Hello Group Inc.

Ladies and gentlemen, thank you for standing by and welcome to Hello Group's first quarter 2026 earnings conference call. 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, Arpreetha. Good morning and good evening, everyone. Thank you for joining us today for Hello Group's first quarter 2026 earnings conference call. The company's results were released earlier today and are available on the company's IR website. On the call today are Mr. Tang Yan, CEO of the company, Ms. Jiang Sichuan, CEO of the company, and Ms. 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 all 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 Zituan. Ms. Jiang, please.

Thank you, Ashley. Hello, everyone. Thank you for joining today's call. The group maintains steady business momentum in Q1. Guided by the strategic priorities set last year, our domestic business stayed healthy through focused product innovation and refined operations despite external pressures. Leveraging the synergy of a diversified product portfolio Our overseas business has remained a positive trend. Looking ahead, we are fully confident in each business line to continue to advance along the strategic roadmap in 2026. Now I'll walk you through the key updates. Starting with the financials, for Q1 26, total group revenue was 2.39 billion RMB, down 5% year-over-year. Domestic revenue reached 1.79 billion RMB, down 15% year over year. Overseas revenue was 597 million RMB, up 44% year over year. Overseas revenue accounted for 25% compared to 16% in the same period last year. Adjusted operating income was 349 million RMB, up 1% year-over-year, with a margin of 14.6%. Building on the strategic direction from 2025, our 26 priorities continue along three main tracks. For Momo, the goal is to ensure stable, sustained productivity of our cash cow business. for Tantan to continue exploring a dating experience and efficient business model tailored for Asian users, and for our new businesses to deepen overseas presence, enrich our brand portfolio, and build a long-term growth engine. Let me walk you through each, starting with Momo. On the product side, our key focus in recent years has been to optimize user experience and stabilize our user base. This year, we have continued to refine the chat experience. Our not-lock feature improves connection accuracy by analyzing users' historical chat patterns to optimize matching algorithms. Driving sustained growth in two-way and in-depth chats In real-time chat scenarios, building on a study run up of voice features, we have also introduced video features to enrich our portfolio of instant interactions. The combined upgrades in algorithm recommendation and product experience have lowered the barrier for users to find chat partners. This is the main driver behind the study improvement in retention among existing users. In 2005, we undertook a number of meaningful inspirations in leveraging AI to improve users' social efficiency with encouraging initial results. For example, our AI greetings and AI chat assist features improved the female users' experience. This drove higher reach vibrates from male users and more in-depth conversation overall. In Q1, The product team explore AI-driven innovations such as voice-driven models, guiding users to complete voice profiles, auto-generating voice content, and releasing it onto the platform in a message in a model format to spark users' desire to connect. For user acquisition, Channel ROI has been made fully profitable since the beginning of the year. Ongoing audio room, gameplay updates, and better channel conversions lifted payment intent among meat and small spending users. This drove study LTV growth and channel ROI improved more than the quarter over quarter. Overall, acquisition spend continued the refined discipline approach, narrowing slightly from last quarter. This is worth noting that Q1 was affected by the Chinese New Year as some users shifted their social time to offline gathering and close friends and family. This temporary pullback platform activity and paying skills with most paying users decreasing by 200,000 quarter over quarter to 3.7 million. That said, thanks to a year of product refinement focused on chat experience, organic traffic grew compared to last year, and retention among existing users improved slightly. During the Chinese New Year, the team ran targeted operational events at a low point of the cycle, narrowing the decline in user activity compared to past holidays. As a result, the post-holiday recovery was meaningfully better than in the same period last year. This set a solid foundation for stabilizing our user base over the full year. Turning to Momo's commercial performance. In Q1, Momo's last revenue was 1.52 billion RMB, down 15% year-over-year and 9% quarter over quarter. The year-over-year decline mainly reflects the ongoing impact of the new tax regulation and stricter local enforcement that came into effect in the second half of 25. The motivation of some high-grossing agencies and broadcasters is still recovery. The sequential decline was largely seasonal, during by the Chinese New Year, alongside persistently soft consumer spending sentiment. In response to this external shift, the teams continue to direct gameplay innovation and operational resources towards mid-tier and long-tail users, keeping revenue from audio scenarios and social games, such as parking walls, relatively resilient. This helps partially absorb the external pressure on overall revenue. On the product and operations side, our live streaming business organized a series of user-oriented events during the Chinese New Year, effectively cushioning the delusion of online behavior from the long holiday. As a result, the post-holiday recovery in key operational metrics, including user engagement, paying conversion rate, and streamer return rate, was meaningfully stronger than in the same