Cover Page
Cover Page | 12 Months Ended |
Dec. 31, 2023 shares | |
Document Information [Line Items] | |
Document Type | 20-F |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2023 |
Document Fiscal Year Focus | 2023 |
Document Fiscal Period Focus | FY |
Entity Registrant Name | Hello Group Inc. |
Entity Central Index Key | 0001610601 |
Current Fiscal Year End Date | --12-31 |
Entity Well-known Seasoned Issuer | Yes |
Entity Current Reporting Status | Yes |
Entity Voluntary Filers | No |
Entity Filer Category | Large Accelerated Filer |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Entity Interactive Data Current | Yes |
Entity File Number | 001-36765 |
Entity Incorporation, State or Country Code | E9 |
Entity Address, Address Line One | 20th Floor, Block B |
Entity Address, Address Line Two | Tower 2, Wangjing SOHO |
Entity Address, Address Line Three | No. 1 Futongdong Street |
Entity Address, City or Town | Beijing |
Entity Address, Country | CN |
Entity Address, Postal Zip Code | 100102 |
Document Annual Report | true |
Document Transition Report | false |
Document Shell Company Report | false |
Document Registration Statement | false |
Document Accounting Standard | U.S. GAAP |
ICFR Auditor Attestation Flag | true |
Auditor Name | Deloitte Touche Tohmatsu Certified Public Accountants LLP |
Auditor Firm ID | 1113 |
Auditor Location | Beijing, the People’s Republic of China |
Document Financial Statement Error Correction [Flag] | false |
American depositary shares [Member] | |
Document Information [Line Items] | |
Trading Symbol | MOMO |
Title of 12(b) Security | American depositary shares |
Security Exchange Name | NASDAQ |
Class A Common Stock [Member] | |
Document Information [Line Items] | |
Entity Common Stock, Shares Outstanding | 294,720,726 |
Title of 12(b) Security | Class A ordinary shares, par value US$0.0001 per share |
Security Exchange Name | NASDAQ |
No Trading Symbol Flag | true |
Class B Common Stock [Member] | |
Document Information [Line Items] | |
Entity Common Stock, Shares Outstanding | 80,364,466 |
Business Contact [Member] | |
Document Information [Line Items] | |
Entity Address, Address Line One | 20th Floor, Block B |
Entity Address, Address Line Two | Tower 2, Wangjing SOHO |
Entity Address, Address Line Three | No. 1 Futongdong Street |
Entity Address, City or Town | Beijing |
Entity Address, Country | CN |
Entity Address, Postal Zip Code | 100102 |
Contact Personnel Name | Cathy Hui Peng |
Contact Personnel Email Address | ir@immomo.com |
Consolidated Balance Sheets
Consolidated Balance Sheets ¥ in Thousands, $ in Thousands | Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) |
Current assets | |||
Cash and cash equivalents | ¥ 5,620,466 | $ 791,626 | ¥ 5,018,129 |
Short-term deposits | 1,270,626 | 178,964 | 5,300,000 |
Restricted cash | 10,147 | 1,429 | 97,706 |
Short-term investments | 0 | 0 | 300,240 |
Accounts receivable, net of allowance for doubtful accounts of RMB5,870 and RMB12,780 as of December 31, 2022 and 2023, respectively | 201,517 | 28,383 | 188,711 |
Prepaid expenses and other current assets | 723,364 | 101,884 | 819,706 |
Total current assets | 7,833,378 | 1,103,308 | 11,724,547 |
Long-term deposits | 3,924,975 | 552,821 | 2,600,000 |
Long-term restricted cash | 2,652,299 | 373,569 | 82,766 |
Right-of-use assets, net | 109,572 | 15,433 | 115,520 |
Property and equipment, net | 659,033 | 92,823 | 172,984 |
Intangible assets,net | 17,086 | 2,407 | 22,203 |
Rental deposits | 12,962 | 1,826 | 20,737 |
Long-term investments | 786,911 | 110,834 | 893,988 |
Other non-current assets | 180,052 | 25,360 | 162,499 |
Deferred tax assets | 31,741 | 4,471 | 34,343 |
Total assets | 16,228,009 | 2,285,669 | 15,829,587 |
Current liabilities | |||
Accounts payable (including accounts payable of the consolidated VIEs without recourse to the Company of RMB509,042 and RMB521,303 as of December 31, 2022 and 2023, respectively) | 616,681 | 86,857 | 617,022 |
Deferred revenue (including deferred revenue of the consolidated VIEs without recourse to the Company of RMB469,076 and RMB428,547 as of December 31, 2022 and 2023, respectively) | 442,805 | 62,368 | 484,775 |
Accrued expenses and other current liabilities (including accrued expenses and other current liabilities of the consolidated VIEs without recourse to the Company of RMB381,220 and RMB293,194 as of December 31, 2022 and 2023, respectively) | 630,617 | 88,821 | 797,504 |
Amount due to related parties (including amount due to related parties of the consolidated VIEs without recourse to the Company of RMB9,178 and RMB4,314 as of December 31, 2022 and 2023, respectively) | 4,314 | 9,178 | |
Lease liabilities due within one year (including lease liabilities due within one year of the consolidated VIEs without recourse to the Company of RMB23,558 and RMB25,031 as of December 31, 2022 and 2023, respectively) | 60,008 | 8,452 | 88,352 |
Income tax payable (including income tax payable of the consolidated VIEs without recourse to the Company of RMB37,837 and RMB33,283 as of December 31, 2022 and 2023, respectively) | 94,719 | 13,341 | 68,765 |
Deferred consideration in connection with business acquisitions (including deferred consideration in connection with business acquisitions of the consolidated VIEs without recourse to the Company of RMB nil and RMB nil as of December 31, 2022 and 2023, respectively) | 27,261 | 3,840 | 26,483 |
Long-term borrowings, current portion (including long-term borrowings, current portion of the consolidated VIEs without recourse to the Company of RMB nil and RMB nil as of December 31, 2022 and 2023, respectively) | 215,615 | 30,369 | 0 |
Convertible senior notes-current (including convertible senior notes-current of the consolidated VIEs without recourse to the Company of RMB nil and RMB nil as of December 31, 2022 and 2023, respectively) | 0 | 0 | 2,646,168 |
Total current liabilities | 2,092,020 | 294,656 | 4,738,247 |
Deferred tax liabilities | 24,987 | 3,519 | 22,011 |
Long-term borrowings | 1,938,385 | 273,016 | 0 |
Lease liabilities | 52,171 | 7,348 | 33,281 |
Other non-current liabilities | 114,085 | 16,069 | 105,410 |
Total liabilities | 4,241,219 | 597,365 | 4,898,949 |
Commitments and contingencies (Note 18) | |||
Equity | |||
Treasury stock | (2,203,380) | (310,340) | (1,991,185) |
Additional paid-in capital | 7,813,675 | 1,100,533 | 7,587,543 |
Retained earnings | 6,320,450 | 890,217 | 5,320,921 |
Accumulated other comprehensive income (loss) | (126,082) | (17,758) | (140,253) |
Non-controlling interest | 181,841 | 25,612 | 153,331 |
Total equity | 11,986,790 | 1,688,304 | 10,930,638 |
Total liabilities and equity | 16,228,009 | 2,285,669 | 15,829,587 |
Related Party [Member] | |||
Current assets | |||
Amounts due from related parties | 7,258 | 1,022 | 55 |
Amounts due from related parties-non current | 20,000 | 2,817 | 0 |
Current liabilities | |||
Amount due to related parties (including amount due to related parties of the consolidated VIEs without recourse to the Company of RMB9,178 and RMB4,314 as of December 31, 2022 and 2023, respectively) | 4,314 | 608 | 9,178 |
Senior Notes [Member] | |||
Current liabilities | |||
Convertible senior notes | 19,571 | 2,757 | 0 |
Class A Common Stock [Member] | |||
Equity | |||
Ordinary shares, value | 235 | 33 | 230 |
Class B Common Stock [Member] | |||
Equity | |||
Ordinary shares, value | ¥ 51 | $ 7 | ¥ 51 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) ¥ in Thousands, $ in Thousands | Dec. 31, 2023 CNY (¥) shares | Dec. 31, 2023 USD ($) $ / shares shares | Dec. 31, 2022 CNY (¥) shares | Dec. 31, 2022 $ / shares |
Allowance for doubtful accounts | ¥ 12,780 | ¥ 5,870 | ||
Accounts payable of consolidated VIE without recourse | 616,681 | $ 86,857 | 617,022 | |
Deferred revenue of consolidated VIE without recourse | 442,805 | 62,368 | 484,775 | |
Accrued expenses and other current liabilities of consolidated VIE without recourse | 630,617 | 88,821 | 797,504 | |
Amount due to related parties of the consolidated VIE without recourse the Company | 4,314 | 9,178 | ||
Operating lease liability current | 60,008 | 8,452 | 88,352 | |
Income tax payable of the consolidated VIE without recourse | 94,719 | 13,341 | 68,765 | |
Deferred consideration in connection with business acquisitions of the consolidated VIEs without recourse | 27,261 | 3,840 | 26,483 | |
Convertible senior notes-current | 0 | 0 | 2,646,168 | |
Related Party [Member] | ||||
Amount due to related parties of the consolidated VIE without recourse the Company | 4,314 | $ 608 | 9,178 | |
Beijing Momo Technology Co., Ltd. [Member] | ||||
Accounts payable of consolidated VIE without recourse | 521,303 | 509,042 | ||
Deferred revenue of consolidated VIE without recourse | 428,547 | 469,076 | ||
Accrued expenses and other current liabilities of consolidated VIE without recourse | 293,194 | 381,220 | ||
Amount due to related parties of the consolidated VIE without recourse the Company | 355,822 | 451,793 | ||
Operating lease liability current | 25,031 | 23,558 | ||
Income tax payable of the consolidated VIE without recourse | 33,283 | 37,837 | ||
Deferred consideration in connection with business acquisitions of the consolidated VIEs without recourse | 0 | 0 | ||
Convertible senior notes-current | 0 | 0 | ||
Long-term borrowings, current portion (including long-term borrowings, current portion of the consolidated VIEs without recourse to the Company of RMB nil and RMB nil as of December 31, 2022 and 2023, respectively) | ||||
Beijing Momo Technology Co., Ltd. [Member] | Related Party [Member] | ||||
Amount due to related parties of the consolidated VIE without recourse the Company | ¥ 4,314 | ¥ 9,178 | ||
Class A Common Stock [Member] | ||||
Ordinary shares, par value | $ / shares | $ 0.0001 | $ 0.0001 | ||
Ordinary shares, shares authorized | shares | 800,000,000 | 800,000,000 | 800,000,000 | |
Ordinary shares, shares issued | shares | 355,359,232 | 355,359,232 | 348,891,334 | |
Ordinary shares, shares outstanding | shares | 294,720,726 | 294,720,726 | 296,606,870 | |
Class B Common Stock [Member] | ||||
Ordinary shares, par value | $ / shares | $ 0.0001 | $ 0.0001 | ||
Ordinary shares, shares authorized | shares | 100,000,000 | 100,000,000 | 100,000,000 | |
Ordinary shares, shares issued | shares | 80,364,466 | 80,364,466 | 80,364,466 | |
Ordinary shares, shares outstanding | shares | 80,364,466 | 80,364,466 | 80,364,466 |
Consolidated Statements of Oper
Consolidated Statements of Operations ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 CNY (¥) ¥ / shares shares | Dec. 31, 2023 USD ($) $ / shares shares | Dec. 31, 2022 CNY (¥) ¥ / shares shares | Dec. 31, 2021 CNY (¥) ¥ / shares shares | |
Income Statement [Abstract] | ||||
Net revenues | ¥ 12,002,323 | $ 1,690,492 | ¥ 12,704,172 | ¥ 14,575,719 |
Cost and expenses: | ||||
Cost of revenues (including share-based compensation of RMB17,941, RMB14,195 and RMB6,307 in 2021, 2022 and 2023, respectively) | (7,025,394) | (989,506) | (7,421,419) | (8,383,431) |
Research and development (including share-based compensation of RMB139,571, RMB88,797 and RMB64,561 in 2021, 2022 and 2023, respectively) | (884,590) | (124,592) | (1,006,219) | (1,131,781) |
Sales and marketing (including share-based compensation of RMB70,821, RMB38,432 and RMB29,066 in 2021, 2022 and 2023, respectively) | (1,414,949) | (199,291) | (2,073,617) | (2,604,309) |
General and administrative (including share-based compensation of RMB247,438, RMB260,060 and RMB167,167 in 2021, 2022 and 2023, respectively) | (502,479) | (70,773) | (596,006) | (624,700) |
Impairment loss on goodwill and intangible assets | 0 | 0 | 0 | (4,397,012) |
Total cost and expenses | (9,827,412) | (1,384,162) | (11,097,261) | (17,141,233) |
Other operating income | 130,105 | 18,325 | 20,632 | 175,947 |
(Loss) income from operations | 2,305,016 | 324,655 | 1,627,543 | (2,389,567) |
Interest income | 436,253 | 61,445 | 368,879 | 384,279 |
Interest expense | (62,223) | (8,764) | (83,530) | (73,776) |
Other gain or (loss), net | (26,685) | (3,759) | 118,325 | (16,000) |
(Loss) income before income tax and share of loss on equity method investments | 2,652,361 | 373,577 | 2,031,217 | (2,095,064) |
Income tax expense | (630,023) | (88,737) | (562,281) | (822,556) |
(Loss) income before share of loss on equity method investments | 2,022,338 | 284,840 | 1,468,936 | (2,917,620) |
Share of (loss) income on equity method investments | (70,643) | (9,950) | 11,073 | (8,084) |
Net (loss) income | 1,951,695 | 274,890 | 1,480,009 | (2,925,704) |
Less: net loss attributable to non-controlling interest | (5,886) | (829) | (4,274) | (11,996) |
Net (loss) income attributable to the shareholders of Hello Group Inc. | ¥ 1,957,581 | $ 275,719 | ¥ 1,484,283 | ¥ (2,913,708) |
Net (loss) income per share attributable to ordinary shareholders | ||||
Basic | (per share) | ¥ 5.18 | $ 0.73 | ¥ 3.8 | ¥ (7.2) |
Diluted | (per share) | ¥ 4.92 | $ 0.69 | ¥ 3.65 | ¥ (7.2) |
Weighted average shares used in calculating net (loss) income per ordinary share | ||||
Basic | 377,639,399 | 377,639,399 | 390,176,367 | 404,701,910 |
Diluted | 401,833,328 | 401,833,328 | 423,810,279 | 404,701,910 |
Consolidated Statements of Op_2
Consolidated Statements of Operations (Parenthetical) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 CNY (¥) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | |
Share-based compensation | ¥ 267,101 | ¥ 401,484 | ¥ 475,771 |
Cost Of Revenues [Member] | |||
Share-based compensation | 6,307 | 14,195 | 17,941 |
Research And Development [Member] | |||
Share-based compensation | 64,561 | 88,797 | 139,571 |
Sales And Marketing [Member] | |||
Share-based compensation | 29,066 | 38,432 | 70,821 |
General And Administrative [Member] | |||
Share-based compensation | ¥ 167,167 | ¥ 260,060 | ¥ 247,438 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive (Loss) Income ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | |
Statement of Comprehensive Income [Abstract] | ||||
Net (loss) income | ¥ 1,951,695 | $ 274,890 | ¥ 1,480,009 | ¥ (2,925,704) |
Other comprehensive (loss) income, net of tax: | ||||
Foreign currency translation adjustment | 20,414 | 2,875 | (274,791) | (39,161) |
Comprehensive (loss) income | 1,972,109 | 277,765 | 1,205,218 | (2,964,865) |
Less: comprehensive (loss) income attributed to the non-controlling interest | 357 | 50 | 10,556 | (16,603) |
Comprehensive (loss) income attributable to Hello Group Inc. | ¥ 1,971,752 | $ 277,715 | ¥ 1,194,662 | ¥ (2,948,262) |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity ¥ in Thousands, $ in Thousands | CNY (¥) shares | USD ($) shares | Common Stock [Member] CNY (¥) shares | Additional Paid-in Capital [Member] CNY (¥) | Treasury Stock [Member] CNY (¥) | Retained Earnings [Member] CNY (¥) | Accumulated Other Comprehensive Income (Loss) [Member] CNY (¥) | Non-controlling Interests [Member] CNY (¥) |
Balance at Dec. 31, 2020 | ¥ 14,835,329 | ¥ 274 | ¥ 6,743,172 | ¥ (732,474) | ¥ 8,444,086 | ¥ 183,922 | ¥ 196,349 | |
Balance, Shares at Dec. 31, 2020 | shares | 419,163,084 | |||||||
Net income (loss) | (2,925,704) | (2,913,708) | (11,996) | |||||
Repurchase of shares | (862,865) | (862,865) | ||||||
Share-based compensation | 429,951 | 470,739 | (40,788) | |||||
Issuance of ordinary shares in connection with exercise of options and vesting of restricted share units | ¥ 790 | ¥ 3 | 787 | |||||
Issuance of ordinary shares in connection with exercise of options and vesting of restricted share units, shares | shares | 4,344,192 | 4,344,192 | 4,344,192 | |||||
Cash Dividends | ¥ (852,743) | (852,743) | ||||||
Foreign currency translation adjustment | (39,161) | (34,554) | (4,607) | |||||
Balance at Dec. 31, 2021 | 10,585,597 | ¥ 277 | 7,214,698 | (1,595,339) | 4,677,635 | 149,368 | 138,958 | |
Balance, Shares at Dec. 31, 2021 | shares | 423,507,276 | |||||||
Net income (loss) | 1,480,009 | 1,484,283 | (4,274) | |||||
Repurchase of shares | (395,846) | (395,846) | ||||||
Share-based compensation | 376,513 | 372,696 | 3,817 | |||||
Issuance of ordinary shares in connection with exercise of options and vesting of restricted share units | ¥ 153 | ¥ 4 | 149 | |||||
Issuance of ordinary shares in connection with exercise of options and vesting of restricted share units, shares | shares | 5,748,524 | 5,748,524 | 5,748,524 | |||||
Cash Dividends | ¥ (840,997) | (840,997) | ||||||
Foreign currency translation adjustment | (274,791) | (289,621) | 14,830 | |||||
Balance at Dec. 31, 2022 | 10,930,638 | ¥ 281 | 7,587,543 | (1,991,185) | 5,320,921 | (140,253) | 153,331 | |
Balance, Shares at Dec. 31, 2022 | shares | 429,255,800 | |||||||
Net income (loss) | 1,951,695 | $ 274,890 | 1,957,581 | (5,886) | ||||
Repurchase of shares | (212,195) | (212,195) | ||||||
Share-based compensation | 253,680 | 252,350 | 1,330 | |||||
Issuance of ordinary shares in connection with exercise of options and vesting of restricted share units | ¥ 610 | ¥ 5 | 605 | |||||
Issuance of ordinary shares in connection with exercise of options and vesting of restricted share units, shares | shares | 6,467,898 | 6,467,898 | 6,467,898 | |||||
Acquisition of non-controlling interests | (26,823) | 26,823 | ||||||
Cash Dividends | ¥ (958,052) | (958,052) | ||||||
Foreign currency translation adjustment | 20,414 | $ 2,875 | 14,171 | 6,243 | ||||
Balance at Dec. 31, 2023 | ¥ 11,986,790 | $ 1,688,304 | ¥ 286 | ¥ 7,813,675 | ¥ (2,203,380) | ¥ 6,320,450 | ¥ (126,082) | ¥ 181,841 |
Balance, Shares at Dec. 31, 2023 | shares | 435,723,698 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | |
Cash flows from operating activities | ||||
Net (loss) income | ¥ 1,951,695 | $ 274,890 | ¥ 1,480,009 | ¥ (2,925,704) |
Adjustments to reconcile net income to net cash provided by operating activities | ||||
Depreciation of property and equipment | 74,492 | 10,492 | 107,015 | 155,537 |
Amortization of intangible assets | 5,116 | 721 | 5,116 | 109,062 |
Share-based compensation | 267,101 | 37,620 | 401,484 | 475,771 |
Share of loss (income) on equity method investments | 70,643 | 9,950 | (11,073) | 8,084 |
Impairment loss on goodwill and intangible assets | 0 | 0 | 0 | 4,397,012 |
Gain on repurchase of convertible senior notes | (4,565) | (643) | (129,575) | 0 |
Gain or loss on long-term investments | 31,250 | 4,401 | 11,250 | 16,000 |
Gain on disposal of subsidiaries | 0 | 0 | (15,526) | |
Gain or loss on disposal of property and equipment | (518) | (73) | (779) | 1,236 |
Provision of (income) losses on receivable and other assets | 11,624 | 1,637 | (528) | (263) |
Cash received on investment income distribution | 2,067 | 291 | 1,708 | 0 |
Changes in operating assets and liabilities | ||||
Accounts receivable | (21,308) | (3,001) | 20,338 | (10,374) |
Prepaid expenses and other current assets | 84,802 | 11,944 | (52,928) | (151,162) |
Amount due from a related party | (27,203) | (3,831) | (55) | 0 |
Deferred tax assets | 2,600 | 366 | 507 | (2,354) |
Rental deposits | 7,776 | 1,095 | 1,399 | (343) |
Other non-current assets | (11,606) | (1,635) | 60,913 | 34,075 |
Accounts payable | 13,707 | 1,931 | (115,384) | 30,475 |
Income tax payable | 25,952 | 3,655 | (57,004) | (110,717) |
Deferred revenue | (42,390) | (5,971) | (56,387) | 35,106 |
Accrued expenses and other current liabilities | (183,772) | (25,884) | (182,708) | 60,668 |
Amount due to related parties | (4,865) | (685) | 4,162 | (14,446) |
Deferred tax liabilities | (147) | (21) | (187,119) | 180,173 |
Share-based compensation liability | 0 | 0 | 0 | (678,153) |
Other non-current liabilities | 24,710 | 3,480 | (73,470) | (34,959) |
Net cash provided by operating activities | 2,277,161 | 320,729 | 1,226,891 | 1,559,198 |
Cash flows from investing activities | ||||
Purchase of property and equipment | (576,310) | (81,172) | (80,445) | (95,323) |
Payment for long-term investments | (18,750) | (2,641) | (70,343) | (415,052) |
Purchase of short-term deposits | (1,028,556) | (144,869) | (1,700,000) | (4,976,688) |
Cash received on maturity of short-term deposits | 6,209,820 | 874,635 | 5,410,000 | 9,667,570 |
Cash received on investment income distribution | 1,517 | 214 | 3,523 | 5,610 |
Cash of disposed subsidiaries | 0 | 0 | 0 | (8,750) |
Purchase of long-term deposits | (4,210,025) | (592,970) | (2,750,000) | (1,850,000) |
Cash received on maturity of long-term deposits | 1,700,000 | 239,440 | 1,200,000 | 200,000 |
Payment for short-term investments | 0 | 0 | (300,000) | 0 |
Cash received from sales of short-term investment | 308,550 | 43,458 | 0 | 0 |
Cash received from sales of long term investment | 25,000 | 3,521 | 0 | 20,000 |
Other investing activities | 1,823 | 257 | 3,110 | 2,975 |
Net cash provided by investing activities | 2,413,069 | 339,873 | 1,715,845 | 2,550,342 |
Cash flows from financing activities | ||||
Deferred payment for business acquisition | 0 | 0 | (21,421) | (12,957) |
Proceeds from exercise of share options | 601 | 85 | 163 | 776 |
Repurchase of ordinary shares | (212,195) | (29,887) | (392,374) | (862,865) |
Repurchase of subsidiary's share options | (4,319) | (608) | (40,943) | (59,120) |
Dividends payment | (958,052) | (134,939) | (840,997) | (852,743) |
Proceeds from long-term borrowings | 2,154,000 | 303,385 | 0 | 0 |
Payment for redemption of convertible bonds | (2,679,942) | (377,462) | (2,136,987) | 0 |
Net cash used in financing activities | (1,699,907) | (239,426) | (3,432,559) | (1,786,909) |
Effect of exchange rate changes | 93,988 | 13,240 | 41,390 | (41,669) |
Net increase (decrease) in cash, cash equivalent and restricted cash | 3,084,311 | 434,416 | (448,433) | 2,280,962 |
Cash and cash equivalents and restricted cash at the beginning of year | 5,198,601 | 732,208 | 5,647,034 | 3,366,072 |
Cash, cash equivalent and restricted cash at the end of year | 8,282,912 | 1,166,624 | 5,198,601 | 5,647,034 |
Non-cash investing and financing activities | ||||
Payable for purchase of property and equipment | 1,009 | 142 | 9,467 | 4,878 |
Right-of-use assets acquired in operating lease | ¥ 85,924 | $ 12,102 | ¥ 22,238 | ¥ 166,844 |
Organization and Principal Acti
Organization and Principal Activities | 12 Months Ended |
Dec. 31, 2023 | |
Text Block [Abstract] | |
Organization and Principal Activities | 1. ORGANIZATION AND PRINCIPAL ACTIVITIES Hello Group Inc. (the “Company”) is the holding company for a group of companies, which was incorporated in the British Virgin Islands (“BVI”) on November 23, 2011. In July 2014, the Company was redomiciled in the Cayman Islands (“Cayman”) as an exempted company registered under the laws of the Cayman Islands, and was renamed Momo Inc .. In May 2018, the Company completed the acquisition of 100% equity stake of Tantan Limited (“Tantan”). Tantan is a leading social and dating app that was founded in 2014. Tantan is designed to help its users find and establish romantic connections as well as meet interesting people. The total consideration consisted of cash consideration of RMB3,930,246 (US$613,181) and 5,328,853 Class A ordinary shares of the Company. As of December 31, 2023, details of the Company’s major subsidiaries, VIEs and VIEs’ subsidiaries are as follows: Major subsidiaries Momo Technology HK Company Limited (“Momo HK”) Beijing Momo Information Technology Co., Ltd. (“Beijing Momo IT”) Tantan Limited (“Tantan”) Tantan Hong Kong Limited (“Tantan HK”) Tantan Technology (Beijing) Co., Ltd. (“Tantan Technology”) QOOL Media Inc. (“QOOL Inc.”) QOOL Media Technology (Tianjin) Co., Ltd. SpaceCape Technology Pte. Ltd. Major VIEs Beijing Momo Technology Co., Ltd. (“Beijing Momo”) * QOOL Media (Tianjin) Co., Ltd. (“QOOL Tianjin”) * Tantan Culture Development (Beijing) Co., Ltd. (“Tantan Culture”) * Hainan Miaoka Network Technology Co., Ltd. (“Miaoka”) * Beijing Top Maker Culture Co, Ltd. (“Beijing Top Maker”) * Beijing Perfect Match Technology Co, Ltd. (“Beijing Perfect Match”) * SpaceTime (Beijing) Technology Co, Ltd. (“SpaceTime Beijing”) * Tianjin Nishuodedoudui Technology Co., Ltd. (“Tianjin Nishuodedoudui”) * Hainan Yilingliuer Network Technology Co., Ltd. (“Hainan Yilingliuer”) * Major VIEs’ subsidiaries Chengdu Momo Technology Co., Ltd. (“Chengdu Momo”) * Tianjin Heer Technology Co., Ltd. (“Tianjin Heer”) * Loudi Momo Technology Co., Ltd. (“Loudi Momo”) * Tianjin Apollo Exploration Culture Co., Ltd. (“Tantan Apollo”) * * These entities are controlled by the Company pursuant to the contractual arrangements disclosed below. The VIE arrangements The People’s Republic of China (“PRC”) regulations currently limit direct foreign ownership of business entities providing value-added telecommunications services, advertising services and internet services in the PRC where certain licenses are required for the provision of such services. The Group provides substantially all of its services in China through certain PRC domestic companies, which hold the operating licenses and approvals to enable the Group to provide such mobile internet content services in the PRC. Specifically, these PRC domestic companies that are material to the Company’s business are Beijing Momo, Chengdu Momo, Tianjin Heer, Loudi Momo, QOOL Tianjin, Miaoka, Tantan Culture, Beijing Top Maker, Beijing Perfect Match, SpaceTime Beijing, Tantan Apollo, Tianjin Nishuodedoudui and Hainan Yilingliuer. The equity interests of these PRC domestic companies are held by PRC citizens or by PRC entities owned and/or controlled by PRC citizens. The Company obtained control over consolidated VIEs by entering into a series of contractual arrangements with the VIEs and their equity holders (the “Nominee Shareholders”), which enable the Company to (1) have power to direct the activities that most significantly affects the economic performance of the VIEs, and (2) receive the economic benefits of the VIEs that could be significant to the VIEs. Accordingly, the Company is considered the primary beneficiary of VIEs and has consolidated the VIEs’ financial results of operations, assets and liabilities in the Company’s consolidated financial statements. In making the conclusion that the Company is the primary beneficiary of the VIEs, the Company’s rights under the Power of Attorney also provide the Company’s abilities to direct the activities that most significantly impact the VIEs economic performance. The Company also believes that this ability to exercise control ensures that the VIEs will continue to execute and renew the Exclusive Cooperation Agreements and pay service fees to the Company. By charging service fees in whatever amounts the Company deems fit, and by ensuring that the Exclusive Cooperation Agreements is executed and renewed indefinitely, the Company has the rights to receive substantially all of the economic benefits from the VIEs. Details of the typical structure of the Company’s significant VIEs are set forth below: Agreements that provide the Company effective control over the VIEs: (1) Power of Attorneys Pursuant to the Power of Attorneys, the Nominee Shareholders of the VIEs each irrevocably appointed respective WFOEs as the attorney-in-fact (2) Exclusive Call Option Agreements Under the Exclusive Call Option Agreements among the WFOEs, the VIEs and their Nominee Shareholders, each of the Nominee Shareholders irrevocably granted the respective WFOE or its designated representative(s) an exclusive option to purchase, to the extent permitted under PRC law, all or part of his, her or its equity interests in the VIEs at the consideration equal to the nominal price or at lowest price as permitted by PRC laws. The WFOEs or their designated representative(s) have sole discretion as to when to exercise such options, either in part or in full. Without the WFOEs’ written consent, the Nominee Shareholders of the VIEs shall not transfer, donate, pledge, or otherwise dispose any equity interests of the VIEs in any way. In addition, any consideration paid by the WFOEs to the Nominee Shareholders of the VIEs in exercising the option shall be transferred back to the respective WFOE or its designated representative(s). This agreement could be terminated when all the shareholders’ equity were acquired by the WFOEs or their designated representative(s) subject to the law of PRC. In addition, the VIEs irrevocably granted the WFOEs an exclusive and irrevocable option to purchase any or all of the assets owned by the VIEs at the lowest price permitted under PRC law. Without the WFOEs’ prior written consent, the VIEs and their Nominee Shareholders will not sell, transfer, mortgage or otherwise dispose of the VIEs’ material assets, legal or beneficial interests or revenues of more than certain amount or allow an encumbrance on any interest in the VIEs. (3) Spousal Consent Letters Each spouse of the married Nominee Shareholders of the VIEs entered into a Spousal Consent Letter, which unconditionally and irrevocably agreed that the equity interests in the VIEs held by and registered in the name of their spouse will be disposed of pursuant to the Equity Interest Pledge Agreements, the Exclusive Call Option Agreements, and the Power of Attorneys. Each spouse agreed not to assert any rights over the equity interests in the VIEs held by their spouse. In addition, in the event that the spouse obtains any equity interests in the VIEs held by their spouse for any reason, they agreed to be bound by the contractual arrangements. Agreements that transfer economic benefits to the Company: (1) Exclusive Cooperation Agreements Each relevant VIEs has entered into an exclusive technology services agreement or an exclusive services agreement with the respective WFOEs, pursuant to which the relevant WFOEs provides exclusive services to the VIEs. In exchange, the VIEs pay a service fee to the WFOEs, the amount of which shall be determined, to the extent permitted by applicable PRC laws as proposed by the WFOEs, resulting in a transfer of substantially all of the profits from the VIEs to the WFOEs. (2) Equity Interest Pledge Agreements Under the equity interest pledge agreement among the WFOEs and each of the Nominee Shareholders of the VIEs, the Nominee Shareholders pledged all of their equity interests in the VIEs to the respective WFOEs to guarantee the VIEs’ and their shareholders’ payment obligations arising from the Exclusive Cooperation Agreements, Business Operations Agreements and the Exclusive Call Option Agreements, including but not limited to, the payments due to the respective WFOEs for services provided. If any VIEs or any of their Nominee Shareholders breaches their contractual obligations under the above agreements, the respective WFOEs, as the pledgee, will be entitled to certain rights and entitlements, including receiving priority proceeds from the auction or sale of whole or part of the pledged equity interests of the VIEs in accordance with PRC legal procedures. During the term of the pledge, the