Technology

Hello Group Inc. Announces Unaudited Financial Results for the Second Quarter of 2024

Published

2 years ago

September 3, 2024

BEIJING, Sept. 3, 2024 /PRNewswire/ — Hello Group Inc. (NASDAQ: MOMO) (“Hello Group” or the “Company”), a leading player in mainland China’s online social networking space, today announced its unaudited financial results for the second quarter of 2024.

Second Quarter of 2024 Highlights

Net revenues decreased by 14.2% year over year to RMB2,691.4 million (US$370.3 million*) in the second quarter of 2024.Net income attributable to Hello Group Inc. decreased to RMB397.8 million (US$54.7 million) in the second quarter of 2024, from RMB568.4 million in the same period of 2023.Non-GAAP net income attributable to Hello Group Inc. (note 1) decreased to RMB449.2 million (US$61.8 million) in the second quarter of 2024, from RMB632.1 million in the same period of 2023.Diluted net income per American Depositary Share (“ADS”) was RMB2.11 (US$0.29) in the second quarter of 2024, compared to RMB2.82 in the same period of 2023.Non-GAAP diluted net income per ADS (note 1) was RMB2.38 (US$0.33) in the second quarter of 2024, compared to RMB3.14 in the same period of 2023.Monthly Active Users (“MAU”) on Tantan app were 12.9 million in June 2024, compared to 17.3 million in June 2023.For the Momo app total paying users was 7.2 million for the second quarter of 2024, compared to 7.9 million for the same period last year. Tantan had 1.0 million paying users for the second quarter of 2024 compared to 1.4 million from the year ago period.

First Half of 2024 Highlights

Net revenues decreased by 11.8% year over year to RMB5,251.8 million (US$722.7 million) for the first half of 2024.Net income attributable to Hello Group Inc. was RMB403.0 million (US$55.5 million) for the first half of 2024, compared to RMB958.7 million during the same period of 2023.Non-GAAP net income attributable to Hello Group Inc. (note 1) was RMB509.1 million (US$70.1 million) for the first half of 2024, compared to RMB1,104.1 million during the same period of 2023.Diluted net income per ADS was RMB2.10 (US$0.29) for the first half of 2024, compared to RMB4.78 during the same period of 2023.Non-GAAP diluted net income per ADS (note 1) was RMB2.65 (US$0.37) for the first half of 2024, compared to RMB5.49 during the same period of 2023.

“Q2 was a good quarter. I am pleased to see that our team has maintained the spirit of innovation and adaptation in a challenging environment,” commented Yan Tang, Chairman and CEO of Hello Group. “Momo’s cash cow business continued to be productive in a healthy community ecosystem. Regarding new endeavors, while strengthening the localization progress, we are more convinced of the revenue growth opportunities in overseas market.”

* 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 RMB7.2672 to US$1.00, the effective noon buying rate for June 28, 2024 as set forth in the H.10 statistical release of the Federal Reserve Board.

Second Quarter of 2024 Financial Results

Net revenues

Total net revenues were RMB2,691.4 million (US$370.3 million) in the second quarter of 2024, a decrease of 14.2% from RMB3,137.7 million in the second quarter of 2023.

Live video service revenues were RMB1,303.0 million (US$179.3 million) in the second quarter of 2024, a decrease of 18.0% from RMB1,588.8 million during the same period of 2023. The decrease was primarily attributable to our proactive operational adjustments to de-emphasis large scale competition events in the Momo app and a soft consumer sentiment in the current macro environment, and to a lesser degree, Tantan pivoting away from the less dating-centric live video service.

Value-added service revenues mainly include virtual gift revenues and membership subscription revenues. Total value-added service revenues were RMB1,345.3 million (US$185.1 million) in the second quarter of 2024, a decrease of 10.3% from RMB1,499.5 million during the same period of 2023. The decrease was primarily due to our product adjustments to improve Momo app’s ecosystem as well as the impact of the macro economy on consumer sentiment, and to a lesser extent, the decline in Tantan’s paying users which was in turn due to the decrease in its user base, the recent product upgrade as well as adjustments in its membership auto renewal policy. The decrease was partially offset by the revenue growth from the new standalone apps.

Mobile marketing revenues were RMB42.0 million (US$5.8 million) in the second quarter of 2024, an increase of 13.5% from RMB37.0 million during the same period of 2023.

Net revenues from the Momo segment decreased from RMB2,816.6 million in the second quarter of 2023 to RMB2,457.2 million (US$338.1 million) in the second quarter of 2024, primarily due to the decrease in net revenues from value-added service and live video service on Momo app. The decrease was partially offset by the revenue growth of the new standalone apps. Net revenues from the Tantan segment decreased from RMB320.7 million in the second quarter of 2023 to RMB233.7 million (US$32.2 million) in the second quarter of 2024, mainly due to the decrease in net revenues from live video service and value-added service.

Cost and expenses

Cost and expenses were RMB2,275.2 million (US$313.1 million) in the second quarter of 2024, a decrease of 9.6% from RMB2,515.5 million in the second quarter of 2023. The decrease was primarily attributable to: (a) a decrease in revenue sharing with broadcasters related to live video service on Momo app and Tantan app, and a decrease in revenue sharing with virtual gift recipients of virtual gift service on Momo app. The decrease was partially offset by an increase in revenue sharing with virtual gift recipients for new standalone apps; (b) a decrease in salary expenses and share-based compensation expenses, due to our continuous optimization in personnel costs and the newly granted share options which had lower fair value. The decrease was partially offset by an increase in sales and marketing expenses due to more marketing spend in connection with the annual gala event of Momo’s live streaming service.

Non-GAAP cost and expenses (note 1) were RMB2,223.8 million (US$306.0 million) in the second quarter of 2024, a decrease of 9.3% from RMB2,451.8 million during the same period of 2023.

Income from operations

Income from operations was RMB425.0 million (US$58.5 million) in the second quarter of 2024, compared to RMB645.1 million during the same period of 2023. Income from operations of the Momo segment was RMB409.4 million (US$56.3 million) in the second quarter of 2024, which decreased from RMB618.8 million in the second quarter of 2023. Income from operations of the Tantan segment was RMB16.4 million (US$2.3 million) in the second quarter of 2024, which decreased from RMB30.2 million in the second quarter of 2023.

