Hola Grupo Inc. (MOMO): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama dinámico de las redes sociales digitales, Hello Group Inc. (MOMO) surge como una plataforma de pioneros que combina la tecnología de punta sin problemas con la conexión humana. Al aprovechar los algoritmos avanzados impulsados ​​por la IA y las asociaciones estratégicas, esta empresa innovadora ha transformado las interacciones sociales móviles para millones de usuarios, particularmente dirigidos a profesionales urbanos jóvenes y generaciones nativas digitales en China. Su modelo de negocio único va más allá de las redes sociales tradicionales, ofreciendo emparejamientos personalizados, integración del entretenimiento y un ecosistema robusto que redefine cómo las personas se conectan en la era digital.

Hello Group Inc. (MOMO) - Modelo de negocios: asociaciones clave

Alianza estratégica con Tencent

Hello Group Inc. mantiene una asociación estratégica con Tencent, centrándose en las redes sociales e integración de tecnología móvil. A partir del cuarto trimestre de 2023, la asociación implica:

Métrico de asociación	Detalles específicos
Integración tecnológica	Colaboración de WeChat Mini-Program
Compartir la base de usuarios	Más de 1.200 millones de usuarios de plataformas multiplataformas
Inversión anual	$ 42.5 millones en desarrollo de tecnología conjunta

Colaboraciones de transportistas móviles

Hello Group se asocia con múltiples operadores móviles para la distribución del servicio:

• China Mobile: Acuerdo de distribución que cubre 932 millones de suscriptores
• China Telecom: Integración de servicios que llega a 390 millones de usuarios
• China Unicom: Asociación de optimización de redes

Creador de contenido y asociaciones de entretenimiento

Tipo de socio	Número de asociaciones	Valor de colaboración anual
Plataformas de transmisión	17 asociaciones activas	$ 28.3 millones
Creadores de contenido independientes	1.245 creadores	$ 12.7 millones en licencias de contenido

Asociaciones de tecnología y servicio en la nube

Las asociaciones de nubes y tecnología de Hello Group incluyen:

• Cloud de Alibaba: proveedor de infraestructura de nube primaria
• Servicios web de Amazon: Servicios en la nube de respaldo
• Huawei Cloud: infraestructura de nube suplementaria

Proveedor de nubes	Gasto anual de servicios en la nube	Cobertura de servicio
Nube de alibaba	$ 67.5 millones	Soporte de infraestructura primaria
AWS	$ 22.3 millones	Copia de seguridad y servicios especializados
Nube de Huawei	$ 15.6 millones	Infraestructura complementaria

Hello Group Inc. (MOMO) - Modelo de negocios: actividades clave

Desarrollo de la plataforma de redes sociales

Base de usuarios de la plataforma: 55.7 millones de usuarios activos mensuales a partir del tercer trimestre 2023. Total de usuarios registrados: 180.1 millones.

Métrica de plataforma	Datos cuantitativos
Descargas de aplicaciones móviles	78.3 millones en 2023
Inversión de desarrollo de plataforma	$ 42.6 millones en gastos de I + D
Infraestructura tecnológica	Infraestructura basada en la nube que abarca 3 centros de datos

Servicios de citas móviles e interacción social

Ingresos de los servicios sociales: $ 214.3 millones en 2023.

• Ingresos de regalos virtuales: $ 87.5 millones
• Servicios de suscripción: $ 62.9 millones
• Características de interacción premium: $ 63.9 millones

Creación y curación de contenido digital

Categoría de contenido	Volumen
Videos generados por el usuario	4.2 millones de cargas diarias
Horario de transmisión en vivo	32.6 millones de horas por mes
Presupuesto de moderación de contenido	$ 18.7 millones anuales

Participación del usuario y mejora de la experiencia

Métricas de participación: duración promedio de la sesión de 37.4 minutos por usuario.

• Tasa de retención de usuarios: 68.2%
• Usuarios activos diarios: 22.1 millones
• Características de interacción del usuario: 14 herramientas de participación distintas

Algoritmos de recomendación impulsados ​​por IA

Rendimiento del algoritmo	Métrica
Precisión a juego	82.6% de precisión
Inversión de aprendizaje automático	$ 26.3 millones en 2023
Procesamiento del sistema de recomendación	3.9 mil millones de interacciones diarias

Hello Group Inc. (MOMO) - Modelo de negocios: recursos clave

Infraestructura de base de datos e redes sociales grandes de usuarios

A partir del cuarto trimestre de 2023, Hello Group reportó 180.1 millones de usuarios activos mensuales en sus plataformas sociales. El total de usuarios registrados llegaron a 412.3 millones.