shareholders of the VIEs shall cause the VIEs not to distribute any dividends and if they receive any dividends generated by the pledged equity interests, they shall transfer such received amounts to an account designated by the respective parties according to the instruction of the respective WFOEs. The pledge will remain binding until the VIEs and their Nominee Shareholders have fully performed all their obligations under the Exclusive Cooperation Agreements, Business Operations Agreements and Exclusive Call Option Agreements. (3) Business Operations Agreements Under the Business Operations Agreements among the WFOEs, the VIEs and the Nominee Shareholders of the VIEs, without the prior written consent of the WFOEs or their designated representative(s), the VIEs shall not conduct any transaction that may substantially affect the assets, business, operation or interest of the WFOEs. The VIEs and Nominee Shareholders shall also follow the WFOEs’ instructions on management of the VIEs’ daily operation, finance and employee matters and appoint the nominee(s) designated by the WFOEs as the director(s) and senior management members of the VIEs. In the event that any agreements between the WFOEs and the VIEs terminates, the WFOEs have the sole discretion to determine whether to continue any other agreements with the VIEs. The WFOEs are entitled to any dividends or other interests declared by the VIEs and the shareholders of the VIEs have agreed to promptly transfer such dividends or other interests to the WFOEs. The agreement shall remain effective for 10 years. At the discretion of the WFOEs, this agreement will be renewed on applicable expiration dates, or the WFOEs and the VIEs will enter into another exclusive agreement. Through these contractual agreements, the Company has the ability to effectively control the VIEs and is also able to receive substantially all the economic benefits of the VIEs. Risk in relation to the VIE structure The Company believes that the WFOEs’ contractual arrangements with the VIEs are in compliance with PRC law and are legally enforceable. The shareholders of the VIEs are also shareholders of the Company and therefore have no current interest in seeking to act contrary to the contractual arrangements. However, uncertainties in the PRC legal system could limit the Company’s ability to enforce these contractual arrangements and if the shareholders of the VIEs were to reduce their interest in the Company, their interests may diverge from that of the Company and that may potentially increase the risk that they would seek to act contrary to the contractual terms, for example by influencing the VIEs not to pay the service fees when required to do so. However, the Company cannot assure that when conflicts of interest arise, the shareholders will act in the best interests of the Company or that conflicts of interests will be resolved in the Company’s favor. Currently, the Company does not have existing arrangements to address potential conflicts of interest the shareholders of the VIEs may encounter in their capacity as the beneficial owners and director of the VIEs on the one hand, and as beneficial owners and directors or officer of the Company, on the other hand. The Company believes the shareholders of the VIEs will not act contrary to any of the contractual arrangements and the Exclusive Call Option Agreements provides the Company with a mechanism to remove the shareholders as the beneficial shareholders of the VIEs should they act to the detriment of the Company. The Company relies on the VIEs’ shareholders, as directors and officer of the Company, to fulfill their fiduciary duties and abide by laws of the PRC and the Cayman and act in the best interest of the Company. If the Company cannot resolve any conflicts of interest or disputes between the Company and the VIEs’ shareholders, the Company would have to rely on legal proceedings, which could result in disruption of its business, and there is substantial uncertainty as to the outcome of any such legal proceedings. The Company’s ability to control the VIEs also depends on the Power of Attorneys. The WFOEs and VIEs have to vote on all matters requiring shareholder approval in the VIEs. As noted above, the Company believes these Power of Attorneys are legally enforceable but may not be as effective as direct equity ownership. In addition, if the legal structure and contractual arrangements were found to be in violation of any existing PRC laws and regulations, the PRC government could: • revoke the Group’s business and operating licenses; • require the Group to discontinue or restrict operations; • restrict the Group’s right to collect revenues; • block the Group’s websites; • require the Group to restructure the operations in such a way as to compel the Group to establish a new enterprise, re-apply • requiring the Group to restructure the ownership structure or operations, including terminating the contractual arrangements with the VIEs and deregistering the equity pledges of the VIEs, which in turn would affect the ability to consolidate, derive economic interests from, or exert effective control over VIEs; • restricting or prohibiting the use of the proceeds of any of offshore financings to finance the business and operations in china; • impose additional conditions or requirements with which the Group may not be able to comply; or • take other regulatory or enforcement actions against the Group that could be harmful to the Group’s business. The imposition of any of these penalties may result in a material and adverse effect on the Group’s ability to conduct the Group’s business. In addition, if the imposition of any of these penalties causes the Company to lose the rights to direct the activities of the VIEs or the right to receive their economic benefits, the Company would no longer be able to consolidate the VIEs. The Group does not believe that any penalties imposed or actions taken by the PRC government would result in the liquidation of the Company, WFOEs, or the VIEs. The following consolidated financial statements amounts and balances of the VIEs were included in the accompanying consolidated financial statements after the elimination of intercompany balances and transactions as of and for the years ended December 31: As of December 31, 2022 2023 RMB RMB Cash and cash equivalents 2,108,248 2,622,793 Short-term deposits 850,000 — Other current assets 654,109 533,132 Total current assets 3,612,357 3,155,925 Long-term deposits — 150,000 Long-term investments 380,187 295,840 Other non-current 291,841 314,121 Total assets 4,284,385 3,915,886 Accounts payable 509,042 521,303 Deferred revenue 469,076 428,547 Other current liabilities 451,793 355,822 Total current liabilities 1,429,911 1,305,672 Other non-current 34,059 29,279 Total liabilities 1,463,970 1,334,951 For the years ended December 31, 2021 2022 2023 RMB RMB RMB Net revenues 14,336,539 12,152,997 11,203,950 Net income 5,674,607 4,593,510 4,179,878 Net cash provided by operating activities 5,748,529 4,445,523 4,118,893 Net cash provided by investing activities 254,093 451,928 726,076 Net cash provided by financing activities — — — The unrecognized revenue-producing assets that are held by the VIEs are primarily self-developed intangible assets such as domain names, trademark and various licenses which are un-recognized The VIEs contributed an aggregate of 98.4%, 95.7% and 93.3% of the consolidated net revenues for each of the years ended December 31, 2021, 2022 and 2023, respectively. As of the fiscal years ended December 31, 2022 and 2023, the VIEs accounted for an aggregate of 27.1% and 24.1%, respectively, of the consolidated total assets, and 29.9% and 31.5%, respectively, of the consolidated total liabilities. The assets that were not associated with the VIEs primarily consist of cash and cash equivalents, short-term deposits and long-term deposits. There are no consolidated VIEs’ assets that are collateral for the VIEs’ obligations and can only be used to settle the VIEs’ obligations. There are no creditors (or beneficial interest holders) of the VIEs that have recourse to the general credit of the Company or any of its consolidated subsidiaries. There are no terms in any arrangements, considering both explicit arrangements and implicit variable interests that require the Company or its subsidiaries to provide financial support to the VIEs. However, if the VIEs ever need financial support, the Company or its subsidiaries may, at its option and subject to statutory limits and restrictions, provide financial support to consolidated VIEs through loans to the shareholders of the VIEs or entrustment loans to the VIEs. Relevant PRC laws and regulations restrict the VIEs from transferring a portion of their net assets, equivalent to the balance of their statutory reserve and their share capital, to the Company in the form of loans and advances or cash dividends. Please refer to Note 22 for disclosure of restricted net assets. The Group may lose the ability to use and enjoy assets held by the VIEs that are important to the operation of business if the VIEs declare bankruptcy or become subject to a dissolution or liquidation proceeding. |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | 2. SIGNIFICANT ACCOUNTING POLICIES Basis of presentation The consolidated financial statements of the Group have been prepared in accordance with the accounting principles generally accepted in the United States of America (“U.S. GAAP”). Basis of consolidation The consolidated financial statements of the Group include the financial statements of Hello Group Inc., its subsidiaries, consolidated VIEs and VIEs’ subsidiaries. All inter-company transactions and balances have been eliminated upon consolidation. Use of estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and revenues, cost and expenses in the financial statements and accompanying notes. Significant accounting estimates reflected in the Group’s consolidated financial statements include the useful lives and impairment of property and equipment and intangible assets, the impairment of long-term investments, the valuation allowance for deferred tax assets, and share-based compensation. Cash and cash equivalents Cash and cash equivalents consist of cash on hand and highly liquid investments, which are unrestricted from withdrawal or use, or which have original maturities of three months or less when purchased. Short-term restricted cash Short-term restricted cash represents RMB deposits in restricted bank accounts that cannot be withdrawn related to ongoing investigations of the alleged illegal activities on the source of the funding consumed on Momo’s platform. The Company considers the expected timing of the release of the restrictions to determine the appropriate financial statement classification. Short-term deposits Short-term deposits consist of bank deposits with an original maturity of over three months but within one year. Short-term investments Short-term investments include wealth management products with a variable interest rate indexed to performance of underlying assets, which are with an original maturity of less than 12 months. The Group elects the fair value option to record the investments at fair value in accordance with ASC 825 Financial Instruments. Changes in the fair value are recorded under “interest income” in the consolidated statements of operations. Long-term restricted cash Long-term restricted cash mainly represents long-term deposits held in designated bank accounts pledged for long-term borrowings, and US dollar deposits held in escrow account related to payable to Tantan’s founders in accordance with its share options repurchase agreement. The Company considers the expected timing of the release of the restrictions is more than one year. Long-term deposits Long-term deposits represent time deposits placed in banks with original maturities of more than one year. Interest earned is recorded as interest income in the consolidated statements of operations during the periods presented. Accounts receivable Accounts receivable primarily represents the cash due from third-party application stores and other payment channels and advertising customers, net of allowance for doubtful accounts. The Group evaluates its accounts receivable for expected credit losses on a regular basis. The Group maintains an estimated allowance for credit losses based upon its assessment of various factors, including the historical loss experience, the age of accounts receivable balances, credit quality of third-party application stores and other payment channels, advertising customers and other customers, current and future economic conditions and other factors that may affect their ability to pay, to reduce its accounts receivable to the amount that it believes will be collected. Financial instruments Financial instruments of the Group primarily consist of cash and cash equivalents, short-term deposits, short-term investments, restricted cash, long-term deposits, accounts receivable, amount due from related parties, equity securities without readily determinable fair value, fair value option investment, accounts payable, deferred revenue, convertible senior notes, borrowings, income tax payable and amount due to related parties. The Group carries its fair value option investment at fair value. Cash and cash equivalents are recorded at fair value based on the quoted market price in an active market. The carrying values of restricted cash, accounts receivable, amount due from related parties, accounts payable, deferred revenue, income tax payable and amount due to related parties approximate their fair values. It is not practical to estimate the fair value of the Group’s equity securities without readily determinable fair value because of the lack of quoted market price and the inability to estimate fair value without incurring excessive costs. The fair value of the Company’s convertible senior notes, borrowings and term deposits are discussed in Note 12. Foreign currency risk The Renminbi (“RMB”) is not a freely convertible currency. The State Administration for Foreign Exchange, under the authority of the People’s Bank of China, controls the conversion of RMB into foreign currencies. The value of the RMB is subject to changes in central government policies and to international economic and political developments affecting supply and demand in the China Foreign Exchange Trading System market. Cash and cash equivalents, restricted cash, short-term investments and term deposits of the Group included aggregate amounts of RMB12,600 million and RMB9,564 million as of December 31, 2022 and 2023, respectively, which were denominated in RMB. Concentration of credit risk Financial instruments that potentially expose the Group to concentration of credit risk consist primarily of cash and cash equivalents, short-term deposits, short-term investments, restricted cash, long-term deposits and accounts receivable. The Group places their cash with financial institutions with high-credit ratings and quality. Third-party application stores and other payment channels accounting for 10% or more of accounts receivables are as follows: As of December 31, 2022 2023 A 18 % 22 % B 15 % N/A Users or customers accounting for 10% or more of accounts receivables is as follows: As of December 31, 2022 2023 C 12 % N/A Concentration of revenue No user or customer accounted for 10% or more of net revenues for the years ended December 31, 2021, 2022 and 2023, respectively. Equity securities without readily determinable fair value The Group accounts for equity investments that do not have a readily determinable fair value under the measurement alternative in accordance with ASC Topic 321, Investments—Equity Securities, to the extent such investments are not subject to consolidation or the equity method. Under the measurement alternative, these financial instruments are carried at cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for an identical or similar investment of the same issuer. If the fair value is less than the investment’s carrying value, the Company recognizes an impairment loss in net income equal to the difference between the carrying value and fair value. Equity method investments The investee companies over which the Group has the ability to exercise significant influence, but does not have a controlling interest are accounted for using the equity method. Significant influence is generally considered to exist when the Group has an ownership interest in the voting stock of the investee between 20% and 50%. Other factors, such as representation in the investee’s Board of Directors, voting rights and the impact of commercial arrangements, are also considered in determining whether the equity method of accounting is appropriate. For the investment in limited partnerships, where the Group holds less than a 20% equity or voting interest, the Group’s influence over the partnership operating and financial policies is determined to be more than minor. Accordingly, the Group accounts for these investments as equity method investments. Under the equity method of accounting, the affiliated company’s accounts are not reflected within the Group’s consolidated balance sheets and consolidated statements of operations; however, the Group’s share of the earnings or losses of the affiliated company is reflected in the caption “share of income (loss) on equity method investments” in the consolidated statements of operations. An impairment charge is recorded under “share of (loss) income on equity method investments” in the consolidated statements of operations if the carrying amount of the investment exceeds its fair value and this condition is determined to be other-than-temporary. The Group estimates the fair value of the investee company based on comparable quoted price for similar investment in active market, if applicable, or discounted cash flow approach which requires significant judgments, including the estimation of future cash flows, which is dependent on internal forecasts, the estimation of long term growth rate of a company’s business, the estimation of the useful life over which cash flows will occur, and the determination of the weighted average cost of capital. Fair value option investments The Group elected the fair value option to account for certain partnership units investment in a private fund, and measured the investment using the net asset value per share based on the practical expedient in ASC Topic 820, Fair Value Measurements and Disclosures (“ASC 820”) (“NAV practical expedient”), whereby the change in fair value is recognized under “share of (loss) income on equity method investments” in the consolidated statements of operations. Property and equipment, net Property and equipment are stated at cost less accumulated depreciation. Depreciation is calculated on a straight-line basis over the following estimated useful lives: Office equipment 3-5 Computer equipment 3 years Vehicles 5 years Leasehold improvement Shorter of the lease term or Direct costs that are related to the construction of property and equipment and incurred in connection with bringing the assets to their intended use are capitalized as construction in progress and are reported under property and equipment, net. Construction in progress is transferred to specific property and equipment items and the depreciation of these assets commences when the assets are ready for their intended use. As of December 31, 2022 and 2023, construction in progress in the amount of Intangible assets Intangible assets acquired through business acquisitions are recognized as assets separate from goodwill if they satisfy either the “contractual-legal” or “separability” criterion. Purchased intangible assets and intangible assets arising from acquisitions are recognized and measured at fair value upon acquisition. Separately identifiable intangible assets that have determinable lives continue to be amortized over their estimated useful lives using the straight-line method as follows: License 3.2-10 years Technology 3 years Active user 5 years Trade name 10 years Impairment of long-lived assets with finite lives The Group reviews its long-lived assets, including intangible assets with finite lives, for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset (asset group) may no longer be recoverable. When these events occur, the Group tests the recoverability of the asset (asset group) by comparing the carrying value of the long-lived assets (asset group) to the estimated undiscounted future cash flows expected to result from the use of the assets and their eventual disposition. If the sum of the expected undiscounted cash flow is less than the carrying amount of the assets, the Group recognizes an impairment loss based on the fair value of the assets. Convertible senior notes The Group determines the appropriate accounting treatment of its convertible senior notes in accordance with the terms in relation to the conversion feature, call and put options, and beneficial conversion feature. After considering the impact of such features, the Group may account for such instrument as a liability in its entirety, or separate the instrument into debt and equity components following the respective guidance described under ASC 815 “Derivatives and Hedging” and ASC 470 “Debt”. The debt discount, if any, together with the related issuance cost are subsequently amortized as interest expense, using the effective interest method, from the issuance date to the earliest maturity date. Interest expenses are recognized in the consolidated statements of operations in the period in which they are incurred. Long-term Long-term borrowings are recognized at carrying amount. Interest expense is accrued over the estimated term of the facilities and recorded in the consolidated statements of operations and comprehensive (loss) income. Fair value Fair value is the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Group considers the principal or most advantageous market in which it would transact and it considers assumptions that market participants would use when pricing the asset or liability. Authoritative literature provides a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. An asset or liability categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement as follows: Level 1 Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities. Level 2 Level 2 applies to assets or liabilities for which there are inputs other than quoted prices included within Level 1 that are observable for the assets or liabilities such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data. Level 3 Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities. Revenue recognition The Group principally derives its revenue from live video services, value-added services, mobile marketing services, mobile games and other services. The Group recognizes revenue when control of the promised goods or services are transferred to the customers, in an amount that reflects the consideration that the Group expects to receive in exchange for those goods or services. The Group applied the five steps method outlined in ASC Topic 606, Revenue from Contracts with Customers (“Topic 606”) to all revenue streams. In addition, the standard requires disclosures of the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. For the years ended December 31, 2021, 2022 and 2023, the Group’s revenue is reported net of discounts, value added tax and surcharges. The following table provides information about disaggregated revenue by types, including a reconciliation of the disaggregated revenue with the Group’s reportable segments: For the year ended December 31, 2023 Momo Tantan QOOL RMB RMB RMB Live video service 5,567,894 504,977 — Value-added services 5,085,541 667,030 — Mobile marketing 109,125 24,552 — Mobile games 19,610 — — Other services 16,337 — 7,257 Total 10,798,507 1,196,559 7,257 For the year ended December 31, 2022 Momo Tantan QOOL RMB RMB RMB Live video service 5,966,323 544,137 — Value-added services 5,183,302 823,716 — Mobile marketing 124,956 — — Mobile games 55,732 — — Other services 4,781 — 1,225 Total 11,335,094 1,367,853 1,225 For the year ended December 31, 2021 Momo Tantan QOOL RMB RMB RMB Live video service 7,475,809 903,136 — Value-added services 4,845,744 1,126,048 — Mobile marketing 159,010 — — Mobile games 47,712 — — Other services 12,930 — 5,330 Total 12,541,205 2,029,184 5,330 (a) Live video service The Group is principally engaged in providing live video services whereby users can enjoy live performances and interact with the broadcasters for free during the performance. Broadcasters can either host the performance on their own or join a talent agency. The Group generates revenue from sales of virtual items to its customers. The Group designs, creates and offers various virtual items for sales to users with pre-determined non-refundable non-refundable, point-in-time The Group has evaluated and determined that it is the principal and views the users to be its customers. Specifically, the Group controls the virtual items before they are transferred to users. Its control is evidenced by the Group’s sole ability to monetize the virtual items before they are transferred to users, and is further supported by the Group being primarily responsible to the users for the delivery of the virtual items as well as having full discretion in establishing pricing for the virtual items. Accordingly, the Group reports its live video service revenues on a gross basis with amounts billed to users for the virtual items recorded as revenues and the Revenue Sharing paid to broadcasters and talent agencies recorded as cost of revenues. Sales proceeds are initially recorded as deferred revenue and recognized as revenue based on the consumption of the virtual items. The Group has determined that the virtual items represent one performance obligation in the live video service. Revenue related to each of the virtual items is recognized at the point-in- Users also have the right to purchase various combinations of virtual items and virtual item coupons in the live video, which are generally capable of being distinct. Specifically, the Group enters into certain contracts with its users where virtual item coupons are granted to users with a purchase. The virtual item coupons can be used by the users to exchange for free virtual items in the future. Such virtual item coupons typically expire a few days after being granted. The Group has determined that the virtual item coupons represent a material right under Topic 606 which is recognized as a separate performance obligation at the outset of the arrangement. Judgment is required to determine the standalone selling price for each distinct virtual item and virtual item coupon. The Group allocates the consideration to each distinct virtual item and virtual item coupon based on their relative standalone selling prices. In instances where standalone selling price is not directly observable as the Group does not sell the virtual items or virtual item coupons separately, the Group determines the standalone selling price based on pricing strategies, market factors and strategic objectives. The Group recognizes revenue for each of the distinct virtual item in accordance with the revenue recognition method discussed above unless otherwise stated. Revenue for the virtual item coupons is recognized when the virtual items purchased with the virtual item coupons are consumed. Although virtual item coupons have expiry dates, the Group considers that the impact of breakage for the virtual item coupons is insignificant as historical data shows that virtual item coupons are consumed shortly after they are released to users. (b) Value-added services Value-added services revenues mainly include membership subscription revenue and virtual gift service revenue. Membership subscription is a service package which enables members to enjoy additional functions and privileges. The contract period for the membership subscription ranges from one month to one year. All membership subscription is nonrefundable. The Group has determined that its membership subscription services represent one performance obligation. The Group collects membership subscription in advance and records it as deferred revenue. Revenue is recognized ratably over the contract period as the membership subscription services are delivered. Virtual gift service enhances users’ experience of interaction and social networking with each other. Generally, users are able to purchase virtual items and send them to other users. The Group shares a portion of the revenues derived from the sales of virtual items with the recipients of the virtual items. All virtual items are nonrefundable, typically consumed at a point-in-time For virtual gift service, the Group also provides various combinations of virtual items for users to purchase and grant virtual item coupons with the purchase, similar to its live video service. For the same reasons and with the same methods outlined in the revenue recognition policy for its live video services, the Group recognizes revenue for each of the distinct virtual item and recognizes revenue for the virtual item coupons when the virtual items purchased with the virtual item coupons are consumed. Although virtual item coupons have expiry dates, the Group considers that the impact of breakage for the virtual item coupons is insignificant as historical data shows that virtual item coupons are consumed shortly after they are released to users. (c) Mobile marketing The Group provides advertising and marketing solutions to customers for promotion of their brands and conduction of effective marketing activities through its mobile application. Display-based mobile marketing services For display-based online advertising services, the Group has determined that its mobile marketing services represent one performance obligation. Accordingly, the Group recognizes mobile marketing revenue ratably over the period that the advertising is provided commencing on the date the customer’s advertisement is displayed, or based on the number of times that the advertisement has been displayed for cost per thousand impressions advertising arrangements. Performance-based mobile marketing services The Group also enables advertising customers to place links on its mobile platform on a pay-for-effectiveness The Group’s mobile marketing revenues are recognized net of agency rebates, if applicable. Agency rebates have not been material for the years ended December 31, 2021, 2022 and 2023. (d) Mobile games The Group operates mobile games including both self-developed and licensed mobile games and generates mobile game revenues