Core Viewpoint - Weibo-SW reported a decline in net revenue for Q3 2025, but a significant increase in net profit attributed to shareholders, indicating a potential shift in profitability despite revenue challenges [1] Financial Performance - For Q3 2025, Weibo-SW achieved net revenue of approximately $442 million, a year-on-year decrease of 4.77% [1] - The net profit attributable to Weibo shareholders was $221 million, reflecting a year-on-year increase of 69.33% [1] - Basic earnings per share for Q3 2025 stood at $0.93 [1] - For the first three quarters of 2025, net revenue totaled $1.284 billion, a year-on-year decrease of 1.07% [1] - The net profit attributable to Weibo shareholders for the first three quarters was $454 million, showing a year-on-year increase of 55.43% [1] - Basic earnings per share for the first three quarters were $1.90 [1] User Growth and Technology Development - In Q3 2025, Weibo's intelligent search user base reached over 70 million monthly active users (MAU), with search volume increasing by over 50% quarter-on-quarter [1] - Total search volume for Weibo increased by 20% quarter-on-quarter, driven by the growth in daily active users (DAU) and search queries [1] - The company is enhancing the application of AI throughout the advertising process [1] - In November 2023, Weibo launched its first self-developed open-source small parameter model, VibeThinker, in overseas markets, currently in an experimental phase [1] - Weibo plans to integrate its accumulated data assets in vertical fields such as psychology to create a model tailored to social needs [1]

Core Insights - Weibo-SW (09898) shares increased by over 4%, currently trading at 78.55 HKD with a transaction volume of 15.89 million HKD [1] Financial Performance - For Q3 2025, Weibo-SW reported net revenue of approximately 442 million USD, a year-on-year decrease of 4.77% [1] - Net profit attributable to Weibo shareholders was 221 million USD, showing a year-on-year increase of 69.33% [1] - Basic earnings per share stood at 0.93 USD [1] - For the first three quarters of 2025, net revenue totaled 1.284 billion USD, a year-on-year decrease of 1.07% [1] - Net profit attributable to Weibo shareholders for the same period was 454 million USD, reflecting a year-on-year increase of 55.43% [1] - Basic earnings per share for the first three quarters was 1.9 USD [1] User Growth and Technology Development - In Q3 2025, Weibo's intelligent search user base reached over 70 million MAU, with search volume increasing by over 50% quarter-on-quarter [1] - Total search volume for Weibo increased by 20% quarter-on-quarter [1] - The company is enhancing the application of AI throughout the advertising process [1] - In November, Weibo launched its first self-developed open-source small parameter model, VibeThinker, in overseas markets, currently in an experimental phase [1] - Weibo plans to deeply integrate its accumulated data assets in vertical fields such as psychology to create models tailored to social needs [1]

Core Viewpoint - The revenue in Q3 2025 is under pressure due to high base effects and macroeconomic factors, with a significant increase in advertising from Alibaba being the highlight, while maintaining a steady profit margin guidance for the year [1][4] Revenue Performance - In Q3 2025, the company reported a net income of $442 million, a decrease of 5% year-on-year (4% decline at constant exchange rates) [1] - Advertising and marketing revenue was $375 million, down 6% year-on-year, while value-added services (VAS) revenue increased by 2% to $67 million [1][2] User Metrics - As of September 2025, the monthly active users (MAU) reached 578 million, with daily active users (DAU) at 257 million [2] Profitability - The Non-GAAP operating profit for Q3 2025 was $132 million, with a Non-GAAP operating profit margin of 30% [2] - The Non-GAAP net profit attributable to shareholders was $111 million, a decline of 20.5% year-on-year, with a diluted Non-GAAP earnings per share of $0.42 [2] Advertising Dynamics - The FMCG sector faced a significant decline due to the high base from the previous year's Paris Olympics, while advertising revenue from Alibaba surged by 112% to $45.5 million, driven by increased budgets for local life services and strong e-commerce demand [1][2] - The company expects a slight year-on-year decline in total revenue of about 3% in Q4 2025, influenced by the performance of the mobile and gaming sectors [2] AI Impact - AI technology is increasingly applied throughout the advertising process, particularly in smart search and recommendation flows, contributing approximately 10% to eCPM improvements [3] - The company aims to maintain a Non-GAAP operating profit margin of 30% for the year, with a projected net profit margin of around 26-27% [3] Investment Outlook - The overall performance for 2025 is becoming clearer, with a focus on maintaining profits while awaiting recovery, despite the FMCG sector's challenges [4] - Key variables for 2025 include stabilization in major consumer spending, synchronization of mobile upgrade cycles and new gaming releases, and continued AI-driven improvements in eCPM [4]

