Core Insights - Weibo-SW (09898) shares increased by over 4%, currently trading at 78.55 HKD with a transaction volume of 15.89 million HKD [1] Financial Performance - For Q3 2025, Weibo-SW reported net revenue of approximately 442 million USD, a year-on-year decrease of 4.77% [1] - Net profit attributable to Weibo shareholders was 221 million USD, showing a year-on-year increase of 69.33% [1] - Basic earnings per share stood at 0.93 USD [1] - For the first three quarters of 2025, net revenue totaled 1.284 billion USD, a year-on-year decrease of 1.07% [1] - Net profit attributable to Weibo shareholders for the same period was 454 million USD, reflecting a year-on-year increase of 55.43% [1] - Basic earnings per share for the first three quarters was 1.9 USD [1] User Growth and Technology Development - In Q3 2025, Weibo's intelligent search user base reached over 70 million MAU, with search volume increasing by over 50% quarter-on-quarter [1] - Total search volume for Weibo increased by 20% quarter-on-quarter [1] - The company is enhancing the application of AI throughout the advertising process [1] - In November, Weibo launched its first self-developed open-source small parameter model, VibeThinker, in overseas markets, currently in an experimental phase [1] - Weibo plans to deeply integrate its accumulated data assets in vertical fields such as psychology to create models tailored to social needs [1]

11月18日，微博公布了2025年第三季度业绩。第三季度，微博净收入为4.42亿美元，约合人民币31.56亿 元，非公认会计准则经营利润为1.32亿美元，约合人民币9.37亿元。 用户方面，截至第三季度末，微博的月活跃用户达到5.78亿，日活跃用户达到2.57亿。值得注意的是， 第三季度微博智搜月活跃用户突破7000万，日活跃用户和检索量环比提升超过50%。 微博方面表示，2025年，公司整体策略仍以提升用户价值为核心，保持微博在热点和文娱内容生态的领 先优势，稳定社交产品竞争力，并在此基础上结合大模型能力重点投入推荐、搜索体系的建设，提升用 户规模和活跃。 微博智搜成突破增长瓶颈关键 微博智搜于2024年首次推出，作为微博基于大模型技术开发的一款AI搜索产品，其作用在于整合平台 内容生态，提升用户信息获取的效率。并且，这一功能在2025年2月份接入DeepSeekR1模型后实现了显 著升级，2025年4月份与微博搜索框正式合体，实现"一键开启智搜"的全场景覆盖。 从三季报来看，微博智搜的威力已开始显现。首先是促进了用户规模与黏性的提升。截至2025年第三季 度末，微博智搜月活跃用户、日活跃用户与平台总检索量 ...

Core Insights - The company's Q3 2025 performance met expectations with a revenue decline of 5% to $442 million, and a Non-GAAP net profit of $111 million, aligning with forecasts [1][2] Performance Review - Q3 2025 revenue was impacted by a high base from the previous year, particularly in the food and beverage sector, while Alibaba's marketing demand remained strong [1] - Advertising revenue decreased by 6%, primarily due to high marketing expenditures during the previous year's Olympic events [1] - E-commerce and automotive sectors showed better growth during the quarter [1] - Excluding Alibaba's advertising revenue, there was a 13% decline, with Alibaba's ad revenue increasing by 112% to $45.5 million, attributed to increased local life business ad budgets and strong marketing demand in e-commerce [1] Development Trends - The company plans to capitalize on the recovery of content marketing budgets and promote growth in performance advertising, which saw an increase in its revenue share during Q3 2025 [1] - Looking ahead to 2026, the company anticipates a rebound in consumer product advertising due to events like the Winter Olympics and the World Cup, along with new product launches from some gaming companies in Q1 2026 [1] Investment and AI Applications - The company reported a fair value increase from its fund investments in publicly listed companies, recognizing a net gain of $118 million in Q3 2025, with expected losses to be reported in Q4 2025 [2] - The CEO highlighted the completion of product modifications to enhance user content consumption and efficiency, with a focus on AI applications [2] - Q3 2025 saw a significant increase in user engagement with Weibo's AI search, with MAU exceeding 70 million and search volume growing over 50% [2] - The company is also enhancing AI applications across the advertising process and plans to release a self-developed open-source model, VibeThinker, in November [2] Profit Forecast and Valuation - The company maintains its Non-GAAP net profit forecast, with current prices reflecting a P/E ratio of 6.0/5.9x for Hong Kong stocks and 5.7/5.6x for U.S. stocks for 2025/2026 [2] - The company retains an outperform rating with a target price of HKD 100.8 / USD 13, indicating potential upside of 26% for Hong Kong stocks and 31% for U.S. stocks based on 2025/2026 Non-GAAP P/E ratios [2]

