Weibo Corp (WB) 2025 Q1 法說會逐字稿

Good day and thank you for standing by. Welcome to the Weibo reports first-quarter 2025 financial results conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

您好，感謝您的支持。歡迎參加微博報告2025年第一季財務業績電話會議。（操作員指示）請注意，今天的會議正在錄音。

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演講者桑德拉·張 (Sandra Zhang)。請繼續。

Thank you, operator. Welcome to Weibo's first-quarter 2025 earnings conference call. Joining me today are our Chief Executive Officer, Gaofei Wang; and our Chief Financial Officer, Fei Cao. This conference call is also being broadcasted on the internet and is available through Weibo's IR website.

謝謝您，接線生。歡迎參加微博2025年第一季財報電話會議。今天與我一起出席的還有我們的執行長王高飛；以及我們的財務長曹飛。本次電話會議也正在網路上播出，可透過微博投資者關係網站觀看。

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.

在管理階層發言之前，我想先向大家宣讀與今天的電話會議有關的安全港聲明。在今天的電話會議中，我們可能會做出前瞻性陳述，這些陳述不是歷史事實，包括我們的信念和期望的陳述。

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

前瞻性陳述涉及固有風險和不確定性。許多重要因素可能導致實際結果與前瞻性陳述中的結果有重大差異。微博不承擔更新本次電話會議及其他場合中前瞻性陳述的義務。

Further information regarding this and other risks is included in Weibo's annual report on Form 20-F and other filings with the SEC. All the information provided in this press release is occurring as the date hereof, Weibo assumes 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 表年度報告和向美國證券交易委員會提交的其他文件中。本新聞稿中所提供的所有資訊均截至本新聞稿發布之日為止，除非適用法律另有規定，否則微博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 future prospects. Our non-GAAP financials exclude certain expenses, gains or losses, and other items that are not expected to result in future cash payments or are nonrecurring in nature, or are not indicative of our core operating results and outlook. Please refer to our press release for more information about our non-GAAP measures.

此外，我想提醒您，我們今天的討論包括某些非公認會計準則指標，其中不包括股票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比較經營績效和未來前景。我們的非公認會計準則財務數據不包括某些費用、收益或損失以及其他預計不會產生未來現金支付或非經常性的項目，或不代表我們核心經營業績和前景的項目。有關我們的非公認會計準則措施的更多信息，請參閱我們的新聞稿。

Following management prepared remarks, we will open the line for a brief Q&A session. With this, I would like to turn the call over to our CEO, Gaofei Wang.

在管理層準備好發言後，我們將開通熱線進行簡短的問答環節。現在，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 first quarter 2025 earnings conference call.

（翻譯）謝謝。大家好。歡迎參加微博2025年第一季財報電話會議。

On today's call, I will share with you highlights on Weibo's product and monetization in the first quarter of 2025.

今天的電話會議，我將與大家分享2025年第一季微博產品和獲利的亮點。

On the user front, in March 2025, Weibo's MAUs reached 591 million, and the average DAUs reached 261 million. In the first quarter of 2025, Weibo's total revenues in the first quarter reached USD396.9 million flat year over year, or up 1% year-over-year on a constant currency basis.

用戶方面，2025年3月，微博MAU達5.91億，平均DAU達2.61億。2025年第一季，微博第一季總營收達3.969億美元，較去年同期持平，以固定匯率計算年增1%。

Our total ad revenues reached USD339.1 million flat year over year. And VAS revenues reached USD57.7 million, up 2% year over year. Our non-GAAP operating income reached USD129.5 million, representing a non-GAAP operating margin of 33%.

我們的廣告總收入與去年同期持平，達到 3.391 億美元。加值服務收入達5770萬美元，較去年成長2%。我們的非公認會計準則營業收入達1.295億美元，非公認會計準則營業利益率為33%。

In 2025, the company's overall strategy is to focus on the values of users, remain our leading position in the culture and entertainment content ecosystem, and solidify the competitive edge of our social products. On top of that, we will prioritize enhancing our recommendation and search functions by integrating large-language models and increased investment in vertical and video content ecosystem to drive user skill and engagement.

2025年，公司整體策略為：聚焦用戶價值，維持在文化娛樂內容生態的領導地位，鞏固社群產品的競爭優勢。除此之外，我們將優先增強我們的推薦和搜尋功能，透過整合大語言模型和增加對垂直和視訊內容生態系統的投資來提高用戶技能和參與度。

Next, let me share with you our progress made in the first quarter of 2025 from three dimensions, user growth, the competitiveness of our content ecosystem, and monetization.

接下來我從用戶成長、內容生態競爭力、商業化三個維度跟大家分享我們在2025年第一季的進展。

On user growth and engagement, we focus on the integration of social products and upgrades of our recommendation system, aiming to drive user growth and engagement. For a relationship-based feed, in the first quarter, we focused on enhancing user experience on social interactions and strengthening social stickiness between content creators and their fans.

在用戶成長和參與度方面，我們專注於社交產品的整合和推薦系統的升級，旨在推動用戶成長和參與度。對於基於關係的資訊流，第一季我們專注於提升用戶的社交互動體驗，加強內容創作者與其粉絲之間的社交黏著度。

We achieved this by strengthening the synergy between the content distribution mechanism of relationship-based feed and super topics, extending the distribution of high-quality content from super topics to the interest-based feed. This approach successfully drives consumption of interest-based community content within the relationship-based feed, while also attracts more users to consume and interact in super topics. As a result, the interaction efficiency of the relationship-based feed, which is measured by the engagement per 1,000 views, shows year-over-year growth in the first quarter.

