Weibo Corp (WB) 2025 Q2 法說會逐字稿

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

您好，感謝您的支持。歡迎閱讀微博2025年第二季財報。（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 first speaker today, Sandra of Investor Relations. Please go ahead.

現在，我想將會議交給今天的第一位發言者，投資者關係部的桑德拉。請繼續。

Thank you, operator. Welcome to Weibo's second quarter of 2025 earnings conference call. Joining me 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 and is available through Weibo's IR website.

謝謝您，接線生。歡迎參加微博2025年第二季財報電話會議。今天與我一起出席的還有我們的執行長王高飛和財務長曹飛。此次電話會議也將在網路上播出，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. Forward-looking statements involve inherent risks and uncertainties.

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。前瞻性陳述涉及固有風險和不確定性。

A number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Weibo assumes no obligation to update the forward-looking statements in this conference call and elsewhere. Further information regarding this and other risks is included in Weibo's annual report on Form 20-F and other filings with the SEC.

許多重要因素可能導致實際結果與前瞻性聲明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。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。

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 the applicable law.

本新聞稿中提供的所有資訊均截至本新聞稿發布之日。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 the 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 non-recurring 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. Following management's prepared remarks, we will open the lines for a brief Q&A session.

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。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。在管理階層準備好發言之後，我們將開始一個簡短的問答環節。

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

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

（翻譯）謝謝。大家好。歡迎參加微博2025年第二季財報電話會議。在今天的電話會議上，我將與大家分享微博2025年第二季的產品和貨幣化亮點。

On the user front, in June 2025, Weibo's MAUs reached 588 million and average DAUs reached 261 million. In the second quarter, Weibo's total revenues reached USD444.8 million, up 2% year over year. Our total ad revenues reached USD383.4 million, up 2% year over year. Our non-GAAP operating income reached USD161.8 million, representing a non-GAAP operating margin of 36%.

用戶方面，2025年6月，微博MAU達5.88億，平均DAU達2.61億。第二季度，微博總營收達4.448億美元，年增2%。我們的總廣告收入達到 3.834 億美元，年增 2%。我們的非公認會計準則營業收入達到1.618億美元，非公認會計準則營業利益率為36%。

In 2025, the company's overall strategy focuses on the value of users, sustaining the leading position in trending topics and entertainment sector and solidifying the competitive edge of the social products. On top of that, we prioritize on enhancing the recommendation and search functions by integrating large language models to drive user scale and engagement.

2025年，公司整體策略聚焦用戶價值，持續維持熱門話題和娛樂領域的領先地位，鞏固社交產品的競爭優勢。除此之外，我們優先透過整合大型語言模型來增強推薦和搜尋功能，以推動用戶規模和參與度。

Next, let me share with you our progress made in the second quarter of 2025 from three dimensions: user growth, the competitiveness of our content ecosystem, and monetization. On user growth and engagement, we focused on the integration of social products and upgrades of our recommendation system this year, aiming to drive user engagement and user growth.

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年第二季的進展。在用戶成長和參與度方面，我們今年專注於社交產品的整合和推薦系統的升級，旨在推動用戶參與度和用戶成長。

Over Weibo's 15 years of development, the homepage information feeds have continuously evolved to achieve two core objectives: to enhance the efficiency of content consumption and social interaction by users; and accordingly, the content recommendation mechanism of information feeds has evolved from a timeline-based distribution to a recommendation-based distribution. To be specific, the information feeds were originally distributed in reverse chronological order based on the posting time.

在微博十五年的發展歷程中，首頁資訊流不斷演進，核心目標有兩個：提升用戶內容消費和社交互動的效率；相應地，資訊流的內容推薦機制也從基於時間軸的分發演進到基於推薦的分發。具體來說，資訊流原本是依照發佈時間倒序分佈的。

As content creation became more convenient for users, the explosive amount of content produced largely exceeded the amount of content consumed. And therefore, to improve content consumption efficiency, we upgraded the algorithm of information feeds from purely timeline-based to focusing on distributing unread posts from individual accounts being followed by users in 2016. Later in 2018, we introduced a new feed product structure, composing of a relationship-based feed and an interest-based feed, aiming to broaden users' content discovery and increase their content consumption scale.

隨著使用者內容創作變得越來越便捷，內容的產生量呈現爆炸性成長，遠遠超過了內容的消費量。因此，為了提高內容消費效率，我們在2016年升級了資訊流演算法，從單純基於時間軸，改為注重分發用戶關注的個人帳號的未讀貼文。2018年下半年，我們推出了新的資訊流產品結構，由基於關係的資訊流和基於興趣的資訊流組成，旨在拓寬用戶的內容發現範圍，增加他們的內容消費規模。

In recent years, users' content consumption behaviors have been altered by the recommended content. To adapt to this trend, we initiated a strategic revamp of our homepage information feed in the first half of this year, which makes the interest-based feed as a primary interface when users access Weibo. We also made significant adjustments on the distribution mechanism of the interest-based feed.

近年來，推薦內容已經改變了用戶的內容消費行為。為了適應這一趨勢，我們在今年上半年啟動了首頁資訊流的策略性改造，將基於興趣的資訊流作為用戶訪問微博的主要介面。我們也對興趣Feed的分發機製做了重大調整。

On the one hand, we integrated the recommendation mechanism for both relationship-based feeds and interest-based feeds. On the other hand, we enhanced the user feedback mechanism based on users' interaction and consumption behavior in the interest-based feeds, aiming to meet their in-depth consumption demands.

一方面，我們整合了基於關係的資訊流和基於興趣的資訊流的推薦機制。另一方面，我們根據使用者在興趣資訊流中的互動和消費行為，加強使用者回饋機制，滿足使用者深度消費需求。

Overall speaking, while preserving users' fundamental need for social content consumption, the upgraded interest-based feeds deliver improved efficiency of discovering interest-based content and deepened user engagement. Additionally, by leveraging large language models, we have enhanced the quality of recommended content, improving users' overall consumption experience.

