[Management Commentary and Business Highlights](index=1&type=section&id=Management%20Commentary%20and%20Business%20Highlights) Weibo's Q2 2025 performance was driven by strategic user product enhancements, AI integration, and strong advertising monetization - Focused on integrating social products and upgrading the recommendation system to improve user engagement and content consumption[2](index=2&type=chunk) - The user community for AI-powered intelligent search grew robustly, driving an increase in overall user search needs[2](index=2&type=chunk) - The advertising business showed a solid trend, capitalizing on new product launch marketing and demand from the June 18 e-commerce festival[2](index=2&type=chunk)[5](index=5&type=chunk) [Financial Performance Summary](index=1&type=section&id=Financial%20Performance%20Summary) Weibo's Q2 2025 net revenues rose 2% to **$444.8 million**, with improved profitability and a stable user base [Revenue Analysis](index=1&type=section&id=Revenue%20Analysis) Total revenue increased 2% to **$444.8 million**, driven by advertising and marketing, with VAS revenues slightly declining Q2 2025 Revenue Breakdown (YoY) | Metric | Q2 2025 | Q2 2024 | YoY Change | | :--- | :--- | :--- | :--- | | **Total Net Revenues** | **$444.8M** | **$437.9M** | **+2%** | | Advertising & Marketing | $383.4M | $375.3M | +2% | | - from Alibaba | $35.7M | $32.4M | +10% | | - ex-Alibaba | $347.6M | $342.9M | +1% | | Value-Added Services (VAS) | $61.4M | $62.6M | -2% | [Profitability Analysis](index=1&type=section&id=Profitability%20Analysis) Profitability improved with GAAP operating income up 8% to **$145.6 million** and net income rising to **$125.7 million** - Total costs and expenses decreased by **1% YoY** to **$299.2 million**, primarily due to reduced general and administrative expenses[7](index=7&type=chunk) Q2 2025 Profitability Metrics (GAAP vs. Non-GAAP) | Metric | Q2 2025 (GAAP) | Q2 2024 (GAAP) | Q2 2025 (Non-GAAP) | Q2 2024 (Non-GAAP) | | :--- | :--- | :--- | :--- | :--- | | Income from Operations | $145.6M | $135.4M | $161.8M | $157.6M | | Operating Margin | 33% | 31% | 36% | 36% | | Net Income (to shareholders) | $125.7M | $111.9M | $143.2M | $126.3M | | Diluted EPS (to shareholders) | $0.48 | $0.43 | $0.54 | $0.48 | [Cash Flow and Balance Sheet](index=1&type=section&id=Cash%20Flow%20and%20Balance%20Sheet) Weibo maintained strong liquidity with **$2.11 billion** in cash and investments, generating **$24.8 million** from operations - Cash, cash equivalents, and short-term investments totaled **$2.11 billion** as of June 30, 2025[11](index=11&type=chunk) Q2 2025 Cash Flow Highlights | Metric | Amount | | :--- | :--- | | Cash provided by operating activities | $24.8 million | | Capital expenditures | $17.6 million | | Depreciation and amortization expenses | $14.8 million | [User Metrics](index=1&type=section&id=User%20Metrics) Weibo's user base remained stable in June 2025, with **588 million MAUs** and **261 million DAUs** User Metrics (June 2025) | Metric | Count | | :--- | :--- | | Monthly Active Users (MAUs) | 588 million | | Average Daily Active Users (DAUs) | 261 million | [Detailed Financial Statements](index=2&type=section&id=Detailed%20Financial%20Statements) This section presents unaudited consolidated financial statements, including operations, balance sheets, and GAAP to non-GAAP reconciliations [Unaudited Condensed Consolidated Statements of Operations](index=2&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Operations) For Q2 2025, net revenues were **$444.8 million**, with income from operations at **$145.6 million** and net income of **$125.7 million** Condensed Consolidated Statements of Operations (Three Months Ended June 30) | (In thousands of U.S. dollars) | 2025 | 2024 | | :--- | :--- | :--- | | **Net revenues** | **$444,798** | **$437,873** | | Total costs and expenses | $299,228 | $302,488 | | **Income from operations** | **$145,570** | **$135,385** | | Net income | $126,698 | $113,537 | | **Net income attributable to Weibo's shareholders** | **$125,685** | **$111,931** | [Unaudited Condensed Consolidated Balance Sheets](index=3&type=section&id=Unaudited%20Condensed%20Consolidated%20Balance%20Sheets) As of June 30, 2025, total assets were **$6.54 billion**, with liabilities decreasing and shareholders' equity growing to **$3.65 billion** Condensed Consolidated Balance Sheets Highlights | (In thousands of U.S. dollars) | June 30, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | **Total Assets** | **$6,539,145** | **$6,504,499** | | Cash and cash equivalents | $1,156,292 | $1,890,632 | | Short-term investments | $952,876 | $459,852 | | **Total Liabilities** | **$2,863,437** | **$2,925,613** | | **Total Shareholders' Equity** | **$3,649,891** | **$3,533,783** | [Unaudited Reconciliation of Non-GAAP to GAAP Results](index=3&type=section&id=Unaudited%20Reconciliation%20of%20Non-GAAP%20to%20GAAP%20Results) This section reconciles GAAP to non-GAAP net income, detailing adjustments for stock-based compensation and intangible amortization Reconciliation of GAAP to Non-GAAP Net Income (Three Months Ended June 30) | (In thousands of U.S. dollars) | 2025 | 2024 | | :--- | :--- | :--- | | **Net income attributable to Weibo's shareholders (GAAP)** | **$125,685** | **$111,931** | | Add: Stock-based