我們透過加強關係型資訊流和超級話題的內容分發機制的協同，將優質內容的分發從超級話題延伸到興趣型資訊流來實現這一目標。這種方式成功地推動了基於關係的資訊流中基於興趣的社群內容的消費，同時也吸引了更多用戶在超級話題中消費和互動。因此，以每 1,000 次瀏覽的參與度來衡量的基於關係的資訊流的互動效率在第一季同比增長。

Simultaneously, we are preparing for the product upgrade of the information feed. We will further enhance the competitiveness of the interest-based feed by optimizing the homepage interface and enhancing recommendation capabilities powered by large language models, creating a better content consumption experience for users. The upgraded version is currently under internal test and is expected to open to users during the second quarter.

同時，我們正在進行資訊推送的產品升級。我們將透過優化首頁介面、增強基於大型語言模型的推薦能力等方式，進一步提升興趣推播的競爭力，為使用者創造更好的內容消費體驗。升級版本目前正在進行內測，預計第二季向用戶開放。

Our content ecosystem. In 2025, our user product operation focuses on solidifying our leading in the hot trends and entertainment sector while continuing to invest in vertical content and video content ecosystem. This strategy enhances our ability to attract and retain users while increasing user time span. During the Spring Festival, a period with abundant entertainment content release, we leverage our platform strength in celebrity fans' ecosystem, holiday-themed hot trend campaigns, and cross-vertical operations, and integrate hot topics, entertainment content, and vertical content to drive users' consumption and interactions around Spring Festival-related content.

我們的內容生態系。2025年，我們的用戶產品營運專注於鞏固在熱門趨勢和娛樂領域的領先地位，同時繼續投入垂直內容和視訊內容生態系統。這項策略增強了我們吸引和留住用戶的能力，同時增加了用戶使用時間跨度。在春節這一娛樂內容發布的旺季，我們發揮平台在明星粉絲生態、節日熱點趨勢策劃、跨垂直運營等方面的優勢，整合熱門話題、娛樂內容、垂直內容，帶動用戶圍繞春節內容的消費和互動。

On the Chinese New Year's Eve, nearly 200 celebrities and KOLs discussed around the Spring Festival Gala and sent electronic envelopes on Weibo, attracting over 30 million users to participate. In addition, at the Spring Festival Gala this year gained popularity among the public. The views of the Spring Festival Gala-related topics surpassed 60 billion impressions, and discussions around this topic exceeded 500 million on Weibo platform, representing a 50% increase year over year.

除夕當晚，近200位明星、KOL在微博上圍繞春晚進行討論並發送電子紅包，吸引超過3000萬用戶參與。此外，在今年的春節聯歡晚會上也獲得了大眾的喜愛。春晚話題閱讀量突破600億，微博平台討論量突破5億，較去年成長50%。

Weibo has achieved a nice user growth during the season, with DAUs on Chinese New Year's Eve increasing year over year, and average DAUs and traffic during the Spring Festival season achieving substantial increase compared with the same period last year. Additionally, as our clients' perception of Weibo's hot trend marketing strengthens, we saw sustained growth of ad revenue from hot trend marketing during the season. To be specific, advertising revenue related to Spring Festival achieved double-digit growth year over year, with an even more notable increase in the number of participating advertisers.

微博在春節期間取得了不錯的用戶成長，除夕當日活躍用戶數同比增長，春節期間平均日活躍用戶數和流量較去年同期均有大幅增長。此外，隨著客戶對微博熱點行銷認知的加強，我們看到本季熱點行銷的廣告收入持續成長。其中，春節相關廣告收入較去年同期達到兩位數成長，參與廣告主數量成長更為顯著。

In the first quarter, we started to see technological advancements driven by foundational large language models. AI-related topics continue to gain cross-platform traction on Weibo. For instance, topics related to emerging models like DeepSeek and Manus quickly went viral.

在第一季度，我們開始看到由基礎大型語言模型推動的技術進步。人工智慧相關主題在微博上持續獲得跨平台關注。例如，與 DeepSeek 和 Manus 等新興模型相關的話題迅速走紅。

Leading AI model companies, robotic firms, and intelligent agent developers have also opened accounts on Weibo and actively interpreted tech trends and showcased their innovations. This has attracted many influential voices from the technology sector to engage and spark discussion, accelerating the shift of AI-related conversations from niche technical communities to the broader public. As a result, ordinary users have a better understanding of AI and thus more willing to embrace the AI transformation, which in turn drives the integration of AI capabilities across platform products.

領先的人工智慧模型公司、機器人公司、智慧代理開發商也紛紛開設微博帳號，積極解讀科技趨勢、展示創新成果。這吸引了科技界眾多有影響力的聲音參與並引發討論，加速了人工智慧相關對話從小眾技術社群轉向更廣泛的公眾。從而讓一般用戶對AI有了更深入的理解，也更願意擁抱AI的變革，進而推動AI能力在各個平台產品的融合。

Weibo has also actively explored and implemented AI technology in multiple business scenarios on the product side, gradually focusing on several strategic areas, including AI-powered search, social interaction, content ecosystem, content recommendation, and commercial advertising.

微博也在產品端的多個業務場景中積極探索和落地AI技術，逐步聚焦AI搜尋、社交互動、內容生態、內容推薦、商業廣告等幾個策略領域。

In March, we integrated the latest open-source models into Weibo Search, which delivered a significant upgrade in search capabilities. Weibo Intelligent Search product is now able to organize and summarize information from multiple perspectives, including technical details and public sentiments, while suggesting users with key follow-up topics. This has not only greatly improved the answer quality and user experience, but also enhanced our competitive edge around trending topics.

3月份，我們將最新的開源模型融入微博搜索，搜尋能力大幅提升。微博智能搜尋產品現已能夠從技術細節、輿情等多個角度整理和歸納信息，並向用戶推薦後續的重點話題。這不僅大大提高了答案品質和使用者體驗，也增強了我們在熱門話題方面的競爭優勢。

In April, we accelerated the evolution of our Intelligent Search product and rolled it out to all users. AI-generated results are now displayed across all trending and general search queries. We have also optimized landing pages with enriched image and video content, as well as authoritative media sources. The upgraded product delivers a more comprehensive, reliable, and higher-quality search experience.

