of June 30, 2026, Hello Group's cash, cash equivalents, short-term deposits, long-term deposits, short-term investments and restricted cash totaled RMB8.54 billion compared to RMB8.68 billion as of December 31, 2025.

接下來看資產負債表與現金流項目。截至 2026 年 6 月 30 日，Hello Group 的現金、現金等價物、短期存款、長期存款、短期投資及受限制現金合計為人民幣 85.4 億元；截至 2025 年 12 月 31 日為人民幣 86.8 億元。

Net cash provided by operating activities in the second quarter of 2026 was RMB 642.3 million. The difference between operating net cash and non-GAAP net income was mainly due to the fact that a substantial amount of Q1 receivables were collected in Q2. Accrued interest and some noncash items, including film production costs and withholding tax.

2026 年第二季經營活動提供的淨現金為人民幣 6.423 億元。經營活動淨現金與非 GAAP 淨利之間的差異，主要因第一季相當大一部分應收款在第二季收回。此外亦包括應計利息及部分非現金項目，包括影視製作成本與預提稅。

Lastly, on business outlook. We estimated our third quarter revenue to come in the range from RMB2.4 billion to RMB2.5 billion, representing a decrease of 9.4% to 5.7% year over year. This is based on the assumption that at midpoint on a year-over-year basis, revenue from our Mainland China business will decline by high teens percentage-wise, while overseas revenue is expected to grow by high 30s percentage wise.

最後談業務展望。我們預計第三季營收介於人民幣 24 億元至 25 億元之間，年減 9.4% 至 5.7%。此預測基於以下假設：以區間中值計算、按年比較，中國大陸業務營收將以十幾個百分點的幅度下滑，而海外營收預期以三十幾個百分點的幅度成長。

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，此預測反映公司目前及初步對市場與營運狀況的看法，後續可能變動。

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

以上為今天討論的管理層準備發言部分。接下來我把電話交回給 Ashley，開始問答環節。Ashley，請。謝謝。

(Operator Instructions). Operator, we're ready for questions.

（接線員指示）。接線員，我們準備好回答問題了。

(Operator Instructions) Thomas Chong, Jefferies.

（接線員指示）Thomas Chong，Jefferies。

(spoken in foreign language) Let me translate myself. In our last earnings call, management talks about the decline in domestic revenue in the second half would be notably leveling versus the first half. However, when we look at the guidance, it seems the decline in Q3 is slightly widening versus the first half of the year.

（以外語發言）我自己翻譯一下。在我們上一次的財報電話會議中，管理層提到下半年國內收入的下滑幅度將相較上半年明顯趨於平緩。然而從本次指引來看，第三季的下滑似乎較上半年略有擴大。

May we know the key reason for the difference? Is it more due to the changes in external macro environment or adjustment about our operational strategy? And in response to the situation, what specific measures does the company have at the moment? Can management provide more color about the financial about the domestic revenue and expenses in the second half?

想請問造成差異的關鍵原因是什麼？是更多來自外部宏觀環境的變化，還是我們營運策略的調整？針對目前情況，公司現階段有哪些具體措施？管理層能否就下半年國內收入與費用的財務情況提供更多說明？

(interpreted) Our revised outlook for the domestic business is mainly based on some new trends that we've seen in the Momo live streaming revenue since entering the second half of the year. The data shows that the revenue pressure is concentrated mainly in consumption downgrading among high-spending paying users.

（口譯）我們對國內業務的修正展望，主要基於進入下半年後在 Momo 直播收入上觀察到的一些新趨勢。數據顯示，收入壓力主要集中在高消費付費用戶的消費降級。

Although the vast majority of these users in this cohort remain active on our platform, but they've become more cautious about spending and average ARPPU has declined significantly. Based on our targeted interviews to those cohort of users by our VIP team, we found out that the core driver behind this is weaker wealth expectations among high-net-worth individuals amid macro volatility, which has dampened spending on social entertainment. But by contrast, mid-tier and long-tail users as well as the broadcasters from the supply side have remained relatively stable.

