Hello Group Inc. Announces Unaudited Financial Results for the Second Quarter of 2025

Rhea-AI Summary

Hello Group (NASDAQ: MOMO) reported Q2 2025 financial results showing mixed performance. Total net revenues decreased by 2.6% YoY to RMB2,620.4 million (US$365.8M), while overseas revenues surged 72.7% YoY to RMB442.4 million. The company reported a net loss of RMB140.2 million, compared to a net income of RMB397.8 million in Q2 2024.

The quarter was significantly impacted by an additional withholding tax accrual of RMB547.9 million due to a tax rate adjustment from 5% to 10%. Monthly Active Users on Tantan declined to 10.2 million in June 2025 from 12.9 million year ago, while Momo's paying users decreased to 3.5 million from 7.2 million.

The company continues its share repurchase program, having bought back 48.9 million ADSs for US$300.3 million at an average price of US$6.12 per ADS, with US$185.8 million remaining in the program.

Positive

• Overseas revenues grew 72.7% YoY to RMB442.4 million
• Strong performance from Soulchill brand and new apps in overseas markets
• Continued execution of share repurchase program with US$300.3 million spent
• Positive operating cash flow of RMB250.1 million in Q2 2025
• Substantial cash position of RMB12,390.6 million (US$1,729.7M)

Negative

• Net revenues declined 2.6% YoY to RMB2,620.4 million
• Net loss of RMB140.2 million vs net income of RMB397.8 million in Q2 2024
• Additional withholding tax accrual of RMB547.9 million due to tax rate increase
• Tantan MAUs declined to 10.2 million from 12.9 million YoY
• Momo paying users decreased to 3.5 million from 7.2 million YoY
• Soft consumer sentiment among top users in domestic market

Insights

Financial Analyst

Hello Group reported Q2 net loss of RMB140.2M due to one-time tax issue; overseas growth promising amid domestic decline.

Hello Group's Q2 2025 results reveal a complex financial situation with mixed signals. Total revenue declined 2.6% year-over-year to RMB2,620.4 million, primarily due to weakness in their core Chinese business. The company swung from a net income of RMB397.8 million in Q2 2024 to a net loss of RMB140.2 million this quarter.

The headline loss, however, stems largely from a significant one-time tax issue. The company was required to increase its withholding tax rate from 5% to 10%, resulting in an additional RMB547.9 million accrual. Without this tax adjustment, Hello Group would have remained profitable.

User metrics show concerning trends in their core apps. Momo's paying users dropped dramatically from 7.2 million to 3.5 million year-over-year, while Tantan's MAUs fell from 12.9 million to 10.2 million. These declines reflect challenges in user retention and monetization in the Chinese market.

The bright spot is Hello Group's overseas business, which grew 72.7% year-over-year to RMB442.4 million, now representing nearly 17% of total revenue. This growth is driven primarily by Soulchill and emerging brands, demonstrating effective international diversification.

The company's cash position remains strong at RMB12,390.6 million, though down from RMB14,728.5 million at the end of 2024. This decline likely reflects continued share repurchases, as the company has bought back 48.9 million ADSs for US$300.3 million.

Management's Q3 outlook projects revenue between RMB2.59-2.69 billion, indicating continued year-over-year pressure but sequential stability. The company appears to be in a transition period, with declining domestic operations partially offset by promising international growth.

BEIJING, Sept. 9, 2025 /PRNewswire/ -- Hello Group Inc. (NASDAQ: MOMO) ("Hello Group" or the "Company"), a leading player in Asia's online social networking space, today announced its unaudited financial results for the second quarter of 2025.  

