Group 1 - Weibo's stock price increased by 10.07% on August 15, reaching $11.315 per share, with a total market capitalization of $2.832 billion [1] - As of March 31, 2025, Weibo reported total revenue of $397 million, a year-on-year growth of 0.34%, and a net profit attributable to shareholders of $107 million, reflecting a significant year-on-year increase of 116.36% [1] Group 2 - Weibo is a leading social media platform for online content creation, sharing, and discovery, combining public self-expression with strong social interaction and content distribution capabilities [3] - The majority of Weibo's revenue comes from advertising and marketing services, including social display ads and promotional marketing ads [3] - Weibo has developed a social interest graph recommendation engine to enhance targeted marketing, allowing clients to reach specific audiences based on demographics, social relationships, interests, and behaviors [3]

Group 1 - The US stock market indices opened lower on August 14, with the Nasdaq China Golden Dragon Index dropping over 2% at one point, indicating weak performance of Chinese concept stocks [1] - In the Asian trading session on the same day, A-shares and Hong Kong stocks experienced adjustments after initial gains, with the Shanghai Composite Index down 0.46%, Shenzhen Component Index down 0.87%, Hang Seng Index down 0.37%, and Hang Seng Tech Index down 0.97% [3] Group 2 - NetEase's stock initially dropped over 9% but later narrowed its losses to under 2% after the company released its Q2 2025 financial report, showing net revenue of 27.9 billion yuan, a year-on-year increase of 9.4%, and net profit attributable to shareholders of 8.6 billion yuan [5][6] - JD.com reported a Q2 revenue of 356.7 billion yuan (approximately 49.8 billion USD), a year-on-year growth of 22.4%, exceeding market expectations and marking the highest growth rate in nearly three years [7][9] - Other popular Chinese concept stocks like XPeng Motors, Li Auto, and NIO fell over 4%, while companies like Kingsoft Cloud, Niu Technologies, and EHang dropped over 2% [9] - Xunlei saw a significant increase of over 20% after reporting Q2 revenue of 10.4 million USD, a year-on-year growth of 30.6%, with net profit of 8.3 million USD, up from 3.2 million USD in the same period last year [9] - Weibo's stock rose nearly 10% after reporting Q2 net revenue of approximately 445 million USD, a year-on-year increase of 1.6%, and adjusted earnings per share of 0.54 USD [11]

中概股调整。 迅雷大涨超20%。公司发布的第二季度未经审计财报显示，本季度迅雷总营收为1.04亿美元，同比增长 30.6%。基于非美国通用会计准则（Non-GAAP），本季度净利润为830万美元，去年同期净利润为320万美 元。净利润的增长主要是迅雷对影石创新公司长期投资的公允价值的变动，该公司已于2025年6月完成IPO。 当地时间8月14日，美股三大指数集体低开，随后窄幅震荡。 中概股表现较弱，纳斯达克中国金龙指数盘中一 度跌超2%。 8月14日亚洲交易时段，A股、港股均在冲高后出现调整，截至当天收盘，沪指跌0.46%，深证成指跌0.87%， 恒生指数跌0.37%，恒生科技指数跌0.97%。 具体中概股方面，网易盘初一度跌超9%，随后跌幅显著收窄，截至发稿，跌幅不足2%。 消息面上，网易当天发布了2025年第二季度财报。财报显示，网易二季度净收入279亿元，同比增长9.4%， 预估284亿元；归属于公司股东净利润为86亿元，经调整归属于公司股东净利润为95亿元。游戏及相关增值服 务净收入228亿元，上一季度和去年同期分别为240亿元和201亿元。 京东集团盘前一度涨超3%，盘初小幅冲高后转跌，截至发稿跌超 ...