整體而言，升級後的興趣推播在滿足用戶社群內容消費基本需求的同時，提升了興趣內容的發現效率，加深了用戶的參與度。此外，透過利用大型語言模型，我們提高了推薦內容的質量，並改善了使用者的整體消費體驗。

We hope the upgrade of the homepage information feed will further unlock Weibo's value in delivering quality content. We aim to enhance user consumption depth and engagement through algorithm capability, which will strengthen the competitiveness of our vertical company ecosystem.

希望透過首頁資訊流的升級，能夠進一步釋放微博優質內容的價值。我們的目標是透過演算法能力來提升用戶的消費深度和參與度，進而增強我們垂直公司生態系統的競爭力。

In early July, we completed the upgrade of product and technical framework, which has rolled out to nearly all users. Currently, with the average content views of homepage information feed per user remaining stable, the proportion of the recommended content consumed by users has increased to 43%, representing a 17% improvement over the previous level. This established a solid foundation for efficient improvement and the development of the platform's content ecosystem.

7月初，我們完成了產品和技術框架的升級，並已推廣至幾乎所有用戶。目前，首頁資訊流的用戶均內容瀏覽量維持穩定，用戶消費的推薦內容佔比提升至43%，較先前提升17個百分點。為平台內容生態的高效改善與發展奠定了堅實的基礎。

With the upgrade of the homepage information product, our platform's content distribution strategy will expand from relationship-based distribution to interest-based distribution, aiming to enhance content competitiveness for social products. Leveraging the platform's long-accumulated social assets and the interest-based community, we reinforce the platform's social attributes and boost the user willingness to share and interact.

隨著首頁資訊產品的升級，平台內容分發策略將從關係分發拓展到興趣分發，提升社群產品的內容競爭力。利用平台長期累積的社交資產與興趣社區，強化平台的社交屬性，提升使用者分享互動的意願。

In the second quarter, we have further strengthened user's social interaction experience in the core product scenarios, achieving notable progress. For example, to address the prevalent issue of low-quality content in comments reception, particularly comments under posts by celebrities and top KOLs, we enhanced the identification and monitoring of low-quality content. This effectively improved discussion quality and increased users' willingness to visit and engage in a commentary session.

第二季度，我們進一步強化了核心產品場景下使用者的社交體驗，並取得了顯著進展。例如，針對目前評論接收特別是明星、KOL貼文下的評論普遍存在低品質內容的問題，我們加強了對低品質內容的識別和監控。這有效地提高了討論質量，增加了用戶訪問和參與評論的意願。

For the celebrity-related super topics, we prioritized users' genuine communication, content sharing and consumption needs, and focused on improving the diversity of content and real-time attributes of the community. These efforts helped improve social connection in celebrity-related super topics, driving notable year-over-year growth of users who posted, engaged, and consumed content in the second quarter.

對於明星超級話題，我們優先考慮用戶的真實交流、內容分享和消費需求，並專注於提升內容的多樣性和社群的即時性。這些努力有助於改善與名人相關的超級話題的社交聯繫，推動第二季度發布、參與和消費內容的用戶數量同比顯著增長。

To enhance the competitiveness of the content ecosystem, our interest-based feed will become the primary feed for content distribution. In the second quarter, on the vertical content ecosystem, we completed the transition of content operations from an influencer-based model to a vertical content-based model, which attracted content creators from cross-verticals to generate content on a specific vertical area.

為了增強內容生態系統的競爭力，我們基於興趣的 feed 將成為內容分發的主要 feed。第二季度，在垂直內容生態上，我們完成了內容營運從以網紅為主向以垂直內容為主的模式的轉變，吸引了跨垂直領域的內容創作者在特定的垂直領域進行內容創作。

Currently, over 50% of the interest-based content from key verticals are generated from cross-vertical KOLs, which benefit from our years of deep cultivation in vertical areas and the advantages of our vertical content operations. In the second quarter, vertical content consumption accounted for 60% of the interest-based feed consumption. And meanwhile, the new interest-based feeds optimized content quality by allocating more traffic to high-quality, authentic content. This has increased the traffic share for KOLs and celebrity accounts, while also providing more growth opportunities for mid-tier and long-tail KOLs.

目前重點垂直領域超過50%的興趣內容均來自跨垂直KOL，這得益於我們多年在垂直領域的深耕以及垂直內容運營的優勢。第二季垂直內容消費佔興趣推播消費的60%。同時，新的基於興趣的資訊流透過為高品質、真實的內容分配更多流量來優化內容品質。這增加了KOL和名人帳戶的流量份額，同時也為中端和長尾KOL提供了更多的成長機會。

In the second half of this year, with the goal of enhancing user engagement through the interest-based feeds, we will increase the supply of quality content to users through product options and recommend more precise and engaging content to users through recommendations. This will improve the efficiency for users to access effective content and their satisfaction of content consumption, and thereby further drive up content consumption and more frequent usage. While solidifying Weibo's advantages in entertainment verticals and trending topics, we will support the long-term development of vertical content ecosystems to achieve a win-win situation where users enjoy quality content, creators develop, and platforms thrive.

今年下半年，我們將以透過興趣推播提升用戶參與度為目標，透過商品選項增加對用戶的優質內容供給，並透過推薦功能向用戶推薦更精準、更有吸引力的內容。這將提高用戶獲取有效內容的效率和內容消費的滿意度，從而進一步帶動內容消費和使用頻率。在鞏固微博娛樂垂直領域和熱門話題優勢的同時，支持垂直內容生態的長期發展，實現用戶享受優質內容、創作者發展、平台繁榮的共贏。

Next, let me share with you the updates of Weibo Intelligent Search products. In the second quarter, we beefed up our efforts to transform the AI-powered search experience through optimization in model strategies, enrichment of database, and integration of multi-modal content. Additionally, we incentivized the content creators to produce more high-quality content and perspectives, which further refined the quality of search results. As a result, Weibo's Intelligent Search saw robust growth during this quarter, with MAUs surpassing 50 million in June.