Second Quarter of 2025 Highlights

• Net revenues decreased by 2.6% year over year to RMB2,620.4 million (US$365.8 million*) in the second quarter of 2025.
• Net revenues from overseas increased by 72.7% year over year to RMB442.4 million (US$61.8 million) in the second quarter of 2025.
• Net loss attributable to Hello Group Inc. was RMB140.2 million (US$19.6 million) in the second quarter of 2025, compared to a net income of RMB397.8 million in the same period of 2024.
• Non-GAAP net loss attributable to Hello Group Inc. (note 1) was RMB96.0 million (US$13.4 million) in the second quarter of 2025, compared to a net income of RMB449.2 million in the same period of 2024. In the second quarter of 2025, the Company accrued an additional withholding tax of RMB547.9 million (US$76.5 million) related to dividends paid or payable by its wholly-foreign owned enterprise ("WFOE") in Chinese mainland to its offshore parent company in Hong Kong, Momo Hong Kong. This accrual followed a notice the Company's WFOE, Momo Beijing, received from the Chinese tax authorities requiring Momo Beijing to withhold tax at the standard rate of 10% instead of the previously applied preferential rate of 5%. The RMB547.9 million (US$76.5 million) accrual in withholding tax was for prior periods. This accrual is unrelated to the normal business operation of the current period and future periods. In the second quarter of 2025 and going forward, we will continue to accrue withholding tax for the dividends payable by Momo Beijing to Momo Hong Kong at the standard rate of 10%. Further details are provided under "Income tax expenses."
• Diluted net loss per American Depositary Share ("ADS") was RMB0.84 (US$0.12) in the second quarter of 2025, compared to a diluted net income per ADS of RMB2.11 in the same period of 2024. 
• Non-GAAP diluted net loss per ADS (note 1) was RMB0.58 (US$0.08) in the second quarter of 2025, compared to a diluted net income per ADS of RMB2.38 in the same period of 2024.
• Monthly Active Users ("MAU") on Tantan app were 10.2 million in June 2025, compared to 12.9 million in June 2024.
• For the Momo app total paying users was 3.5 million for the second quarter of 2025, compared to 7.2 million for the same period last year. Tantan had 0.7 million paying users for the second quarter of 2025 compared to 1.0 million from the year ago period.

First Half of 2025 Highlights

• Net revenues decreased by 2.1% year over year to RMB5,141.2 million (US$717.7 million) for the first half of 2025.
• Net revenues from overseas increased by 72.3% year over year to RMB857.0 million (US$119.6 million) for the first half of 2025.
• Net income attributable to Hello Group Inc. was RMB217.8 million (US$30.4 million) for the first half of 2025, compared to RMB403.0 million during the same period of 2024.
• Non-GAAP net income attributable to Hello Group Inc. (note 1) was RMB307.7 million (US$43.0 million) for the first half of 2025, compared to RMB509.1 million during the same period of 2024.
• Diluted net income per ADS was RMB1.27 (US$0.18) for the first half of 2025, compared to RMB2.10 during the same period of 2024.
• Non-GAAP diluted net income per ADS (note 1) was RMB1.80 (US$0.25) for the first half of 2025, compared to RMB2.65 during the same period of 2024.

* This press release contains translations of certain Renminbi amounts into U.S. dollars at specified rate solely for the convenience of readers. Unless otherwise noted, all translations from Renminbi to U.S. dollars, in this press release, were made at a rate of RMB7.1636 to US$1.00, the effective noon buying rate for June 30, 2025 as set forth in the H.10 statistical release of the Federal Reserve Board.

"Q2 was a good quarter. Both our domestic and overseas business fundamentals extended the positive trend that began at the start of the year, achieving favorable results across various operational and financial metrics," commented Yan Tang, Chairman and CEO of Hello Group." Our Momo business has progressively stabilized, with both revenue and profit surpassing our initial expectations. For our overseas business, we have successfully maintained rapid growth while controlling costs and expenses effectively. This strategic approach keeps our overseas business on course to deliver an increasingly meaningful contribution to the group's overall financial performance. "

Second Quarter of 2025 Financial Results

Net revenues

Total net revenues were RMB2,620.4 million (US$365.8 million) in the second quarter of 2025, a decrease of 2.6% from RMB2,691.4 million in the second quarter of 2024.

Value-added service revenues mainly include virtual gift revenues from various audio, video and text- based scenarios, and membership subscription revenues. Total value-added service revenues were RMB2,579.3 million (US$360.1 million) in the second quarter of 2025, a decrease of 2.6% from RMB2,648.3 million during the same period of 2024. The decrease was primarily due to a soft consumer sentiment among top users in the current macro environment of Momo app, and to a lesser extent, the decline in Tantan's paying users which was in turn due to the decline in user base. The decrease was partially mitigated by the rapid revenue growth from our overseas apps, driven by the strong performance of the relatively established brand-Soulchill, along with the monetization of a collection of new apps.

Other services revenues were RMB41.1 million (US$5.7 million) in the second quarter of 2025, compared to RMB43.1 million during the same period of 2024.

Net revenues from Chinese mainland decreased from RMB2,435.1 million in the second quarter of 2024 to RMB2,177.9 million (US$304.0 million) in the second quarter of 2025, primarily due to the decrease in net revenues from Momo app and Tantan app. Net revenues from overseas increased from RMB256.3 million in the second quarter of 2024 to RMB442.4 million (US$61.8 million) in the second quarter of 2025, driven by the growth of Souchill and incremental revenue from emerging brands.