四月份，我們加速了智慧搜尋產品的演進，並推出給所有用戶。現在，所有趨勢和一般搜尋查詢中都會顯示 AI 產生的結果。我們也優化了登陸頁面，增加了豐富的圖片、影片內容以及權威的媒體來源。升級後的產品提供了更全面、更可靠、更高品質的搜尋體驗。

In March, MAUs of our Intelligent Search product surpassed 13 million, and those MAUs and daily search queries for Intelligent Search in March grew nicely on a sequential basis. Search satisfaction metrics also showed notable improvement, which further drove the user scale and queries of Weibo's general search functions.

3月份，我們智慧搜尋產品的月活躍用戶數突破1300萬，且3月份智慧搜尋的月活躍用戶數和每日搜尋查詢量較上季成長良好。搜尋滿意度指標也顯著提升，進一步帶動了微博通用搜尋功能的使用者規模和查詢量。

In addition, we are actively piloting AI applications in social and advertising products. We are dedicated to investing in the AI transformation to strengthen the core competitiveness of our existing products. As foundational models advance and the cost of computing power declines, we look forward to sharing more updates with you on our progress and achievements in AI-powered applications.

此外，我們也正在積極試行社交和廣告產品中的AI應用。我們致力於投入AI轉型，增強現有產品的核心競爭力。隨著基礎模型的進步和運算能力成本的下降，我們期待與您分享更多我們在人工智慧應用方面的進展和成就。

Moving on to monetization, in 2025, our ad product and sales strategy focuses on further establishing and solidifying customers' mindset of choosing Weibo as the go-to platform for content marketing across industries, as well as enhancing ad product conversion capabilities. In the first quarter, Weibo's advertising revenues grew 1% year to year on constant currency basis.

在貨幣化方面，2025年，我們的廣告產品和銷售策略專注於進一步建立和鞏固客戶選擇微博作為跨行業內容行銷首選平台的思維模式，並增強廣告產品轉換能力。第一季度，微博廣告收入以固定匯率計算年增1%。

Across the broader market, while micro-policies to boost domestic demand and consumption are gradually taking effect, advertising budget for 2025 remains cautious, with ad spend to be unlocked progressively based on the market feedback. Internally, for one thing, we strive to capture clients' marketing demand around the new product launch, major events, and mega-trends. Leveraging reinforced core strengths in content and product launch marketing, we seek to deliver better performance in terms of distribution effect and clients' feedback.

縱觀大盤，雖然刺激內需和消費的微觀政策正在逐步發揮作用，但2025年的廣告預算仍需保持謹慎，廣告支出將根據市場反饋逐步釋放。在內部，一方面，我們努力捕捉客戶在新產品發布、重大事件和大趨勢方面的行銷需求。憑藉著強化的內容和產品發布行銷核心優勢，我們力求在發行效果和客戶回饋方面取得更佳表現。

For another, we remain committed to investing in our real-time bidding information ad product and pleased with the positive revenue results from information feeds, thanks to the improved capability to capture ad wallet.

另一方面，我們仍然致力於投資我們的即時競價資訊廣告產品，並且對資訊推播帶來的正面收入結果感到滿意，這得益於捕獲廣告錢包能力的提高。

Looking at industry trends, benefiting from the consumption stimulus package, we are pleased to see solid growth across a number of industries. The automobile sector continues to deliver growth in the first quarter, driven not only by the consumption stimulus package, but also by the growth of the traditional OEMs, accelerating their NEV rollout and increasing their budget allocation to Weibo.

從產業趨勢來看，受益於刺激消費政策，我們高興地看到多個產業呈現穩健成長。汽車產業在第一季持續保持成長，這不僅得益於消費刺激計劃，還得益於傳統汽車廠商的成長、新能源汽車的加速推出以及對微博預算的增加。

The momentum demonstrates Weibo's position as a key product launch and discussion hub for the NEV in the recent years. Coupled with policy tailwinds, Weibo has maintained resilience in ad revenues from the ad sector off the back of the consecutive years of robust growth.

這一勢頭彰顯了微博近年來作為新能源汽車重要產品發布和討論中心的地位。加之政策利好，微博在連續多年保持強勁成長的基礎上，廣告收入維持了韌性。

In the first quarter, the e-commerce, dairy products, and food and beverage sectors also booked a solid growth, tapping into the key market window during the Spring Festival. The e-commerce platform in particular delivered robust growth in the first quarter, with e-commerce becoming a significant driver of domestic consumption and e-commerce platform improved operating efficiency, we hope to see higher e-commerce ad spend on Weibo this year. We will beef up our efforts to seize their high certainty opportunities by partnering with clients around the trending topics and key e-commerce shopping festivals and thus expand the marketing reach and capture incremental budgets.

一季度，電商、乳製品、食品飲料等產業也迎來了強勁成長，抓住了春節這個關鍵的市場窗口。尤其是電商平台在第一季實現了強勁的成長，隨著電商成為國內消費的重要推動力以及電商平台營運效率的提高，我們希望今年微博上的電商廣告支出能夠有所增加。我們將加強力，透過與客戶合作，圍繞熱門話題和主要電子商務購物節來抓住高確定性機會，從而擴大行銷範圍並獲取增量預算。

As for the food and beverage sector, Weibo's celebrity driven and new product marketing continues to gain traction among client base. In the first quarter, both the number of celebrity and new product marketing projects as well as related revenues showed robust year-over-year growth. This showcased the scalability of Weibo's differentiated content marketing model across more industries. When clients have a celebrity endorsement or new product launching, they are choosing Weibo for integrated brand plus content marketing campaigns.