儘管該用戶群中的絕大多數仍活躍於我們的平台，但他們在支出上變得更為謹慎，平均 ARPPU 顯著下降。根據我們 VIP 團隊對該用戶群進行的定向訪談，我們發現其核心驅動因素是在宏觀波動下，高淨值人群的財富預期轉弱，進而抑制了社交娛樂方面的支出。相較之下，中等層級與長尾用戶，以及供給端的主播群體則相對保持穩定。

Based on this view, we will take a tiered operating approach. Starting with top-tier users, we will make full use of Momo's strength as a social platform, focusing on deepening social connections rather than simply pushing more spending. And specifically, on the one hand, we will roll out light-weighted social interaction focused features and organize official offline events for high-paying users, further strengthening this group's stickiness to the platform and upgrading our VIP exclusive services.

基於這一觀點，我們將採取分層的營運策略。從頂層用戶開始，我們將充分發揮陌陌作為社交平台的優勢，重點在於深化社交連結，而非單純推動更多消費。具體而言，一方面，我們將推出以社交互動為核心的輕量化功能，並為高付費用戶組織官方線下活動，進一步強化該群體對平台的黏著度，並升級我們的VIP專屬服務。

And on the other hand, we will continue to provide high-quality broadcasters with exclusive resources such as overseas training tours and short drama production to constantly refresh content supply and sustain high-value users' ongoing interest and engagement around top broadcasters.

另一方面，我們將持續為優質主播提供海外培訓遊學、短劇製作等專屬資源，不斷刷新內容供給，並維持高價值用戶圍繞頭部主播的持續興趣與參與度。

For mid-tier and long-tail users, we'll focus on low barrier, high retention scenarios such as audio-based interactive features and social mini games and using richer use case offering to stabilize the revenue base generated by this user group. And for the financial figures, I will hand it over to Cathy.

對於中層及長尾用戶，我們將聚焦於低門檻、高留存的場景，例如以音訊為主的互動功能與社交小遊戲，並透過更豐富的使用場景供給來穩定該用戶群所帶來的營收基礎。至於財務數據，我交給Cathy來說明。

Sure. Let me give you a quick update on how we currently think about the domestic business in the second half of 2026. As you may see, our Q3 guidance implies roughly a high teens year-over-year decline for the domestic business, widening from Q2's 17% year-over-year decline rate.

好的。我先快速更新一下我們目前對2026年下半年國內業務的看法。如各位所見，我們對第三季的指引意味著國內業務年對年大約是高十位數的下滑，較第二季年對年下滑17%的幅度進一步擴大。

And that underperforms our earlier expectation that in the second half, domestic business could see YoY decline rate narrowing down from first half. The key reason Q3 is coming in below our quarter ago expectation is that, as [Tanzu] mentioned, just now, the domestic business has been facing greater pressure than we anticipated, particularly on user spending sentiment among the very top cohort users in live streaming showrooms. With regards to the trajectory from Q3 onwards, as in the previous quarters, I would still frame our view around three areas that we closely monitor.

這也低於我們先前的預期：原本我們認為下半年國內業務的年對年下滑幅度可較上半年收窄。第三季低於我們一季前預期的關鍵原因在於，正如剛才[Tanzu]所提到的，國內業務正面臨比我們預期更大的壓力，尤其是直播房間中最頂層用戶的消費意願。關於第三季之後的走勢，和前幾季一樣，我仍會從我們密切監測的三個面向來說明。

First is overall spending sentiment. What we've observed since late Q2 is a meaningful reduction in spending from the top cohort of users. These are the users who historically contribute a disproportionate amount of revenue in the showrooms and many of them spend in the hundreds of thousands of renminbi on monthly basis.