from the sales of in-game The Group records revenue generated from mobile games on a gross basis if the Group acts as the principal in the mobile game arrangements under which the Group controls the specified services before they are provided to the customers. The Group determines that it has a single performance obligation to the players who purchased the virtual items to gain an enhanced game-playing experience over the playing period of the paying players. Specially, the Group is primarily responsible for fulfilling the promise to provide maintenance services and has discretion in setting the price for virtual currencies or virtual items to the customers. Accordingly, the Group recognizes revenues ratably over the estimated average period of player relationship starting from the point in time when the players purchase the virtual items and once all other revenue recognition criteria are met. For arrangements that the Group has determined that it is not the principal, the Group considers the game developers to be its customers and records revenue on a net basis based on the ratios pre-determined in-game (e) Other services Revenues from other services mainly consisted of music service revenues, film distribution service, film promotion service and peripheral products. Practical expedients and exemptions The Group’s contracts have an original duration of one year or less. Accordingly, the Group does not disclose the value of unsatisfied performance obligations. Additionally, the Group generally expenses sales commissions when incurred because the amortization period would have been one year or less. These costs are recorded within selling and marketing expenses. Contract balances Contract balances include accounts receivable and deferred revenue. Accounts receivable represent cash due from third-party application stores and other payment channels as well as from advertising customers and are recorded when the right to consideration is unconditional. The Group evaluates its accounts receivable for expected credit losses on a regular basis. The Group recorded no material impairment charges related to contract assets in the period. Deferred revenue primarily includes cash received from paying users related to the Group’s live video service and value-added service as well as cash received from the Group’s advertising customers. Deferred revenue is recognized as revenue over the estimated service period or when all of the revenue recognition criteria have been met. Revenue recognized in 2022 and 2023 that was included in the deferred revenue balance as of January 1, 2022 and 2023 were RMB539,967 and RMB 484,775, respectively. Cost of revenues Cost of revenues consist of expenditures incurred in the generation of the Group’s revenues, including but not limited to revenue sharing with the broadcasters, talent agencies, gift recipients resulting from the sales of virtual items, commission fee paid to third-party application stores and other payment channels, bandwidth costs, salaries and benefits paid to employees, depreciation and amortization and production cost in connection with the television content and films. These costs are expensed as incurred except for the direct and incremental platform commission fees to third-party application stores and other payment channels and production cost in connection with the television content and films which are deferred in “Prepaid expenses and other current assets” on the consolidated balance sheets. Such deferred costs are recognized in the consolidated statements of operations in “Cost of revenues” in the period in which the related revenues are recognized. Government subsidies Government subsidies primarily consist of financial subsidies received from provincial and local governments for operating a business in their jurisdictions and compliance with specific policies promoted by the local governments. For certain government subsidies, there are no defined rules and regulations to govern the criteria necessary for companies to receive such benefits, and the amount of financial subsidy is determined at the discretion of the relevant government authorities. The Group records government subsidies as other operating income when received from the local government authority, because the government subsidies are not subject to further performance obligations or future returns. Government subsidies recorded as other operating income amounted to RMB63,615, RMB23,593 and RMB72,502 for the years ended December 31, 2021, 2022 and 2023, respectively. Research and development expenses Research and development expenses primarily consist of (i) salaries and benefits for research and development personnel, and (ii) technological service fee, depreciation and office rental expenses associated with the research and development activities. The Group’s research and development activities primarily consist of the research and development of new features for its mobile platform and its self-developed mobile games. The Group has expensed all research and development expenses when incurred. Value added taxes (“VAT”) Entities that are VAT general taxpayers are allowed to offset qualified input VAT paid to suppliers against their output VAT liabilities. Net VAT balance between input VAT and output VAT is recorded in accrued expenses and other current liabilities on the consolidated balance sheets. Revenue is recognized net of VAT amounted to RMB1,136,147, RMB977,780 and RMB901,381 for the years ended December 31, 2021, 2022 and 2023, respectively. Income taxes Current income taxes are provided for in accordance with the laws of the relevant tax authorities. Deferred income taxes are recognized when temporary differences exist between the tax bases of assets and liabilities and their reported amounts in the consolidated financial statements. Net operating loss carry forwards and credits are applied using enacted statutory tax rates applicable to future years. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more-likely-than-not Deferred income taxes are recognized on the undistributed earnings of subsidiaries, which are presumed to be transferred to the parent company and are subject to withholding taxes, unless there is sufficient evidence to show that the subsidiary has invested or will invest the undistributed earnings indefinitely or that the earnings will be remitted in a tax-free The impact of an uncertain income tax position on the income tax return is recognized at the largest amount that is more-likely-than- not to be sustained upon audit by the relevant tax authority. An uncertain income tax position will not be recognized if it has less than a 50% likelihood of being sustained. Interest and penalties on income taxes will be classified as a component of the provisions for income taxes. Foreign currency translation The reporting currency of the Company is the Renminbi (“RMB”). The functional currency of the Company is the US dollar (“US$”). The Company’s operations are principally conducted through the subsidiaries, consolidated VIEs and VIEs’ subsidiaries located in the PRC where the local currency is the functional currency. Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency at the rates of exchange in place at the balance sheet date. Transactions in currencies other than the functional currency during the year are converted into the functional currency at the applicable rates of exchange prevailing when the transactions occurred. Transaction gains and losses are recognized in the consolidated statement of operations. Assets and liabilities of the Group companies are translated from their respective functional currencies to the reporting currency at the exchange rates at the balance sheet dates, equity accounts are translated at historical exchange rates and revenues and expenses are translated at the average exchange rates in effect during the reporting period. The resulting foreign currency translation adjustments are recorded in other comprehensive (loss) income. Convenience translation Translations of the consolidated balance sheets, the consolidated statements of operations, the consolidated statements of comprehensive (loss) income, and the consolidated statements of cash flows from RMB into US$ as of and for the year ended December 31, 2023 are solely for the convenience of the readers and were calculated at the rate of US$1.00=RMB7.0999, representing the noon buying rate set forth in the H.10 statistical release of the U.S. Federal Reserve Board on December 29, 2023. No representation is made that the RMB amounts could have been, or could be, converted, realized or settled into US$ at that rate on December 31, 2023, or at any other rate. Leases The Group leases administrative office spaces and internet data center (“IDC”) facilities in different cities in the PRC under operating leases. The Group determines whether an arrangement constitutes a lease and records lease liabilities and right-of-use non-lease right-of-use For short-term leases, the Group records rental expense in its consolidated statements of operations on a straight-line basis over the lease term. The Group also elected the exemption for contracts with lease terms of 12 months or less. Advertising expenses Advertising expenses, including advertisements through various forms of media and marketing and promotional activities, are included in “sales and marketing expense” in the consolidated statements of operations and are expensed when incurred. Total advertising expenses incurred were RMB2,192,512, RMB1,766,995 and RMB1,173,743 for the years ended December 31, 2021, 2022 and 2023, respectively. Comprehensive (loss) income Comprehensive (loss) income includes net (loss) in |
Short-Term Investments
Short-Term Investments | 12 Months Ended |
Dec. 31, 2023 | |
Short-Term Investments [Abstract] | |
Short-Term Investments | 3. SHORT-TERM INVESTMENTS As of December 31, 2022 2023 RMB RMB Variable-rate financial instruments 300,240 — 300,240 — Short-term investments include wealth management products with a variable interest rate indexed to performance of underlying assets, which are with an original maturity of less than 12 months. The Group accounted for it at fair value and recognized gain of RMB240 and RMB8,310 resulting from changes in fair value for the year ended December 31, 2022 and 2023, respectively. |
Prepaid Expenses and Other Curr
Prepaid Expenses and Other Current Assets | 12 Months Ended |
Dec. 31, 2023 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Prepaid Expenses and Other Current Assets | 4. PREPAID EXPENSES AND OTHER CURRENT ASSETS Prepaid expenses and other current assets consisted of the following: As of December 31, 2022 2023 RMB RMB Deposits with third-party payment channels (i) 242,863 245,052 Interest receivable 346,994 233,280 Input VAT (ii) 58,058 94,063 Advance to suppliers (iii) 81,821 78,118 Deferred platform commission cost 32,004 30,539 Prepaid service fee and issuance fee 26,172 17,004 Others 31,794 25,308 819,706 723,364 (i) Deposits with third-party payment channels are mainly the cash deposited in certain third-party payment channels by the Group for the broadcasters and the gift recipients who received the virtual items in the value-added service to withdraw their revenue sharing and the customer payment to the Group’s account through the third-party payment channels. (ii) Input VAT mainly occurred from the purchasing of goods or other services, property and equipment and advertising activities. It is subject to verification by related tax authorities before offsetting the VAT output. (iii) Advance to suppliers were primarily for advertising fees and related service fees. |
Long-Term Investments
Long-Term Investments | 12 Months Ended |
Dec. 31, 2023 | |
Long-term Investments [Abstract] | |
Long-Term Investments | 5. LONG-TERM INVESTMENTS As of December 31, 2022 2023 RMB RMB Equity method investments Jingwei Chuangteng (Hangzhou) L.P. (i) 73,632 48,687 Hangzhou Aqua Ventures Investment Management L.P. (ii) 48,328 47,168 Chengdu Tianfu Qianshi Equity Investment Partnership L.P. (iii) 36,961 34,082 Others (vi) 45,309 62,671 Equity securities without readily determinable fair values 58 Daojia Ltd. (iv) 300,000 300,000 Hangzhou Faceunity Technology Limited (iv) 70,000 70,000 Hunan Qindao Cultural Spread Ltd. (iv) 30,000 30,000 Haining Yijiayi Culture Co., Ltd. (iv) 25,000 — Shenzhen INMO Technology Co., Ltd. (iv) 55,343 55,343 Others (vi) 65,875 34,625 Fair value option investment AEZ Capital Feeder Fund (v) 143,540 104,335 893,988 786,911 The Group performed impairment analysis for equity method investments and equity securities without readily determinable fair values periodically. Impairment losses of RMB18,000, RMB11,250 and RMB31,250 were recorded for long-term investments under “other gain or loss, net” in the consolidated statements of operations for the years ended December 31, 2021, 2022 and 2023, respectively. (i) On January 9, 2015, the Group entered into a partnership agreement to subscribe partnership interest, as a limited partner, in Jingwei Chuangteng (Hangzhou) L.P. (“Jingwei”). According to the partnership agreement, the Group committed to subscribe 4.9% partnership interest in Jingwei for RMB30,000. Due to Jingwei’s further rounds of financing, the Group’s partnership interest was diluted to 2.4% as of December 31, 2022 and 2023. The Group recognized its share of partnership profit or (loss) in Jingwei of RMB (5,147), RMB397 and RMB (24,227) during the years ended December 31, 2021, 2022 and 2023, respectively. The Group received distribution from Jingwei of RMB718 during the year ended December 31, 2023. (ii) On August 18, 2015, the Group entered into a partnership agreement to subscribe partnership interest, as a limited partner, in Hangzhou Aqua Ventures Investment Management L.P. (“Aqua”). According to the partnership agreement, the Group committed to subscribe 42.7% partnership interest for RMB50,000. The Group recognized its share of partnership profit or (loss) in Aqua of RMB (11,013), RMB (3,752) and RMB356 for the years ended December 31, 2021, 2022 and 2023, respectively. (iii) On September 12, 2018, the Group entered into a partnership agreement to subscribe partnership interest, as a limited partner, in Chengdu Tianfu Qianshi Equity Investment Partnership L.P. (“Tianfu”). According to the partnership agreement, the Group committed to subscribe 5.1% partnership interest for RMB30,000. The Group recognized its share of partnership profit or (loss) in Tianfu of RMB2,453, RMB286 and RMB (1,531) during the years ended December 31, 2021, 2022 and 2023, respectively. The Group received distribution from Tianfu of RMB2,480 and RMB1,349 during the year ended December 31, 2022 and 2023, respectively. (iv) The Group invested in certain preferred shares of private companies. On April 9, 2021, the Group entered into a preferred share subscription agreement with 58 Daojia Ltd. for a consideration of RMB300 million. The transaction was completed in April 2021. On March 31, 2022, the Group entered into a share purchase agreement with Shenzhen INMO Technology Co., Ltd for a consideration of RMB55,343. The transaction was completed in April 2022. As the investments were neither debt security nor in-substance surrendered holding to and received RMB25,000 in cash from . (v) In October 2021, the Group completed an investment in an open mutual fund named “AEZ Capital Feeder Fund” (“AEZ”), which is redeemable on a quarterly basis. The Group, as a limited partner, subscribed Class A participating shares with capital contribution of RMB114,707. The Group has significant influence on AEZ and elected the fair value option to account for this investment using the NAV practical expedient whereby the change in fair value of RMB19,010 and RMB (43,854) was recognized during the year ended December 31, 2022 and 2023. (vi) Others represent equity method investments or equity securities without readily determinable fair values that are individually insignificant. |
Property and Equipment, Net
Property and Equipment, Net | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, Net | 6. PROPERTY AND EQUIPMENT, NET Property and equipment, net consisted of the following: As of December 31, 2022 2023 RMB RMB Computer equipment 792,586 781,377 Office equipment 197,160 184,228 Vehicles 4,171 3,584 Construction in progress — 547,384 Leasehold improvement 135,757 135,977 Less: accumulated depreciation (956,884 ) (993,401 ) Exchange difference 194 (116 ) 172,984 659,033 Depreciation expenses charged to the consolidated statements of operations for the years ended December 31, 2021, 2022 and 2023 were RMB155,537, RMB107,015 and RMB74,492, respectively. As of December 31, 2023, constructions in progress in the amount of RMB547,384 were primarily relating to the construction of office buildings. |
Intangible Assets, Net
Intangible Assets, Net | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets, Net | 7. INTANGIBLE ASSETS, NET Intangible assets, net consisted of the following: As of December 31, 2022 2023 RMB RMB Trade name 689,333 709,591 Active user 368,555 379,387 Technology 28,086 28,911 License 51,178 51,178 Less: accumulated amortization (526,300 ) (531,416 ) Less: accumulated impairment loss (538,109 ) (538,109 ) Exchange difference (50,540 ) (82,456 ) Net book value 22,203 17,086 Amortization expenses charged to the consolidated statements of operations for the years ended December 31, 2021, 2022 and 2023 were RMB109,062, RMB5,116 and RMB5,116, respectively. The impairment loss on acquired intangible assets was RMB538,109, nil and nil for the years ended December 31, 2021, 2022 and 2023. The estimated aggregate amortization expenses for each of the five succeeding fiscal years and thereafter are as follows: For the year ended December 31, Amounts 2024 5,116 2025 5,116 2026 5,116 2027 1,358 2028 104 Thereafter 276 Total 17,086 |
Accrued Expenses and Other Curr
Accrued Expenses and Other Current Liabilities | 12 Months Ended |
Dec. 31, 2023 | |
Payables and Accruals [Abstract] | |
Accrued Expenses and Other Current Liabilities | 8. ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES Accrued expenses and other current liabilities consisted of the following: As of December 31, 2022 2023 RMB RMB Accrued payroll and welfare 210,853 188,089 Balance of users’ virtual accounts 136,757 138,926 Payable for advertisement 135,569 119,635 Accrued professional services and related service fee 54,833 49,489 Other tax payables 48,752 49,136 VAT payable 16,333 24,932 Payable for repurchase of subsidiary’s share options 25,604 11,729 Contingent loss liability (Note 18) 92,881 — Others 75,922 48,681 Total 797,504 630,617 |
Convertible Senior Notes
Convertible Senior Notes | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Convertible Senior Notes | 9. CONVERTIBLE SENIOR NOTES In July 2018, the Company issued RMB4,985 million (US$725 million) of convertible senior notes (the “Notes”) which will mature on July 1, 2025. The Notes will be convertible into the Company’s American depositary shares (“ADSs”), at the option of the holders, based on an initial conversion rate of 15.4776 of the Company’s ADSs per US$1,000 principal amount of Notes (which is equivalent to an initial conversion price of approximately US$64.61 per ADS and represents an approximately 42.5% conversion premium over the closing trading price of the Company’s ADSs on June 26, 2018, which was US$45.34 per ADS). The conversion rate for the Notes is subject to adjustments upon the occurrence of certain events. During the year ended December 31, 2022, the conversion rate was adjusted to 19.1861 of the Company’s ADSs per US$1,000 principal amount of Notes (which is equivalent to a conversion price of approximately US$52.12 per ADS) due to the cash dividend paid in April 2022. During the year ended December 31, 2023, the conversion rate was adjusted to 21.0061 of the Company’s ADSs per US$1,000 principal amount of Notes (which is equivalent to a conversion price of approximately US$47.61 per ADS) due to the cash dividend paid in 2023. The holders of the Notes may convert their notes, in integral multiples of US$1,000 principal amount, at any time prior to the day immediately preceding the maturity date. The Company will not have the right to redeem the Notes prior to maturity, except in the event of certain changes to the tax laws or their application or interpretation. The holders of the Notes had the right to require the Company to repurchase all or part of their Notes in cash on July 1, 2023, or in the event of certain fundamental changes, therefore the Notes are reclassified as current liabilities as of December 31, 2022. As of December 31, 2022 and 2023, no Notes were converted into the Company’s ADSs. The Notes bear interest at a rate of 1.25% per year and are The conversion option meets the definition of a derivative. However, since the conversion option is considered indexed to the Company’s own stock and classified in stockholders’ equity, the scope exception is met and accordingly the bifurcation of the conversion option from the Notes is not required. There is no beneficial conversion feature attributable to the Notes as the set conversion prices for the Notes are greater than the respective fair values of the ordinary share price at date of issuance. Additionally, the feature of mandatory redemption upon maturity is clearly and closely related to the debt host and does not need to be bifurcated. Based on above, the Company accounted for the Notes in accordance with ASC 470 “Debt”, as a single instrument under long-term debt. Issuance costs related to the Notes is recorded in consolidate d During the year ended December 31, 2022, the Company repurchased RMB2,331,509 (US$338,037) aggregate principal amount of convertible senior notes from certain holders, for an aggregate repurchase price of RMB2,136,987 (US$320,048) including accrued and unpaid interest, which resulted in a gain of RMB129,575 recorded under “other gain or loss, net” in the consolidated statements of operations. During the year ended December 31, 2023, the Company repurchased RMB2,727,724 (US$384,192) aggregate principal amount of convertible senior notes from certain holders, for an aggregate repurchase price of RMB2,679,942 (US$383,703) including accrued and unpaid interest, which resulted in a gain of RMB4,565 recorded under “other gain or loss, net” in the consolidated statements of operations. As of December 31, 2022 and 2023, the carrying value of the Notes was RMB2,646,168 and RMB19,571 , As of December 31, 2023, the remaining principle of Notes was US$2,771, which will be repaid on July 1, 2025, assuming the holders of the Notes will not exercise the right to convertible into the Company’s ADS. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Leases | 10. LEASES Operating leases The Group’s leases consist of operating leases for administrative office spaces and IDC facilities in different cities in the PRC. For leases with terms greater than 12 months, the Company records the related asset and lease liability at the present value of lease payments over the lease term. The Company elected the practical expedient not to separate lease and non-lease Total operating lease expense was RMB170,547 and RMB97,819, including RMB9,657 and RMB8,217 short-term lease expense for the years ended December 31, 2022 and 2023, respectively. The operating lease expense was recorded in cost and expenses on the consolidated statements of operations. For the years ended December 31 2022 2023 RMB RMB Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases 161,743 81,958 Non-cash right-of-use Operating leases 22,238 85,924 Weighted average remaining lease term Operating leases 1.63 2.16 Weighted average discount rate Operating leases 3.57 % 5.37 % As of December 31, 2023, the Group has no significant lease contract that has been entered into but not yet commenced, and the future minimum payments under operating leases were as follows: Amounts RMB 2024 61,638 2025 44,847 2026 and thereafter 12,554 Less imputed interest 6,860 Total 112,179 Payments under operating leases are expensed on a straight-line basis over the periods of their respective leases. The terms of the leases do not contain rent escalation or contingent rents. |
Borrowings
Borrowings | 12 Months Ended |
Dec. 31, 2023 | |
Long-Term Debt, by Type Alternative [Abstract] | |
Borrowings | 11. BORROWINGS Borrowings were as follows as of the respective balance sheet dates: As of December 31, 2022 2023 RMB RMB Long-term secured bank borrowings, current portion — 215,615 Long-term secured bank borrowings, non-current — 1,938,385 Total — 2,154,000 The long-term borrowings (including current portion) outstanding as of December 31, 2023 bore an interest rate of 3.8% per annum, and were denominated in RMB. These borrowings were obtained from financial institutions located in the PRC and secured by the Group’s long-term deposits of RMB2,567,100. As of December 31, 2023, the long-term borrowings, including the portion due within one year which were recorded in “Long-term borrowings, current portion”, will be repaid according to the following schedule: Amounts RMB 2024 215,615 2025 1,938,385 Total 2,154,000 |
Fair Value
Fair Value | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value | 12. FAIR VALUE Measured on a recurring basis The Group measures its financial assets and liabilities including cash and cash equivalents, short-term investments and fair value option investment at fair value on a recurring basis as of December 31, 2022 and 2023. Cash and cash equivalents are classified within Level 1 of the fair value hierarchy because they are valued based on the quoted market price in an active market. Short-term investments consist of wealth management products with a variable interest rate and the Group elects the fair value option to record investments at fair value. The Group values its wealth management products using alternative pricing sources and models utilizing market observable inputs, and accordingly the Group classifies the valuation techniques that use these inputs as Level 2. For fair value option investments that use NAV practical expedient to measure fair value, it is not categorized in the fair value hierarchy per ASC 820. As of December 31, 2022 and 2023, information about inputs for the fair value measurements of the Group’s assets that are measured at fair value on a recurring basis in periods subsequent to their initial recognition is as follows: Fair Value Measured as of December 31, Description 2023 Quoted Significant Significant RMB (Level 1) (Level 2) (Level 3) Cash and cash equivalents 5,620,466 5,620,466 — — Total 5,620,466 5,620,466 — — Fair Value Measured as of December 31, Description 2022 Quoted Significant Significant RMB (Level 1) (Level 2) (Level 3) Cash and cash equivalents 5,018,129 5,018,129 — — Short-term investments 300,240 — 300,240 — Total 5,318,369 5,018,129 300,240 — Disclosed on a recurring basis The fair value of the Notes was determined based on inputs that are observable in the market or that could be derived from, or corroborated with, observable market data, including the trading price of the Company’s convertible notes, when available, the Company’s stock price and interest rates based on similar debt issued by parties with credit ratings similar to the Company (Level 2). As of December 31, 2022 and 2023, the fair value of the Notes was RMB2,555,530 and RMB19,854, respectively. As of December 31, 2022 and 2023, the fair value of the short-term deposits and long-term deposits was RMB8,246,994 and RMB5,248,881, respectively, and the interest rates were determined based on the prevailing interest rates in the market (Level 2). Interest rates under the long-term borrowing agreements with the lending parties were determined based on the prevailing interest rates in the market (Level 2). The carrying value of the long-term borrowing approximates to fair value. Measured on nonrecurring basis The Group measures its equity method investments at fair value on a nonrecurring basis whenever events or changes in circumstances indicate that the carrying value may not be recoverable. During the years ended December 31, 2022 and 2023, the Group recorded an impairment loss of RMB4,600 and nil, respectively. For equity securities without readily determinable fair value for which the Group elected to use the measurement alternative, the investment is measured at fair value on a nonrecurring basis whenever there is an impairment or any changes resulting from observable price changes in an orderly transaction for an identical or a similar investment of the same issuer. During the years ended December 31, 2022 and 2023, the Group performed an impairment test on its equity securities without readily determinable fair value investees and recorded an impairment loss of RMB11,250 and RMB31,250, respectively. Such impairments are considered level 3 fair value measurements because the Group used unobservable inputs such as the management projection of discounted future cash flow and the discount rate. The Group’s intangible assets are primarily acquired through business acquisitions. The group measures its intangible assets at fair value on a nonrecurring basis annually or whenever events or changes in circumstances indicate that carrying amount of a reporting unit exceeds its fair value. Acquired intangible assets are measured using the income approach — discounted cash flow method when events or changes in circumstance indicate that the carrying amount of an asset may no longer be recoverable. