Weibo Corp (WB) 2024 Q3 法說會逐字稿

Good day, and thank you for standing by. Welcome to Weibo reports third quarter 2024 financial results. (Operator Instructions) Please be advised that today's conference is being recorded.

美好的一天，感謝您的支持。歡迎關注微博報告2024年第三季財務業績。 （操作員指示）請注意，今天的會議正在錄製中。

I would now like to hand the conference over to your speaker today, Sandra Zhang. Please go ahead.

現在我想將會議交給今天的發言人 Sandra 張。請繼續。

Thank you, operator. Welcome to Weibo third quarter 2024 earnings conference call. Joining today are our Chief Executive Officer, Gaofei Wang; and our Chief Financial Officer, Fei Cao. The conference call is also being broadcasted on the internet.

謝謝你，接線生。歡迎參加微博2024年第三季財報電話會議。今天加入的是我們的執行長王高飛；以及我們的財務長曹斐。電話會議也在網路上播出。

Please stand by your conference will resume shortly. Please remain on the line, your conference will resume shortly. Please, continue.

請耐心等待，您的會議很快就會恢復。請保持通話，您的會議將很快恢復。請繼續。

Yeah. Sure, sorry. And our Chief Financial Officer, Fei Cao. The conference call is also being broadcast on the internet and is available through Weibo's IR website.

是的。當然，抱歉。還有我們的財務長曹斐。電話會議也在網路上直播，並可透過微博的IR網站觀看。

Before the management remarks, I would like to read you the safe harbor statement in connection with today's conference call. During today's conference call, we may make forward-looking statements. Statements that are not historical facts, including statements of our beliefs and expectations.

在管理層發表講話之前，我想向您宣讀與今天的電話會議相關的安全港聲明。在今天的電話會議上，我們可能會做出前瞻性陳述。非歷史事實的陳述，包括我們的信念和期望的陳述。

Forward-looking statement involving heavy risks and uncertainties. A number of important factors could cause actual results to differ material from those contained in any forward-looking statements. Weibo assumes no obligation to update the forward-looking statements in this conference call and elsewhere.

前瞻性陳述涉及重大風險和不確定性。許多重要因素可能導致實際結果與任何前瞻性陳述中包含的結果有重大差異。微博不承擔更新本次電話會議和其他地方的前瞻性聲明的義務。

Further information regarding this and other risks is included in Weibo's annual report on Form 20-F and other findings with the SEC. All the information provided in this press release is occurring as of date here of. We will assume no obligation to update such information except as required under applicable law.

有關此風險和其他風險的更多資訊包含在微博的 20-F 表格年度報告以及 SEC 的其他調查結果中。本新聞稿中提供的所有資訊均截至此為止。除適用法律要求外，我們不承擔更新此類資訊的義務。

Additionally, I would like to remind you that our discussion today includes certain non-GAAP measures, which excludes stock-based compensation and certain other expenses. We use non-GAAP financial measures to gain a better understanding of Weibo's comparative operating performance and the future prospects.

此外，我想提醒您，我們今天的討論包括某些非公認會計原則措施，其中不包括基於股票的薪酬和某些其他費用。我們使用非公認會計準則財務指標來更了解微博的營運績效比較和未來前景。

Our non-GAAP financials exclude certain expenses, gains or losses and other items that are not expected to result in future cash payment or are non-recurring in nature or not indicative of our core operating results and outlook. Please refer to our press release for more information about our non-GAAP measures. Following management prepared remarks, we'll open the lines for a brief Q&A session.

我們的非公認會計準則財務數據不包括某些費用、損益以及其他預計不會導致未來現金支付或非經常性或不代表我們核心經營績效和前景的項目。請參閱我們的新聞稿，以了解有關我們的非公認會計準則措施的更多資訊。在管理階層準備好發言後，我們將進行簡短的問答環節。

With this, I would like to turn the call over to our CEO, Gaofei Wang.

在此，我想將電話轉給我們的執行長王高飛。

(interpreted) Thank you. Hello, everyone. Welcome to Weibo's earning conference call. Today, I will share with you the highlighting Weibo's product monetization in the third quarter of 2024.

（翻譯）謝謝。大家好。歡迎參加微博賺錢電話會議。今天要跟大家分享的是微博2024年第三季的產品變現重點。

On the user front in September, Weibo's MAU reached approximately 587 million and the average DAUs reached approximately 257 million. This improvement is partly due to the adjustment in the youth acquisition and growth strategy this year with a focus on attracting higher quality users through optimizing the channel strategies.

用戶方面，9月微博月活躍用戶數約5.87億，平均每日活躍用戶數約2.57億。這項改善部分得益於今年獲客成長策略的調整，重點在於透過優化通路策略來吸引更高品質的用戶。

Additionally, our product operation had prioritized enhancing user engagement and retention on the platform. Combined with the boot from the Olympics, these efforts have led to an increase in the overall DAU versus annual ratio year over year

此外，我們的產品營運優先考慮提高平台上的用戶參與度和保留率。加上奧運的推動，這些努力導致整體 DAU 與年度比率逐年增加

On the monetization front, driven by our enhanced marketing competitiveness in key industries, the positive impact from Olympic hot trends, as well as the strong momentum of the value-added service, Weibo's total revenue in the third quarter reached USD464.5 million, up 5% year over year.

變現方面，在重點產業行銷競爭力增強、奧運熱點趨勢的正面影響以及增值服務強勁勢頭的推動下，微博第三季度總收入達到4.645億美元，較去年同期成長1.5%。

Of which, our ad revenue reached USD398.6 million, up 2% year-over-year and VAS revenue reached USD65.9 million, up 25% year over year. Our non-GAAP operating income reached USD164.5 million, representing a non-GAAP operating margin of 35%.

其中，廣告收入達3.986億美元，較去年成長2%，增值服務收入達6,590萬美元，較去年同期成長25%。我們的非 GAAP 營業收入達到 1.645 億美元，非 GAAP 營業利益率為 35%。

Next, let me share with you our progress made in product and monetization in the third quarter. On the channel front, this year will continue to enhance the display of Weibo's hot trend and social content in key positions of handset devices and improve the targeted reach and constant consumption experience of high-quality users in collaboration with manufacturers, aiming to enhance the engagement and retention of channel users.