Group 1 - Weibo's Q3 2025 financial report shows a significant increase in advertising and marketing revenue from Alibaba, reaching $45.5 million, a 112% increase compared to $21.5 million in the same period last year [1] - Alibaba's increased spending on Weibo is primarily attributed to its marketing expenses for food delivery services, particularly following the launch of Taobao Flash Sale and a substantial subsidy plan of up to 50 billion yuan [1] - Without Alibaba's contribution, Weibo's advertising and marketing revenue would have declined by 13% year-on-year, marking the lowest Q3 advertising revenue in five years at 330 million yuan [1] Group 2 - Over the past five years, Weibo's Q3 advertising revenue has generally declined, except for 2024 due to increased advertising revenue from the Paris Olympics, with advertising accounting for approximately 85% of total revenue [2] - In response to declining revenue, Weibo has introduced AI search product Weibo Zhisu to enhance user engagement and is planning commercial testing in Q4 [2] - The company is also applying AI technology in the advertising placement process to improve advertising monetization efficiency [2]

得益于阿里广告预算增加，微博公司三季度来自阿里的广告及营销收入同比增加112%至4550万美元。 11月18日，微博（Nasdaq：WB，9898.HK）发布2025年第三季度财报。三季度微博总营收4.423亿美 元，同比减少5%；非公认会计准则归属于微博股东的净利润为1.1亿美元，同比减少20.47%。 | | 截至以下日期止三個月 | | 截至以下日期止九個月 | | | --- | --- | --- | --- | --- | | | 2024年 | 2025年 | 2024年 | 2025年 | | | 9月30日 | 9月30日 | 9月30日 | 9月30日 | | 爭收入: | | | | | | 廣告及營銷 | $398,615 | | $375,373 $1,112,843 $1,097,831 | | | 增值服務 | 65,865 | 66.932 | 185,007 | 186.127 | | 淨收入 | 464,480 | 442,305 | 1,297,850 | 1,283,958 | 细分业务方面，微博广告及营销收入3.75亿美元，同比减少6%，或依据固定汇率计算同比减少5% ...

"我们对微博智搜取得的进展感到满意，"微博首席执行官王高飞表示，"在用户产品方面，我们完成了 对主页信息流产品的改造，以推荐流作为产品主界面，进一步提升用户内容消费规模和效率。在人工智 能技术应用方面，微博智搜的用户规模及搜索量在第三季度保持强劲增长，进一步满足用户的搜索需 求，并推动平台整体搜索量的增长。在变现方面，我们进一步巩固内容营销优势，提升信息流广告的转 化率。在广告技术方面，我们持续加强人工智能技术在广告投放全流程的应用，进一步提升变现效 率"。 公告称，2025年9月的月活跃用户数为5.78亿，2025年9月的日均活跃用户数为2.57亿。 2025年第三季度的广告及营销收入为3.75亿美元，较去年同期的3.99亿美元减少6%。广告及营销收入 (不包括来自阿里巴巴的广告收入)约为 3.3亿美元，较去年同期的3.77亿美元下降13%。 智通财经APP讯，微博-SW(09898)发布2025年第三季度财务业绩，该集团期内取得净收入约4.42亿美 元，同比减少4.77%;归属于微博股东的净利润2.21亿美元，同比增长69.33%;每股基本净收益0.93美元。 于2025年前三季度，实现净收入12.84亿 ...

微博-SW(09898)发布2025年第三季度财务业绩，该集团期内取得净收入约4.42亿美元，同比减少4.77%; 归属于微博股东的净利润2.21亿美元，同比增长69.33%;每股基本净收益0.93美元。 于2025年前三季度，实现净收入12.84亿美元，同比减少1.07%;归属于微博股东的净利润4.54亿美元，同 比增加55.43%;每股基本净收益1.9美元。 公告称，2025年9月的月活跃用户数为5.78亿，2025年9月的日均活跃用户数为2.57亿。 2025年第三季度的广告及营销收入为3.75亿美元，较去年同期的3.99亿美元减少6%。广告及营销收入 (不包括来自阿里巴巴的广告收入)约为3.3亿美元，较去年同期的3.77亿美元下降13%。 "我们对微博智搜取得的进展感到满意，"微博首席执行官王高飞表示，"在用户产品方面，我们完成了 对主页信息流产品的改造，以推荐流作为产品主界面，进一步提升用户内容消费规模和效率。在人工智 能技术应用方面，微博智搜的用户规模及搜索量在第三季度保持强劲增长，进一步满足用户的搜索需 求，并推动平台整体搜索量的增长。在变现方面，我们进一步巩固内容营销优势，提升信息流广告的转 ...