compensation | $12,019 | $17,207 | | Add: Amortization of intangible assets | $4,161 | $5,011 | | Add: Investment related gain/loss, net | $3,112 | $(245) | | Other adjustments | $(1,747) | $(7,633) | | **Non-GAAP net income attributable to Weibo's shareholders** | **$143,215** | **$126,252** | [Other Information](index=1&type=section&id=Other%20Information) This section provides supplementary details, including conference call logistics, non-GAAP explanations, and forward-looking statements - The company will host a conference call on August 14, 2025, to discuss financial performance and business operations[12](index=12&type=chunk) - The report utilizes non-GAAP financial measures, excluding items like stock-based compensation and intangible asset amortization, to reflect ongoing operating performance[15](index=15&type=chunk)[16](index=16&type=chunk) - The press release contains forward-looking statements protected under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995[23](index=23&type=chunk)

Core Viewpoint - Weibo (WB.US) shares rose over 4.6% in pre-market trading, reaching $10.76, following the release of its second-quarter financial results which exceeded analyst expectations [1] Financial Performance - Weibo's net revenue for the second quarter was $445 million, representing a year-over-year increase of 1.58%, and surpassing the average analyst estimate of $397 million [1] - The operating profit for the quarter was $145.6 million, reflecting an 8% year-over-year growth [1] - Adjusted earnings per share (EPS) were $0.54, up 12.5% year-over-year, also exceeding the expected EPS of $0.45 [1]

每经AI快讯，8月14日，微博发布2025年第二季度财报，第二季度净营收4.448亿美元，同比增长2%。 ...

Core Viewpoint - Weibo-SW (09898) reported a steady performance in Q2 2025, with a year-on-year increase in net income and net profit, indicating a positive trend in user engagement and advertising revenue [1] Financial Performance - For Q2 2025, Weibo's net income was approximately $445 million, a 2% increase year-on-year [1] - The net profit attributable to Weibo's shareholders was around $126 million, reflecting a 12.29% year-on-year growth [1] - Basic earnings per share were $0.53 for Q2 2025 [1] - In the first half of 2025, net income totaled approximately $842 million, a 0.99% year-on-year increase [1] - The net profit attributable to shareholders for the first half was about $233 million, showing a significant 44.17% year-on-year growth [1] - Basic earnings per share for the first half were $0.98 [1] User Engagement - As of June 2025, Weibo had 588 million monthly active users and 261 million daily active users [1] - The company emphasized its focus on enhancing user engagement through product integration and recommendation system upgrades [1] Business Strategy - The CEO highlighted strong growth in the user base of Weibo Zhisu, which has positively impacted overall user search demand [1] - Weibo's advertising business showed steady performance, supported by its strengths in new product marketing and the ability to capture e-commerce seasonal advertising budgets [1]

Core Viewpoint - Weibo-SW (09898) reported a steady performance in Q2 2025, with a year-on-year increase in net income and net profit, driven by user engagement and advertising business growth [1] Financial Performance - Q2 2025 net income was approximately $445 million, a 2% increase year-on-year [1] - Net profit attributable to Weibo shareholders was about $126 million, reflecting a 12.29% year-on-year growth [1] - Basic earnings per share were $0.53 [1] - For the first half of 2025, net income reached approximately $842 million, a 0.99% year-on-year increase [1] - Net profit attributable to Weibo shareholders for the first half was around $233 million, showing a 44.17% year-on-year growth [1] - Basic earnings per share for the first half were $0.98 [1] User Engagement - As of June 2025, Weibo had 588 million monthly active users and 261 million daily active users [1] - The company focused on integrating social products and upgrading recommendation systems to enhance user engagement and content consumption experience [1] Technology and Commercialization - Weibo's AI application, Weibo Zhisu, saw strong user growth, further driving overall user search demand [1] - The advertising business showed steady performance, supported by the company's strengths in new product launch marketing and capturing e-commerce seasonal advertising budgets [1]

Core Insights - Weibo-SW (09898.HK) reported a net revenue of $444.8 million for Q2 2025, representing a year-over-year increase of 2%, or a 1% increase when adjusted for fixed exchange rates [1] - The operating profit for the same period was $145.6 million, reflecting an 8% year-over-year increase, with an operating margin of 33% [1] - Net profit attributable to Weibo shareholders was $125.7 million, translating to a diluted earnings per share of $0.48 [1] - Non-GAAP operating profit stood at $161.8 million, marking a 3% year-over-year increase, with a non-GAAP operating margin of 36% [1] - As of June 2025, the monthly active users reached 588 million, while the daily active users averaged 261 million [1]