接下來我來跟大家分享我們第三季在產品和變現方面的進展。通路方面，今年將持續加強微博熱點動態與社群內容在手機裝置關鍵位置的展示，並與廠商合作，提高優質用戶的精準觸達和持續消費體驗，提升參與度以及通路用戶的留存。

In the third quarter, we partner with handset manufacturers to particularly increase user reach and the constant consumption of Olympic related hot trends. And as a result, the average DAUs from this channel represent double-digit growth compared to the second quarter.

第三季度，我們與手機製造商合作，特別是擴大用戶覆蓋範圍和奧運相關熱門趨勢的持續消費。因此，與第二季相比，該通路的平均 DAU 呈現兩位數成長。

On social attributes in the third quarter for information free products, we continue to increase high-quality content consumption for both relationship-based and interest-based feed. Aiming to improve user social interaction.

在第三季無資訊產品的社交屬性上，我們繼續增加基於關係和基於興趣的提要的高品質內容消費。旨在改善用戶社交互動。

On one hand, leveraging the summer vacation and Olympic related hot trend effect, we enhance vertical interest-based content distribution and instant recommendation feedback, catering to the personalized content consumption needs of various user's group.

一方面，藉由暑期及奧運熱點趨勢效應，加強內容垂直興趣分送及即時推薦回饋，滿足各類使用者群體的個人化內容消費需求。

On the other hand, we boost the exposure of account and content with high-quality relationship and interaction, aiming to promote user interaction and enhance social stickness. As a result, the total interaction on the front page increased by double-digit quarter over quarter.

另一方面，我們以優質的關係和互動來提升帳號和內容的曝光度，旨在促進用戶互動，增強社交黏著度。結果，首頁的總互動量較上季增加了兩位數。

And meanwhile, we further improve the growth path of user generated content on Weibo by analyzing user profile, interest, frequency of content generation and other characteristics. We provided personalized guidance and tips on the content generation and encourage content share and help users with continuous content generation to gain traffic and accumulate fans.

同時，我們透過分析使用者畫像、興趣、內容生成頻率等特徵，進一步完善微博用戶生成內容的成長路徑。我們提供個人化的內容產生指導和提示，鼓勵內容分享，幫助用戶不斷產生內容以獲得流量和累積粉絲。

In the third quarter, the number of users who generate UGC increased by 8% quarter over quarter, while the number of relationships built among ordinary users rose double-digit quarter over quarter.

第三季度，產生UGC的用戶數量較上季成長8%，而一般用戶之間建立的關係數量則是較上季增加兩位數。

On the content ecosystem in the third quarter, we fully leverage the marketing advantages of Olympic related hot trends, amplifying the influence of global sports IP. Meanwhile, we strengthen content of operation across entertainment, digital, automated and game verticals, seizing every opportunity to create top trending topics on the platform and strengthen Weibo's user mindset and competitive edge in hot trend marketing.

第三季的內容生態上，我們充分發揮奧運熱點的行銷優勢，放大全球運動IP的影響力。同時，我們加強娛樂、數位、自動化、遊戲等垂直領域的內容運營，抓住一切機會打造平台熱門話題，增強微博的用戶心態和熱點行銷競爭優勢。

This year, the Paris Olympic Games capture extensive user attention and discussion. We will actively engage media accounts to generate content and lead discussion around Olympic Games. Extending the hot trends from potential gold medal game to gold medals athletes and key sports events which help boost the hot trend traffic and elevate the Olympic Games impact.

今年，巴黎奧運引起了用戶的廣泛關注和討論。我們將積極吸引媒體帳號來製作內容並引導圍繞奧運的討論。將熱門趨勢從潛在的金牌賽事延伸至金牌運動員和重點運動賽事，有助於拉動熱點流量，提升奧運影響力。

The Olympic related topic on Weibo surpassed 400 billion views with total user discussion over 400 million. Meanwhile, we continue to improve the monetization efficiency of hot trends. The ad revenue from the Paris Olympics set a historical high for Weibo's event-based sales, significantly surpassing that of the Tokyo Olympics.

微博奧運話題閱讀量突破4000億，用戶討論量超4億。同時，我們不斷提高熱門趨勢的變現效率。巴黎奧運廣告收入創微博賽事銷售歷史新高，大幅超越東京奧運。

Weibo remains the primary social platform for Chinese athletes with 93% of the Chinese Olympic delegation open their Weibo account and Weibo is the only social platform with all the Chinese gold medalist have opening account. Athletes share their competition record and insights in videos or text and image on Weibo and their average daily post significantly outnumbered their daily posts on the other platform.

微博仍然是中國運動員的主要社群平台，93%的中國奧運代表團開通了微博帳號，微博是唯一一個所有中國金牌得主都開設帳號的社群平台。運動員在微博上以影片或文字和圖片的形式分享自己的比賽記錄和見解，他們的日均發文數明顯超過其他平台的日發文數。

During the Paris Olympics, the total number of their fans doubled compared to that of during the Tokyo Olympics. Throughout the games, we witnessed not only the outstanding achievement of the Chinese team but also the outstanding sports competition skills and the massive influence across platform of Chinese top athletes like (inaudible) as well as the impressive performance of the younger athlete born in 2000s.

巴黎奧運期間，他們的球迷總數比東京奧運期間翻了一番。在整個比賽過程中，我們不僅看到了中國隊的優異成績，也看到了像（聽不清楚）這樣的中國頂尖運動員出色的體育競技技巧和巨大的跨平台影響力，以及2000後年輕運動員的驕人表現。

Over the past four years, from the Tokyo Olympics to the Beijing Winter Olympics and now the Paris Olympics, we have continuously refined our operation strategy of event driven hot trend and improve our operation of the athlete and ecosystem, achieving a year over year increase of active users of sport vertical and a more diverse sports counting ecosystem.

四年來，從東京奧運會到北京冬奧會，再到如今的巴黎奧運會，我們不斷完善賽事驅動熱點運營策略，完善運動員和生態圈運營，實現了逐年增長。的體育計數生態系。

From a perspective of monetization, we have progressively overcome the limitation of event-based sales, achieving significant revenue growth. This achievement has reinforced our confidence in the development of global sports content ecosystem in the long run.