Non-GAAP income from operations (note 1) was RMB476.5 million (US$65.6 million) in the second quarter of 2024, compared to RMB708.8 million during the same period of 2023. Non-GAAP income from operations of the Momo segment was RMB456.7 million (US$62.8 million) in the second quarter of 2024, which decreased from RMB680.8 million in the second quarter of 2023. Non-GAAP income from operations of the Tantan segment was RMB20.6 million (US$2.8 million) in the second quarter of 2024, compared to RMB31.9 million in the second quarter of 2023.

Income tax expenses

Income tax expenses were RMB102.6 million (US$14.1 million) in the second quarter of 2024, compared to RMB166.0 million in the second quarter of 2023. The decrease in income tax expenses was primarily due to the lower profit in the second quarter of 2024, and to a lesser extent, lower withholding tax rate due to our eligibility for a preferential tax rate since the beginning of the year.

Net income

Net income was RMB397.8 million (US$54.7 million) in the second quarter of 2024, compared to RMB567.6 million during the same period of 2023. Net income from the Momo segment was RMB382.8 million (US$52.7 million) in the second quarter of 2024, compared to RMB542.4 million in the same period of 2023. Net income from the Tantan segment was RMB15.8 million (US$2.2 million) in the second quarter of 2024, compared to RMB29.1 million in the second quarter of 2023.

Non-GAAP net income (note 1) was RMB449.2 million (US$61.8 million) in the second quarter of 2024, compared to RMB631.3 million during the same period of 2023. Non-GAAP net income from the Momo segment was RMB430.0 million (US$59.2 million) in the second quarter of 2024, which decreased from RMB604.4 million in the second quarter of 2023. Non-GAAP net income of the Tantan segment was RMB20.0 million (US$2.8 million) in the second quarter of 2024, compared to RMB30.8 million in the second quarter of 2023.

Net income attributable to Hello Group Inc.

Net income attributable to Hello Group Inc. was RMB397.8 million (US$54.7 million) in the second quarter of 2024, compared to RMB568.4 million during the same period of 2023.

Non-GAAP net income (note 1) attributable to Hello Group Inc. was RMB449.2 million (US$61.8 million) in the second quarter of 2024, compared to RMB632.1 million during the same period of 2023.

Net income per ADS

Diluted net income per ADS was RMB2.11 (US$0.29) in the second quarter of 2024, compared to RMB2.82 in the second quarter of 2023.

Non-GAAP diluted net income per ADS (note 1) was RMB2.38 (US$0.33) in the second quarter of 2024, compared to RMB3.14 in the second quarter of 2023.

Cash and cash flow

As of June 30, 2024, the Company’s cash, cash equivalents, short-term deposits, long-term deposits, short-term restricted cash and long-term restricted cash totaled RMB14,316.4 million (US$1,970.0 million), compared to RMB13,478.5 million as of December 31, 2023.

Net cash provided by operating activities in the second quarter of 2024 was RMB475.2 million (US$65.4 million), compared to RMB827.7 million in the second quarter of 2023.

First Half of 2024 Financial Results

Net revenues for the first half of 2024 were RMB5,251.8 million (US$722.7 million), a decrease of 11.8% from RMB5,956.5 million in the same period of 2023.

Net income attributable to Hello Group Inc. was RMB403.0 million (US$55.5 million) for the first half of 2024, compared to RMB958.7 million during the same period of 2023.

Non-GAAP net income attributable to Hello Group Inc. (note 1) was RMB509.1 million (US$70.1 million) for the first half of 2024, compared to RMB1,104.1 million during the same period of 2023.

Diluted net income per ADS was RMB2.10 (US$0.29) during the first half of 2024, compared to RMB4.78 in the same period of 2023.

Non-GAAP diluted net income per ADS (note 1) was RMB2.65 (US$0.37) during the first half of 2024, compared to RMB5.49 in the same period of 2023.

Net cash provided by operating activities was RMB875.4 million (US$120.5 million) during the first half of 2024, compared to RMB1,278.8 million in the same period of 2023.

Recent Development

Share repurchase program

On June 7, 2022, Hello Group’s board of directors authorized a share repurchase program under which the Company may repurchase up to US$200 million of its shares up to June 6, 2024 (the “Share Repurchase Program”). On March 14, 2024, Hello Group’s board of directors approved to amend the Share Repurchase Program to (i) extend the term of the Share Repurchase Program up to June 30, 2026, and (ii) upsize the Share Repurchase Program so that the Company is authorized to, from time to time, acquire up to an aggregate of US$286.1 million worth of its shares in the form of ADSs and/or the ordinary shares of the Company in the open market and through privately negotiated transactions, in block trades and/or through other legally permissible means, depending on market conditions and in accordance with applicable rules and regulations.

As of September 3, the Company has repurchased 30.9 million ADSs for US$174.6 million on the open market under Share Repurchase Program announced on June 7, 2022 and amended on March 14, 2024, at an average purchase price of US$5.63 per ADS.

Business Outlook

For the third quarter of 2024, the Company expects total net revenues to be between RMB2.58 billion to RMB2.68 billion, representing a decrease of 15.2% to 11.9% 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 such adjustment 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 (loss) from operations, net income (loss), net income attributable to Hello Group Inc., and diluted net income per ADS) is adjusted from the most comparable GAAP results to exclude share-based compensation and such adjustment has no impact on income tax. A limitation of using these non-GAAP financial measures is that share-based compensation has 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 3, 2024, at 8:00 a.m. U.S. Eastern Time (8:00 p.m. Beijing / Hong Kong Time on September 3, 2024).

Participants can register for the conference call by navigating to:

https://s1.c-conf.com/diamondpass/10041441-w8sbhf.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 10, 2024. The dial-in details for the replay are as follows:

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

Hong Kong: 800-930-639

Passcode: 10041441

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 mainland China’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, Duidui and Tietie, which target more niche markets and more selective demographics.

For investor and media inquiries, please contact:

Hello Group Inc.

