微博(09898) - 2025 - 中期财报

Announcement Information This section provides general announcements and disclaimers regarding the financial report. Announcement Statement 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 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 This section details Weibo's financial and operational performance for Q2 2025 and the first half of 2025. Performance Highlights and Management Commentary 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] - User products focused on social product integration and recommendation system upgrades, enhancing platform user activity and content consumption experience[3] - In AI technology applications, Weibo Smart Search experienced strong user growth, further driving overall user search demand[3] - 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] 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 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 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] Costs and Expenses 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] - 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] - 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] Profitability Metrics 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] Cash Flow and Balance Sheet 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] - Cash generated from operating activities in Q2 2025 was 24.8 million USD[6] - Total capital expenditures were 17.6 million USD, and depreciation and amortization expenses were 14.8 million USD[6] Conference Call Information 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] - The call will provide an update on the company's financial performance and business operations[7] - Participants wishing to access the conference call must register via the public participant link, with live webcast and online replay available[7][8] Non-GAAP Financial Measures 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] - 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] - 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] - 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] About Weibo This section provides an overview of Weibo's business model and its core offerings as a social media platform. Company Profile 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] - The platform combines public real-time self-expression with a powerful platform for social interaction, content aggregation, and content dissemination[11] - Weibo's simple, asymmetric, and viral nature allows an original piece of content to become an instant and viral conversational flow[11] Advertising and Marketing Business 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] - Weibo provides various advertising and marketing solutions to companies of all sizes[11] - 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] Forward-Looking Statements and Risk Factors 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] - 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] - 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] - Except as required by applicable law, Weibo undertakes no obligation to update such information[12] Investor Contact Information 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] - Investor Relations email: ir@staff.weibo.com[13] Unaudited Condensed Consolidated Financial Statements This section presents Weibo's unaudited condensed consolidated financial statements, including statements of operations and balance sheets. Condensed Consolidated Statements of Operations 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] Condensed Consolidated Balance Sheets 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][17] Non-GAAP to GAAP Reconciliations This section provides reconciliations between US GAAP and IFRS financial measures, along with detailed notes on key differences. Operating and Net Income Reconciliations 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 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] Net Revenue Breakdown 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 This section provides reconciliations between US GAAP and IFRS financial measures, along with detailed notes on key differences. Scope of Assurance Engagement 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] - 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][22] - The level of assurance obtained in a limited assurance engagement is substantially less than that obtained in a reasonable assurance engagement[21] - 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] Statements of Operations Reconciliations 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][27] Balance Sheets Reconciliations 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][31] Reconciliation Notes 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] - 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] - 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] - 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] - 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]