Core Viewpoint - The company reported 2Q25 revenue of $445 million, a 1.6% year-on-year increase, meeting expectations, while Non-GAAP net profit reached $143 million, exceeding both company and market forecasts [1] Revenue and Growth Trends - Advertising and marketing revenue in 2Q25 increased by 2% to $383 million, driven by demand from e-commerce advertisers [1] - Revenue from Alibaba's advertising and marketing grew by 10% due to increased marketing demand during the 618 shopping festival [1] - The e-commerce sector saw a year-on-year revenue increase in 2Q25, while the automotive sector maintained advertising spending on Weibo, covering over 60% of new energy vehicle launches in 1H25 [1] - Consumer goods advertisers showed significant interest in Weibo for new products, celebrity endorsements, and IP marketing, with both revenue and project numbers growing by double digits year-on-year [1] - Information flow bidding ads experienced year-on-year growth, particularly from performance-driven e-commerce clients, with plans to expand customer coverage in 3Q25 [2] Future Outlook - For 3Q25, the company anticipates challenges in the fast-moving consumer goods sector due to high base effects from last year's Olympic marketing events, but aims to capitalize on advertising opportunities in e-commerce, automotive, and healthcare sectors [2] - The monthly active users (MAU) of the AI search feature surpassed 50 million in June, with plans for commercialization testing in 4Q25 and beyond [2] - The company has integrated AI capabilities into its advertising products, with a focus on enhancing user experience and search result effectiveness [2] Cost Structure and Profitability - General and administrative expenses in 2Q25 decreased by 70% to $7.96 million, primarily due to the recovery of a previously written-off bad debt [3] - The sales expense ratio declined by 1 percentage point to 24.7%, continuing the trend of cost structure optimization [3] Profit Forecast and Valuation - The company has lowered its Non-GAAP net profit forecasts for 2025 and 2026 by 3% to $482 million and $491 million, respectively [3] - Current trading multiples are 5/5x for Hong Kong stocks and 6/6x for U.S. stocks based on 2025/2026 Non-GAAP P/E ratios, with target prices set at HKD 100.8 and USD 13, indicating potential upside of 14% for U.S. stocks and 23% for Hong Kong stocks [3]

Group 1 - YingShi Innovation's founder Liu Jingkang apologized for a viral video showing cash being thrown at employees during a team-building event, clarifying it was meant to celebrate the launch of their A1 drone after extensive overtime work [3] - Weibo's official account denied rumors about IP location being precise to the city level, emphasizing that the platform's IP location display aims to reduce impersonation and misinformation [5] - DeepSeek's reported $700 million Series C funding was labeled as false by multiple investors, with claims that the company had not previously raised funds before entering this round [6] Group 2 - Xia Haijun, former CEO of Evergrande, was reported to be hiding in California, with evidence showing his wife holds assets worth $24 million in the U.S. [11][14] - JD.com completed the acquisition of Hong Kong's Jia Bao supermarket, aiming to enhance its supply chain and retail presence in the Greater Bay Area [15] - Meta's market capitalization surpassed $2 trillion for the first time, making it the sixth U.S. company to reach this milestone [21] Group 3 - WeChat denied rumors about a palm payment service franchise, stating it is still in the internal testing phase and warning users against scams [17] - Amazon founder Jeff Bezos's mother passed away at 78, with her early investment in Amazon contributing to the family's wealth [19] - Tencent Cloud launched CloudBase AI CLI, a tool that can reduce coding workload by 80% for developers [28] Group 4 - The National Bureau of Statistics reported significant growth in the manufacturing value of smart drones and vehicle equipment, with increases of 80.8% and 21% respectively in July [30] - Li Lai announced a $1.3 billion deal with AI pharmaceutical company Superluminal to accelerate drug development for obesity and heart diseases [26] - WeRide secured a multi-million dollar investment from Grab to deploy L4 Robotaxis in Southeast Asia [27]

Core Viewpoint - Meta Platforms has reached a historic milestone with its market capitalization surpassing $2 trillion, making it the sixth U.S. company to achieve this valuation [1] Group 1: Company Performance - On Friday, Meta Platforms' stock rose nearly 2% during intraday trading, continuing to set new historical highs [1] - The company's total market capitalization has now exceeded $2 trillion for the first time [1] Group 2: Financing and Expansion - Meta has selected Pacific Investment Management Company (Pimco) and Blue Owl Capital Inc. to lead a $29 billion financing for its data center expansion project in rural Louisiana [1] - This financing is part of the increasing competition in artificial intelligence infrastructure [1]

Core Viewpoint - Weibo (WB) shows positive financial performance with a slight increase in revenue and a significant rise in net profit, supported by a buy rating from CMB International with a target price of $14.5 [1][2]. Financial Performance - As of June 30, 2025, Weibo's total revenue is $842 million, reflecting a year-on-year growth of 0.99% [1]. - The net profit attributable to the parent company is $233 million, marking a year-on-year increase of 44.17% [1]. Market Activity - On August 15, Weibo's stock opened with a 2.53% increase, reaching $11.73 per share, with a total trading volume of $1.6341 million and a market capitalization of $2.936 billion [1]. Company Overview - Weibo is a leading social media platform that combines public self-expression with strong social interaction and content distribution capabilities [2]. - The platform allows users to create and share content, with a focus on mobile-first design and native advertising integrated into the information flow [2]. - The majority of Weibo's revenue comes from advertising and marketing services, including social display ads and promotional marketing ads [2].

