arXiv:2608.23356v2 Announce Type: replace-cross Abstract: Accurate watch-time (WT) prediction is an important requirement for short-video recommendations. Yet WT distributions are near-zero-inflated, long-tailed and multimodal. The recent Exponential-Gaussian Mixture Network (EGMN) models the full conditional WT distribution rather than a single point estimate and achieves state-of-the-art performance. Our large-scale reproduction study reveals that EGMN is vulnerable to variance collapse, component redundancy, and inactive components. We propose a Hierarchical Exponential-Gaussian Mixture (HEGM) model that addresses these failure modes through a hierarchical skip-watch decomposition, structured initialization, removal of the forced Gaussian shift and entropy regularizer and optional KL-based variance regularization for over-parameterized mixtures. Across large-scale industrial and public datasets, under a fixed-backbone head-replacement protocol, HEGM improves ranking accuracy and threshold-event prediction over reproducible lightweight baselines, while maintaining competitive point-estimation accuracy and substantially improving mixture stability and interpretability. A 1.5-month production A/B test confirms statistically significant engagement lifts. Our code and models are publicly released at https://github.com/rw404/HEGM.