[Announcement Information](index=1&type=section&id=Announcement%20Information) This section provides general announcements and disclaimers regarding the financial report. [Announcement Statement](index=1&type=section&id=Announcement%20Statement) The Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited disclaim responsibility for this announcement, which presents Weibo Corporation's unaudited Q2 and interim financial results for 2025. - The Hong Kong Stock Exchange and HKEX assume no responsibility for the content of this announcement, nor do they make any representation as to its accuracy or completeness - Weibo Corporation is publishing its unaudited financial results for the second quarter and six months ended June 30, 2025 - The earnings report is provided to shareholders as an interim report in accordance with Rule 13.48(1) of the Hong Kong Listing Rules [Board of Directors](index=1&type=section&id=Board%20of%20Directors) As of the announcement date, Weibo's Board of Directors is chaired by Mr. Charles Chao and includes executive and independent directors. - The Chairman of the Board is Mr. Charles Chao - Board members include Mr. Charles Chao, Mr. Gaofei Wang, Ms. Hong Du, and Mr. Bo Liu (Directors), as well as Mr. Peiqing Lu, Mr. Peihong Chen, and Mr. Yan Wang (Independent Directors) [Q2 2025 and Interim Financial Results](index=2&type=section&id=Q2%202025%20and%20Interim%20Financial%20Results) This section details Weibo's financial and operational performance for Q2 2025 and the first half of 2025. [Performance Highlights and Management Commentary](index=2&type=section&id=Performance%20Highlights%20and%20Management%20Commentary) Weibo CEO Gaofei Wang reported solid quarterly results, highlighting user product focus on social integration and recommendation system upgrades, strong growth in AI-powered search, and robust advertising performance driven by new product launches and e-commerce season budgets. - Weibo CEO Gaofei Wang stated that the quarterly performance was solid[3](index=3&type=chunk) - User products focused on social product integration and recommendation system upgrades, enhancing platform user activity and content consumption experience[3](index=3&type=chunk) - In AI technology applications, Weibo Smart Search experienced strong user growth, further driving overall user search demand[3](index=3&type=chunk) - In commercialization, advertising business showed a steady trend, benefiting from new product launch marketing advantages and the ability to capture e-commerce season advertising budgets[3](index=3&type=chunk) 2025 Q2 Key Financial and Operational Data Overview | Metric | Amount/Value | YoY Change (GAAP) | YoY Change (Fixed Exchange Rate) | | :--- | :--- | :--- | :--- | | Net Revenue | 444.8 million USD | +2% | +1% | | Advertising and Marketing Revenue | 383.4 million USD | +2% | +2% | | Value-Added Services Revenue | 61.4 million USD | -2% | -2% | | Operating Income | 145.6 million USD | +8% | - | | Operating Margin | 33% | +2pp | - | | Net Income Attributable to Weibo Shareholders | 125.7 million USD | - | - | | Diluted Net Earnings Per Share | 0.48 USD | - | - | | Non-GAAP Operating Income | 161.8 million USD | +3% | - | | Non-GAAP Operating Margin | 36% | Flat | - | | Non-GAAP Net Income Attributable to Weibo Shareholders | 143.2 million USD | - | - | | Non-GAAP Diluted Net Earnings Per Share | 0.54 USD | - | - | | June Monthly Active Users (MAU) | 588 million | - | - | | June Average Daily Active Users (DAU) | 261 million | - | - | [Financial Performance Details](index=3&type=section&id=Financial%20Performance%20Details) In Q2 2025, Weibo's total net revenue increased by 2% year-over-year to $444.8 million, with advertising and marketing revenue up 2% due to a 10% increase in Alibaba's advertising revenue from the 618 e-commerce festival, while value-added services revenue decreased by 2% year-over-year, and total costs and expenses declined by 1% primarily due to reduced general and administrative expenses, leading to an 8% increase in operating income and a 12.3% increase in net income attributable to Weibo shareholders. [Net Revenue Analysis](index=3&type=section&id=Net%20Revenue%20Analysis) Total net revenue for Q2 2025 was $444.8 million, a 2% increase from the prior year, with advertising and marketing revenue at $383.4 million, up 2% year-over-year, driven by a 10% increase in advertising revenue from Alibaba due to the 618 e-commerce festival, while value-added services revenue decreased by 2% to $61.4 million. 2025 Q2 Net Revenue Composition and YoY Change | Revenue Category | 2025 Q2 (million USD) | 2024 Q2 (million USD) | YoY Change | | :--- | :--- | :--- | :--- | | Total Net Revenue | 444.8 | 437.9 | +2% | | Advertising and Marketing Revenue | 383.4 | 375.3 | +2% | | - Excluding Alibaba | 347.6 | 342.9 | +1% | | - From Alibaba | 35.7 | 32.4 | +10% | | Value-Added Services Revenue | 61.4 | 62.6 | -2% | - Advertising and marketing revenue from Alibaba increased by **10%**, primarily due to increased marketing demand during the 618 e-commerce festival[4](index=4&type=chunk) [Costs and Expenses](index=3&type=section&id=Costs%20and%20Expenses) Total costs and expenses for Q2 2025 amounted to $299.2 million, a 1% year-over-year decrease, primarily driven by a reduction in general and administrative expenses, partially offset by increases in cost of revenues and product development expenses, with the decrease in general and administrative expenses attributed to the recovery of a