至於食品和飲料行業，微博的名人驅動和新產品行銷繼續在客戶群中獲得關注。第一季度，明星行銷、新產品行銷項目數量及相關營收均呈現較去年同期強勁成長。這體現了微博差異化內容行銷模式在更多產業的可擴展性。當顧客有名人代言或新產品發佈時，他們會選擇微博進行整合品牌加內容行銷活動。

On the flip side, the handset manufacturing sector saw a year-over-year decline in the first quarter, primarily due to a shift to product launch timelines of mid- to high-end models. Despite Weibo's already strong wallet share in this sector, we expect resilient full-year growth from this sector, benefiting from the new product marketing and the surge in device upgrades driven by trading subsidies.

另一方面，第一季手機製造業出現年比下滑，主因是產品發佈時間轉向中高階機型。儘管微博在該領域的份額已經很高，但我們預計該領域全年仍將實現強勁增長，受益於新產品行銷和交易補貼推動的設備升級激增。

The online game sector continued to face year-over-year decline, which weighed on the overall growth of Weibo's advertising revenue. This was primarily due to a hype-based effect from major campaigns by top online game companies in the first quarter of last year, as well as a notable decrease in the number of new and blockbuster game launches starting from mid of last year. Looking ahead, we expect the online game industry to remain under pressure throughout the year, and we are actively exploring ways to address this headwind.

網路遊戲領域持續面臨同比下滑，拖累了微博廣告收入整體成長。這主要是由於去年第一季各大網路遊戲公司大舉宣傳攻勢的炒作效應，以及去年年中以來新遊戲和熱門遊戲的上市數量明顯減少。展望未來，我們預計網路遊戲產業全年仍將面臨壓力，我們正在積極探索應對這一逆風的方法。

In the beauty and personal care sector, revenue declined narrowly year over year, and booked sequential growth during the quarter. That said, the category's impact on the overall ad revenue has been diminishing. For both the online game and the beauty and personal care industries, we focus on refining our sales strategy according to market conditions and leveraging our competitive advantages. Meanwhile, we will continue to support more KOLs capable of generating high-quality content and strengthening synergies between our content and monetization ecosystems, aiming to increase the volume share of content marketing revenue in these sectors.

在美容和個人護理領域，收入同比略有下降，並在本季度實現環比增長。也就是說，該類別對整體廣告收入的影響一直在減弱。無論是網路遊戲或美容及個人護理行業，我們都專注於根據市場狀況調整銷售策略，發揮競爭優勢。同時，我們將繼續支持更多能夠創造高品質內容的KOL，並加強內容和貨幣化生態系統之間的協同作用，旨在提高這些領域內容行銷收入的體積份額。

From the ad product perspective, ad revenues enter the real-time bidding system, booked a notable year-over-year growth in the first quarter. The growth was primarily driven by enhanced product capabilities and a better understanding of clients' needs, resulting in significant progress with selected client groups.

從廣告產品來看，第一季即時競價系統廣告收入較去年同期成長明顯。這一成長主要得益於產品功能的增強和對客戶需求的更好理解，從而在特定客戶群中取得了顯著進展。

Moving forward, we will penetrate into a broader client base and better fulfill the needs of different advertisers, further integrating AI technology to enhance the user experience of ad consumption and streamline clients' ad placement, which enables us to further capture performance-based ad budgets.

未來，我們將深入更廣大的客戶群，更能滿足不同廣告主的需求，進一步整合人工智慧技術，提升使用者的廣告消費體驗，簡化客戶的廣告投放流程，進而進一步掌握以成效為基礎的廣告預算。

To conclude, in the first quarter, with stable revenue performance, Weibo's operating margin remained healthy and improved year over year, thanks to our effective execution of efficiency initiatives. Improved operating efficiency, stable profitability, and healthy cash flow had enhanced our financial flexibility, enabling us to further invest in the AI transformation and strengthened the competitiveness of our Weibo ecosystem. These investments are cornerstones for us to further drive user growth and deepen engagement, as well as reinforce our monetization capabilities.

總而言之，第一季度，微博營收表現穩定，營業利潤率保持健康，且年比有所提高，這得益於我們有效實施的效率措施。營運效率的提升、獲利能力的穩定、現金流的穩健，增強了我們的財務靈活性，使我們能夠進一步投資於人工智慧轉型，增強了微博生態系統的競爭力。這些投資是我們進一步推動用戶成長、深化參與度以及增強貨幣化能力的基石。

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

說完這些，讓我把電話轉給曹飛，請他進行財務審查。

Thank you, Gaofei, and hello, everyone. Welcome to Weibo's first-quarter 2025 earnings conference call. Let's start with user metrics. In March 2025, Weibo's MAU and average DAU reached 591 million and 261 million, respectively, representing a net addition of 3 million and 6 million users on a year-over-year basis.

謝謝高飛，大家好。歡迎參加微博2025年第一季財報電話會議。讓我們從用戶指標開始。2025年3月，微博MAU達5.91億，平均DAU達2.61億，年比分別淨增加300萬和600萬。

Despite ongoing disciplined channel funding, we kicked off the year with both MAU and average DAU returning to growth trajectory, demonstrating our efforts to attract and engage a vibrant user community. Importantly, our DAU versus MAU ratio remained healthy, indicating strong user engagement and platform significance.

儘管我們持續對通路資金進行嚴格控制，但我們在年初的 MAU 和平均 DAU 均重回成長軌跡，這表明我們為吸引和參與充滿活力的用戶社群所做的努力。重要的是，我們的 DAU 與 MAU 比率保持健康，這表明用戶參與度高且平台重要性強。

Turning to financials, as a reminder, my prepared remarks would focus on non-GAAP results. All monetary amounts in US dollar terms and all comparisons are on a year-over-year basis, unlike otherwise noted.