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 13. INCOME TAXES Cayman In July 2014, the Company was redomiciled in the Cayman Islands as an exempted company registered under the laws of the Cayman Islands. Under the current laws of the Cayman Islands, it is not subject to tax on either income or capital gain. BVI Momo BVI is a tax-exempted Hong Kong The Company’s subsidiaries domiciled in Hong Kong are subject to a two-tiered two-tiered two-tiered Singapore The Company’s subsidiaries domiciled in Singapore are subject to a tax rate of 17% on their taxable income. PRC Beijing Momo IT was qualified as “High and New Technology Enterprises” in 2020 and 2023, respectively, and was accordingly entitled to a preferential tax rate of 15% from 2020 to 2025. Chengdu Momo Technology Co., Ltd (“Chengdu Momo”) has qualified as western China development enterprise since 2014. According to No. 23 announcement of the State Administration of Taxation of PRC in April 2018, Chengdu Momo is no longer required to submit the preferential tax rate application to the tax authority, but is only required to keep the relevant materials for future tax inspection instead. Based on the historical experience, the Group believes Chengdu Momo will most likely to qualify as western China development enterprise and accordingly be entitled to a preferential income tax rate of 15% for the year ended December 31, 2023 because Chengdu Momo’s business nature has no significant changes. As a result, the Group applied 15% to determine the tax liabilities for Chengdu Momo. In December 2022, Tantan Technology renewed the qualification as HNTE. As such, Tantan Technology enjoyed a preferential tax rate of 15% from 2019 to 2024. Tantan Technology applied for Software Enterprise (“SE”) status for fiscal year 2021 and was approved in 2022 respectively, which entitled Tantan Technology to enjoy an income tax exemption in 2021. Accordingly, in 2022 Tantan Technology recorded the preferential tax rate adjustment from 15% to 0% for income tax expense of the fiscal year of 2021. The other entities incorporated in the PRC are subject to an enterprise income tax at a rate of 25%. During the year ended December 31, 2023, no tax audit was conducted by the relevant tax authorities on the Group’s PRC entities. In accordance with relevant PRC tax administration laws, tax years from Under the Enterprise Income Tax Law (the “EIT Law”) and its implementation rules which became effective on January 1, 2008, dividends generated after January 1, 2008 and payable by foreign-invested enterprise in the PRC to its foreign investors who are non-resident Uncertainties exist with respect to how the current income tax law in the PRC applies to the Group’s overall operations, and more specifically, with regard to tax residency status. The EIT Law includes a provision specifying that legal entities organized outside of the PRC will be considered residents for Chinese income tax purposes if the place of effective management or control is within the PRC. The implementation rules to the EIT Law provide that non-resident If any entity within the Group that is outside the PRC were to be a non-resident Aggregate undistributed earnings of the Company’s PRC subsidiaries and the VIEs are available for reinvestment. Upon distribution of such earnings, the Company will be subject to the PRC EIT, the amount of which is impractical to estimate. The Company did not record any other withholding tax on any of the aforementioned undistributed earnings except for retained earnings generated in 2021, 2022 and 2023 by Beijing Momo IT, because the rest of the subsidiaries and the VIEs do not intend to declare dividends and the Company intends to permanently reinvest it within the PRC. As of December 31, 2023, the unrecognized deferred tax liability related to the remaining undistributed earnings that the Company still intends to indefinitely reinvest in the PRC amounted to RMB897,215. Deferred income taxes reflect the net tax effects of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Group’s deferred tax assets and liabilities are as follows: As of December 31, 2022 2023 RMB RMB Deferred tax assets: Advertising expense 403,600 398,842 Net operating loss carry-forward 224,193 241,440 Accrued expenses 24,601 23,125 Impairment on long-term investments 20,929 22,367 Less: valuation allowance (638,980 ) (654,033 ) Deferred tax assets, net 34,343 31,741 Deferred tax liabilities: Intangible assets acquired 5,327 4,073 Accelerated tax depreciation 4,999 5,216 Withholding income tax 11,685 15,698 Deferred tax liabilities, net 22,011 24,987 The Group considers the following factors, among other matters, when determining whether some portion or all of the deferred tax assets will more likely than not be realized: the nature, frequency and severity of losses, forecasts of future profitability, the duration of statutory carry-forward periods, the Group’s experience with tax attributes expiring unused and tax planning alternatives. The Group’s ability to realize deferred tax assets depends on its ability to generate sufficient taxable income within the carry-forward periods provided for in the tax law. As of December 31, 2023, the net operating loss carry-forward for the Company’s subsidiaries domiciled in the PRC, consolidated VIEs, and VIEs’ subsidiaries amounted to As of December 31, 2023, the net operating loss carryforward for the Company’s subsidiaries domiciled in Hong Kong amounted to RMB222,251, which would be carried forward indefinitely and set off against its future taxable profits. As of December 31, 2023, the net operating loss carryforward for the Company’s subsidiaries domiciled in Singapore amounted to RMB61,463, which can be carried forward indefinitely and set off against its future taxable profits. The Group does not file combined or consolidated tax returns, therefore, losses from individual subsidiaries or the VIEs may not be used to offset other subsidiaries’ or VIEs’ earnings within the Group. Valuation allowance is considered on each individual subsidiary and legal entity basis. Valuation allowances have been established in respect of certain deferred tax assets as it is considered more likely than not that the relevant deferred tax assets will not be realized in the foreseeable future. Reconciliation between income tax expense computed by applying the PRC EIT rate of 25% to income before income taxes and the actual provision for income tax is as follows: For the year ended December 31, 2021 2022 2023 RMB RMB RMB Net (loss) income before provision for income tax (2,095,064 ) 2,031,217 2,652,361 PRC statutory tax rate 25 % 25 % 25 % Income tax (benefit) expense at statutory tax rate (523,766 ) 507,804 663,090 Permanent differences and Research and development super-deduction (55,871 ) (34,966 ) (76,414 ) Change in valuation allowance 118,570 64,389 31,283 Effect of income tax rate difference in other jurisdictions 1,201,729 35,564 41,854 Effect of tax holidays and preferential tax rates (195,209 ) (147,894 ) (213,804 ) Effect of the preferential tax rate adjustment of prior year’s EIT (60,325 ) (26,873 ) — Effect of PRC withholding tax 337,428 164,257 184,014 Provision for income tax 822,556 562,281 630,023 If Beijing Momo IT, Chengdu Momo and Tantan Technology did not enjoy income tax exemptions and preferential tax rates for the years ended December 31, 2021, 2022 and 2023, the increase in income tax expenses and resulting net (loss) income per share amounts would be as follows: For the year ended December 31, 2021 2022 2023 RMB RMB RMB Increase in income tax expenses 195,209 147,894 213,804 Net (loss) income per ordinary share attributable to Hello Group Inc. - basic (7.68 ) 3.43 4.62 Net (loss) income per ordinary share attributable to Hello Group Inc. - diluted (7.68 ) 3.30 4.39 No significant unrecognized tax benefit was identified for the years ended December 31, 2021, 2022 and 2023. The Group did not incur any material interest and penalties related to potential underpaid income tax expenses and also believed that uncertainty in income taxes did not have a significant impact on the unrecognized tax benefits within next twelve months. |
Ordinary Shares
Ordinary Shares | 12 Months Ended |
Dec. 31, 2023 | |
Federal Home Loan Banks [Abstract] | |
Ordinary Shares | 14. ORDINARY SHARES In 2021, 2022 and 2023, 4,344,192, 5,748,524 and 6,467,898 ordinary shares were issued in connection with the exercise of options and vesting of restricted share units previously granted to employees, executives and consultants under the Company’s share incentive plans (see Note 16), respectively. On September 3, 2020, the Company’s Board of Directors authorized a share repurchase program (“2020 share repurchase program”) under which the Company may repurchase up to US$300 million of its shares over the next 12 months. The Company’s proposed repurchases may be made from time to time on the open market at prevailing market prices, in 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. On June 7, 2022, the Company’s Board of Directors authorized a share repurchase program (“2022 share repurchase program”) under which the Company may repurchase up to US$200 million of its shares over the next 24 months. The Company’s proposed repurchases may be made from time to time on the open market at prevailing market prices, in 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. For the years ended December 31, 2021, 2022 and 2023, the Company repurchased 21,124,816, 23,978,072 and 8,354,042 Class A ordinary shares for US$133,395 (RMB862,865), US$56,714 (RMB395,846) and US$29,378 (RMB212,195) on the open market, at a weighted average price of US$12.61, US$4.71 and US$7.01 per ADS, respectively. The Company accounts for the repurchased ordinary shares under the cost method and includes such treasury stock as a component of the shareholders’ equity. |
Distribution To Shareholders
Distribution To Shareholders | 12 Months Ended |
Dec. 31, 2023 | |
Distribution To Shareholders [Abstract] | |
Distribution To Shareholders | 15. DISTRIBUTION TO SHAREHOLDERS On March 25, 2021, the Company declared a special cash dividend in the amount of US$0.64 per ADS, or US$0.32 per ordinary share. US$132,032 (RMB852,743) cash dividend was paid in April 2021 ex-dividend On March 24, 2022, the Company declared a special cash dividend in the amount of US$0.64 per ADS, or US$0.32 per ordinary share. US$127,262 (RMB840,997) cash dividend was paid in April 2022 ex-dividend On March 16, 2023, the Company declared a special cash dividend in the amount of US$0.72 per ADS, or US$0.36 per ordinary share. US$136,555 (RMB958,052) cash dividend was paid in 2023 ex-dividend |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Dec. 31, 2023 | |
Share-based Payment Arrangement [Abstract] | |
Share-Based Compensation | 16. SHARE-BASED COMPENSATION Share options granted by the Company In November 2012, the Company adopted a share incentive plan (“2012 Plan”), which was amended in October 2013. The maximum aggregate number of shares which may be issued pursuant to all awards under the 2012 Plan is 44,758,220 ordinary shares. In November, 2014, the Company adopted the 2014 share incentive plan (“2014 Plan”), pursuant to which a maximum aggregate of 14,031,194 Class A ordinary shares may be issued pursuant to all awards granted thereunder. The following table summarizes the option activity for the year ended December 31, 2023: Number of Weighted Weighted average Aggregated intrinsic Outstanding as of December 31, 2022 28,244,623 0.0157 6.40 126,375 Granted 7,888,864 0.0002 Exercised (6,349,148 ) 0.0133 Forfeited/cancel (500,386 ) 0.0002 Outstanding as of December 31, 2023 29,283,953 0.0123 7.27 101,402 Exercisable as of December 31, 2023 15,275,055 0.0234 5.83 52,724 There were 15,275,055 vested options, and 12,495,624 options expected to vest within the remaining vesting schedules as of December 31, 2023. For options expected to vest, the weighted- average exercise price was The weighted-average grant-date fair value of the share options granted during the years 2021, 2022, and 2023 was US$7.2, US$2.48 and US$4.00, respectively. The total intrinsic value of options exercised for the years ended December 31, 2021, 2022 and 2023 was US$28,487, US$20,261 and US$24,815, respectively. The fair value of options granted was estimated on the date of grant using the Black-Sholes pricing model with the following assumptions used for grants during the applicable periods: Risk-free interest Expected term Volatility Dividend yield Exercise price 2021 1.64%~1.96% 6 years 50.2%~51.8% — 0.0002 2022 2.20%~4.86% 6 years 50.3%~57.8% — 0.0002 2023 4.24%~5.66% 6 years 62.5%~66.1% — 0.0002 (1) Risk-free interest rate Risk-free interest rate was estimated based on the daily treasury long term rate of U.S. Department of the Treasury with a maturity period close to the expected term of the options, plus the country default spread of China. (2) Expected term The expected term of the options represents the period of time between the grant date and the time the options are either exercised or forfeited, including an estimate of future forfeitures for outstanding options. (3) Volatility The volatility of the underlying ordinary shares during the life of the options was estimated based on the historical stock price volatility of the Company in the period equal to the expected term of the options. (4) Dividend yield The dividend yield was estimated by the Group based on its expected dividend policy over the expected term of the options. (5) Exercise price The exercise price of the options was determined by the Group’s board of directors. (6) Fair value of underlying ordinary shares The fair value of the ordinary shares is determined as the closing sales price of the ordinary shares as quoted on the principal exchange or system. For employee, executives and non-employee As of December 31, 2023, total unrecognized compensation expense relating to unvested share options was RMB376,594, which will be recognized over a weighted average period of 2.61 years. The weighted-average remaining contractual term of options outstanding is 7.27 years. Restricted share units (“RSUs”) granted by the Company On April 15, 2021, April 15, 2022 The Company will forfeit the unvested portion of the RSUs if the grantees terminate their service during the vesting period. 75,000 shares of RSUs were forfeited in 2023. The Group recorded share-based compensation of RMB10,512, RMB9,335 and RMB5,799 for RSUs for the years ended December 31, 2021, 2022 and 2023, respectively, based on the fair value on the grant dates over the requisite service period of award using the straight-line method. As of December 31, 2023, total unrecognized compensation expense relating to unvested RSUs was RMB5,856 which will be recognized over a weighted average period of 2.23 years. Share options granted by Tantan In March 2015, Tantan adopted the 2015 share incentive plan (“2015 Plan”), pursuant to which a maximum aggregate of 1,000,000 shares may be issued pursuant to awards may be authorized, but unissued ordinary shares. The Board of Directors of Tantan may in its discretion make adjustments to the numbers of shares. In April 2016 and March 2017, the Board of Directors of Tantan approved to adjust the numbers of shares to a maximum aggregate of 2,000,000 and 2,793,812, respectively. In July 2018, Tantan adopted the 2018 share incentive plan (“2018 Plan”), pursuant to which the maximum aggregate number of shares which may be issued shall initially be 5,963,674 ordinary shares, plus that number of ordinary shares authorized for issuance under the 2015 Plan, in an amount equal to (i) the number of ordinary shares that were not granted pursuant to the 2015 Plan, plus (ii) the number of ordinary shares that were granted pursuant to the 2015 Plan that have expired without having been exercised in full or have otherwise become unexercisable. The time and condition to exercise options will be determined by Tantan’s Board. The term of the options may not exceed ten years from the date of the grant, except for the situation of amendment, modification and termination. Tantan split its shares 1-for-5 Options classified as equity awards The following table summarizes the option activity for the year ended December 31, 2023: Number of Weighted Weighted average Aggregated (US$) (years) (US$) Outstanding as of December 31, 2022 4,621,016 1.4607 6.58 — Granted 46,000 0.0001 Repurchased (393,457 ) 0.9930 Forfeited (461,258 ) 0.1361 Outstanding as of December 31, 2023 3,812,301 1.6516 5.69 — Exercisable as of December 31, 2023 3,079,483 2.0289 5.04 — During the years ended December 31, 2022 and 2023, the Company voluntarily repurchased for employees’ vested options upon the termination of their employment with total consideration of RMB24,971 and RMB13,422, respectively. Those options were subsequently canceled. Cash payments amounting to RMB89,652 and RMB28,126 were made during the year ended December 31, 2022 and 2023, respectively. The Group recorded the consideration directly to equity, to the extent that the amount does not exceed the fair value of the vested option repurchased at the repurchase date. The Group recorded any excess of the repurchase price over the fair value of the vested options repurchased as additional compensation cost. There were 3,079,483 vested options, and 439,684 options expected to vest within the remaining vesting schedules as of December 31, 2023. For options expected to vest, the weighted-average exercise price was The weighted-average grant-date fair value of the share options granted during the years ended December 31, 2021, 2022 and 2023 was US$1.39, US$ nil and US$ nil, respectively. The fair value of each option granted was estimated on the date of grant using the binomial tree pricing model with the following assumptions used for grants during the applicable periods: Risk-free interest Contractual term Volatility Dividend yield Exercise price 2021 2.04%~2.04% 10 years 59.0%~59.0% — 0.002~5.0 2022 4.40%~4.40% 10 years 56.2%~56.2% — 0.0001 2023 5.45% 10 years 56.6% — 0.0001 (1) Risk-free interest rate Risk-free interest rate was estimated based on the daily treasury long term rate of U.S. Department of the Treasury with a maturity period close to the expected term of the options, plus the country default spread of China. (2) Contractual term Tantan used the original contractual term. (3) Volatility The volatility of the underlying ordinary shares during the life of the options was estimated based on the historical stock price volatility of comparable listed companies over a period comparable to the expected term of the options. (4) Dividend yield The dividend yield was estimated by Tantan based on its expected dividend policy over the expected term of the options. (5) Exercise price The exercise price of the options was determined by the Board of Directors of Tantan. (6) Fair value of underlying ordinary shares The estimated fair value of the ordinary shares underlying the options as of the respective grant dates was determined based on a retrospective valuation before Tantan was acquired and on a contemporaneous valuation after Tantan was acquired, which used management’s best estimate for projected cash flows as of each valuation date. For share options classified as equity awards, Tantan recorded share-based compensation of RMB76,989, RMB28,788 and RMB14,751 during the years ended December 31, 2021, 2022 and 2023, respectively, based on the fair value of the grant dates over the requisite service period of award according to the vesting schedule for employee share option. As of December 31, 2023, total unrecognized compensation expense relating to unvested share options was RMB370 which will be recognized over a weighted average period of 0.93 years. The weighted-average remaining contractual term of options outstanding is 5.69 years. Options classified as liability awards In August 2018, Tantan granted 17,891,025 share options to its founders under the 2018 Plan. The founders have the right to request Tantan to redeem for cash the vested options upon the termination of the founders’ employment at a fixed equity value of Tantan. Therefore, the awards are classified as liability on the consolidated balance sheet due to their cash settlement feature. The options include a four-years vesting condition whereas options vest ratably at the end of each year. Accordingly, the awards are re-measured During the year ended December 31, 2019, all outstanding options granted to Tantan’s founders were vested as the necessary performance conditions were probable to be satisfied. Thereafter, the awards are re-measured In May 2021, the founders resigned from Tantan and exercised the right to have Tantan repurchased for cash the vested options at the pre-agreed There is no remaining share option that has a cash settlement feature as of December 31, 2021 a n For share options classified as liability awards, Tantan recorded share-based compensation of RMB nil and RMB nil |
Net Income (Loss) Per Share
Net Income (Loss) Per Share | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Net Income (Loss) Per Share | 17. NET (LOSS) INCOME PER SHARE The calculation of net (loss) income per share is as follows: For the year ended December 31, 2021 2022 2023 RMB RMB RMB Numerator: Net (loss) income attributed to ordinary shareholders for computing net (loss) income per ordinary share-basic and diluted (2,913,708 ) 1,484,283 1,957,581 Denominator: Denominator for computing net (loss) income per share-basic: Weighted average ordinary shares outstanding used in computing net (loss) income per ordinary share-basic 404,701,910 390,176,367 377,639,399 Denominator for computing net (loss) income per share-diluted: Weighted average shares outstanding used in computing net (loss) income per ordinary share-diluted 404,701,910 (i) 423,810,279 (i) 401,833,328 (i) Net (loss) income per ordinary share attributable to Hello Group Inc. – basic (7.20 ) 3.80 5.18 Net (loss) income per ordinary share attributable to Hello Group Inc. – diluted (7.20 ) 3.65 4.92 The following table summarizes potential ordinary shares outstanding excluded from the computation of diluted net (loss) income per ordinary share for the years ended December 31, 2021, 2022 and 2023, because their effect is anti-dilutive: For the year ended December 31, 2021 2022 2023 Share issuable upon exercise of share options 29,676,253 14,676,458 4,420,431 Share issuable upon exercise of RSUs 272,500 217,612 102,344 (i) The calculation of the weighted average number of ordinary shares for the purpose of diluted net income per share has considered the effect of certain potentially dilutive securities. The computation of diluted loss per share for the year ended December 31, 2021 has not considered the effect of the share options, RSUs and convertible senior notes given that the effect is anti-dilutive. For the year ended December 31, 2022, an incremental weighted average number of 12,083,613 ordinary shares from the assumed exercise of share options and RSUs and an incremental weighted average number of 21,550,299 ordinary shares resulting from the assumed conversion of convertible senior notes were included. For the year ended December 31, 2023, an incremental weighted average number of 16,849,667 ordinary shares from the assumed exercise of share options and RSUs and an incremental weighted average number of 7,344,262 ordinary shares resulting from the assumed conversion of convertible senior notes were included. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 18. COMMITMENTS AND CONTINGENCIES Investment commitments The Group was obligated to subscribe RMB85,000 and RMB126,250 for partnership interest of certain long-term investees under various arrangements as of December 31, 2022 and 2023, respectively. Capital commitments The Group’s capital commitments primarily relate to commitments on construction and purchase of office building. Total capital commitments contracted but not yet reflected in the consolidated financial statements amounted to RMB292,116 as of December 31, 2023. All of these capital commitments will be fulfilled in the following years according to the payment terms of contracts. Long-term debt obligations The Group’s long-term debt obligations include convertible senior notes and long-term borrowings. The amounts exclude the corresponding interest payable. The expected repayment schedule of the convertible senior notes and long-term borrowings have been disclosed in Note 9 and Note 11, respectively. Contingencies The Group is subject to legal proceedings in the ordinary course of business. The Group records a liability when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. The Group reviews the need for any such liability on a regular basis. For the year ended December 31, 2022, the Group accrued for the loss contingency amounted RMB92.9 million related to an ongoing investigation of the alleged illegal activity on the source of the funding consumed on Momo’s platform as the Group determines that an unfavorable outcome is probable and the amount is reasonably estimable. The contingent loss liability has been settled in 2023, pursuant to a first-instance judgment by relevant authorities. The Company is in the process of claiming against the judgment. The Group does not believe that any other currently pending legal or administrative proceeding to which the Group is a party will have a material effect on its business or financial condition. |
Related Party Balances and Tran
Related Party Balances and Transactions | 12 Months Ended |
Dec. 31, 2023 | |
Related Party Transactions [Abstract] | |
Related Party Balances and Transactions | 19. RELATED PARTY BALANCES AND TRANSACTIONS Major related parties Relationship with the Group Hunan Qindao Network Media Technology Co., Ltd. Affiliate of a long-term investee (1) Amount due from related parties As of December 31, 2022 2023 RMB RMB Hunan Qindao Network Media Technology Co., Ltd. (i) — 27,258 Others 55 — Total 55 27,258 (i) The amount of RMB27,258 as of December 31, 2023 represented the revenue sharing of live video service paid in advance to Hunan Qindao Network Media Technology Co., Ltd., which should be deducted from the amount of revenue sharing to be paid in following (2) Amount due to related parties – current As of December 31, 2022 2023 RMB RMB Hunan Qindao Network Media Technology Co., Ltd. (ii) 9,178 4,314 Total 9,178 4,314 (ii) The amount of RMB9,178 and R (3) Purchases from related parties For the year ended 2021 2022 2023 RMB RMB RMB Hunan Qindao Network Media Technology Co., Ltd. (iii) 253,691 176,674 179,000 Others 115 — 55 Total 253,806 176,674 179,055 (iii) The purchases from Hunan Qindao Network Media Technology Co., Ltd. mainly represented the Revenue Sharing. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Segment Information | 20. SEGMENT INFORMATION The Group’s chief operating decision maker has been identified as the Chief Executive Officer (“CEO”) who reviews financial information of operating segments based on US GAAP amounts when making decisions about allocating resources and assessing performance of the Group. During the years ended December 31, 2021, 2022 and 2023, the Group determined that it operated in three operating segments namely Momo, Tantan and QOOL given that the related financial information is separately reviewed by the Group’s CEO. Momo’s services mostly include live video services, value-added services, mobile marketing services and mobile games derived from the Momo’s platform and other applications. Tantan’s services mainly include value-added services and live video services provided on Tantan’s platform. QOOL services mainly include advertisement services generated from the Group’s broadcasting of content television. The Group primarily operates in the PRC and substantially all of the Group’s long-lived assets are located in the PRC. The Group’s chief operating decision maker evaluates performance based on each reporting segment’s net revenue, operating cost and expenses, operating income and net income. Net revenues, operating cost and expenses, operating income, and net income by segment for the years ended December 31, 2021, 2022 and 2023 were as follows: For the year ended December 31, 2021 Momo Tantan QOOL Unallocated Consolidated RMB RMB RMB RMB RMB Net revenues: 12,541,205 2,029,184 5,330 — 14,575,719 Cost and expenses: — Cost of revenues (7,301,048 ) (1,044,852 ) (37,531 ) — (8,383,431 ) Research and development (828,688 ) (303,093 ) — — (1,131,781 ) Sales and marketing (1,420,130 ) (1,180,146 ) (4,033 ) — (2,604,309 ) General and administrative (619,922 ) 18,401 (23,179 ) — (624,700 ) Impairment loss on goodwill and intangible assets — — — (4,397,012 ) (4,397,012 ) Total cost and expenses (10,169,788 ) (2,509,690 ) (64,743 ) (4,397,012 ) (17,141,233 ) Other operating income 138,884 37,029 34 — 175,947 Income (loss) from operations 2,510,301 (443,477 ) (59,379 ) (4,397,012 ) (2,389,567 ) Interest income 383,028 1,091 160 — 384,279 Interest expense (73,776 ) — — — (73,776 ) Other gain or loss, net (16,000 ) — — — (16,000 ) Income tax (expenses) benefits (844,987 ) 22,431 — — (822,556 ) Share of loss on equity method investments (8,084 ) — — — (8,084 ) Net income (loss) 1,950,482 (419,955 ) (59,219 ) (4,397,012 ) (2,925,704 ) The impairment loss was presented as an unallocated item in the segment information because the CEO does not consider this as part of the segment operating performance measure. For the year ended December 31, 2022 Momo Tantan QOOL Consolidated RMB RMB RMB RMB Net revenues: 11,335,094 1,367,853 1,225 12,704,172 Cost and expenses: Cost of revenues (6,704,020 ) (714,936 ) (2,463 ) (7,421,419 ) Research and development (737,380 ) (268,839 ) — (1,006,219 ) Sales and marketing (1,346,692 ) (721,889 ) (5,036 ) (2,073,617 ) General and administrative (547,798 ) (33,234 ) (14,974 ) (596,006 ) Total cost and expenses (9,335,890 ) (1,738,898 ) (22,473 ) (11,097,261 ) Other operating income 8,753 11,830 49 20,632 Income (loss) from operations 2,007,957 (359,215 ) (21,199 ) 1,627,543 Interest income 368,051 544 284 368,879 Interest expense (83,530 ) — — (83,530 ) Other gain or loss, net 118,325 — — 118,325 Income tax (expenses) benefits (586,663 ) 24,382 — (562,281 ) Share of income on equity method investments 11,073 — — 11,073 Net income (loss) 1,835,213 (334,289 ) (20,915 ) 1,480,009 For the year ended December 31, 2023 Momo Tantan QOOL Consolidated RMB RMB RMB RMB Net revenues: 10,798,507 1,196,559 7,257 12,002,323 Cost and expenses: Cost of revenues (6,404,042 ) (599,348 ) (22,004 ) (7,025,394 ) Research and development (664,340 ) (220,250 ) — (884,590 ) Sales and marketing (1,138,505 ) (268,652 ) (7,792 ) (1,414,949 ) General and administrative (467,537 ) (26,482 ) (8,460 ) (502,479 ) Total cost and expenses (8,674,424 ) (1,114,732 ) (38,256 ) (9,827,412 ) Other operating income 125,318 4,411 376 130,105 Income (loss) from operations 2,249,401 86,238 (30,623 ) 2,305,016 Interest income 435,451 713 89 436,253 Interest expense (62,223 ) — — (62,223 ) Other gain or loss, net (26,685 ) — — (26,685 ) Income tax expenses (623,844 ) (6,179 ) — (630,023 ) Share of loss on equity method investments (70,643 ) — — (70,643 ) Net income (loss) 1,901,457 80,772 (30,534 ) 1,951,695 |
Employee Benefit Plan
Employee Benefit Plan | 12 Months Ended |
Dec. 31, 2023 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plan | 21. EMPLOYEE BENEFIT PLAN Full time employees of the Group in the PRC participate in a government-mandated defined contribution plan pursuant to which certain pension benefits, medical care, unemployment insurance, employee housing fund and other welfare benefits are provided to employees. The Group accrues for these benefits based on certain percentages of the employees’ salaries. The total provisions for such employee benefits were RMB241,672, RMB 228,137 and RMB206,513 for the years ended December 31, 2021, 2022 and 2023, respectively. |