previously written-off bad debt. - Total costs and expenses for Q2 2025 amounted to **299.2 million USD**, a **1% decrease** from the prior year[4](index=4&type=chunk) - The decrease was primarily due to a year-over-year reduction in general and administrative expenses, partially offset by increases in cost of revenues and product development expenses[4](index=4&type=chunk) - The reduction in general and administrative expenses was mainly due to the recovery of an accounts receivable that was previously recognized as a bad debt expense and written off in prior periods during Q2 2025[4](index=4&type=chunk) [Profitability Metrics](index=3&type=section&id=Profitability%20Metrics) In Q2 2025, operating income increased by 8% year-over-year to $145.6 million, with an operating margin of 33%, while non-GAAP operating income reached $161.8 million with a non-GAAP operating margin of 36%, and net income attributable to Weibo shareholders was $125.7 million, resulting in diluted net earnings per share of $0.48. 2025 Q2 Profitability Metrics | Metric | 2025 Q2 (million USD) | 2024 Q2 (million USD) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Income | 145.6 | 135.4 | +8% | | Operating Margin | 33% | 31% | +2pp | | Non-GAAP Operating Income | 161.8 | 157.6 | +3% | | Non-GAAP Operating Margin | 36% | 36% | Flat | | Non-Operating Income | 12.8 | 11.4 | +12.3% | | Income Tax Expense | 31.7 | 33.3 | -4.8% | | Net Income Attributable to Weibo Shareholders | 125.7 | 111.9 | +12.3% | | Diluted Net Earnings Per Share Attributable to Weibo Shareholders | 0.48 | 0.43 | +11.6% | | Non-GAAP Net Income Attributable to Weibo Shareholders | 143.2 | 126.3 | +13.4% | | Non-GAAP Diluted Net Earnings Per Share Attributable to Weibo Shareholders | 0.54 | 0.48 | +12.5% | - Non-operating income primarily includes net interest and other income of **15.9 million USD**, and investment-related impairment of **4.9 million USD**[5](index=5&type=chunk) [Cash Flow and Balance Sheet](index=3&type=section&id=Cash%20Flow%20and%20Balance%20Sheet) As of June 30, 2025, Weibo's total cash, cash equivalents, and short-term investments amounted to $2.11 billion, with cash generated from operating activities totaling $24.8 million and capital expenditures amounting to $17.6 million during Q2 2025. - As of June 30, 2025, Weibo's total cash, cash equivalents, and short-term investments amounted to **2.11 billion USD**[6](index=6&type=chunk) - Cash generated from operating activities in Q2 2025 was **24.8 million USD**[6](index=6&type=chunk) - Total capital expenditures were **17.6 million USD**, and depreciation and amortization expenses were **14.8 million USD**[6](index=6&type=chunk) [Conference Call Information](index=4&type=section&id=Conference%20Call%20Information) Weibo's management team will host a conference call on August 14, 2025, from 7:00 AM to 8:00 AM ET (7:00 PM to 8:00 PM Beijing Time) to discuss the company's financial performance and business operations, with registration links and online replay available. - The conference call will be held from 7:00 AM to 8:00 AM ET (or 7:00 PM to 8:00 PM Beijing Time) on August 14, 2025[7](index=7&type=chunk) - The call will provide an update on the company's financial performance and business operations[7](index=7&type=chunk) - Participants wishing to access the conference call must register via the public participant link, with live webcast and online replay available[7](index=7&type=chunk)[8](index=8&type=chunk) [Non-GAAP Financial Measures](index=4&type=section&id=Non-GAAP%20Financial%20Measures) This press release includes non-GAAP financial measures such as non-GAAP operating income, net income, diluted net earnings per share, and adjusted EBITDA, which are supplementary to, not substitutes for, GAAP measures, providing a more comparable view of ongoing performance, used by management for decision-making and considered useful for investors, but subject to limitations and potential incomparability with other companies' metrics. - This press release contains non-GAAP financial measures, including non-GAAP operating income, non-GAAP net income attributable to Weibo shareholders, non-GAAP diluted net earnings per share attributable to Weibo shareholders, and adjusted EBITDA[9](index=9&type=chunk) - These non-GAAP financial measures should be considered as supplementary to, rather than as a substitute for, the company's financial performance measures prepared in accordance with US GAAP[9](index=9&type=chunk) - Management uses these non-GAAP financial measures to reflect the company's ongoing operating performance and to provide useful information to investors and others[10](index=10&type=chunk) - The use of non-GAAP financial measures has limitations, and they may not be comparable to non-GAAP financial measures used by other companies[10](index=10&type=chunk) [About Weibo](index=5&type=section&id=About%20Weibo) This section provides an overview of Weibo's business model and its core offerings as a social media platform. [Company Profile](index=5&type=section&id=Company%20Profile) Weibo is a leading social media platform in China, enabling users to create, share, and discover content online, combining real-time self-expression, social interaction, content aggregation, and dissemination into a powerful platform where users can publish