Métrico de usuario	Número
Usuarios activos mensuales	180.1 millones
Total de usuarios registrados	412.3 millones

Aprendizaje automático avanzado y tecnologías de IA

Inversión en I + D en IA y tecnologías de aprendizaje automático: $ 57.4 millones en 2023.

Inversión tecnológica	Cantidad
Gastos de I + D de AI/ml	$ 57.4 millones

Experiencia en desarrollo de aplicaciones móviles

• Descargas totales de aplicaciones móviles: 286.7 millones en 2023
• Tamaño del equipo de desarrollo de aplicaciones: 742 ingenieros

Reconocimiento de marca fuerte

Valoración de la marca en el mercado de redes sociales chinas: $ 1.23 mil millones en 2023.

Propiedad intelectual y algoritmos propietarios

• Total de patentes registradas: 214
• Algoritmos de correspondencia de IA únicos: 37

Propiedad intelectual	Contar
Patentes registradas	214
Algoritmos de juego de IA únicos	37

Hello Group Inc. (MOMO) - Modelo de negocios: propuestas de valor

Soluciones innovadoras de redes sociales para usuarios móviles

Hello Group Inc. reportó 31.9 millones de usuarios activos mensuales en el tercer trimestre de 2023. Los ingresos de la plataforma móvil alcanzaron $ 153.2 millones durante el mismo trimestre.

Métrica de plataforma	Valor
Usuarios activos mensuales	31.9 millones
Ingresos de la plataforma móvil	$ 153.2 millones
Tasa de participación del usuario móvil	68.5%

Servicios de emparejamiento y conexión de IA

El algoritmo de correspondencia de IA de la compañía procesa más de 500,000 interacciones de usuario diariamente, con una tasa de conexión exitosa del 42.7%.

• Precisión de correspondencia de IA: 87.3%
• Interacciones diarias del usuario: 500,000
• Tasa de conexión exitosa: 42.7%

Experiencia de usuario personalizada a través de algoritmos avanzados

Las características de personalización contribuyen al 47.6% de la retención de usuarios, con el 63.2% de los usuarios que reciben recomendaciones personalizadas.

Métrico de personalización	Porcentaje
Retención de usuarios a través de la personalización	47.6%
Los usuarios que reciben recomendaciones personalizadas	63.2%
Precisión de recomendación de algoritmo	76.5%

Plataforma social digital segura e interactiva

Los protocolos de seguridad incluyen tiempo real profile Verificación con 99.3% de precisión y moderación automatizada de contenido que cubre el 99.8% de las interacciones del usuario.

• Profile Precisión de verificación: 99.3%
• Cobertura de moderación de contenido: 99.8%
• Tiempo de respuesta del informe del usuario: menos de 30 minutos

Integración de entretenimiento y comunicación

Las características integradas de entretenimiento generan $ 78.6 millones en ingresos adicionales, con el 45.2% de los usuarios que participan activamente en la comunicación multimedia.

Métrica de integración del entretenimiento	Valor
Ingresos adicionales del entretenimiento	$ 78.6 millones
Usuarios que participan en la comunicación multimedia	45.2%
Tiempo promedio dedicado a las características de entretenimiento	47 minutos por día

Hello Group Inc. (MOMO) - Modelo de negocios: Relaciones con los clientes

Modelo de interacción impulsado por la comunidad

A partir del cuarto trimestre de 2023, Hello Group reportó 13.7 millones de usuarios activos mensuales en sus plataformas de redes sociales. La plataforma genera aproximadamente $ 456.2 millones en ingresos trimestrales de las características de interacción social.

Métrica de interacción de usuario	2023 datos
Usuarios activos mensuales	13.7 millones
Interacciones sociales diarias	387 millones
Duración promedio de la sesión del usuario	42.6 minutos

Soporte de usuario personalizado

Hello Group mantiene un equipo de atención al cliente de 1,247 representantes dedicados, manejando un promedio de 68,500 consultas de usuarios diariamente.

• Atención al cliente multilingüe 24/7
• Tasa de resolución de chatbot con IA: 62%
• Tiempo de respuesta promedio: 7.3 minutos

Actualizaciones de características de plataforma continua

En 2023, Hello Group invirtió $ 87.3 millones en investigación y desarrollo, implementando 143 actualizaciones de características de la plataforma.

