挚文集团2022年Q1净营收31.481亿元 净利润3.985亿元

On June 7, Beijing time, Zhiwen Group (Nasdaq: MOMO) announced unaudited financial results for the first quarter of 2022. Financial reports show that in the first quarter of 2022, Zhiwen Group's net revenue reached 3.148.1 billion yuan (approximately US$496.6 million). The net profit attributable to Zhiwen Group in the first quarter of 2022 was 398.5 million yuan (approximately US$62.9 million), not measured in accordance with US GAAP.

According to data compiled by Bloomberg, Wall Street analysts expect Zhiwen Group's average revenue for the first quarter of 2022 to be 3.129.6 billion yuan. According to financial reports, Zhiwen Group's net revenue for the first quarter of 2022 was 3.148.1 billion yuan (approximately US$496.6 million), exceeding Wall Street expectations.

Net revenue reached $3.148.1 billion (approximately US$496.6 million).

Net profit attributable to Zhiwen Group was 289.9 million yuan (approximately US$45.7 million). Net profit attributable to Zhiwen Group, not measured in accordance with US GAAP, was 398.5 million yuan (approximately US$62.9 million).

The diluted net profit per American Depositary Share (ADS) was $1.42 (approximately $0.22). The diluted net profit per share of American Depositary Shares (ADS) was 1.94 yuan (approximately $0.31), as measured in accordance with US GAAP.

In March 2022, the number of monthly active users of the Momo Main App was 119 million, and the number of monthly active users of the Exploration App was 25.6 million.

In the first quarter of 2022, the total number of paid subscribers for live streaming services and value-added services was 11.1 million (including 2.4 million paid exploration users).

Wang Li, CEO of Zhiwen Group, said, “The first quarter was a challenging but fruitful quarter for our company. “We are very happy that our team can focus on product and operational initiatives to address the pressure on the business caused by repeated pandemics and related challenges, and are off to a good start in 2022.”

Net revenue for the first quarter of 2022 was $3.148.1 billion (approximately US$496.6 million).

Live streaming service revenue for the first quarter of 2022 was 1,608.7 million yuan (approximately US$253.8 million).

Value-added services revenue reached 1,483.4 billion yuan (approximately US$234 billion) in the first quarter of 2022, an increase of 1.9% over the previous year's 1,455.5 billion yuan. The increase in value-added service revenue is mainly due to the rapid increase in revenue from independent new apps, and to a lesser extent affected by the continuous growth of the virtual gift business brought about by Momo's main app due to product innovation.

Mobile marketing revenue for the first quarter of 2022 was 27.9 million yuan (approximately $4.4 million).

Mobile game revenue for the first quarter of 2022 was 25.5 million yuan (about 4 million US dollars), an increase of 128% compared to 11.2 million yuan in the same period last year.

The net revenue of Momo's main app for the first quarter of 2022 was 2,798.9 million yuan (approximately US$441.5 million). The net revenue for the first quarter of 2022 was $349 million (approximately US$55.1 million).

Costs and expenses for the first quarter of 2022 were $2,820 billion (approximately US$444.8 million), a decrease of 6.5% compared with RMB 3,026.1 billion in the same period of the previous year. The reduction in costs and expenses was mainly due to:

1. Reduction in personnel related expenses, including a reduction in option incentive costs due to a decrease in the number of employees and a reduction in the fair value of options granted during this period;

2. Reduced revenue share with anchors who provide live streaming services for Momo and Exploration;

3. Reduction in depreciation and amortization expenses due to intangible asset impairment in 2021.

These decreases were partially offset by an increase in the share of recipients of virtual gifts in virtual gift services.

In the first quarter of 2022, costs and expenses were 2,711.4 billion yuan (approximately US$427.7 million), a decrease of 4.4% from 2,8353 million yuan in the same period of the previous year.

Operating profit for the first quarter of 2022 was $352 million (approximately $55.5 million). The operating profit of Momo's main app in the first quarter of 2022 was 519.2 million yuan (approximately US$81.9 million). The operating loss explored in the first quarter of 2022 was $161.8 million (approximately US$25.5 million).

Operating profit for the first quarter of 2022 was 460.6 million yuan (approximately US$72.7 million), not measured in accordance with US GAAP. Not measured in accordance with US GAAP, Momo's operating profit for the first quarter of 2022 was 624 million yuan (approximately US$98.4 million). Not measured in accordance with US GAAP, the operating loss explored in the first quarter of 2022 was 157.9 million yuan (approximately US$24.9 million).

Income tax expenses for the first quarter of 2022 were 150.8 million yuan (approximately US$23.8 million), an increase compared with 91.4 million yuan in the same period of the previous year. The increase in income tax expenses is mainly due to:

1. In the first quarter of 2022, based on undistributed profits generated by our wholly foreign-owned enterprises in the first quarter of 2022, we calculated withholding income tax of 44 million yuan (approximately US$6.9 million).

2. In the first quarter of 2021, we received tax refunds from the previous year's additional deductible expenses.

Net profit for the first quarter of 2022 was 288.8 million yuan (approximately US$45.6 million). Momo's main app's net profit for the first quarter of 2022 was 456.5 million yuan (approximately US$72 million). The net loss explored in the first quarter of 2022 was $162.4 million (approximately US$25.6 million).

Net profit for the first quarter of 2022 was 397.4 million yuan (approximately US$62.7 million), not measured in accordance with US GAAP. Not measured in accordance with US GAAP, Momo's net profit for the first quarter of 2022 was 561.3 million yuan (approximately US$88.6 million). Excluding measurement in accordance with US GAAP, the net loss explored in the first quarter of 2022 was $158.6 million (approximately US$25 million).

Net profit attributable to Zhiwen Group for the first quarter of 2022 was $289.9 million (approximately US$45.7 million).

Net profit attributable to Zhiwen Group for the first quarter of 2022 was 398.5 million yuan (approximately US$62.9 million), not measured in accordance with US GAAP.

The diluted net profit per American Depositary Share (ADS) share for the first quarter of 2022 was $1.42 (approximately $0.22). The diluted net profit per share of American Depositary Shares (ADS) was 1.94 yuan (approximately $0.31), as measured in accordance with US GAAP.

As of March 31, 2022, Zhiwen Group held $15.596.6 billion (approximately US$2,460.3 million) in cash, cash equivalents, short-term deposits, long-term limited cash, and long-term limited cash.

On June 7, 2022, the board of directors of Zhiwen Group approved a new share repurchase plan. Based on this plan, the company will repurchase up to $200 million of shares over the next 24 months.

In March 2022, the board of directors of Zhiwen Group announced a special cash dividend plan of $0.64 per ADS, or $0.32 per common share. These cash dividends were paid in April 2022 to shareholders who remained registered after the end of the trading day on April 13, 2022. The total cash dividend distributed this time was approximately US$127.3 million.