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    Jennifer Huang

    Research Analyst at UBS Group AG

    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

    Jennifer Huang's questions to Hello Group (MOMO) leadership • Q1 2025

    Question

    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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