Hello Group Inc.

What they do

Hello Group Inc., formerly Momo Inc., operates mobile apps including its flagship social networking platform Momo and the dating app Tantan. The company reports revenue by five lines of business: live video service, value-added service, mobile marketing, mobile games, and other services. Its ADSs each represent two Class A ordinary shares and trade on the Nasdaq Global Select Market under MOMO.

Revenue drivers

• Value-added service — VAS is the largest of the company's five reported revenue lines, with revenue from virtual gift sending to users and subscription-based premium membership plans, including content services, disclosed separately from the live video service line.
• Live video service — Live video is reported as a distinct revenue source and is the line described in the company's risk factors as being affected by increasing competition and tightening PRC regulation of live streaming and online content.
• Mobile marketing — Mobile marketing is the advertising-based revenue line in the five-line breakdown; the filing states that advertising customers may not continue to do business with the company.
• Mobile games — The mobile games line covers the company's game products. Under Item 4 (Information on the Company) the company states that it has devoted significant resources to developing, promoting and expanding its mobile games, which may not succeed.

Recent performance

Total net revenues were $2.29 billion in 2021, $1.84 billion in 2022, $1.69 billion in 2023, $1.45 billion in 2024 and $1.48 billion in 2025. Net income was negative $459.1 million in 2021 and then positive $214.6 million in 2022, $274.9 million in 2023, $142.4 million in 2024 and $115.3 million in 2025. Diluted earnings per share were a loss of $1.13 in 2021 and positive $0.53, $0.69, $0.38 and $0.34 in 2022 through 2025. Operating cash flow was $244.7 million in 2021, $177.9 million in 2022, $320.7 million in 2023, $224.7 million in 2024 and $169.2 million in 2025. At December 31, 2025, total assets were $1.97 billion, total liabilities $385.3 million, shareholders' equity $1.59 billion and cash and cash equivalents $760.8 million, with long-term debt of $448,000.

Strategy

The company states that it has devoted significant resources to developing, promoting and expanding its mobile games, which may not succeed, and that it has in the past made, and will continue to make, investments in content, technology and complementary businesses. It also states that it may not be able to operate its apps and services in a cost-effective manner. The provided excerpts do not describe any additional specific strategic initiatives for 2026.

Risks

• Concentrated Chinese mobile user base — The company states that its business depends on its ability to maintain, protect and increase its number of users of its mobile apps in China, including Momo and Tantan.
• Advertising customer concentration — The company states that its advertising customers may not continue to do business with it, which would negatively affect its mobile marketing revenue.
• Mobile-game investment risk — The company states that it has devoted significant resources to developing, promoting and expanding its mobile games, which may not succeed.
• Shrinking dividends — Dividends per share fell from $852.7 million in 2021 to $958.1 million in 2023, then to $716.3 million in 2024 and $346.2 million in 2025.

Outlook

The provided filings include a Form 20-F annual report for fiscal year 2025 and a table of contents; they contain a general forward-looking-statements legend but do not state specific 2026 revenue, margin or product-launch guidance. The available annual financial data show revenue of $1.48 billion and net income of $115.3 million in 2025, with operating cash flow of $169.2 million. Details of the company's actual forward-looking statements are not included in the excerpts provided.