Statutory Reserves and Restrict
Statutory Reserves and Restricted Net Assets | 12 Months Ended |
Dec. 31, 2023 | |
Receivables [Abstract] | |
Statutory Reserves and Restricted Net Assets | 22. STATUTORY RESERVES AND RESTRICTED NET ASSETS In accordance with the Regulations on Enterprises with Foreign Investment of China and their articles of association, the Group’s subsidiaries and VIEs located in the PRC, being foreign invested enterprises established in the PRC, are required to provide for certain statutory reserves. These statutory reserve funds include one or more of the following: (i) a general reserve, (ii) an enterprise expansion fund or discretionary reserve fund, and (iii) a staff bonus and welfare fund. Subject to certain cumulative limits, the general reserve fund requires a minimum annual appropriation of 10% of after-tax year-end); Appropriations to the enterprise expansion reserve and the staff welfare and bonus reserve are to be made at the discretion of the board of directors of each of the Group’s subsidiaries. The appropriations to these reserves by the Group’s PRC subsidiaries, VIEs and VIEs’ subsidiaries were RMB679, RMB517 and RMB nil for the years ended December 31, 2021, 2022 and 2023, respectively. Relevant PRC statutory laws and regulations permit payments of dividends by the Company’s subsidiaries and consolidated VIEs incorporated in the PRC only out of their retained earnings, if any, as determined in accordance with the PRC accounting standards and regulations. The capital and statutory reserves restricted which represented the amount of net assets of the Group’s PRC subsidiaries, VIEs and VIEs’ subsidiaries in the Group not available for distribution were RMB1,508,594, RMB1,509,111 and RMB1,509,111 as of December 31, 2021, 2022 and 2023, respectively. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | 23. SUBSEQUENT EVENTS Special cash dividend On March 14, 2024, the Company declared a special cash dividend in the amount of US$0.54 per ADS, or US$0.27 per ordinary share. The cash dividend will be paid on April 30, 2024 to shareholders of record at the close of business on April 12, 2024. The ex-dividend 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, the Company’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. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Basis of presentation | Basis of presentation The consolidated financial statements of the Group have been prepared in accordance with the accounting principles generally accepted in the United States of America (“U.S. GAAP”). |
Basis of consolidation | Basis of consolidation The consolidated financial statements of the Group include the financial statements of Hello Group Inc., its subsidiaries, consolidated VIEs and VIEs’ subsidiaries. All inter-company transactions and balances have been eliminated upon consolidation. |
Use of estimates | Use of estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and revenues, cost and expenses in the financial statements and accompanying notes. Significant accounting estimates reflected in the Group’s consolidated financial statements include the useful lives and impairment of property and equipment and intangible assets, the impairment of long-term investments, the valuation allowance for deferred tax assets, and share-based compensation. |
Cash and cash equivalents | Cash and cash equivalents Cash and cash equivalents consist of cash on hand and highly liquid investments, which are unrestricted from withdrawal or use, or which have original maturities of three months or less when purchased. |
Short-term restricted cash | Short-term restricted cash Short-term restricted cash represents RMB deposits in restricted bank accounts that cannot be withdrawn related to ongoing investigations of the alleged illegal activities on the source of the funding consumed on Momo’s platform. The Company considers the expected timing of the release of the restrictions to determine the appropriate financial statement classification. |
Short-term deposits | Short-term deposits Short-term deposits consist of bank deposits with an original maturity of over three months but within one year. |
Short-term investments | Short-term investments Short-term investments include wealth management products with a variable interest rate indexed to performance of underlying assets, which are with an original maturity of less than 12 months. The Group elects the fair value option to record the investments at fair value in accordance with ASC 825 Financial Instruments. Changes in the fair value are recorded under “interest income” in the consolidated statements of operations. |
Long-term restricted cash | Long-term restricted cash Long-term restricted cash mainly represents long-term deposits held in designated bank accounts pledged for long-term borrowings, and US dollar deposits held in escrow account related to payable to Tantan’s founders in accordance with its share options repurchase agreement. The Company considers the expected timing of the release of the restrictions is more than one year. |
Long-term deposits | Long-term deposits Long-term deposits represent time deposits placed in banks with original maturities of more than one year. Interest earned is recorded as interest income in the consolidated statements of operations during the periods presented. |
Accounts receivable | Accounts receivable Accounts receivable primarily represents the cash due from third-party application stores and other payment channels and advertising customers, net of allowance for doubtful accounts. The Group evaluates its accounts receivable for expected credit losses on a regular basis. The Group maintains an estimated allowance for credit losses based upon its assessment of various factors, including the historical loss experience, the age of accounts receivable balances, credit quality of third-party application stores and other payment channels, advertising customers and other customers, current and future economic conditions and other factors that may affect their ability to pay, to reduce its accounts receivable to the amount that it believes will be collected. |
Financial instruments | Financial instruments Financial instruments of the Group primarily consist of cash and cash equivalents, short-term deposits, short-term investments, restricted cash, long-term deposits, accounts receivable, amount due from related parties, equity securities without readily determinable fair value, fair value option investment, accounts payable, deferred revenue, convertible senior notes, borrowings, income tax payable and amount due to related parties. The Group carries its fair value option investment at fair value. Cash and cash equivalents are recorded at fair value based on the quoted market price in an active market. The carrying values of restricted cash, accounts receivable, amount due from related parties, accounts payable, deferred revenue, income tax payable and amount due to related parties approximate their fair values. It is not practical to estimate the fair value of the Group’s equity securities without readily determinable fair value because of the lack of quoted market price and the inability to estimate fair value without incurring excessive costs. The fair value of the Company’s convertible senior notes, borrowings and term deposits are discussed in Note 12. |
Foreign currency risk | Foreign currency risk The Renminbi (“RMB”) is not a freely convertible currency. The State Administration for Foreign Exchange, under the authority of the People’s Bank of China, controls the conversion of RMB into foreign currencies. The value of the RMB is subject to changes in central government policies and to international economic and political developments affecting supply and demand in the China Foreign Exchange Trading System market. Cash and cash equivalents, restricted cash, short-term investments and term deposits of the Group included aggregate amounts of RMB12,600 million and RMB9,564 million as of December 31, 2022 and 2023, respectively, which were denominated in RMB. |
Equity securities without readily determinable fair value | Equity securities without readily determinable fair value The Group accounts for equity investments that do not have a readily determinable fair value under the measurement alternative in accordance with ASC Topic 321, Investments—Equity Securities, to the extent such investments are not subject to consolidation or the equity method. Under the measurement alternative, these financial instruments are carried at cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for an identical or similar investment of the same issuer. If the fair value is less than the investment’s carrying value, the Company recognizes an impairment loss in net income equal to the difference between the carrying value and fair value. |
Equity method investments | Equity method investments The investee companies over which the Group has the ability to exercise significant influence, but does not have a controlling interest are accounted for using the equity method. Significant influence is generally considered to exist when the Group has an ownership interest in the voting stock of the investee between 20% and 50%. Other factors, such as representation in the investee’s Board of Directors, voting rights and the impact of commercial arrangements, are also considered in determining whether the equity method of accounting is appropriate. For the investment in limited partnerships, where the Group holds less than a 20% equity or voting interest, the Group’s influence over the partnership operating and financial policies is determined to be more than minor. Accordingly, the Group accounts for these investments as equity method investments. Under the equity method of accounting, the affiliated company’s accounts are not reflected within the Group’s consolidated balance sheets and consolidated statements of operations; however, the Group’s share of the earnings or losses of the affiliated company is reflected in the caption “share of income (loss) on equity method investments” in the consolidated statements of operations. An impairment charge is recorded under “share of (loss) income on equity method investments” in the consolidated statements of operations if the carrying amount of the investment exceeds its fair value and this condition is determined to be other-than-temporary. The Group estimates the fair value of the investee company based on comparable quoted price for similar investment in active market, if applicable, or discounted cash flow approach which requires significant judgments, including the estimation of future cash flows, which is dependent on internal forecasts, the estimation of long term growth rate of a company’s business, the estimation of the useful life over which cash flows will occur, and the determination of the weighted average cost of capital. |
Fair value option investments | Fair value option investments The Group elected the fair value option to account for certain partnership units investment in a private fund, and measured the investment using the net asset value per share based on the practical expedient in ASC Topic 820, Fair Value Measurements and Disclosures (“ASC 820”) (“NAV practical expedient”), whereby the change in fair value is recognized under “share of (loss) income on equity method investments” in the consolidated statements of operations. |
Property and equipment, net | Property and equipment, net Property and equipment are stated at cost less accumulated depreciation. Depreciation is calculated on a straight-line basis over the following estimated useful lives: Office equipment 3-5 Computer equipment 3 years Vehicles 5 years Leasehold improvement Shorter of the lease term or Direct costs that are related to the construction of property and equipment and incurred in connection with bringing the assets to their intended use are capitalized as construction in progress and are reported under property and equipment, net. Construction in progress is transferred to specific property and equipment items and the depreciation of these assets commences when the assets are ready for their intended use. As of December 31, 2022 and 2023, construction in progress in the amount of |
Intangible assets | Intangible assets Intangible assets acquired through business acquisitions are recognized as assets separate from goodwill if they satisfy either the “contractual-legal” or “separability” criterion. Purchased intangible assets and intangible assets arising from acquisitions are recognized and measured at fair value upon acquisition. Separately identifiable intangible assets that have determinable lives continue to be amortized over their estimated useful lives using the straight-line method as follows: License 3.2-10 years Technology 3 years Active user 5 years Trade name 10 years |
Impairment of long-lived assets with finite lives | Impairment of long-lived assets with finite lives The Group reviews its long-lived assets, including intangible assets with finite lives, for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset (asset group) may no longer be recoverable. When these events occur, the Group tests the recoverability of the asset (asset group) by comparing the carrying value of the long-lived assets (asset group) to the estimated undiscounted future cash flows expected to result from the use of the assets and their eventual disposition. If the sum of the expected undiscounted cash flow is less than the carrying amount of the assets, the Group recognizes an impairment loss based on the fair value of the assets. |
Convertible senior notes | Convertible senior notes The Group determines the appropriate accounting treatment of its convertible senior notes in accordance with the terms in relation to the conversion feature, call and put options, and beneficial conversion feature. After considering the impact of such features, the Group may account for such instrument as a liability in its entirety, or separate the instrument into debt and equity components following the respective guidance described under ASC 815 “Derivatives and Hedging” and ASC 470 “Debt”. The debt discount, if any, together with the related issuance cost are subsequently amortized as interest expense, using the effective interest method, from the issuance date to the earliest maturity date. Interest expenses are recognized in the consolidated statements of operations in the period in which they are incurred. |
Long-term borrowing | Long-term Long-term borrowings are recognized at carrying amount. Interest expense is accrued over the estimated term of the facilities and recorded in the consolidated statements of operations and comprehensive (loss) income. |
Fair value | Fair value Fair value is the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Group considers the principal or most advantageous market in which it would transact and it considers assumptions that market participants would use when pricing the asset or liability. Authoritative literature provides a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. An asset or liability categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement as follows: Level 1 Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities. Level 2 Level 2 applies to assets or liabilities for which there are inputs other than quoted prices included within Level 1 that are observable for the assets or liabilities such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data. Level 3 Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities. |
Revenue recognition | Revenue recognition The Group principally derives its revenue from live video services, value-added services, mobile marketing services, mobile games and other services. The Group recognizes revenue when control of the promised goods or services are transferred to the customers, in an amount that reflects the consideration that the Group expects to receive in exchange for those goods or services. The Group applied the five steps method outlined in ASC Topic 606, Revenue from Contracts with Customers (“Topic 606”) to all revenue streams. In addition, the standard requires disclosures of the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. For the years ended December 31, 2021, 2022 and 2023, the Group’s revenue is reported net of discounts, value added tax and surcharges. The following table provides information about disaggregated revenue by types, including a reconciliation of the disaggregated revenue with the Group’s reportable segments: For the year ended December 31, 2023 Momo Tantan QOOL RMB RMB RMB Live video service 5,567,894 504,977 — Value-added services 5,085,541 667,030 — Mobile marketing 109,125 24,552 — Mobile games 19,610 — — Other services 16,337 — 7,257 Total 10,798,507 1,196,559 7,257 For the year ended December 31, 2022 Momo Tantan QOOL RMB RMB RMB Live video service 5,966,323 544,137 — Value-added services 5,183,302 823,716 — Mobile marketing 124,956 — — Mobile games 55,732 — — Other services 4,781 — 1,225 Total 11,335,094 1,367,853 1,225 For the year ended December 31, 2021 Momo Tantan QOOL RMB RMB RMB Live video service 7,475,809 903,136 — Value-added services 4,845,744 1,126,048 — Mobile marketing 159,010 — — Mobile games 47,712 — — Other services 12,930 — 5,330 Total 12,541,205 2,029,184 5,330 (a) Live video service The Group is principally engaged in providing live video services whereby users can enjoy live performances and interact with the broadcasters for free during the performance. Broadcasters can either host the performance on their own or join a talent agency. The Group generates revenue from sales of virtual items to its customers. The Group designs, creates and offers various virtual items for sales to users with pre-determined non-refundable non-refundable, point-in-time The Group has evaluated and determined that it is the principal and views the users to be its customers. Specifically, the Group controls the virtual items before they are transferred to users. Its control is evidenced by the Group’s sole ability to monetize the virtual items before they are transferred to users, and is further supported by the Group being primarily responsible to the users for the delivery of the virtual items as well as having full discretion in establishing pricing for the virtual items. Accordingly, the Group reports its live video service revenues on a gross basis with amounts billed to users for the virtual items recorded as revenues and the Revenue Sharing paid to broadcasters and talent agencies recorded as cost of revenues. Sales proceeds are initially recorded as deferred revenue and recognized as revenue based on the consumption of the virtual items. The Group has determined that the virtual items represent one performance obligation in the live video service. Revenue related to each of the virtual items is recognized at the point-in- Users also have the right to purchase various combinations of virtual items and virtual item coupons in the live video, which are generally capable of being distinct. Specifically, the Group enters into certain contracts with its users where virtual item coupons are granted to users with a purchase. The virtual item coupons can be used by the users to exchange for free virtual items in the future. Such virtual item coupons typically expire a few days after being granted. The Group has determined that the virtual item coupons represent a material right under Topic 606 which is recognized as a separate performance obligation at the outset of the arrangement. Judgment is required to determine the standalone selling price for each distinct virtual item and virtual item coupon. The Group allocates the consideration to each distinct virtual item and virtual item coupon based on their relative standalone selling prices. In instances where standalone selling price is not directly observable as the Group does not sell the virtual items or virtual item coupons separately, the Group determines the standalone selling price based on pricing strategies, market factors and strategic objectives. The Group recognizes revenue for each of the distinct virtual item in accordance with the revenue recognition method discussed above unless otherwise stated. Revenue for the virtual item coupons is recognized when the virtual items purchased with the virtual item coupons are consumed. Although virtual item coupons have expiry dates, the Group considers that the impact of breakage for the virtual item coupons is insignificant as historical data shows that virtual item coupons are consumed shortly after they are released to users. (b) Value-added services Value-added services revenues mainly include membership subscription revenue and virtual gift service revenue. Membership subscription is a service package which enables members to enjoy additional functions and privileges. The contract period for the membership subscription ranges from one month to one year. All membership subscription is nonrefundable. The Group has determined that its membership subscription services represent one performance obligation. The Group collects membership subscription in advance and records it as deferred revenue. Revenue is recognized ratably over the contract period as the membership subscription services are delivered. Virtual gift service enhances users’ experience of interaction and social networking with each other. Generally, users are able to purchase virtual items and send them to other users. The Group shares a portion of the revenues derived from the sales of virtual items with the recipients of the virtual items. All virtual items are nonrefundable, typically consumed at a point-in-time For virtual gift service, the Group also provides various combinations of virtual items for users to purchase and grant virtual item coupons with the purchase, similar to its live video service. For the same reasons and with the same methods outlined in the revenue recognition policy for its live video services, the Group recognizes revenue for each of the distinct virtual item and recognizes revenue for the virtual item coupons when the virtual items purchased with the virtual item coupons are consumed. Although virtual item coupons have expiry dates, the Group considers that the impact of breakage for the virtual item coupons is insignificant as historical data shows that virtual item coupons are consumed shortly after they are released to users. (c) Mobile marketing The Group provides advertising and marketing solutions to customers for promotion of their brands and conduction of effective marketing activities through its mobile application. Display-based mobile marketing services For display-based online advertising services, the Group has determined that its mobile marketing services represent one performance obligation. Accordingly, the Group recognizes mobile marketing revenue ratably over the period that the advertising is provided commencing on the date the customer’s advertisement is displayed, or based on the number of times that the advertisement has been displayed for cost per thousand impressions advertising arrangements. Performance-based mobile marketing services The Group also enables advertising customers to place links on its mobile platform on a pay-for-effectiveness The Group’s mobile marketing revenues are recognized net of agency rebates, if applicable. Agency rebates have not been material for the years ended December 31, 2021, 2022 and 2023. (d) Mobile games The Group operates mobile games including both self-developed and licensed mobile games and generates mobile game revenues from the sales of in-game The Group records revenue generated from mobile games on a gross basis if the Group acts as the principal in the mobile game arrangements under which the Group controls the specified services before they are provided to the customers. The Group determines that it has a single performance obligation to the players who purchased the virtual items to gain an enhanced game-playing experience over the playing period of the paying players. Specially, the Group is primarily responsible for fulfilling the promise to provide maintenance services and has discretion in setting the price for virtual currencies or virtual items to the customers. Accordingly, the Group recognizes revenues ratably over the estimated average period of player relationship starting from the point in time when the players purchase the virtual items and once all other revenue recognition criteria are met. For arrangements that the Group has determined that it is not the principal, the Group considers the game developers to be its customers and records revenue on a net basis based on the ratios pre-determined in-game (e) Other services Revenues from other services mainly consisted of music service revenues, film distribution service, film promotion service and peripheral products. |
Practical expedients and exemptions | Practical expedients and exemptions The Group’s contracts have an original duration of one year or less. Accordingly, the Group does not disclose the value of unsatisfied performance obligations. Additionally, the Group generally expenses sales commissions when incurred because the amortization period would have been one year or less. These costs are recorded within selling and marketing expenses. |
Contract balances | Contract balances Contract balances include accounts receivable and deferred revenue. Accounts receivable represent cash due from third-party application stores and other payment channels as well as from advertising customers and are recorded when the right to consideration is unconditional. The Group evaluates its accounts receivable for expected credit losses on a regular basis. The Group recorded no material impairment charges related to contract assets in the period. Deferred revenue primarily includes cash received from paying users related to the Group’s live video service and value-added service as well as cash received from the Group’s advertising customers. Deferred revenue is recognized as revenue over the estimated service period or when all of the revenue recognition criteria have been met. Revenue recognized in 2022 and 2023 that was included in the deferred revenue balance as of January 1, 2022 and 2023 were RMB539,967 and RMB 484,775, respectively. |
Cost of revenues | Cost of revenues Cost of revenues consist of expenditures incurred in the generation of the Group’s revenues, including but not limited to revenue sharing with the broadcasters, talent agencies, gift recipients resulting from the sales of virtual items, commission fee paid to third-party application stores and other payment channels, bandwidth costs, salaries and benefits paid to employees, depreciation and amortization and production cost in connection with the television content and films. These costs are expensed as incurred except for the direct and incremental platform commission fees to third-party application stores and other payment channels and production cost in connection with the television content and films which are deferred in “Prepaid expenses and other current assets” on the consolidated balance sheets. Such deferred costs are recognized in the consolidated statements of operations in “Cost of revenues” in the period in which the related revenues are recognized. |
Government subsidies | Government subsidies Government subsidies primarily consist of financial subsidies received from provincial and local governments for operating a business in their jurisdictions and compliance with specific policies promoted by the local governments. For certain government subsidies, there are no defined rules and regulations to govern the criteria necessary for companies to receive such benefits, and the amount of financial subsidy is determined at the discretion of the relevant government authorities. The Group records government subsidies as other operating income when received from the local government authority, because the government subsidies are not subject to further performance obligations or future returns. Government subsidies recorded as other operating income amounted to RMB63,615, RMB23,593 and RMB72,502 for the years ended December 31, 2021, 2022 and 2023, respectively. |
Research and development expenses | Research and development expenses Research and development expenses primarily consist of (i) salaries and benefits for research and development personnel, and (ii) technological service fee, depreciation and office rental expenses associated with the research and development activities. The Group’s research and development activities primarily consist of the research and development of new features for its mobile platform and its self-developed mobile games. The Group has expensed all research and development expenses when incurred. |
Value added taxes ("VAT") | Value added taxes (“VAT”) Entities that are VAT general taxpayers are allowed to offset qualified input VAT paid to suppliers against their output VAT liabilities. Net VAT balance between input VAT and output VAT is recorded in accrued expenses and other current liabilities on the consolidated balance sheets. Revenue is recognized net of VAT amounted to RMB1,136,147, RMB977,780 and RMB901,381 for the years ended December 31, 2021, 2022 and 2023, respectively. |
Income taxes | Income taxes Current income taxes are provided for in accordance with the laws of the relevant tax authorities. Deferred income taxes are recognized when temporary differences exist between the tax bases of assets and liabilities and their reported amounts in the consolidated financial statements. Net operating loss carry forwards and credits are applied using enacted statutory tax rates applicable to future years. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more-likely-than-not Deferred income taxes are recognized on the undistributed earnings of subsidiaries, which are presumed to be transferred to the parent company and are subject to withholding taxes, unless there is sufficient evidence to show that the subsidiary has invested or will invest the undistributed earnings indefinitely or that the earnings will be remitted in a tax-free The impact of an uncertain income tax position on the income tax return is recognized at the largest amount that is more-likely-than- not to be sustained upon audit by the relevant tax authority. An uncertain income tax position will not be recognized if it has less than a 50% likelihood of being sustained. Interest and penalties on income taxes will be classified as a component of the provisions for income taxes. |
