日前，丽人丽妆公告称，公司实控人黄韬与前妻翁淑华离婚纠纷涉股权完成过户。黄韬持股从32.46% 降至28.28%，仍为实控人，而翁淑华持股4.18%，成重要股东。 以丽人丽妆8月22日10.24元/股收盘价算，翁淑华股权市值约1.7亿元。 这场纠纷始于2021年3月，彼时，翁淑华微博控诉黄韬"长期不归家"；当年7月，黄韬112万股被冻结； 2023年11月两人离婚，2024年3月翁淑华诉求分割黄韬八分之一股权（约1675万股）获一审支持，2025 年4月终审维持原判。 翁淑华曾称，两人共同创业，她曾任销售行政总监，后遵黄韬建议回归家庭。 如今丽人丽妆拓展多平台合作，但仍以天猫为主，自有品牌尚未成气候，还跨界预制菜领域。业绩方 面，2025 年上半年，该公司预亏3000万-4250万元。 2024年，丽人丽妆营收17.28亿元，同比降37.44%，净利润亏损2440万元，首次由盈转亏。公司称主要 因品牌合作终止、代运营萎缩等。责任编辑：钟离 公开资料显示，丽人丽妆2010年成立，2016年改制，主营化妆品电商零售，高度依赖阿里平台。2020年 9月，丽人丽妆上市后曾连获12个涨停，市值超220亿元。而截至202 ...

记者丨刘雪莹 编辑丨陈思颖 微博"寻夫"事件4年后，丽人丽妆创始人控股股东、实际控制人黄韬与前妻翁淑华离婚案终迎大结 局，"前老板娘"分走市值1.7亿元股权！ 8月21日晚，上海丽人丽妆化妆品股份有限公司发布公告称，实控人黄韬与前妻翁淑华的离婚纠纷所涉 股权已完成过户。 本次过户后，黄韬持股比例由32.46%降至28.28%，仍为公司实控人；翁淑华持有1674.75万股，占总股 本的4.18%，成为公司重要股东。 | 殷东名称 | 本次权益变动前 | | 本次权益变动后 | | | --- | --- | --- | --- | --- | | | 殷份教量(殷) | 持股比例(%) | 殷份教量(殷) | 持股比例(%) | | 货福 | 129,980,304 | 32. 46 | 113,232,766 | 28. 28 | | 翁淑华 | 0 | 0.00 | 16,747,538 | 4. 18 | 以8月22日收盘价10.24元/股计算，翁淑华获得的股权市值超1.71亿元，较判决时增值超40%。至此，这 场持续四年的"天价离婚案"终于尘埃落定。 丽人丽妆(605136) ( 白 闭市 08-22 ...

Core Insights - The emergence of offline comic conventions, previously dominated by Bilibili, is now being pursued by social platforms like Weibo and Xiaohongshu, indicating a shift in the competitive landscape of the industry [1][6][10] - Xiaohongshu aims to create a "2.5D experience" that resonates with its user base, while Weibo focuses on leveraging its social media influence to generate buzz and online discussions around these events [3][5][9] Group 1: Event Overview - Xiaohongshu's RED LAND event in Shanghai featured an immersive experience with interactive installations and a music festival, aiming to transform the convention into a lifestyle festival [1][3] - Weibo's first gaming and anime expo attracted 68,000 attendees, with a significant portion of the audience being under 30, showcasing the platform's ability to generate substantial online engagement [3][6] Group 2: Market Dynamics - The growth of the ACG (Anime, Comic, and Game) economy is driving platforms to engage in this space, with the number of pan-ACG users in China projected to grow from 210 million in 2017 to 526 million by 2025 [7][10] - The demand for comic conventions is increasing, with over 1,000 events planned nationwide in May alone, indicating a shift from niche to mainstream consumer interest [7][9] Group 3: Competitive Landscape - Bilibili's established event, Bilibili World, has become a significant industry event, attracting 400,000 attendees in 2025, while ChinaJoy also set a record with over 410,300 visitors [6][10] - The entry of Weibo and Xiaohongshu into the convention space is expected to diversify the market, moving it from a niche gathering to a broader platform competition [6][10] Group 4: Challenges Ahead - Both Weibo and Xiaohongshu face challenges in content and IP accumulation, relying heavily on external resources rather than developing their own original content [10][12] - Execution issues have been noted, such as long wait times and limited facilities at Xiaohongshu's event, which could affect the overall attendee experience [12][14] - For these platforms to establish a lasting presence in the convention space, they must focus on building content, commercial viability, and user recognition rather than just short-term engagement [14]

