Group 1 - The 21st China (Shenzhen) International Cultural Industries Fair will be held from May 22 to 26, with a significant "policy package" to support six key areas for high-quality cultural industry development [2] - The European Union plans to impose handling fees on small packages entering the EU, with China's Ministry of Foreign Affairs advocating for a fair and transparent business environment for Chinese enterprises [2] - China and the ten ASEAN countries have completed negotiations for the China-ASEAN Free Trade Area 3.0, adding nine new chapters including digital economy and green economy [2] Group 2 - International gold prices rebounded on May 21, with domestic gold jewelry prices surpassing 1,000 yuan per gram, with notable increases from major retailers [3] - Several banks, including Ping An Bank and CITIC Bank, have lowered deposit rates, particularly for medium- and long-term deposits, with some banks suspending five-year term deposits [3] - A surge in A-share buyback and increase plans has been observed, with 394 companies announcing such plans since the second quarter of 2025, a rise of over 60% compared to the first quarter [3] Group 3 - The Hong Kong Hang Seng Index closed up 0.62%, with BYD shares rising over 4% to a new historical high, and southbound funds net buying exceeding 1.4 billion HKD [4] - UBS noted a growing international interest in Chinese assets, highlighting the strategic importance of the Chinese stock market for global investors seeking excess returns [4] Group 4 - Baidu reported Q1 revenue of 32.452 billion yuan, a 3% year-on-year increase, with a notable 42% growth in Baidu Smart Cloud [5] - Xpeng Motors achieved Q1 revenue of 15.81 billion yuan, a 141.5% year-on-year increase, with a projected delivery volume of 102,000 to 108,000 units in Q2 [5] - Weibo's Q1 revenue remained stable at 396.9 million USD, with a 12% year-on-year increase in adjusted net profit [5] Group 5 - The stock price for Naxin Microelectronics was set at 163.15 yuan per share, with a subscription rate of 1.29 times from institutional investors [6] - The U.S. stock market saw declines across major indices, with significant drops in Chinese concept stocks such as iQIYI and Baidu [6]

Financial Data and Key Metrics Changes - Weibo's total revenues for Q1 2025 reached $396.9 million, flat year over year, or up 1% on a constant currency basis [6][26] - Total advertising revenues were $339.1 million, flat year over year, while value-added service revenues increased to $57.7 million, up 2% year over year [26][27] - Non-GAAP operating income was $129.5 million, representing a non-GAAP operating margin of 33%, with net income attributable to Weibo reaching $119.5 million, an increase of 12% [7][32] Business Line Data and Key Metrics Changes - Advertising revenues related to the Spring Festival achieved double-digit growth year over year, with a notable increase in the number of participating advertisers [12] - E-commerce, dairy products, and food and beverage sectors showed solid growth, while the online game sector faced a year-over-year decline due to a high base effect from last year [18][20] - The handset manufacturer sector saw a decline in revenue, primarily due to shifts in product launch timelines [20] Market Data and Key Metrics Changes - In March 2025, Weibo's MAUs reached 591 million, and average DAUs reached 261 million, representing a net addition of 9 million users year over year [6][24] - The automobile sector continued to deliver growth, driven by both NEV brands and traditional OEMs increasing their budget allocation to Weibo [18] - E-commerce platforms, particularly Alibaba, ramped up ad spend during the Spring Festival, contributing to robust growth in advertising revenues [27] Company Strategy and Development Direction - Weibo's strategy for 2025 focuses on enhancing user value, solidifying its position in hot trends and entertainment content, and improving recommendation and search functions through AI integration [7][10] - The company aims to increase investment in vertical and video content ecosystems to drive user engagement and scale [7][10] - Weibo is committed to leveraging AI technology across various business scenarios, including search, social interaction, and advertising [13][15] Management's Comments on Operating Environment and Future Outlook - Management noted that while advertiser budgets remain cautious, there is a gradual unlocking of ad spend based on market feedback [16] - The company expects solid growth across several industries, particularly in automotive and e-commerce, while acknowledging challenges in the gaming sector [19][53] - Management emphasized the importance of AI in enhancing advertising effectiveness and user engagement, with expectations for continued improvement in ad revenues [44][56] Other Important Information - Weibo completed the distribution of an annual cash dividend of $0.08 per ordinary share, totaling approximately $200 million [32] - The company released its first ESG report, highlighting commitments to sustainability across various key areas [33] Q&A Session Summary Question: Overall thoughts on search progressions and future strategy - Management indicated that the AI search product has shown good improvement and will remain integrated within Weibo, focusing on hot topics and entertainment content [35][41] Question: Updates on AI monetization and advertising products - Management reported a 10% improvement in click-through rates due to AI integration, with ongoing efforts to enhance advertising effectiveness [36][44] Question: Outlook for Q2 and expectations for different industry verticals - Management expects Q2 performance to mirror Q1, with strong growth anticipated in automotive and e-commerce sectors, while challenges remain in gaming [50][52]