從變現的角度來看，我們逐步克服了事件銷售的限制，並實現了收入的顯著成長。這項成就增強了我們對全球體育內容生態系統長遠發展的信心。

As the entire country cheered for the Olympics, numerous hot trends emerged in the entertainment, digital and game verticals in the third quarter by sparking extensive user discussions. For example, in the entertainment vertical, we enhance collaborations with the newly returned comedy variety shows and summer movies, leveraging Weibo's strengths in driving our discussion.

在舉國歡騰奧運之際，第三季娛樂、數位、遊戲垂直領域湧現眾多熱門趨勢，引發了用戶的廣泛討論。例如，在娛樂垂直領域，我們加強與新回歸的喜劇綜藝和暑期電影的合作，利用微博的優勢來帶動我們的討論。

This helped boost the popularity and the reputation of production like the movie success and the variety show standup comedy 2024. As a result, for entertainment work in this quarter, the discussion increased to over 20% in both year over year and quarter over quarter.

這有助於提升電影《成功》和綜藝單口喜劇《2024》等製作的知名度和美譽度。

In the digital vertical, Apple and Huawei, the two major handset manufacturers both launched a new product on September 10, which became the focal point of industry discussion in the third quarter. Weibo, together with two handset manufacturers engaged the several tech influencer to experience review and post content around the new products, providing users with timely and professional appraisal on Weibo.

在數位垂直領域，蘋果和華為兩大手機廠商均於9月10日推出新品，成為第三季產業討論的焦點。微博聯合兩家手機廠商聘請了多位科技網紅圍繞新產品進行體驗評測和發佈內容，為用戶在微博上提供及時、專業的評價。

On that day, for both models together, Huawei's Tri-Fold Mate XT and Apple's iPhone 16, the related content viewership and discussion surpassed 2 billion and 1.7 million times respectively. This further demonstrates the stability and the value we create in the business partnership with advertisers in the long run while we build the content ecosystem together with our clients, the mobile and the mobile manufacturers.

當天，華為Tri-Fold Mate XT和蘋果iPhone 16這兩款機型的相關內容觀看量和討論量分別超過20億次和170萬次。這進一步證明了我們在與客戶、行動裝置和行動裝置製造商共同建立內容生態系統的同時，與廣告商的長期業務合作關係的穩定性和所創造的價值。

In the third quarter, the scale and engagement of golden and orange verified accounts in game vertical continued to grow with the number of such KOLs doubled year over year and their average daily post increasing by more than two-folds. This growth further boost the user engagement among game verticals on Weibo.

第三季度，遊戲垂直領域金橙認證帳號規模與參與度持續成長，此類KOL數量較去年同期成長一倍，每日平均發文量成長兩倍以上。這種成長進一步提高了微博上游戲垂直領域的用戶參與度。

And in turn supported our partnership with China's AAA title, Black Myth: Wukong for its new game release. On launch day of August 1, Weibo fully leverage its cross-field strength, engaging 30 golden and orange verified accounts across various interest verticals including media, digital, cultural tourism, and finance to promote and discuss the new release.

反過來，我們也支持我們與中國 AAA 級遊戲《黑神話：悟空》的新遊戲發布合作。 8月1日上線當天，微博充分發揮跨領域優勢，聯合媒體、數位、文旅、金融等多個興趣領域的30個金橙認證帳號對新版本進行宣傳與討論。

Within 24 hours of the launch, this verifier can generate 35,000 posts with related topics, garnering over 4.5 billion views, over 8.6 million interactions and over 200 million video views on Weibo, generating substantial online buzz on the launch day. The popularity of this game given influence the local culture tourism which will facilitate the offline local economy.

上線24小時內，該驗證器可生成35,000條相關主題的帖子，微博瀏覽量超過45億次，互動量超過860萬次，視頻觀看量超過2億次，上線當天就引起了巨大的網絡熱議。遊戲的火爆影響了當地的文化旅遊，帶動了當地的線下經濟。

Moving on to monetization. In the third quarter, our ad revenue reached the USD398.6 million, up 2% year to year, demonstrating Weibo's ability to capture the clients marketing budget around mega events and IP related hot trends.

繼續貨幣化。第三季度，我們的廣告收入達到3.986億美元，年增2%，顯示微博有能力抓住客戶圍繞大型活動和IP相關熱門趨勢的行銷預算。

With the Olympic and intensity release of dramas and variety shows during the summer break, we focus on effectively integrating Weibo's hot trend resources in the third quarter by aligning organic hot trends on Weibo. With client's market hype, we strive to attract and accommodate client's promotion budget as much as possible.

隨著暑期的奧運和電視劇、綜藝節目的密集發布，第三季我們專注於有效整合微博熱點資源，對微博進行有機熱點趨勢的對接。隨著客戶的市場炒作，我們努力盡可能吸引和容納客戶的促銷預算。

Our IP based hot trend, the biggest hot trend on Weibo in the third quarter was the Paris Olympic Games, leveraging our experience with the Tokyo Olympic Games and Beijing Winter Olympic Games. We work to better support Olympic related sponsors who enhance their brand value and amplify marking height with our ad offerings.

我們基於IP的熱門趨勢，第三季微博上最大的熱門趨勢是巴黎奧運會，並借鑒了我們東京奧運會和北京冬奧會的經驗。我們致力於更好地支持奧運相關贊助商，他們透過我們的廣告產品提高品牌價值並提高品牌高度。

To elaborate, we focus on greeting the sports and athlete endorsement hot trends with marketing objective of the sponsors. This unique event driven marketing model has been widely embraced by clients. This year, we observed a shift in user engagement around the Olympics on Weibo with users focusing more on athlete's stories on and off the field than just the event outcome.

詳細來說，我們將重點放在贊助商的行銷目標來迎合體育和運動員代言的熱門趨勢。這種獨特的事件驅動行銷模式得到了客戶的廣泛認可。今年，我們觀察到微博上圍繞奧運會的用戶參與度發生了變化，用戶更多地關注運動員在賽場內外的故事，而不僅僅是賽事結果。

This shift is actually partly due to Weibo's proactive approach in anticipating users' interest and cultivating ecosystem around sports. Over the past two years, we have consistently leveraged the sports events to create contents around sports stars and thus different engagement of athletes and their fans.