机构：中信建投证券 研究员：崔世峰/许悦 核心观点 2025 年初步指引中利润率预期保守（30% Non-GAAP OPM），增速指引基本合理，2025 年关键变量在 于1）A I 提效； 2）渠道获客的策略变化；3）宏观改善。A I 侧指引较为合理，延续中高个位数eCPM 的提升，渠道策略预计维持平衡，宏观需要等待政策落地后逐步修复。本季度利润超预期主要受益于一 次性坏账冲回，下半年收入展望谨慎，当前仍处于等待催化的阶段。股东回报方面，股息常态化提供底 部估值支撑，我们认为当前阶段主要催化仍然聚焦回归增长，潜在的经营杠杆释放。 事件 微博发布2Q25 业绩，当季度收入、利润均超预期，展望谨慎 微博2Q25 实现收入4.45 亿美元，同比+2%，环比+12%，好于季节性。其中，广告收入达到3. 8 亿美 元，同比增长+2% ，环比+13%；增值服务(VAS)收入达到0.6 亿美元，同比-2% ， 环比+14%。用户活 跃度方面，微博2Q25 MAU 达5.88 亿，同比增长0.9%，环比-0.5%，略高于市场预期0.9pct；DA U 为2. 6 1 亿，同比增长2.0%，环比持平。在盈利能力方面，微博2Q2 ...

据悉，OPPO Find N5系列/OPPO Find N3系列/OPPO Find X8系列/OPPO Find X7系列/OPPO Find X6系 列/OPPO Reno14系列/OPPO Reno3系列/OPPO Reno2系列/OPPO K13系列/OPPO K12系列/OPPO A5系列/ 一加 13T/一加 13/一加 12/一加 Ace5系列/一加 Ace3系列将陆续支持微博ProXDR照片显示功能。此功能 需要系统版本和"微博"应用适配，需将系统版本升级为 ColorOS 15，微博应用升级为15.8.3及以上。 凤凰网科技讯 8月21日，OPPO官宣通过软件更新推出全球首个微博ProXDR照片显示功能，该功能可显 著提升照片画质，增强视觉沉浸感。用户在使用搭载ColorOS 15系统的OPPO手机拍摄HDR照片后，在 微博平台分享时可呈现超清HDR画质。 ...

Group 1 - The core viewpoint emphasizes the integration of party building and business development within internet enterprises, showcasing the importance of Xi Jinping's thought in practice [1][2] - The Jinghua Practice Research Center, opened on July 1, has a building area of 990 square meters and aims to serve as a key platform for learning and applying Xi Jinping's thought [1] - The center features various educational components, including a theme classroom and a practical base, designed to enhance the understanding of the historical changes and development in Beijing [1] Group 2 - Internet enterprises are recognized as vital forces in the capital's development, contributing to the cultivation of new productive forces and the construction of a global digital benchmark city [2] - Participants expressed a commitment to further integrate into the capital's development strategy and contribute to the practical application of Xi Jinping's thought [2] - Weibo's deputy secretary highlighted the theme classroom as a vivid textbook reflecting the high-quality development of the capital, emphasizing the role of internet enterprises in showcasing Beijing's achievements [2]

Group 1 - Midea Real Estate (03990) expects a profit increase to 350 million yuan for the first half of the year, driven by new business segments from asset distribution and development services [1] - Tongcheng Travel (00780) reported a 6.3% rise post-earnings, with adjusted net profit of 770 million yuan, exceeding expectations by 33% [1] - Country Garden (02007) shares rose over 4% following strong support for its offshore debt restructuring, with the coordination committee holding 49% of the total loan principal [1] - Kelun-Botai Biopharmaceutical (06990) saw a 4% increase in shares after reporting mid-year revenue of 950 million yuan, with efficient cash collection from receivables [1] Group 2 - Dongfang Zhenxuan (01797) shares surged nearly 12%, with a 300% increase since early July, despite a 30% year-on-year revenue decline in Q4 FY25 [2] - Zhihu-W (02390) shares rose over 16% ahead of its earnings announcement, with long-term funds increasing their holdings [2] - Jinyang New Energy (01121) shares increased nearly 1% as profitability for BC products is expected to improve with the ongoing recovery in the photovoltaic industry [2] - China Rare Earth Holdings (03788) shares jumped over 11% after announcing plans to spin off its gold business for a Hong Kong listing [2] Group 3 - Weimob Group (02013) shares rose over 7.5% ahead of its mid-term earnings report, with expectations of business recovery by 2025 due to improved consumer sentiment [3] Group 4 - iQIYI (IQ.US) shares surged 17.09% following the release of a new drama series, achieving significant viewership [4] - NIO (NIO.US) shares increased by 1.25% ahead of the launch of the new ES8 model and expansion into new markets [5] - Weibo (WB.US) shares rose 3.3% after exceeding earnings expectations, with revenue growth of 1.6% year-on-year [5] - Kingsoft Cloud (KC.US) shares increased by 5.38% as it prepares to release its earnings report, with expectations of revenue growth [5]

