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Jenny Wan

Research Analyst at UBS

I was unable to reliably identify a specific UBS analyst named Jenny Wan or verify a LinkedIn profile that clearly matches an equity research analyst at UBS, so a detailed professional paragraph with confirmed title, company coverage, performance metrics, career timeline, and credentials cannot be produced without risking inaccuracy or conflating different individuals. Public search results do not show a UBS research analyst with that exact name and sufficient detail on coverage universe, performance track record, or regulatory registrations. To avoid misrepresentation, it is more appropriate to state that this information is not publicly verifiable at this time. A precise profile would require direct confirmation from UBS or the individual’s authenticated professional biography.

Jenny Wan's questions to Hello Group (MOMO) leadership

Question · Q3 2025

Jenny Wan inquired about the outperformance of overseas revenue in Q3 2025 (69% YoY growth vs. 60% guidance), asking which specific business segments drove this. She also requested a breakdown of Q4 overseas growth (70% YoY guidance) between organic business and the Happn acquisition, and management's outlook for overseas growth in 2026, specifically if it can fully offset domestic revenue decline.

Answer

Yan Tang (CEO) stated that the majority of incremental overseas revenue came from audio and video products in the MENA region, particularly YoHo and Ahlan, driven by improved ROI from product optimization and supply-side partnerships. He also noted solid performance from overseas dating products, including Tantan International's stabilization and growth after rebranding, and the AI-powered dating app in Japan. The Happn acquisition had a limited impact on Q3 but will contribute more meaningfully in Q4. Hui Peng (CFO) elaborated that overseas growth is now multi-pillar supported (Soulchill, emerging social entertainment, dating/membership in developed markets). She mentioned that while Soulchill's growth might slow, new pushes into live streaming and Gulf markets could re-accelerate it. Non-Soulchill brands and dating/membership models are expected to deliver robust growth in 2026. She indicated that at the group level, H2 2025 saw a 2% YoY decline, and while not having full visibility for 2026, overseas growth is a significant factor.

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