Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 20-F (Mark One) ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES ...

Financial Data and Key Metrics Changes - In Q4 2021, Weibo's total revenue reached $616.3 million, a 20% increase year-over-year. For the full year 2021, total revenues were $2.26 billion, up 34% year-over-year [6][7][28] - Advertising and marketing revenues in Q4 were $550.8 million, a 21% increase year-over-year, with mobile revenues accounting for 94% of total ad revenues [7][29] - Non-GAAP operating income for Q4 was $219.8 million, representing a non-GAAP operating margin of 36%. For the full year, non-GAAP operating income was $829.9 million, a 43% increase year-over-year, with a margin of 37% [7][28][37] - Net income attributable to Weibo for Q4 was $195.5 million, with a net margin of 32%. For the full year, net income was $718.5 million, maintaining a net margin of 32% [28][38] Business Line Data and Key Metrics Changes - The advertising and marketing segment saw a revenue increase of 33% year-over-year, reaching $1.98 billion for the full year 2021 [7][29] - Value-added service (VAS) revenue was $65.5 million in Q4, a 9% increase, and $276.3 million for the full year, a 36% increase [36][28] Market Data and Key Metrics Changes - Weibo's MAUs reached 573 million, and average DAUs were 249 million in December 2021, representing a 10% and 11% increase year-over-year, respectively [7][27] - The top three verticals contributing to revenue were FMCG, e-commerce, and 3C products, with luxury being the fastest-growing vertical [30][32] Company Strategy and Development Direction - The company aims to enhance its core competitiveness by focusing on social attributes and improving monetization efficiency through strategic partnerships in media, entertainment, gaming, and sports [16][19] - In 2022, Weibo plans to invest in key content verticals such as sports and online gaming to tap into a broader user community and improve engagement [27][49] Management's Comments on Operating Environment and Future Outlook - Management noted that despite macroeconomic and regulatory headwinds, the advertising business showed resilience, particularly in sectors like beauty, food and beverage, and automobiles [21][22] - The company expects softness in the overall advertising market in 2022 but believes the headwinds could be transient rather than structural [35] Other Important Information - Weibo successfully listed on the Hong Kong Stock Exchange on December 8, 2021, and will no longer provide financial guidance on net revenue growth [40] - The company generated $778.9 million in free cash flow in 2021, an increase of 10% year-over-year [39] Q&A Session Summary Question: Can management provide insights on advertiser sentiment in January or February? - Management indicated strong growth in advertisement placements in FMCG, 3C products, and luxury sectors, but noted negative growth in education and live streaming e-commerce due to regulatory headwinds [42][43] Question: Can management elaborate on the verticalization strategy for 2022, especially for sports and online gaming? - Management highlighted the importance of the sports vertical, especially with upcoming events like the Asia Games and World Cup, and emphasized investment in content to drive traffic and user engagement [45][49]