Financial Data and Key Metrics Changes - Weibo's total revenues for Q1 2025 reached $396.9 million, flat year over year, or up 1% on a constant currency basis [6][27] - Total advertising revenues were $339.1 million, flat year over year, while value-added service revenues reached $57.7 million, up 2% year over year [27][28] - Non-GAAP operating income was $129.5 million, representing a non-GAAP operating margin of 33% [7][27] - Net income attributable to Weibo increased by 12% to $119.5 million, with a net margin of 30% compared to 27% last year [27][32] Business Line Data and Key Metrics Changes - Advertising revenues related to the Spring Festival achieved double-digit growth year over year, with a notable increase in the number of participating advertisers [12] - The e-commerce sector showed robust growth, particularly driven by Alibaba's increased ad spend during the Spring Festival [28][19] - The online game sector faced a year-over-year decline due to a high base effect from major campaigns last year and a decrease in new game launches [21][29] Market Data and Key Metrics Changes - In March 2025, Weibo's MAUs reached 591 million, and average DAUs reached 261 million, representing a net addition of 9 million users year over year [6][25] - The automobile sector continued to deliver growth, driven by both NEV brands and traditional OEMs increasing their budget allocation to Weibo [19][28] - The beauty and personal care sector saw a narrowing decline year over year, with sequential growth during the quarter [21][22] Company Strategy and Development Direction - In 2025, Weibo's strategy focuses on enhancing user value, solidifying its position in hot trends and entertainment content, and improving recommendation and search functions through AI integration [7][10] - The company aims to increase investment in vertical and video content ecosystems to drive user engagement and scale [7][10] - Weibo is committed to leveraging AI technology across multiple business scenarios, including search, social interaction, and advertising [13][15] Management's Comments on Operating Environment and Future Outlook - Management noted that while advertiser budgets remain cautious, there is a gradual unlocking of ad spend based on market feedback [17] - The company expects solid growth in the automotive and e-commerce sectors in Q2, while the gaming industry continues to face challenges [55][56] - Management emphasized the importance of AI in enhancing advertising effectiveness and user engagement, with expectations for improved performance in the second half of the year [46][58] Other Important Information - Weibo completed the distribution of an annual cash dividend of $0.08 per ordinary share for the fiscal year 2024, totaling approximately $200 million [33] - The company released its first ESG report in April, highlighting its commitment to sustainability across various key areas [34] Q&A Session Summary Question: Overall strategy for search progression and AI monetization - Management discussed the integration of AI search models and noted improvements in user engagement and MAUs due to the launch of DeepSeek [40][41] - They indicated that while general purpose search still requires improvement, there has been a 5% increase in per capita search volume [42][43] Question: Advertising outlook for Q2 and updates on advertising products - Management expects Q2 performance to mirror Q1, with strong growth anticipated in the automotive and e-commerce sectors, while challenges remain in the gaming industry [53][55] - They highlighted the focus on new product marketing and performance-based advertising as core competitive advantages moving forward [57][58]

Exhibit 99.1 Weibo Announces First Quarter 2025 Unaudited Financial Results BEIJING, China – May 21, 2025 – Weibo Corporation ("Weibo" or the "Company") (Nasdaq: WB and HKEX: 9898), a leading social media in China, today announced its unaudited financial results for the first quarter ended March 31, 2025. "We are pleased with our progresses made on the AI product front," said Gaofei Wang, CEO of Weibo. "On the user front, we remain committed to creating user value by focusing on the integration of Weibo's s ...

