"Momo": Annual Revenue of Over 10 Billion Yuan, Making Money Overseas

Can AI and overseas business become the new growth drivers for Zhiwen Group?

On March 18, Zhiwen Group, the parent company of Momo and Tantan, released its 2025 financial report. The report shows that total revenue for 2025 was 10.37 billion yuan, a 1.9% decrease year-over-year; net profit attributable to the parent was 800 million yuan, down 22.7% year-over-year; both revenue and profit have contracted. An even worse sign is that in Q4, Momo’s paid users dropped to 3.9 million (a 31.6% decrease YoY), and Tantan’s paid users were only 600,000 (a 33.3% decrease YoY), indicating a significant user loss. As of press time, the company’s stock price was $6.24, down 6.55% over the past year, with a market value of $980 million.

Looking at the revenue structure, Zhiwen Group’s business heavily relies on a single track, with insufficient risk resistance. In 2025, value-added services (virtual gifts + memberships) generated 10.21 billion yuan, accounting for 98.5% of total revenue; other service revenues were only 160 million yuan, making up 1.5%. Breaking down by quarter, core value-added services declined year-over-year throughout the year and all quarters, even though Q3 reached an annual revenue peak of 2.61 billion yuan, it still did not escape the downward trend. While other service revenues saw short-term growth in some quarters (Q1 increased by 12.4%, Q3 by 21.3%), their overall scale was only 160 million yuan, a negligible proportion, making it difficult to serve as a growth engine to hedge core business risks. Both side businesses and main businesses are facing difficulties.

Against the backdrop of domestic business being under deep pressure, overseas business has achieved growth. The full-year overseas revenue reached 2 billion yuan, with a high growth rate of 70.8% YoY, and quarterly growth outpaced total revenue growth, remaining around 70%. Although the financial report did not disclose the growth rate of domestic business separately, it can be inferred that domestic operations continue to face pressure. For Zhiwen, whether overseas business can be transformed into sustainable growth momentum will be key to its long-term development. (Planning: Li Mengran, Charting: Li Yuhui)