Categoría de actualización de funciones	Número de actualizaciones
Características de interacción social	47
Mejoras de la interfaz de usuario	36
Mejoras del rendimiento	60

Comentarios de los usuarios y mecanismos de compromiso

La plataforma recopila aproximadamente 2.4 millones de envíos de comentarios de los usuarios mensualmente, con una tasa de satisfacción del usuario del 78.5%.

Gamificación de interacciones sociales

Las funciones de gamificación de Hello Group generan $ 124.6 millones en ingresos trimestrales, con 6.2 millones de usuarios activos diarios que participan en interacciones gamificadas.

Métrico de gamificación	2023 datos
Usuarios de gamificación activos diarios	6.2 millones
Ingresos trimestrales de gamificación	$ 124.6 millones
Tiempo promedio de participación del usuario	27.4 minutos

Hello Group Inc. (MOMO) - Modelo de negocios: canales

Plataformas de aplicaciones móviles (iOS y Android)

A partir del cuarto trimestre de 2023, las aplicaciones móviles de Hello Group tienen 57.3 millones de usuarios activos mensuales en las plataformas iOS y Android. Las estadísticas de descarga de la aplicación móvil son las siguientes:

Plataforma	Descargas totales	Usuarios activos
iOS	23.6 millones	28.4 millones
Androide	34.7 millones	29.9 millones

Plataforma basada en la web

La plataforma web genera el 18.2% de las interacciones totales del usuario, con 12.4 millones de visitantes mensuales únicos a diciembre de 2023.

Integración de redes sociales

Los canales de redes sociales contribuyen a la adquisición de usuarios con las siguientes métricas:

• WeChat: 42.5 millones de usuarios conectados
• Weibo: 23.7 millones de seguidores
• Tiktok: 16.9 millones de seguidores

Redes de distribución de operadores móviles

Las asociaciones con operadores móviles incluyen:

Transportador	Alcance del usuario	Acuerdo de distribución
China Mobile	15.6 millones	Acuerdo exclusivo de preinstalación
Telecomunda de China	11.3 millones	Asociación de distribución estándar

Canales de marketing digital

Desglose del canal de marketing digital para 2023:

• Publicidad programática: gasto de $ 42.5 millones
• Marketing de motores de búsqueda: gasto de $ 28.3 millones
• Publicidad en las redes sociales: gasto de $ 35.7 millones
• Marketing de influencers: gasto de $ 16.9 millones

Hello Group Inc. (MOMO) - Modelo de negocios: segmentos de clientes

Jóvenes profesionales urbanos

A partir del cuarto trimestre de 2023, la plataforma MOMO de Hello Group reportó 113.4 millones de usuarios activos mensuales, con un 65.7% concentrado en las ciudades chinas de nivel 1 y nivel 2.

Grupo de edad	Porcentaje	Gasto mensual promedio
25-35 años	42.3%	¥287 ($40.50)
36-45 años	28.6%	¥203 ($28.60)

Usuarios de Internet móvil chino

Hello Group se dirige a la demografía de Internet móvil con 98.3% de accesibilidad de plataforma a través de dispositivos móviles.

• Usuarios totales de Internet móvil en China: 1.02 mil millones
• Tasa de penetración de la plataforma: 11.1%
• Usuarios móviles activos diarios: 37.6 millones

Generaciones nativas digitales

Se dirige a la generación Z y los millennials más jóvenes, que representan el 53.4% ​​de la base de usuarios de la plataforma.

Generación	Porcentaje de usuario	Uso promedio de la plataforma diaria
Generación Z (18-25)	34.2%	87 minutos
Millennials (26-40)	19.2%	62 minutos

Singles que buscan conexiones sociales

La plataforma informa 72.4 millones de usuarios individuales registrados a diciembre de 2023.

• Usuarios masculinos: 58.6%
• Usuarios femeninos: 41.4%
• Promedio de nuevos registros mensuales: 1.2 millones

Consumidores de entretenimiento móvil

El segmento de entretenimiento genera ingresos significativos a través de regalos virtuales y características interactivas.

Categoría de entretenimiento	Ingresos mensuales	Compromiso de usuario
Transmisión en vivo	¥ 423 millones ($ 59.6 millones)	22.7 millones de usuarios activos diarios
Regalos virtuales	¥ 287 millones ($ 40.5 millones)	16,4 millones de participantes mensuales

Hello Group Inc. (MOMO) - Modelo de negocios: Estructura de costos

Mantenimiento de la infraestructura tecnológica

En 2023, Hello Group Inc. reportó costos de mantenimiento de la infraestructura tecnológica de $ 87.4 millones, lo que representa el 12.3% de los gastos operativos totales.

