Core Viewpoint - The company maintains confidence in its long-term strategy and is committed to creating long-term value for shareholders, as evidenced by the approval of a stock repurchase plan [1] Group 1: Stock Performance - The company's stock price rose by 7.5% during trading, reaching a high of 85 HKD, the highest level since November 13 of the previous year [1] Group 2: Stock Repurchase Plan - The board has approved a stock repurchase plan, authorizing the company to buy back up to 200 million USD (approximately 1.56 billion HKD) worth of shares, including American Depositary Shares, over the next 12 months [1] - The company anticipates using existing cash for the repurchase [1]

12月24日，由四川省非物质文化遗产保护协会指导、微博主办的2025微博焕新非遗盛典、微博非遗与产 业融合发展交流会等系列活动在成都圆满落幕。当天，来自全国各地的政府、媒体、高校、企业等多方 代表和非遗传承人等约600余名嘉宾出席活动。 此次活动以"非遗新生力，赋能向未来"为主题，通过线下主题演讲、成果发布、荣誉表彰与线上话题联 动等环节，链接政府、传承人、媒体、企业、机构、明星等多方资源，搭建非遗与产业对接桥梁，打造 集展示、交流、合作、转化为一体的高价值非遗产业平台，推动"非遗融百业"从理念迈向实践。 荣耀盛典：致敬传承力量，彰显非遗时代价值 非遗是奔涌在民族血脉中的不息动力，连接着深厚历史与当代生活。2025微博焕新非遗盛典，一场"传 统与潮流碰撞"的文化盛宴，呈现了传统与当代的对话，为非遗在跨界中寻找新生。 中国非物质文化遗产保护协会会长王晓峰在致辞中表示："青年是非遗在互联网时代的"最佳传译者"， 是非遗传承、传播的核心力量。青年，早已不是非遗的观看者，而是传承者、创新的生力军。" 微博政府媒体事务副总裁、总编辑陈丽娜在致辞中表示："微博作为主流声音传播阵地，始终致力于构 建开放协作的非遗传播体系。 ...

"解码'海淀IP'"单元生动展现了海淀区的创新底蕴与传播活力。年度优秀网络传播作品集中亮相，从五 大维度充分展现了海淀在网络传播领域的丰硕成果与多元生态。 12月19日，"e路同心 网聚未来"——海淀区2025年度网络传播发展大会，在中关村国家自主创新示范区 展示中心成功举办。本次大会由海淀区委宣传部指导，海淀区委网信办主办，中央、市、区相关部门， 互联网平台企业、网络创作者、产业园区、行业协会、高校及媒体代表共200余人参加。中央网信办网 络传播局二级巡视员龙宁丽、北京市委网信办副主任潘锋、北京市海淀区委常委、宣传部部长齐慧超出 席会议。 当前，数字化浪潮席卷全球，网络传播已成为塑造社会认知、凝聚价值共识、赋能城市发展的重要力 量。大会汇聚"政产学研用"各方力量，通过展示年度传播作品、分享行业前沿趋势、搭建合作共享平 台，共谋区域网络传播发展未来，为大国首都文化强区建设凝聚广泛共识、注入强劲动力。 高举旗帜 把稳方向 共绘网络传播新蓝图 大会在展现海淀创新活力与深度互联的主题宣传片中启幕。北京市海淀区委常委、宣传部部长齐慧超致 辞，展示海淀资源、人才、产业优势，强调要把握数字化、网络化、智能化趋势，巩固壮大 ...

本报讯(记者袁传玺)12月11日，社交媒体平台微博与世界乒乓球职业大联盟(WTT)在中国香港红磡体育 馆正式签署为期两年的战略合作伙伴协议。 合作另一重点是共建WTT官方球迷互动主场。微博将依托超话专属社区场景，打造以WTT为核心的球 迷聚集地。通过独家内容、球星互动、线上线下（300959）活动及专属福利，构建从观赛、互动到共创 的完整球迷生态。 数据显示，乒乓球内容在微博平台极具热度和话题讨论度，2024年WTT相关热搜突破1800个，2025年 至今已接近3000个。这些数字背后是亿万球迷的持续关注，也印证了乒乓球运动正在焕发新的生机。 微博运营高级副总裁曹增辉表示："作为中国最具影响力的社交平台和体育社交主场，微博始终致力于 推动体育内容生态的繁荣发展。我们深信，此次与WTT的战略合作，不仅是资源的整合，更是情感的 连接、体验的升级。" 微博与体育项目、赛事IP的合作模式早已成熟。此次与WTT的战略合作，是微博在乒乓球领域的深度 布局。乒乓球作为中国的国球，具有广泛的群众基础和独特的情感联结。通过社交平台的赋能，这项传 统运动有望在新一代年轻人中焕发新的活力。 合作双方宣布，在新的合作周期中将重点打造 ...