接下來跟大家分享一下微博智能搜尋產品的更新內容。第二季度，我們透過優化模型策略、豐富資料庫、整合多模式內容等方式，加強了對人工智慧搜尋體驗的轉型。此外，我們也激勵內容創作者創造更多高品質的內容和觀點，進一步提高搜尋結果的品質。因此，微博智慧搜尋在本季實現了強勁成長，6 月月活躍用戶數突破 5,000 萬。

Notably, Weibo's Intelligent Search has significantly enhanced the user experience for trending topics, as well as better fulfilled user queries in on-demand search scenarios. Daily active users of Intelligent Search also increased notably quarter over quarter, driving solid growth in average daily search queries.

值得一提的是，微博智能搜尋顯著提升了用戶對於熱門話題的體驗，也更能滿足了用戶在隨選搜尋場景下的查詢需求。智慧搜尋的每日活躍用戶數也比上一季大幅增加，推動了每日平均搜尋查詢量的穩定成長。

In the longer run, powered by the large-language model's summarization capabilities, we believe that the high-quality content and diverse viewpoints accumulated on Weibo over a decade will be presented in a more thorough way. This will not only improve result relevancy and content consumption efficiency, but also enable Weibo's Intelligent Search to go beyond trending and real-time topics to better address long-tail search needs. We are encouraged to see an AI-driven roadmap to strengthen our competitive edge in the search market.

從長遠來看，我們相信，在大語言模型的摘要能力的驅動下，微博十多年來累積的優質內容和多元觀點將得到更全面的呈現。這不僅可以提高結果的相關性和內容消費效率，還可以使微博的智慧搜尋超越趨勢和即時話題，更好地滿足長尾搜尋需求。我們很高興看到由人工智慧驅動的路線圖，以增強我們在搜尋市場的競爭優勢。

Moving on to monetization. In 2025, our ad product and sales strategy focuses on expanding and solidifying customers' mindsets of choosing Weibo as the go-to platform for content marketing across industries, as well as enhancing ad product conversion capabilities. From demand side, backed by consumption stimulus policies, e-commerce platforms, and related sectors increase their ad spend during the quarter, we focus on two aspects in our sales execution this quarter.

繼續貨幣化。2025年，我們的廣告產品和銷售策略將重點放在擴大和鞏固客戶選擇微博作為跨產業內容行銷首選平台的思維模式，以及提升廣告產品轉換能力。從需求端來看，受消費刺激政策推動，電商平台及相關產業在本季加大了廣告投入，我們本季的銷售執行重點關注兩個面向。

First, we continue to leverage Weibo's unique strengths in trending topics, deleveraging resources, and top KOL content to broaden our industry reach, while focusing on new product launch marketing to further reinforce Weibo's position as the go-to platform for clients. Second, we maintain our investment in performance-based ad products, which enhance our capability to capture incremental ad budget and continue to deliver positive revenue outcomes.

首先，我們持續發揮微博在熱門話題、去槓桿資源、頭部KOL內容等方面的獨特優勢，拓展產業覆蓋面，同時注重新品發布行銷，進一步鞏固微博作為客戶首選平台的地位。其次，我們持續對以效果為基礎的廣告產品進行投資，這增強了我們獲取增量廣告預算的能力，並持續帶來正面的收入成果。

By industry, e-commerce platforms posted solid year-over-year revenue growth in the second quarter, benefiting from close partnerships with major platforms during the June 18 Shopping Festival. As a pivotal arena for boosting domestic consumption, e-commerce and related categories, such as local service, are expected to further ramp up marketing efforts with Weibo this year.

從業界來看，第二季度，電商平台收入較去年同期實現穩健成長，受益於「6·18」購物節期間與各大平台的緊密合作。作為拉動國內消費的重要領域，電子商務及本地生活等相關領域預計今年將進一步加強利用微博的營銷力道。

As for the automobile vertical, Weibo continues to be the key discussion hub for new energy vehicles, sustaining its ecosystem advantages. Major OEMs have increased their budget allocation to Weibo, with marketing coverage for new EV model launches exceeding 60% in the first half of this year.

汽車領域，微博繼續成為新能源汽車的重點討論中心，保持生態優勢。各大主機廠紛紛增加對微博的投入，今年上半年新電動車款的行銷覆蓋率已超過60%。

In the FMCG category, including food and beverage, footwear and apparel, and personal care and beauty sectors, we are seeing shift in clients' marketing strategies. After years of heavy investment in e-commerce performance and KOC seeding, more and more advertisers now face diminishing returns, which prompts a reconsideration of their billings. For instance, certain advertisers who had previously shipped most of their budget to performance-based marketing or influencer seeding are now reallocating budget towards selected endorsements, content IP creation, and sponsorships.

在快速消費品類別中，包括食品和飲料、鞋類和服裝以及個人護理和美容行業，我們看到客戶的行銷策略正在轉變。經過多年對電子商務績效和 KOC 播種的大量投資，越來越多的廣告商現在面臨收益遞減的問題，這促使他們重新考慮自己的帳單。例如，某些廣告商之前將大部分預算投入到基於績效的行銷或影響力播種，現在則將預算重新分配給精選代言、內容 IP 創作和贊助。

While this transition is gradual and measured, we believe this trend is likely to continue. In the first half of 2025, advertisers from the FMCG category became increasingly interested in Weibo's product launch, celebrity, and IP marketing offerings. As a result, both the number of campaigns and the revenue generated from product launch and celebrity official announcement campaigns booked a double-digit year-over-year growth.

雖然這種轉變是漸進且有節制的，但我們相信這種趨勢可能會持續下去。2025年上半年，快消品類廣告主對微博的產品首發、明星、IP行銷等方式的興趣日益濃厚。因此，產品發布和明星官宣活動的數量和產生的收入均實現了兩位數的同比增長。

We are encouraged to see customer stickiness to our product launch marketing further enhance, with the value of celebrity assets gradually revived. And meanwhile, we focus on tailoring our ad product to fulfill the more granular marketing needs of different segments within the FMCG sector.

