Financial Data and Key Metrics Changes - Total revenue for Q4 2024 reached USD 456.8 million, a decrease of 1% year-over-year, or relatively flat on a constant currency basis [10] - Total ad revenue for Q4 2024 was USD 385.9 million, a decrease of 4% year-over-year [11] - Value-added service revenues for Q4 2024 reached USD 71 million, an increase of 18% year-over-year [11] - For the full year 2024, total revenue was USD 1.75 billion, relatively flat year-over-year, or an increase of 1% on a constant currency basis [11] - Non-GAAP operating income for Q4 2024 was USD 136.2 million, representing a non-GAAP operating margin of 30% [11] - Full year 2024 non-GAAP operating income was USD 584.1 million, with a margin of 33% [12] Business Line Data and Key Metrics Changes - Advertising and marketing revenues for Q4 2024 were USD 385.9 million, a decrease of 4% year-over-year [52] - Mobile ad revenue contributed approximately 94% of total ad revenue in Q4 2024 [53] - Value-added service revenue for the full year 2024 increased by 13% to USD 256 million [53] Market Data and Key Metrics Changes - In Q4 2024, the automotive sector saw solid growth, driven by the increasing market penetration of new energy vehicles [23] - Ad revenue from the online game, cosmetics, personal care, and luxury industries showed a declining trend in Q4 2024 [24] - The government introduced stimulus policies in Q4 2024, positively impacting the digital product and e-commerce sectors [25] Company Strategy and Development Direction - The company plans to focus on user growth, content ecosystem enhancement, and operating efficiency in 2025 [29] - There is an emphasis on integrating social products and revamping the recommendation system to drive user engagement [30] - The company aims to strengthen its competitive edge in the content ecosystem and enhance operating efficiency as key goals for 2025 [27] Management's Comments on Operating Environment and Future Outlook - Management noted that while some industries fell short of expectations in 2024, effective cost management allowed for stable operating income [27] - The company expects to see a rebound in macroeconomic conditions and consumer spending as government policies take effect [26] - Management remains cautious about the gaming industry due to a lack of major game launches in 2024 [94] Other Important Information - The company announced an annual cash dividend of USD 0.82 per ordinary share for the fiscal year 2022, totaling approximately USD 200 million [68] - The Board's capital allocation strategy focuses on balancing long-term growth with shareholder returns [106] Q&A Session Summary Question: Future strategy of AI applications - Management highlighted ongoing integration of multiple AI models and the development of products based on large language models, with a focus on enhancing search capabilities and monetization [72][73][81] Question: 2025 outlook for advertisement - Management expects positive impacts from national subsidy policies on automotive and e-commerce sectors, while remaining cautious about discretionary industries like beauty and personal care [86][88][96] Question: Shareholder return policy - Management emphasized a balanced capital allocation strategy that supports long-term growth while delivering value to shareholders, including the potential for share buybacks [102][106]

Core Viewpoint - Weibo Corporation reported solid performance in the fourth quarter of 2024, focusing on high-quality user acquisition and engagement, optimizing its content ecosystem, and maintaining strong operating efficiency while announcing an annual dividend payout of US$200 million for fiscal year 2024 [2][22][23]. Fourth Quarter 2024 Highlights - Total net revenues for Q4 2024 were US$456.8 million, a decrease of 1% year-over-year [6][17]. - Advertising and marketing revenues were US$385.9 million, down 4% compared to the same period last year, primarily due to the underperformance in the online game sector [7][17]. - Value-added services (VAS) revenues increased by 18% year-over-year to US$71.0 million, driven by growth in membership services and game-related revenues [8][17]. - Operating margin for Q4 2024 was 26%, consistent with the previous year, while non-GAAP operating margin was 30%, down from 31% [9][17]. - Net income attributable to Weibo's shareholders was US$8.9 million, a significant decrease from US$83.2 million in the same quarter last year [12][17]. Fiscal Year 2024 Highlights - Total net revenues for fiscal year 2024 were US$1.75 billion, relatively flat compared to US$1.76 billion in 2023 [14][17]. - Advertising and marketing revenues for 2024 were US$1.50 billion, a decrease of 2% year-over-year [14][17]. - VAS revenues for 2024 increased by 13% to US$256.0 million [15][17]. - Income from operations for 2024 was US$494.3 million, with an operating margin of 28%, up from 27% in 2023 [16][17]. - Net income attributable to Weibo's shareholders for 2024 was US$300.8 million, down from US$342.6 million in 2023 [20][17]. Dividend Declaration - The board of directors adopted a cash dividend policy, declaring a cash dividend of US$0.82 per ordinary share for fiscal year 2024, amounting to approximately US$200 million [22][23]. Cash Flow and Financial Position - As of December 31, 2024, Weibo's cash, cash equivalents, and short-term investments totaled US$2.4 billion [13][17]. - Cash provided by operating activities for 2024 was US$639.9 million, compared to US$672.8 million in 2023 [21][17]. User Engagement Metrics - Monthly active users (MAUs) reached 590 million in December 2024, with average daily active users (DAUs) at 260 million [17].