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Hello Group (MOMO) investor relations material
Hello Group Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary10 Dec, 2025
Executive summary
Q3 2025 revenue was RMB 2.65 billion, down 0.9% year-over-year but up 1% quarter-over-quarter, with overseas revenue up 69% year-over-year and domestic revenue down 10% year-over-year.
Adjusted operating income was RMB 404 million, down 11% year-over-year, with a margin of 15.2%.
Net income attributable to shareholders was RMB 348.9 million, down from RMB 449.4 million a year ago.
Overseas business, especially in the MENA region, drove growth, while domestic business faced headwinds from tax policy changes and macro softness.
Paying users on the Momo app dropped to 3.7 million from 6.9 million year-over-year, but increased sequentially from 3.5 million last quarter.
Financial highlights
Non-GAAP net income was RMB 404.5 million, down from RMB 493.3 million a year ago.
Non-GAAP gross margin was 37.6%, down 1.7 percentage points year-over-year.
Cash reserves at quarter-end were RMB 8.86 billion, down from RMB 14.73 billion at year-end 2024, mainly due to loan repayment, dividends, and a one-off tax payment.
Net cash from operating activities was RMB 143.5 million in Q3, down from RMB 341.0 million year-over-year.
Diluted net income per ADS was RMB 2.06, down from RMB 2.46 year-over-year.
Outlook and guidance
Q4 2025 revenue is expected between RMB 2.52–2.62 billion, a year-over-year decrease of 4.4% to 0.6%.
Domestic revenue is projected to decline by mid- to low-teens percentage, while overseas revenue is expected to maintain strong growth.
For 2026, domestic revenue is likely to decline around 10%, with overseas growth potentially offsetting some of the domestic weakness.
Management expects overseas business to become an increasingly important revenue contributor.
What is the 2026 gross margin outlook for domestic business?
Detail overseas growth drivers beyond SoulChill.
How will cash flow impact shareholder returns?
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Next Hello Group earnings date
Q4 202513 Mar, 2026
Next Hello Group earnings date
Q4 202513 Mar, 2026
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Frequently asked questions
Hello Group Inc., through its subsidiaries, provides social networking and entertainment services in China. It operates two mobile-based social networking and entertainment platforms: Hello and Hago. The company also operates Hello Box and Hago Live, which offer users a way to receive/send images, videos, and voice messages. In addition, it provides information content service on a range of topics, including entertainment news; celebrity gossip; sports; interactive entertainment resources that allow users to watch videos; follow celebrities; play games; participate in contests; and download apps for iPhone, Android-based smartphones, or other mobile devices.
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