Zhi Tong Cai Jing·2025-08-18 06:09Group 1 - The core viewpoint of the report indicates that Weibo-SW (09898) achieved a 2% year-on-year revenue growth in the second quarter, exceeding market expectations by 2% and aligning with the bank's estimates [1] - The adjusted net profit margin was impressive at 32.2%, benefiting from a one-time receivables reversal recorded in general and administrative expenses [1] - The bank anticipates a relatively weak performance in online advertising for 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] Group 2 - The company is focused on advancing investments, integration, and application of artificial intelligence within its core social ecosystem [1] - The bank maintains a "Hold" rating, raising the target price for H-shares from HKD 79 to HKD 86, and for US shares from USD 10 to USD 11 [1]