Investor Relations
Phone: +86-10-5731-0538
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 2024, 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 2024 are preliminary, unaudited and subject to audit adjustment. In addition, we may not meet our financial outlook for the third quarter of 2024 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

2023

2024

2023

2024

RMB

US$

RMB

US$

Net revenues:

Live video service

1,588,849

1,303,020

179,302

3,018,189

2,541,561

349,730

Value-added service

1,499,482

1,345,316

185,121

2,860,951

2,639,692

363,234

Mobile marketing

36,986

41,990

5,778

58,057

68,585

9,438

Mobile games

2,606

–

6,305

432

Other services

9,763

1,065

147

13,042

1,541

212

Total net revenues

3,137,686

2,691,391

370,348

5,956,544

5,251,811

722,673

Cost and expenses:

Cost of revenues

(1,819,559)

(1,595,789)

(219,588)

(3,483,747)

(3,098,797)

(426,409)

Research and development

(214,649)

(193,168)

(26,581)

(451,452)

(385,359)

(53,027)

Sales and marketing

(356,525)

(364,769)

(50,194)

(736,311)

(658,200)

(90,571)

General and administrative

(124,787)

(121,482)

(16,716)

(263,085)

(252,863)

(34,795)

Total cost and expenses

(2,515,520)

(2,275,208)

(313,079)

(4,934,595)

(4,395,219)

(604,802)

Other operating income, net

22,919

8,861

1,219

59,313

28,767

3,958

Income from operations

645,085

425,044

58,488

1,081,262

885,359

121,829

Interest income

115,321

130,937

18,018

215,108

252,044

34,682

Interest expense

(11,963)

(32,493)

(4,471)

(22,378)

(56,191)

(7,732)

Other gain or loss, net

4,565

(34,625)

(4,765)

4,565

(43,870)

(6,037)

Income before income tax and share of (loss) income on equity method
investments

753,008

488,863

67,270

1,278,557

1,037,342

142,742

Income tax expenses

(165,969)

(102,614)

(14,120)

(288,582)

(660,227)

(90,850)

Income before share of (loss) income on equity method investments

587,039

386,249

53,150

989,975

377,115

51,892

Share of (loss) income on equity method investments

(19,439)

11,536

1,587

(32,914)

25,854

3,558

Net income

567,600

397,785

54,737

957,061

402,969

55,450

Less: net loss attributable to non-controlling interest

(795)

–

(1,623)

–

Net income attributable to the shareholders of Hello Group Inc.

568,395

397,785

54,737

958,684

402,969

55,450

Net income per share attributable to ordinary shareholders

Basic

1.50

1.10

0.15

2.54

1.09

0.15

Diluted

1.41

1.05

0.14

2.39

1.05

0.14

Weighted average shares used in calculating net income per ordinary share

Basic

377,920,901

362,394,762

377,471,487

368,522,705

Diluted

409,201,815

377,903,589

409,151,850

383,528,002

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

2023

2024

2023

2024

RMB

US$

RMB

US$

Net income

567,600

397,785

54,737

957,061

402,969

55,450

Other comprehensive income, net of tax:

Foreign currency translation adjustment

107,975

41,569

5,720

110,156

96,463

13,274

Comprehensive income

675,575

439,354

60,457

1,067,217

499,432

68,724

Less: comprehensive income attributed to the non-controlling interest

10,188

1,202

165

8,518

4,286

590

Comprehensive income attributable to Hello Group Inc.

665,387

438,152

60,292

1,058,699

495,146

68,134

Hello Group Inc.

Unaudited Condensed Consolidated Balance Sheets

(All amounts in thousands, except share and per share data)

December 31

June 30

2023

2024

RMB

US$

Assets

Current assets

Cash and cash equivalents

5,620,466

5,958,586

819,929

Short-term deposits

1,270,626

350,000

48,162

Restricted cash

10,147

1,513,894

208,319

Accounts receivable, net of allowance for doubtful accounts of RMB12,780 and
RMB12,615 as of December 31, 2023 and June 30, 2024, respectively

201,517

184,840

25,435

Amounts due from related parties

7,258

–

Prepaid expenses and other current assets

723,364

776,812

106,893

Total current assets

7,833,378

8,784,132

1,208,738

Long-term deposits

3,924,975

3,816,800

525,209

Long-term restricted cash

2,652,299

2,677,110

368,383

Right-of-use assets, net

109,572

304,301

41,873

Property and equipment, net

659,033

889,309

122,373

Intangible assets, net

17,086

14,527

1,999

Rental deposits

12,962

13,770

1,895

Long-term investments

786,911

726,981

100,036

Amounts due from RPT-non current

20,000

–

Other non-current assets

180,052

211,744

29,137

Deferred tax assets

31,741

35,820

4,929

Total assets

16,228,009

17,474,494

2,404,572

Liabilities and equity

Current liabilities

Accounts payable

616,681

607,035

83,532

Deferred revenue

442,805

444,657

61,187

Accrued expenses and other current liabilities

630,617

607,062

83,535

Amounts due to related parties

4,314

–

Lease liabilities due within one year

60,008

153,979

21,188

Income tax payable

94,719

58,224

8,012

Deferred consideration in connection with business acquisitions

27,261

27,904

3,840

Long-term borrowings, current portion

215,615

29,670

Short-term borrowings

–

1,331,635

183,239

Total current liabilities

2,092,020

3,446,111

474,203

Deferred tax liabilities

24,987

408,451

56,205

Convertible Senior Notes

19,571

20,067

2,761

Long-term borrowings

1,938,385

1,938,169

266,701

Lease liabilities

52,171

158,821

21,854

Other non-current liabilities

114,085

137,811

18,963

Total liabilities

4,241,219

6,109,430

840,687

Shareholder’s equity (i)

11,986,790

11,365,064

1,563,885

Total liabilities and shareholder’s equity

16,228,009

17,474,494

2,404,572

(i): As of June 30, 2024, the number of ordinary shares outstanding was 352,650,980.