這種轉變實際上部分歸因於微博積極預測用戶興趣並圍繞體育培育生態系統。過去兩年，我們持續利用體育賽事圍繞運動明星打造內容，從而提高運動員及其粉絲的不同參與度。

For this year's Olympics, we set a clear direction for hot trends operation in advance, working closely with media in sports and cross vertical big league. By highlighting events and athletes, we not only amplify the influence of Olympic related hot trends but also broaden the scope of discussion.

今年的奧運會，我們提前明確了熱門營運方向，與運動、跨垂直大聯盟等媒體密切合作。透過突顯賽事和運動員，我們不僅放大了奧運相關熱點趨勢的影響力，也拓寬了討論範圍。

This approach enabled us to expand our client base beyond the traditional event sponsors to any client who wish to leverage Olympic buzz for brand exposure. Compared with the Tokyo Olympics, we are pleased to see a significant increase in both the number of clients and the total revenue from the Paris Olympics.

這種方法使我們能夠將客戶群擴大到傳統賽事贊助商以外的任何希望利用奧運知名度來提高品牌曝光的客戶。與東京奧運相比，我們很高興看到巴黎奧運的客戶數量和總收入都有大幅成長。

Notably driven by the Olympic events, our ad revenue from the food and beverage sector delivered strong year over year growth, making it one of the primary contributors to ad growth this quarter.

尤其是在奧運賽事的推動下，我們來自食品和飲料行業的廣告收入實現了同比強勁增長，使其成為本季廣告成長的主要貢獻者之一。

In terms of client-based hot trend marketing, we increasingly focused on their new product launch efforts in series such as product launch events, announcement of (inaudible) and offline fashion showcase. We will leverage content operation, innovative ad products and repeated targeting of key audience to boost the popularity and richness of content related to clients new products during the release cycles.

在以客戶為基礎的熱門趨勢行銷方面，我們越來越關注他們的系列新品發布工作，例如產品發表會、發布（聽不清楚）和線下時尚展示。我們將透過內容營運、創新廣告產品、重複鎖定重點受眾等方式，提升客戶新產品發佈週期內內容的熱度與豐富度。

Thanks to this effort, we reinforced clients mindset of choosing Weibo as the go to platform for product launch marketing. In the third quarter, Weibo covered nearly 50% of the new model launch in the automotive industry with new product contents contributing approximately 70% of ad revenue from this sector.

透過這項努力，我們強化了客戶選擇微博作為產品發布行銷首選平台的心態。第三季度，微博覆蓋了汽車產業近50%的新車型發布，新產品內容貢獻了該產業約70%的廣告收入。

As a result, we booked solid year over year revenue growth in automotive industry. As for the handset industry, however, revenue modestly declined year over year due to client product launch pipeline in third quarter. We expect to see the handset return to growth trajectory in the fourth quarter with the eventful new phone release schedule.

因此，我們在汽車行業實現了同比穩健的收入成長。然而，就手機產業而言，由於第三季客戶產品的推出，營收較去年同期小幅下降。我們預計，隨著新手機的發布計劃，手機將在第四季度恢復成長軌跡。

Over the past few years, we will have notably expanded the scholarship from both the handset and automotive industries. Tapping into industry trends, we have beat up our company ecosystems around high end photography for handsets and electric vehicles and also strengthen our hot trend marketing capabilities.

在過去的幾年裡，我們將大幅擴大手機和汽車產業的獎學金。利用行業趨勢，我們圍繞手機和電動車的高端攝影打造了公司生態系統，並增強了我們的熱門趨勢行銷能力。

For example, this year, we entered a strategic content marketing partnership with Vivo to continuously tell Vivo's brand story around photography, helping the brand gain traction in the high-end market. Following the successful campaign for the Vivo X100 as the photography panels in the fourth quarter last year.

例如，今年我們與 Vivo 建立了內容行銷策略合作夥伴關係，持續圍繞攝影講述 Vivo 的品牌故事，幫助該品牌在高端市場獲得吸引力。繼去年第四季vivo X100作為攝影面板的成功宣傳。

We introduced a campaign for the X100 Series in the second quarter this year, branding it as the concert go better by aligning with the concert and variety show IP. Then for the launch of the X200 series in October, we collaborated with the media and influencer to highlight Vivo's technological innovation, especially the telephoto lens features which generated significant user interest and discussion. This approach led to record breaking engagement for the product launch with first day sales across all channels, surpassing RMB2 billion, doubling the record of the previous model.

今年第二季我們推出了X100系列的宣傳活動，透過與演唱會和綜藝IP的對接，讓演唱會走得更好。隨後，在 10 月推出 X200 系列時，我們與媒體和影響者合作，重點強調了 Vivo 的技術創新，尤其是長焦鏡頭功能，引起了用戶的極大興趣和討論。這種方式使得產品發布的參與度破紀錄，全通路首日銷售額突破20億元人民幣，是先前模式的兩倍。

Moving for the frequent new product launches, we also step up our hot trend marketing efforts for footwear and apparel client such as expanding our coverage of hot trends scenarios of fashion shows and celebrity endorsement.

面對頻繁的新品發布，我們也加大了針對鞋服客戶的潮流行銷力度，例如擴大時裝秀、明星代言等熱門潮流場景的覆蓋範圍。

In the third quarter, we also strengthened content operation for sports and outdoor products, leveraging multiple celebrity endorsement and the launch of new outdoor jackets. As a result, the footwear and apparel sector delivered double-digit year over year growth this quarter with revenue contribution from new product launch reaching record high in the past two years.

第三季度，我們也加強了運動戶外產品的內容運營，借助多位明星代言和新戶外夾克的推出。因此，鞋服產業本季實現了兩位數的年成長，新品發布帶來的營收貢獻創近兩年來新高。

For instance, Weibo has established a deep strategic marketing partnership with Bosideng over the past two years helping the brand secure its position as the leading down jacket brand. In September, Bosideng announced actor Yu Shi as its new brand ambassador. We maximize this endorsement by creating trending topics, engaging trends in brand promotion and aligning the launch with the mid-autumn festival and national holiday travel trends.