Weibo Q2 2025 Earnings Call Summary Company Overview - **Company**: Weibo - **Period**: Q2 2025 - **User Metrics**: - Monthly Active Users (MAUs): 588 million - Daily Active Users (DAUs): 261 million - **Financial Performance**: - Total Revenue: $444.8 million, a 2% year-over-year increase - Advertising Revenue: $383.4 million, also up 2% - Adjusted Operating Profit: $161.8 million, with a 36% margin - Net Income: $143.2 million, reflecting a 13% year-over-year increase - Diluted EPS: $0.54 USD [2][3][22] Core Strategies and Developments - **2025 Strategy**: Focus on maximizing user value by enhancing trending topics, entertainment content, and improving recommendation and search functionalities using large language models [4][2]. - **Homepage Feed Revamp**: - Transitioned to an interest-based feed as the default, integrating relationship-based recommendations. - Resulted in a 17 percentage point increase in recommended content consumption, reaching 43% of total consumption [6][7]. - **Content Distribution Shift**: - Moved from relationship-based to interest-based content distribution, enhancing user engagement and content quality [8][10]. - Over 50% of interest-based content in key verticals generated by cross-vertical creators, accounting for 60% of interest-based feed consumption [10] [2]. User Engagement and Content Strategy - **User Engagement**: - Enhanced algorithms improved content discovery and user stickiness. - Stable average per-user views post-upgrade [7][21]. - **Intelligent Search Enhancements**: - Significant improvements made to the intelligent search product, leading to over 50 million MAUs in June 2025, with a 60% increase in user engagement [12][25]. - **Advertising Strategy**: - Focus on content marketing to expand industry reach and enhance ad conversion. - Sustained investment in performance-based ads, leveraging hot topics and celebrity resources [14][17]. Industry Insights - **E-commerce Growth**: - E-commerce platforms showed significant year-over-year revenue growth, particularly during the June 18th shopping festival [15]. - **FMCG Sector Trends**: - Shift towards brand building through selective endorsements and content creation due to diminishing returns from performance-based marketing [16]. - **Challenges**: - Facing tough comparisons in Q3 due to last year's high base effect from the Olympics, impacting year-over-year growth rates [18][23]. Future Outlook - **Advertising Revenue Growth**: - Positive trajectory expected in Q3 and H2 2025, particularly in technology, e-commerce, and consumer goods sectors [26]. - **AI Integration**: - AI is enhancing ad targeting accuracy and streamlining ad creation processes, leading to higher eCPM for real-time bidding feed ads [17][27]. - **Commercialization Plans**: - Future commercialization of intelligent search products expected to focus on brand partnerships and traditional advertising within search results [24][28]. Conclusion Weibo's Q2 2025 performance reflects a stable user base and modest revenue growth, driven by strategic shifts in content distribution and user engagement initiatives. The company is well-positioned to leverage AI advancements and evolving advertising strategies to enhance its competitive edge in the social media landscape.

Financial Data and Key Metrics Changes - Weibo's total revenues for Q2 2025 reached $444.8 million, up 2% year over year [8][28] - Total advertising revenues were $383.4 million, also up 2% year over year [8][29] - Non-GAAP operating income was $161.8 million, representing a non-GAAP operating margin of 36% [9][28] - Net income attributable to Weibo was $133.2 million, an increase of 13% year over year [28][33] - Diluted EPS was $0.54 [28] Business Line Data and Key Metrics Changes - Advertising and marketing revenues were $383.4 million, a 2% increase, with key verticals being FMCG, e-commerce, and automotive [29] - Value-added service revenues were $61.4 million, also up 2% [29] - E-commerce and automotive sectors showed strong growth, while FMCG faced a year-over-year decline but showed signs of recovery [30][32] Market Data and Key Metrics Changes - In June 2025, Weibo's MAUs reached 588 million, and average DAUs reached 261 million, representing a net addition of 5 million users year over year [8][27] - The proportion of recommended content consumed by users increased to 43%, a 17% improvement [13] - Intelligent Search MAUs surpassed 50 million in June, with a 60% increase in queries and over 100% growth in DAU [18][39] Company Strategy and Development Direction - The company's strategy focuses on enhancing user value, maintaining leadership in trending topics and entertainment, and improving recommendation and search functions through AI [9][19] - The transition to an interest-based content distribution model aims to enhance content competitiveness and user engagement [12][15] - Weibo is prioritizing the integration of AI in both user engagement and monetization strategies [19][24] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the growth of intelligent search and its potential to change user behavior [40][42] - The company anticipates challenges in the FMCG sector due to prior year comparisons and ongoing macroeconomic uncertainties [56] - There is a focus on increasing user stickiness and traffic through enhanced search capabilities and ad product offerings [43][61] Other Important Information - The company completed a product and technical framework upgrade in early July 2025, which has been rolled out to nearly all users [13] - The advertising strategy includes leveraging trending topics and celebrity resources to broaden industry reach [20][22] Q&A Session Summary Question: Can management elaborate on Weibo Smart Search's product strategy and future commercialization plans? - Management highlighted the growth of intelligent search, with MAUs over 50 million and significant increases in user queries and traffic [39][40] - Future commercialization may involve bundled cooperation with brands and potential ad placements in search results, but the focus is currently on expanding the user base [42][43] Question: What are the expectations for ad revenue growth in Q3 and the second half of the year? - Management expects strong growth in e-commerce and automotive sectors, while FMCG may face pressure due to prior year comparisons [54][56] - Information feed ads are anticipated to have the highest growth rate, with a shift towards performance-based advertising [57][58]