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

2023

2024

2023

2024

RMB

US$

RMB

US$

Cash flows from operating activities:

Net income

567,600

397,785

54,737

957,061

402,969

55,450

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation of property and equipment

18,787

13,525

1,861

41,631

27,835

3,830

Amortization of intangible assets

1,279

176

2,558

352

Share-based compensation

63,748

51,458

7,081

145,405

106,128

14,604

Share of loss (income) on equity method investments

19,439

(11,536)

(1,587)

32,914

(25,854)

(3,558)

Gain on repurchase of convertible senior notes

(4,565)

–

(4,565)

–

Cash received on distributions from equity method investments

1,349

1,197

165

1,349

1,197

165

Loss on long-term investments

–

34,625

4,765

–

43,870

6,037

Gain or loss on disposal of property and equipment

(527)

(178)

(24)

(460)

Provision of loss on receivable and other assets

1,022

145

10,204

1,921

264

Changes in operating assets and liabilities:

Accounts receivable

(20,117)

4,848

667

(20,665)

15,828

2,178

Prepaid expenses and other current assets

170,514

15,043

2,070

194,866

5,366

738

Amounts due from related parties

–

Rental deposits

951

–

951

(802)

(110)

Deferred tax assets

(1,580)

(217)

457

(4,078)

(561)

Other non-current assets

30,424

(198,746)

(27,348)

22,939

(206,343)

(28,394)

Accounts payable

11,459

(14,292)

(1,967)

31,838

(31,746)

(4,368)

Income tax payable

2,674

(42,533)

(5,853)

(3,719)

(36,497)

(5,022)

Deferred revenue

(14,062)

(15,268)

(2,101)

(22,873)

1,406

193

Accrued expenses and other current liabilities

(54,827)

121,547

16,725

(187,560)

64,747

8,909

Amount due to related parties

(272)

–

2,897

–

Deferred tax liabilities

48,397

14,410

1,983

82,517

379,421

52,210

Other non-current liabilities

(15,548)

103,500

14,242

(8,984)

127,393

17,530

Net cash provided by operating activities

827,742

475,229

65,395

1,278,816

875,399

120,458

Cash flows from investing activities:

Purchase of property and equipment

(11,010)

(199,842)

(27,499)

(21,244)

(244,018)

(33,578)

Payment for long-term investments

(9,000)

(5,250)

(722)

(9,000)

(5,250)

(722)

Purchase of short-term deposits

–

(497,342)

–

Cash received on maturity of short-term deposits

2,609,820

781,016

107,471

3,509,820

1,081,016

148,753

Cash received on investment income distribution

1,517

–

1,517

–

Purchase of long-term deposits

(1,350,000)

–

(1,350,000)

(718,860)

(98,918)

Cash received on maturity of long-term deposits

–

718,860

98,918

Cash received from sales of long-term investment

–

2,000

275

Other investing activities

947

298

1,685

683

Net cash provided by investing activities

1,242,274

576,222

79,291

1,635,436

834,431

114,822

Cash flows from financing activities:

Proceeds from exercise of share options

–

Payment in relation to the share repurchase program

–

(394,561)

(54,293)

(3,237)

(506,822)

(69,741)

Repurchase of subsidiary’s share options

(2,557)

–

(4,096)

–

Dividends payment

(937,249)

(716,302)

(98,566)

(937,249)

(716,302)

(98,566)

Proceeds from short-term borrowings

–

1,331,635

183,239

Repayment of long-term borrowings

–

(215)

(30)

Payment for redemption of convertible bonds

(2,114,224)

–

(2,593,010)

–

Net cash (used in) provided by financing activities

(3,054,014)

(1,110,861)

(152,859)

(3,537,573)

108,309

14,904

Effect of exchange rate changes

145,860

27,725

3,814

136,434

48,539

6,680

Net (decrease) increase in cash and cash equivalents

(838,138)

(31,685)

(4,359)

(486,887)

1,866,678

256,864

Cash, cash equivalents and restricted cash at the beginning of period

5,549,852

10,181,275

1,400,990

5,198,601

8,282,912

1,139,767

Cash, cash equivalents and restricted cash at the end of period

4,711,714

10,149,590

1,396,631

4,711,714

10,149,590

1,396,631

Hello Group Inc.

Reconciliation of Non-GAAP financial measures to comparable GAAP measures

(All amounts in thousands, except per share data)

Reconciliation of Non-GAAP cost and operating expenses, income from operations, and net income to comparable GAAP measures.

Three months

Ended June 30, 2023

Ended June 30, 2024

GAAP

Share-based
compensation

Non-GAAP

GAAP

Share-based
compensation

Non-GAAP

GAAP

Share-based
compensation

Non-GAAP

RMB

US$

Cost of revenues

(1,819,559)

1,552

(1,818,007)

(1,595,789)

1,796

(1,593,993)

(219,588)

247

(219,341)

Research and development

(214,649)

13,821

(200,828)

(193,168)

13,512

(179,656)

(26,581)

1,860

(24,721)

Sales and marketing

(356,525)

6,813

(349,712)

(364,769)

4,149

(360,620)

(50,194)

571

(49,623)

General and administrative

(124,787)

41,562

(83,225)

(121,482)

32,001

(89,481)

(16,716)

4,403

(12,313)

Cost and operating expenses

(2,515,520)

63,748

(2,451,772)

(2,275,208)

51,458

(2,223,750)

(313,079)

7,081

(305,998)

Income from operations

645,085

63,748

708,833

425,044

51,458

476,502

58,488

7,081

65,569

Net income attributable to Hello Group Inc.

568,395

63,748

632,143

397,785

51,458

449,243

54,737

7,081

61,818

Hello Group Inc.

Reconciliation of Non-GAAP financial measures to comparable GAAP measures

(All amounts in thousands, except per share data)

Reconciliation of Non-GAAP cost and operating expenses, income from operations, and net income to comparable GAAP measures-continued.

First half year

Ended June 30, 2023

Ended June 30, 2024

GAAP

Share-based
compensation

Non-GAAP

GAAP

Share-based
compensation

Non-GAAP

GAAP

Share-based
compensation

Non-GAAP

RMB

US$

Cost of revenues

(3,483,747)

3,187

(3,480,560)

(3,098,797)

3,678

(3,095,119)

(426,409)

506

(425,903)

Research and development

(451,452)

36,193

(415,259)

(385,359)

22,298

(363,061)

(53,027)

3,068

(49,959)

Sales and marketing

(736,311)

14,559

(721,752)

(658,200)

10,266

(647,934)

(90,571)

1,413

(89,158)

General and administrative

(263,085)

91,466

(171,619)

(252,863)

69,886

(182,977)

(34,795)

9,617

(25,178)

Cost and operating expenses

(4,934,595)

145,405

(4,789,190)

(4,395,219)

106,128

(4,289,091)

(604,802)

14,604

(590,198)

Income from operations

1,081,262

145,405

1,226,667

885,359

106,128

991,487

121,829

14,604

136,433

Net income attributable to Hello Group Inc.