我們欣喜地看到，產品首發行銷的顧客黏性進一步增強，明星資產的價值逐漸復甦。同時，我們專注於客製化廣告產品，以滿足快速消費品產業不同細分市場的更細緻的行銷需求。

We seek to amplify the synergy between commercial content and organic posts and trending topics generated by celebrities or KOLs, leveraging our ad product-light content boosting and aggregation. With these efforts, we aim to facilitate more effective distribution of commercial content so as to cultivate consumer mindset and drive conversion.

我們尋求利用廣告產品輕內容的提升和聚合，擴大商業內容與名人或 KOL 產生的自然貼文和熱門話題之間的協同作用。透過這些努力，我們的目標是促進商業內容更有效地分發，從而培養消費者心態並推動轉換。

From ad product perspective, ad revenue from our promoted feed offerings and the real-time bidding system sustained solid year-over-year growth in the second quarter, with decent enhancement in ad performance for those performance-driven e-commerce advertisers. In the third quarter, we plan to further expand advertiser coverage and see opportunities to extend this growth trend to the second half of this year.

從廣告產品角度來看，第二季度，我們推廣的資訊流產品和即時競價系統的廣告收入保持了同比穩健增長，而注重效果的電商廣告主的廣告效果也得到了顯著提升。在第三季度，我們計劃進一步擴大廣告商覆蓋範圍，並尋找將這一成長趨勢延續至今年下半年的機會。

And meanwhile, we are stepping up our exploration and integration of AI on the monetization front. We will focus on streamlining ad creation and accelerating review process, as well as improving ad targeting and pay-through rate. This initiative successfully drove higher ECPM for real-time bidding speed ads in the second quarter versus the same period last year.

同時，我們也在加強對人工智慧在商業化方面的探索與整合。我們將專注於簡化廣告建立和加快審核流程，以及提高廣告定位和付費率。這項措施成功推動了第二季度即時競價極速廣告的 ECPM 較去年同期有所提高。

Entering the third quarter, we do face a tough comparison due to the high base from last year's Olympics, which is a negative impact on the year-over-year growth. That said, we will beef up sales efforts to capture visible opportunities from sectors such as e-commerce, automobiles, and healthcare sectors, et cetera, with focus on driving the penetration of our brand-plus content marketing among these sectors.

進入第三季度，我們確實面臨嚴峻的比較，因為去年奧運會的基數較高，這對同比增長產生了負面影響。儘管如此，我們將加強銷售力度，抓住電子商務、汽車、醫療保健等領域的明顯機會，並專注於推動我們的品牌加內容行銷在這些領域的滲透。

Furthermore, we strive to secure incremental budget, leveraging the progress we made in real-time bidding feed ad products. In the longer run, we remain committed to amplifying the synergy between content and monetization operations. With the revamp of information feeds on the homepage, we have a clear roadmap to further strengthen our vertical content ecosystem and boost the interest-based content consumption, enabling commercial content to effectively reach a desirable audience. At that time, our value proposition of content and new product marketing will become even more pronounced and therefore reinforce Weibo's competitive edge in the ad market.

此外，我們努力確保增量預算，利用我們在即時競價資訊流廣告產品方面取得的進展。從長遠來看，我們仍致力於擴大內容和貨幣化營運之間的協同作用。隨著主頁資訊流的改版，我們有了清晰的路線圖，進一步加強我們的垂直內容生態系統，促進基於興趣的內容消費，使商業內容能夠有效地觸及目標受眾。屆時，我們的內容和新產品行銷的價值主張將更加明顯，從而增強微博在廣告市場的競爭優勢。

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

說完這些，讓我把它交給 Fei Cao 進行財務審查。

Thank you, Gaofei, and hello, everyone. Welcome to Weibo's second-quarter 2025 earnings conference call.

謝謝高飛，大家好。歡迎參加微博2025年第二季財報電話會議。

Let's start with user metrics. In June 2025, Weibo's MAUs and average DAUs reached 588 million and 261 million, respectively, representing a net addition of 5 million and 5 million users on a year-over-year basis. The DAU versus MAU ratio further enhanced as our strategic focus on high-quality users is paying off. Leveraging the transformative power of AI, we are revamping our recommendation engine as well as feed and search experience to make Weibo more relevant and engaging.

讓我們從用戶指標開始。2025年6月，微博MAU和平均DAU分別達到5.88億和2.61億，年比分別淨增加500萬和500萬用戶。隨著我們對高品質用戶的策略重點取得成效，DAU 與 MAU 的比率進一步提高。利用人工智慧的變革力量，我們正在改進我們的推薦引擎以及資訊流和搜尋體驗，以使微博更具相關性和吸引力。

Turning to financials. As a reminder, my prepared remarks will focus on non-GAAP results. All monetary amounts are in US dollar terms, and all comparisons are on a year-over-year basis, unless otherwise noted. Now, let's move through our financial highlights for the second quarter 2025.

轉向財務。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。現在，讓我們回顧一下 2025 年第二季的財務亮點。

Weibo's second-quarter 2025 net revenues were USD444.8 million, an increase of 2%. Operating income was USD161.8 million, representing operating margins of 36%. Net income attributed both to Weibo reached USD143.2 million, an increase of 13%, and diluted EPS was USD0.54.

微博2025年第二季淨營收為4.448億美元，年增2%。營業收入為1.618億美元，營業利益率為36%。歸屬於微博的淨利達1.432億美元，年增13%，攤薄每股收益為0.54美元。

Let me give you more color on the second-quarter 2025 revenue performance. Weibo's Advertising and Marketing revenues for the second quarter 2025 were USD383.4 million, up 2%, while Value-added Service revenues were USD61.4 million, down 2%. Weibo's Advertising business continued to deliver a slight uptick, which resulted from mixed performance of major ad verticals. By industry, our top three verticals were FMCG, e-commerce, and 3P products. In terms of growth, e-commerce, internet services, and automobile were the key contributors.