Financial Performance - Weibo-SW reported Q1 2025 net revenue of $396.9 million, flat year-over-year, or a 1% increase when adjusted for fixed exchange rates [1] - Operating profit was $110 million, with an operating margin of 28% [1] - Net profit attributable to Weibo shareholders reached $107 million, a year-over-year increase of 116.36% [1] - Diluted earnings per share stood at $0.41 [1] User Engagement - As of March 2025, Weibo had 591 million monthly active users and 261 million daily active users [1] - The user scale and engagement further improved in Q1, focusing on user value and product integration [2] Revenue Breakdown - Advertising and marketing revenue was $339.1 million, remaining stable compared to the previous year [1] - Excluding Alibaba's advertising revenue, this segment decreased by 6% to $296.5 million, primarily due to reduced contributions from the online gaming and mobile sectors [1] - Revenue from Alibaba's advertising increased by 89% to $42.6 million, driven by promotional needs related to the Spring Festival and AI product marketing [1] - Value-added services revenue was $57.7 million, a 2% increase year-over-year, mainly due to growth in membership services [1] Strategic Focus - The CEO expressed satisfaction with the progress in AI applications, highlighting the launch of the Weibo Smart Search feature to all users [2] - The company aims to enhance content marketing and improve the efficiency of information flow bidding ads, maintaining stable advertising business performance [2] - Cost management has improved operational efficiency, allowing for investments in product competitiveness, AI technology, and shareholder returns [2]

Financial Performance - In Q1 2025, Weibo reported net revenue of $396.9 million, remaining flat year-over-year, or a 1% increase when adjusted for fixed exchange rates [1] - Advertising and marketing revenue was $339.1 million, also flat year-over-year, or a 1% increase when adjusted for fixed exchange rates [1] - Value-added services revenue reached $57.7 million, representing a 2% year-over-year increase, or a 3% increase when adjusted for fixed exchange rates [1] - Operating profit for Q1 2025 was $110.3 million, with an operating margin of 28% [1] - Net profit attributable to Weibo shareholders was $107.0 million, with diluted earnings per share of $0.41 [1] - Non-GAAP operating profit was $129.5 million, with a non-GAAP operating margin of 33% [1] - Non-GAAP net profit attributable to Weibo shareholders was $119.5 million, with diluted non-GAAP earnings per share of $0.45 [1] User Engagement - As of March 2025, Weibo had 591 million monthly active users and 261 million daily active users [2] - The company reported a total of $2.08 billion in cash, cash equivalents, and short-term investments as of March 31, 2025, down from $2.35 billion as of December 31, 2024 [2] Strategic Initiatives - The CEO expressed satisfaction with the progress in artificial intelligence applications [2] - The company focused on user value and product integration, enhancing the recommendation system [2] - Weibo's AI search feature, "Weibo Zhisu," was made available to all users, showing significant growth in user scale and daily search volume [2] - The company continued to leverage its strengths in content marketing and improved the efficiency of its information flow bidding ads, maintaining stable advertising business [2] - Rigorous cost management led to improved operational efficiency, allowing for investments in product competitiveness, AI technology, and shareholder returns [2]

Financial Performance - Total net revenues for Q1 2025 were $396.9 million, flat year-over-year, or an increase of 1% on a constant currency basis[5] - Advertising and marketing revenues were $339.1 million, flat year-over-year, with a 1% increase on a constant currency basis; excluding Alibaba, revenues decreased by 6% to $296.5 million[7] - Value-added services (VAS) revenues increased by 2% year-over-year to $57.7 million, driven by growth in membership services[8] - Income from operations was $110.3 million, representing an operating margin of 28%, up from 25% in the same period last year[9] - Net income attributable to Weibo's shareholders was $107.0 million, compared to $49.4 million for the same period last year, with diluted net income per share of $0.41[12] - Non-GAAP income from operations was $129.5 million, with a non-GAAP operating margin of 33%, compared to 32% last year[9] - Non-operating income for Q1 2025 was $22.1 million, compared to a non-operating loss of $23.6 million for the same period last year[10] - Adjusted EBITDA improved from $133,025 thousand in Q1 2024 to $139,720 thousand in Q1 2025, indicating an increase of 5.1%[28] - Total net revenues slightly increased from $395,497 thousand in Q1 2024 to $396,855 thousand in Q1 2025, showing a growth of 0.34%[32] - Non-GAAP net income attributable to Weibo's shareholders also increased from $106,612 thousand in Q1 2024 to $119,532 thousand in Q1 2025, reflecting a growth of 12.1%[28] User Metrics - Monthly active users (MAUs) reached 591 million in March 2025, while average daily active users (DAUs) were 261 million[5] - The company has made Weibo Intelligent Search available to all users, achieving decent sequential growth in both user base and daily search queries[2] Assets and Liabilities - Cash, cash equivalents, and short-term investments totaled $2.08 billion as of March 31, 2025, down from $2.35 billion at the end of 2024[13] - Total assets increased from $6,504,499 thousand as of December 31, 2024 to $6,658,879 thousand as of March 31, 2025, representing a growth of approximately 2.37%[26] - Current liabilities increased from $968,136 thousand as of December 31, 2024 to $1,191,480 thousand as of March 31, 2025, a rise of 23.1%[26] - Total liabilities rose from $2,925,613 thousand as of December 31, 2024 to $3,150,661 thousand as of March 31, 2025, reflecting an increase of 7.7%[26] Revenue Breakdown - Advertising and marketing revenue from non-Ali advertisers decreased from $316,400 thousand in Q1 2024 to $296,494 thousand in Q1 2025, a decline of 6.3%[32] - Revenue from Alibaba increased from $22,551 thousand in Q1 2024 to $42,612 thousand in Q1 2025, representing a growth of 89.1%[32] - Non-GAAP operating margin improved from 32% in Q1 2024 to 33% in Q1 2025, indicating enhanced operational efficiency[28]