Core Viewpoint - The controversy surrounding Xiaomi's automotive safety and design priorities has escalated, triggered by founder Lei Jun's past statement emphasizing aesthetics over safety, leading to public backlash and legal scrutiny [1][3][4]. Group 1: Controversy Origin - Lei Jun's 2024 statement "A car's appearance is the most important" was revisited in November 2025, sparking accusations that Xiaomi prioritizes design over safety [3][4]. - The public's concern is rooted in two fatal accidents involving Xiaomi vehicles, which raised questions about the company's commitment to safety [4][6]. Group 2: Response and Public Perception - Lei Jun attempted to clarify his stance by asserting that safety is fundamental, while aesthetics serve as a product highlight, arguing that both aspects are not mutually exclusive [3][4]. - Despite his efforts, public sentiment remained negative, with consumers expressing distrust towards Xiaomi's safety assurances and corporate responsibility [4][6]. Group 3: Legal and Corporate Accountability - Xiaomi has faced multiple crises, including serious accidents and allegations of misleading advertising regarding vehicle components, which have compounded public distrust [6][8]. - The ongoing legal case regarding the "pothole cover" highlights the potential implications of Lei Jun's social media statements on corporate liability and consumer trust [6][9]. Group 4: Industry Context and Expectations - The automotive industry is undergoing a transformation towards electric and intelligent vehicles, with safety and corporate responsibility becoming paramount for consumer trust [10]. - As Xiaomi leverages its founder's influence for market growth, it must balance this with accountability for product safety and quality to maintain consumer confidence [8][10]. Group 5: Conclusion and Future Implications - The situation illustrates the challenges of high-profile marketing in the automotive sector, where public perception and corporate responsibility must align to avoid backlash [11]. - The resolution of these issues will determine Xiaomi's reputation and market position in the increasingly competitive automotive landscape [11].

而在11月2日，还有借款人反映，平台以"借款人数过多"为由延缓放款，暗示"开个会员就秒下"，被迫 支付293元会员费。截至目前，黑猫投诉平台上针对微博借钱的累计投诉量已超过21000条。 密集的投诉背后，是助贷新规落地后微博借钱面临的合规拷问。今年10月1日，国家金融监管总局发布 的《关于加强商业银行互联网助贷业务管理提升金融服务质效的通知》正式实施，明确综合融资成本不 得超过24%的年化红线。 【文/羽扇观金工作室】 "借款15000元分12期，每期还款1506.93元，综合利率高达36%！"11月20日，一名借款人在黑猫投诉平 台发起投诉，控诉微博借钱利率远超法定红线。11月23日，另一名借款人投诉称："微博钱包催收人员 威胁我，我有录音，从不良渠道得到我家人手机号爆通讯录！" 然而，财报显示微博2024年广告及营销收入同比下降2%，增值服务收入却逆势增长13%，达到2.56亿美 元。在主营业务承压的背景下，微博借钱作为增值服务的重要组成部分，依托5.9亿月活用户流量为持 牌金融机构导流，其业务合规性正面临严峻考验。 助贷行业正经历深刻变革。业内人士指出，过去5年助贷机构获客成本上涨6倍，新客户转化成本最 ...

记者丨王俊 章驰 编辑丨肖潇 一批平台即将成为你的个人信息"守门人"。 11月22日，国家互联网信息办公室、公安部发布《大型网络平台个人信息保护规定（征求意见稿）》（以下简称"征求 意见稿"），明确了对大型网络平台的认定标准，以及应履行的个人信息保护义务。 根据征求意见稿， 除却阿里、腾讯、蚂蚁、字节跳动、百度、微博、小红书等互联网平台，DeepSeek、MiniMax、 Kimi等迅速增长的AI公司，以及OPPO、vivo、荣耀等智能终端厂商，不少用户规模也满足征求意见稿中的"用户超5 千万或月活超1千万"等条件，同样可能进入大型网络平台的序列。 "能力越大、责任越大"，这一原则贯穿了数字经济监管始终。该征求意见稿与9月份发布的《大型网络平台设立个人信 息保护监督委员会规定》一脉相承，均可被视为个人信息保护法第58条"守门人条款"以及《网络数据安全管理条例》 对大型平台规定的配套文件。 配套文件的规定，待正式版本发布后，将对上述平台的个人信息保护合规带来重要影响。 A I新贵进入大型平台监管射程？ 4年前，个人信息保护法正式实施。其中第58条创设了"守门人"制度：对于提供重要互联网平台服务、拥有巨大用户数 ...