智通财经APP获悉，海通国际发布研报称，首次覆盖，给予微博-SW(09898)"优于大市"评级，目标价每 股107港元，主要考虑到微博用户及时长基本盘已稳固，平台已进入稳态发展阶段，增速趋于平稳，相 较其他可比互联网公司处于低位。 微博是中国领先的社交媒体平台，在社交媒体平台中具有独特的地位(庞大的用户群，充足的社交关系 资源，实时的、裂变式的信息传播模式，丰富的营销资源和名人效应),能品效合一营销解决方案效率 高，是企业不可或缺的广告购买渠道。另外，该行认为生成式AI技术在微博内容创作、精准投放及热 点发现等场景的应用，未来将进一步提升平台变现效率。 3Q25业绩喜忧参半 总营收4.4亿美元(同比下降5%/环比下降1%)，与10月下旬被下调后的彭博一致预期持平。在线广告收入 按美元计同比下降6%，人民币口径同比下降5%;增值服务收入6,690万美元，同比增加2%。调整后净利 润1.1亿美元，超预期3%，调整后净利率比彭博一致预期高1个百分点;调整后营业利润率为30%，环比/ 同比均下滑6个百分点。 Q4广告温和复苏，2026年收入可见性目前较低，但不改其营销的独特性 三季度电商、汽车板块表现韧性，游戏、3C ...

Investment Rating - The report initiates coverage on Weibo-SW (9898 HK) with an "Outperform" rating, targeting a price of HK$107.00 [2][12][26] Core Insights - Weibo maintains a unique position in the Chinese social media landscape, characterized by a large user base, rich social connections, and effective marketing solutions. The application of generative AI is expected to enhance monetization efficiency [3][20] - The company's Q3 2025 results showed mixed performance, with total revenue of US$442.3 million, a 5% year-over-year decline, and online advertising revenue down 6% in USD terms [21][9] - Management expresses confidence in achieving full-year profit targets and commits to annual shareholder returns, with a history of distributing approximately US$200 million in dividends each year [5][24][25] Financial Performance - For FY2025, total revenue is projected at US$1.725 billion, a 2% decrease from the previous year, with adjusted net profit expected to be US$461 million [10][17] - The gross profit margin is forecasted to be 76.5% in FY2025, with an adjusted operating profit margin of around 30% [17][24] - The report anticipates a gradual recovery in advertising revenue, particularly in Q4, supported by events like the Double 11 shopping festival [22][4] Business Outlook - Weibo's community engagement remains strong, with significant growth in user interaction metrics, indicating a solid foundation for future monetization [23][9] - The report highlights the resilience of certain sectors, such as e-commerce and automotive, while noting challenges in gaming and consumer electronics due to budget constraints [4][22] - The company is exploring new monetization channels, including membership services and content payment scenarios [9][10] Valuation Analysis - The report assigns a valuation multiple below the industry average, reflecting Weibo's stable user base and moderate growth phase. The target price is set at 8x FY26 PE [12][26] - Comparatively, Weibo's valuation metrics are positioned lower than those of other internet companies, indicating potential for upside as market conditions improve [12][13]

Core Insights - A significant shift in traffic rules is occurring due to the "Clear Action" initiated by the Central Cyberspace Administration of China, leading to collective actions by platforms like Douyin, Xiaohongshu, Weibo, Kuaishou, WeChat Video Account, and Bilibili to enhance algorithm transparency and user empowerment [1][3] Group 1: Algorithm Transparency and User Empowerment - Platforms are enhancing algorithm transparency by publicly disclosing operational rules and promoting user awareness of recommendation logic and intervention mechanisms [3] - Douyin has launched a Safety and Trust Center and organized open days to explain its recommendation logic and governance outcomes [3] - Weibo has improved the transparency of its trending algorithms by publicizing ranking rules and introducing trending heat tags to indicate underlying factors [3] Group 2: Content Recommendation Optimization - WeChat Video Account has introduced user-friendly materials to explain its algorithm recommendations and launched features to help users avoid "information cocoons" [3] - Douyin has upgraded its management assistant and introduced content preference evaluation features to visualize users' recent browsing activities [3] - Xiaohongshu has implemented content preference evaluation and adjustment features to facilitate user access to diverse recommended content [3] Group 3: Positive Content Promotion and Risk Mitigation - Kuaishou is leveraging positive algorithms to enhance the discovery of uplifting and trustworthy content, ensuring that such content is prominently featured in recommendations [3] - WeChat Video Account has developed a dual mechanism for friend recommendations and algorithm recommendations to continuously improve its identification and suppression models for inappropriate content [3] - Douyin has introduced a verification mechanism to prevent malicious behaviors such as staged content and misleading edits [3] Group 4: User Control and Feedback Mechanisms - Platforms are continuously optimizing features for interest preference management and content feedback to allow users to adjust algorithmic recommendations [3] - Kuaishou provides users with detailed interest preference management tools, enabling them to adjust the intensity of content recommendations based on personal preferences [3] - Weibo has introduced various negative feedback options for users to express disinterest, ensuring a more precise response to user needs [3] Group 5: Future Trends in Internet Traffic - By 2025, the internet platform traffic competition is expected to evolve into a more intricate phase, characterized by accelerated rule iterations, diversified user mindsets, and technological disruptions [3]

