Ge Long Hui·2025-08-18 03:21Core Viewpoint - The report from Zhongyin International indicates that Weibo's second-quarter revenue grew by 2% year-on-year, exceeding market expectations by 2% and aligning with the bank's estimates [1] Financial Performance - Adjusted net profit margin reached 32.2%, benefiting from a one-time receivables reversal recorded in general and administrative expenses [1] - The bank anticipates a relatively weak online advertising performance in the second half of the year due to budget cuts from advertisers in the mobile and online gaming sectors, partially offset by stable e-commerce and certain fast-moving consumer goods sub-sectors [1] Strategic Initiatives - The company is committed to advancing investments, integration, and application of artificial intelligence within its core social ecosystem [1] Ratings and Price Targets - The bank maintains a "Hold" rating for Weibo, raising the target price for H-shares from HKD 79 to HKD 86, and for US shares from USD 10 to USD 11 [1]