讓我向您詳細介紹一下 2025 年第二季的營收表現。微博2025年第二季廣告及行銷收入為3.834億美元，成長2%；增值服務收入為6,140萬美元，下降2%。微博廣告業務持續小幅上漲，這得益於各大廣告垂直領域表現不一。按行業劃分，我們的三大垂直行業是快速消費品、電子商務和第三方產品。從成長方面來看，電子商務、網路服務和汽車是主要貢獻者。

Benefiting from the trading policies and intensifying competition among platforms, e-commerce advertisers increased their ad spending on Weibo to boost the brand visibility during the June 18 Shopping Festival. The automobile sector sustained healthy growth, as Weibo played an increasingly important role in building market cap for EV launches, underpinned by the joint discussion of the (inaudible) verticals.

受惠於交易政策及平台間競爭加劇，電商廣告主在「6·18」購物節期間加強微博廣告投放力度，提升品牌知名度。汽車產業保持健康成長，微博在建立電動車發佈市值方面發揮越來越重要的作用，這得益於（聽不清楚）垂直產業的聯合討論。

The FMCG sector continued to see a year-over-year decline. However, we are seeing early signs of gradual recovery, despite near-term pressure. We are encouraged to see a gradual comeback with the mega festival brand -- FMCG brand, reallocate their budget to Weibo's delivery and product launch ad offerings to engage our young and high-value users. Other underperforming industries that dragged the overall top-line recovery included online games, luxury, and entertainment. In particular, the online games sector remained soft due to tough comps and lack of blockbuster release this quarter.

快速消費品產業持續呈現年減趨勢。然而，儘管近期面臨壓力，我們仍看到了逐步復甦的早期跡象。我們很高興地看到大型節日品牌——快速消費品品牌的逐步回歸，將其預算重新分配給微博的配送和產品發布廣告，以吸引我們的年輕和高價值用戶。其他拖累整體營收復甦的表現不佳的行業包括網路遊戲、奢侈品和娛樂。尤其是網路遊戲產業，由於本季競爭激烈且缺乏重磅遊戲發布，其表現依然疲軟。

By ad product category, promoted feed ads remained the largest contributor, followed by social display ads and topics and search placements. We have been integrating AI to facilitate smarter ad targeting and placements, which fuels the double-digit growth of our feed ad offerings. Specifically, our real-time bidding feed products saw strong improvements in both performance and conversion metrics.

按廣告產品類別劃分，推廣資訊流廣告仍是最大的貢獻者，其次是社群展示廣告以及主題和搜尋展示位置。我們一直在整合人工智慧，以促進更聰明的廣告定位和投放，這推動了我們的資訊流廣告產品實現兩位數的成長。具體來說，我們的即時競價資訊流產品在效能和轉換指標方面都取得了顯著的提升。

Ad revenues from Alibaba sustained a healthy growth of 10%, reaching USD35.7 million in the second quarter. We gained a larger share of Alibaba's ad wallet in Q2, driven by increased marketing demand during the June 18 Festival and heightened competition in the local survey segment.

阿里巴巴的廣告收入維持了10%的健康成長，第二季達到3,570萬美元。受「六一」假期期間行銷需求增加以及本地調查領域競爭加劇的推動，我們在第二季度獲得了阿里巴巴廣告份額的增加。

Looking ahead to the second half of the year, we expect to face a tough year-over-year comparison in the first quarter due to the Summer Olympics in the prior year. Also, advertisers from consumption-related industries remain conservative in their ad budget allocation in light of low-risk geopolitical outlooks and macro uncertainties. That said, we will step up our sales execution to capture engaging opportunities, particularly in on-demand e-commerce services and new EV launches.

展望下半年，由於去年夏季奧運會的影響，我們預計第一季的年比情況將十分艱難。此外，鑑於低風險的地緣政治前景和宏觀不確定性，消費相關行業的廣告商在廣告預算分配方面仍保持保守。也就是說，我們將加強銷售執行，以抓住有吸引力的機會，特別是在按需電子商務服務和新電動車發布方面。

In the longer term, we aim to further integrate AI capabilities to drive meaningful improvements in ad inventory, availability, and ECPM assets. Value-added service revenue rose 2% to USD61.4 million in the second quarter, mainly due to a modest decrease in membership services.

從長遠來看，我們的目標是進一步整合人工智慧能力，以推動廣告庫存、可用性和 ECPM 資產的顯著改善。第二季增值服務收入成長2%至6,140萬美元，主要由於會員服務收入略有下降。

Turning to cost and expenses. Total cost and expenses for the second quarter were USD283 million, an increase of 1%, with increases in cost of revenue and product development expenses offset by increases in general and administrative expenses. Operating income in the second quarter was USD161.8 million, an increase of 3%, representing operating margins of 36% less versus the same period last year.

轉向成本和費用。第二季總成本和費用為 2.83 億美元，成長 1%，其中收入成本和產品開發費用的增加被一般和行政費用的增加所抵消。第二季營業收入為1.618億美元，年增3%，營業利益率較去年同期下降36%。

Turning to income tax. Under GAAP, income tax expenses for the second quarter were USD31.7 million compared to USD33.3 million last year. Net income attributable to Weibo in the second quarter was USD143.2 million, an increase of 13%, representing a net margin of 32%, compared to 29% last year, primarily attributable to higher net interest and other income.

談到所得稅。根據美國公認會計準則，第二季所得稅費用為 3,170 萬美元，去年同期為 3,330 萬美元。第二季歸屬於微博的淨利為1.432億美元，年增13%，淨利率為32%，去年同期為29%，主要得益於淨利息及其他收入的增加。

Turning to our balance sheet and cash flow items. As of June 30, 2025, Weibo's cash, cash equivalent, and short-term investment totaled USD2.11 billion compared to USD2.35 billion as of December 31, 2024. The decrease of Weibo's cash, cash equivalent, and short-term investment was mainly resulted from the purchase of long-term wealth management products and the payment of the annual dividend to our shareholders in the first half of 2025 and partially offset by operating cash flows. In the second quarter, cash provided by operating activities was USD24.8 million. Capital expenditures totaled USD17.6 million, and depreciation and amortization expenses amounted to USD14.8 million.