Cost and expenses

Cost and expenses were RMB2,227.7 million (US$311.0 million) in the second quarter of 2025, a decrease of 2.1% from RMB2,275.2 million in the second quarter of 2024. The decrease was primarily attributable to: (a) a decrease in Tantan's marketing and promotional expense due to our continuous initiatives to control cost and optimize Tantan's channel marketing strategy, partially offset by an increase in sales and marketing expenses related to the promotion of overseas apps; (b) a decrease in revenue sharing with broadcasters on Momo apps, which was partially offset by an increase in revenue sharing with virtual gift recipients for overseas apps; and (c) a decrease in production costs in connection with films.

Non-GAAP cost and expenses (note 1) were RMB2,183.6 million (US$304.8 million) in the second quarter of 2025, compared to RMB2,223.8 million during the same period of 2024.

Income from operations

Income from operations was RMB403.5 million (US$56.3 million) in the second quarter of 2025, compared to RMB425.0 million during the same period of 2024.

Non-GAAP income from operations (note 1) was RMB447.7 million (US$62.5 million) in the second quarter of 2025, compared to RMB476.5 million during the same period of 2024.  

Income tax expenses

Income tax expenses were RMB638.4 million (US$89.1 million) in the second quarter of 2025, compared to RMB102.6 million in the second quarter of 2024.

On August 27, 2025, the Company's WFOE, Momo Beijing, received a notice from the Chinese tax authorities requiring Momo Beijing to withhold tax at the standard rate of 10% instead of the previously applied preferential rate of 5%. As a result, the Company accrued an additional withholding tax of RMB547.9 million (US$76.5 million). Of this total amount, RMB356.1 million (US$49.7 million) was related to dividends paid by Momo Beijing in 2024 and in the first half of 2025, and this amount has been remitted in September 2025. The remaining RMB191.8 million (US$26.8 million) represents additional withholding tax accrued for the undistributed retained earnings of Momo Beijing as of March 31st 2025. The RMB547.9 million (US$76.5 million) accrual in withholding tax was for prior periods. This accrual is unrelated to the normal business operation of the current period and future periods. In the second quarter of 2025 and going forward, we will continue to accrue withholding tax for the dividends payable by Momo Beijing to Momo Hong Kong at the standard rate of 10%.

Net income (loss)

Net loss was RMB139.4 million (US$19.5 million) in the second quarter of 2025, compared to a net income of RMB397.8 million during the same period of 2024.

Non-GAAP net loss (note 1) was RMB95.2 million (US$13.3 million) in the second quarter of 2025, compared to a net income of RMB449.2 million during the same period of 2024.

Net income (loss) attributable to Hello Group Inc.

Net loss attributable to Hello Group Inc. was RMB140.2 million (US$19.6 million) in the second quarter of 2025, compared to a net income of RMB397.8 million during the same period of 2024.

Non-GAAP net loss (note 1) attributable to Hello Group Inc. was RMB96.0 million (US$13.4 million) in the second quarter of 2025, compared to a net income of RMB449.2 million during the same period of 2024.

Net income (loss) per ADS

Diluted net loss per ADS was RMB0.84 (US$0.12) in the second quarter of 2025, compared to a diluted net income per ADS of RMB2.11 in the second quarter of 2024.

Non-GAAP diluted net loss per ADS (note 1) was RMB0.58 (US$0.08) in the second quarter of 2025, compared to a diluted net income per ADS of RMB2.38 in the second quarter of 2024.

Cash and cash flow

As of June 30, 2025, the Company's cash, cash equivalents, short-term deposits, long-term deposits, short-term restricted cash and long-term restricted cash totaled RMB12,390.6 million (US$1,729.7 million), compared to RMB14,728.5 million as of December 31, 2024.

Net cash provided by operating activities in the second quarter of 2025 was RMB250.1 million (US$34.9 million), compared to RMB475.2 million in the second quarter of 2024.

First Half of 2025 Financial Results

Net revenues for the first half of 2025 were RMB5,141.2 million (US$717.7 million), a decrease of 2.1% from RMB5,251.8 million in the same period of 2024.

Net income attributable to Hello Group Inc. was RMB217.8 million (US$30.4 million) for the first half of 2025, compared to RMB403.0 million during the same period of 2024. 

Non-GAAP net income attributable to Hello Group Inc. (note 1) was RMB307.7 million (US$43.0 million) for the first half of 2025, compared to RMB509.1 million during the same period of 2024.