958,684

145,405

1,104,089

402,969

106,128

509,097

55,450

14,604

70,054

Hello Group Inc.

Unaudited Condensed Segment Report

(All amounts in thousands, except share and per share data)

Three months

Ended June 30, 2024

Momo

Tantan

QOOL

Total

RMB

US$

Net revenues:

Live video service

1,220,013

83,007

–

1,303,020

179,302

Value-added service

1,205,460

139,856

–

1,345,316

185,121

Mobile marketing

31,136

10,854

–

41,990

5,778

Other services

582

–

483

1,065

147

Total net revenues

2,457,191

233,717

483

2,691,391

370,348

Cost and expenses (ii):

Cost of revenues

(1,491,925)

(103,862)

(2)

(1,595,789)

(219,588)

Research and development

(151,180)

(41,988)

–

(193,168)

(26,581)

Sales and marketing

(301,121)

(62,473)

(1,175)

(364,769)

(50,194)

General and administrative

(112,387)

(8,978)

(117)

(121,482)

(16,716)

Total cost and expenses

(2,056,613)

(217,301)

(1,294)

(2,275,208)

(313,079)

Other operating income

8,858

8,861

1,219

Income (loss) from operations

409,436

16,417

(809)

425,044

58,488

Interest income

130,777

158

130,937

18,018

Interest expense

(32,493)

–

(32,493)

(4,471)

Other gain or loss, net

(34,625)

–

(34,625)

(4,765)

Income (loss) before income tax and share of income on equity method investments

473,095

16,575

(807)

488,863

67,270

Income tax expenses

(101,865)

(749)

–

(102,614)

(14,120)

Income (loss) before share of income on equity method investments

371,230

15,826

(807)

386,249

53,150

Share of income on equity method investments

11,536

–

11,536

1,587

Net income (loss)

382,766

15,826

(807)

397,785

54,737

(ii) Share-based compensation was allocated in cost of revenues and operating expenses as follows:

Three months

Ended June 30, 2024

Momo

Tantan

QOOL

Total

RMB

US$

Cost of revenues

1,796

–

1,796

247

Research and development

9,325

4,187

–

13,512

1,860

Sales and marketing

4,149

–

4,149

571

General and administrative

31,998

–

32,001

4,403

Total cost and expenses

47,268

4,190

–

51,458

7,081

Hello Group Inc.

Reconciliation of GAAP and NON-GAAP Results of Unaudited Segment Report

(All amounts in thousands, except share and per share data)

Three months

Ended June 30, 2024

Momo

Tantan

QOOL

Total

RMB

US$

Income (loss) from operations

409,436

16,417

(809)

425,044

58,488

Share-based compensation

47,268

4,190

–

51,458

7,081

Non-GAAP income (loss) from operations

456,704

20,607

(809)

476,502

65,569

Net income (loss)

382,766

15,826

(807)

397,785

54,737

Share-based compensation

47,268

4,190

–

51,458

7,081

Non-GAAP net income (loss)

430,034

20,016

(807)

449,243

61,818

Hello Group Inc.

Unaudited Condensed Segment Report

(All amounts in thousands, except share and per share data)

Three months

Ended June 30, 2023

Momo

Tantan

QOOL

Total

RMB

US$[1]

Net revenues:

Live video service

1,443,602

145,247

–

1,588,849

219,112

Value-added service

1,329,310

170,172

–

1,499,482

206,788

Mobile marketing

31,670

5,316

–

36,986

5,101

Mobile games

2,606

–

2,606

359

Other services

9,459

–

304

9,763

1,347

Total net revenues

2,816,647

320,735

304

3,137,686

432,707

Cost and expenses (iii):

Cost of revenues

(1,658,335)

(160,651)

(573)

(1,819,559)

(250,929)

Research and development

(163,040)

(51,609)

–

(214,649)

(29,601)

Sales and marketing

(282,903)

(72,378)

(1,244)

(356,525)

(49,167)

General and administrative

(116,197)

(6,198)

(2,392)

(124,787)

(17,209)

Total cost and expenses

(2,220,475)

(290,836)

(4,209)

(2,515,520)

(346,906)

Other operating income, net

22,648

271

–

22,919

3,161

Income (loss) from operations

618,820

30,170

(3,905)

645,085

88,962

Interest income

114,946

358

115,321

15,903

Interest expense

(11,963)

–

(11,963)

(1,650)

Other gain or loss, net

4,565

–

4,565

630

Income (loss) before income tax and share of loss on equity method
investments

726,368

30,528

(3,888)

753,008

103,845

Income tax expenses

(164,541)

(1,428)

–

(165,969)

(22,888)

Income (loss) before share of loss on equity method investments

561,827

29,100

(3,888)

587,039

80,957

Share of loss on equity method investments

(19,439)

–

(19,439)

(2,681)

Net income (loss)

542,388

29,100

(3,888)

567,600

78,276

(iii) Share-based compensation was allocated in cost of revenues and operating expenses as follows:

Three months

Ended June 30, 2023

Momo

Tantan

QOOL

Total

RMB

US$

Cost of revenues

1,437

115

–

1,552

214

Research and development

12,222

1,599

–

13,821

1,906

Sales and marketing

6,813

–

6,813

940

General and administrative

41,554

–

41,562

5,732

Total cost and expenses

62,026

1,722

–

63,748

8,792

[1] All translations from RMB to U.S. dollars are made at a rate of RMB7.2513 to US$1.00, the effective noon buying rate for June 30, 2023 as set forth in the H.10 statistical release of the
Federal Reserve Board.

Hello Group Inc.

Reconciliation of GAAP and NON-GAAP Results of Unaudited Segment Report

(All amounts in thousands, except share and per share data)

Three months

Ended June 30, 2023

Momo

Tantan

QOOL

Total

RMB

US$

Income (loss) from operations

618,820

30,170

(3,905)

645,085

88,962

Share-based compensation

62,026

1,722

–

63,748

8,792

Non-GAAP income (loss) from operations

680,846

31,892

(3,905)

708,833

97,754

Net income (loss)

542,388

29,100

(3,888)

567,600

78,276

Share-based compensation

62,026

1,722

–

63,748

8,792

Non-GAAP net income (loss)

604,414

30,822

(3,888)

631,348

87,068

Hello Group Inc.