轉向我們的資產負債表和現金流量項目。截至 2025 年 6 月 30 日，微博的現金、現金等價物及短期投資總額為 21.1 億美元，而截至 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，主要由於購買長期理財產品及於2025年上半年向股東派發年度股息所致，並部分被經營現金流所抵銷。第二季經營活動提供的現金為2,480萬美元。資本支出總計1,760萬美元，折舊及攤提費用為1,480萬美元。

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

現在，請允許我將電話轉給接線員，進行問答環節。

(Operator Instructions) Felix Liu, UBS.

(操作員指示) 瑞銀 (UBS) 的 Felix Liu。

(spoken in foreign language) Thank you, management, for taking my question, and congratulations on the strong second-quarter results. Management earlier mentioned about your progress on Weibo's Smart Search. Can management elaborate a bit more on your product strategy and the future plan for commercialization? And furthermore, on AI, could management share more progress on how AI is helping the overall monetization and commercialization for the Weibo platform? Thank you.

（以外語說）感謝管理層回答我的問題，並祝賀第二季度取得強勁業績。管理階層之前提到了你們在微博智能搜尋方面的進展。管理階層能否詳細闡述你們的產品策略和未來的商業化計畫？此外，在人工智慧方面，管理階層能否分享更多有關人工智慧如何幫助微博平台整體貨幣化和商業化的進展？謝謝。

(interpreted) Okay. So actually, in the last quarter, we've already shared that, in Q1, we promoted the Intelligent Search product. In Q1, we actually connected to the DeepSeek R1 model, and we promoted the product, launched the product. And in Q2, actually, was a first full season for the Intelligent Search to be present in Weibo.

（翻譯）好的。實際上，在上個季度，我們已經分享過，在第一季度，我們推廣了智慧搜尋產品。在第一季度，我們實際上連接到了 DeepSeek R1 模型，並且我們推廣了該產品，並推出了該產品。實際上，第二季是智慧搜尋在微博上線的第一個完整季度。

And then in June, we also connected to the Ali Q1. Because for the DeepSeek R1 model, in terms of the output speed, actually, it's a bit low. So actually, a lot of users couldn't wait for the result to be produced. So in general, we should say that, actually, in Q2, the product is still being perfected and it's still in the process. So basically, at the end of Q2, the product form was finally stable.

然後6月我們還對接了阿里Q1。因為對於DeepSeek R1模型來說，從輸出速度來說，其實是有點低的。所以實際上，很多用戶已經迫不及待想要看到結果了。所以總的來說，我們應該說，實際上，在第二季度，產品仍在完善中，並且仍處於過程中。所以基本上，在第二季末，產品形式終於穩定下來了。

Then, actually, in terms of June, just now we introduced that, actually, for the MAU, it's already over 50 million. So for the query, it also improved by 60%. And as for the DAU and for the user query, actually, the growth was even faster. So actually, the growth rate was already over 100%. And in terms of the traffic, it grew by around 150% compared to the previous quarter. So in general, we can see from that data, actually, the user scale is growing and the frequency of usage is obviously increasing.

那麼實際上，就 6 月而言，我們剛才介紹過，實際上，MAU 已經超過 5,000 萬。所以對於查詢來說，它也提高了 60%。至於 DAU 和用戶查詢，實際上成長速度甚至更快。所以實際上成長率已經超過100%。就流量而言，與上一季相比成長了約 150%。所以整體來說，從數據上我們可以看出，使用者規模其實在成長，使用頻率明顯在增加。

So actually, we have pretty high expectation on the Intelligent Search product in the latter half of the year. And I think if you have been following Weibo, you would know that, actually, we have always had the advantage of news search. But in terms of the long-tail searches, actually, Weibo isn't that advantageous in that aspect.

所以實際上，我們對下半年的智慧搜尋產品抱有很高的期望。我想如果你一直關注微博，你就會知道，實際上，我們一直擁有新聞搜尋的優勢。但從長尾搜尋的角度來說，其實微博並沒有那麼大的優勢。

But right now, with this product, we can see that in the current usage by the users, of course, the search on the news is still accounting for a big percentage. But more and more users are using it, and now, they're using it for the experience search, product search, maybe some other long-tail searches. And also now, with the connection of the models and other content, it also helps us in terms of displaying some of the out-of-sight search results that can be displayed in the Intelligent Search on Weibo. And that is very vital for Weibo to really change the user behavior of the users and also to improve the percentage of the long-tail searches.

但現在這個產品我們可以看到，在現在用戶的使用中，當然新聞的搜尋還是佔了很大的比例。但是越來越多的用戶正在使用它，現在，他們使用它進行體驗搜索、產品搜索，也許還有一些其他長尾搜索。而且現在模特兒和其他內容打通之後，也能幫助我們在微博智能搜尋中展示一些平常看不到的搜尋結果。這對於微博真正改變用戶的用戶行為以及提高長尾搜尋的百分比至關重要。

So actually, in the industry, people have this general awareness that AI search is clearly overtaking and replacing the traditional search, and that is a clear trend. And now, in the social media platforms, we can see that, for us, we're not only making the search function better; actually, in terms of the usage on Weibo, you can see that for users, when they use this product, it's not just about the search. It's also about social interaction.

所以其實在業界大家普遍意識到AI搜尋正在明顯超越和取代傳統搜索，這是一個明顯的趨勢。現在，在社群媒體平台上，我們可以看到，對我們來說，我們不僅在使搜尋功能變得更好；實際上，就微博的使用情況而言，你可以看到，對於用戶來說，當他們使用這個產品時，不僅僅是為了搜尋。這也與社交互動有關。

For example, in the comment sections, they can do fact-checking, and also for some of the blogs, they can also use this kind of tool to fact-check or maybe do some extensive reading for the relevant material. Actually, there are a lot of use cases and scenarios. And they are some of the key works, key directions for our latter half of the year, and we do have some pilots going on.

例如在評論區，他們可以進行事實核查，對於一些博客，他們也可以使用這種工具來核查事實，或者對相關材料進行廣泛的閱讀。實際上，有很多用例和場景。這些是我們下半年的一些重點工作、重點方向，而且我們確實正在進行一些試點。

And in terms of commercialization, we should say that actually a lot of clients are interested in this product, but we are not overly anxious in terms of commercialization and we tend to try to expand the user base right now. And in the future, for the commercialization, maybe it's about the bundled cooperation with the brands, or maybe it's just like in the traditional search where we include ads in the search results.

