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Jennifer Huang

Research Analyst at UBS Asset Management Americas Inc.

Jennifer Huang is an equity research analyst at UBS Group AG specializing in the financial services sector, with particular focus on Asian banking and insurance companies. She covers major firms such as Ping An Insurance, China Merchants Bank, and Industrial and Commercial Bank of China, and is known for her data-driven investment calls and regional expertise. Jennifer started her career as an analyst in Hong Kong, progressing through roles at global banks before joining UBS, where she currently provides actionable insights and recommendations to institutional clients. She holds multiple professional credentials, including FINRA Series 7 and 63 licenses, and has been recognized in industry rankings for her sector coverage accuracy and research depth.

Jennifer Huang's questions to Hello Group (MOMO) leadership

Question · Q2 2025

Jennifer Huang asked about the sustainability of the overseas business's strong year-over-year revenue growth of over 70% for two consecutive quarters and the expectations for overseas revenue in the second half of 2025.

Answer

Sichuan Zhang (COO & Director) stated that rapid H1 growth was broad-based, with social entertainment (Suzhou, Yahala, Amar) maintaining momentum and overseas dating (Tang Tang International, Happn acquisition) performing well. Cathy Peng (CFO) added that while Q3 growth might temporarily moderate to around 60% YoY due to a strategic focus on profit over rapid expansion and optimizing ROI, non-Suzhou emerging brands are accelerating at a triple-digit pace. Overseas growth is expected to reaccelerate in Q4 as ROI optimization takes effect and new brands contribute.

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Question · Q1 2025

Jennifer Huang of UBS inquired about the full-year profit outlook for 2025, specifically asking for color on margin trends and how operating expenses would be managed and allocated throughout the year.

Answer

CFO Cathy Peng provided a detailed forecast. She expects the full-year non-GAAP gross margin to be in the 36-37% range, down from 39% in 2024, due to the mix shift towards lower-margin overseas business. Sales and marketing expenses are projected to increase by about 10% YoY to fuel overseas growth, while R&D and G&A expenses are expected to decrease slightly. Consequently, the full-year non-GAAP operating margin is anticipated to be in the low teens, likely 13-14%.

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