multimedia and long-form content, forming instant, viral conversational flows through asymmetric following. - Weibo is a leading social media platform for people to create, share, and discover content online[11](index=11&type=chunk) - The platform combines public real-time self-expression with a powerful platform for social interaction, content aggregation, and content dissemination[11](index=11&type=chunk) - Weibo's simple, asymmetric, and viral nature allows an original piece of content to become an instant and viral conversational flow[11](index=11&type=chunk) [Advertising and Marketing Business](index=5&type=section&id=Advertising%20and%20Marketing%20Business) The vast majority of Weibo's revenue is derived from selling advertising and marketing services, offering diverse solutions to companies of all sizes, including social display ads and promotional marketing products, and continuously refining its social interest graph recommendation engine to enable precise marketing based on user demographics, social relationships, interests, and behaviors for greater relevance, engagement, and marketing effectiveness. - The vast majority of Weibo's revenue is derived from selling advertising and marketing services, including social display advertisements and promotional marketing products[11](index=11&type=chunk) - Weibo provides various advertising and marketing solutions to companies of all sizes[11](index=11&type=chunk) - By continuously improving its social interest graph recommendation engine, clients can target audiences and demographics based on user demographics, social relationships, interests, and behaviors to achieve greater relevance, engagement, and marketing effectiveness[11](index=11&type=chunk) [Forward-Looking Statements and Risk Factors](index=6&type=section&id=Forward-Looking%20Statements%20and%20Risk%20Factors) This press release contains forward-looking statements protected by the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995, which involve inherent risks and uncertainties that could cause actual results to differ materially from expectations, including limited operating history in new businesses, user growth and engagement, China's regulatory environment, quarterly performance fluctuations, reliance on advertising revenue, new feature development, competition, acquisition integration, investment risks, and macroeconomic and policy changes, with Weibo assuming no obligation to update such information. - This press release contains forward-looking statements made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995[12](index=12&type=chunk) - Forward-looking statements involve inherent risks and uncertainties, and many important factors could cause actual results to differ materially from those contained in any forward-looking statement[12](index=12&type=chunk) - Potential risks and uncertainties include, but are not limited to, Weibo's limited operating history in certain new businesses, failure to maintain or expand its active user base and user engagement, the uncertain regulatory environment in China, fluctuations in the company's quarterly operating results, the company's reliance on advertising and marketing sales for most of its revenue, failure to successfully develop new features and products, failure to effectively compete for advertising and marketing spending, failure to successfully integrate acquired businesses, risks related to the company's investments, changes in the macroeconomic environment, and adverse changes in China's government economic and political policies[12](index=12&type=chunk) - Except as required by applicable law, Weibo undertakes no obligation to update such information[12](index=12&type=chunk) [Investor Contact Information](index=6&type=section&id=Investor%20Contact%20Information) Weibo Corporation's investor relations contact details, including phone and email, are provided for investor inquiries. - Investor Relations contact phone: **+86 10 5898-3336**[13](index=13&type=chunk) - Investor Relations email: **ir@staff.weibo.com**[13](index=13&type=chunk) [Unaudited Condensed Consolidated Financial Statements](index=7&type=section&id=Unaudited%20Condensed%20Consolidated%20Financial%20Statements) This section presents Weibo's unaudited condensed consolidated financial statements, including statements of operations and balance sheets. [Condensed Consolidated Statements of Operations](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) This section provides Weibo's unaudited condensed consolidated statements of operations for Q2 2024 and 2025, and for the six months ended June 30, detailing financial data such as net revenue, costs and expenses, operating income, non-operating income, income tax expense, net income, and earnings per share. 