Categoría de costos	Cantidad (USD)	Porcentaje de costos tecnológicos totales
Infraestructura de red	$ 42.1 millones	48.2%
Mantenimiento de hardware	$ 25.6 millones	29.3%
Actualizaciones de software	$ 19.7 millones	22.5%

Inversiones de investigación y desarrollo

Los gastos de I + D para Hello Group Inc. en 2023 totalizaron $ 156.2 millones, que fue del 17.5% de los ingresos totales.

• AI y desarrollo de aprendizaje automático: $ 68.3 millones
• Mejora de la experiencia del usuario: $ 47.9 millones
• Innovación de nuevos productos: $ 39.0 millones

Gastos de marketing y adquisición de usuarios

Los costos de marketing para 2023 ascendieron a $ 213.6 millones, lo que representa el 23.9% de los gastos operativos totales.

Canal de marketing	Gasto (USD)	Porcentaje del presupuesto de marketing
Publicidad digital	$ 98.7 millones	46.2%
Campañas de redes sociales	$ 62.4 millones	29.2%
Asociaciones de influencia	$ 52.5 millones	24.6%

Moderación y seguridad de contenido

Los gastos de moderación y seguridad de contenido en 2023 fueron de $ 44.8 millones, lo que representa el 5% de los costos operativos totales.

• Filtrado de contenido con IA: $ 22.3 millones
• Equipos de revisión manual: $ 15.6 millones
• Infraestructura de seguridad: $ 6.9 millones

Costos de computación en la nube y servidor

La computación en la nube y los gastos del servidor para Hello Group Inc. alcanzaron $ 102.5 millones en 2023.

Proveedor de servicios en la nube	Gasto (USD)	Porcentaje de costos de nubes
Servicios web de Amazon	$ 61.5 millones	60%
Plataforma en la nube de Google	$ 31.2 millones	30.5%
Microsoft Azure	$ 9.8 millones	9.5%

Hello Group Inc. (MOMO) - Modelo de negocios: flujos de ingresos

Servicios premium basados ​​en suscripción

En 2023, Hello Group reportó ingresos por suscripción de $ 225.4 millones de servicios de redes sociales y redes sociales. La compañía ofrece paquetes de suscripción escalonados con tarifas mensuales que van desde $ 9.99 a $ 29.99.

Nivel de suscripción	Precio mensual	Suscriptores estimados
Prima básica	$9.99	1,200,000
Prima avanzada	$19.99	800,000
Prima VIP	$29.99	400,000

Ventas de regalos virtuales y contenido digital

Las ventas de regalos virtuales generaron $ 187.6 millones en ingresos para Hello Group en 2023. La monetización de contenido digital incluye:

• Pegatinas animadas: $ 45.2 millones
• Personalizaciones de avatar virtual: $ 62.3 millones
• Contenido digital premium: $ 80.1 millones

Publicidad en la aplicación

Los ingresos por publicidad en la aplicación alcanzaron los $ 156.7 millones en 2023, con un costo promedio por mil impresiones (CPM) de $ 4.75.

Categoría publicitaria	Ganancia	Porcentaje de ingresos publicitarios
Anuncios de servicios de citas	$ 68.3 millones	43.6%
Anuncios de entretenimiento	$ 52.4 millones	33.4%
Anuncios de productos de consumo	$ 36.0 millones	23.0%

Monetización modelo freemium

La tasa de conversión de freemium en 2023 fue del 12.5%, generando $ 142.9 millones de los usuarios que se actualizan de servicios gratuitos a pagos.

Tarifas de transacción de pago móvil

Las tarifas de transacción de pago móvil totalizaron $ 93.5 millones en 2023, con una tarifa de transacción promedio del 2.3%.

Tipo de transacción	Valor de transacción total	Ingresos de la tarifa de transacción
Compras en la aplicación	$ 2.8 mil millones	$ 64.4 millones
Pagos multiplataforma	$ 1.2 mil millones	$ 29.1 millones

Hello Group Inc. (MOMO) - Canvas Business Model: Value Propositions

You're looking at the core offerings that Hello Group Inc. (MOMO) brings to its users as of the second quarter of 2025. These propositions are what drive the revenue, even as the company navigates shifts in user behavior and macro conditions.

Interactive live video and audio entertainment on Momo

The Momo app continues to serve as a primary platform for interactive social entertainment, heavily reliant on value-added services like virtual gifting. For the second quarter of 2025, total value-added service revenues for the entire group were RMB 2,579.3 million (US$360.1 million). The domestic Value-Added Service (VAS) revenue, which is heavily influenced by Momo, stood at RMB 2.14 billion in Q2 2025. This proposition is supported by ongoing product enhancements, such as the rollout of an in-house developed AI greeting feature, which management noted drives an increase in multiround conversations and offers in-depth chat, helping to stabilize the Momo user base.