Financial Data and Key Metrics Changes - Weibo's net revenue for Q3 2021 was $607.4 million, representing a 30% year-over-year increase [33] - Operating income increased by 39% to $248.7 million, with an operating margin of 41% [33][37] - Net income attributable to Weibo was $209.6 million, a 37% increase, resulting in a net margin of 34% [33][38] - Diluted EPS rose to $0.90 from $0.66 in Q3 2020 [33] Business Line Data and Key Metrics Changes - Advertising and marketing revenues reached $537.6 million, up 29% year-over-year, with mobile ad revenue contributing approximately 92% [33][34] - Value-added service revenues increased by 42% to $69.8 million, primarily due to revenue from an interactive entertainment company acquired in November 2020 [37] Market Data and Key Metrics Changes - Monthly Active Users (MAUs) reached 573 million, with Daily Active Users (DAUs) at 248 million, marking an increase of 62 million and 23 million year-over-year, respectively [7][31] - 94% of Weibo's MAUs came from mobile in September 2021 [7] Company Strategy and Development Direction - Weibo is focusing on enhancing its competitive edge in social features and core functionalities to drive user engagement [13] - The company is investing in the gaming and eSports sectors, which have become significant content verticals, alongside traditional entertainment [19][62] - Weibo aims to adapt to regulatory changes by diversifying content offerings and enhancing compliance measures [27][28] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges posed by regulatory headwinds but expressed confidence in Weibo's ability to navigate these changes [29] - The company anticipates Q4 2021 revenue growth of 15% to 20% year-over-year on a constant currency basis [39] - Management emphasized the importance of maintaining strong relationships with government authorities to ensure compliance and operational stability [45] Other Important Information - Weibo's advertising revenue growth was supported by strong engagement during the Tokyo Olympics, with over 400 billion views and 170 million discussions related to Olympic topics [14] - The company is actively adjusting its advertising strategies in response to regulatory changes affecting various industries, particularly education and entertainment [22][23] Q&A Session Summary Question: Changes in Weibo's behavior post-implementation of the personal information protection law - Management noted that the law represents a megatrend affecting the industry, requiring adjustments in operations and compliance [41][43] Question: Advertising industry performance amidst macro and regulatory challenges - Management highlighted that Weibo maintained double-digit growth in ad revenue due to optimized ad sector structure and diversified coverage [42][47] Question: Impact of entertainment sector regulations on user engagement and monetization - Management stated that proactive measures taken prior to regulations helped minimize traffic impact, and they are focusing on diversifying content to mitigate risks [55][58] Question: Progress in eSports and gaming-related content - Management confirmed significant investments in the gaming sector, which is now one of the largest verticals for Weibo, and plans to continue expanding in this area [62][63] Question: Latest observations on advertising regulations and their impact - Management indicated that while regulations have affected the industry, Weibo's social media nature allows it to adapt and maintain ad revenue through alternative strategies [66][70]

Weibo Corporation (NASDAQ:WB) Q2 2021 Results Earnings Conference Call August 18, 2021 7:00 AM ET Company Participants Gaofei Wang - Chief Executive Officer Fei Cao - Chief Financial Officer Conference Call Participants Thomas Chong - Jefferies Alex Ko - Morgan Stanley Miranda Zhuang - Bank of America Securities Operator Good day and thank you for standing by. Welcome to the Weibo Reports Second Quarter 2021 Financial Results Conference Call. At this time, all participants are in a listen-only mode. And aft ...

Weibo Corporation (NASDAQ:WB) Q1 2021 Earnings Conference Call May 10, 2021 7:00 AM ET Company Participants Sandra Zhang - Investor Relations Gaofei Wang - Chief Executive Officer Fei Cao - Chief Financial Officer Conference Call Participants Alicia Yap - Citigroup Alex Xie - Credit Suisse Thomas Chong - Jefferies Alex Ko - Morgan Stanley Operator Good day and thank you for standing by. Welcome to Weibo's First Quarter 2021 Financial Results Conference Call. At this time, all participants are in a listen-on ...

Weibo Corporation (NASDAQ:WB) Q4 2020 Earnings Conference Call March 18, 2021 7:00 AM ET Company Participants Sandra Zhang - Investor Relations Gaofei Wang - Chief Executive Officer Fei Cao - Chief Financial Officer Conference Call Participants Tian Hou - TH Capital Miranda Zhuang - Bank of America Alicia Yap - Citigroup Operator Ladies and gentlemen, thank you for standing by, and welcome to Weibo Reports Fourth Quarter and Fiscal Year 2020 Financial Results Conference Call. At this time, all participants ...

Weibo Corporation (NASDAQ:WB) Q3 2020 Earnings Conference Call December 28, 2020 6:00 AM ET Company Participants Sandra Zhang - Investor Relations Gaofei Wang - Chief Executive Officer Fei Cao - Vice President of Finance and Interim Chief Financial Officer Conference Call Participants Alicia Yap - Citigroup Tian Hou - TH Capital Miranda Hui - Bank of America Operator Ladies and gentlemen, thank you for standing by and welcome to the Weibo Reports Third Quarter 2020 Financial Results Conference Call. At this ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 20-F (Mark One) ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2019 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 20-F (Mark One) o REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2018 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR o SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES ...