机构：中信建投证券 研究员：崔世峰/许悦 核心观点 2025 年初步指引中利润率预期保守（30% Non-GAAP OPM），增速指引基本合理，2025 年关键变量在 于1）A I 提效； 2）渠道获客的策略变化；3）宏观改善。A I 侧指引较为合理，延续中高个位数eCPM 的提升，渠道策略预计维持平衡，宏观需要等待政策落地后逐步修复。本季度利润超预期主要受益于一 次性坏账冲回，下半年收入展望谨慎，当前仍处于等待催化的阶段。股东回报方面，股息常态化提供底 部估值支撑，我们认为当前阶段主要催化仍然聚焦回归增长，潜在的经营杠杆释放。 事件 微博发布2Q25 业绩，当季度收入、利润均超预期，展望谨慎 微博2Q25 实现收入4.45 亿美元，同比+2%，环比+12%，好于季节性。其中，广告收入达到3. 8 亿美 元，同比增长+2% ，环比+13%；增值服务(VAS)收入达到0.6 亿美元，同比-2% ， 环比+14%。用户活 跃度方面，微博2Q25 MAU 达5.88 亿，同比增长0.9%，环比-0.5%，略高于市场预期0.9pct；DA U 为2. 6 1 亿，同比增长2.0%，环比持平。在盈利能力方面，微博2Q2 ...

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 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]

微博(WB.US)盘前涨超4.6%，报10.76美元。消息面上，微博第二季度净收入为4.45亿美元，同比增长 1.58%，高于分析师平均预期的3.97亿美元；经营利润为1.456亿美元，同比增长8%；调整后每股收益为 0.54美元，同比增长12.5%，亦高于预期的0.45美元。(格隆汇) ...

Core Viewpoint - Weibo's financial performance shows a modest revenue growth with a significant increase in net profit, indicating a positive trend in profitability despite a slight revenue increase [1]. Financial Performance - As of March 31, 2025, Weibo reported total revenue of $397 million, reflecting a year-on-year growth of 0.34% [1]. - The net profit attributable to the parent company reached $107 million, marking a substantial year-on-year increase of 116.36% [1]. Market Activity - On June 24, Weibo's stock opened with a 2.05% increase, trading at $9.47 per share, with a total transaction volume of $385,500, leading to a market capitalization of $2.371 billion [1]. - On May 22, Weibo received a "Buy" rating from CMB International, with a target price set at $14.5 [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 is derived from advertising and marketing services, including social display ads and promotional marketing ads [2].

Core Viewpoint - Weibo's stock price increased by 2.02% to $9.365 per share, with a total market capitalization of $2.344 billion as of June 4 [1] Financial Performance - As of March 31, 2025, Weibo reported total revenue of $397 million, representing a year-on-year growth of 0.34% [1] - The net profit attributable to the parent company was $107 million, showing a significant year-on-year increase of 116.36% [1] Analyst Ratings - On May 22, Weibo received a "Buy" rating from CMB International, with a target price set at $14.5 [1] Company Overview - Weibo is a leading social media platform for online content creation, sharing, and discovery, combining self-expression with strong social interaction and content distribution capabilities [2] - The platform allows users to create and publish posts, including multimedia content, and facilitates asymmetric relationships among users [2] - Weibo's revenue primarily comes from advertising and marketing services, including social display ads and promotional marketing ads [2] - The company emphasizes a "mobile-first" approach, utilizing a simple information flow format and native advertising integrated with the content stream [2] - Weibo has developed a refined social interest graph recommendation engine to enhance targeted marketing based on user demographics, social relationships, interests, and behaviors [2]