Diluted net income per ADS was RMB1.27 (US$0.18) during the first half of 2025, compared to RMB2.10 in the same period of 2024.

Non-GAAP diluted net income per ADS (note 1) was RMB1.80 (US$0.25) during the first half of 2025, compared to RMB2.65 in the same period of 2024.

Net cash provided by operating activities was RMB489.9 million (US$68.4 million) during the first half of 2025, compared to RMB875.4 million in the same period of 2024.

Recent Development

Share repurchase program

As of September, 9, 2025, the Company has repurchased 48.9 million ADSs for US$300.3 million on the open market under the Share Repurchase Program announced on June 7, 2022 and amended on March 14, 2024 and March 12, 2025, at an average purchase price of US$6.12 per ADS. The remaining size of the program is US$185.8 million.

Business Outlook

For the third quarter of 2025, the Company expects total net revenues to be between RMB2.59 billion to RMB2.69 billion, representing a decrease of 3.2% to an increase of 0.6% year over year. This forecast reflects the Company's current and preliminary views on the market and operational conditions, which are subject to change.

Note 1: Non-GAAP measures

To supplement our consolidated financial statements presented in accordance with U.S. generally accepted accounting principles ("GAAP"), we, Hello Group, use various non-GAAP financial measures that are adjusted from the most comparable GAAP results to exclude share-based compensation and amortization of intangible assets from business acquisitions, and such adjustments has no impact on income tax.

Reconciliations of our non-GAAP financial measures to our U.S. GAAP financial measures are shown in tables at the end of this earnings release, which provide more details about the non-GAAP financial measures.

Our non-GAAP financial information is provided as additional information to help investors compare business trends among different reporting periods on a consistent basis and to enhance investors' overall understanding of the historical and current financial performance of our continuing operations and our prospects for the future. Our non-GAAP financial information should be considered in addition to results prepared in accordance with GAAP, but should not be considered a substitute for or superior to the GAAP results. In addition, our calculation of the non-GAAP financial measures may be different from the calculation used by other companies, and therefore comparability may be limited.

Our non-GAAP information (including non-GAAP cost and operating expenses, income from operations, net income (loss), net income (loss) attributable to Hello Group Inc., and diluted net income (loss) per ADS) is adjusted from the most comparable GAAP results to exclude share-based compensation and amortization of intangible assets from business acquisitions, and such adjustments has no impact on income tax. A limitation of using these non-GAAP financial measures is that share-based compensation and amortization of intangible assets from business acquisitions have been and will continue to be for the foreseeable future significant recurring expenses in our results of operations. We compensate for such limitation by providing reconciliations of our non-GAAP measures to our U.S. GAAP measures. Please see the reconciliation tables at the end of this earnings release.

Conference Call

Hello Group's management will host an earnings conference call on Tuesday, September 9, 2025, at 8:00 a.m. U.S. Eastern Time (8:00 p.m. Beijing / Hong Kong Time on September 9, 2025).

Participants can register for the conference call by navigating to:

https://s1.c-conf.com/diamondpass/10049643-g8d65s.html. 

Upon registration, each participant will receive details for the conference call, including dial-in numbers, conference call passcode and a unique access PIN. Please dial in 10 minutes before the call is scheduled to begin.

A telephone replay of the call will be available after the conclusion of the conference call through September 16, 2025. The dial-in details for the replay are as follows:

U.S. / Canada: 1-855-883-1031

Hong Kong: 800-930-639
Passcode: 10049643

Additionally, a live and archived webcast of the conference call will be available on the Investor Relations section of Hello Group's website at https://ir.hellogroup.com.

About Hello Group Inc.

We are a leading player in Asia's online social networking space. Through Momo, Tantan and other properties within our product portfolio, we enable users to discover new relationships, expand their social connections and build meaningful interactions. Momo is a mobile application that connects people and facilitates social interactions based on location, interests and a variety of online recreational activities. Tantan, which was added into our family of applications through acquisition in May 2018, is a leading social and dating application. Tantan is designed to help its users find and establish romantic connections as well as meet interesting people. Starting from 2019, we have incubated a number of other new apps, such as Hertz, Soulchill, and Duidui, which target more niche markets and more selective demographics.

For investor and media inquiries, please contact:

Hello Group Inc.

Investor Relations 
Phone: +852 3157 1669
Email: ir@hellogroup.com 

Christensen

In China
Ms. Xiaoyan Su 
Phone: +86-10-5900-1548 
E-mail: Xiaoyan.Su@christensencomms.com 

In U.S.