Core Viewpoint - Weibo's Q3 financial results slightly missed expectations, with total revenue decreasing by 5% year-on-year, and a 4% decrease when excluding foreign exchange impacts [1] Revenue Performance - Total revenue for Q3 decreased by 5% year-on-year, and adjusted for foreign exchange, the decline was 4% [1] - The adjusted operating profit margin was 30%, down 5.6 percentage points year-on-year, primarily due to a high comparison base [1] Future Outlook - Despite expectations for revenue improvement in Q4, the company is projected to face dual pressures on revenue for the fiscal year 2026 [1] - Brand advertising business is regaining attention, while AI search and commercialization are expected to provide additional upside potential [1] Dividend and Price Target - The company is expected to maintain a similar dividend payout ratio, indicating a yield close to 8% [1] - Adjusted net profit forecasts for fiscal years 2025 to 2026 have been lowered by 1%, and the target price for Weibo's U.S. stock has been reduced from $11.5 to $10.5, while maintaining an "outperform" rating [1]

Weibo Q3 2025 Earnings Call Summary Company Overview - **Company**: Weibo - **Quarter**: Q3 2025 - **Revenue**: $442.3 million, a decrease of 5% year-over-year - **Advertising Revenue**: $375.4 million, down 6% year-over-year - **Non-GAAP Operating Income**: $132 million, with a 30% operating margin - **Monthly Active Users (MAUs)**: 578 million - **Daily Active Users (DAUs)**: 257 million Key Highlights Financial Performance - Weibo's revenues decreased by 5% year-over-year, primarily due to a high base effect from the 2024 Olympics [2][27] - Advertising revenues declined by 6% year-over-year, attributed to the same high base effect [2][27] - Value-added service revenue increased by 2%, reaching $66.9 million [27] - Net income attributable to Weibo was $110.7 million, with diluted EPS at $0.42 [27] User Engagement Strategies - Weibo focused on enhancing user value through recommendation feeds, leading to double-digit quarter-over-quarter increases in per capita viewership time among mid- and low-frequency users [2][3] - Algorithm enhancements for real-time interest-based content recommendations improved user engagement, particularly with video content [2][4] - The shift to a recommendation-based feed broadened content distribution, especially for original and medium-to-long form videos [2][7] AI Integration - AI technology was integrated into Weibo's search product, resulting in over 50% quarter-over-quarter growth in DAU and query volumes [2][10] - AI-driven enhancements improved intelligent search capabilities, enabling continuous exploratory dialogues and better matching of relevant content [12][13] - AI technology has been increasingly integrated across all stages of Weibo's advertising lifecycle, enhancing efficiency and performance [17][30] Advertising and Monetization - Weibo's advertising team aims to solidify its position as a go-to platform for content marketing while enhancing ad product performance [14][29] - Despite a decline in advertising revenue, sectors like e-commerce and automotive showed strong performance, with e-commerce revenues growing over 50% year-over-year [15][27] - AI has transformed Weibo's ad products, leading to substantial improvements in conversion rates and ROI for advertisers [30][29] Competitive Dynamics - Competitive dynamics in the e-commerce sector have persisted, with revenues from this sector achieving notable year-over-year growth [15] - The automotive sector continued to show growth due to strengths in new energy vehicle content ecosystems [15] - Online gaming and smartphone sectors faced declines due to budget contractions [15] Future Outlook - Weibo plans to focus on capturing marketing opportunities in sectors with high budget visibility, such as e-commerce, and to enhance AI applications in advertising [25][26] - The company anticipates a recovery in consumer goods and continued growth in performance-based ads due to product upgrades and AI integration [35][36] Additional Insights - Upgraded fan mechanisms and super topics focusing on events like concerts and anime conventions drove double-digit growth in interaction ratios and user engagement [8][9] - The redesign of information flow products has positively impacted user engagement, enhancing consumption patterns and expected revenue growth [38][41] - The introduction of video content lowers entry barriers for new users, encouraging frequent consumption [42][43] - Weibo's recommendation system has been revamped to better support video content, enhancing visibility for video creators [44] This summary encapsulates the key points from Weibo's Q3 2025 earnings call, highlighting financial performance, user engagement strategies, AI integration, advertising dynamics, competitive landscape, and future outlook.

Core Viewpoint - The article highlights the efforts made by the platform to ensure a safe, healthy, and harmonious viewing environment during the 15th National Games, focusing on the management of uncivil behaviors and violations among users [1] Summary by Relevant Sections - **User Management and Violations** The platform has identified and taken action against over 3,100 accounts for violations such as attacking athletes and engaging in inflammatory discussions, implementing measures ranging from temporary to permanent bans [1] - **Specific Cases of Violations** Notable accounts such as @重老说乒乓 and @龙眼观彩 were subjected to bans for posting inflammatory content, while accounts like @外星非牛顿流体小狗 and @是风该自由11 faced similar actions for engaging in abusive and malicious rumors [1] - **Call for Rational Discussion** The platform urges users to focus on the competition, engage in rational discussions, and avoid inciting irrational emotions, emphasizing the respect deserved by all athletes participating in the games [1]