談到財務，提醒一下，我準備好的發言將重點放在非公認會計準則結果。除非另有說明，所有金額均以美元計算，所有比較均以同比計算。

Now, let me walk you through our financial highlights for the first quarter 2025. Weibo's first quarter 2025 net revenues were USD396.6.9 million, flat, or an increase of 1% on a constant currency basis. Operating income was USD129.5 million, representing an operating margin of 33%. Net income attributable to Weibo reached USD119.5 million, an increase of 12%, and the diluted EPI was USD0.45.

現在，讓我向您介紹我們 2025 年第一季的財務亮點。微博2025年第一季淨營收為3.9669億美元，年比持平，以固定匯率計算成長1%。營業收入為1.295億美元，營業利益率為33%。歸屬於微博的淨利達1.195億美元，年增12%，攤薄後每股收益為0.45美元。

Let me give you more color on the first quarter 2025 revenue performance. Weibo's advertising and marketing revenues for the first quarter 2025 were USD339.1 million, flat, or an increase of 1% on a constant currency basis.

讓我為您詳細介紹一下 2025 年第一季的營收表現。微博2025年第一季廣告及行銷收入為3.391億美元，較去年同期持平，以固定匯率計算成長1%。

Value-added service revenue were USD57.7 million in the first quarter, an increase of 2% or 3% on a constant currency basis, in line with our expectations. Our advertising business continued to stabilize with diverging trends across our major ad vertical this quarter. By industry, our largest three verticals were FMCG, e-commerce, and 3P products.

第一季增值服務營收為5,770萬美元，成長2%，以固定匯率計算成長3%，符合我們的預期。本季度，我們的廣告業務持續保持穩定，但主要廣告垂直領域呈現不同的趨勢。按行業劃分，我們最大的三個垂直行業是快速消費品、電子商務和 3P 產品。

In terms of growth, e-commerce, internet services, and automobile were the key contributors. E-commerce platforms, Alibaba in particular, jumped up ad spend to amplify the Spring Festival marketing effect and capture surging consumer demand during the holiday season. We are also pleased with the healthy growth of the automobile sector, benefiting from the ongoing secular shift to electronic vehicles.

從成長方面來看，電子商務、網路服務和汽車是主要貢獻者。以阿里巴巴為代表的電商平台加大了廣告投入，以擴大春節行銷效果並抓住節日期間激增的消費需求。我們也對汽車產業的健康成長感到高興，這得益於汽車電子化的長期轉變。

FMCG as a whole decreased by low single-digit during the yearly quarter. Within the category, food and beverage products demonstrated an upward trend, while beauty and personal care continued to face a year-over-year gap, but the segment showed a clear sequential recovery.

快速消費品整體在年度季度中呈現低個位數下降。在該類別中，食品和飲料產品呈現上升趨勢，而美容和個人護理繼續​​面臨同比差距，但該細分市場顯示出明顯的環比復甦。

On the other hand, the online game sector faced tough times and declined sharply due to lack of blockbuster releases this quarter. The handset manufacturers moderated their ad spend this quarter, mainly due to a seasonal slowdown in the product launch pace of mid- to high-end handset devices. These underperforming industries went on a meaningful top-line recovery. The ad product. Promoting feed ad was the largest, followed by social display and topic and search.

另一方面，由於本季缺乏重磅遊戲發布，網路遊戲產業面臨艱難時期並急劇下滑。本季度，手機製造商減少了廣告支出，主要原因是中高階手機產品發布速度季節性放緩。這些表現不佳的行業實現了顯著的收入復甦。廣告產品。推廣資訊流廣告最多，其次是社群展示和主題與搜尋。

Ad revenues from Alibaba booked a robust growth of 89%, reaching USD42.6 million in the first quarter. The strong momentum of ad revenues from Alibaba was primarily driven by its high-profile sponsorship of the Spring Festival Gala to promote its platform and e-commerce events, as well as incremental ad spend in promoting their AI-related products.

阿里巴巴的廣告營收在第一季強勁成長89%，達到4,260萬美元。阿里巴巴廣告收入強勁成長動能主要得益於其高調贊助春節聯歡晚會以推廣其平台和電子商務活動，以及在推廣其人工智慧相關產品方面增加廣告支出。

Value-added service revenue was USD57.7 million in the first quarter, up 2% year over year, primarily driven by growth in membership services. The increase in membership revenue was largely fueled by higher apple, as our SVIP membership offering reasoned well with Weibo's premium user base.

第一季增值服務收入為5,770萬美元，較去年同期成長2%，主要得益於會員服務的成長。會員收入的成長很大程度上得益於蘋果的上漲，因為我們的 SVIP 會員資格很受微博高階用戶群的青睞。

Turning to costs and expenses. Total costs and expenses for the first quarter were USD267.4 million (sic – see press release, "USD286.5 million"), a decrease of 1%, with decrease in sales and marketing expenses offset by increase in cost of revenues. Operating income in the first quarter was USD129.5 million, an increase of 3%, representing operating margins of 33% compared to 32% in the same period last year.

談到成本和費用。第一季總成本和費用為 2.674 億美元（原文如此 - 參見新聞稿「2.865 億美元」），下降 1%，銷售和行銷費用的減少被收入成本的增加所抵消。第一季營業收入為1.295億美元，成長3%，營業利益率為33%，去年同期為32%。

Turning to income tax under GAAP, income tax expenses for the first quarter were USD24.3 million, compared to USD25 million last year. Net income attributable to Weibo in the first quarter was USD119.5 million, an increase of 12%, representing a net margin of 30% compared to 27% last year. The increase was primarily attributable to operating efficiency and higher net interest and other income.

根據美國通用會計準則，所得稅方面，第一季所得稅費用為 2,430 萬美元，去年同期為 2,500 萬美元。第一季歸屬於微博的淨利潤為1.195億美元，較去年同期成長12%，淨利潤率為30%，去年同期為27%。成長主要歸因於營運效率以及淨利息和其他收入的增加。

Turning to our balance sheet and cash flow items as of March 31, 2025. Weibo's cash, cash equivalents and short-term investments totaled USD2.08 billion, compared to USD2.35 billion as of December 31, 2024. The decrease of Weibo's cash, cash equivalents and short-term investments was mainly resulted from the purchase of long-term value management products in the first quarter of 2025. In the first quarter, cash provided by operating activities was USD113.2 million. Capital expenditures totaled USD9.4 million, and depreciation and amortization expenses amounted to USD13.6 million.