2025 Q2 and Interim Condensed Consolidated Statements of Operations (GAAP, thousand USD) | Metric (thousand USD) | 2024 Q2 | 2025 Q2 | 2024 H1 | 2025 H1 | | :--- | :--- | :--- | :--- | :--- | | **Net Revenue:** | | | | | | Advertising and Marketing | 375,277 | 383,352 | 714,228 | 722,458 | | Value-Added Services | 62,596 | 61,446 | 119,142 | 119,195 | | **Total Net Revenue** | **437,873** | **444,798** | **833,370** | **841,653** | | **Costs and Expenses:** | | | | | | Cost of Revenues | 89,790 | 103,451 | 176,611 | 192,253 | | Sales and Marketing | 114,232 | 109,747 | 217,859 | 205,557 | | Product Development | 71,689 | 78,068 | 152,415 | 154,089 | | General and Administrative | 26,777 | 7,962 | 51,363 | 33,874 | | **Total Costs and Expenses** | **302,488** | **299,228** | **598,248** | **585,773** | | **Operating Income** | **135,385** | **145,570** | **235,122** | **255,880** | | Non-Operating Income | 11,427 | 12,833 | (12,154) | 34,936 | | Income Tax Expense | 33,275 | 31,705 | 58,319 | 55,996 | | **Net Income Attributable to Weibo Shareholders** | **111,931** | **125,685** | **161,369** | **232,649** | | Diluted Net Earnings Per Share | 0.43 | 0.48 | 0.63 | 0.88 | - The number of shares used to calculate diluted net earnings per share attributable to Weibo shareholders was **268,346 thousand** in Q2 2025 and **265,086 thousand** in Q2 2024[15](index=15&type=chunk) [Condensed Consolidated Balance Sheets](index=9&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) This section presents Weibo's unaudited condensed consolidated balance sheets as of December 31, 2024, and June 30, 2025, detailing the composition of assets, liabilities, redeemable non-controlling interests, and shareholders' equity. Condensed Consolidated Balance Sheets (GAAP, thousand USD) | Metric | December 31, 2024 | June 30, 2025 | | :--- | :--- | :--- | | **Assets:** | | | | Cash and Cash Equivalents | 1,890,632 | 1,156,292 | | Short-Term Investments | 459,852 | 952,876 | | Total Current Assets | 3,491,781 | 3,278,063 | | Total Assets | 6,504,499 | 6,539,145 | | **Liabilities:** | | | | Total Current Liabilities | 968,136 | 896,878 | | Total Liabilities | 2,925,613 | 2,863,437 | | **Shareholders' Equity:** | | | | Weibo Shareholders' Equity | 3,482,771 | 3,597,121 | | Total Shareholders' Equity | 3,533,783 | 3,649,891 | - As of June 30, 2025, amounts due from SINA were **452.953 million USD**, including **410.2 million USD** in principal and interest on short-term loans[16](index=16&type=chunk)[17](index=17&type=chunk) [Non-GAAP to GAAP Reconciliations](index=11&type=section&id=Non-GAAP%20to%20GAAP%20Reconciliations) This section provides reconciliations between US GAAP and IFRS financial measures, along with detailed notes on key differences. [Operating and Net Income Reconciliations](index=11&type=section&id=Operating%20and%20Net%20Income%20Reconciliations) This section provides reconciliation tables for non-GAAP operating income and net income attributable to Weibo shareholders to GAAP for Q2 2024 and 2025, and for the six months ended June 30, with key adjustments including share-based compensation, amortization of intangible assets from business acquisitions, and net investment-related gains/losses. 2025 Q2 Non-GAAP Operating Income Reconciliation (thousand USD) | Metric | 2024 Q2 | 2025 Q2 | | :--- | :--- | :--- | | Operating Income (GAAP) | 135,385 | 145,570 | | Add: Share-Based Compensation | 17,207 | 12,019 | | Add: Amortization of Intangible Assets from Business Acquisitions | 5,011 | 4,161 | | **Non-GAAP Operating Income** | **157,603** | **161,750** | 2025 Q2 Non-GAAP Net Income Attributable to Weibo Shareholders Reconciliation (thousand USD) | Metric | 2024 Q2 | 2025 Q2 | | :--- | :--- | :--- | | Net Income Attributable to Weibo Shareholders (GAAP) | 111,931 | 125,685 | | Add: Share-Based Compensation | 17,207 | 12,019 | | Add: Amortization of Intangible Assets from Business Acquisitions | 5,011 | 4,161 | | Add: Net Investment-Related Gains/(Losses) | (245) | 3,112 | | Add: Amortization of Issuance Costs of Convertible Senior Notes, Unsecured Senior Notes, and Long-Term Borrowings | 2,277 | 1,943 | | **Non-GAAP Net Income Attributable to Weibo Shareholders** | **126,252** | **143,215** | [EPS and EBITDA Reconciliations](index=11&type=section&id=EPS%20and%20EBITDA%20Reconciliations) This section provides reconciliation tables for non-GAAP diluted net earnings per share and adjusted EBITDA to GAAP, illustrating the impact of various adjustments on these key metrics, with non-GAAP diluted net earnings per share at $0.54 and adjusted EBITDA at $175.7 million for Q2 2025. 2025 Q2 Non-GAAP Diluted Net Earnings Per Share (USD) | Metric | 2024 Q2 | 2025 Q2 | | :--- | :--- | :--- | | Non-GAAP Diluted Net Earnings Per Share Attributable to Weibo Shareholders | 0.48 | 0.54 | 2025 Q2 Adjusted EBITDA Reconciliation (thousand USD) | Metric | 2024 Q2 | 2025 Q2 | | :--- | :--- | :--- | | Net Income Attributable to Weibo Shareholders (GAAP) | 111,931 | 125,685 | | Non-GAAP Adjustments | 14,321 | 17,530 | | Non-GAAP Net Income Attributable to Weibo Shareholders | 126,252 | 143,215 | | Add: Net Interest Income | (9,410) | (10,098) | | Add: Income Tax Expense | 34,357 | 32,190 | | Add: Depreciation Expense | 9,169 | 10,363 | | **Adjusted EBITDA** | **160,368** | **175,670** | - Non-GAAP operating margin was **36%** in Q2 2025, flat compared to Q2 2024[19](index=19&type=chunk) [Net Revenue Breakdown](index=13&type=section&id=Net%20Revenue%20Breakdown) This section provides a detailed breakdown of net revenue for Q2 2024 and 2025, and for the six months ended June 30, specifically highlighting contributions from non-Alibaba advertisers and Alibaba to advertising and marketing revenue, with non-Alibaba advertiser revenue at $347.6 million and Alibaba revenue at $35.7 million in Q2 2025. 