Ms. Linda Bergkamp
Phone: +1-480-614-3004 
Email: linda.bergkamp@christensencomms.com 

Safe Harbor Statement

This news release contains "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements include but are not limited to our management quotes, our financial outlook for the third quarter of 2025, as well as the amount of, timing, methods and funding sources for repurchases of our shares under the share repurchase program.

Our forward-looking statements are not historical facts but instead represent only our belief regarding expected results and events, many of which, by their nature, are inherently uncertain and outside of our control. Our actual results and other circumstances may differ, possibly materially, from the anticipated results and events indicated in these forward-looking statements. Announced results for the second quarter of 2025 are preliminary, unaudited and subject to audit adjustment. In addition, we may not meet our financial outlook for the third quarter of 2025 and may be unable to grow our business in the manner planned. We may also modify our strategy for growth.  Moreover, there are other risks and uncertainties that could cause our actual results to differ from what we currently anticipate, including those relating to our ability to retain and grow our user base, our ability to attract and retain sufficiently trained professionals to support our operations, our ability to anticipate and develop new services and enhance existing services to meet the demand of our users or customers, the market price of the Company's stock prevailing from time to time, the nature of other investment opportunities presented to the Company from time to time, the Company's cash flows from operations, general economic conditions, and other factors.  For additional information on these and other important factors that could adversely affect our business, financial condition, results of operations, and prospects, please see our filings with the U.S. Securities and Exchange Commission.

All information provided in this press release and in the attachments is as of the date of the press release. We undertake no obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise, after the date of this release, except as required by law. Such information speaks only as of the date of this release.         

 

 

 

Hello Group Inc.
Unaudited Condensed Consolidated Statement of Operations
(All amounts in thousands, except share and per share data)
	Three months						First half year
	Ended June 30						Ended June 30
	2024		2025		2025		2024		2025		2025
	RMB		RMB		US$		RMB		RMB		US$
Net revenues(i):
Value-added service	2,648,336		2,579,292		360,055		5,181,253		5,069,194		707,632
Other services	43,055		41,076		5,734		70,558		72,009		10,052
Total net revenues	2,691,391		2,620,368		365,789		5,251,811		5,141,203		717,684
Cost and expenses:
Cost of revenues	(1,595,789)		(1,607,712)		(224,428)		(3,098,797)		(3,176,786)		(443,462)
Research and development	(193,168)		(183,859)		(25,666)		(385,359)		(379,628)		(52,994)
Sales and marketing	(364,769)		(347,327)		(48,485)		(658,200)		(676,505)		(94,436)
General and administrative	(121,482)		(88,839)		(12,401)		(252,863)		(229,350)		(32,016)
Total cost and expenses	(2,275,208)		(2,227,737)		(310,980)		(4,395,219)		(4,462,269)		(622,908)
Other operating income, net	8,861		10,865		1,517		28,767		24,047		3,357
Income from operations	425,044		403,496		56,326		885,359		702,981		98,133
Interest income	130,937		105,513		14,729		252,044		225,851		31,528
Interest expense	(32,493)		(23,417)		(3,269)		(56,191)		(54,076)		(7,549)
Other gain or loss, net	(34,625)		(40)		(6)		(43,870)		(40)		(6)
Income before income tax and share of income on equity method investments	488,863		485,552		67,780		1,037,342		874,716		122,106
Income tax expenses	(102,614)		(638,390)		(89,116)		(660,227)		(708,796)		(98,944)
Income (loss) before share of income on equity method investments	386,249		(152,838)		(21,336)		377,115		165,920		23,162
Share of income on equity method investments	11,536		13,427		1,874		25,854		53,158		7,421
Net income (loss)	397,785		(139,411)		(19,462)		402,969		219,078		30,583
Less: net income attributable to non-controlling interest	-		793		111		-		1,288		180
Net income (loss) attributable to the shareholders of Hello Group Inc.	397,785		(140,204)		(19,573)		402,969		217,790		30,403
Net income (loss) per share attributable to ordinary shareholders
Basic	1.10		(0.42)		(0.06)		1.09		0.65		0.09
Diluted	1.05		(0.42)		(0.06)		1.05		0.64		0.09
Weighted average shares used in calculating net income (loss) per ordinary share
Basic	362,394,762		332,986,414		332,986,414		368,522,705		335,653,491		335,653,491
Diluted	377,903,589		332,986,414		332,986,414		383,528,002		341,743,527		341,743,527
(i) The following table presents revenues by geographic area based on the addresses of our customers of our users:
	Three months						First half year
	Ended June 30						Ended June 30
	2024		2025		2025		2024		2025		2025
	RMB		RMB		US$		RMB		RMB		US$
Chinese mainland	2,435,133		2,177,929		304,027		4,754,356		4,284,162		598,046
Overseas	256,258		442,439		61,762		497,455		857,041		119,638
Total	2,691,391		2,620,368		365,789		5,251,811		5,141,203		717,684

