微博-SW（09898）：社媒平台独特地位不改，有信心实现全年利润目标，坚持每年股东分红

研究报告 Research Report 30 Nov 2025 微博-SW Weibo (9898 HK) 首次覆盖：社媒平台独特地位不改；有信心实现全年利润目标；坚持每年股东分红 Social-media niche intact, full-year profit target on track, annual dividend pledged: Initiation [Table_yemei1] 观点聚焦 Investment Focus [Table_Info] 首次覆盖优于大市 Initiate with OUTPERFORM 评级 优于大市 OUTPERFORM 现价 HK$77.40 目标价 HK$107.00 HTI ESG 5.0-5.0-5.0 E-S-G: 0-5, (Please refer to the Appendix for ESG comments) 市值 HK$18.91bn / US$2.43bn 日交易额 (3 个月均值) US$2.55mn 发行股票数目 156.45mn 自由流通股 (%) 60% 1 年股价最高最低值 HK$101.50-HK$58.13 注：现价 ...