2025 Q2 Net Revenue Breakdown (thousand USD) | Revenue Category | 2024 Q2 | 2025 Q2 | 2024 H1 | 2025 H1 | | :--- | :--- | :--- | :--- | :--- | | **Advertising and Marketing:** | | | | | | Non-Alibaba Advertisers | 342,868 | 347,610 | 659,268 | 644,104 | | Alibaba | 32,409 | 35,742 | 54,960 | 78,354 | | Subtotal | 375,277 | 383,352 | 714,228 | 722,458 | | **Value-Added Services** | 62,596 | 61,446 | 119,142 | 119,195 | | **Total** | **437,873** | **444,798** | **833,370** | **841,653** | [US GAAP to IFRS Reconciliations](index=14&type=section&id=US%20GAAP%20to%20IFRS%20Reconciliations) This section provides reconciliations between US GAAP and IFRS financial measures, along with detailed notes on key differences. [Scope of Assurance Engagement](index=14&type=section&id=Scope%20of%20Assurance%20Engagement) PricewaterhouseCoopers was engaged to perform a limited assurance engagement on Weibo's reconciliation tables of financial information prepared under US GAAP and IFRS, aiming to assess the appropriateness and arithmetic accuracy of the reconciliations, with the level of assurance being lower than a reasonable assurance engagement, and without responsibility for updating or reissuing historical financial information. - The company engaged PricewaterhouseCoopers to perform a limited assurance engagement on the reconciliation tables of differences between US GAAP and IFRS[21](index=21&type=chunk) - The scope of procedures selected depended on PricewaterhouseCoopers' judgment and its assessment of risks, including comparing amounts, evaluating the appropriateness of adjustments, and checking arithmetic accuracy[21](index=21&type=chunk)[22](index=22&type=chunk) - The level of assurance obtained in a limited assurance engagement is substantially less than that obtained in a reasonable assurance engagement[21](index=21&type=chunk) - Based on the procedures performed and evidence obtained, PricewaterhouseCoopers found no matters that caused them to believe the reconciliation tables were inconsistent, not prepared on the stated basis, or arithmetically inaccurate[23](index=23&type=chunk) [Statements of Operations Reconciliations](index=15&type=section&id=Statements%20of%20Operations%20Reconciliations) This section provides reconciliations of the unaudited condensed consolidated statements of operations between US GAAP and IFRS for the six months ended June 30, 2024 and 2025, with key adjustments including convertible senior notes, leases, investments measured at fair value, share-based compensation, and redeemable non-controlling interests, showing that net income attributable to Weibo shareholders under IFRS was $240.4 million in H1 2025, higher than GAAP's $232.6 million. 2025 H1 Statements of Operations Reconciliation (thousand USD) | Metric | GAAP Amount | Total IFRS Adjustments | IFRS Amount | | :--- | :--- | :--- | :--- | | Total Costs and Expenses | 585,773 | (17,748) | 568,025 | | Net Investment-Related Gains (Losses) | 5,245 | 1,837 | 7,082 | | Net Interest and Other Income (Losses) | 29,691 | 2,812 | 32,503 | | Fair Value Change of Convertible Senior Notes | – | (12,687) | (12,687) | | Finance Costs | – | (2,295) | (2,295) | | Income Before Income Tax Expense | 290,816 | 7,415 | 298,231 | | Net Income | 234,820 | 7,448 | 242,268 | | Net Income Attributable to Weibo Shareholders | 232,649 | 7,783 | 240,432 | - Key adjustments include convertible senior notes, leases, investments measured at fair value, share-based compensation, and redeemable non-controlling interests[25](index=25&type=chunk)[27](index=27&type=chunk) [Balance Sheets Reconciliations](index=16&type=section&id=Balance%20Sheets%20Reconciliations) This section provides reconciliations of the unaudited condensed consolidated balance sheets between US GAAP and IFRS as of December 31, 2024, and June 30, 2025, involving adjustments to goodwill and intangible assets, long-term investments, liabilities, and shareholders' equity, with total assets under IFRS at $6.5853 billion, total liabilities at $2.9586 billion, and total shareholders' equity at $3.6267 billion as of June 30, 2025. June 30, 2025 Balance Sheets Reconciliation (thousand USD) | Metric | GAAP Amount | Total IFRS Adjustments | IFRS Amount | | :--- | :--- | :--- | :--- | | Total Assets | 6,539,145 | 46,161 | 6,585,306 | | Total Liabilities | 2,863,437 | 95,192 | 2,958,629 | | Total Shareholders' Equity | 3,649,891 | (23,214) | 3,626,677 | - Key adjustments include convertible senior notes, leases, investments measured at fair value, share-based compensation, and redeemable non-controlling interests[28](index=28&type=chunk)[31](index=31&type=chunk) [Reconciliation Notes](index=17&type=section&id=Reconciliation%20Notes) This section details the primary differences in reconciliation between US GAAP and IFRS, covering the measurement of convertible senior notes, lease accounting treatment, investments measured at fair value, share-based compensation vesting methods, and the classification and measurement of redeemable non-controlling interests. - Convertible Senior Notes: GAAP measures at amortized cost, while IFRS designates them as fair value through profit or loss[32](index=32&type=chunk) - Leases: GAAP records amortization of right-of-use assets and interest expense related to lease liabilities together as lease costs; IFRS requires separate presentation of