第一是整體消費意願。我們自第二季末以來觀察到，頂層用戶的消費出現明顯下降。這些用戶歷來在直播房間貢獻了不成比例的營收，其中許多人每月消費可達數十萬元人民幣。

In Q3, the reduction in spending from this top of pyramid from this top of pyramid users became more pronounced. Our current assessment is that this reflects continued pressure on the financial outlook of these so-called high net worth users, which is in turn affecting their discretionary and entertainment spending.

在第三季，金字塔頂端用戶的消費下降變得更為明顯。我們目前的判斷是，這反映了所謂高淨值用戶的財務前景持續承壓，進而影響其可選消費與娛樂支出。

So from a macro spending sentiment perspective, we may continue to see a headwind as we move into Q4. And the second factor is the regulatory environment. At this point, we are not seeing any significant incremental regulatory pressure, and we expect the environment to remain relatively stable. So this is not a major driver of the change in our outlook.

因此，從宏觀消費意願的角度來看，進入第四季我們可能仍將面臨逆風。第二個因素是監管環境。目前我們沒有看到任何顯著新增的監管壓力，並預期環境將維持相對穩定。因此，這並非我們展望變化的主要驅動因素。

The third area and one where we continue to see encouraging signs is the underlying health of the platforms. Our DAU and engagement metrics remain relatively resilient. And importantly, Momo paying user base in Q2 increased meaningfully from Q1.

第三個面向，也是我們持續看到令人鼓舞訊號的部分，是平台的底層健康度。我們的日活躍用戶（DAU）與互動參與指標仍相對具韌性。更重要的是，陌陌在第二季的付費用戶基數較第一季有明顯提升。

This is certainly -- there is certainly some seasonality in that sequential improvement. However, we believe it also reflects a relatively healthy and resilient user ecosystem. So in other words, the weakness we're seeing in revenue is not primarily a function of users leaving the platforms or a deterioration in engagement.

這當然——這樣的環比改善確實帶有一定季節性。不過，我們也認為這反映出相對健康且具韌性的用戶生態。換言之，我們看到的營收疲弱，主要並非因為用戶離開平台或互動參與度惡化。

It's much more concentrated in the spending behavior of the highest net worth users. These users are still active and still paying. They are simply spending less. So if you put these factors together, I would say the biggest change in our view versus the beginning of the year versus at the beginning of the year is the macro spending environment, particularly among the top cohort of users.

它更集中體現在最高淨值用戶的消費行為上。這些用戶仍然活躍，也仍在付費。他們只是花得更少。因此，綜合這些因素，我會說相較於年初，我們看法最大的變化在於宏觀消費環境，尤其是頂層用戶群體。

For that reason, our earlier expectation for a meaningful narrowing of the year-over-year decline in the second half should be adjusted downward. At this point, given the uncertainty around the macro environment, I don't think it would be appropriate for us to put a specific Q4 number out there.

基於這個原因，我們先前對下半年年對年下滑幅度將明顯收窄的預期，需要下修。目前鑑於宏觀環境的不確定性，我認為我們不適合給出一個具體的第四季數字。

What we can control is continuing to strengthen the fundamentals of both Momo and Tantan, improve the user experience and engagement across the platforms and make the business more efficient.

我們能掌控的是持續強化陌陌與探探的基本面，提升平台整體的用戶體驗與互動參與，並讓業務更有效率。

On the cost side, we do see opportunities to further optimize our operating expenses. This includes continued discipline around personnel costs, as Jianhua mentioned in his prepared remarks, additional opportunities to optimize sales and marketing spending in the domestic business.

在成本端，我們確實看到進一步優化營運費用的機會。這包括如建華在事先準備的發言中提到的，持續對人員成本保持紀律，以及在國內業務上進一步優化銷售與行銷支出的機會。

So while the revenue environment is more challenging than we anticipated at the beginning of the year, we are taking a more balanced approach, remaining focused on improving the underlying health of the platforms, while at the same time, actively managing the cost structure. This should allow us to mitigate some of the pressure on the bottom line even in a more challenging revenue environment.