例如，過去兩年，微博與波司登建立了深度的策略行銷合作夥伴關係，幫助該品牌鞏固了羽絨外套領先品牌的地位。 9月，波司登宣布演員於石擔任新品牌大使。我們透過創造熱門話題、結合趨勢進行品牌推廣以及將產品發布與中秋節和國慶假期旅遊趨勢結合起來，最大限度地發揮這種認可作用。

By linking Bosideng outdoor jacket features with travel series, we emphasized the brand's unique selling points such as the three-in-one design and functional versatility. The campaign led to a notable sales increase for Woshidong outdoor jacket line in the third quarter on the e-commerce platform.

透過將波司登戶外夾克的特色與旅行系列聯繫起來，我們強調了品牌的獨特賣點，例如三合一設計和多功能性。這項活動使得沃獅動戶外夾克系列第三季在電商平台上的銷售額顯著成長。

Despite tailwinds from Olympic and summer break for the overall end market as shown by the Q3 consumer data, we continue to face a relevant sluggish consumer environment and thus subdued client marketing demand. Although, we will achieve both year over year and quarter over quarter growth in ad revenue driven by summer season and Olympic effect, growth in certain industries still fell short of our expectation.

儘管第三季消費者數據顯示，奧運和暑假對整體終端市場有利，但我們仍面臨相關的低迷消費環境，從而抑制了客戶行銷需求。儘管在夏季和奧運效應的推動下，我們將實現廣告收入同比和環比增長，但某些行業的成長仍低於我們的預期。

That said, we are encouraged by the stimulus policy measures introduced by the government in September, and we hope to see this policy gradually take effect and stimulate the macro economy, consumer spending and related sectors.

儘管如此，我們對政府9月推出的刺激政策措施感到鼓舞，希望看到該政策逐步發揮作用，並刺激宏觀經濟、消費支出和相關產業。

In light of such market environment, we will continue to focus on reinforcing Weibo's competitive strengths in hot trend marketing and content marketing by concentrating our content and product resources. Weibo's unique value proposition of hot trend and content marketing is also the key to sustain our high operating efficiency.

在這樣的市場環境下，我們將持續集中內容和產品資源，並專注於強化微博在熱門行銷和內容行銷上的競爭優勢。微博獨特的熱門趨勢和內容行銷價值主張也是我們維持高營運效率的關鍵。

On top of that, we are also committed to optimizing our brand and the performance ad offerings so as to improve our competitiveness and expand our market share in these areas.

除此之外，我們也致力於優化我們的品牌和成效廣告產品，以提高我們的競爭力並擴大我們在這些領域的市場佔有率。

With that, let me turn the call over to Fei Cao for financial review.

那麼，讓我把電話轉給曹斐進行財務審查。

(interpreted) Thank you, Gaofei, and hello, everyone. Welcome to Weibo's third quarter 2024 earnings conference call. Let's start with some metrics. In September 2024, Weibo's MAU reached 587 million and average DAU reached 257 million, reflecting a pullback from the Olympics peak as we enter back to school season.

（譯）謝謝高飛，大家好。歡迎參加微博2024年第三季財報電話會議。讓我們從一些指標開始。 2024 年 9 月，微博的月活躍用戶達到 5.87 億，平均每日活躍用戶達到 2.57 億，這反映出隨著我們進入返校季，微博的月活躍用戶數從奧運高峰期有所回落。

Additionally, in 2024, makers proactively adjust our user strategy to put more emphasis on the acquisition and the engagement of high-quality users which resulted in improved DAU versus MAU ratio and strong social interaction with quarter.

此外，2024年，廠商積極調整使用者策略，更加重視優質用戶的獲取和參與，從而提高了DAU與MAU的比率，並增強了季度社交互動。

Turning to financials. As a reminder, my prepared remarks will focus on non-GAAP result, all amounts are in US dollar term and all comparisons are on year over year basis, unless otherwise noted.

轉向財務。提醒一下，除非另有說明，我準備的發言將重點關注非公認會計準則的結果，所有金額均以美元計算，所有比較均以同比為基礎。

Now let's move you through our financial highlights for third quarter 2024. Weibo's third quarter 2024 net revenue was $464.5 million, an increase of 5% or 3% of constant currency basis, exceeding our own [last year] expectations. Operating income was $164.5 million representing operating margin of 35%.

現在讓我們向您介紹 2024 年第三季的財務亮點。營業收入為 1.645 億美元，營業利益率為 35%。

Net income attributable to Weibo reached $139.2 million, representing a net margin of [30%]. Diluted EPS was USD0.53.

歸屬於微博的淨利達1.392億美元，淨利率為[30%]。稀釋後每股收益為 0.53 美元。

Let me give you more color on third quarter 2024 revenue performance. Weibo's advertising on the marketing revenues for the third quarter 2024 was $398.6 million, an increase of 2% or flattish on constant currency basis.

讓我為您詳細介紹 2024 年第三季的營收表現。 2024年第三季微博廣告行銷營收為3.986億美元，以固定匯率計算成長2%或持平。

Mobile ad revenues were [$374.2 million], contributing approximately 94% of total ad revenue. In terms of growth, FMCG, internet services and automobile were the largest contributors to growth. Among FMCG sector, we are encouraged to see strong momentum of food and beverage and apparel industry, driven by robust ad demand during the Summer Olympics.

行動廣告收入為 [3.742 億美元]，約佔廣告總收入的 94%。從成長來看，快速消費品、網路服務和汽車是成長的最大貢獻者。在快速消費品行業中，受夏季奧運會期間強勁廣告需求的推動，我們看到食品飲料和服裝行業的強勁勢頭。

That said, the overall FMCG growth were still dragged by the underperformance of cosmetics and personal care industry. The automotive sector continued to deliver solid growth, benefiting from the sector shift from traditional to electronic vehicles as well as our competitiveness in sales capability and cultivation of content ecosystem in this vertical.