right-of-use asset amortization and interest expense[32](index=32&type=chunk) - Investments Measured at Fair Value: GAAP allows an alternative measurement method for equity investments without readily determinable fair value; IFRS classifies them as financial assets measured at fair value through profit or loss[32](index=32&type=chunk) - Share-Based Compensation: GAAP allows an accounting policy election for the vesting method of awards with service-only conditions and graded vesting features; IFRS requires each tranche of an award to be treated as a separate grant, accelerating expense recognition[32](index=32&type=chunk) - Redeemable Non-Controlling Interests: GAAP classifies as redeemable non-controlling interests and mezzanine equity, recording accretion; IFRS recognizes non-controlling interests as permanent equity, with the redemption right separately recognized as a financial liability[33](index=33&type=chunk)

Core Insights - The presence of ACG (Anime, Comic, Game) culture remains strong during the summer, with notable box office predictions for domestic animations and games [1] - The number of comic conventions in China has surged, with over 1,000 events expected in May alone, indicating a significant growth in the ACG market [2] - The user base for the broader ACG community in China is projected to grow from 210 million in 2017 to 526 million by 2025, with the market size for ACG-related products expected to reach 652.1 billion yuan [2] Industry Trends - Major players like Weibo and Xiaohongshu are entering the ACG space, with Xiaohongshu's RED LAND event attracting nearly 300,000 participants [2][3] - The RED LAND event features an open-world adventure concept and aims to engage younger audiences, although it lacks the depth of experience seen in established conventions [3][4] - The growth of female users in the ACG community is notable, with women making up 48% of online game users by mid-2025, reflecting a shift in demographics [6] Market Dynamics - Traditional conventions like BW and CJ are adapting to include both consumer and business elements, with significant attendance numbers reported [7] - The rise of comic conventions in smaller cities is evident, with events in places like Zhejiang seeing over half of the conventions held in county-level cities [12][13] - The economic impact of these conventions is substantial, with local businesses reporting increased sales during event periods [12] Challenges and Opportunities - Despite the growth, challenges remain in terms of user engagement and the quality of experiences offered at smaller conventions [4][13] - The potential for further development in the ACG market is significant, with a growing user base and increasing interest in ACG culture across various demographics [14]

Core Viewpoint - The controversy surrounding actress Zhao Lusi's involvement in promoting a brand of apple juice and its alleged connection to false claims of being an "agricultural ambassador" has sparked significant public scrutiny and regulatory investigation [1][3]. Group 1: Allegations and Investigations - Zhao Lusi has been accused of misleadingly promoting the Aaaaapple brand's apple juice, which is linked to a company that allegedly issued a fake "agricultural ambassador" certificate [3][5]. - The local agricultural bureau confirmed that while they did issue a certificate to the company for its contributions to agricultural support, it was not issued to any individual, including Zhao Lusi [5][6]. - The market supervision department is set to investigate the claims regarding the company's legitimacy and its collaboration with Zhao Lusi in promoting agricultural products [8]. Group 2: Product Pricing and Market Response - The apple juice promoted by Zhao Lusi is priced significantly higher than similar products, with reports indicating it costs approximately 12 yuan per can, compared to the average price of 3 yuan for other apple juices [6][8]. - Critics have raised concerns about the pricing strategy, suggesting that the company is buying apples at low prices from farmers and selling the juice at inflated prices, questioning the authenticity of the "support for farmers" narrative [6][8]. - Zhao Lusi has publicly stated that she does not profit from the sales and that consumer choice is independent of her recommendations [8]. Group 3: Company Background - The company associated with the Aaaaapple brand, Xiaoxiao's Fruits Agricultural Technology Co., was established on May 19, 2025, with a registered capital of 1 million yuan, focusing on fruit cultivation and agricultural product sales [8]. - The ownership structure of the company indicates a significant stake held by a cultural media company, raising further questions about potential conflicts of interest regarding Zhao Lusi's involvement [8].

8月13日晚，赵露思发微博表示真的是助农，并表示将注销微博。 每经编辑｜何小桃 演员赵露思再陷舆论风波。 官方称助农大使称号证书是真的 8月13日，"赵露思，苹果汁价格"、"赵露思陷假助农风波"等多条相关话题登上微博热搜。针对其助农问题，涉事公司所在地的市场监管部门被曝将介入 调查。 此前，赵露思在直播中多次分享一款名为Aaaaapple品牌的苹果干和苹果汁。 有网友发现，13日，该品牌的关联公司延安小小的果实农业科技有限公司（以下简称：小小的果实）在其社交平台发布了一张"助农大使"证书——图片显 示，该证书由陕西省延长县农业农村局发出，显示该公司在延安助农工作中表现突出。发证时间为2025年6月。 13日，有媒体报道，该证书涉嫌造假，公章是假的。 据报道，赵露思团队以正常市场价格收购了陕西地区4000余户果农手中因冰雹灾害导致外观受损而滞销的600吨苹果，加工成果汁、果干后通过自己的品 牌出售。 据智通财经报道，记者查询某电商平台发现，该款品牌的苹果汁12罐238ml的价格为147.9元，1罐约为12元。 据红星新闻报道，记者13日下午联系到延长县农业农村局，一名工作人员在电话中表示正在核实证书上公章的编号 ...