Foreign currency translation | Foreign currency translation The reporting currency of the Company is the Renminbi (“RMB”). The functional currency of the Company is the US dollar (“US$”). The Company’s operations are principally conducted through the subsidiaries, consolidated VIEs and VIEs’ subsidiaries located in the PRC where the local currency is the functional currency. Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency at the rates of exchange in place at the balance sheet date. Transactions in currencies other than the functional currency during the year are converted into the functional currency at the applicable rates of exchange prevailing when the transactions occurred. Transaction gains and losses are recognized in the consolidated statement of operations. Assets and liabilities of the Group companies are translated from their respective functional currencies to the reporting currency at the exchange rates at the balance sheet dates, equity accounts are translated at historical exchange rates and revenues and expenses are translated at the average exchange rates in effect during the reporting period. The resulting foreign currency translation adjustments are recorded in other comprehensive (loss) income. |
Convenience translation | Convenience translation Translations of the consolidated balance sheets, the consolidated statements of operations, the consolidated statements of comprehensive (loss) income, and the consolidated statements of cash flows from RMB into US$ as of and for the year ended December 31, 2023 are solely for the convenience of the readers and were calculated at the rate of US$1.00=RMB7.0999, representing the noon buying rate set forth in the H.10 statistical release of the U.S. Federal Reserve Board on December 29, 2023. No representation is made that the RMB amounts could have been, or could be, converted, realized or settled into US$ at that rate on December 31, 2023, or at any other rate. |
Leases | Leases The Group leases administrative office spaces and internet data center (“IDC”) facilities in different cities in the PRC under operating leases. The Group determines whether an arrangement constitutes a lease and records lease liabilities and right-of-use non-lease right-of-use For short-term leases, the Group records rental expense in its consolidated statements of operations on a straight-line basis over the lease term. The Group also elected the exemption for contracts with lease terms of 12 months or less. |
Advertising expenses | Advertising expenses Advertising expenses, including advertisements through various forms of media and marketing and promotional activities, are included in “sales and marketing expense” in the consolidated statements of operations and are expensed when incurred. Total advertising expenses incurred were RMB2,192,512, RMB1,766,995 and RMB1,173,743 for the years ended December 31, 2021, 2022 and 2023, respectively. |
Comprehensive (loss) income | Comprehensive (loss) income Comprehensive (loss) income includes net (loss) income and foreign currency translation adjustments. Comprehensive (loss) income is reported in the consolidated statements of comprehensive (loss) income. |
Share-based compensation | Share-based compensation Share-based payment transactions with employees, executives and consultants are measured based on the grant-date fair value of the equity instrument issued and recognized as compensation expense net of a forfeiture rate on a straight-line basis, over the requisite service period, with a corresponding impact reflected in additional paid-in The estimate of forfeiture rate is adjusted over the requisite service period to the extent that actual forfeiture rate differs, or is expected to differ, from such estimates. Changes in estimated forfeiture rate is recognized through a cumulative catch-up Changes in the terms or conditions of share options are accounted as a modification. The Group calculates the excess of the fair value of the modified option over the fair value of the original option immediately before the modification, measured based on the share price and other pertinent factors at the modification date. For vested options, the Group recognizes incremental compensation cost in the period that the modification occurred. For unvested options, the Group recognizes, over the remaining requisite service period, the sum of the incremental compensation cost and the remaining unrecognized compensation cost for the original award on the modification date. |
Net (loss) income per share | Net (loss) income per share Basic net (loss) income per ordinary share is computed by dividing net (loss) income attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the period. Diluted net (loss) income per ordinary share reflect the potential dilution that could occur if securities were exercised or converted into ordinary shares. The Group had share options, restricted share units and convertible senior notes, which could potentially dilute basic earnings per share in the future. To calculate the number of shares for diluted net (loss) income per ordinary share, the effect of the share options and restricted share units is computed using the treasury stock method, and the effect of the convertible senior notes is computed using the as-if-converted |
Recent accounting pronouncements adopted | Recent accounting pronouncements adopted In October 2021, the FASB issued ASU No. 2021-08, 2021-08), 2021-08 In July 2023, the FASB issued ASU No. 2023-03, S-X: 2023-03 S-X: |
Recent accounting pronouncements not yet adopted | Recent accounting pronouncements not yet adopted In June 2022, the FASB issued ASU 2022-03, In November 2023, the FASB issued ASU 2023-07 2023-07”). 2023-07 2023-07 2023-07 In December 2023, the FASB issued ASU 2023-09 2023-09”). 2023-09 2023-09 |
Revenues [Member] | |
Concentration of credit risk and revenue | Concentration of revenue No user or customer accounted for 10% or more of net revenues for the years ended December 31, 2021, 2022 and 2023, respectively. |
Accounts Receivable [Member] | |
Concentration of credit risk and revenue | Concentration of credit risk Financial instruments that potentially expose the Group to concentration of credit risk consist primarily of cash and cash equivalents, short-term deposits, short-term investments, restricted cash, long-term deposits and accounts receivable. The Group places their cash with financial institutions with high-credit ratings and quality. Third-party application stores and other payment channels accounting for 10% or more of accounts receivables are as follows: As of December 31, 2022 2023 A 18 % 22 % B 15 % N/A Users or customers accounting for 10% or more of accounts receivables is as follows: As of December 31, 2022 2023 C 12 % N/A |
Organization and Principal Ac_2
Organization and Principal Activities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Text Block [Abstract] | |
Schedule of Subsidiaries, VIEs and VIEs' Subsidiaries | As of December 31, 2023, details of the Company’s major subsidiaries, VIEs and VIEs’ subsidiaries are as follows: Major subsidiaries Momo Technology HK Company Limited (“Momo HK”) Beijing Momo Information Technology Co., Ltd. (“Beijing Momo IT”) Tantan Limited (“Tantan”) Tantan Hong Kong Limited (“Tantan HK”) Tantan Technology (Beijing) Co., Ltd. (“Tantan Technology”) QOOL Media Inc. (“QOOL Inc.”) QOOL Media Technology (Tianjin) Co., Ltd. SpaceCape Technology Pte. Ltd. Major VIEs Beijing Momo Technology Co., Ltd. (“Beijing Momo”) * QOOL Media (Tianjin) Co., Ltd. (“QOOL Tianjin”) * Tantan Culture Development (Beijing) Co., Ltd. (“Tantan Culture”) * Hainan Miaoka Network Technology Co., Ltd. (“Miaoka”) * Beijing Top Maker Culture Co, Ltd. (“Beijing Top Maker”) * Beijing Perfect Match Technology Co, Ltd. (“Beijing Perfect Match”) * SpaceTime (Beijing) Technology Co, Ltd. (“SpaceTime Beijing”) * Tianjin Nishuodedoudui Technology Co., Ltd. (“Tianjin Nishuodedoudui”) * Hainan Yilingliuer Network Technology Co., Ltd. (“Hainan Yilingliuer”) * Major VIEs’ subsidiaries Chengdu Momo Technology Co., Ltd. (“Chengdu Momo”) * Tianjin Heer Technology Co., Ltd. (“Tianjin Heer”) * Loudi Momo Technology Co., Ltd. (“Loudi Momo”) * Tianjin Apollo Exploration Culture Co., Ltd. (“Tantan Apollo”) * * These entities are controlled by the Company pursuant to the contractual arrangements disclosed below. |
Schedule of Amounts and Balances of VIEs Included in Consolidated Financial Statements After Elimination of Intercompany Balances and Transactions | The following consolidated financial statements amounts and balances of the VIEs were included in the accompanying consolidated financial statements after the elimination of intercompany balances and transactions as of and for the years ended December 31: As of December 31, 2022 2023 RMB RMB Cash and cash equivalents 2,108,248 2,622,793 Short-term deposits 850,000 — Other current assets 654,109 533,132 Total current assets 3,612,357 3,155,925 Long-term deposits — 150,000 Long-term investments 380,187 295,840 Other non-current 291,841 314,121 Total assets 4,284,385 3,915,886 Accounts payable 509,042 521,303 Deferred revenue 469,076 428,547 Other current liabilities 451,793 355,822 Total current liabilities 1,429,911 1,305,672 Other non-current 34,059 29,279 Total liabilities 1,463,970 1,334,951 For the years ended December 31, 2021 2022 2023 RMB RMB RMB Net revenues 14,336,539 12,152,997 11,203,950 Net income 5,674,607 4,593,510 4,179,878 Net cash provided by operating activities 5,748,529 4,445,523 4,118,893 Net cash provided by investing activities 254,093 451,928 726,076 Net cash provided by financing activities — — — |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Estimated Useful Lives | Depreciation is calculated on a straight-line basis over the following estimated useful lives: Office equipment 3-5 Computer equipment 3 years Vehicles 5 years Leasehold improvement Shorter of the lease term or |
Identifiable Intangible Assets Amortized over their estimated useful lives using the straight line method | Separately identifiable intangible assets that have determinable lives continue to be amortized over their estimated useful lives using the straight-line method as follows: License 3.2-10 years Technology 3 years Active user 5 years Trade name 10 years |
Components of Revenues | The following table provides information about disaggregated revenue by types, including a reconciliation of the disaggregated revenue with the Group’s reportable segments: For the year ended December 31, 2023 Momo Tantan QOOL RMB RMB RMB Live video service 5,567,894 504,977 — Value-added services 5,085,541 667,030 — Mobile marketing 109,125 24,552 — Mobile games 19,610 — — Other services 16,337 — 7,257 Total 10,798,507 1,196,559 7,257 For the year ended December 31, 2022 Momo Tantan QOOL RMB RMB RMB Live video service 5,966,323 544,137 — Value-added services 5,183,302 823,716 — Mobile marketing 124,956 — — Mobile games 55,732 — — Other services 4,781 — 1,225 Total 11,335,094 1,367,853 1,225 For the year ended December 31, 2021 Momo Tantan QOOL RMB RMB RMB Live video service 7,475,809 903,136 — Value-added services 4,845,744 1,126,048 — Mobile marketing 159,010 — — Mobile games 47,712 — — Other services 12,930 — 5,330 Total 12,541,205 2,029,184 5,330 |
Accounts Receivable [Member] | |
Schedules of Concentration of Risk, by Risk Factor | Third-party application stores and other payment channels accounting for 10% or more of accounts receivables are as follows: As of December 31, 2022 2023 A 18 % 22 % B 15 % N/A Users or customers accounting for 10% or more of accounts receivables is as follows: As of December 31, 2022 2023 C 12 % N/A |
Short-Term Investments (Tables)
Short-Term Investments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Short-Term Investments [Abstract] | |
Summary of Short Term Investment | As of December 31, 2022 2023 RMB RMB Variable-rate financial instruments 300,240 — 300,240 — |
Prepaid Expenses and Other Cu_2
Prepaid Expenses and Other Current Assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Schedule of Prepaid Expenses and Other Current Assets | Prepaid expenses and other current assets consisted of the following: As of December 31, 2022 2023 RMB RMB Deposits with third-party payment channels (i) 242,863 245,052 Interest receivable 346,994 233,280 Input VAT (ii) 58,058 94,063 Advance to suppliers (iii) 81,821 78,118 Deferred platform commission cost 32,004 30,539 Prepaid service fee and issuance fee 26,172 17,004 Others 31,794 25,308 819,706 723,364 (i) Deposits with third-party payment channels are mainly the cash deposited in certain third-party payment channels by the Group for the broadcasters and the gift recipients who received the virtual items in the value-added service to withdraw their revenue sharing and the customer payment to the Group’s account through the third-party payment channels. (ii) Input VAT mainly occurred from the purchasing of goods or other services, property and equipment and advertising activities. It is subject to verification by related tax authorities before offsetting the VAT output. (iii) Advance to suppliers were primarily for advertising fees and related service fees. |
Long-Term Investments (Tables)
Long-Term Investments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Long-term Investments [Abstract] | |
Summary of Equity and Cost Method Investments | As of December 31, 2022 2023 RMB RMB Equity method investments Jingwei Chuangteng (Hangzhou) L.P. (i) 73,632 48,687 Hangzhou Aqua Ventures Investment Management L.P. (ii) 48,328 47,168 Chengdu Tianfu Qianshi Equity Investment Partnership L.P. (iii) 36,961 34,082 Others (vi) 45,309 62,671 Equity securities without readily determinable fair values 58 Daojia Ltd. (iv) 300,000 300,000 Hangzhou Faceunity Technology Limited (iv) 70,000 70,000 Hunan Qindao Cultural Spread Ltd. (iv) 30,000 30,000 Haining Yijiayi Culture Co., Ltd. (iv) 25,000 — Shenzhen INMO Technology Co., Ltd. (iv) 55,343 55,343 Others (vi) 65,875 34,625 Fair value option investment AEZ Capital Feeder Fund (v) 143,540 104,335 893,988 786,911 |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment, Net | Property and equipment, net consisted of the following: As of December 31, 2022 2023 RMB RMB Computer equipment 792,586 781,377 Office equipment 197,160 184,228 Vehicles 4,171 3,584 Construction in progress — 547,384 Leasehold improvement 135,757 135,977 Less: accumulated depreciation (956,884 ) (993,401 ) Exchange difference 194 (116 ) 172,984 659,033 |
Intangible Assets, Net (Tables)
Intangible Assets, Net (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets | Intangible assets, net consisted of the following: As of December 31, 2022 2023 RMB RMB Trade name 689,333 709,591 Active user 368,555 379,387 Technology 28,086 28,911 License 51,178 51,178 Less: accumulated amortization (526,300 ) (531,416 ) Less: accumulated impairment loss (538,109 ) (538,109 ) Exchange difference (50,540 ) (82,456 ) Net book value 22,203 17,086 |
Schedule of Future Amortization Expense | The estimated aggregate amortization expenses for each of the five succeeding fiscal years and thereafter are as follows: For the year ended December 31, Amounts 2024 5,116 2025 5,116 2026 5,116 2027 1,358 2028 104 Thereafter 276 Total 17,086 |
Accrued Expenses and Other Cu_2
Accrued Expenses and Other Current Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Expenses and Other Current Liabilities | Accrued expenses and other current liabilities consisted of the following: As of December 31, 2022 2023 RMB RMB Accrued payroll and welfare 210,853 188,089 Balance of users’ virtual accounts 136,757 138,926 Payable for advertisement 135,569 119,635 Accrued professional services and related service fee 54,833 49,489 Other tax payables 48,752 49,136 VAT payable 16,333 24,932 Payable for repurchase of subsidiary’s share options 25,604 11,729 Contingent loss liability (Note 18) 92,881 — Others 75,922 48,681 Total 797,504 630,617 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Summary of operating lease additional information | The operating lease expense was recorded in cost and expenses on the consolidated statements of operations. For the years ended December 31 2022 2023 RMB RMB Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases 161,743 81,958 Non-cash right-of-use Operating leases 22,238 85,924 Weighted average remaining lease term Operating leases 1.63 2.16 Weighted average discount rate Operating leases 3.57 % 5.37 % |
Summary of future minimum payments under operating leases | As of December 31, 2023, the Group has no significant lease contract that has been entered into but not yet commenced, and the future minimum payments under operating leases were as follows: Amounts RMB 2024 61,638 2025 44,847 2026 and thereafter 12,554 Less imputed interest 6,860 Total 112,179 |
Borrowings (Tables)
Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Long-Term Debt, by Type Alternative [Abstract] | |
Schedule of Borrowing in Respective Balance Sheet | Borrowings were as follows as of the respective balance sheet dates: As of December 31, 2022 2023 RMB RMB Long-term secured bank borrowings, current portion — 215,615 Long-term secured bank borrowings, non-current — 1,938,385 Total — 2,154,000 |
Schedule of Long-term Borrowings | As of December 31, 2023, the long-term borrowings, including the portion due within one year which were recorded in “Long-term borrowings, current portion”, will be repaid according to the following schedule: Amounts RMB 2024 215,615 2025 1,938,385 Total 2,154,000 |
Fair Value (Tables)
Fair Value (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets Measured at Fair Value on Recurring Basis | As of December 31, 2022 and 2023, information about inputs for the fair value measurements of the Group’s assets that are measured at fair value on a recurring basis in periods subsequent to their initial recognition is as follows: Fair Value Measured as of December 31, Description 2023 Quoted Significant Significant RMB (Level 1) (Level 2) (Level 3) Cash and cash equivalents 5,620,466 5,620,466 — — Total 5,620,466 5,620,466 — — Fair Value Measured as of December 31, Description 2022 Quoted Significant Significant RMB (Level 1) (Level 2) (Level 3) Cash and cash equivalents 5,018,129 5,018,129 — — Short-term investments 300,240 — 300,240 — Total 5,318,369 5,018,129 300,240 — |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Components of Group's Deferred Tax Assets and Liabilities | Deferred income taxes reflect the net tax effects of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Group’s deferred tax assets and liabilities are as follows: As of December 31, 2022 2023 RMB RMB Deferred tax assets: Advertising expense 403,600 398,842 Net operating loss carry-forward 224,193 241,440 Accrued expenses 24,601 23,125 Impairment on long-term investments 20,929 22,367 Less: valuation allowance (638,980 ) (654,033 ) Deferred tax assets, net 34,343 31,741 Deferred tax liabilities: Intangible assets acquired 5,327 4,073 Accelerated tax depreciation 4,999 5,216 Withholding income tax 11,685 15,698 Deferred tax liabilities, net 22,011 24,987 |
Schedule of Reconciliation between Income Tax Expense to Income before Income Taxes and Actual Provision for Income Tax | Reconciliation between income tax expense computed by applying the PRC EIT rate of 25% to income before income taxes and the actual provision for income tax is as follows: For the year ended December 31, 2021 2022 2023 RMB RMB RMB Net (loss) income before provision for income tax (2,095,064 ) 2,031,217 2,652,361 PRC statutory tax rate 25 % 25 % 25 % Income tax (benefit) expense at statutory tax rate (523,766 ) 507,804 663,090 Permanent differences and Research and development super-deduction (55,871 ) (34,966 ) (76,414 ) Change in valuation allowance 118,570 64,389 31,283 Effect of income tax rate difference in other jurisdictions 1,201,729 35,564 41,854 Effect of tax holidays and preferential tax rates (195,209 ) (147,894 ) (213,804 ) Effect of the preferential tax rate adjustment of prior year’s EIT (60,325 ) (26,873 ) — Effect of PRC withholding tax 337,428 164,257 184,014 Provision for income tax 822,556 562,281 630,023 |
Increase in Income Tax Expenses and Net Income Per Share Amounts | If Beijing Momo IT, Chengdu Momo and Tantan Technology did not enjoy income tax exemptions and preferential tax rates for the years ended December 31, 2021, 2022 and 2023, the increase in income tax expenses and resulting net (loss) income per share amounts would be as follows: For the year ended December 31, 2021 2022 2023 RMB RMB RMB Increase in income tax expenses 195,209 147,894 213,804 Net (loss) income per ordinary share attributable to Hello Group Inc. - basic (7.68 ) 3.43 4.62 Net (loss) income per ordinary share attributable to Hello Group Inc. - diluted (7.68 ) 3.30 4.39 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Summary of Option Activity | The following table summarizes the option activity for the year ended December 31, 2023: Number of Weighted Weighted average Aggregated intrinsic Outstanding as of December 31, 2022 28,244,623 0.0157 6.40 126,375 Granted 7,888,864 0.0002 Exercised (6,349,148 ) 0.0133 Forfeited/cancel (500,386 ) 0.0002 Outstanding as of December 31, 2023 29,283,953 0.0123 7.27 101,402 Exercisable as of December 31, 2023 15,275,055 0.0234 5.83 52,724 |
Schedule of Assumptions Used to Estimate Fair Value of Stock Options Granted | The fair value of options granted was estimated on the date of grant using the Black-Sholes pricing model with the following assumptions used for grants during the applicable periods: Risk-free interest Expected term Volatility Dividend yield Exercise price 2021 1.64%~1.96% 6 years 50.2%~51.8% — 0.0002 2022 2.20%~4.86% 6 years 50.3%~57.8% — 0.0002 2023 4.24%~5.66% 6 years 62.5%~66.1% — 0.0002 |
Options classified as Equity Awards [Member] | |
Summary of Option Activity | The following table summarizes the option activity for the year ended December 31, 2023: Number of Weighted Weighted average Aggregated (US$) (years) (US$) Outstanding as of December 31, 2022 4,621,016 1.4607 6.58 — Granted 46,000 0.0001 Repurchased (393,457 ) 0.9930 Forfeited (461,258 ) 0.1361 Outstanding as of December 31, 2023 3,812,301 1.6516 5.69 — Exercisable as of December 31, 2023 3,079,483 2.0289 5.04 — |
Schedule of Assumptions Used to Estimate Fair Value of Stock Options Granted | The fair value of each option granted was estimated on the date of grant using the binomial tree pricing model with the following assumptions used for grants during the applicable periods: Risk-free interest Contractual term Volatility Dividend yield Exercise price 2021 2.04%~2.04% 10 years 59.0%~59.0% — 0.002~5.0 2022 4.40%~4.40% 10 years 56.2%~56.2% — 0.0001 2023 5.45% 10 years 56.6% — 0.0001 |
Net Income (Loss) Per Share (Ta
Net Income (Loss) Per Share (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Calculation of Net Income (loss) Per Share | The calculation of net (loss) income per share is as follows: For the year ended December 31, 2021 2022 2023 RMB RMB RMB Numerator: Net (loss) income attributed to ordinary shareholders for computing net (loss) income per ordinary share-basic and diluted (2,913,708 ) 1,484,283 1,957,581 Denominator: Denominator for computing net (loss) income per share-basic: Weighted average ordinary shares outstanding used in computing net (loss) income per ordinary share-basic 404,701,910 390,176,367 377,639,399 Denominator for computing net (loss) income per share-diluted: Weighted average shares outstanding used in computing net (loss) income per ordinary share-diluted 404,701,910 (i) 423,810,279 (i) 401,833,328 (i) Net (loss) income per ordinary share attributable to Hello Group Inc. – basic (7.20 ) 3.80 5.18 Net (loss) income per ordinary share attributable to Hello Group Inc. – diluted (7.20 ) 3.65 4.92 |
Summary of Potential Ordinary Shares Outstanding Excluded from Computation of Diluted Net income (Loss) Per Ordinary Share | The following table summarizes potential ordinary shares outstanding excluded from the computation of diluted net (loss) income per ordinary share for the years ended December 31, 2021, 2022 and 2023, because their effect is anti-dilutive: For the year ended December 31, 2021 2022 2023 Share issuable upon exercise of share options 29,676,253 14,676,458 4,420,431 Share issuable upon exercise of RSUs 272,500 217,612 102,344 (i) The calculation of the weighted average number of ordinary shares for the purpose of diluted net income per share has considered the effect of certain potentially dilutive securities. The computation of diluted loss per share for the year ended December 31, 2021 has not considered the effect of the share options, RSUs and convertible senior notes given that the effect is anti-dilutive. |
Related Party Balances and Tr_2
Related Party Balances and Transactions (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions | (1) Amount due from related parties As of December 31, 2022 2023 RMB RMB Hunan Qindao Network Media Technology Co., Ltd. (i) — 27,258 Others 55 — Total 55 27,258 (i) The amount of RMB27,258 as of December 31, 2023 represented the revenue sharing of live video service paid in advance to Hunan Qindao Network Media Technology Co., Ltd., which should be deducted from the amount of revenue sharing to be paid in following (2) Amount due to related parties – current As of December 31, 2022 2023 RMB RMB Hunan Qindao Network Media Technology Co., Ltd. (ii) 9,178 4,314 Total 9,178 4,314 (ii) The amount of RMB9,178 and R (3) Purchases from related parties For the year ended 2021 2022 2023 RMB RMB RMB Hunan Qindao Network Media Technology Co., Ltd. (iii) 253,691 176,674 179,000 Others 115 — 55 Total 253,806 176,674 179,055 (iii) The purchases from Hunan Qindao Network Media Technology Co., Ltd. mainly represented the Revenue Sharing. |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Components of Revenues | Net revenues, operating cost and expenses, operating income, and net income by segment for the years ended December 31, 2021, 2022 and 2023 were as follows: For the year ended December 31, 2021 Momo Tantan QOOL Unallocated Consolidated RMB RMB RMB RMB RMB Net revenues: 12,541,205 2,029,184 5,330 — 14,575,719 Cost and expenses: — Cost of revenues (7,301,048 ) (1,044,852 ) (37,531 ) — (8,383,431 ) Research and development (828,688 ) (303,093 ) — — (1,131,781 ) Sales and marketing (1,420,130 ) (1,180,146 ) (4,033 ) — (2,604,309 ) General and administrative (619,922 ) 18,401 (23,179 ) — (624,700 ) Impairment loss on goodwill and intangible assets — — — (4,397,012 ) (4,397,012 ) Total cost and expenses (10,169,788 ) (2,509,690 ) (64,743 ) (4,397,012 ) (17,141,233 ) Other operating income 138,884 37,029 34 — 175,947 Income (loss) from operations 2,510,301 (443,477 ) (59,379 ) (4,397,012 ) (2,389,567 ) Interest income 383,028 1,091 160 — 384,279 Interest expense (73,776 ) — — — (73,776 ) Other gain or loss, net (16,000 ) — — — (16,000 ) Income tax (expenses) benefits (844,987 ) 22,431 — — (822,556 ) Share of loss on equity method investments (8,084 ) — — — (8,084 ) Net income (loss) 1,950,482 (419,955 ) (59,219 ) (4,397,012 ) (2,925,704 ) The impairment loss was presented as an unallocated item in the segment information because the CEO does not consider this as part of the segment operating performance measure. For the year ended December 31, 2022 Momo Tantan QOOL Consolidated RMB RMB RMB RMB Net revenues: 11,335,094 1,367,853 1,225 12,704,172 Cost and expenses: Cost of revenues (6,704,020 ) (714,936 ) (2,463 ) (7,421,419 ) Research and development (737,380 ) (268,839 ) — (1,006,219 ) Sales and marketing (1,346,692 ) (721,889 ) (5,036 ) (2,073,617 ) General and administrative (547,798 ) (33,234 ) (14,974 ) (596,006 ) Total cost and expenses (9,335,890 ) (1,738,898 ) (22,473 ) (11,097,261 ) Other operating income 8,753 11,830 49 20,632 Income (loss) from operations 2,007,957 (359,215 ) (21,199 ) 1,627,543 Interest income 368,051 544 284 368,879 Interest expense (83,530 ) — — (83,530 ) Other gain or loss, net 118,325 — — 118,325 Income tax (expenses) benefits (586,663 ) 24,382 — (562,281 ) Share of income on equity method investments 11,073 — — 11,073 Net income (loss) 1,835,213 (334,289 ) (20,915 ) 1,480,009 For the year ended December 31, 2023 Momo Tantan QOOL Consolidated RMB RMB RMB RMB Net revenues: 10,798,507 1,196,559 7,257 12,002,323 Cost and expenses: Cost of revenues (6,404,042 ) (599,348 ) (22,004 ) (7,025,394 ) Research and development (664,340 ) (220,250 ) — (884,590 ) Sales and marketing (1,138,505 ) (268,652 ) (7,792 ) (1,414,949 ) General and administrative (467,537 ) (26,482 ) (8,460 ) (502,479 ) Total cost and expenses (8,674,424 ) (1,114,732 ) (38,256 ) (9,827,412 ) Other operating income 125,318 4,411 376 130,105 Income (loss) from operations 2,249,401 86,238 (30,623 ) 2,305,016 Interest income 435,451 713 89 436,253 Interest expense (62,223 ) — — (62,223 ) Other gain or loss, net (26,685 ) — — (26,685 ) Income tax expenses (623,844 ) (6,179 ) — (630,023 ) Share of loss on equity method investments (70,643 ) — — (70,643 ) Net income (loss) 1,901,457 80,772 (30,534 ) 1,951,695 |
Organization and Principal Ac_3
Organization and Principal Activities - Additional Information (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||||
May 31, 2018 CNY (¥) shares | Dec. 31, 2023 related_party asset_group Term | Dec. 31, 2022 | Dec. 31, 2021 | May 31, 2018 USD ($) | |
Variable Interest Entity [Line Items] | |||||
Date of incorporation | Nov. 23, 2011 | ||||
Percentage of VIEs revenues to the consolidated net revenues | 93.30% | 95.70% | 98.40% | ||
Percentage of VIEs assets to the consolidated total assets | 24.10% | 27.10% | |||
Percentage of VIEs liability to the consolidated total liabilities | 31.50% | 29.90% | |||
Number of consolidated VIEs' assets that are collateral for the VIEs' obligations | asset_group | 0 | ||||
VIEs creditors having recourse to general credit of the Company | related_party | 0 | ||||
Number of terms under arrangement with VIEs to provide financial support | Term | 0 | ||||
Tantan Limited [Member] | |||||
Variable Interest Entity [Line Items] | |||||
Cash Consideration | ¥ 3,930,246 | $ 613,181 | |||
Tantan Limited [Member] | Momo INC [Member] | |||||
Variable Interest Entity [Line Items] | |||||
Business acquisition percentage ownership | 100% | 100% | |||
Class A Common Stock [Member] | Tantan Limited [Member] | |||||
Variable Interest Entity [Line Items] | |||||
Business Acquisition , share issued | shares | 5,328,853 | ||||
Business Operations Agreement [Member] | |||||
Variable Interest Entity [Line Items] | |||||
Effective years of agreement | 10 years |
Organization and Principal Ac_4