Financial Performance - Weibo's net revenue for Q1 2025 was $396.9 million, flat year-over-year, or a 1% increase when adjusted for fixed exchange rates[4]. - Advertising and marketing revenue was $339.1 million, unchanged from the previous year, with a 6% decline in revenue excluding Alibaba's contributions[5]. - Value-added services revenue increased by 2% year-over-year to $57.7 million, driven by growth in membership services[5]. - Operating profit for Q1 2025 was $110.3 million, with an operating margin of 28%, up from 25% in the same quarter last year[6]. - Net profit attributable to Weibo shareholders was $107.0 million, compared to $49.4 million in the prior year, with diluted earnings per share of $0.41[7]. - Non-GAAP operating profit was $129.5 million, with a non-GAAP operating margin of 33%[6]. - Non-GAAP net profit attributable to Weibo shareholders was $119.5 million, with diluted earnings per share of $0.45[7]. - The company reported a 3% decrease in total costs and expenses to $286.5 million, primarily due to reduced sales and marketing expenses[5]. - The total net revenue for the three months ended March 31, 2024, was $395,497 thousand, slightly increasing to $396,855 thousand in 2025, indicating stable revenue growth[16]. - Operating profit for the three months ended March 31, 2024, was $99,737 thousand, which increased to $110,310 thousand in 2025, showing improved operational efficiency[16]. - The basic earnings per share attributable to Weibo shareholders rose from $0.21 in 2024 to $0.45 in 2025, demonstrating strong earnings growth[17]. - The diluted earnings per share attributable to Weibo shareholders increased from $0.19 in 2024 to $0.41 in 2025, indicating enhanced profitability per share[17]. - Advertising and marketing revenue for the three months ended March 31, 2024, was $338,951 thousand, slightly increasing to $339,106 thousand in 2025, reflecting stable demand in advertising[16]. - Value-added services revenue grew from $56,546 thousand in 2024 to $57,749 thousand in 2025, indicating a positive trend in service offerings[16]. - Total costs and expenses decreased from $295,760 thousand in 2024 to $286,545 thousand in 2025, highlighting cost management efforts[16]. - The company reported a total revenue of $396,855 thousand for the three months ended March 31, 2025, compared to $395,497 thousand for the same period in 2024, indicating a marginal increase of 0.34%[22]. User Engagement - Monthly active users reached 591 million in March 2025, while daily active users were 261 million[4]. - The company expects to continue enhancing its advertising and marketing solutions to improve user engagement and relevance[13]. Assets and Liabilities - Cash, cash equivalents, and short-term investments totaled $2.08 billion as of March 31, 2025, down from $2.35 billion at the end of 2024[7]. - As of March 31, 2025, total assets increased to $6,658,879 thousand from $6,504,499 thousand as of December 31, 2024, representing a growth of approximately 2.37%[18]. - Total liabilities increased from $2,925,613 thousand as of December 31, 2024, to $3,150,661 thousand as of March 31, 2025, marking an increase of approximately 7.68%[19]. - Long-term investments increased from $1,389,199 thousand as of December 31, 2024, to $1,408,323 thousand as of March 31, 2025, reflecting a growth of approximately 1.01%[18]. - The company's cash and cash equivalents decreased from $1,890,632 thousand as of December 31, 2024, to $1,205,765 thousand as of March 31, 2025, a decline of about 36.3%[18]. Management Insights - Weibo's management emphasizes the importance of non-GAAP financial metrics to provide a clearer picture of ongoing operational performance[11]. - The number of shares used to calculate diluted earnings per share attributable to Weibo shareholders increased from 263,644 thousand to 266,494 thousand from March 31, 2024, to March 31, 2025[21]. - Adjusted EBITDA for the three months ended March 31, 2025, was $139,720 thousand, compared to $133,025 thousand for the same period in 2024, showing an increase of about 5.7%[21]. - Non-GAAP operating profit for the three months ended March 31, 2025, was $129,479 thousand, compared to $125,808 thousand for the same period in 2024, reflecting a growth of approximately 1.33%[20]. - The company's net income attributable to Weibo shareholders for the three months ended March 31, 2025, was $106,964 thousand, up from $49,438 thousand for the same period in 2024, indicating a significant increase of 116%[20]. - Advertising revenue from non-Alibaba advertisers decreased slightly from $316,400 thousand in Q1 2024 to $296,494 thousand in Q1 2025, a decline of about 6.3%[22].