 

 

 

Hello Group Inc.
Unaudited Condensed Consolidated Statement of Comprehensive Income
(All amounts in thousands, except share and per share data)
	Three months						First half year
	Ended June 30						Ended June 30
	2024		2025		2025		2024		2025		2025
	RMB		RMB		US$		RMB		RMB		US$
Net income (loss)	397,785		(139,411)		(19,462)		402,969		219,078		30,583
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustment	41,569		(73,476)		(10,257)		96,463		(116,814)		(16,307)
Comprehensive income (loss)	439,354		(212,887)		(29,719)		499,432		102,264		14,276
Less: comprehensive income (loss) attributed to the non-controlling interest	1,202		(920)		(128)		4,286		(1,519)		(212)
Comprehensive income (loss) attributable to Hello Group Inc.	438,152		(211,967)		(29,591)		495,146		103,783		14,488

 

 

 

Hello Group Inc.
Unaudited Condensed Consolidated Balance Sheets
(All amounts in thousands, except share and per share data)
	December 31		June 30		June 30
	2024		2025		2025
	RMB		RMB		US$
Assets
Current assets
Cash and cash equivalents	4,122,659		5,017,224		700,377
Short-term deposits	2,026,245		1,308,180		182,615
Restricted cash	4,566,477		3,539,451		494,088
Accounts receivable, net of allowance for credit losses of RMB12,433 and RMB17,725 as of December 31, 2024 and June 30, 2025, respectively	192,317		238,778		33,332
Prepaid expenses and other current assets	1,104,172		982,242		137,116
Total current assets	12,011,870		11,085,875		1,547,528
Long-term deposits	3,059,860		2,482,720		346,574
Long-term restricted cash	953,285		42,982		6,000
Right-of-use assets, net	252,169		154,635		21,586
Property and equipment, net	897,036		928,462		129,608
Intangible assets, net	86,661		186,287		26,005
Rental deposits	13,280		5,365		749
Long-term investments	825,533		1,195,290		166,856
Other non-current assets	110,960		147,693		20,617
Deferred tax assets	36,066		35,144		4,906
Goodwill	136,250		250,684		34,994
Total assets	18,382,970		16,515,137		2,305,423
Liabilities and equity
Current liabilities
Accounts payable	615,254		619,442		86,469
Deferred revenue	427,702		439,478		61,349
Accrued expenses and other current liabilities	704,410		603,410		84,233
Lease liabilities due within one year	141,971		103,672		14,472
Income tax payable	157,057		415,524		58,005
Deferred consideration in connection with business acquisitions-current	28,027		48,997		6,840
Convertible Senior Notes-current	20,191		-		-
Long-term borrowings, current portion	1,938,385		1,939,273		270,712
Short-term borrowings	2,365,535		675,000		94,226
Total current liabilities	6,398,532		4,844,796		676,306
Deferred consideration in connection with business acquisitions-non current	65,694		42,982		6,000
Lease liabilities	115,105		57,640		8,046
Deferred tax liabilities	241,915		435,811		60,837
Long-term borrowings	-		3,036		424
Other non-current liabilities	129,051		137,491		19,193
Total liabilities	6,950,297		5,521,756		770,806
Shareholder's equity (ii)	11,432,673		10,993,381		1,534,617
Total liabilities and shareholder's equity	18,382,970		16,515,137		2,305,423
(ii): As of June 30, 2025, the number of ordinary shares outstanding was 318,881,690.