Here is a look at the paying user base supporting this value proposition:

Metric	Q2 2025 Value	Year-over-Year Change (Approx.)
Momo Total Paying Users	3.5 million	Down from 7.2 million in Q2 2024
Momo Paying Users (Q1 2025)	4.2 million	N/A

It's clear that while the top-line revenue from this segment is stabilizing, the number of paying users has seen a significant contraction from the prior year levels. If onboarding takes 14+ days, churn risk rises.

Location-based social discovery and dating (Momo)

Momo's foundational value proposition remains connecting people based on location and shared interests for social interactions. The overall net revenues from the Chinese mainland business in Q2 2025 were RMB 2,177.9 million (US$304.0 million), a decrease from the RMB 2,435.1 million in the same period of 2024. This decline is primarily attributed to the decrease in net revenues from both the Momo app and the Tantan app. The company is using technology to enhance this experience; for instance, AI algorithm adjustments are being made to drive growth in chat rooms.

Swipe-based dating and social connection (Tantan)

Tantan offers a distinct swipe-based experience focused on dating and meeting new people. This segment has also faced user base and monetization headwinds. For Q2 2025, Tantan reported only 0.7 million paying users, down from 1.0 million in Q2 2024. The Monthly Active Users (MAU) for Tantan were 10.2 million as of June 2025, compared to 12.9 million in June 2024. Management has focused on maintaining profitability by reducing marketing spend, which has caused some decline in user scale, though organic traffic is offsetting some losses.

Here's the quick math on Tantan user metrics:

• Tantan MAU (June 2025): 10.2 million
• Tantan MAU (March 2025): 10.7 million
• Tantan Paying Users (Q2 2025): 700,000
• Tantan Paying Users (Q1 2025): 0.8 million

What this estimate hides is the impact of ongoing product upgrades and a strategic reduction in user acquisition channels aimed at improving Return on Investment (ROI).

Rapidly growing portfolio of niche overseas social apps

The growth engine for Hello Group Inc. (MOMO) is increasingly coming from its overseas portfolio, which includes brands like Souchill and others being incubated by a new Singapore-based team. This segment is delivering substantial top-line acceleration.

The financial contribution from overseas operations is significant:

Metric	Q2 2025 Value	H1 2025 Value
Net Revenues from Overseas	RMB 442.4 million (US$61.8 million)	RMB 857.0 million (US$119.6 million)
Year-over-Year Revenue Growth	72.7% or 72.3%	72.3%
Overseas VAS Revenue	RMB 440.7 million	N/A

In the first quarter of 2025, overseas revenue already accounted for 16% of the total group revenue, up from less than 10% in Q1 2024. The company is actively controlling costs in this segment while maintaining rapid expansion. As of June 30, 2025, the company maintained substantial liquidity with cash, cash equivalents, and deposits totaling RMB 12,390.6 million (US$1,729.7 million).

Finance: draft 13-week cash view by Friday.

Hello Group Inc. (MOMO) - Canvas Business Model: Customer Relationships

You're looking at how Hello Group Inc. maintains and monetizes its user base across the Momo and Tantan platforms as of late 2025. The relationship strategy leans heavily on technology for scale, while recognizing the critical value of top spenders.

Automated in-app customer service and moderation is a baseline necessity given the scale. The company is actively integrating technology to enhance the user experience, which directly impacts relationship quality and retention. For instance, the Momo app rolled out an in-house developed AI greeting feature and continued testing an AI chat assistant, which management noted drives an increase in the number of multiround conversations and offers in-depth chat, thereby improving retention and playing a positive growth role in stabilizing Momo's user base.

The structure of monetization clearly defines tiers of customer relationships, especially through VIP and subscription tiers offering enhanced features. Value-added service revenues, which include virtual gift revenues and membership subscription revenues, totaled RMB 2,579.3 million (US$360.1 million) in the second quarter of 2025. This revenue stream is directly tied to the depth of the user relationship. Management noted a decrease in this revenue was primarily due to a soft consumer sentiment among top users in the current macro environment of the Momo app.