至於商業化方面，應該說實際上有很多客戶對這個產品感興趣，但我們在商業化方面並不太著急，我們現在傾向於嘗試擴大用戶群。而未來的商業化，可能是和品牌進行捆綁合作，也可能像傳統搜尋一樣，在搜尋結果中加入廣告。

But actually, in the latter half of the year, in Q3, we may not consider that. Maybe in Q4, we would do some tests. But overall speaking, we should say for this product, it's really important for us to increase the user base for the search and also to help us increase the user stickiness and the traffic, and we have really high expectations in terms of the future commercialization of the product.

但實際上，在下半年，也就是第三季度，我們可能不會考慮這一點。也許在第四季度，我們會做一些測試。但總體來說，對於這個產品來說，增加搜尋的用戶群，以及幫助我們提高用戶黏著度和流量，對我們來說非常重要，我們對產品未來的商業化抱有很高的期望。

So just now -- your second question was about AI ads. In terms of ads, I think most of the platforms are alike. That means they are mostly concentrating on the performance-based ads. And for us, on one side it's about the auto placement of the AI assets. So in Q2, we launched our AI at creative platform called [Lingdong]. And right now, for the assets that is consumed, actually more than 10% is already from AI.

所以剛才——您的第二個問題是關於人工智慧廣告的。在廣告方面，我認為大多數平台都是一樣的。這意味著他們主要專注於基於效果的廣告。對我們來說，一方面是關於人工智慧資產的自動放置。因此，在第二季度，我們推出了名為“[嶺東].而現在，我們所消耗的資產中，其實已經有超過10%是來自於人工智慧。

And from the results -- just now, we already talked about it -- for Q2, in the information feed at the ECPM growth group by single digit, less than 10%. And then, when it comes to CTR, I think for different clients, for different client types, things would be different. For the leads -- leads type, the CTR would be higher, maybe around 20%, but for the apps, maybe more than 10%. But comprehensively, the ECPM maybe grew by less than 10%. So that's for information feed or maybe for the performance-based ads.

從結果來看 — — 剛才我們已經討論過了 — — 對於第二季度，ECPM 成長組的資訊來源成長了個位數，不到 10%。然後，當涉及點擊率時，我認為對於不同的客戶、不同的客戶類型，情況會有所不同。對於潛在客戶類型，點擊率會更高，可能在 20% 左右，但對於應用程序，可能超過 10%。但綜合來看，ECPM的增幅可能還不到10%。這是為了提供資訊或是為了基於效果的廣告。

So in terms of the brand ads, for a lot of the brand customers, they are placing quite high-quality ad assets on Weibo. So actually, in Q2, we have done some tests with some specific customers. For them, they have some high-quality PVC ads, and then we used AI to conduct some coordination for different user bases according to their interests. We conducted some re-editing with their existing assets.

因此就品牌廣告而言，對於許多品牌客戶來說，他們在微博上投放了相當高品質的廣告資產。實際上，在第二季度，我們已經與一些特定客戶進行了一些測試。對他們來說，他們有一些高品質的 PVC 廣告，然後我們使用 AI 根據不同的用戶群的興趣進行一些協調。我們對他們現有的資產進行了一些重新編輯。

Actually, in terms of the result, it's better than the results for the small and medium-sized customers. And then they saw some of our testing results. Basically, for the click rate, it increased just like the performance-based ads, but for the interaction, it basically doubled. So the overall result was pretty good.

實際上從結果上看，比中小客戶的結果好。然後他們看到了我們的一些測試結果。基本上，點擊率和效果廣告一樣增加了，但互動率基本上增加了一倍。所以整體結果還是不錯的。

But for the brand clients, the biggest challenge is still in the restraints of the process of ad placement. So basically, for our brand customers, when they place the information feed ads, they require all the assets to be approved on their site. So that kind of work process for AI ads, which is quite customized for different people, it's not really adaptive. So that really limits our customers, especially the brand customers, when they want to use our AI ads at scale.

但對品牌客戶來說，最大的挑戰依然在於廣告投放過程中的限制。因此，基本上，對於我們的品牌客戶，當他們放置資訊來源廣告時，他們要求所有資產在其網站上獲得批准。因此，這種人工智慧廣告的工作流程是針對不同的人進行客製化的，並不是真正的適應性。因此，當我們的客戶，尤其是品牌客戶想要大規模使用我們的人工智慧廣告時，這確實限制了他們。

So generally speaking, for the brand ads, I think, if we can use AI ads on a large scale, the performance and the results will be even more obvious in terms of this improvement. But it may take some time for our customers to gradually accept it. So we expect that at the end of the year, maybe more than 10% of our brand customers can start to use the AI ad system.

所以整體來說，對於品牌廣告來說，我覺得如果能夠大規模的使用AI廣告，那麼在效能和效果上的提升會更加明顯。但我們的客戶可能需要一些時間才能逐漸接受它。所以我們預計到今年年底，可能有超過10%的品牌客戶可以開始使用AI廣告系統。

Timothy Zhao, Goldman Sachs.

高盛的趙蒂姆。

(spoken in foreign language) Thank you, management, for taking my question. My question is regarding the Advertising revenue growth outlook. Can management share what is your expectation for the ad revenue growth into the third quarter and second half of this year? And specifically, which industries may show a stronger revenue growth?

（以外語說）謝謝管理階層回答我的問題。我的問題是關於廣告收入成長前景。管理階層能否分享您對今年第三季和下半年廣告收入成長的預期？具體來說，哪些產業可能會出現更強勁的營收成長？

And from a format perspective, just wondering, what is the difference in terms of growth rate between search ads, displays ads, recommendation feed ads, et cetera? And specifically, as already mentioned, the applications of AI in information ads, just wondering, given the very rapid usage of the AI search functions on Weibo, what is the implications for the search ads growth? Thank you.