回顧截至 2025 年 3 月 31 日的資產負債表和現金流量項目。微博的現金、現金等價物及短期投資總額為 20.8 億美元，截至 2024 年 12 月 31 日為 23.5 億美元。微博現金、現金等價物及短期投資的減少，主要由於2025年第一季購買長期價值管理產品所致。第一季經營活動產生的現金流量為1.132億美元。資本支出總計940萬美元，折舊及攤提費用為1,360萬美元。

Before turning to the Q&A session, we are pleased to announce that we have completed the distribution of the annual cash equivalent of USD0.82 per ordinary share or ADI for the fiscal year 2024, with aggregate amounts of approximately USD200 million in May.

在進入問答環節之前，我們很高興地宣布，我們已於 5 月份完成了 2024 財年每股普通股或 ADI 0.82 美元的年度現金等價物的分配，總額約為 2 億美元。

In addition, we would like to provide an update on our ESG initiative. In April, we released our first ESG report, highlighting our performance across key areas, including green operations, employee development, content ecosystem, social responsibility, information security, and technological innovation. The report underscores our long-term commitment to sustainability. For more information on our ESG disclosures, please visit our investor relations website.

此外，我們還想提供有關我們的 ESG 計劃的最新資訊。今年4月，我們發布了首份ESG報告，重點介紹了綠色營運、員工發展、內容生態、社會責任、資訊安全、技術創新等關鍵領域的表現。該報告強調了我們對永續發展的長期承諾。有關我們的 ESG 披露的更多信息，請訪問我們的投資者關係網站。

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

現在，請允許我將問題交給操作員進行問答環節。

(Operator Instructions) Alicia Yap, Citigroup.

（操作員指示）花旗集團的 Alicia Yap。

(spoken in Chinese) Thanks management for taking my question. I wanted to ask about overall how you think about your search progressions. Weibo has actually been doing quite well. If you can give us a little bit of your future strategy or how you think about the product, will that still remain within Weibo to help engage users, or will that potentially become a separate product down the road?

（中文）感謝管理層回答我的問題。我想問一下您對搜尋進程的整體看法。微博其實表現相當不錯。您能否向我們透露您的未來策略或對產品的看法？該產品是否仍會保留在微博中以吸引用戶，還是將來可能會成為一個獨立的產品？

And then second, on the AI monetization, just wondering how, after integrating DeepSeek and all other large-language models, how our advertising products have improved in terms of, for example, the ad format or the ECPM, or even how advertisers are able to put more targeted ads. Any comments on that would be helpful. Thank you.

第二，關於AI貨幣化，我只是想知道在整合DeepSeek和所有其他大語言模型之後，我們的廣告產品在廣告格式或ECPM方面有何改進，甚至廣告商如何能夠投放更有針對性的廣告。任何對此的評論都會有幫助。謝謝。

(interpreted) Thank you very much for this question. You have been asking two questions. The first one is about the AI search. The second one is about the relationship between AI and also the advertisements.

（翻譯）非常感謝您提出這個問題。您已經問了兩個問題。第一個是關於AI搜尋。第二個是關於人工智慧和廣告的關係。

The first question is that in Q1, as we have already stated, last year based on the open-source models, we've been already providing the preliminary model or the AI search to the users. But after the Spring Festival in China, we've been seeing the launch of DeepSeek. So we've been integrating DeepSeek into our whole facility and do see a very good improvement of our final effectiveness.

第一個問題是，在第一季度，正如我們已經提到的，去年基於開源模型，我們已經向用戶提供了初步的模型或人工智慧搜尋。但在中國春節過後，我們就陸續看到了 DeepSeek 的推出。因此，我們一直將 DeepSeek 整合到我們的整個設施中，並且確實看到了最終效率的極大提升。

So in March we've been seeing -- also, we've been launching this particular DeepSeek-based AI search to the users and seen a very good boost of the number of MAUs. For instance, in March, the number has been reaching over 30 million, and this number will be also growing as well. So we believe that in the future, the number of MAUs and also the volume of query will be improving because of this result.

因此，我們在三月看到——我們還向用戶推出了這種基於 DeepSeek 的 AI 搜索，並且看到 MAU 數量有了很大的提升。例如3月就已經達到了3000多萬，而且這個數字還在不斷增加。因此我們相信，未來 MAU 數量和查詢量都會因這一結果而得到改善。

Right. And the second point I'd like to say is that now, according to the user's usage and also the feedback from the users, we've been seeing a very good result, especially in the field of the news and also entertainment-related content. We've been using the intelligence search or Zhishou, in this particular area, we've seen a lot of usage of the users.

正確的。我想說的第二點是，現在根據用戶的使用情況和回饋，我們已經看到了非常好的結果，特別是在新聞和娛樂相關內容領域。我們一直在使用智慧搜​​尋或智搜，在這個特定的領域，我們已經看到了許多用戶的使用情況。

But in terms of the general-purpose search, still, there is a certain kind of improvement. However, this particular volume increasement was not as good as that from the news area, for instance. It is probably because of the natural positioning or the natural you know feature of Weibo, which is particularly focused on entertainment and news related topics.

但在通用搜尋方面，仍有一定的改進。然而，這種特定的音量增加並不像新聞領域那麼好。這可能是因為微博的自然定位或自然你知道的特性，它特別關注娛樂和新聞相關的話題。

So, but of course, in terms of the user consumption, we do see about 5% of the increase in terms of the per capita search volume increase, and it does improve a lot on the per capita query as well as the user retention. So we are not starting officially the commercialization approach, and also many users are asking us about when we're going to commercialize this. So, we think that even if this is not commercialized fully yet, we can see a very good support and the boost to our revenues of the commercialization and monetization.