Organization and Principal Activities - Schedule of Amounts and Balances of VIEs Included in Consolidated Financial Statements After Elimination of Intercompany Balances and Transactions (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2023 USD ($) | |
Variable Interest Entity [Line Items] | |||||
Cash and cash equivalents | ¥ 5,620,466 | ¥ 5,018,129 | $ 791,626 | ||
Short-term deposits | 1,270,626 | 5,300,000 | 178,964 | ||
Total current assets | 7,833,378 | 11,724,547 | 1,103,308 | ||
Long-term deposits | 3,924,975 | 2,600,000 | 552,821 | ||
Long-term investments | 786,911 | 893,988 | 110,834 | ||
Other non-current assets | 180,052 | 162,499 | 25,360 | ||
Total assets | 16,228,009 | 15,829,587 | 2,285,669 | ||
Accounts payable | 616,681 | 617,022 | 86,857 | ||
Deferred revenue | 442,805 | 484,775 | 62,368 | ||
Other current liabilities | 4,314 | 9,178 | |||
Total current liabilities | 2,092,020 | 4,738,247 | 294,656 | ||
Other non-current liabilities | 114,085 | 105,410 | 16,069 | ||
Total liabilities | 4,241,219 | 4,898,949 | $ 597,365 | ||
Net income | 1,957,581 | 1,484,283 | ¥ (2,913,708) | ||
Net cash provided by operating activities | 2,277,161 | $ 320,729 | 1,226,891 | 1,559,198 | |
Net cash provided by investing activities | 2,413,069 | $ 339,873 | 1,715,845 | 2,550,342 | |
Beijing Momo Technology Co., Ltd. [Member] | |||||
Variable Interest Entity [Line Items] | |||||
Cash and cash equivalents | 2,622,793 | 2,108,248 | |||
Short-term deposits | 0 | 850,000 | |||
Other current assets | 533,132 | 654,109 | |||
Total current assets | 3,155,925 | 3,612,357 | |||
Long-term deposits | 150,000 | 0 | |||
Long-term investments | 295,840 | 380,187 | |||
Other non-current assets | 314,121 | 291,841 | |||
Total assets | 3,915,886 | 4,284,385 | |||
Accounts payable | 521,303 | 509,042 | |||
Deferred revenue | 428,547 | 469,076 | |||
Other current liabilities | 355,822 | 451,793 | |||
Total current liabilities | 1,305,672 | 1,429,911 | |||
Other non-current liabilities | 29,279 | 34,059 | |||
Total liabilities | 1,334,951 | 1,463,970 | |||
Net revenues | 11,203,950 | 12,152,997 | 14,336,539 | ||
Net income | 4,179,878 | 4,593,510 | 5,674,607 | ||
Net cash provided by operating activities | 4,118,893 | 4,445,523 | 5,748,529 | ||
Net cash provided by investing activities | ¥ 726,076 | ¥ 451,928 | ¥ 254,093 |
Significant Accounting Polici_4
Significant Accounting Policies - Additional Information (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||||
Jan. 01, 2023 CNY (¥) | Jan. 01, 2022 CNY (¥) | Dec. 31, 2023 CNY (¥) Customer | Dec. 31, 2022 CNY (¥) Customer | Dec. 31, 2021 CNY (¥) Customer | Dec. 31, 2023 USD ($) | |
Accounting Policies [Line Items] | ||||||
Cash and cash equivalents | ¥ 5,620,466 | ¥ 5,018,129 | $ 791,626 | |||
Deferred revenue recognized | ¥ 484,775 | ¥ 539,967 | ||||
Impairment charges related to contract assets | 0 | |||||
Value added tax incurred | ¥ 901,381 | 977,780 | ¥ 1,136,147 | |||
Foreign Currency Exchange difference | Translations of the consolidated balance sheets, the consolidated statements of operations, the consolidated statements of comprehensive (loss) income, and the consolidated statements of cash flows from RMB into US$ as of and for the year ended December 31, 2023 are solely for the convenience of the readers and were calculated at the rate of US$1.00=RMB7.0999, representing the noon buying rate set forth in the H.10 statistical release of the U.S. Federal Reserve Board on December 29, 2023. No representation is made that the RMB amounts could have been, or could be, converted, realized or settled into US$ at that rate on December 31, 2023, or at any other rate. | |||||
Foreign currency translation exchange rate | 7.0999 | 7.0999 | ||||
Advertising expense | ¥ 1,173,743 | 1,766,995 | 2,192,512 | |||
Construction in Progress, Gross | ¥ 547,384 | 0 | ||||
Minimum [Member] | Ownership Interest [Member] | ||||||
Accounting Policies [Line Items] | ||||||
Percentage of ownership, equity method investment | 20% | 20% | ||||
Maximum [Member] | ||||||
Accounting Policies [Line Items] | ||||||
Contracts, original duration | 1 year | |||||
Maximum [Member] | Ownership Interest [Member] | ||||||
Accounting Policies [Line Items] | ||||||
Percentage of ownership, equity method investment | 50% | 50% | ||||
Short-term deposits [Member] | Minimum [Member] | ||||||
Accounting Policies [Line Items] | ||||||
Bank deposits maturity | 3 months | |||||
Short-term deposits [Member] | Maximum [Member] | ||||||
Accounting Policies [Line Items] | ||||||
Bank deposits maturity | 1 year | |||||
Long-term deposits [Member] | Minimum [Member] | ||||||
Accounting Policies [Line Items] | ||||||
Bank deposits maturity | 1 year | |||||
Membership Subscription [Member] | ||||||
Accounting Policies [Line Items] | ||||||
Contract period, minimum | 1 month | |||||
Contract period, maximum | 1 year | |||||
Government Subsidies [Member] | ||||||
Accounting Policies [Line Items] | ||||||
Other operating income | ¥ 72,502 | ¥ 23,593 | ¥ 63,615 | |||
User Concentration Risk [Member] | Revenues [Member] | ||||||
Accounting Policies [Line Items] | ||||||
Number of users or customer accounted for 10% or more of total revenues | Customer | 0 | 0 | 0 | |||
China, Yuan Renminbi | ||||||
Accounting Policies [Line Items] | ||||||
Cash and cash equivalents | ¥ 9,564,000 | ¥ 12,600,000 |
Significant Accounting Polici_5
Significant Accounting Policies - Schedule of Third-Party Application Stores and Other Payment Channels Accounting Receivables (Detail) - Accounts Receivable [Member] - Credit Concentration Risk [Member] | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Third-party Payment Channel A [Member] | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 22% | 18% |
Third-party Payment Channel B [Member] | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 15% | |
Third-party Payment Channel C [Member] | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 12% |
Significant Accounting Polici_6
Significant Accounting Policies - Schedule of Estimated Useful Lives of Property and Equipment (Detail) | 12 Months Ended |
Dec. 31, 2023 | |
Computer Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and equipment, estimated useful life | 3 years |
Vehicles [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and equipment, estimated useful life | 5 years |
Leasehold Improvement [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and equipment, estimated useful life | Shorter of the lease term or estimated useful lives |
Minimum [Member] | Office Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and equipment, estimated useful life | 3 years |
Maximum [Member] | Office Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and equipment, estimated useful life | 5 years |
Significant Accounting Polici_7
Significant Accounting Policies - Schedule of Estimated Useful Lives of Intangible Assets (Detail) | Dec. 31, 2023 |
Technology [Member] | |
Finite-Lived Intangible Liabilities [Line Items] | |
Finite-Lived Intangible Asset, Useful Life | 3 years |
Active user [Member] | |
Finite-Lived Intangible Liabilities [Line Items] | |
Finite-Lived Intangible Asset, Useful Life | 5 years |
Trade Names [Member] | |
Finite-Lived Intangible Liabilities [Line Items] | |
Finite-Lived Intangible Asset, Useful Life | 10 years |
Minimum [Member] | Licenses [Member] | |
Finite-Lived Intangible Liabilities [Line Items] | |
Finite-Lived Intangible Asset, Useful Life | 3 years 2 months 12 days |
Maximum [Member] | Licenses [Member] | |
Finite-Lived Intangible Liabilities [Line Items] | |
Finite-Lived Intangible Asset, Useful Life | 10 years |
Significant Accounting Polici_8
Significant Accounting Policies - Components of Revenues (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Momo Inc [Member] | |||
Revenue From Contract With Customers [Line Items] | |||
Total revenues | ¥ 10,798,507 | ¥ 11,335,094 | ¥ 12,541,205 |
Momo Inc [Member] | Live Video Service [Member] | |||
Revenue From Contract With Customers [Line Items] | |||
Total revenues | 5,567,894 | 5,966,323 | 7,475,809 |
Momo Inc [Member] | Value-added Services [Member] | |||
Revenue From Contract With Customers [Line Items] | |||
Total revenues | 5,085,541 | 5,183,302 | 4,845,744 |
Momo Inc [Member] | Mobile Marketing [Member] | |||
Revenue From Contract With Customers [Line Items] | |||
Total revenues | 109,125 | 124,956 | 159,010 |
Momo Inc [Member] | Mobile Games [Member] | |||
Revenue From Contract With Customers [Line Items] | |||
Total revenues | 19,610 | 55,732 | 47,712 |
Momo Inc [Member] | Other Services [Member] | |||
Revenue From Contract With Customers [Line Items] | |||
Total revenues | 16,337 | 4,781 | 12,930 |
Tantan Limited [Member] | |||
Revenue From Contract With Customers [Line Items] | |||
Total revenues | 1,196,559 | 1,367,853 | 2,029,184 |
Tantan Limited [Member] | Live Video Service [Member] | |||
Revenue From Contract With Customers [Line Items] | |||
Total revenues | 504,977 | 544,137 | 903,136 |
Tantan Limited [Member] | Value-added Services [Member] | |||
Revenue From Contract With Customers [Line Items] | |||
Total revenues | 667,030 | 823,716 | 1,126,048 |
Tantan Limited [Member] | Mobile Marketing [Member] | |||
Revenue From Contract With Customers [Line Items] | |||
Total revenues | 24,552 | ||
Qool Inc [Member] | |||
Revenue From Contract With Customers [Line Items] | |||
Total revenues | 7,257 | 1,225 | 5,330 |
Qool Inc [Member] | Other Services [Member] | |||
Revenue From Contract With Customers [Line Items] | |||
Total revenues | ¥ 7,257 | ¥ 1,225 | ¥ 5,330 |
Short-Term Investments - Summar
Short-Term Investments - Summary of Short Term Investment (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) |
Short Term Investment [Line Items] | |||
Variable-rate financial instruments | ¥ 0 | $ 0 | ¥ 300,240 |
Variable-rate financial instruments [Member] | |||
Short Term Investment [Line Items] | |||
Variable-rate financial instruments | ¥ 0 | ¥ 300,240 |
Short-Term Investments - Additi
Short-Term Investments - Additional Information (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Short-Term Investments [Abstract] | ||
Gain from changes in fair value | ¥ 8,310 | ¥ 240 |
Prepaid Expenses and Other Cu_3
Prepaid Expenses and Other Current Assets - Schedule of Prepaid Expenses and Other Current Assets (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||||
Deposits with third-party payment channels | [1] | ¥ 245,052 | ¥ 242,863 | |
Interest receivable | 233,280 | 346,994 | ||
Input VAT | [2] | 94,063 | 58,058 | |
Advance to suppliers | [3] | 78,118 | 81,821 | |
Deferred platform commission cost | 30,539 | 32,004 | ||
Prepaid service fee and issuance fee | 17,004 | 26,172 | ||
Others | 25,308 | 31,794 | ||
Prepaid expenses and other current assets | ¥ 723,364 | $ 101,884 | ¥ 819,706 | |
[1]Deposits with third-party payment channels are mainly the cash deposited in certain third-party payment channels by the Group for the broadcasters and the gift recipients who received the virtual items in the value-added service to withdraw their revenue sharing and the customer payment to the Group’s account through the third-party payment channels.[2]Input VAT mainly occurred from the purchasing of goods or other services, property and equipment and advertising activities. It is subject to verification by related tax authorities before offsetting the VAT output.[3]Advance to suppliers were primarily for advertising fees and related service fees. |
Long-Term Investments - Summary
Long-Term Investments - Summary of Equity and Cost Method Investments (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | |
Investments [Line Items] | ||||
Fair value option investment | [1] | ¥ 104,335 | ¥ 143,540 | |
Long term Investments | 786,911 | $ 110,834 | 893,988 | |
58 Daojia Ltd [Member] | ||||
Investments [Line Items] | ||||
Equity securities | [2] | 300,000 | 300,000 | |
Hangzhou Faceunity Technology Limited [Member] | ||||
Investments [Line Items] | ||||
Equity securities | [2] | 70,000 | 70,000 | |
Hunan Qindao Cultural Spread Ltd. [Member] | ||||
Investments [Line Items] | ||||
Equity securities | [2] | 30,000 | 30,000 | |
Haining Yijiayi Culture Co Ltd [Member] | ||||
Investments [Line Items] | ||||
Equity securities | [2] | 0 | 25,000 | |
Shenzhen INMO Technology Co Ltd [Member] | ||||
Investments [Line Items] | ||||
Equity securities | [2] | 55,343 | 55,343 | |
Other Equity Securities [Member] | ||||
Investments [Line Items] | ||||
Equity securities | [2],[3] | 34,625 | 65,875 | |
Jingwei Chuangteng (Hangzhou) L.P. [Member] | ||||
Investments [Line Items] | ||||
Equity method investments | [4] | 48,687 | 73,632 | |
Hangzhou Aqua Ventures Investment Management L.P. [Member] | ||||
Investments [Line Items] | ||||
Equity method investments | [5] | 47,168 | 48,328 | |
Chengdu Tianfu Qianshi Equity Lp Investment [Member] | ||||
Investments [Line Items] | ||||
Equity method investments | [6] | 34,082 | 36,961 | |
Other Equity Method Investments [Member] | ||||
Investments [Line Items] | ||||
Equity method investments | [3] | ¥ 62,671 | ¥ 45,309 | |
[1]In October 2021, the Group completed an investment in an open mutual fund named “AEZ Capital Feeder Fund” (“AEZ”), which is redeemable on a quarterly basis. The Group, as a limited partner, subscribed Class A participating shares with capital contribution of RMB114,707. The Group has significant influence on AEZ and elected the fair value option to account for this investment using the NAV practical expedient whereby the change in fair value of RMB19,010 and RMB (43,854) was recognized during the year ended December 31, 2022 and 2023.[2]The Group invested in certain preferred shares of private companies. On April 9, 2021, the Group entered into a preferred share subscription agreement with 58 Daojia Ltd. for a consideration of RMB300 million. The transaction was completed in April 2021. On March 31, 2022, the Group entered into a share purchase agreement with Shenzhen INMO Technology Co., Ltd for a consideration of RMB55,343. The transaction was completed in April 2022. As the investments were neither debt security nor in-substance common stock, they were accounted as equity securities without readily determinable fair values and measured at fair value using the measurement alternative. There has been no orderly transactions for the identical or a similar investment of the same issuer noted during the years ended December 31, 2022, and 2023. In October 2023, the Group disposed the preferred share of Haining Yijiayi Culture Co., Ltd. for cash consideration of RMB25,000.[3]Others represent equity method investments or equity securities without readily determinable fair values that are individually insignificant.[4]On January 9, 2015, the Group entered into a partnership agreement to subscribe partnership interest, as a limited partner, in Jingwei Chuangteng (Hangzhou) L.P. (“Jingwei”). According to the partnership agreement, the Group committed to subscribe 4.9% partnership interest in Jingwei for RMB30,000. Due to Jingwei’s further rounds of financing, the Group’s partnership interest was diluted to 2.4% as of December 31, 2022 and 2023. The Group recognized its share of partnership profit or (loss) in Jingwei of RMB (5,147), RMB397 and RMB (24,227) during the years ended December 31, 2021, 2022 and 2023, respectively. The Group received distribution from Jingwei of RMB718 during the year ended December 31, 2023.[5]On August 18, 2015, the Group entered into a partnership agreement to subscribe partnership interest, as a limited partner, in Hangzhou Aqua Ventures Investment Management L.P. (“Aqua”). According to the partnership agreement, the Group committed to subscribe 42.7% partnership interest for RMB50,000. The Group recognized its share of partnership profit or (loss) in Aqua of RMB (11,013), RMB (3,752) and RMB356 for the years ended December 31, 2021, 2022 and 2023, respectively.[6]On September 12, 2018, the Group entered into a partnership agreement to subscribe partnership interest, as a limited partner, in Chengdu Tianfu Qianshi Equity Investment Partnership L.P. (“Tianfu”). According to the partnership agreement, the Group committed to subscribe 5.1% partnership interest for RMB30,000. The Group recognized its share of partnership profit or (loss) in Tianfu of RMB2,453, RMB286 and RMB (1,531) during the years ended December 31, 2021, 2022 and 2023, respectively. [The Group received distribution from Tianfu of RMB2,480 and RMB1,349 during the year ended December 31, 2022 and 2023, respectively.] |
Long-Term Investments - Additio
Long-Term Investments - Additional Information (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Other Gain or Loss Net [Member] | |||
Impairment loss on long-term investments | ¥ 31,250 | ¥ 11,250 | ¥ 18,000 |
Long-Term Investments - Summa_2
Long-Term Investments - Summary of Equity and Cost Method Investments (Parenthetical) (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||||||||
Mar. 31, 2022 CNY (¥) | Sep. 12, 2018 CNY (¥) | Aug. 18, 2015 CNY (¥) | Jan. 09, 2015 CNY (¥) | Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | Oct. 31, 2023 CNY (¥) | Apr. 09, 2021 CNY (¥) | |
Investments [Line Items] | ||||||||||
Share of (loss) income on equity method investments | ¥ (70,643) | $ (9,950) | ¥ 11,073 | ¥ (8,084) | ||||||
Proceeds from Equity Method Investment, Distribution | 2,067 | $ 291 | 1,708 | 0 | ||||||
Preferred Share Subscription Agreement [Member] | ||||||||||
Investments [Line Items] | ||||||||||
Issued Capital Subscribed | ¥ 300,000 | |||||||||
Class A Participating And Non Voting Shares [Member] | ||||||||||
Investments [Line Items] | ||||||||||
Capital Contribution | 114,707 | |||||||||
Fair Value, Option, Changes in Fair Value, Gain (Loss) | ¥ 43,854 | ¥ 19,010 | ||||||||
Jingwei Chuangteng (Hangzhou) L.P. [Member] | ||||||||||
Investments [Line Items] | ||||||||||
Percentage of ownership | 4.90% | 2.40% | 2.40% | 2.40% | ||||||
Share of (loss) income on equity method investments | ¥ 24,227 | ¥ 397 | 5,147 | |||||||
Payment of equity method investment | ¥ 30,000 | |||||||||
Proceeds from Equity Method Investment, Distribution | 718 | |||||||||
Hangzhou Aqua Ventures Investment Management L.P. [Member] | ||||||||||
Investments [Line Items] | ||||||||||
Percentage of ownership | 42.70% | |||||||||
Share of (loss) income on equity method investments | 356 | 3,752 | 11,013 | |||||||
Payment of equity method investment | ¥ 50,000 | |||||||||
Chengdu Tianfu Qianshi Equity Lp Investment [Member] | ||||||||||
Investments [Line Items] | ||||||||||
Percentage of ownership | 5.10% | |||||||||
Share of (loss) income on equity method investments | 1,531 | 286 | ¥ 2,453 | |||||||
Payment of equity method investment | ¥ 30,000 | |||||||||
Proceeds from Equity Method Investment, Distribution | ¥ 1,349 | ¥ 2,480 | ||||||||
Haining Yijiayi Culture Co Ltd [Member] | Preferred Share Subscription Agreement [Member] | ||||||||||
Investments [Line Items] | ||||||||||
cash consideration for disposal of preferred stock | ¥ 25,000 | |||||||||
ShenzenInmo Technology Co Ltd [Member] | ||||||||||
Investments [Line Items] | ||||||||||
Payment to acquire equity securities without readily determinable fair value | ¥ 55,343 |
Property and Equipment, Net - S
Property and Equipment, Net - Schedule of Property and Equipment, Net (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) |
Property, Plant and Equipment [Line Items] | |||
Construction in Progress, Gross | ¥ 547,384 | ¥ 0 | |
Less: accumulated depreciation | (993,401) | (956,884) | |
Exchange difference | (116) | 194 | |
Total | 659,033 | $ 92,823 | 172,984 |
Computer Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | 781,377 | 792,586 | |
Office Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | 184,228 | 197,160 | |
Vehicles [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | 3,584 | 4,171 | |
Leasehold Improvement [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | ¥ 135,977 | ¥ 135,757 |
Property and Equipment, Net - A
Property and Equipment, Net - Additional information (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | |
Property, Plant and Equipment [Abstract] | ||||
Depreciation expense | ¥ 74,492 | $ 10,492 | ¥ 107,015 | ¥ 155,537 |
Construction in Progress, Gross | ¥ 547,384 | ¥ 0 |
Intangible Assets, Net - Schedu
Intangible Assets, Net - Schedule of Intangible Assets (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Finite-Lived Intangible Liabilities [Line Items] | ||
Less: accumulated amortization | ¥ (531,416) | ¥ (526,300) |
Less: accumulated impairment loss | (538,109) | (538,109) |
Exchange difference | (82,456) | (50,540) |
Net book value | 17,086 | 22,203 |
Trade Names [Member] | ||
Finite-Lived Intangible Liabilities [Line Items] | ||
Intangible assets, gross | 709,591 | 689,333 |
Active User [Member] | ||
Finite-Lived Intangible Liabilities [Line Items] | ||
Intangible assets, gross | 379,387 | 368,555 |
Technology [Member] | ||
Finite-Lived Intangible Liabilities [Line Items] | ||
Intangible assets, gross | 28,911 | 28,086 |
Licenses [Member] | ||
Finite-Lived Intangible Liabilities [Line Items] | ||
Intangible assets, gross | ¥ 51,178 | ¥ 51,178 |
Intangible Assets, Net - Additi
Intangible Assets, Net - Additional Information (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Depreciation expenses and impairment loss | ¥ 5,116 | ¥ 5,116 | ¥ 109,062 |
Intangible Asset Impairment | ¥ 0 | ¥ 0 | ¥ 538,109 |
Intangible Assets, Net - Sche_2
Intangible Assets, Net - Schedule of Future Amortization Expense (Detail) - CNY (¥) ¥ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
2024 | ¥ 5,116 | |
2025 | 5,116 | |
2026 | 5,116 | |
2027 | 1,358 | |
2028 | 104 | |
Thereafter | 276 | |
Net book value | ¥ 17,086 | ¥ 22,203 |
Accrued Expenses and Other Cu_3
Accrued Expenses and Other Current Liabilities - Schedule of Accrued Expenses and Other Current Liabilities (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) |
Payables and Accruals [Abstract] | |||
Accrued payroll and welfare | ¥ 188,089 | ¥ 210,853 | |
Balance of users' virtual accounts | 138,926 | 136,757 | |
Payable for advertisement | 119,635 | 135,569 | |
Accrued professional services and related service fee | 49,489 | 54,833 | |
Other tax payables | 49,136 | 48,752 | |
VAT payable | 24,932 | 16,333 | |
Payable for repurchase of subsidiary's share options | 11,729 | 25,604 | |
Contingent loss liability (Note 18) | 0 | 92,881 | |
Others | 48,681 | 75,922 | |
Total | ¥ 630,617 | $ 88,821 | ¥ 797,504 |
Convertible Senior Notes - Addi
Convertible Senior Notes - Additional Information (Detail) $ / shares in Units, ¥ in Thousands, $ in Thousands | 1 Months Ended | 12 Months Ended | ||||||||||
Jun. 26, 2018 $ / shares | Jul. 31, 2018 USD ($) shares | Dec. 31, 2023 CNY (¥) shares | Dec. 31, 2023 USD ($) shares | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) shares | Dec. 31, 2023 USD ($) $ / shares | Dec. 31, 2022 USD ($) | Dec. 31, 2021 $ / shares | Jul. 31, 2018 CNY (¥) | Jul. 31, 2018 USD ($) $ / shares | |
Line of Credit Facility [Line Items] | ||||||||||||
Convertible senior notes interest rate | 3.80% | 3.80% | ||||||||||
Gain loss on repurchase of debt instruments | ¥ 4,565 | $ 643 | ¥ 129,575 | ¥ 0 | ||||||||
Convertible Senior Notes Due 2025 [Member] | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Aggregate principal amount | ¥ 4,985,000 | $ 725,000 | ||||||||||
Conversion rate per ADS | shares | 15.4776 | 21.0061 | 21.0061 | 19.1861 | ||||||||
Conversion price per ADS | $ / shares | $ 45.34 | $ 47.61 | $ 52.12 | $ 64.61 | ||||||||
Debt conversion premium percentage | 42.50% | |||||||||||
Convertible senior notes maturity date | Jul. 01, 2025 | |||||||||||
Principal amount of each convertible note | $ | $ 1,000 | $ 1,000 | $ 1,000 | |||||||||
Number of notes converted into company's ADSs | 0 | 0 | 0 | 0 | ||||||||
Convertible senior notes interest rate | 1.25% | 1.25% | ||||||||||
Debt instrument, carrying value | ¥ 19,571 | ¥ 2,646,168 | ||||||||||
Unamortized debt issuance costs | ¥ 101 | ¥ 22,793 | ||||||||||
Debt instrument, effective interest rate | 1.61% | 1.61% | 1.61% | 1.61% | ||||||||
Amortization and interest expenses | ¥ 39,939 | ¥ 83,530 | ||||||||||
Debt instrument repurchased principal amount | 2,727,724 | 2,331,509 | $ 384,192 | $ 338,037 | ||||||||
Debt instrument repurchase price | 2,679,942 | 2,136,987 | $ 383,703 | $ 320,048 | ||||||||
Gain loss on repurchase of debt instruments | ¥ 129,575 | |||||||||||
The remaining principle of Convertible senior notes | ¥ 2,771 |
Leases - Summary of Operating L
Leases - Summary of Operating Lease Additional Information (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure Of Operating Lease Additional Information [Abstract] | ||
Operating cash flows from operating leases | ¥ 81,958 | ¥ 161,743 |
Operating leases | ¥ 85,924 | ¥ 22,238 |
Weighted average remaining lease term, Operating leases | 2 years 1 month 28 days | 1 year 7 months 17 days |
Weighted average discount rate, Operating leases | 5.37% | 3.57% |
Leases - Summary of Future Mini
Leases - Summary of Future Minimum Payments Under Operating Leases (Detail) ¥ in Thousands | Dec. 31, 2023 CNY (¥) |
Leases [Abstract] | |
2024 | ¥ 61,638 |
2025 | 44,847 |
2026 and thereafter | 12,554 |
Less imputed interest | 6,860 |
Total | ¥ 112,179 |
Leases - Additional Information
Leases - Additional Information (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Leases [Abstract] | ||
Operating lease expenses | ¥ 97,819 | ¥ 170,547 |
Short-term lease expense | ¥ 8,217 | ¥ 9,657 |
Borrowing - Schedule of Borrowi
Borrowing - Schedule of Borrowing in Respective Balance Sheet (Detail) - CNY (¥) ¥ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | ||
Long-term secured bank borrowings, current portion | ¥ 215,615 | ¥ 0 |
Long-term secured bank borrowings, non-current portion | 1,938,385 | 0 |
Total | ¥ 2,154,000 | ¥ 0 |
Borrowing - Schedule of Long-te
Borrowing - Schedule of Long-term Borrowings (Detail) - CNY (¥) ¥ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | ||
2024 | ¥ 215,615 | ¥ 0 |
2025 | 1,938,385 | 0 |
Total | ¥ 2,154,000 | ¥ 0 |
Borrowings - Additional Informa
Borrowings - Additional Information (Detail) ¥ in Thousands | Dec. 31, 2023 CNY (¥) |
Long-Term Debt, by Type Alternative [Abstract] | |
Interest rate | 3.80% |
Long-term deposits | ¥ 2,567,100 |
Fair Value - Schedule of Assets
Fair Value - Schedule of Assets Measured at Fair Value on Recurring Basis (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Short-term investments | ¥ 0 | $ 0 | ¥ 300,240 |
Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash and cash equivalents | 5,620,466 | 5,018,129 | |
Short-term investments | 300,240 | ||
Total | 5,620,466 | 5,318,369 | |
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Market for Identical Assets (Level 1) [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash and cash equivalents | 5,620,466 | 5,018,129 | |
Total | ¥ 5,620,466 | 5,018,129 | |
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Short-term investments | 300,240 | ||
Total | ¥ 300,240 |
Fair Value - Additional Informa
Fair Value - Additional Information (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Other gain or (loss), net | ¥ (26,685) | $ (3,759) | ¥ 118,325 | ¥ (16,000) |
Fair value of the Note | 19,854 | 2,555,530 | ||
Fair value of the short-term and long-term deposits | 5,248,881 | 8,246,994 | ||
Impairment loss on equity method investments | 0 | 4,600 | ||
Equity Securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Other gain or (loss), net | ¥ 31,250 | ¥ 11,250 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | |||||
Jul. 31, 2019 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Contingency [Line Items] | ||||||
Interest related to penalties | ¥ 0 | |||||
Significant impact on the unrecognized tax benefits for next twelve months | 0 | |||||
Withholding Tax Amount Paid | ¥ 130,000 | |||||
Deferred tax liabilities withholding income tax expenses | 184,000 | ¥ 164,000 | ||||
Tantan Limited [Member] | ||||||
Income Tax Contingency [Line Items] | ||||||
Income Tax Preferential Tax Rate | 15% | 0% | 15% | |||
Momo Technology HK Company Limited [Member] | ||||||
Income Tax Contingency [Line Items] | ||||||
Special Dividend received | 1,800,000 | 3,600,000 | ||||
Withholding Tax Amount Paid | ¥ 180,000 | 360,000 | ||||
High And New Technology Enterprise ("HNTE") [Member] | ||||||
Income Tax Contingency [Line Items] | ||||||
Income Tax Preferential Tax Rate | 15% | |||||
Inland Revenue, Singapore (IRAS) [Member] | ||||||
Income Tax Contingency [Line Items] | ||||||
Income tax rate | 17% | |||||
Operating loss carry forward | ¥ 61,463 | |||||
Parent Company [Member] | ||||||
Income Tax Contingency [Line Items] | ||||||
Withholding Tax Amount Paid | ¥ 180,000 | ¥ 360,000 | ||||
Earliest Tax Year [Member] | ||||||
Income Tax Contingency [Line Items] | ||||||
Tax years subject to tax audits | 2019 | |||||
Latest Tax Year [Member] | ||||||
Income Tax Contingency [Line Items] | ||||||
Tax years subject to tax audits | 2023 | |||||
PRC [Member] | ||||||
Income Tax Contingency [Line Items] | ||||||
Income tax rate | 25% | 25% | 25% | |||
Withholding income tax rate for dividends distributed by the PRC subsidiaries | 10% | |||||
Operating loss carry forward | ¥ 876,126 | |||||
Operating loss carry forward period | 5 years | 5 years | ||||
Unrecognized Deferred Tax Liability | ¥ 897,215 | |||||
PRC [Member] | High And New Technology Enterprise ("HNTE") [Member] | ||||||
Income Tax Contingency [Line Items] | ||||||
Operating loss carry forward period | 10 years | 10 years | ||||
PRC [Member] | Chengdu Momo Technology Company Limited Investment [Member] | ||||||
Income Tax Contingency [Line Items] | ||||||
Income Tax Preferential Tax Rate | 15% | |||||
PRC [Member] | Beneficial Owner [Member] | ||||||
Income Tax Contingency [Line Items] | ||||||
Withholding income tax rate for dividends distributed by the PRC subsidiaries | 5% | |||||
PRC [Member] | Other Entities [Member] | ||||||
Income Tax Contingency [Line Items] | ||||||
Income tax rate | 25% | 25% | ||||
Hong Kong [Member] | ||||||
Income Tax Contingency [Line Items] | ||||||
Operating loss carry forward | ¥ 222,251 | |||||
Hong Kong [Member] | Beneficial Owner [Member] | Minimum [Member] | ||||||
Income Tax Contingency [Line Items] | ||||||
Equity interest in a PRC-resident enterprise | 25% | |||||
Hong Kong [Member] | The first 2 million Hong Kong dollars of profits [Member] | ||||||
Income Tax Contingency [Line Items] | ||||||
Income tax rate | 8.25% | |||||
Hong Kong [Member] | Remaining profits [Member] | ||||||
Income Tax Contingency [Line Items] | ||||||
Income tax rate | 16.50% |
Income Taxes - Components of Gr
Income Taxes - Components of Group's Deferred Tax Assets and Liabilities (Detail) - CNY (¥) ¥ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Deferred tax assets: | ||