儘管如此，快速消費品整體成長仍受到化妝品及個護產業表現不佳的拖累。汽車產業持續保持穩健成長，受益於產業從傳統汽車向電動車的轉變，以及我們在該垂直領域的銷售能力和內容生態系統培育方面的競爭力。

The ad product, promoted feed ad was the largest, followed by social display and topic and search. Ad revenues from Alibaba for the third quarter was $21.5 million, a decrease of 1%. Alibaba co-promoted the decrease this quarter following strong momentum in the first half of 2024. The decrease was primarily due to low seasonality in Q3 with e-commerce platform increasingly concentrate ad budget towards shopping festival.

廣告產品中，推廣資訊流廣告佔比最大，其次是社群展示、主題和搜尋。阿里巴巴第三季廣告收入為2,150萬美元，下降1%。繼 2024 年上半年的強勁勢頭之後，阿里巴巴共同推動了本季的下降。 下降的主要原因是第三季度季節性較低，電子商務平台越來越將廣告預算集中在購物節上。

Before turning to VAS segment, let me share some preliminary color on the trends entering the fourth quarter of 2024. On the [VAS] side, our authorities have unveiled a string of stimulus measures since late September to reignite macroeconomy with a ramp-up in similar package and the double 11 shopping festival ahead. We hope to see inflection point of consumption sentiment.

在轉向加值服務領域之前，讓我先分享一些關於2024 年第四季趨勢的初步看法。 ，推動宏觀經濟成長。我們希望看到消費情緒出現轉折點。

That said, we do not expect a V-shaped recovery given that it takes time for similar plan to translate into (inaudible) and product launch pipeline for advertisers and then to meaningful topline recovery.

也就是說，我們預計不會出現 V 型復甦，因為類似的計劃需要時間才能轉化為（聽不清楚）廣告商的產品發布管道，然後實現有意義的營收復甦。

Despite uncertainties and bumpy recovery in certain sectors, we are turning cautiously optimistic on the overall advertising market. We will build up our sales execution and highlight unique value proposition in the market in the hope of enhancing monetization efficiency and capturing incremental ad volume.

儘管某些行業存在不確定性且復甦崎嶇，但我們對整體廣告市場持謹慎樂觀態度。我們將建立我們的銷售執行力並突出市場上獨特的價值主張，以期提高貨幣化效率並捕捉增量廣告量。

Turning to VAS. VAS revenue was $65.9 million in the first quarter, an increase of 25%, primarily driven by revenue growth of membership and game-related services through membership service. It has benefited from improved ARPU for membership services since we rolled out creating an VIP feature to cater to the needs of [daily users].

轉向加值服務。第一季增值服務收入為6,590萬美元，成長25%，主要由會員服務和遊戲相關服務收入成長推動。自從我們推出 VIP 功能以滿足[日常用戶]的需求以來，它受益於會員服務 ARPU 的提升。

Turning to cost and expenses. Total cost and expenses for the third quarter were $299.9 million, an increase of 8%, primarily due to higher marketing spend and personnel related expenses. Operating income in the third quarter was $164.5 million, representing an operating margin of 35% compared to 27% in the same period last year.

轉向成本和費用。第三季總成本和費用為 2.999 億美元，成長 8%，主要是由於行銷支出和人員相關費用增加。第三季營業收入為1.645億美元，營業利益率為35%，去年同期為27%。

Turning to income tax. As a GAAP measure, income tax expense for third quarter was $32.2 million compared to $25.4 million last year. The increase was primarily due to withholding tax accrued related to earnings to be related to Weibo Hong Kong Limited from its wholly owned subsidiary in China.

轉向所得稅。以 GAAP 衡量標準，第三季所得稅費用為 3,220 萬美元，去年同期為 2,540 萬美元。增加的主要原因是與微博香港有限公司中國全資子公司的收益相關的預提稅。

Net income attributable to Weibo's shareholders in the third quarter was $139.2 million, an increase of 2%. Net margin was 30% compared to 31% in the same period last year.

第三季歸屬於微博股東的淨利為1.392億美元，成長2%。淨利潤率為 30%，而去年同期為 31%。

Turning to our balance sheet and cash flow items. As of September 30, 2024, Weibo's cash, cash equivalents and short-term investments totaled $2.2 billion. In third quarter, cash provided by operating activities was $124.2 million. Capital expenditures totaled $11.8 million, and depreciation and amortization expenses amounted to $14.4 million.

轉向我們的資產負債表和現金流量項目。截至2024年9月30日，微博的現金、現金等價物及短期投資總計22億美元。第三季度，經營活動提供的現金為1.242億美元。資本支出總計 1,180 萬美元，折舊和攤提費用總計 1,440 萬美元。

With that, let me now turn the call over to the operator for the Q&A session.

現在，讓我將電話轉給接線員進行問答環節。

(Operator Instructions) Felix Liu, UBS.

（操作員指令）Felix Liu，UBS。

(spoken in foreign language) Let me translate myself. First, let me congratulations on the strong Q3 despite the challenging macro condition in the quarter. My question is on the fourth quarter advertisement outlook.

（用外語發言）我自己翻譯。首先，讓我祝賀第三季的強勁表現，儘管本季宏觀情勢充滿挑戰。我的問題是關於第四季度廣告前景的問題。

In the light of the recent series of macro stimulus, how does management see the policies impacting your advertisement outlook in Q4? And could management share more details by industry verticals for Q4? Thank you.

鑑於近期一系列宏觀刺激政策，管理階層如何看待政策對第四季廣告前景的影響？管理階層能否分享第四季垂直產業的更多細節？謝謝。

(interpreted) All right. Thank you very much for the question. So in Q3, judging from the consumption-related order indexes and also indicators, you've seen a slight decreased trend. So this is due to the lack of demand due to the weak economy of China.

（解釋）好吧。非常感謝你的提問。那麼第三季度，從消費相關的訂單指數和指標來看，都是有小幅下降的趨勢。這是由於中國經濟疲軟導致需求不足。

So as a result, we do not see a very good performance in this consumer market area. So in Q3, the ad revenue increase was primarily due to the hot trends topic, for instance, the Olympics and also some of the summer holiday dramas.

因此，我們在這個消費市場領域沒有看到很好的表現。所以在第三季度，廣告收入的成長主要是因為熱門話題，像是奧運會，還有一些暑期電視劇。

And also, in Q4, still we have seen a lot of uncertainties. First of all, the overall trend is still pretty optimism. And also, we do see the government implementing the policies to boost the internal and domestic demand. But still, there is a difficulty for us to see a recovery of the ad revenues from the luxury products industry and also the real estate.