所以，當然，就用戶消費而言，我們確實看到人均搜尋量增加了約 5%，並且人均查詢量和用戶保留率確實有了很大的提高。因此，我們尚未正式開始商業化進程，而且許多用戶也在詢問我們何時將其商業化。因此，我們認為，即使這還沒有完全商業化，我們也可以看到商業化和貨幣化對我們收入的非常好的支持和提升。

So in terms of whether or not we have a plan to make this intelligent search an independent product, actually we don't have this plan to make it independent. However, this has further maintained our advantage of the intelligent search in the area of hot topics, news-related content, and entertainment-related content.

所以關於我們是否有計劃將這個智慧搜尋做成一個獨立的產品，實際上我們並沒有這個計劃。但這進一步維持了我們在熱門話題、新聞類內容、娛樂類內容等方面的智慧搜尋優勢。

For instance, we have been finding a very good effect of bringing users from other ends by collaborating with some of our partners. For instance, we have been aware of that kind of result. Previously, we have been working with a lot of handset makers here in China and do have pre-installed results of the hot search ranking list. Part of those contents are actually generated or directly quoted from Weibo's intelligent search results. So in the future, probably we can see more results related to this.

例如，我們發現透過與一些合作夥伴合作，從其他方面吸引用戶的效果非常好。例如，我們已經意識到了這種結果。我們之前跟國內很多手機廠商有合作，有預載熱搜榜的結果。其中一部分內容實際上是微博智能搜尋結果產生或直接引用的。因此在未來，我們可能會看到更多與此相關的結果。

And also, if in the future all kinds of research results are related to news, we are going to encourage more partners of quoting the intelligent search results from Weibo. And then From that sense, we can make the users click on that hot search ranking results, and this will direct the users to the terminal of Weibo. So this is also another very good way of bringing new users onto the Weibo platform.

另外，如果未來各類研究成果與新聞相關，我們會鼓勵更多合作夥伴引用微博的智慧搜尋結果。然後從這個意義上來說，我們可以讓使用者點擊那個熱搜排名結果，這樣就會把使用者引導到微博的終端。所以這也是為微博平台吸引新用戶的另一個非常好的方式。

Also, as for the AI for the consumers or the [2C] part of AI, we've been seeing that for intelligent search, for instance, in terms of the total structure of this particular product within Weibo, we are still at a very primitive and early stage. So in the second quarter and also in the near future, we are going to see a new user experience of using this intelligent search function of Weibo.

此外，對於面向消費者的人工智慧或人工智慧的[2C]部分，我們已經看到，對於智慧搜索，例如就微博中這個特定產品的整體結構而言，我們仍然處於非常原始和早期的階段。所以在第二季以及不久的將來，我們將會看到使用微博智慧搜尋功能的全新使用者體驗。

For instance, in February and March, it was pretty much based on the Q&A format, generating text in majority of the time for those questions that the users were searching upon. But of course, we do have a trial on some of the new multimedia kind of generated, multimedia results been showing in the output results, which has been very much successful.

例如，在二月和三月，它基本上是基於問答格式，大多數時間都會針對使用者正在搜尋的問題產生文字。當然，我們確實對一些新的多媒體生成類型進行了試驗，多媒體結果已經在輸出結果中顯示出來，這是非常成功的。

So the overall conclusion is that this year in 2025, we're going to emphasize more on the investment dedicated to the intelligent search product, so that we are going to further boost the number of users and also the activity of users across the whole pipeline of our products, so that we can really build a much better differentiated competitive edges in the future. Thank you.

所以總體的結論是，2025年，我們會更加重視對智慧搜尋產品的投入，從而進一步提升我們整個產品線的用戶數量和用戶活躍度，這樣我們才能在未來真正建立更好的差異化競爭優勢。謝謝。

As for the second question, the relationship between AI and to what extent can we have a better advertisement-related revenue. Actually, we did see a very good facilitation to the boost of the advertisement revenue related to information-based feed. And also, we did see a very good improvement of the CTR rate by about 10% or so, but still for the other indicators, we did have only a single-digit improvement only. So in terms of the effectiveness of the AI on the advertising revenues, especially the information feed-related revenue increase, we had improvements, but you could see that because overall speaking, the majority of our advertisements are effective based advertisements.

至於第二個問題，AI與我們在多大程度上可以獲得更好的廣告相關收入之間的關係。實際上我們確實看到了與資訊流相關的廣告收入的提升有非常好的促進作用。而且，我們確實看到點擊率有了很好的提高，大約提高了 10% 左右，但對於其他指標，我們只提高了個位數。因此，就人工智慧對廣告收入的有效性而言，特別是與資訊流相關的收入成長，我們已經有所改進，但你可以看到，因為總體而言，我們的大多數廣告都是基於有效性的廣告。

So in terms of the overall advertising revenue improvement, still the facilitation and also the boosting effect from the AI technology is still pretty limited.

所以從整體廣告收入的提升來看，AI技術的促進和提升效果還比較有限。

Thomas Chong, Jefferies.

湯瑪斯‧張 (Thomas Chong)，傑富瑞 (Jefferies)。

(spoken in Chinese) Thanks, management, for taking my question. My question is about advertising. Can management comment about the Q2 and sentiments and expectation as well as, the outlook for different industry verticals?

（用中文說）謝謝管理階層回答我的問題。我的問題是關於廣告的。管理層能否對第二季度的情緒和預期以及不同行業垂直領域的前景發表評論？

And my second question is about the updates of our advertising products and strategies. Thank you.