Advertising expense | ¥ 398,842 | ¥ 403,600 |
Net operating loss carry-forward | 241,440 | 224,193 |
Accrued expenses | 23,125 | 24,601 |
Impairment on long-term investments | 22,367 | 20,929 |
Less: valuation allowance | (654,033) | (638,980) |
Deferred tax assets, net | 31,741 | 34,343 |
Deferred tax liabilities: | ||
Intangible assets acquired | 4,073 | 5,327 |
Accelerated tax depreciation | 5,216 | 4,999 |
Withholding income tax | 15,698 | 11,685 |
Deferred tax liabilities, net | ¥ 24,987 | ¥ 22,011 |
Income Taxes - Schedule of Reco
Income Taxes - Schedule of Reconciliation between Income Tax Expense to Income before Income Taxes and Actual Provision for Income Tax (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | |
Income Taxes And Tax Related [Line Items] | ||||
Net (loss) income before provision for income tax | ¥ 2,652,361 | $ 373,577 | ¥ 2,031,217 | ¥ (2,095,064) |
Income tax (benefit) expense at statutory tax rate | 663,090 | 507,804 | (523,766) | |
Permanent differences and Research and development super-deduction | (76,414) | (34,966) | (55,871) | |
Change in valuation allowance | 31,283 | 64,389 | 118,570 | |
Effect of income tax rate difference in other jurisdictions | 41,854 | 35,564 | 1,201,729 | |
Effect of tax holidays and preferential tax rates | (213,804) | (147,894) | (195,209) | |
Effect of the preferential tax rate adjustment of prior year's EIT | 0 | (26,873) | (60,325) | |
Effect of PRC withholding tax | 184,014 | 164,257 | 337,428 | |
Provision for income tax | ¥ 630,023 | $ 88,737 | ¥ 562,281 | ¥ 822,556 |
PRC [Member] | ||||
Income Taxes And Tax Related [Line Items] | ||||
PRC statutory tax rate | 25% | 25% | 25% | 25% |
Income Taxes - Increase in Inco
Income Taxes - Increase in Income Tax Expenses and Net Income Per Share Amounts (Detail) - CNY (¥) ¥ / shares in Units, ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
Increase in income tax expenses | ¥ 213,804 | ¥ 147,894 | ¥ 195,209 |
Net (loss) income per ordinary share attributable to Momo Inc. - basic | ¥ 4.62 | ¥ 3.43 | ¥ (7.68) |
Net (loss) income per ordinary share attributable to Momo Inc. - diluted | ¥ 4.39 | ¥ 3.3 | ¥ (7.68) |
Ordinary Shares - Additional In
Ordinary Shares - Additional Information (Detail) $ / shares in Units, ¥ in Thousands, $ in Thousands | 12 Months Ended | |||||||
Jun. 07, 2022 USD ($) | Sep. 03, 2020 USD ($) | Dec. 31, 2023 CNY (¥) shares | Dec. 31, 2023 USD ($) $ / shares shares | Dec. 31, 2022 CNY (¥) shares | Dec. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2021 CNY (¥) shares | Dec. 31, 2021 USD ($) $ / shares shares | |
Class of Stock [Line Items] | ||||||||
Issuance of ordinary shares in connection with exercise of options and vesting of share units | 6,467,898 | 6,467,898 | 5,748,524 | 5,748,524 | 4,344,192 | 4,344,192 | ||
Stock repurchased during period value | ¥ | ¥ 212,195 | ¥ 395,846 | ¥ 862,865 | |||||
Maximum [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Share repurchase program, authorized amount | $ | $ 200,000 | $ 300,000 | ||||||
Stock repurchase program period in force | 24 months | 12 months | ||||||
Class A Common Stock [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Stock repurchased during period shares | 8,354,042 | 8,354,042 | 23,978,072 | 23,978,072 | 21,124,816 | 21,124,816 | ||
Stock repurchased during period value | ¥ 212,195 | $ 29,378 | ¥ 395,846 | $ 56,714 | ¥ 862,865 | $ 133,395 | ||
ADS [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Weighted average price of per ADS for repurchase share | $ / shares | $ 7.01 | $ 4.71 | $ 12.61 |
Distribution to Shareholders -
Distribution to Shareholders - Additional Information (Detail) $ / shares in Units, ¥ in Thousands, $ in Thousands | 12 Months Ended | ||||||||
Mar. 16, 2023 USD ($) $ / shares | Mar. 16, 2023 CNY (¥) | Mar. 24, 2022 USD ($) $ / shares | Mar. 24, 2022 CNY (¥) | Mar. 25, 2021 USD ($) $ / shares | Mar. 25, 2021 CNY (¥) | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Distribution to shareholders [Line Items] | |||||||||
Dividend payable date | Apr. 30, 2023 | Apr. 30, 2022 | Apr. 30, 2021 | ||||||
Dividend Paid [Member] | |||||||||
Distribution to shareholders [Line Items] | |||||||||
Cash dividend paid | $ 136,555 | ¥ 958,052 | $ 127,262 | ¥ 840,997 | $ 132,032 | ¥ 852,743 | |||
Dividend record date | Apr. 28, 2023 | Apr. 28, 2023 | Apr. 13, 2022 | Apr. 13, 2022 | Apr. 13, 2021 | Apr. 13, 2021 | |||
Ex-dividend date | Apr. 27, 2023 | Apr. 27, 2023 | Apr. 12, 2022 | Apr. 12, 2022 | Apr. 12, 2021 | Apr. 12, 2021 | |||
American Depository Shares [Member] | Dividend Declared [Member] | |||||||||
Distribution to shareholders [Line Items] | |||||||||
Cash dividend amount per ADS | $ 0.72 | $ 0.64 | $ 0.64 | ||||||
Common Stock [Member] | Dividend Declared [Member] | |||||||||
Distribution to shareholders [Line Items] | |||||||||
Cash dividend amount paid per share | $ 0.36 | $ 0.32 | $ 0.32 |
Share-Based Compensation - Addi
Share-Based Compensation - Additional Information (Detail) $ / shares in Units, ¥ in Thousands, $ in Thousands | 1 Months Ended | 12 Months Ended | |||||||||||||||
Apr. 06, 2023 shares | Apr. 15, 2022 shares | Apr. 15, 2021 shares | Aug. 30, 2019 shares | Jul. 31, 2018 shares | Aug. 31, 2018 shares | Nov. 30, 2014 shares | Dec. 31, 2023 CNY (¥) shares | Dec. 31, 2023 USD ($) $ / shares shares | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) $ / shares | Dec. 31, 2021 CNY (¥) | Dec. 31, 2021 USD ($) $ / shares | Dec. 31, 2023 USD ($) $ / shares shares | Mar. 31, 2017 shares | Apr. 30, 2016 shares | Mar. 31, 2015 shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
Options vested | 15,275,055 | 15,275,055 | |||||||||||||||
Options expected to vest | 12,495,624 | 12,495,624 | |||||||||||||||
Options expected to vest, weighted-average exercise price | $ / shares | $ 0.0002 | ||||||||||||||||
Options expected to vest, Aggregate intrinsic value | $ | $ 46,564 | $ 43,420 | |||||||||||||||
Weighted average fair value per option at grant date, Granted | $ / shares | $ 4 | $ 2.48 | $ 7.2 | ||||||||||||||
Total intrinsic value of options exercised | $ | $ 24,815 | $ 20,261 | $ 28,487 | ||||||||||||||
Share-based compensation | ¥ 267,101 | $ 37,620 | ¥ 401,484 | ¥ 475,771 | |||||||||||||
Weighted average remaining contractual term options outstanding | 7 years 3 months 7 days | 7 years 3 months 7 days | 6 years 4 months 24 days | 6 years 4 months 24 days | |||||||||||||
Number of options, Granted | 7,888,864 | 7,888,864 | |||||||||||||||
Share based liability | $ | 120,000 | ||||||||||||||||
Payments for Employee related liabilities | $ | 108,000 | ||||||||||||||||
Escrow Deposit | $ | $ 12,000 | ||||||||||||||||
Tantan Limited [Member] | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
Share split ratio | 1-for-5 | ||||||||||||||||
Employee vested option repurchased | ¥ | ¥ 13,422 | ¥ 24,971 | |||||||||||||||
Payments for vested options repurchased | ¥ | 28,126 | 89,652 | |||||||||||||||
RSUs [Member] | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
Share-based compensation | ¥ | 5,799 | 9,335 | 10,512 | ||||||||||||||
Unrecognized compensation expense | ¥ | ¥ 5,856 | ||||||||||||||||
Weighted average recognition period | 2 years 2 months 23 days | 2 years 2 months 23 days | |||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Nonvested Options Forfeited, Number of Shares | 75,000 | 75,000 | |||||||||||||||
2012 Plan [Member] | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
Maximum aggregate number of shares issued | 44,758,220 | 44,758,220 | |||||||||||||||
Number of share options granted | 0 | ||||||||||||||||
2014 Plan [Member] | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
Share based compensation arrangements expiration Period | 10 years | 10 years | |||||||||||||||
Unrecognized compensation expense | ¥ | ¥ 376,594 | ||||||||||||||||
Weighted average recognition period | 2 years 7 months 9 days | 2 years 7 months 9 days | |||||||||||||||
Weighted average remaining contractual term options outstanding | 7 years 3 months 7 days | 7 years 3 months 7 days | |||||||||||||||
2014 Plan [Member] | Class A Common Stock [Member] | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
Maximum aggregate number of shares issued | 14,031,194 | ||||||||||||||||
Increase in number of shares reserved for future issuances | 1.50% | 1.50% | |||||||||||||||
Number of shares reserved for future issuances, description | Starting from 2017, the number of shares reserved for future issuances under the 2014 Plan will be increased by a number equal to 1.5% of the total number of outstanding shares on the last day of the immediately preceding calendar year, or such lesser number of Class A ordinary shares as determined by the Company’s board of directors, on the first day of each calendar year during the term of the 2014 Plan. | Starting from 2017, the number of shares reserved for future issuances under the 2014 Plan will be increased by a number equal to 1.5% of the total number of outstanding shares on the last day of the immediately preceding calendar year, or such lesser number of Class A ordinary shares as determined by the Company’s board of directors, on the first day of each calendar year during the term of the 2014 Plan. | |||||||||||||||
2014 Plan [Member] | RSUs [Member] | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
Options, vesting period | 4 years | 4 years | |||||||||||||||
2014 Plan [Member] | RSUs [Member] | Independent Directors [Member] | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
Number of share options granted | 130,000 | 130,000 | 130,000 | ||||||||||||||
2014 Plan [Member] | Employee and Executives Share Option [Member] | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
Share-based compensation | ¥ | ¥ 246,551 | ¥ 363,361 | 460,227 | ||||||||||||||
2015 Plan [Member] | Tantan Limited [Member] | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
Maximum aggregate number of shares issued | 9,039,035 | 2,793,812 | 2,000,000 | 1,000,000 | |||||||||||||
2018 Plan [Member] | Tantan Limited [Member] | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
Maximum aggregate number of shares issued | 29,818,370 | 5,963,674 | |||||||||||||||
Share based compensation arrangements expiration Period | 10 years | ||||||||||||||||
Number of shares reserved for issuance, description | the maximum aggregate number of shares which may be issued shall initially be 5,963,674 ordinary shares, plus that number of ordinary shares authorized for issuance under the 2015 Plan, in an amount equal to (i) the number of ordinary shares that were not granted pursuant to the 2015 Plan, plus (ii) the number of ordinary shares that were granted pursuant to the 2015 Plan that have expired without having been exercised in full or have otherwise become unexercisable. | the maximum aggregate number of shares which may be issued shall initially be 5,963,674 ordinary shares, plus that number of ordinary shares authorized for issuance under the 2015 Plan, in an amount equal to (i) the number of ordinary shares that were not granted pursuant to the 2015 Plan, plus (ii) the number of ordinary shares that were granted pursuant to the 2015 Plan that have expired without having been exercised in full or have otherwise become unexercisable. | |||||||||||||||
2018 Plan [Member] | Options classified as Equity Awards [Member] | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
Weighted average remaining contractual term options outstanding | 5 years 8 months 8 days | 5 years 8 months 8 days | 6 years 6 months 29 days | 6 years 6 months 29 days | |||||||||||||
Number of options, Granted | 46,000 | 46,000 | |||||||||||||||
2018 Plan [Member] | Options classified as Equity Awards [Member] | Tantan Limited [Member] | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
Options vested | 3,079,483 | 3,079,483 | |||||||||||||||
Options expected to vest | 439,684 | 439,684 | |||||||||||||||
Options expected to vest, weighted-average exercise price | $ / shares | $ 0.07 | ||||||||||||||||
Options expected to vest, Aggregate intrinsic value | $ | $ 0 | $ 0 | |||||||||||||||
Weighted average fair value per option at grant date, Granted | $ / shares | $ 0 | $ 0 | $ 1.39 | ||||||||||||||
Share-based compensation | ¥ | ¥ 14,751 | ¥ 28,788 | ¥ 76,989 | ||||||||||||||
Unrecognized compensation expense | ¥ | ¥ 370 | ||||||||||||||||
Weighted average recognition period | 11 months 4 days | 11 months 4 days | |||||||||||||||
Weighted average remaining contractual term options outstanding | 5 years 8 months 8 days | 5 years 8 months 8 days | |||||||||||||||
2018 Plan [Member] | Options classified as Liability Awards [Member] | Tantan Limited [Member] | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
Share-based compensation | ¥ | ¥ 0 | ¥ 0 | |||||||||||||||
2018 Plan [Member] | Founders [Member] | Options classified as Liability Awards [Member] | Tantan Limited [Member] | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
Options, vesting period | 4 years | ||||||||||||||||
Number of options, Granted | 17,891,025 |
Share-Based Compensation - Summ
Share-Based Compensation - Summary of Options Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of options, Outstanding beginning balance | 28,244,623 | |
Number of options, Granted | 7,888,864 | |
Number of options, Exercised | (6,349,148) | |
Number of options, Forfeited | (500,386) | |
Number of options, Outstanding ending balance | 29,283,953 | 28,244,623 |
Number of options, Exercisable | 15,275,055 | |
Weighted average exercise price per option, Outstanding beginning balance | $ 0.0157 | |
Weighted average exercise price per option, Granted | 0.0002 | |
Weighted average exercise price per option, Exercised | 0.0133 | |
Weighted average exercise price per option, Forfeited | 0.0002 | |
Weighted average exercise price per option, Outstanding ending balance | 0.0123 | $ 0.0157 |
Weighted average exercise price per option, Exercisable | $ 0.0234 | |
Weighted average remaining contractual term options outstanding | 7 years 3 months 7 days | 6 years 4 months 24 days |
Weighted average remaining contractual life, Exercisable | 5 years 9 months 29 days | |
Aggregated intrinsic value, Outstanding beginning balance | $ 101,402 | $ 126,375 |
Aggregated intrinsic value, Exercisable | $ 52,724 | |
Options classified as Equity Awards [Member] | 2018 Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of options, Outstanding beginning balance | 4,621,016 | |
Number of options, Granted | 46,000 | |
Number of options, Repurchased | (393,457) | |
Number of options, Forfeited | (461,258) | |
Number of options, Outstanding ending balance | 3,812,301 | 4,621,016 |
Number of options, Exercisable | 3,079,483 | |
Weighted average exercise price per option, Outstanding beginning balance | $ 1.4607 | |
Weighted average exercise price per option, Granted | $ 0.0001 | |
Weighted average exercise price per option, Repurchased | 0.993 | |
Weighted average exercise price per option, Forfeited | $ 0.1361 | |
Weighted average exercise price per option, Outstanding ending balance | 1.6516 | $ 1.4607 |
Weighted average exercise price per option, Exercisable | $ 2.0289 | |
Weighted average remaining contractual term options outstanding | 5 years 8 months 8 days | 6 years 6 months 29 days |
Weighted average remaining contractual life, Exercisable | 5 years 14 days | |
Aggregated intrinsic value, Outstanding beginning balance | $ 0 | $ 0 |
Aggregated intrinsic value, Exercisable | $ 0 |
Share-Based Compensation - Sche
Share-Based Compensation - Schedule of Assumptions Used to Estimate Fair Value of Stock Options Granted (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
2014 Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Risk-free interest rate of return, minimum | 4.24% | 2.20% | 1.64% |
Risk-free interest rate of return, maximum | 5.66% | 4.86% | 1.96% |
Expected term | 6 years | 6 years | 6 years |
Volatility, minimum | 62.50% | 50.30% | 50.20% |
Volatility, maximum | 66.10% | 57.80% | 51.80% |
Dividend yield | 0% | 0% | 0% |
Exercise price | $ 0.0002 | $ 0.0002 | $ 0.0002 |
2018 Plan [Member] | Options classified as Equity Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Risk-free interest rate of return, minimum | 4.40% | 2.04% | |
Risk-free interest rate of return | 5.45% | ||
Risk-free interest rate of return, maximum | 4.40% | 2.04% | |
Expected term | 10 years | 10 years | 10 years |
Volatility, minimum | 56.20% | 59% | |
Volatility | 56.60% | ||
Volatility, maximum | 56.20% | 59% | |
Dividend yield | 0% | 0% | 0% |
Exercise price | $ 0.0001 | $ 0.0001 | |
2018 Plan [Member] | Minimum [Member] | Options classified as Equity Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Exercise price | $ 0.002 | ||
2018 Plan [Member] | Maximum [Member] | Options classified as Equity Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Exercise price | $ 5 |
Net Income (Loss) Per Share - C
Net Income (Loss) Per Share - Calculation of Net Income (loss) Per Share (Detail) ¥ / shares in Units, ¥ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 $ / shares | Dec. 31, 2023 CNY (¥) ¥ / shares shares | Dec. 31, 2022 CNY (¥) ¥ / shares shares | Dec. 31, 2021 CNY (¥) ¥ / shares shares | |
Numerator: | ||||
Net (loss) income attributed to ordinary shareholders for computing net (loss) income per ordinary share-basic and diluted | ¥ | ¥ 1,957,581 | ¥ 1,484,283 | ¥ (2,913,708) | |
Denominator for computing net (loss) income per share-basic: | ||||
Weighted average ordinary shares outstanding used in computing net (loss) income per ordinary share-basic | 377,639,399 | 390,176,367 | 404,701,910 | |
Denominator for computing net (loss) income per share-diluted: | ||||
Weighted average shares outstanding used in computing net (loss) income per ordinary share-diluted | 401,833,328 | 423,810,279 | 404,701,910 | |
Net (loss) income per ordinary share attributable to Hello Group Inc. – basic | (per share) | $ 0.73 | ¥ 5.18 | ¥ 3.8 | ¥ (7.2) |
Net (loss) income per ordinary share attributable to Hello Group Inc. – diluted | (per share) | $ 0.69 | ¥ 4.92 | ¥ 3.65 | ¥ (7.2) |
Net Income (Loss) Per Share -
Net Income (Loss) Per Share - Summary of Potential Ordinary Shares Outstanding Excluded from Computation of Diluted Net income (Loss) Per Ordinary Share (Detail) - shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share Options [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Potential ordinary shares outstanding excluded from the computation of diluted net income (loss) per ordinary share | 4,420,431 | 14,676,458 | 29,676,253 |
RSUs [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Potential ordinary shares outstanding excluded from the computation of diluted net income (loss) per ordinary share | 102,344 | 217,612 | 272,500 |
Net Income (Loss) Per Share - A
Net Income (Loss) Per Share - Additional Information (Detail) - shares | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Convertible Note [Member] | ||
Earnings Per Share [Line Items] | ||
Incremental weighted average number of shares resulting from the assumed conversion of convertible senior notes | 7,344,262 | 21,550,299 |
RSUs [Member] | Share Options [Member] | ||
Earnings Per Share [Line Items] | ||
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 16,849,667 | 12,083,613 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2023 | |
Commitments and Contingencies [Line Items] | ||
Contractual Obligation | ¥ 85,000 | ¥ 126,250 |
Office Building [Member] | ||
Commitments and Contingencies [Line Items] | ||
Total capital commitments contracted | ¥ 292,116 | |
Relating To On Going Investigation Regarding The Source Of Funding [Member] | ||
Commitments and Contingencies [Line Items] | ||
Loss contingency accrual during the period value | ¥ 92,900 |
Related Party Balances and Tr_3
Related Party Balances and Transactions - Schedule of Amount Due from a Related Party-current (Detail) - CNY (¥) ¥ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | |
Related Party Transaction [Line Items] | |||
Amounts due from related parties | ¥ 27,258 | ¥ 55 | |
Hunan Qindao Network Media Technology Co., Ltd. [Member] | |||
Related Party Transaction [Line Items] | |||
Amounts due from related parties | [1] | 27,258 | 0 |
Others [Member] | |||
Related Party Transaction [Line Items] | |||
Amounts due from related parties | ¥ 0 | ¥ 55 | |
[1]The amount of RMB27,258 as of December 31, 2023 primarily represented the revenue sharing of live video service paid in advance to Hunan Qindao Network Media Technology Co., Ltd., which should be deducted from the amount of revenue sharing to be paid in on-going years. According to the arrangement of repayment plan, RMB7,258 is due in year of 2024 and RMB10,000 is due in year of 2025 and 2026, respectively. |
Related Party Balances and Tr_4
Related Party Balances and Transactions - Schedule of Amount Due from a Related Party-current (Parenthetical) (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | |||
Dec. 31, 2026 | Dec. 31, 2025 | Dec. 31, 2024 | Dec. 31, 2023 | |
Related Party Transaction [Line Items] | ||||
Repayment of revenue due to related parties | ¥ 10,000 | ¥ 10,000 | ¥ 7,258 | |
Hunan Qindao Network Media Technology Co., Ltd. [Member] | ||||
Related Party Transaction [Line Items] | ||||
Prepayment of revenue due to related parties | ¥ 27,258 |
Related Party Balances and Tr_5
Related Party Balances and Transactions - Schedule of Amount Due to Related Parties-current (Detail) - CNY (¥) ¥ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | |
Related Party Transaction [Line Items] | |||
Amount due to related parties | ¥ 4,314 | ¥ 9,178 | |
Hunan Qindao Network Media Technology Co., Ltd. [Member] | |||
Related Party Transaction [Line Items] | |||
Amount due to related parties | [1] | ¥ 4,314 | ¥ 9,178 |
[1]The amount of RMB9,178 and RMB4,314 as of December 31, 2022 and 2023 primarily represented the unpaid revenue sharing of live video service to Hunan Qindao Network Media Technology Co., Ltd. |
Related Party Balances and Tr_6
Related Party Balances and Transactions - Schedule of Amount Due to Related Parties-current (Parenthetical) (Detail) - CNY (¥) ¥ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Unpaid Revenue [Member] | Hunan Qindao Network Media Technology Co., Ltd. [Member] | ||
Related Party Transaction [Line Items] | ||
Amount due to related parties | ¥ 4,314 | ¥ 9,178 |
Related Party Balances and Tr_7
Related Party Balances and Transactions - Schedule of Purchase from Related Parties (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Related Party Transaction [Line Items] | ||||
Purchase from related parties | ¥ 179,055 | ¥ 176,674 | ¥ 253,806 | |
Hunan Qindao Network Media Technology Co., Ltd. [Member] | ||||
Related Party Transaction [Line Items] | ||||
Purchase from related parties | [1] | 179,000 | 176,674 | 253,691 |
Others [Member] | ||||
Related Party Transaction [Line Items] | ||||
Purchase from related parties | ¥ 55 | ¥ 0 | ¥ 115 | |
[1]The purchases from Hunan Qindao Network Media Technology Co., Ltd. mainly represented the Revenue Sharing. |
Segment Information - Additiona
Segment Information - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2023 Segment | |
Segment Reporting [Abstract] | |
Number of operating segments | 3 |
Segment Information - Component
Segment Information - Components of Revenues (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | |
Revenue from External Customer [Line Items] | ||||
Net revenues | ¥ 12,002,323 | $ 1,690,492 | ¥ 12,704,172 | ¥ 14,575,719 |
Cost and expenses: | ||||
Cost of revenues | (7,025,394) | (989,506) | (7,421,419) | (8,383,431) |
Research and development | (884,590) | (124,592) | (1,006,219) | (1,131,781) |
Sales and marketing | (1,414,949) | (199,291) | (2,073,617) | (2,604,309) |
General and administrative | (502,479) | (596,006) | (624,700) | |
Impairment loss on goodwill and intangible assets | 0 | 0 | 0 | (4,397,012) |
Total cost and expenses | (9,827,412) | (1,384,162) | (11,097,261) | (17,141,233) |
Other operating income | 130,105 | 18,325 | 20,632 | 175,947 |
(Loss) income from operations | 2,305,016 | 324,655 | 1,627,543 | (2,389,567) |
Interest income | 436,253 | 61,445 | 368,879 | 384,279 |
Interest expense | (62,223) | (8,764) | (83,530) | (73,776) |
Other gain or (loss), net | (26,685) | (3,759) | 118,325 | (16,000) |
Income tax (expenses) benefits | (630,023) | (88,737) | (562,281) | (822,556) |
Share of (loss) income on equity method investments | (70,643) | (9,950) | 11,073 | (8,084) |
Net income (loss) | 1,951,695 | $ 274,890 | 1,480,009 | (2,925,704) |
Unallocated segment [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Net revenues | 0 | |||
Cost and expenses: | ||||
Cost of revenues | 0 | |||
Research and development | 0 | |||
Sales and marketing | 0 | |||
General and administrative | 0 | |||
Impairment loss on goodwill and intangible assets | (4,397,012) | |||
Total cost and expenses | (4,397,012) | |||
Other operating income | 0 | |||
(Loss) income from operations | (4,397,012) | |||
Interest income | 0 | |||
Interest expense | 0 | |||
Other gain or (loss), net | 0 | |||
Income tax (expenses) benefits | 0 | |||
Share of (loss) income on equity method investments | 0 | |||
Net income (loss) | (4,397,012) | |||
Momo Inc [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Net revenues | 10,798,507 | 11,335,094 | 12,541,205 | |
Cost and expenses: | ||||
Cost of revenues | (6,404,042) | (6,704,020) | (7,301,048) | |
Research and development | (664,340) | (737,380) | (828,688) | |
Sales and marketing | (1,138,505) | (1,346,692) | (1,420,130) | |
General and administrative | (467,537) | (547,798) | (619,922) | |
Impairment loss on goodwill and intangible assets | 0 | |||
Total cost and expenses | (8,674,424) | (9,335,890) | (10,169,788) | |
Other operating income | 125,318 | 8,753 | 138,884 | |
(Loss) income from operations | 2,249,401 | 2,007,957 | 2,510,301 | |
Interest income | 435,451 | 368,051 | 383,028 | |
Interest expense | (62,223) | (83,530) | (73,776) | |
Other gain or (loss), net | (26,685) | 118,325 | (16,000) | |
Income tax (expenses) benefits | (623,844) | (586,663) | (844,987) | |
Share of (loss) income on equity method investments | (70,643) | 11,073 | (8,084) | |
Net income (loss) | 1,901,457 | 1,835,213 | 1,950,482 | |
Tantan Limited [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Net revenues | 1,196,559 | 1,367,853 | 2,029,184 | |
Cost and expenses: | ||||
Cost of revenues | (599,348) | (714,936) | (1,044,852) | |
Research and development | (220,250) | (268,839) | (303,093) | |
Sales and marketing | (268,652) | (721,889) | (1,180,146) | |
General and administrative | (26,482) | (33,234) | 18,401 | |
Impairment loss on goodwill and intangible assets | 0 | |||
Total cost and expenses | (1,114,732) | (1,738,898) | (2,509,690) | |
Other operating income | 4,411 | 11,830 | 37,029 | |
(Loss) income from operations | 86,238 | (359,215) | (443,477) | |
Interest income | 713 | 544 | 1,091 | |
Interest expense | 0 | 0 | 0 | |
Other gain or (loss), net | 0 | 0 | 0 | |
Income tax (expenses) benefits | (6,179) | 24,382 | 22,431 | |
Share of (loss) income on equity method investments | 0 | 0 | 0 | |
Net income (loss) | 80,772 | (334,289) | (419,955) | |
Qool Inc [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Net revenues | 7,257 | 1,225 | 5,330 | |
Cost and expenses: | ||||
Cost of revenues | (22,004) | (2,463) | (37,531) | |
Research and development | 0 | 0 | 0 | |
Sales and marketing | (7,792) | (5,036) | (4,033) | |
General and administrative | (8,460) | (14,974) | (23,179) | |
Impairment loss on goodwill and intangible assets | 0 | |||
Total cost and expenses | (38,256) | (22,473) | (64,743) | |
Other operating income | 376 | 49 | 34 | |
(Loss) income from operations | (30,623) | (21,199) | (59,379) | |
Interest income | 89 | 284 | 160 | |
Interest expense | 0 | 0 | 0 | |
Other gain or (loss), net | 0 | 0 | 0 | |
Income tax (expenses) benefits | 0 | 0 | 0 | |
Share of (loss) income on equity method investments | 0 | 0 | 0 | |
Net income (loss) | ¥ (30,534) | ¥ (20,915) | ¥ (59,219) |
Employee Benefit Plan - Additio
Employee Benefit Plan - Additional Information (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Retirement Benefits [Abstract] | |||
Provisions for employee benefits | ¥ 206,513 | ¥ 228,137 | ¥ 241,672 |
Statutory Reserves and Restri_2
Statutory Reserves and Restricted Net Assets - Additional Information (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Regulated Operations [Abstract] | |||
Appropriation Of After Tax Profit To Statutory Surplus Fund Required Minimum Percentage | 10% | ||
General reserve as a percentage of registered capital up to which after-tax profit shall be transferred | 50% | ||
Appropriations to statutory reserves | ¥ 0 | ¥ 517 | ¥ 679 |
Total of restricted net assets of the Group's PRC subsidiaries, VIEs and VIEs' subsidiaries | ¥ 1,509,111 | ¥ 1,509,111 | ¥ 1,508,594 |
Subsequent Event - Additional I
Subsequent Event - Additional Information (Detail) $ / shares in Units, ¥ in Thousands, $ in Millions | 12 Months Ended | |||||||
Jun. 06, 2024 USD ($) | Mar. 14, 2024 USD ($) $ / shares | Mar. 16, 2023 | Mar. 24, 2022 | Mar. 25, 2021 | Dec. 31, 2023 CNY (¥) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | |
Subsequent Event [Line Items] | ||||||||
Dividend payable date | Apr. 30, 2023 | Apr. 30, 2022 | Apr. 30, 2021 | |||||
Stock repurchased during period value | ¥ | ¥ 212,195 | ¥ 395,846 | ¥ 862,865 | |||||
Subsequent Event [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Dividend record date | Apr. 12, 2024 | |||||||
Ex-dividend date | Apr. 11, 2024 | |||||||
Stock repurchased during period value | $ 200 | |||||||
Dividend Declared [Member] | Subsequent Event [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Aggregate amount dividend payable | $ 98.9 | |||||||
Dividend Paid [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Dividend record date | Apr. 28, 2023 | Apr. 13, 2022 | Apr. 13, 2021 | |||||
Ex-dividend date | Apr. 27, 2023 | Apr. 12, 2022 | Apr. 12, 2021 | |||||
Dividend Paid [Member] | Subsequent Event [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Dividend payable date | Apr. 30, 2024 | |||||||
American Depository Shares [Member] | Dividend Declared [Member] | Subsequent Event [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Cash dividend amount per ADS | $ / shares | $ 0.54 | |||||||
Common Stock [Member] | Subsequent Event [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Stock repurchased during period value | $ 286.1 | |||||||
Common Stock [Member] | Dividend Declared [Member] | Subsequent Event [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Cash dividend amount per share | $ / shares | $ 0.27 |