Core Insights - The performance of Dongfang Hongwan's overseas fund is highlighted, with a 3-year return of 138.98%, ranking third among 9,970 hedge funds globally, while the 1-year return of 26.63% is slightly above the domestic average of 24.32% but significantly lower than the top 5% return of 82.48% [1][3][4] Fund Performance - The fund's 3-year return of 138.98% demonstrates effective strategies of investing in great companies and cross-market allocation [3][5] - The 1-year return of 26.63% is considered less impressive compared to peers, raising questions about the fund's short-term performance [3][5] Holdings and Investment Strategy - The fund's significant holdings include Nvidia, Google, Meta, and Microsoft, with Nvidia being the largest position at $236 million [2][3] - The fund has also invested in Chinese internet companies, notably Alibaba, reflecting a belief in the growth potential of these assets [2][3] Market Context - The current market environment is characterized by a slow bull market in A-shares, with significant short-term opportunities in technology and resource sectors [5] - The divergence in performance among fund managers is attributed to the difference between value investing and short-term speculation [5][6] Long-term Perspective - The fund's strategy emphasizes long-term growth, as evidenced by its commitment to leading companies in the AI sector and its cautious approach to market volatility [6] - The ongoing debate centers around the choice between chasing short-term gains versus investing in stable, long-term performers [6]

（原标题：两部门拟明确"守门人"认定标准，AI新贵们也入围了？） 21世纪经济报道记者 王俊 章驰 一批平台即将成为你的个人信息"守门人"。 11月22日，国家互联网信息办公室、公安部发布《大型网络平台个人信息保护规定（征求意见稿）》（以下简称"征求意见稿"），明确了对大型 网络平台的认定标准，以及应履行的个人信息保护义务。 根据征求意见稿，除却阿里、腾讯、蚂蚁、字节跳动、百度、微博、小红书等互联网平台，DeepSeek、MiniMax、Kimi等迅速增长的AI公司，以 及OPPO、vivo、荣耀等智能终端厂商，不少用户规模也满足征求意见稿中的"用户超5千万或月活超1千万"等条件，同样可能进入大型网络平台 的序列。 "能力越大、责任越大"，这一原则贯穿了数字经济监管始终。该征求意见稿与9月份发布的《大型网络平台设立个人信息保护监督委员会规定》一 脉相承，均可被视为个人信息保护法第58条"守门人条款"以及《网络数据安全管理条例》对大型平台规定的配套文件。 配套文件的规定，待正式版本发布后，将对上述平台的个人信息保护合规带来重要影响。 AI新贵进入大型平台监管射程？ 4年前，个人信息保护法正式实施。其中第58条创 ...

红星资本局11月22日消息，今日，深圳东方港湾投资管理股份有限公司（以下简称"东方港湾"）董事长但斌发微博晒出 东方港湾海外基金在相关榜单的排名情况，这条微博引起了其他基金博主的质疑。 今日凌晨，但斌发微博称，截至2025年10月，Morgan Hedge统计的全球9970家对冲基金榜单显示，东方港湾海外基金三 年期收益回报率排名暂列第三；一年期收益回报率排名暂列第五。 | (日) 日 1 ) | | | | --- | --- | --- | | 25-11-22 00:30 发布于 浙江 来自 iPhone 15 Pro Max | | | | #穿越己忆的河流# 截止2025年10月, Morgan Hedge 统计的全球9970家对冲 | | | | 其余榜单,一年期东方播视剧小集全暂列第三:一年期暂列第五。 | | | | 印 收起 旋转 图 查看大图 | | | | Hedge Fund Top Performers 3 Years - Category | | | | Hedge Funds Fund of Funds CTA other | | | | Hedge Funds - 36 Mon ...

Core Viewpoint - The ongoing court case regarding Xiaomi's "carbon fiber hood" has attracted significant public attention, focusing on whether the promotional statements made by Xiaomi's founder Lei Jun constitute misleading advertising and if the features of optional components align with the promotional claims [1][12]. Group 1: Legal Proceedings - The recent court hearing did not result in an immediate verdict, with Xiaomi's civil defense indicating that the core dispute revolves around the promotional statements made by Lei Jun on social media [1]. - Xiaomi's legal team presented 84 pages of new evidence during the initial hearing, which led to a postponement of the trial [5]. - The new evidence includes critical assertions such as "Lei Jun does not understand structure, his Weibo posts do not count" and "the 42,000 yuan accessory is not a key factor in purchasing the car" [5]. Group 2: Implications of New Evidence - Legal expert Zhou Rui analyzed the implications of the statement "Lei Jun does not understand structure" and its potential impact on the case, emphasizing the significant influence of a company's founder in promotional activities [6]. - Zhou noted that the founder's public statements could be considered promotional under Chinese laws against unfair competition and advertising, which could lead to legal liabilities if found misleading [6]. - Denying the authority of a founder's public statements could have far-reaching consequences for the company's marketing strategies, as it raises questions about the validity of claims made by all sales personnel [6]. Group 3: Background of the Case - The controversy began in May when Xiaomi's SU7 Ultra, which had only been delivered for two months, faced backlash over its optional carbon fiber hood [7]. - Customers participating in the lawsuit argue that the actual functionality of the 42,000 yuan carbon fiber hood does not match the promotional claims made by Xiaomi, alleging false advertising [12].