 

 

 

Hello Group Inc.
Unaudited Condensed Consolidated Statement of Cash Flows
(All amounts in thousands, except share and per share data)
	Three months						First half year
	Ended June 30						Ended June 30
	2024		2025		2025		2024		2025		2025
	RMB		RMB		US$		RMB		RMB		US$
Cash flows from operating activities:
Net income (loss)	397,785		(139,411)		(19,462)		402,969		219,078		30,583
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation of property and equipment	13,525		11,229		1,568		27,835		23,620		3,297
Amortization of intangible assets	1,279		7,655		1,069		2,558		13,846		1,933
Share-based compensation	51,458		37,801		5,277		106,128		78,661		10,980
Share of income on equity method investments	(11,536)		(13,427)		(1,874)		(25,854)		(53,158)		(7,421)
Cash received on distributions from equity method investments	1,197		-		-		1,197		-		-
Returns on investments	-		289		40		-		797		111
Loss on long-term investments	34,625		40		6		43,870		40		6
Gain or loss on disposal of property and equipment	(178)		(146)		(20)		80		(248)		(35)
Provision of loss on receivable and other assets	145		312		44		1,921		5,717		798
Changes in operating assets and liabilities:
Accounts receivable	4,848		(17,847)		(2,491)		15,828		(36,991)		(5,164)
Prepaid expenses and other current assets	15,043		(133,016)		(18,568)		5,366		(121,641)		(16,980)
Rental deposits	-		8,016		1,119		(802)		7,906		1,104
Deferred tax assets	(1,580)		581		81		(4,078)		921		129
Other non-current assets	(198,746)		46,626		6,509		(206,343)		81,672		11,401
Accounts payable	(14,292)		4,047		565		(31,746)		(9,496)		(1,326)
Income tax payable	(42,533)		363,302		50,715		(36,497)		262,323		36,619
Deferred revenue	(15,268)		2,684		375		1,406		11,719		1,636
Accrued expenses and other current liabilities	121,547		(70,803)		(9,884)		64,747		(141,786)		(19,793)
Deferred tax liabilities	14,410		181,183		25,292		379,421		193,896		27,067
Other non-current liabilities	103,500		(38,986)		(5,442)		127,393		(47,026)		(6,565)
Net cash provided by operating activities	475,229		250,129		34,919		875,399		489,850		68,380
Cash flows from investing activities:
Purchase of property and equipment	(199,842)		(26,162)		(3,652)		(244,018)		(53,976)		(7,535)
Payment for long-term investments	(5,250)		(72,593)		(10,134)		(5,250)		(72,593)		(10,134)
Payment for business acquisition	-		-		-		-		(194,390)		(27,136)
Cash received on maturity of short-term deposits	781,016		-		-		1,081,016		1,107,245		154,565
Purchase of long-term deposits	-		-		-		(718,860)		-		-
Cash received on maturity of long-term deposits	-		-		-		718,860		150,000		20,939
Cash received from sales of long-term investment	-		-		-		2,000		-		-
Loan to a third-party company	-		(6,278)		(876)		-		(33,756)		(4,712)
Other investing activities	298		302		42		683		494		69
Net cash provided by (used in) investing activities	576,222		(104,731)		(14,620)		834,431		903,024		126,056
Cash flows from financing activities:
Proceeds from exercise of share options	2		2		-		13		4		1
Repurchase of ordinary shares	(394,561)		(97,196)		(13,568)		(506,822)		(298,725)		(41,700)
Dividends payment	(716,302)		(346,182)		(48,325)		(716,302)		(346,182)		(48,325)
Payment in relation to redemption of convertible bonds	-		(20,221)		(2,823)		-		(20,221)		(2,823)
Proceeds from short-term borrowings	-		-		-		1,331,635		-		-
Repayment of short-term borrowings	-		-		-		-		(1,690,535)		(235,990)
Repayment of long-term borrowings	-		(279)		(39)		(215)		(674)		(94)
Net cash (used in) provided by financing activities	(1,110,861)		(463,876)		(64,755)		108,309		(2,356,333)		(328,931)
Effect of exchange rate changes	27,725		(53,620)		(7,488)		48,539		(79,305)		(11,070)
Net (decrease) increase in cash and cash equivalents	(31,685)		(372,098)		(51,944)		1,866,678		(1,042,764)		(145,565)
Cash, cash equivalents and restricted cash at the beginning of period	10,181,275		8,971,755		1,252,409		8,282,912		9,642,421		1,346,030
Cash, cash equivalents and restricted cash at the end of period	10,149,590		8,599,657		1,200,465		10,149,590		8,599,657		1,200,465

 

 

 