Here's a quick look at the paying user base that drives this segment as of Q2 2025, compared to Q1 2025 and the prior year:

Platform	Paying Users Q2 2025	Paying Users Q1 2025	Paying Users Q2 2024
Momo App	3.5 million	4.2 million	7.2 million
Tantan App	0.7 million	0.8 million	1.0 million

The focus on top users implies dedicated support for high-value paying users and broadcasters. While specific support team metrics aren't public, the financial commentary highlights that soft consumer sentiment among top users pressured the Momo business in Q2 2025. This suggests that maintaining the loyalty and spending of this cohort is a primary relationship management focus. Overseas revenue, which is a growing part of the ecosystem, reached RMB 442.4 million (US$61.8 million) in Q2 2025, up 72.7% year-over-year, indicating a successful relationship-building effort in new markets.

Community-driven interaction models to boost engagement are inherent to the social nature of the platforms. The overall user retention remained stable in Q2 2025 despite increased channel investments, thanks to improved user experience driven by product enhancements and algorithm optimization, as well as the ability to accommodate channel users more effectively. Tantan's Monthly Active Users (MAUs) stood at 10.2 million in June 2025. The company's strategy is to maintain the Momo app as a cash cow with a healthy social ecosystem and to enhance Tantan's core dating experience.

Finance: draft 13-week cash view by Friday.

Hello Group Inc. (MOMO) - Canvas Business Model: Channels

You're looking at how Hello Group Inc. (MOMO) gets its products-Momo, Tantan, and others-into the hands of users, and honestly, it's a story of two markets: the established domestic one and the rapidly growing international one. The channels are primarily digital distribution, which is typical for a social app player, but the performance across these channels is telling a different story for 2025.

The primary channel remains the Momo mobile application, which still drives the bulk of the revenue, though its contribution is shrinking relative to the overseas push. You see this in the paying user base, which is under pressure domestically. For instance, in the second quarter of 2025, Momo's paying users were down to 3.5 million, a stark drop from 7.2 million in the same period last year. Still, the value-added services (VAS) revenue from the Mainland for Q2 2025 was RMB 2.14 billion, showing the depth of monetization even with fewer paying users. The Momo segment itself encompasses live video services, VAS, mobile marketing, and mobile games.

Next up is the Tantan mobile application, your secondary dating platform. Tantan is seeing a more pronounced user base contraction, which management is addressing with product upgrades. In Q2 2025, Tantan's paying users fell to just 700,000, representing a 30% year-over-year decrease. This platform is definitely being managed for profitability over scale right now, given the domestic environment.

The real story for 2025, though, is the portfolio of international social apps, including Soulchill. This channel is exploding. Overseas revenue for Q2 2025 hit RMB 440.7 million, marking a 73% year-over-year increase. This growth is significant; overseas revenue accounted for about 17% of total group revenue in Q2 2025. Management is guiding for overseas revenue growth in the mid-60s % for Q3 2025, even as domestic business is expected to decline in the mid- to low teens percentage range year-over-year. Soulchill, in particular, continued strong growth.

Here's a quick look at the revenue channel split based on the latest reported figures:

Channel Segment	Q2 2025 Revenue (Approximate)	YoY Growth (Approximate)	Key Metric Context
Momo Domestic VAS	RMB 1.78 billion (Q1 data used as proxy)	Down less than 10%	Paying Users: 3.5 million (Q2 2025)
Tantan Domestic VAS	Not explicitly broken out, but part of Mainland VAS	Part of Mainland decline	Paying Users: 0.7 million (Q2 2025)
Overseas Portfolio (VAS)	RMB 440.7 million (Q2 2025)	Up 73%	Expected Q3 YoY growth: mid-60s %

Finally, the distribution mechanism for all these products is the Global mobile app stores (iOS and Android). This is the gatekeeper for user acquisition and updates. While there are no specific revenue figures tied directly to app store fees in the latest reports, the entire overseas growth trajectory relies on successful placement and discoverability here. The company's cash position as of June 30, 2025, was RMB 12.39 billion, which gives them the runway to invest in optimizing these store presences globally.

You should track the international revenue percentage closely, as it was only 16% of total revenue in Q1 2025 but is expected to be a much larger driver going forward. The company's cash and equivalents stood at RMB 12.79 billion as of March 31, 2025.

• Momo Paying Users (Q2 2025): 3.5 million
• Tantan Paying Users (Q2 2025): 700,000
• Q2 2025 Total Revenue: RMB 2.62 billion
• Q2 2025 Overseas Revenue: RMB 440.7 million
• Cash Reserves (June 30, 2025): RMB 12.39 billion

Finance: draft the Q3 2025 cash flow projection incorporating the RMB 2.59 billion to RMB 2.69 billion revenue guidance by next Tuesday.