而且，在第四季度，我們仍然看到了很多不確定性。首先，整體趨勢還是相當樂觀的。此外，我們確實看到政府正在實施刺激內需的政策。但我們仍然很難看到奢侈品產業和房地產的廣告收入恢復。

And also, we can see that for the government, we have been seeing some of the policies, for instance, the new and also some of the subsidy policies, for instance, national subsidy policies. At the current stage targeting the 3C products and consumer electronics. So we've been seeing a very good boost in these industries immediately due to this particular policy of subsidy.

另外，我們可以看到，對於政府來說，我們已經看到了一些政策，例如新的政策，還有一些補貼政策，例如國家補貼政策。現階段瞄準3C產品和消費性電子產品。因此，由於這項特殊的補貼政策，我們立即看到這些產業得到了非常好的推動。

So because in these industries and the verticals in Q3, they were experiencing the pressures but still in Q4, we are expecting to see a year-on-year double digit growth. And also, this kind of a national subsidy policy will still last until next year or even the year after next further expanding from 3C and the consumer electronics industry and vertical to the other areas like the decoration and indoor designs, et cetera.

由於這些行業和垂直行業在第三季度面臨壓力，但在第四季度，我們預計將出現同比兩位數增長。而且，這種國家補貼政策也將持續到明年甚至後年，進一步從3C、消費性電子產業擴展到裝飾、室內設計等其他領域。

So we do see a very good increase of the demand of those advertisers on the e-commerce platforms. And we're going to -- actually we saw a very good effect taking place in the double 11 shopping festival.

所以我們確實看到這些廣告商對電子商務平台的需求有了很大的成長。事實上，我們在雙11購物節上看到了非常好的效果。

And in terms of the verticals, actually, we've been mentioning that in my prepared remarks already. But still, I think that has everything to do with the strategies that Weibo is taking now. For instance, in Q3, we're pretty much focusing on the hot trend related marketing strategies. For instance, the Paris Olympics.

實際上，就垂直領域而言，我們已經在我準備好的發言中提到了這一點。但我仍然認為這與微博現在採取的策略有很大關係。例如，在第三季度，我們非常關注與熱門趨勢相關的行銷策略。例如，巴黎奧運。

Comparing with the Tokyo Olympics, we've been seeing a very good double growth or even several times of growth in terms of ad revenue and number of customers in this Paris Olympics. And also, we've been seeing a very good double-digit growth in the verticals like the food and beverage, apparels and automotives as well because Weibo has already become a must have platform, and we do have a very strong characteristics in offering the hot trend-based marketing activities.

與東京奧運相比，本屆巴黎奧運在廣告收入和客戶數量方面都有非常好的雙倍甚至數倍的成長。而且，我們在食品飲料、服裝和汽車等垂直行業也看到了非常好的兩位數成長，因為微博已經成為必須擁有的平台，而且我們正在提供基於熱門趨勢的行銷活動。

And also, in terms of those advertisers that are doing marketing, we've been seeing this shift of their budget allocation from the traditional TVC channels to the social medias because in the past, most of the budgets for advertisements were pretty much allocated on the TVCs or the video-based websites.

而且，對於那些進行行銷的廣告商來說，我們已經看到他們的預算分配從傳統的電視廣告管道轉向社群媒體，因為過去大部分廣告預算幾乎都分配在社群媒體上。 。

But now, due to better discussion capabilities and also interactivity on the social media like Weibo, we've been seeing a very good traction of those budgets for advertisements in Q3, and we had a very good growth because of that in Q3.

但現在，由於更好的討論能力以及微博等社交媒體上的互動性，我們在第三季度看到這些廣告預算的牽引力非常好，因此我們在第三季度獲得了非常好的成長。

And also, apart from the hot trend-based marketing, also we are pretty much focused on the new product marketing strategies and campaigns. And this has already become a very good ground base for the Weibo's advertisement business.

此外，除了熱門的趨勢為基礎的行銷之外，我們也非常關注新產品的行銷策略和活動。這已經成為微博廣告業務非常好的基礎。

So in the past, this was pretty much sharing colors on automotive industry and headset industry. But now, we've been seeing a very good budget or -- I mean, the revenue contribution from apparels and luxury products industries.

所以以前，這基本上就是汽車產業和耳機產業的色彩分享。但現在，我們看到了非常好的預算——我的意思是，服裝和奢侈品行業的收入貢獻。

And also, now you can see for the automotive industry, most of the revenues were driven due to the new product marketing from this sector. And also, this is going to become our focal point in the future, and this is the main strategies that Weibo is taking to further enlarge our gap versus the competitors and also consolidate our leadership positioning. That is the end of this answer. Thank you.

而且，現在您可以看到，對於汽車行業來說，大部分收入都是由該行業的新產品行銷推動的。而且，這將成為我們未來的重點，也是微博進一步擴大與競爭對手的差距、鞏固領先地位的主要策略。本次回答到此結束。謝謝。

Timothy Zhao, Goldman Sachs.

提摩西·趙，高盛。

(spoken in foreign language) Thank you management for taking my question. My question is regarding the VAS services segment as we have seen very good growth for this segment over the past few quarters. Could management share what are the drivers behind? And what is our expectations for the upcoming fourth quarter and in future in terms of our monetization strategy in VAS? Thank you.

（用外語發言）感謝管理階層提出我的問題。我的問題是關於增值服務服務領域，因為我們在過去幾個季度看到該領域的成長非常好。管理階層能否分享背後的驅動因素是什麼？我們對即將到來的第四季和未來的增值服務貨幣化策略有何期望？謝謝。

(interpreted) Thanks for this question. So Weibo's VAS, value-added business or services maintained a double-digit growth for two consecutive quarters this year, primarily due to the continuous growth of the membership business revenue.

（解釋）謝謝你提出這個問題。因此，今年微博的增值業務或服務連續兩季維持兩位數成長，主要得益於會員業務收入的持續成長。

And on one hand, as we have already shared in the prepared remarks, as you can see that our channel strategy is pretty much focused on the acquisition and also the activity of the high-quality users. And this is our focus in 2024.