因此，儘管營收環境比我們年初預期更具挑戰，我們正採取更均衡的策略：一方面持續聚焦於提升平台底層健康度；另一方面也積極管理成本結構。即使在更具挑戰的營收環境下，這也將有助於我們緩解部分對利潤端的壓力。

Now back to Ashley for more questions.

接下來回到Ashley，進行更多提問。

Operator, next question please.

接線員，請進行下一個問題。

Xueqing Zhang, CICC.

中金公司（CICC）的張雪晴。

(spoken in foreign language) My question regards on the overseas business. Management mentioned that the combined revenue from Yaahlan and Amar in the second quarter was already close to that of SoulChill, while their profitability continued to improve. As the revenue mix of the social entertainment business in the MENA region becomes more diversified, can we expect the company's performance in the region to become more stable and resilient going forward?

（外語發言）我的問題是關於海外業務。管理層提到，第二季Yaahlan與Amar的合計營收已接近SoulChill，同時它們的獲利能力也持續改善。隨著中東北非（MENA）地區社交娛樂業務的營收結構更加多元化，未來我們是否可以期待公司在該地區的表現更穩定、更具韌性？

And how will the structural shift affect the overall margin profile of the MENA business? And could management also share whether there has been any update to the company's full year outlook for overseas business?

此外，這種結構性轉變將如何影響MENA業務的整體利潤率輪廓？管理層也能否分享，公司對海外業務全年展望是否有任何更新？

(interpreted) Based on the current momentum, the combined revenue of our two new MENA products will surpass SoulChill in Q3. Both products are still maintaining healthy strong growth. So we are confident that we can grow them into social products of the scale comparable to SoulChill.

（口譯）基於目前的動能，我們兩款新的MENA產品合計營收將在第三季超越SoulChill。兩款產品仍維持健康且強勁的成長。因此，我們有信心把它們培育成規模可與SoulChill相當的社交產品。

In addition, these three products deeper in gameplay target user base and regional focus, which will make the group's MENA business more diversified and strengthen both our resilience to external risks and our agility in capturing growth opportunities.

此外，這三款產品在玩法深度、目標用戶群與區域聚焦上各有差異，將使集團的MENA業務更加多元化，並同時提升我們對外部風險的韌性，以及把握成長機會的敏捷度。

Once the new products are established, even if one of them comes under short-term pressure from external regulatory or geopolitical factors, the others can still support the stability of overall regional revenue. We also believe the market for this type of audio-video social product isn't limited to MENA. Our diversified product portfolio gives us a stronger capability to expand into other regions than a single product would.

當新產品站穩腳跟後，即使其中一款因外部監管或地緣政治因素而面臨短期壓力，其他產品仍可支撐整體區域營收的穩定性。我們也認為，這類音視訊社交產品的市場不僅限於MENA。相較於單一產品，多元化的產品組合讓我們更有能力拓展至其他地區。

On profitability, both Yaahlan and Amar are improving quickly. Yaahlan has already crossed breakeven, and Amar is likely still around half a year away. But both products gross margin and contribution margin are improving rapidly and steadily. We believe both products will contribute to group's profit next year.

在獲利能力方面，Yaahlan與Amar都在快速改善。Yaahlan已經跨越損益兩平點，而Amar可能仍需約半年時間。但兩款產品的毛利率與貢獻利潤率都在快速且穩定地提升。我們相信兩款產品明年都將為集團利潤做出貢獻。

As for our overseas revenue outlook, I will leave it to Cathy.

至於我們對海外營收的展望，我交給Cathy來回答。

Okay. Before giving a quantitative outlook, let me briefly walk through the three key components of the overseas business. First, on SoulChill, our flagship product in the MENA region. The business has underperformed our original expectations somewhat. There were two main factors behind that.