Unaudited Condensed Segment Report

(All amounts in thousands, except share and per share data)

First half year

Ended June 30, 2024

Momo

Tantan

QOOL

Total

RMB

US$

Net revenues:

Live video service

2,370,857

170,704

–

2,541,561

349,730

Value-added service

2,354,745

284,947

–

2,639,692

363,234

Mobile marketing

49,029

19,556

–

68,585

9,438

Mobile games

432

–

432

Other services

1,016

–

525

1,541

212

Total net revenues

4,776,079

475,207

525

5,251,811

722,673

Cost and expenses (iv):

Cost of revenues

(2,884,749)

(214,046)

(2)

(3,098,797)

(426,409)

Research and development

(302,041)

(83,318)

–

(385,359)

(53,027)

Sales and marketing

(537,780)

(116,955)

(3,465)

(658,200)

(90,571)

General and administrative

(236,139)

(16,569)

(155)

(252,863)

(34,795)

Total cost and expenses

(3,960,709)

(430,888)

(3,622)

(4,395,219)

(604,802)

Other operating income

28,016

725

28,767

3,958

Income (loss) from operations

843,386

45,044

(3,071)

885,359

121,829

Interest income

251,735

305

252,044

34,682

Interest expense

(56,191)

–

(56,191)

(7,732)

Other gain or loss, net

(43,870)

–

(43,870)

(6,037)

Income (loss) before income tax and share of income on equity method investments

995,060

45,349

(3,067)

1,037,342

142,742

Income tax expenses

(658,944)

(1,283)

–

(660,227)

(90,850)

Income (loss) before share of income on equity method investments

336,116

44,066

(3,067)

377,115

51,892

Share of income on equity method investments

25,854

–

25,854

3,558

Net income (loss)

361,970

44,066

(3,067)

402,969

55,450

(iv) Share-based compensation was allocated in cost of revenues and operating expenses as follows:

First half year

Ended June 30, 2024

Momo

Tantan

QOOL

Total

RMB

US$

Cost of revenues

3,674

–

3,678

506

Research and development

17,963

4,335

–

22,298

3,068

Sales and marketing

10,266

–

10,266

1,413

General and administrative

69,872

–

69,886

9,617

Total cost and expenses

101,775

4,353

–

106,128

14,604

Hello Group Inc.

Reconciliation of GAAP and NON-GAAP Results of Unaudited Segment Report

(All amounts in thousands, except share and per share data)

First half year

Ended June 30, 2024

Momo

Tantan

QOOL

Total

RMB

US$

Income (loss) from operations

843,386

45,044

(3,071)

885,359

121,829

Share-based compensation

101,775

4,353

–

106,128

14,604

Non-GAAP income (loss) from operations

945,161

49,397

(3,071)

991,487

136,433

Net income (loss)

361,970

44,066

(3,067)

402,969

55,450

Share-based compensation

101,775

4,353

–

106,128

14,604

Non-GAAP net income (loss)

463,745

48,419

(3,067)

509,097

70,054

Hello Group Inc.

Unaudited Condensed Segment Report

(All amounts in thousands, except share and per share data)

First half year

Ended June 30, 2023

Momo

Tantan

QOOL

Total

RMB

US$

Net revenues:

Live video service

2,733,320

284,869

–

3,018,189

416,227

Value-added service

2,522,854

338,097

–

2,860,951

394,543

Mobile marketing

51,691

6,366

–

58,057

8,006

Mobile games

6,305

–

6,305

869

Other services

12,596

–

446

13,042

1,800

Total net revenues

5,326,766

629,332

446

5,956,544

821,445

Cost and expenses (v):

Cost of revenues

(3,158,866)

(323,765)

(1,116)

(3,483,747)

(480,431)

Research and development

(332,348)

(119,104)

–

(451,452)

(62,258)

Sales and marketing

(595,543)

(138,230)

(2,538)

(736,311)

(101,542)

General and administrative

(244,275)

(13,944)

(4,866)

(263,085)

(36,281)

Total cost and expenses

(4,331,032)

(595,043)

(8,520)

(4,934,595)

(680,512)

Other operating income

58,126

1,125

59,313

8,180

Income (loss) from operations

1,053,860

35,414

(8,012)

1,081,262

149,113

Interest income

214,477

562

215,108

29,665

Interest expense

(22,378)

–

(22,378)

(3,086)

Other gain or loss, net

4,565

–

4,565

630

Income (loss) before income tax and share of loss on equity method investments

1,250,524

35,976

(7,943)

1,278,557

176,322

Income tax expenses

(286,183)

(2,399)

–

(288,582)

(39,797)

Income (loss) before share of loss on equity method investments

964,341

33,577

(7,943)

989,975

136,525

Share of loss on equity method investments

(32,914)

–

(32,914)

(4,539)

Net income (loss)

931,427

33,577

(7,943)

957,061

131,986

(v) Share-based compensation was allocated in cost of revenues and operating expenses as follows:

First half year

Ended June 30, 2023

Momo

Tantan

QOOL

Total

RMB

US$

Cost of revenues

3,055

132

–

3,187

440

Research and development

25,392

10,801

–

36,193

4,991

Sales and marketing

14,554

–

14,559

2,008

General and administrative

91,450

–

91,466

12,614

Total cost and expenses

134,451

10,954

–

145,405

20,053

Hello Group Inc.

Reconciliation of GAAP and NON-GAAP Results of Unaudited Segment Report

(All amounts in thousands, except share and per share data)

First half year

ended June 30, 2023

Momo

Tantan

QOOL

Total

RMB

US$

Operating income (loss)

1,053,860

35,414

(8,012)

1,081,262

149,113

Share-based compensation

134,451

10,954

–

145,405

20,053

Non-GAAP operating income (loss)

1,188,311

46,368

(8,012)

1,226,667

169,166

Net income (loss)

931,427

33,577

(7,943)

957,061

131,986

Share-based compensation

134,451

10,954

–

145,405

20,053

Non-GAAP net income (loss)

1,065,878

44,531

(7,943)

1,102,466

152,039

View original content:https://www.prnewswire.com/news-releases/hello-group-inc-announces-unaudited-financial-results-for-the-second-quarter-of-2024-302236454.html

SOURCE Hello Group Inc.

