证券研究报告 微博 (WB US) 2025 年 11 月 19 日│美国 微博 3Q 业绩：营收同降 4.8%至 4.42 亿美元，符合 VA 一致预期（下同）； 经调整净利润同降 20%至 1.11 亿美元，符合预期。3Q 管理费用有所下降 （一次性坏账收回），同时包含 1.18 亿美元的一次性基金投资收益，但公 司预计将于 4Q 转为确认损失。3Q 更新：①AI 功能加速拓展，智搜已加入 用户互动功能，但暂未考虑大规模商业化；②战略转向推荐流和热点流，有 望推动用户时长改善。鉴于 26 年冬奥会与世界杯的赛事催化，我们预期广 告收入增速有望略改善，维持"买入"评级。 AI 赋能微博广告投放环节 投流税影响下，3Q 效果广告承压更为明显。AI 智搜持续迭代，3Q MAU 达 7000 万，DAU 与搜索量环比均增长超 50%，同时加入博文总结和真实性验 证功能。此外，AI 快速融入微博广告的素材生产、竞价与投放环节，2Q 上 线的灵创平台（图文内容批量生成）渗透率持续提升，3Q 进一步延伸至视 频，可实现智能混剪和高光定位。在信息流竞价广告中，10 月底 AI 素材消 耗占比已接近 30%。 3Q 广告受 ...

Core Insights - The core viewpoint of the articles is that AI technology is essential for enhancing the user experience and efficiency in the second-hand trading industry, particularly for the platform Xianyu, which aims to cover 500 million active users with AI in the next three years [1][4]. Group 1: AI's Impact on the Industry - AI is driving transformation in the second-hand trading industry by systematically improving transaction efficiency and expanding diverse service scenarios [2]. - The introduction of AI has led to significant increases in user engagement, product turnover rates, and user satisfaction on the platform [2]. - AI can accurately identify non-standard products and provide precise pricing references, facilitating more efficient transactions [2]. Group 2: Market Potential - Currently, around 100 million users list their idle items on Xianyu annually, while the potential market size in China could reach 150 million households, indicating substantial growth opportunities [3]. - The platform aims to leverage AI technology to continuously expand transaction volumes and enhance the circulation of idle goods [3]. Group 3: Future Vision and Goals - Xianyu's vision is to become a transaction platform driven by "super intelligent agents," with plans to launch the "Xianyu Intelligent Agent" at the 2024 United Nations Climate Conference [4]. - By 2025, AI capabilities on the platform are expected to cover over 45 million users, with total GMV from AI-assisted sales surpassing 10 billion yuan [4]. Group 4: AI-Driven Services - The platform has introduced "AI Smart Search," which utilizes conversational interactions to understand user intent and optimize the search experience, significantly reducing decision-making time for buyers [5]. - The ultimate goal is to equip both buyers and sellers with dedicated AI assistants to streamline transactions and improve resource allocation efficiency [5]. Group 5: Trust and Risk Management - AI is being utilized to build a trustworthy trading system by identifying and mitigating risks, thereby creating a safer transaction environment [7]. - The introduction of "AI Small Court" enhances the resolution of disputes by intelligently matching cases with appropriate reviewers and providing evidence suggestions, resulting in a 15.8% decrease in case return rates [7]. - AI is integrated into the entire transaction process, from pre-sale credit assessments to post-sale dispute resolution, aiming to foster a healthier and more sustainable trading ecosystem [7].

Core Insights - The core idea of Xianyu is to leverage AI technology to assist ordinary users in participating in the circular economy, rather than transforming them into professional sellers [1][3][6] AI Development and Applications - Xianyu's AI applications have reached 45 million users, facilitating over 10 billion yuan in transactions, and increasing daily sales of newly listed items by 10% [1][3] - The new AI applications "AI Smart Search" and "AI Market Trends" were showcased, marking a significant upgrade in Xianyu's AI capabilities to support both selling and buying processes [2][3] AI Smart Search - AI Smart Search utilizes interactive search to deeply understand user needs, providing tailored product recommendations and reducing decision-making time to as little as 10 seconds [4] - It can assist users not only in finding products but also in seeking guides, market trends, and hot topics [4] AI Market Trends - AI Market Trends offers users price references and market supply-demand dynamics based on real transaction data, including insights on price trends and valuation predictions [4] - This application helps users track the average transaction price over the past week and the search popularity over the last 24 hours [4] User-Centric AI Practices - Xianyu's AI services address specific user challenges, such as sellers' difficulties in listing items and buyers' concerns about pricing, thereby enhancing transaction efficiency [5] - The adoption rate of AI-generated listings has reached 87%, with a total of 230 million items listed using AI [5] Environmental Impact - Over the past year, Xianyu users have collectively reduced carbon emissions by 11.8 million tons through idle trading and recycling, representing a 79% increase compared to the previous fiscal year [5] - The company aims to expand AI coverage to 500 million active users within three years and contribute to a total carbon reduction of 55 million tons by 2030 [5][6]

Core Insights - GEO promotion is a new marketing approach that allows brands to become the "standard answer source" for AI-generated responses, breaking through single-platform traffic barriers and enabling comprehensive precision marketing [1][3] Summary by Sections GEO Promotion Logic - The core of GEO promotion is to ensure that enterprise information meets the content collection rules of multiple AI agents, allowing for prioritized capture and recommendation of enterprise information when users inquire about relevant keywords [3][4] - Companies must adapt their content to be authoritative, structurally compatible, and semantically deep to meet the requirements of various AI platforms [3][4] Key Application Scenarios - B2B and technology companies can leverage GEO to address professional demand scenarios by structuring technical documents into "question-evidence-conclusion" formats and adapting content based on user understanding [4] - Local businesses can utilize GEO to embed AI recommendations for "instant services," creating content that presents key information in a Q&A format and marking essential details like address and operating hours [4] Performance Metrics - Since 2025, the frequency of users searching for local services across AI platforms has increased by 180%, with companies using GEO promotion achieving an average information capture rate of 82% across multiple AI agents, significantly higher than the 23% for those not using GEO [5] Common Misconceptions - Many companies mistakenly equate GEO with "AI version of SEO," failing to recognize the fundamental differences in logic between the two [6] - There is a lack of understanding regarding "structured content," which is essential for meeting the collection standards of multiple AI platforms [6] - Companies often overlook the importance of building "long-term cognitive assets," focusing instead on immediate traffic gains, which can hinder the effectiveness of GEO promotion [6] Essence of GEO Promotion - The essence of GEO promotion lies in constructing "brand recognition anchors" within the ecosystem of multiple AI agents, utilizing authoritative and structured content to achieve resonance and ensure precise visibility during user demand moments [7]