好的。在給出量化展望之前，我先簡要說明海外業務的三個關鍵組成部分。第一個是 SoulChill，我們在中東及北非（MENA）地區的旗艦產品。該業務表現略低於我們最初的預期。背後主要有兩個因素。

One was the removal of the app from the App Store in Turkey earlier this year. And the other was the regional conflict that started in April, which had an impact on the operating environment in parts of the Middle East. The encouraging part is that as you can see from Q2 results, both revenue and traffic for SoulChill have already recovered from the low point in Q1.

其一是今年稍早該 App 在土耳其被從 App Store 下架。其二是 4 月開始的區域衝突，對中東部分地區的營運環境造成影響。令人鼓舞的是，從第二季結果可見，SoulChill 的營收與流量都已從第一季低點回升。

We are continuing to see gradual sequential improvement as we move through Q3 and hopefully Q4 as well. So SoulChill is somewhat below our initial expectation for the year, but the trajectory has been improving over the past couple of quarters.

隨著進入第三季、並希望第四季也是如此，我們仍持續看到逐季的溫和改善。因此，SoulChill 全年表現確實略低於我們最初的預期，但過去幾個季度的走勢一直在改善。

The second piece is Yaahlan and Amar. As Tang and Jianhua mentioned, the outperformance of these two businesses has partially compensated for the shortfall in SoulChill. In Q3, the combined revenue from Yaahlan and Amar has already exceeded that of SoulChill.

第二塊是 Yaahlan 和 Amar。如 Tang 與 Jianhua 所提到，這兩項業務的超預期表現，部分彌補了 SoulChill 的缺口。在第三季，Yaahlan 與 Amar 的合計營收已經超過 SoulChill。

Both businesses are still growing at a rapid pace, while we are also seeing a meaningful improvement in their bottom line performance. So we believe these two businesses can continue to make progress and become increasingly meaningful contributors to both the top line and bottom line of the overseas business going forward.

兩項業務仍在快速成長，同時我們也看到其獲利表現有顯著改善。因此，我們相信這兩項業務未來仍可持續推進，並在海外業務的營收端與獲利端，成為愈來愈重要的貢獻來源。

The third piece is the dating and membership subscription businesses, which continue to perform well. Some of the acquired brands, including Happn have been making good progress in new markets, including Korea, Taiwan and UK. At the same time, we are taking a fairly disciplined approach to investment in these new markets.

第三塊是交友與會員訂閱業務，持續表現良好。部分併購品牌（包括 Happn）在新市場取得不錯進展，包括韓國、台灣與英國。同時，我們在這些新市場的投資上採取相當審慎、紀律性的做法。

We do see opportunities to increase marketing investment to accelerate top line growth, but we also want to maintain a healthy bottom line for the newly acquired dating business. More importantly, we want to make sure that we are building the ecosystem in these markets in a sustainable way rather than simply pushing for short-term user or revenue growth.

我們確實看到可透過增加行銷投資來加速營收成長的機會，但也希望維持新併購交友業務的健康獲利表現。更重要的是，我們要確保在這些市場以可持續的方式建立生態系，而不是單純追求短期的用戶或營收成長。

So there is naturally a balance between the pace of top line expansion and the level of investment that we are willing to pour in within a relatively short timeframe. In other words, we'd rather take it right than take it fast. So if you wrap up these -- if you wrap these all up and try to look at the takeaway as a whole, I would say that SoulChill perhaps moved a little bit slower than we expected a quarter ago.

因此，在相對較短的時間內，營收擴張速度與我們願意投入的投資水位之間，自然需要取得平衡。換句話說，我們寧可做對，也不要做快。所以如果把這些整體綜合起來看，我會說 SoulChill 的進展可能比我們一個季度前預期的稍慢一些。

We do have the potential to maybe compensate it by moving faster on expanding the other two MENA apps and the dating apps. But given that we wanted to balance top line growth and bottom line target, we probably won't push the gas pedal harder than we previously planned. Therefore, my current view is that the original RMB3 billion target for overseas revenue for 2026 at this point, looks a little bit of a stretch.