Technology

AI-Powered Connectivity: APAC Charts a Path to a Smarter Digital Future

Published

60 minutes ago

July 18, 2026

Asia-Pacific’s first Broadband Development Summit brings regulators and operators to Bangkok to set the agenda

BANGKOK, July 19, 2026 /PRNewswire/ — Government officials, standards bodies and telecom operators gathered in Bangkok on 14 July for the inaugural Broadband Development Summit APAC 2026, convened by the World Broadband Association (WBBA) to build consensus on AI-era networks.

Participants included the ITU, Thailand’s National Board of the Digital Economy and Society, WBBA, IAB, FNCAP, WAA, NIDA and the IPv6 Council, alongside operators Telkomsel, XLSmart, Surge, Globe, AIS, CMI and HKT and Huawei.

Denny Deng, President of Huawei Asia Pacific Carrier Business, envisions a “faster, smarter, greener” Asia-Pacific.

VOICES FROM THE SUMMIT

“To seize the opportunities of the AI era, we call on the industry to accelerate broadband evolution, advance computing-network synergy, and strengthen the cross-border connectivity. Together, let us build faster, smarter, and greener digital infrastructure for Asia-Pacific.”
— Denny Deng, President of Asia Pacific Carrier Business, Huawei

“High-speed broadband is no longer just about ‘getting online’ — it is the vital infrastructure upon which the entire AI revolution is being built. We view AI not merely as a tool, but as a primary engine for national competitiveness and a catalyst for improving the quality of life for all.”
— Wetang Phuangsup, Ph.D., Secretary-General, the National Board of the Digital Economy and Society, Thailand

“Three initiatives define the road to 2030. We must close the quality divide so the value of broadband reaches everyone. We must build AI-ready networks — 10G access, 800GE cores, intelligence end to end. And we must do it together, through shared standards.”
— Martin Creaner, Director General of WBBA

“Moving towards next-generation networks, network architectures must continue to evolve to deliver broader connectivity, superior quality, enhanced security, and greater intelligence. This evolution is essential for Net5.5G, positioning the network not simply as infrastructure, but as the foundation that enables AI, strengthens resilience and efficiency, and supports digital transformation across industries.”
— Dhruv Dhody, Industry Standardization Expert at Huawei, Chair of the IAB, IETF

“Across Asia-Pacific, fibre is extending beyond homes and offices into rooms, devices, and machines. By working together, we can accelerate fibre innovation and adoption to build truly AI-ready infrastructure.”
— Ilham Nandana, Chair of the Market Intelligence Committee, Fiber Network Council APAC (FNCAP)

“We fixed it before you feel it! AIS is redefining premium home broadband by combining ultra-fast connectivity with AI-driven network intelligence and smart home ecosystem — delivering proactive, invisible service excellence that transforms connectivity into differentiated customer value and sustainable ARPU growth.”
— Thanit Chaiyaboonthanit, Head of Technology Department, Broadband Business, AIS

“Connecting the Unconnected: Affordable Broadband at Scale. Create equal access to global information and empower Indonesia’s digital society.”
— Shannedy Ong, CTO of Surge Indonesia

“Beyond Connectivity: Telkomsel is transforming into a true value creator. By leveraging our FBB market-leading footprint, we power growth through service excellence, customer loyalty, and a next-generation home ecosystem.”
— Stanislaus Susatyo, Director of Sales, Telkomsel Indonesia

“We stopped treating AI as an add-on feature. Instead, our approach at Globe starts with architecture, embedding intelligence into the very core of how we build, how we sell, and how we operate.
AI continuously monitors network health, customer behavior and service quality. Rather than waiting for failures, the system predicts degradation and initiates corrective actions. By maintaining minute-level awareness of network health, our systems automatically resolve 30% of all Wi-Fi issues without any human intervention.”
— Danny Theseira, Head of Broadband Business Group at Globe Telecom

“Huawei is driving the Optics-AI Synergy to foster their collaborative growth. Through AI-ON, operators could build an AI-centric all-optical target network and establish 1-5-20ms latency circles across the Asia Pacific region. AI-ON also supports efficient computing access and usage while delivering an ultimate network experience through gigabit/ultra-gigabit home broadband, accelerating the widespread adoption of AI services.”
— Kim Jin, Vice President & Chief Marketing Officer Optical Business Product Line, Huawei

“Connectivity is not just about technology. It is a lifeline, a platform for opportunity, and a driver of sustainable development. I believe the intersection of connectivity and artificial intelligence will shape the future of smarter, more resilient networks.”
— Dr. Cosmas Zavazava, Director of the Telecommunication Development Bureau, ITU

“Performance and user experience are the essential path to the next-generation WLAN. Based on standards and AI-driven innovation, let’s jointly explore the path to the future autonomous WLAN with all the stakeholders.”
— Dr. Crane H. Yang, Secretary-General, World WLAN Application Alliance (WAA)

“At the summit, NIDA and WBBA signed an MOU to accelerate next-generation network evolution and establish pioneering smart city benchmarks through the co-development of industry standards, the harmonization of global regulations, and the sharing of vertical industry insights.
NIDA focuses on advancing network architecture standards, while WBBA drives global consensus on broadband evolution. This natural strategic complementarity creates vast opportunities for future collaboration.”
— Joey Deng, Secretary-General of NIDA

“ION-2030 develops the global standard for next generation optical networks in the AI era. It provides exceptional AI application and service experience. The WBBA and ITU will jointly accelerate its development, and this is a unique opportunity for Asia-Pacific stakeholders to actively influence the future of optical broadband networks.”
— Dr. Marcus Brunner, Chief Expert Standardization, WBBA WG1 Chair and Vice-Chair of ETSI ISG F5G

“The transition into the AI era demands a high-quality, deterministic digital foundation. By releasing Net5.5G policy guidelines, Malaysia is accelerating the evolution of next-generation network standards based on IPv6, establishing an innovative infrastructure to unleash AI’s value and drive a prosperous digital economy for 2030.”
— Prof. Sureswaran Ramadass, Chair of APAC at IPv6 Council, Industry Partner of WBBA