微博(WB.US)盘前涨3%报10.25美元。消息上，微博2025年第三季度净收入4.42亿美元，同比下降5%； 广告收入3.75亿美元，同比下降6%；非GAAP净利润1.11亿美元，同比下降20%。来自阿里巴巴广告收 入4550万美元，同比激增112%；微博智搜保持强劲增长势头。另外，据悉微博正式发布首个自研开源 大模型Vibe Thinker。 | WB 微博 | | | | --- | --- | --- | | 9 950 L -0.110 -1.09% | | 收盘价 11/17 16:00 美东 | | 10.250 + 0.300 +3.02% | | 盘前价 11/18 04:14 美东 | | 三 71 24 华 5 9 日 ♥ 白 ♥ 白 ♥ 白 ♥ 白 ♥ 白 一 | | ● 快捷交易 | | 最高价 10.330 | 开盘价 10.160 | 成交量 129.6万 | | 最低价 9.900 | 昨收价 10.060 | 成交额 1304.88万 | | 平均价 10.068 | 市空室 7.06 | 总市值 24.36亿(m) | | 振 幅 4.27% | 市盈率(静) 8.58 ...

2025年第三季度，归属于微博股东的净利润为2.211亿美元，每股摊薄净收益0.83美元；非公认会计准则 经营利润为1.32亿美元，非公认会计准则经营利润率为30%；非公认会计准则归属于微博股东的净利润 为1.107亿美元，非公认会计准则每股摊薄净收益0.42美元。 "我们对微博智搜取得的进展感到满意，"微博首席执行官王高飞表示，"在用户产品方面，我们完成了 对主页信息流产品的改造，以推荐流作为产品主界面，进一步提升用户内容消费规模和效率。在人工智 能技术应用方面，微博智搜的用户规模及搜索量在第三季度保持强劲增长，进一步满足用户的搜索需 求，并推动平台整体搜索量的增长。在变现方面，我们进一步巩固内容营销优势，提升信息流广告的转 化率。在广告技术方面，我们持续加强人工智能技术在广告投放全流程的应用，进一步提升变现效 率"。 格隆汇11月18日丨微博-SW(09898.HK)发布公告，2025年第三季度，净收入4.423亿美元，同比减少 5%，或依据固定汇率计算同比减少4%；广告及营销收入3.754亿美元，同比减少6%，或依据固定汇率 计算同比减少5%；增值服务收入6690万美元，同比增加2%，或依据固定汇率计算 ...

专题：聚焦2025年第三季度美股财报 11月18日，微博发布2025年第三季度财报。三季度微博总营收4.423亿美元，约合人民币31.56亿元，其 中广告营收3.754亿美元，约合人民币26.77亿元，三季度调整后运营利润1.32亿美元，约合人民币9.37亿 元。 用户方面，截至三季度末，微博的月活跃用户达到5.78亿，日活跃用户达到2.57亿。 2025年，公司整体策略仍以提升用户价值为核心，保持微博在热点和文娱内容生态的领先优势，稳定社 交产品竞争力，并在此基础上结合大模型能力重点投入推荐、搜索体系的建设，提升用户规模和活跃。 全民热点展现话题爆发力 平台释放生态活力 三季度，在运营层面，微博借助暑期和热点效应，强化兴趣和热点内容的供给和分发，满足不同用户群 体的个性化内容消费需求，有效激发了平台的内容生态活力。 据《2025微博第三季度热搜报告》显示，三季度，微博共产生热搜6.05万个，其中社会类29%、文娱类 38%、垂直兴趣类33%。 社会类热点中，九三阅兵在微博平台引发了全国范围内的情感共鸣与深度互动，超过3亿用户通过热搜 了解阅兵盛况，同时互动用户占比超50%，超480个相关话题登上热搜，体现了 ...