Hello Group Inc. (MOMO) - Canvas Business Model: Customer Segments

You're looking at the core user base for Hello Group Inc. (MOMO) as of late 2025. It's a tale of two markets: a stabilizing but shrinking domestic base and a rapidly expanding international one. We need to segment these users clearly to understand where the value is being generated now.

Chinese mainland users seeking social and entertainment form the traditional core, primarily served by the Momo app. While the overall domestic revenue is under pressure, these users are still the primary source of cash flow. For the first quarter of 2025, net revenues from the Chinese mainland were reported at RMB 2,106.2 million (US$290.2 million). By the second quarter of 2025, this figure slightly recovered to RMB 2,177.9 million (US$304.0 million). Management has guided that the full-year 2025 domestic revenue is expected to decline in the low teens year-over-year.

The global users, especially in emerging markets, for social discovery are the growth engine. This segment is largely served by newer apps like Soulchill and localized versions, driving significant top-line acceleration. Overseas revenue in Q1 2025 hit RMB 414.6 million (US$57.1 million), marking a 71.9% year-over-year increase. This momentum continued into Q2 2025, with overseas revenue reaching RMB 442.4 million (US$61.8 million), a 72.7% surge from the prior year. This international segment now accounts for about 16% to 17% of the Group's total revenue.

Next, we look at the high-spending users who purchase virtual gifts and premium services. These are the power users across both Momo and Tantan whose spending on Value-Added Services (VAS) drives profitability. Total VAS revenue for Q2 2025 was RMB 2.58 billion. However, management noted a soft consumer sentiment among top users in Q1 2025, which contributed to a year-over-year decrease in VAS revenue for that period. Specifically, the Momo app's VAS revenue in Q1 2025 totaled RMB 1.78 billion.

Finally, the segment focused on users seeking dedicated dating services (Tantan users) represents a specific, challenged part of the domestic base. The Tantan app's Monthly Active Users (MAU) stood at 10.2 million in June 2025, down from 12.9 million in June 2024. Monetization here is also softening; Tantan reported only 0.7 million paying users in Q2 2025, a 30.0% drop from 1.0 million in the year-ago period. The company is focused on maintaining Tantan's profitability through cost efficiency, even as its revenue is projected to decline by 20-30% in 2025.

Here's a quick look at the paying user dynamics for the core domestic platforms as of mid-2025:

Platform	Metric	Q2 2025 Amount	YoY Change (Approx.)
Momo App	Paying Users	3.5 million	-51.4%
Tantan App	Paying Users	0.7 million (700K)	-30.0%
Tantan App	Monthly Active Users (MAU)	10.2 million	-20.9%

The company is clearly segmenting its strategy: keeping Momo stable as a cash cow, driving Tantan toward profitability via cost control, and aggressively growing the overseas social discovery user base, which saw 73% revenue growth in Q2 2025.

You'll want to track the Q3 2025 guidance for the domestic segment, which anticipates a revenue decrease of mid- to low teens year-on-year, balanced against the expectation that overseas revenue will grow by around 70% for the full year. Finance: draft 13-week cash view by Friday.

Hello Group Inc. (MOMO) - Canvas Business Model: Cost Structure

You're looking at the major drains on Hello Group Inc.'s cash flow for late 2025. Honestly, the cost structure is heavily influenced by content sharing and, increasingly, international expansion costs.

The biggest single component of cost of revenue relates to sharing proceeds with the talent driving the platform. For the second quarter of 2025, the Non-GAAP cost of revenue stood at RMB 1.60 billion, up slightly from RMB 1.59 billion in the same period last year. This figure directly reflects the payouts to broadcasters and content creators across the ecosystem. This resulted in a Non-GAAP gross margin of 38.8% for the quarter, a slight dip of 2 percentage points year-over-year.

Sales and marketing expenses show a clear strategic shift. For Q2 2025, Non-GAAP sales and marketing expenses were RMB 339.7 million, which represented 13% of total revenue. That's down from RMB 360.6 million in Q2 2024, showing ongoing cost control in the PRC Mainland businesses, especially for Momo and Tantan. Still, this spend is being strategically redirected; the decrease was partially offset by an increase in channel investment for the overseas apps as Hello Group Inc. pushes its international growth.

Infrastructure and payment channel costs are becoming more prominent as the geographic mix shifts. While we don't have a standalone figure for just infrastructure, the overall Non-GAAP cost and expenses for Q2 2025 were RMB 2,183.6 million. Management noted that payment channel costs and infrastructure expenses account for a larger proportion of revenue because the fee structures are systematically higher for the rapidly growing international business compared to the domestic operations.