我們確實有可能透過加快另外兩款 MENA App 以及交友 App 的擴張來部分彌補。但考量到我們希望在營收成長與獲利目標之間取得平衡，我們大概不會比先前規劃更用力踩油門。因此，我目前的看法是，原先 2026 年海外營收人民幣 30 億元的目標，在此刻看起來有點吃緊。

We'd rather take RMB100 million or RMB200 million down from that target. Maybe back to Ashley to take one last question.

我們寧可把該目標下修人民幣 1 億元或 2 億元。也許交回給 Ashley 來問最後一個問題。

Yes. So in the interest of time, let's just take one last question before we close the line. Operator, we're ready.

好的。考量時間，我們在結束前只再接最後一個問題。接線員，我們準備好了。

Jenny Yuan, UBS.

UBS 的 Jenny Yuan。

(spoken in foreign language) My question is on the profit outlook. As management weaker revenue outlook for domestic business in the second half, how can we think about the impact on the group's overall profitability and the earnings performance going forward?

（外語發言）我的問題是關於獲利展望。在管理層對下半年國內業務營收展望轉弱的情況下，我們應如何看待對集團整體獲利能力以及未來盈餘表現的影響？

I'll take that question. Profitability, maybe let me start with the group top line first because that's the first area where our view has changed. As I mentioned back in June during our Q1 conference call, at that time, we expected the group revenue to decline slightly year over year, perhaps by a couple of percentage points.

我來回答這個問題。關於獲利能力，我先從集團營收端談起，因為這是我們看法首先發生變化的部分。如我在 6 月第一季電話會議時提到，當時我們預期集團營收年減幅度不大，可能只會下降幾個百分點。

Given the additional pressure we are seeing in the domestic business in the second half, we currently expect the full year group revenue decline to be somewhat larger, maybe to mid-single-digit range. The second factor affecting profitability is the investment in the two movies. With both movies now released, we've recognized roughly somewhere around RMB60 million of additional losses in Q2.

鑑於我們在下半年國內業務看到的額外壓力，目前我們預期全年集團營收降幅會更大一些，可能落在中個位數百分比區間。影響獲利的第二個因素是兩部電影的投資。隨著兩部電影都已上映，我們在第二季認列了約人民幣 6,000 萬元左右的額外虧損。

That obviously creates some incremental pressure on the full year bottom line relative to our earlier expectations. Having said that, we continue to see opportunities to offset some of this pressure through cost management and improving operating efficiency. In particular, we are looking at further optimization of personnel costs as well as sales and marketing spending, especially in the domestic businesses.

這顯然會使全年獲利端相較於我們先前預期承受一些額外壓力。儘管如此，我們仍看到可透過成本管理與提升營運效率來抵消部分壓力的機會。特別是，我們正著手進一步優化人員成本，以及銷售與行銷支出，尤其是在國內業務方面。

So putting these factors together, the additional pressure on the top line does make it more challenging to achieve our original margin target, which was -- I think we pointed toward a low teens adjusted operating margin for 2026. But at this point, we still believe that, that margin target remains achievable, provided that we execute well on the cost side and continue to improve operating efficiency.

綜合以上因素，營收端的額外壓力確實使達成我們原先的利潤率目標更具挑戰；該目標是——我想我們曾指向 2026 年低十幾%的調整後營業利益率。但就目前而言，我們仍相信只要在成本端執行到位並持續提升營運效率，該利潤率目標仍可達成。

Back to Ashley to wrap up the call.

交回給 Ashley 來做電話會議總結。

I think that's all the time we have. And thank you for joining us today, and we'll see you next quarter.

我想我們的時間就到這裡。感謝各位今天參與，我們下個季度再見。

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

謝謝。今天的電話會議到此結束。感謝各位參與。您現在可以掛線。

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.

本逐字稿中標註（interpreted）的部分，為現場電話會議中由口譯員所說。該口譯員由主辦本活動的公司提供。