Core Insights - Nomura Holdings has significantly increased its investment in AI applications, particularly through options trading on Tesla and Meta, reflecting a bullish outlook on these companies amid market volatility [1][2][4] Group 1: Nomura's Q2 Holdings - Nomura's total U.S. stock holdings reached approximately $60.5 billion in Q2, a 13% increase from the previous quarter's $53.6 billion [1] - The firm added 509 new stocks, increased holdings in 507 stocks, reduced holdings in 573 stocks, and completely exited 447 stocks during the quarter [1] - The top ten holdings accounted for 32.05% of Nomura's total portfolio, indicating a concentrated investment strategy [1] Group 2: Major Investments - Meta Platforms (META) was the largest holding, with approximately 5.77 million shares and a market value of about $4.3 billion, representing 7.04% of the portfolio, up 10.98% from the previous quarter [2] - Tesla's put options were the second-largest holding, with about 10.68 million shares valued at approximately $3.4 billion, making up 5.61% of the portfolio, a significant increase of 158.39% [2] - The Nasdaq 100 put options ranked third, with around 4.8 million shares valued at approximately $2.6 billion, representing 4.38% of the portfolio, up 68.06% [3] Group 3: Trading Strategy - Nomura's strategy involved a combination of long and short options on Tesla, indicating a "long volatility + dynamic hedging" approach to capitalize on expected price fluctuations [4] - This strategy aligns with the high uncertainty surrounding Tesla's performance, driven by various market factors [4] - The firm also increased its holdings in Microsoft call options by 110%, reflecting confidence in the ongoing AI application trend [7]

Core Insights - Meta's internal policy document reveals that its AI rules permit chatbots to engage in "sexual" conversations with children and provide false medical information [1] - The document indicates that romantic or emotional dialogues with children are acceptable, including inappropriate comments directed at an eight-year-old [1] - A Meta spokesperson stated that the company is revising the document and such conversations with children should not be allowed [1] - Additionally, the report highlights that Meta AI can create violent imagery, generate false medical information, and support users in making racially insensitive arguments [1]

Core Viewpoint - The report from Credit Lyonnais indicates that Weibo's revenue for the second quarter reached $445 million, with adjusted net profit at $143 million, exceeding the bank's expectations by 1% and 23% respectively [1] Financial Performance - Weibo's Q2 revenue of $445 million and adjusted net profit of $143 million surpassed expectations [1] - The bank anticipates a 3% year-on-year decline in Q3 revenue, primarily due to high base effects from last summer's Olympics, particularly in food advertising, gaming, and smartphones [1] - Despite the expected revenue slowdown in the second half, the bank believes it is negligible and forecasts an adjusted operating profit margin of over 30% for the full year [1] Future Outlook - The bank has raised its adjusted net profit forecasts for Weibo by 3% for this year and 2% for next year [1] - The target price for Weibo has been increased from $8.8 to $11.5, with the rating upgraded from "Hold" to "Outperform" [1]

Financial Performance - In Q2 2025, Weibo reported total revenue of $444.8 million, approximately 3.2 billion RMB, and adjusted operating profit of $161.8 million, around 1.16 billion RMB, exceeding Wall Street expectations [2] - Advertising revenue for Q2 reached $383.4 million, about 2.76 billion RMB, with significant growth in sectors like food and beverage, apparel, and beauty [5] User Engagement - As of the end of Q2, Weibo's monthly active users reached 588 million, with daily active users at 261 million [2] - The platform's search product, "Zhiso," saw a significant increase in daily active users, with a month-on-month growth in Q2 [4] Strategic Initiatives - Weibo's strategy focuses on enhancing user value, maintaining its leading position in entertainment content, and improving social product competitiveness [3] - The platform has strengthened its social interaction experience, particularly in comment sections for celebrities and top influencers, improving discussion quality [3] Community and Content Development - Weibo has established a vertical operation system that integrates content from cross-domain influencers, with over 50% of interest content production coming from these creators [3] - The "Zhiso" product has improved user experience by optimizing model strategies and increasing content diversity, leading to a compound growth rate of 41.7% in the first half of the year [4] E-commerce and Marketing Trends - Weibo's collaboration with major e-commerce platforms during the 618 shopping festival resulted in a noticeable increase in e-commerce revenue [5] - The platform remains a key marketing venue for the automotive industry, particularly for new energy vehicles, with over 60% of new car marketing coverage in the first half of the year [5]

Core Insights - Weibo-SW (09898.HK) reported its interim results on the Hong Kong Stock Exchange, showing a revenue of approximately $842 million, representing a year-on-year growth of 0.99% [1] - The net profit for the period was around $233 million, reflecting a significant year-on-year increase of 44.17% [1] Financial Performance - Revenue: Approximately $842 million, up 0.99% year-on-year [1] - Net Profit: Approximately $233 million, up 44.17% year-on-year [1]

Core Viewpoint - Weibo-SW (9898.HK) opened up 5.78% at HKD 87, reaching a new high since September 2023, following the release of its earnings report [2] Financial Performance - For Q2 2025, the company reported revenue of USD 444.8 million, exceeding analyst expectations of USD 397 million, with a year-over-year growth of 2% [2] - Operating profit for the same period was USD 145.6 million, reflecting an 8% increase year-over-year [2] - Adjusted earnings per share were USD 0.54, up 12.5% from the previous year, surpassing the expected USD 0.45 [2]