Hello Group Inc.
Reconciliation of Non-GAAP financial measures to comparable GAAP measures
(All amounts in thousands, except per share data)
1.	Reconciliation of Non-GAAP cost and operating expenses, income from operations, and net income (loss) to comparable GAAP measures.
	Three months				Three months					Three months
	Ended June 30, 2024				Ended June 30, 2025					Ended June 30, 2025
	GAAP	Share-based compensation	Non-GAAP		GAAP	Amortization of intangible assets  from business acquisitions	Share-based compensation	Non-GAAP		GAAP	Amortization of intangible assets  from business acquisitions	Share-based compensation	Non-GAAP
	RMB	RMB	RMB		RMB	RMB	RMB	RMB		US$	US$	US$	US$
Cost of revenues	(1,595,789)	1,796	(1,593,993)		(1,607,712)	1,762	1,560	(1,604,390)		(224,428)	246	218	(223,964)
Research and development	(193,168)	13,512	(179,656)		(183,859)	1,140	10,710	(172,009)		(25,666)	159	1,495	(24,012)
Sales and marketing	(364,769)	4,149	(360,620)		(347,327)	3,474	4,159	(339,694)		(48,485)	485	581	(47,419)
General and administrative	(121,482)	32,001	(89,481)		(88,839)	-	21,372	(67,467)		(12,401)	-	2,983	(9,418)
Cost and operating expenses	(2,275,208)	51,458	(2,223,750)		(2,227,737)	6,376	37,801	(2,183,560)		(310,980)	890	5,277	(304,813)
Income from operations	425,044	51,458	476,502		403,496	6,376	37,801	447,673		56,326	890	5,277	62,493
Net income (loss) attributable to Hello Group Inc.	397,785	51,458	449,243		(140,204)	6,376	37,801	(96,027)		(19,573)	890	5,277	(13,406)

 

 

 

Hello Group Inc.
Reconciliation of Non-GAAP financial measures to comparable GAAP measures
(All amounts in thousands, except per share data)
1.	Reconciliation of Non-GAAP cost and operating expenses, income from operations, and net income (loss) to comparable GAAP measures-continued.
	First half year				First half year					First half year
	Ended June 30, 2024				Ended June 30, 2025					Ended June 30, 2025
	GAAP	Share-based compensation	Non-GAAP		GAAP	Amortization of intangible assets from business acquisitions	Share-based compensation	Non-GAAP		GAAP	Amortization of intangible assets from business acquisitions	Share-based compensation	Non-GAAP
	RMB	RMB	RMB		RMB	RMB	RMB	RMB		US$	US$	US$	US$
Cost of revenues	(3,098,797)	3,678	(3,095,119)		(3,176,786)	3,025	3,334	(3,170,427)		(443,462)	422	465	(442,575)
Research and development	(385,359)	22,298	(363,061)		(379,628)	1,999	19,770	(357,859)		(52,994)	279	2,760	(49,955)
Sales and marketing	(658,200)	10,266	(647,934)		(676,505)	6,264	8,470	(661,771)		(94,436)	874	1,182	(92,380)
General and administrative	(252,863)	69,886	(182,977)		(229,350)	-	47,087	(182,263)		(32,016)	-	6,573	(25,443)
Cost and operating expenses	(4,395,219)	106,128	(4,289,091)		(4,462,269)	11,288	78,661	(4,372,320)		(622,908)	1,575	10,980	(610,353)
Income from operations	885,359	106,128	991,487		702,981	11,288	78,661	792,930		98,133	1,575	10,980	110,688
Net income attributable to Hello Group Inc.	402,969	106,128	509,097		217,790	11,288	78,661	307,739		30,403	1,575	10,980	42,958

 

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SOURCE Hello Group Inc.

FAQ

What were Hello Group's (MOMO) key financial results for Q2 2025?

Hello Group reported net revenues of RMB2,620.4 million (US$365.8M), down 2.6% YoY, and a net loss of RMB140.2 million compared to a net income of RMB397.8 million in Q2 2024.

Why did Hello Group (MOMO) report a loss in Q2 2025?

The loss was primarily due to an additional withholding tax accrual of RMB547.9 million following a tax rate increase from 5% to 10% for dividends paid to its Hong Kong entity.

How is Hello Group's (MOMO) overseas business performing?

Overseas revenues showed strong growth, increasing 72.7% YoY to RMB442.4 million, driven by strong performance of the Soulchill brand and new apps.

What is the status of Hello Group's (MOMO) share repurchase program?

As of September 9, 2025, the company has repurchased 48.9 million ADSs for US$300.3 million at an average price of US$6.12 per ADS, with US$185.8 million remaining in the program.

How many paying users does Hello Group (MOMO) have in Q2 2025?

Momo app had 3.5 million paying users (down from 7.2 million YoY) and Tantan had 0.7 million paying users (down from 1.0 million YoY).

What is Hello Group's (MOMO) guidance for Q3 2025?

The company expects Q3 2025 total net revenues between RMB2.59-2.69 billion, representing a change of -3.2% to +0.6% YoY.