Financial Data and Key Metrics Changes - Weibo's total revenues for Q2 2025 reached $444.8 million, up 2% year over year [8][28] - Total advertising revenues were $383.4 million, also up 2% year over year [8][29] - Non-GAAP operating income was $161.8 million, representing a non-GAAP operating margin of 36% [9][28] - Net income attributable to Weibo was $133.2 million, an increase of 13% [28][34] Business Line Data and Key Metrics Changes - Advertising and marketing revenues were $383.4 million, reflecting a slight uptick driven by mixed performance across major ad verticals [29] - Value-added service revenues were $61.4 million, also up 2% year over year [29] - The top three verticals for advertising were FMCG, e-commerce, and automotive products [29] Market Data and Key Metrics Changes - E-commerce platforms showed solid year-over-year revenue growth, particularly benefiting from partnerships during the June shopping festival [20][29] - The automobile sector maintained healthy growth, with Weibo being a key discussion hub for new energy vehicles [21][29] - The FMCG sector experienced a year-over-year decline but showed early signs of gradual recovery [29][30] Company Strategy and Development Direction - Weibo's strategy focuses on enhancing user value, maintaining leadership in trending topics and entertainment, and improving recommendation and search functions through large language models [9][19] - The company aims to transition content operation from an influencer-based model to a vertical content-based model, attracting creators from various verticals [16] - The interest-based feed will become the primary content distribution method, enhancing content competitiveness and user engagement [14][16] Management Comments on Operating Environment and Future Outlook - Management expressed optimism about the growth of intelligent search and its impact on user engagement and monetization [18][45] - The company anticipates challenges in the FMCG sector due to prior year comparisons and ongoing budget constraints in certain industries [60] - There is a focus on increasing the supply of quality content and enhancing user experience through AI integration [24][65] Other Important Information - The average content views per user remained stable, with the proportion of recommended content consumed increasing to 43%, a 17% improvement [14] - Cash and short-term investments totaled $2.11 billion as of June 30, 2025, down from $2.35 billion at the end of 2024 [35] Q&A Session Summary Question: Can management elaborate on the product strategy and future plan for commercialization of Weibo Smart Search? - Management highlighted that the intelligent search product has seen significant user growth, with MAUs surpassing 50 million and query growth of 60% [40][41] - Future commercialization may involve bundled cooperation with brands or traditional ad placements, but the focus is currently on expanding the user base [46] Question: What are the expectations for ad revenue growth in Q3 and the second half of the year? - Management expects strong growth in e-commerce and automotive sectors, while FMCG may face pressure due to prior year comparisons [58][60] - Information feed ads are anticipated to have the highest growth rate, with a shift towards performance-based ads [61]

Core Insights - Weibo reported total revenue of $444.8 million for Q2 2025, approximately 3.2 billion RMB, with an adjusted operating profit of $161.8 million, around 1.16 billion RMB [1] - The platform's monthly active users reached 588 million and daily active users reached 261 million by the end of Q2 [1] - Weibo's strategy focuses on user value, maintaining its leading position in trending and entertainment content, and enhancing its recommendation and search systems [1] User Engagement - In Q2, Weibo improved user interaction in core product scenarios, enhancing comment sections for celebrities and top influencers to reduce low-quality content [1] - The platform revitalized the community atmosphere in celebrity super topics, increasing diversity and real-time engagement [1] - Weibo established a vertical operation system that connects content creators across different fields, with over 50% of interest-based content production coming from cross-domain influencers [1] Product Development - The Zhiso product continued to grow rapidly, surpassing 50 million monthly active users in June, significantly enhancing user experience in trending searches and active search scenarios [2] - Daily active users of the Zhiso product saw substantial growth compared to Q1 [2] Commercial Performance - Weibo's advertising revenue for Q2 reached $383.4 million, approximately 2.76 billion RMB [3]

[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)

微博(WB.US)盘前涨超4.6%，报10.76美元。消息面上，微博第二季度净收入为4.45亿美元，同比增长 1.58%，高于分析师平均预期的3.97亿美元；经营利润为1.456亿美元，同比增长8%；调整后每股收益为 0.54美元，同比增长12.5%，亦高于预期的0.45美元。(格隆汇) ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不會就本公告全部或任何部分內容而產生或因倚賴 該等內容而引致的任何損失承擔任何責任。 Weibo Corporation 微博股份有限公司 （於開曼群島註冊成立以不同投票權控制的有限責任公司） （股份代號：9898） 2025年第二季度及中期財務業績公告 我們謹此發佈我們截至第二季度及2025年6月30日止六個月的未經審計財務業績 （「2025年第二季度及中期財務業績」）。2025年第二季度及中期財務業績乃根據香 港聯合交易所有限公司證券上市規則（「《香港上市規則》」）第13.48(1)條作為我們 截至2025年6月30日止六個月的中期報告向股東提供。 2025年第二季度及中期財務業績可於香港聯合交易所有限公司網站www.hkexnews.hk 及本公司網站 http://ir.weibo.com查閱。 承董事會命 微博股份有限公司 董事會主席 曹國偉先生 香港，2025年8月14日 於本公告日期，本公司董事會包括董事曹國偉先生、王高飛先生、杜紅女士及劉 博先生以及獨立董事盧伯卿先生、陳丕 ...