Core Insights - AI search is emerging as a key competitive area among global tech giants, with Weibo recognizing its potential early on [1][2] - Weibo's Q2 2025 earnings report shows total revenue of $444.8 million, approximately 3.2 billion RMB, and adjusted operating profit of $161.8 million, about 1.16 billion RMB, exceeding Wall Street expectations [1][3] - The stock price of Weibo surged by 11.28% in the US market and over 11% in Hong Kong following the earnings announcement, reaching a new high since November 2023 [1][3] - Weibo's AI-driven intelligent search, Weibo Zhiso, has shown significant growth, with over 50 million active users in June [1][3][10] Growth Potential - Weibo Zhiso's monthly active users grew significantly, with a compound growth rate of 41.7% in the first half of 2025, ranking second among top applications [3][12] - The integration of AI search is expected to enhance user experience and engagement, potentially increasing the platform's core operational metrics [11][12] - Weibo aims to leverage its content ecosystem to differentiate its AI search capabilities, enhancing user satisfaction and retention [7][8] Market Positioning - The evolution of search from keyword matching to AI-driven understanding of user intent marks a significant shift in the industry [4][5] - Weibo's content community provides a unique advantage in data quality and timeliness, essential for AI training and user engagement [6][7] - The integration of Weibo Zhiso with existing features like trending topics creates a synergistic effect, enhancing user understanding of complex information [15][16] Commercialization Strategy - Weibo Zhiso is positioned as a core product for driving the next phase of growth, moving beyond traditional advertising models to a diversified approach [11][12] - The AI search tool is expected to facilitate a new revenue model by integrating advertising with service and data offerings [12][13] - The platform's ability to provide structured answers rather than just links enhances its value proposition in the competitive landscape [10][11] User Engagement - Weibo Zhiso aims to lower the barriers for users to understand complex topics, transforming the user experience from passive information consumption to active inquiry [15][16] - The tool's design allows for the presentation of diverse viewpoints on contentious issues, potentially improving the quality of community discussions [16][17] - By creating a dynamic knowledge repository, Weibo Zhiso seeks to enhance user loyalty and engagement on the platform [25][26]

Core Viewpoint - AI search is becoming a core competitive area for global tech giants, with Weibo's AI search product, Weibo Zhiso, showing significant growth potential as indicated by its latest financial results [1][2][4]. Financial Performance - Weibo reported total revenue of $444.8 million (approximately 3.2 billion RMB) for Q2 2025, with an adjusted operating profit of $161.8 million (approximately 1.16 billion RMB), exceeding Wall Street expectations [2]. - Following the earnings announcement, Weibo's stock price surged by 11.28% in the US market and over 11% in the Hong Kong market, reaching a new high since November 2023 [2]. AI Search Growth - Weibo's AI-driven intelligent search, Zhiso, has seen active users exceed 50 million as of June, indicating strong community growth [2][6]. - The product's rapid development is attributed to optimized model strategies, enriched data content, and increased user engagement from content creators [6]. Market Trends - AI search is evolving from a simple information retrieval tool to a decision-support system, impacting content recommendation and user interaction [4][8]. - Major tech companies like Microsoft, Amazon, Google, and Baidu are integrating AI search capabilities, indicating a shift in market dynamics [4]. Competitive Advantage - Weibo's content ecosystem provides a unique advantage in the AI search landscape, offering timely and rich data that traditional search engines may lack [10][11]. - The platform's ability to leverage user-generated content (UGC) enhances its AI model's understanding of user intent, making it more effective in delivering personalized search results [11][12]. User Engagement and Experience - Zhiso aims to create a seamless user experience by integrating information discovery and understanding, transforming how users interact with content on the platform [25][30]. - The product is designed to lower the barriers to understanding complex information, allowing users to engage more deeply with trending topics [26][32]. Future Outlook - Weibo's strategic investment in AI search is seen as a necessary move to remain competitive and avoid technological obsolescence [20]. - The introduction of Zhiso is expected to not only enhance user retention but also open new avenues for monetization beyond traditional advertising models [21][22].

Core Viewpoint - Bank of China International reported that Weibo-SW (09898) achieved a 2% year-on-year revenue growth in the second quarter, exceeding market expectations by 2% and aligning with the bank's estimates [1] Financial Performance - Adjusted net profit margin was impressive at 32.2%, benefiting from a one-time receivables reversal recorded in general and administrative expenses [1] Market Outlook - The bank anticipates a relatively weak performance in online advertising for the second half of the year due to budget cuts from advertisers in the mobile and online gaming sectors, partially offset by stable e-commerce and certain fast-moving consumer goods sub-sectors [1] Strategic Initiatives - The company is focused on advancing artificial intelligence investments, integration, and application within its core social ecosystem [1] Ratings and Price Targets - The bank maintains a "Hold" rating, raising the target price for H-shares from 79 HKD to 86 HKD, and for US shares from 10 USD to 11 USD [1]