Zheshang Securities: hello Group (01450.HK) multi-platform + matrix accounts boost growth

Hello Group Holdings achieved significant growth in 2023, with revenue reaching 1.07 billion yuan, a year-on-year increase of 152.4%; gross merchandise value exceeded 12 billion yuan; adjusted net profit was 180 million yuan, a year-on-year increase of approximately 601.3%. The multi-platform layout and matrix account model drove the rapid growth of Hello Group's live streaming rooms, with GMV exceeding 12 billion yuan in 2023, a year-on-year increase of 71.4%. Among them, new media service revenue grew by 226.8%, and its share of total revenue increased from 71.1% to 92%, becoming a key driver of revenue growth. The strategy of multi-platform layout and deep cultivation of matrix accounts helps Hello Group Holdings build a replicable growth curve. It is expected that Hello Group Holdings' operating revenue and net profit will continue to grow in the coming years, maintaining a "buy" rating.$BE FRIENDS HLDG(01450.HK)