Hello Group Inc.

Ladies and gentlemen, thank you for standing by and welcome to Hello Group's fourth quarter 2025 earnings conference call. All participants are in listen only mode. There will be a presentation followed by a question and answer session. If you wish to ask a question, you will need to press the star key followed by the number one on your telephone keypad. Please note this conference is being recorded today. I would now like to hand the conference over to your first speaker today, Ms. Ashley Jing. Thank you. Please go ahead, ma'am.

Thank you, operator. Good morning and good evening, everyone. Thank you for joining us today for Hello Group's fourth quarter and fiscal 2025 earnings conference call. The company's results were released earlier today and are available on the company's IR website. On the call today, I'll meet Zhang Sichuan, CEO of the company. I'll meet Peng Hui, CFO of the company. They will discuss the company's business operations and highlights, as well as the financials and guidance. They will be available to answer your questions during the Q&A session that follows. Before we begin, I would like to remind you that this call may contain forward-looking statements made under the safe harbor provision of the Private Security Litigation Reform Act of 1995. Such statements are based on management's current expectations and current market and operating conditions and relate to events that involve known or unknown risks, uncertainties, and other factors, all of which are difficult to predict and many of which are beyond the company's control. which may cause the company's actual results, performance, or achievements to differ materially from those in the forward-looking statements. Further information regarding this and other risks, uncertainties, and factors is included in the company's filings with the U.S. Securities and Exchange Commission. The company does not undertake any obligation to update any forward-looking statements as a result of new information, future events, or otherwise, except as required under law. I will now pass the call over to our COO, Ms. Jiang Sichuan. Ms. Jiang, please.