我的第二個問題是關於我們廣告產品和策略的更新。謝謝。

(interpreted) Okay. As for the overall trend, I think that we've been already indicated on this topic before, and in terms of the future expectations. So our expectations for Q2 for this particular front is pretty much similar to the final result of Q1, especially those verticals that enjoy a very good consumption boost because of national subsidy policy.

（翻譯）好的。至於整體趨勢，我認為我們之前已經就這個主題以及未來的預期進行了說明。因此，我們對第二季度這一特定領域的預期與第一季的最終結果非常相似，特別是那些由於國家補貼政策而享受到非常好的消費提振的垂直行業。

For instance, we've seen a very good performance improvement on the automotive industry and also the vertical of handsets. And we are expecting a very good performance from the vertical of e-commerce as well in Q2.

例如，我們看到汽車產業以及手機垂直領域的表現有了非常好的提升。我們預計第二季電子商務垂直領域也將有非常好的表現。

And just now we have said that in Q2 we expect a very good performance from vertical of handsets and automotive. But still in Q1, we had a little bit decrease of the revenue from vertical of the handset because of the adjustment of marketing cycles of some of the manufacturers. But this industry, I mean, the vertical of the handset will be rebounded to a better track of growth in Q2.

剛才我們說過，我們預期第二季手機和汽車垂直市場會有非常好的表現。但在第一季度，由於部分廠商調整了行銷週期，我們的手機垂直業務收入還是略有下降。但這個產業，我的意思是，手機垂直產業將在第二季反彈至更好的成長軌道。

And another very promising vertical in Q2 and near future will be healthcare related because of a huge increase of the demand and because of the aging society nowadays and also a further boosting of the demand on cosmetic surgery, et cetera.

第二季及不久的將來，另一個非常有前景的垂直領域將是醫療保健相關領域，因為需求大幅增加，而且由於當今社會老化，對整容手術的需求也進一步增加，等等。

Yeah, and also, last year for some of the, challenge the verticals, we did see a very good improvement in Q1 in terms of their overall revenue contribution on a quarter-by-quarter basis, but still, we do see a lot of stress around these areas. And for some of the overseas brands, we had a decrease of the revenue from them, but still this was offset by some of the domestic brands' increase.

是的，而且，對於去年的一些垂直行業來說，我們確實看到第一季它們的整體收入貢獻按季度計算有了很好的改善，但我們仍然看到這些領域面臨很大的壓力。對於一些海外品牌，我們的收入有所下降，但這仍然被一些國內品牌的成長所抵消。

Another very challenging industry is the gaming industry. We are facing a lot of challenges still in the next quarter or so. We can see that the budget allocated by Tencent and NetEase has been reduced. And especially you could see that in the financial statement proposed by NetEase in the recent months.

另一個非常具有挑戰性的行業是遊戲產業。在接下來的一個季度左右，我們仍然面臨許多挑戰。我們可以看到騰訊和網易撥出的預算都有所減少。尤其你可以在網易最近幾個月發布的財務報表中看到這一點。

Also, of course, how to mitigate that impact, we are going to fully leverage the AI advertisements or the performance-based ad increase, and especially some of the Internet-based app related ads to have an offset of the challenge from the gaming industry.

當然，如何減輕這種影響，我們將充分利用人工智慧廣告或基於效果的廣告成長，特別是一些基於互聯網的應用程式相關廣告來抵消來自遊戲產業的挑戰。

And in terms of our ad products, so our core competitive edges is that still in the user's mindset, we've been already regarded as a platform focusing on some new product marketing and content-based marketing. So in the past two years of time, we did a very good job in terms of operation and also focus on this competitive advantage, especially while the brands are making the launches of the new products.

就我們的廣告產品而言，我們的核心競爭優勢仍然在於用戶的心態，我們已經被視為一個專注於一些新產品行銷和基於內容的行銷的平台。因此，在過去的兩年裡，我們在營運方面做得非常好，同時也專注於這項競爭優勢，特別是在品牌推出新產品的時候。

So in the future, we're going to further seize the opportunities from the brand new product launch and those hot topics, for instance. And this is the very core part of our competitive edge, and we are going to be consistent in doing so and increasing our investment into this.

所以未來我們會進一步抓住新品發布、熱門話題等機會。這是我們競爭優勢的核心部分，我們將堅持不懈地這樣做，並增加對這方面的投資。

So overall speaking, we -- by doing this and focusing on the products of this kind, we are going to pretty much stabilize the demand and try to get most part of the budget from those brands.

所以總體來說，透過這樣做並專注於此類產品，我們將基本穩定需求並嘗試從這些品牌中獲得大部分預算。

And also in terms of the performance-based ad, after 2023, we've been investing a lot into this area, did see a very good growth coming back in the second half of last year as well. So this is point number one.

另外，就基於效果的廣告而言，2023 年之後，我們一直在該領域投入大量資金，去年下半年也確實看到了非常好的成長。這是第一點。

And point number two is that still for some of the information-based feed pricing-related ad, we'll be focusing on this as well. And by doing the AI ad and some of the other related technologies and products, we are able to increase the awareness among the users and our existing customers and try to get new ones into the whole pool so that the revenue from this part could be enhanced because of these efforts.

第二點是，對於一些基於資訊的飼料定價相關廣告，我們仍然會關注這一點。透過投放人工智慧廣告以及其他一些相關技術和產品，我們能夠提高使用者和現有客戶的認知度，並嘗試將新客戶納入整個客戶群，從而透過這些努力來提高這部分的收入。

Thank you. This concludes the question-and-answer session. I'll now hand back to Sandra Zhang for closing remarks.

謝謝。問答環節到此結束。現在我將把發言交還給桑德拉·張，請她做最後發言。

Thanks, operator, and thank you for joining us. We'll see you next quarter.

謝謝，接線員，謝謝您加入我們。我們將於下個季度與您見面。

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.

本記錄中標記（翻譯）的部分是由現場通話中的翻譯人員說的。翻譯由贊助此活動的公司提供。