period last year. At the same time, we continue to introduce and selectively support high-quality talent streamers, lifting organic revenue through content quality improvements, In audio scenarios, we roll out the new PK gameplay to further motivate users to give one another. With some mid-tier and long-term broadcasters and agencies on our platform facing ongoing profit pressure during the test compliance process, we have rolled out a new incentive-based revenue sharing policy. This is decided to enable the quality performance to deliver greater value to the platform while ensuring they make stable income in turn. Now, let's turn to Tantan. As of the end of Q1, Tantan has 0.6 million paying users, a modest decrease of 30,000 quarter over quarter. This decline was driven by two factors. First, the carryover from ongoing MAU decline, and second, Alipay's changes to its auto-renewal billing rules, which placed short-term pressure on membership conversions. Under the continued effect of our strategic marketing cuts, Tencent's user base remained on a downward trajectory though the magnitude of decline has narrowed meaningfully. Through algorithm integration and refined operations, engagement and retention among younger users showed slight improvements, contributing positive to user base stability. On the product side, the team optimized recommendation strategies in our court swipe-based scenario. For example, we introduced HHEAR's restrictions on female users' matches, allowing only horizontal or upward matching, a benefit for female users' rural social expectations. This drove a near three percentage point increase in average swipe per female user, slightly improving the retention. On new scenario inspiration, we piloted Mac-based social and AI chat assist features. On user acquisition, although the year-over-year reduction in channel investment led to a lower required volume, the meaningful narrowing the unit acquisition cost partially offset the impact. Additionally, because organic traffic outperform channel traffic on both user engagement and retention, the overall decline in our user base has far smaller than the channel-driven decline implied by our strategic cuts. Sequentially, both spend and user acquisition cost, narrowed by various degrees, so the channel volume decline was relatively limited. While early-phase renewal policy created new near-term output pressure, channel ROI was sustained well above 100% throughout the quarter. On the financial side, in Q1, 10 times domestic business generated 125 million RMB in revenue, down 25% year-over-year and 8% quarter-over-quarter. The primary driver remains MAU construction, leading the fewer paying users, compounded by the short-term impact of Alipay's policy adjustments on vast payments. On monetization, the team unbundled membership features into a lock-card offering while enriching fresh chat game plans and stepping up in app promotion to ease top-line pressure. On profitability, thanks to ongoing cuts in channel investment and personal costs, net profits grew significantly year over year. Lastly, our new businesses. Our 2036 goal carries forward from 25 to deepen our overseas presence, enrich our brand portfolio, and build a long-term growth engine. In Q1, overseas revenue totaled 597 million RMB, up 44% year-over-year, with a slight 2% sequential decline. Overseas now accounted for 25% of group revenue, compared to 16% in the same period last year. The sequential softness was mainly due to some external challenges SoChill faced during the quarter, which weighted on our overseas business overall. Excluding SoChill, the rest of our overseas businesses continue to deliver healthy growth this quarter, Further validating the value of diversified product portfolio in dispensing risk from single product volatility. Our two newer product in MENA, Yahalan and Amar, continue their rapid growth trajectory with both delivering triple digit revenue growth year over year in Q1. Driven by continuously improving localized operations, a more precise graph of local user preferences, and sustained game plan innovation, both products saw concurrent improvement in revenue and profit. This quarter, Yahoo! Land is approaching net income break-even, and Amarth achieved positive for marginal contribution for the first time. This is a significant milestone making our shift in MENA from a social-dominated model to a multi-product portfolio. Beyond our audio and video social products in MENA region, our daily business focus on developed markets is another important pillar of our overseas footprint. Also deliver satisfying progress this quarter. Panda International, met by our Singapore team, completed a full upgrade of product positioning and branding over the past year. And in the second half of 2025, began migrating from a shared domestic international app build to a standalone overseas app. The migration was completed in Q1, with 99% of paying users successfully transferred, minimizing the revenue impact of the version speed. Starting in Q2, the team's focus will return to further optimizing product experience and improving monetization efficiency. Separately, Happn, which joined the group last year, has continued to study healthy growth trajectory since the beginning of this year. Happn's user base has remained relatively stable over the past year. and both sequential and year-over-year revenue growth came mainly from improvements in paid conversion rates and app people, reflecting greater efficiencies in operating the existing user base. In Q1, we began testing Happen's entry into new markets, laying the foundation for the brand's mid- to long-term growth. As a relatively newer segment for our overseas front, we remain confident in the dating businesses' continued release of growth potential in 2026. This concludes my remark. Now, let me pass the call to Kathy for the financial review. Kathy, please.