Core Viewpoint - Weibo Corporation will announce its unaudited financial results for Q1 2025 on May 21, 2025, before the U.S. market opens, followed by a conference call to discuss financial performance and business operations [1]. Company Overview - Weibo is a leading social media platform that allows users to create, share, and discover content online, combining real-time public self-expression with social interaction and content distribution [3]. - The platform enables users to post feeds with multimedia and long-form content, fostering a viral conversation stream through its asymmetric user relationships [3]. Advertising and Marketing - Weibo generates a substantial majority of its revenue from advertising and marketing services, including social display advertisements and promoted marketing offerings [4]. - The company employs a "mobile first" philosophy, displaying content in a simple information feed format and offering native advertisements that align with the platform's content [4]. - Weibo has developed a social interest graph recommendation engine to enhance marketing effectiveness by targeting audiences based on demographics, social relationships, interests, and behaviors [4].

Financial Performance - For the year ended December 31, 2022, total costs and expenses reported under U.S. GAAP were $1,355,864, while under IFRS they adjusted to $1,370,286, reflecting an increase of $14,422[1] - Net income attributable to Weibo's shareholders for the year ended December 31, 2022, was $85,555 under U.S. GAAP, which adjusted to $10,000 under IFRS, indicating a significant decrease of 88.3%[1] - For the year ended December 31, 2023, total costs and expenses reported under U.S. GAAP were $1,286,902, which adjusted to $1,247,140 under IFRS, showing a reduction of $39,762[2] - Net income for the year ended December 31, 2023, was $357,495 under U.S. GAAP, adjusting to $351,340 under IFRS, a slight decrease of 1.7%[2] - For the year ended December 31, 2024, total costs and expenses reported under U.S. GAAP were $1,260,353, which adjusted to $1,222,774 under IFRS, indicating a decrease of $37,579[5] - Net income attributable to Weibo's shareholders for the year ended December 31, 2024, was $300,801 under U.S. GAAP, adjusting to $329,378 under IFRS, reflecting an increase of 9.5%[6] Revenue and Expenses - The cost of revenues for the year ended December 31, 2022, was $400,585 under U.S. GAAP, which adjusted to $403,102 under IFRS, an increase of $2,517[1] - Sales and marketing expenses for the year ended December 31, 2022, were $477,107 under U.S. GAAP, adjusting to $480,010 under IFRS, an increase of $2,903[1] - The fair value changes through earnings on investments for the year ended December 31, 2023, were $43,002 under U.S. GAAP, adjusting to $63,336 under IFRS, an increase of $20,334[2] - Interest expense for the year ended December 31, 2023, was $(120,070) under U.S. GAAP, adjusting to $(122,498) under IFRS, indicating an increase of $2,428[2] Assets and Liabilities - Total assets as of December 31, 2023, reported at $7,280,358, with IFRS adjustments resulting in a total of $7,322,919[7] - Long-term investments measured at fair value increased to $1,376,307 as of December 31, 2023, reflecting a fair value adjustment of $55,921[7] - Total liabilities amounted to $3,892,810, with convertible senior notes at $356,545 and accrued liabilities at $656,109[7] - Shareholders' equity as reported under IFRS was $3,338,694, after adjustments for redeemable non-controlling interest[7] - The company reported a decrease in goodwill from $166,436 to $155,332 after IFRS adjustments[7] - Total liabilities, redeemable non-controlling interests, and shareholders' equity combined were reported at $7,322,919[7] - As of December 31, 2024, total assets were reported at $6,504,499, with adjustments leading to a total of $6,548,499[8] - The company’s convertible senior notes under U.S. GAAP were reported at $320,803, with fair value adjustments leading to a total of $362,759[9] - Non-controlling interests increased to $91,415, reflecting a fair value adjustment of $41,262[9] - The total shareholders' equity reported was $3,517,583, after accounting for various adjustments[9]