Hello Group Inc. (NASDAQ: MOMO) filed its Form 20‑F for the fiscal year ended December 31, 2025 on April 28, 2026. The filing contains audited consolidated financial statements that detail the company’s revenue, profitability, and cash‑flow position for the full year.
For FY 2025, Hello Group reported total revenue of RMB 10,367.1 million, a 1.9% decline from RMB 10,500.0 million in 2024. Net income attributable to the company fell to RMB 804.0 million from RMB 1,039.6 million year‑ago, while the adjusted operating margin held at 15% versus 14.8% in 2024. The revenue mix shifted as overseas operations grew 70.8% year‑over‑year, accounting for 24% of total revenue, while domestic revenue contracted 14% year‑over‑year, reflecting tax scrutiny and weaker consumer sentiment in China.
Segment‑level data show that the company’s core social‑dating platforms—Momo, Tantan, and QOOL—continued to drive growth in international markets, whereas domestic user engagement and monetization lagged. The overseas expansion, particularly in the MENA region with products such as Yaha Live and Amar, is cited as a key growth engine that offsets domestic headwinds.
Management noted that the domestic revenue decline is driven by regulatory scrutiny and a softer consumer environment, while overseas growth remains a priority. The company emphasized its focus on deepening its overseas presence, enriching its brand portfolio, and building a long‑term growth engine, underscoring confidence in international expansion as a strategic pivot.
Looking ahead, Hello Group guided 2026 revenue to be flat to a modest decline, with a year‑over‑year decrease of 8.8% projected for Q1 2026. The guidance reflects management’s view that domestic revenue will continue to fall in the low‑to‑mid‑teens, while overseas growth will help keep overall revenue stable.
The filing also highlights the company’s VIE structure, noting that 80.7% to 93.3% of revenue in 2023‑2025 came from consolidated VIEs, underscoring regulatory risks under China’s foreign investment rules. A special cash dividend of $0.28 per ADS was declared for 2026, with an ex‑dividend date of April 10, 2026.
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