Thank you, Ashley. Hello, everyone. Thank you for joining today's call. In the second half of 2025, our domestic business faced fresh external headwinds. That said, through the team's agile response and strong execution, we kept our cash cow business stable while sustaining a healthy ecosystem. To better show you our ongoing structural transition towards overseas growth, we began providing a geographic revenue breakdown in 2005 to improve transparency for investors. Our overseas business delivered exceptional results last year, fueled by organic product incubation and targeted M&A. This allows us to diversify our portfolio and rapidly expand our global presence, leading to accelerated revenue momentum. The overseas business is now a solidified revenue contributor and a key engine for our future growth. Next, I'll walk you through the major highlights from Q4 and the full year of 2025 across our business line. followed by our strategic priorities for 2026. Starting with the financials, for Q4 25, total group revenue was 2.58 billion RMB, down 2% year over year. Domestic revenue reached 1.97 billion RMB, down 14% year over year. Overseas revenue was 608 million RMB, up 70% year over year. Overseas revenue accounted for 24% compared to 14% in the same period last year. Adjusted operating income was 354 million RMB, up 26% year over year, with a margin of 13.7%. For fiscal 2025, total group revenue was 10.37 billion RMB, a slight decrease of less than 2% year-over-year. Domestic revenue reached 8.37 billion RMB, down 11% year-over-year. Overseas revenue reached 2 billion RMB, up 71% year-over-year. Overseas revenue now accounts for 19% of our total, up for 11% in 2024. Adjusted operating income was 1.55 billion RMB, down 10% year-over-year, with a margin of 15%. Next, I will review the execution of the strategic priorities for Momo Tangtang and our new endeavors in 2025. Let's start with Momo. Our goal is to maintain the productivity of this cash cow while keeping the social ecosystem healthy. Over the past year, all products and channel efforts are centered on this core objective. On the product side, we focus on two major upgrades. First, we upgraded the AI greeting and AI chat assist models to help users break the ice with personalized messages, and keep conversation going. Our tech team is consistently iterating these models to make them more humanized and diverse. These upgrades, combined with tailored exposure strategies, significantly boosted the adoption rate of our AI features. Second, we optimized our product strategy for real-time chat scenarios. By using historical data to target users with high chat intent, we have made matching more accurate and interactions smoother. This led to an increase in key metrics, such as number of two-way chats and the rate of in-depth chats. For user acquisition, we proactively cut negative ROI marketing expense, refined channel and material by ROI, and we balanced spend between new acquisitions and dormant user reiteration. This helped us to reduce average acquisition costs despite intensifying channel competition. We also boosted conversation in high app pool paying scenarios, sustaining app pool growth and delivering profitable ROI all year. We are highly satisfied with 2025 China's results. Early marketing cuts led to some trumps among ultra-low spenders, but with very limited revenue drag. In fact, reducing the inefficient spending helped stabilize our profit. While paying users declined sharply in the first half of the year, the impact bottomed out in the second half. Our new features in audio and video scenarios draw gains in paying ratio, resulting in 3.9 million paying users on normal in Q4. That's up 200,000 quarter over quarter. With some substantial growth in two straight quarters, we see clear evidence of healthy recovery. This validates our strategy to modern low-ticket payment scenario. In the current economic environment, by focusing on non-WOW users and a profit-centric channel approach, we have strengthened Momo's position as a resilient 15-year-old cash cow. This strategy has enabled the platform to pursue strong operational help, exhibit solid resilience against external pressures and consistently deliver stable results. Turn to Momo's commercial performance. In Q4, Momo's last revenue was RMB 1.68 billion, a year-over-year decrease of 14% and a sequential decrease of 6%. As mentioned last quarter, the decline was mainly due to the new tax regulations in October and stricter enforcement, which significantly dampened the motivation of high-grossing streamers and agencies. For the full year 2025, Momo's vast revenue totaled RMB 7.09 billion, down 11% year-over-year. Beyond tax factors, macro softness, also affected sender sentiments among high-value users. Product and operation-wise, we continue to focus on our top cohort users in live streaming through specialized events and gameplay innovations. Meanwhile, we pivoted our emphasis towards audio and video scenarios that better align with mid-tier and long-tail users. This shift helped offset some of the external headwinds on revenue. Furthermore, the growing proportion of the revenue from higher-margin audio and video scenarios contributed to our overall growth margin stable. Now let's turn to Tantan. Our 2025 goal was to build a dating experience and the efficient business model tailored for Asian users. As of Q4, Tantan has 600,000 paying users, a decrease from 700,000 from last quarter. Marketing cuts have driven user declines in recent years. but our return to brand building and experience optimization had kept organic traffic stable. Currently, the vast majority of new users on TanTan come from organic flows, and the platform is no longer reliant on channel acquisition. At the same time, retention has improved slightly. On the financial side in Q4, Tenpen's domestic business generated 136 million RMB in revenue, down 41 million year-over-year and 16 million quarter-over-quarter. For the full year 2025, domestic revenue totaled 613 million RMB, compared to 733 million in 2024. The decline was a deliberate result of reducing channel investment through study at people growth provided a partial offset. On the product side, we roll out our new version in the first half of 2025, focusing on real person verification and a clear interface. Refer to events AI tools for profile enrichment and chat assistance while improving the female users' recommendation. This reduced noise from poor metrics and developing chats boosted female users' retention and like per user. To balance the revenue impact of declining paying users, we also restructured membership tiers to improve low-end coverage and increase paywall exposure for users with high payment potential. This product and algorithmic optimization drove increases in both pay conversion rates and output. Regarding channels, we focused on achieving 100% return on acquisition costs by cutting high-cost negative ROI channels we significantly narrowed acquisition costs compared to last year. Combined with our pool improvement driven by product upgrades, Tantan achieved full payback on channel investment in Q1, with ROI reaching new highs throughout the year. Based on this trajectory, we expect Tantan to generate around 100 million RMB in annual operating profit for the foreseeable future. This gives the team a comfortable window to focus on what matters most, the long-term retention of the Tantan users. This can be achieved only through providing a better dating experience and building a brand image as a dating platform uniquely for Asian daters. We will continue to pluck this land until we get the reward we deserve. Lastly, our new businesses. In 2025, our goal was to deepen our overseas presence, enrich our brand portfolio, and build a long-term growth engine. In Q4, overseas revenue reached 608 million RMB, up 70% year-over-year and 14% quarter-over-quarter. For the full year 2025, overseas revenue totaled 2 billion RMB, a 71% year-over-year growth. This growth has largely offset the revenue dip in the domestic market. This rapid growth was driven by audio and video social products in MENA region, especially YahaLand and Amar. These two new apps that begins monetization at the end of 2024, leveraging the successful experience of SoChill, which has driven continued revenue growth while never in the net loss. Meanwhile, SoChill remain our largest contributor. Although its growth fell slightly short of our initial expectation due to slower localization. which slow our plans to expand into live streaming and the wealthier Gulf countries. For 2036, strengthening our regional operation would make a top priority. Beyond Mina, we have seen great progress with Miyami in Japan. As mentioned before, Miyami is an AI-powered anime-style companion and romance app. its AI-driven character creation and natural language model has been very well received. And we see a clear expansion opportunities there. In our dating segment, Tantan International officially separated its domestic and overseas version in the second half of 2025, allowing for a more tailored international experience. This separation removes historical, technical, and operational constraints, lying on a solid foundation for Tantan's long-term international growth. We also make a major breakthrough by acquiring Happen, a well-known European dating product which was an important driver of the accelerated year-over-year overseas revenue growth in Q4. This, along with other recent acquisitions, has allowed us to rapidly penetrate key untapped markets, including Europe, Turkey, and South America. Moving forward, we plan to bring these premium global brands into Asian markets to create even more synergy across our ecosystem. Overall, in 2025, our overseas business delivers robust gains in both scale and quality. Driven by a multi-product strategy, deep-link penetration in core regions, leveraging our proven expertise, and complementing organic growth with strategy acquisitions. Moving forward, we remain committed to solidifying our market position in Milan region, rapidly enter high potential new markets and maximizing synergies across our core business assignments, thereby establishing overseas operation as a key driver of the group's sustained long-term growth. That concludes our business review for 2025. For 2026, we will continue our strategy, our strategic priorities, Momo for productivity, Tantan for the Asian dating experience, and new businesses for the growth engine. Lastly, I'm pleased to announce that our board has approved a special cash dividends in the amount of 0.28 USD per ADS for a total cash payment of approximately 42.6 million USD, or about 30% of the adjusted income contributed to Hello Group Inc. in 2025. And this is the eighth consecutive year of dividends. reflecting our stable operation and commitment to creating long-term value for shareholders. This concludes my remarks. Now, let me pass the call over to Kathy for financial review. Kathy, please. Thanks, Sig.