Income tax expenses saw a significant, one-time impact in Q2 2025. Total income tax expenses for the quarter hit RMB 638.4 million. A major driver here was a special, nonrecurring item: the company accrued an additional withholding income tax of RMB 547.9 million related to profits generated by the WFOE in China for prior periods. Furthermore, going forward from Q2 2025, Hello Group Inc. will accrue the withholding tax at the standard rate of 10%, up from the previously applied preferential rate of 5% for Momo Beijing.

Here's a quick look at the key cost line items from Q2 2025:

Cost Component	Q2 2025 Amount (RMB)	Notes/Context
Non-GAAP Cost of Revenue	1.60 billion	Revenue sharing with broadcasters/creators.
Non-GAAP Sales & Marketing Expenses	339.7 million	13% of total revenue; cost control in PRC Mainland offset by overseas investment.
Total Income Tax Expenses	638.4 million	Includes the one-time tax accrual.
One-Time Withholding Tax Accrual	547.9 million	Related to prior periods' WFOE profits.
Non-GAAP Total Cost & Expenses	2,183.6 million	Total operating and variable costs before tax adjustments.

You should definitely keep an eye on how the international scaling affects the variable costs. The key cost drivers for the period include:

• Revenue sharing with broadcasters and content creators (Non-GAAP cost of revenue was RMB 1.60 billion in Q2 2025).
• Sales and marketing expenses, heavily focused on overseas growth (RMB 339.7 million Non-GAAP in Q2 2025).
• Infrastructure and payment channel costs (higher for international business, contributing to overall cost structure).
• Income tax expenses, including a one-time Q2 2025 withholding tax accrual of RMB 547.9 million.

Finance: draft 13-week cash view by Friday.

Hello Group Inc. (MOMO) - Canvas Business Model: Revenue Streams

You're looking at how Hello Group Inc. (MOMO) actually brings in the cash flow as of late 2025. It's all about the services users pay for inside the apps, primarily from gifting and premium access.

The core of the revenue engine is Value-Added Services (VAS). For the second quarter of 2025, the total VAS revenue hit RMB 2.58 billion. Honestly, this number reflects a slight contraction year-over-year, coming in at RMB 2,579.3 million for Q2 2025, which was a 2.6% decrease from the same period in 2024.

Here's a breakdown of where that VAS money comes from, focusing on the main components:

• - Total Value-Added Services (VAS) for Q2 2025: RMB 2.58 billion.
• - Domestic VAS revenue for Q2 2025: RMB 2.14 billion.
• - Momo app VAS revenue specifically: RMB 1.85 billion, down 11% year-over-year.
• - Overseas VAS revenue for Q2 2025: RMB 440.7 million.

The revenue streams are clearly segmented by geography, and the international part is definitely where the growth is right now. The overseas VAS revenue saw a massive jump, growing 73% year-over-year in Q2 2025, reaching RMB 440.7 million. That overseas segment now makes up 17% of the group's total revenue, up from just 10% in Q2 2024.

The specific mechanisms driving this revenue include the classic in-app purchases you'd expect from social platforms. You've got the virtual gifting, which is key for live streaming and those audio/video chats. Also, membership subscription fees provide a more stable base for premium app features. For instance, Tantan refined its monetization by restructuring its membership package.

To give you a clearer picture of the Q2 2025 revenue mix, look at this table:

Revenue Component	Q2 2025 Amount (RMB)	Year-over-Year Change
Total Group Revenue	RMB 2.62 billion	-3%
Total Value-Added Services (VAS)	RMB 2.58 billion	-2.6%
Domestic Revenue	RMB 2.18 billion	-11%
Overseas Revenue	RMB 442 million	+73%
Other Services Revenue	RMB 41.1 million	(Not specified)

The live streaming gifting component within Momo felt the pinch, with its revenue decline being attributed to soft spending sentiment among top users in that specific live streaming experience. Still, the growth in overseas revenue, which is heavily driven by audio and video-based social products, is offsetting the domestic softness.

So, you're seeing a clear pivot in revenue focus:

• - Virtual gifting revenue from live streaming and audio/video chats remains a primary driver within VAS.
• - Membership subscription fees help stabilize revenue, as seen with package restructuring on Tantan.
• - Overseas VAS revenue growth was 73% year-over-year in Q2 2025, showing strong international traction.

The overseas business growth, up 73% year-over-year in Q2 2025, is definitely the bright spot in the revenue streams, driven by brands in the MENA region. Finance: draft the Q3 2025 revenue projection based on the mid-60s overseas growth guidance by Friday.