一方面，正如我們已經在準備好的發言中分享的那樣，您可以看到我們的通路策略非常注重優質用戶的獲取和活動。這是我們 2024 年的重點。

And this has enabled our platform to retain a high proportion of high-value users. And also, this particular user group has a very strong and also even stronger demand for value-added services.

這使得我們的平台能夠保留很高比例的高價值用戶。而這個特定的使用者群體對於增值服務的需求非常強烈甚至更加強烈。

And also, around focusing on these high-value users, also we have been doing some of the R&Ds of the new products according to their needs. For instance, the launch of SVIP, which has further upgraded the social rights and also interests.

另外，圍繞著這些高價值用戶，我們也根據他們的需求做了一些新產品的研發。例如SVIP的推出，進一步提升了社會權益。

And also, we can see that starting from Q2, we began to promote the identity authentication rights and interests of the social media-based members. And also, this has helped us to enhance the conversion efficiency of the other social rights and also interests.

而且我們可以看到，從第二季開始，我們就開始推動社群媒體會員的身份認證權益。同時，這也幫助我們提高了其他社會權利和利益的轉換效率。

And also at the same time, in terms of the [V plus] added value services that provided to those key accounts, the big Vs, this year also, we have been seeing a very good growth and rapid growth. And this has helped us to really enrich the content ecosystem for finance, education and also the other sectors as well.

同時，在為這些大V提供的[V+]增值服務方面，今年我們也看到了非常好的成長和快速的成長。這幫助我們真正豐富了金融、教育以及其他產業的內容生態系統。

This is not that helpful per se to the revenue growth, but still this is very helpful for us to construct a much better and integrated ecosystem. And also, we expect that in Q4, the value-added services revenue will still keep a very high growth rate. Thank you.

這本身對收入成長並沒有多大幫助，但這仍然對我們建立一個更好的、整合的生態系統非常有幫助。另外，我們預期第四季增值服務收入仍將維持很高的成長速度。謝謝。

Miranda Zhuang, Bank of America Securities.

Miranda Zhuang，美國銀行證券。

(spoken in foreign language) Can management provide some updates about the progress in AI in the second half this year in aspects like the content production, commercialization and like operational efficiencies? What kind of tangible benefits are you seeing? Thank you.

（外語）管理階層能否介紹今年下半年人工智慧在內容製作、商業化、營運效率等方面的最新進展？您看到了哪些切實的好處？謝謝。

(interpreted) Thanks for this question. Last quarter, we have already shared with everybody the large model independently developed by Weibo has successfully passed the filing. And also, we've been using this a lot to really improve the efficiency and also the operation capabilities by making a lot of AI applications.

（解釋）謝謝你提出這個問題。上季我們已經跟大家分享了微博自主研發的大型機種已經順利通過備案。而且，我們一直在大量使用它，透過製作大量的人工智慧應用程式來真正提高效率和操作能力。

So today, I'm going to share with you my opinion from two aspects, one is the product and second one is the monetization strategies. So first of all, in Q3 we primarily applied the AI-based intelligent search functions. And also, you can see that in Q3 versus that of Q2, we've been seeing around 10% growth for both DAUs or using intelligent search-in and also the traffic as well.

那麼今天我就從兩個方面跟大家分享我的看法，一是產品，二是變現策略。所以首先，在第三季我們主要應用了基於AI的智慧搜尋功能。此外，您還可以看到，與第二季相比，第三季的 DAU 或使用智慧搜​​尋以及流量均成長了 10% 左右。

And at the current stage, in terms of the total MAUs of using intelligent search-in features, this number has already exceeded 20 million, which is the doubled actually based on the number of the last quarter.

而現階段，就使用智慧搜​​尋功能的每月活躍用戶總數而言，這個數字已經超過了2000萬，實際上是上季的兩倍。

And also, as we have already mentioned in the previous quarter earnings call that we have been having the AI assistant features for those big Vs and also important account users. And based on the previously generated contents, this AI assistant is going to be helping them to having the new content generated.

而且，正如我們在上一季的財報電話會議中已經提到的那樣，我們一直在為那些大 V 和重要帳戶用戶提供人工智慧助理功能。根據之前產生的內容，這個人工智慧助理將幫助他們產生新的內容。

And also in Q3, we've been adding some of the new features to this AI feature. For instance, the summary of the key questions and also the self-training for the bloggers. And also, the total number of trial users in Q3 has already been increasing a lot comparing with that of Q2. And also, for those accounts that already applied for the try and also for the test use, the retain rate is already exceeding 85%.

同樣在第三季度，我們為此人工智慧功能添加了一些新功能。例如關鍵問題的總結，還有部落客的自我訓練。而且，第三季的試用用戶總數與第二季相比已經有了很大的成長。而且，對於已經申請試用測試使用的帳戶，保留率已經超過85%。

And also, in Q3, we've been already applying the AI in the technology department of Weibo and to facilitate the product R&D and also technological R&D as well. And also, we've been actively using the V code feature in Q4 to further increase the efficiency of the coding and programming of the technicians now.

另外，在第三季度，我們已經在微博的技術部門應用人工智慧，促進產品研發和技術研發。而且，我們在第四季度一直在積極使用V代碼功能，以進一步提高技術人員現在編碼和編程的效率。

But of course, at the current stage, we do not have a lot of figures to be shared with everyone. So please stay tuned for another one or two quarters before you are able to see a lot of the statistics coming out from this application.

但當然，現階段我們沒有太多的數字可以跟大家分享。因此，請再關註一兩個季度，然後您才能看到此應用程式得出的大量統計數據。

Thank you. There are no further questions at this time. I would like to hand back over to management for closing remarks.

謝謝。目前沒有其他問題。我想將閉幕詞交回給管理階層。

Thanks, operator. This wrap up our conference call today. Thank you for joining us. We'll see you next quarter.

謝謝，接線生。我們今天的電話會議到此結束。感謝您加入我們。我們下季見。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。

Portions of this transcript that are marked (interpreted) were spoken by an interpreter present on the live call. The interpreter was provided by the company sponsoring this event.

此文字記錄中標記（翻譯）的部分是由現場通話中的口譯員說出的。口譯員由贊助本次活動的公司提供。