“The digital economy is thriving across the Asia-Pacific region, with AI emerging as a core catalyst for intelligent transformation. China Mobile International (CMI) is driving regional growth by integrating China’s advanced AI capabilities with comprehensive communications, computing, and AI services. Moving forward, CMI will collaborate closely with industry partners to foster a shared, AI-driven future for the region.”
— Paul Lin, Managing Director of Commercial and Technology, Asia Pacific, China Mobile International

“Next-generation network infrastructure is the oxygen of the intelligent economy. By integrating cutting-edge 800G connectivity with quantum-safe security, HKT is laying the essential foundations to keep Hong Kong’s enterprises highly competitive, secure, and ready for the computing paradigm shifts of tomorrow.”
— Wilson Cheung, Vice President, Broadband Design & Cyber Security, HKT

“The evolution toward Net5.5G AI WAN is an important step in strengthening XLSMART’s transport network for the future. By progressively adopting AI-assisted operations, SRv6, SDN, service differentiation, and higher-capacity transport infrastructure, we are enhancing network intelligence, operational efficiency, and service resilience while supporting long-term sustainability. This transformation is a continuous journey that aligns with the industry’s vision of AI-native broadband networks. Through collaboration with our technology partners and the broader ecosystem, we will continue to develop capabilities that deliver better network performance and support Indonesia’s growing digital connectivity needs.”
— Regie Ginanjar, Head of Transport Autonomy & Orchestration, Transport Network Transformation, XLSMART

“For the AI era, Huawei upgrades the IP bearer network via security resilience, multi-dimensional awareness, and network autonomy. This empowers carriers to guarantee service experience, accelerate monetization, and enhance efficiency, ushering in a new chapter of intelligent connectivity.”
— Arthur Wang, Vice President of Data Communication Product Line, Huawei

A CONVERGING VIEW

Speakers agreed AI is shifting networks from connectivity to intelligent connectivity, as broadband, IP, computing and cross-border infrastructure converge to support innovation and coordination.

WBBA launched the AI-Net Certification, a global benchmark for national policy, industrial ecosystems and network intelligence. XLSmart was named first AI-Net Champion, and Indonesia was among the first with a certified operator, backed by its Net5.5G roadmap.

In another high-profile segment, WBBA Director General Martin Creaner presented the Gigacity Certification to KOMDIGI, SURGE, Telkomsel, AIS, TRUE, HKT and Globe, recognizing regional broadband pioneers.

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SOURCE HUAWEI

Technology

Laifen Expands U.S. Retail Footprint with Costco Launch of Best-Selling SE Hair Dryer

Published

2 hours ago

July 18, 2026

Starting July 18, Costco Members Can Shop Laifen’s Award-Winning Hair Dryer in Select Warehouse Locations Across the U.S.

NEW YORK, July 18, 2026 /PRNewswire/ — Laifen, ranked the world’s No.1 high-speed hair dryer brand, today announced the launch of its best-selling SE High-Speed Hair Dryer at select Costco warehouse locations, marking the brand’s largest U.S. retail expansion to date and bringing its award-winning haircare technology to Costco members across select U.S. markets.

The launch brings Laifen’s award-winning haircare technology to Costco, making it easier for consumers to experience the brand through one of the nation’s leading membership retailers. Laifen joins Costco’s growing portfolio of premium beauty and personal care brands. The initial rollout includes select Costco warehouse locations across the United States, with a strong presence across the Western U.S., including California, the Pacific Northwest and the Southwest.

Costco’s reputation for quality and its highly selective merchandising approach make this partnership especially meaningful. The Costco launch reflects Laifen’s continued expansion beyond direct-to-consumer channels as the brand accelerates its U.S. omnichannel retail strategy. “Costco represents an important milestone in our U.S. retail strategy,” said Romeo, General Manager of International Business of Laifen. “As more consumers seek salon-quality performance at an accessible price, we’re excited to make Laifen available through one of America’s most trusted retailers.”

Engineered to deliver professional-level performance in a sleek, lightweight design, the Laifen SE is powered by the brand’s proprietary high-speed brushless motor, delivering fast drying, reduced heat damage and smoother styling. An intelligent temperature control system continuously monitors airflow to help minimize frizz while protecting hair from excessive heat.

The Costco launch represents the next phase of Laifen’s U.S. retail expansion as the brand continues to grow beyond its direct-to-consumer and online channels. By expanding into one of the nation’s most trusted retailers, Laifen aims to broaden access to its category-disrupting haircare solutions while advancing its mission to bring more thoughtful design and everyday excellence into more homes.

The Laifen SE High-Speed Hair Dryer in White will be available at select Costco locations, while Costco.com shoppers will have access to additional color options including Purple and Pink, alongside the White model.

For more information on Laifen, please visit LaifenTech.com.

About Laifen:

Founded in 2019, Laifen is a global personal care technology brand combining high-performance engineering with modern design across hair care, oral care, and grooming categories. Ranked the world’s No. 1 high-speed hair dryer brand by Euromonitor International, Laifen first gained recognition for its self-developed 110,000 RPM high-speed brushless motor, the proprietary technology behind its award-winning hair dryers.

Building on this innovation, Laifen has expanded its portfolio to include electric toothbrushes and shavers, delivering premium technology and elevated everyday experiences to consumers worldwide. Today, Laifen products and accessories are used by over 22 million households across more than 60 countries, supported by more than 600 patents and recognized with over 50 international design and innovation awards. Driven by continuous technological breakthroughs, Laifen is committed to making cutting-edge personal care technology more accessible to consumers around the world.

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SOURCE Laifen

Technology

Pillsbury Notice of Data Breach

Published

5 hours ago

July 18, 2026

NEW YORK, July 18, 2026 /PRNewswire/ — Pillsbury Winthrop Shaw Pittman LLP (“Pillsbury”) was among many law firms targeted by sophisticated social engineering attempts in an incident last year. While the firm quickly detected and blocked the activity, an unauthorized actor was able to access some of the firm’s documents during a short window of time. Pillsbury notified any impacted clients last year and undertook a detailed process to review the accessed documents for personal information. Pillsbury then began notifying individuals whose personal information was affected. That process is now complete, and today, Pillsbury is publishing substitute notice as a final step.

For more information, please visit the substitute notice on our website at https://www.pillsburylaw.com/en/breach-notice.html.

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SOURCE Pillsbury Winthrop Shaw Pittman LLP