從格式角度來看，我只是想知道，搜尋廣告、展示廣告、推薦資訊流廣告等之間的成長率有什麼區別？具體來說，正如前面提到的，人工智慧在資訊廣告中的應用，只是想知道，鑑於微博上人工智慧搜尋功能的使用非常迅速，這對搜尋廣告的成長有何影響？謝謝。

(interpreted) So in the latter half of the year, especially when we look at the industries with some national subsidies, those industries still have some uncertainties, especially the national subsidy-related industries like the cell phone or the automotive industry.

(翻譯)所以下半年，特別是我們看到一些有國家補貼的行業，這些行業還是存在一些不確定性，特別是跟國家補貼相關的行業，比如手機或者汽車行業。

Then, when it comes to Q3, I think, firstly, I think we already covered about that in Q2, which was e-commerce and also automotive industry. We think those industries can still maintain very good growth. And in the last two years, with the change of the age of our users, especially for the white-collars, people generally paid more attention to healthcare. So healthcare had pretty good growth in the last two years, but the base number was not as large as e-commerce and automotive industry. So those are the growing sectors.

然後，談到第三季度，我認為，首先，我認為我們已經在第二季度討論過這個問題，即電子商務和汽車行業。我們認為這些行業仍然可以保持非常好的成長。而且這兩年隨著我們用戶年齡的變化，特別是白領用戶，大家普遍對健康保健更加重視。因此，醫療保健在過去兩年中實現了相當不錯的成長，但基數並不像電子商務和汽車行業那麼大。這些都是正在成長的行業。

So actually, in Q3, we still face a lot of pressure in terms of FMCG because there was the Olympics last year. So for dairy products and other FMCG had some spending cuts, especially in Q3. And the other thing is for the cosmetics and luxury goods. Cosmetics have already quite stabilized, but we still face some pressure in Q3. And also, the same thing goes for luxury goods.

所以實際上，在第三季度，我們在快速消費品方面仍然面臨很大的壓力，因為去年有奧運。因此，乳製品和其他快速消費品的支出有所削減，尤其是在第三季。另一件事是化妝品和奢侈品。化妝品業務目前已經比較穩定，但第三季我們仍然面臨一些壓力。奢侈品也面臨同樣的情況。

And then for cell phone and gaming industry, there's huge uncertainty for cell phone. And this year, we do see that compared to the first half of the year, their budget basically stabilized, but their overall sales went down a lot. So if there's no additional national subsidy policies coming out, we still expect some pressure in terms of the cell phone industry in the latter half of the year.

對於手機和遊戲產業來說，手機存在著巨大的不確定性。而今年我們確實看到，與上半年相比，他們的預算基本上已經穩定了，但整體銷售額卻下降了很多。所以，如果國家沒有額外的補貼政策出台，我們預計下半年手機產業仍然會面臨一些壓力。

And then in terms of the ad strategy, I think the biggest percentage still goes to the information feed ads, and then the displayed ads and then the other ads. And then for the information feed ads, it's growing in itself. And in terms of the growth rate, I think for information feed ads, the growth rate is the highest. And actually, for the displayed ads in Q1 and Q2, there was a small dip because I think that's related to the overall budget of the customers.

就廣告策略而言，我認為最大的比例仍然是資訊流廣告，然後是展示廣告，然後是其他廣告。對於資訊流廣告而言，它本身也在不斷增長。從成長率來看，我認為資訊流廣告的成長率是最高的。實際上，第一季和第二季展示的廣告數量略有下降，因為我認為這與客戶的總預算有關。

So for the information feed ads, and the performance-based ads, and for the maybe content-based ads, and then for the purely displayed ads, from our perspective, I don't think the pure displayed ads is our future focus. So that means more and more customers will purely go to performance-based ads, and also, they may invest more in terms of star collaboration or maybe KOL investment. And maybe customers, they have their own accounts, the social media account that can produce some content-based marketing type of ads. That is the mainstream in the future.

因此，對於資訊流廣告、基於效果的廣告、可能基於內容的廣告以及純粹展示廣告，從我們的角度來看，我認為純粹展示廣告不是我們未來的重點。這意味著越來越多的客戶將純粹專注於基於效果的廣告，而且他們可能會在明星合作或 KOL 投資方面投入更多。也許客戶有自己的帳戶，而社群媒體帳戶可以製作一些基於內容的行銷類型的廣告。那才是未來的主流。

And for the search ads, I just introduced that, of course, there are certain customers. They have some expectation on the monetization or commercialization, but for us, we're even in the industry. There's no clear business model for this type of ads. So right now, we still focus more on building a bigger customer base and introducing more traffic.

至於搜尋廣告，我剛剛介紹過，當然有一定的客戶。他們對貨幣化或商業化有一些期望，但對我們來說，我們甚至已經處於這個行業。此類廣告沒有明確的商業模式。所以現在我們還是更專注於建立更大的客戶群和引入更多的流量。

And of course, maybe we can introduce a bit of the displayed ads, but that's too small a piece. So I think we still will focus more on increasing the user base. And also, we need to focus on the user experience of the Intelligent Search, and also, the feedback of the industry had been good. So we would increase a bit in terms of the budget, maybe in computing power, and also the investment for the external cooperation and marketing. And we hope that that will help us grow in terms of the user base because that's the highest expectation we have now for this product. In terms of the revenue and commercialization, we're in no hurry.

當然，也許我們可以引入一些展示廣告，但那太少了。所以我認為我們仍然會更專注於增加用戶群。另外，我們需要關注智慧搜尋的使用者體驗，而且業界的回饋也很好。因此，我們會在預算、運算能力以及外部合作和行銷方面的投資方面有所增加。我們希望這將有助於我們擴大用戶群，因為這是我們目前對該產品的最高期望。從收入和商業化角度來說，我們並不著急。

Thank you.

謝謝。

Thank you. Thank you for the questions. I will now turn the conference back to Sandra.

謝謝。謝謝您的提問。現在我將會議交還給桑德拉。

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

謝謝您，接線生。今天的電話會議到此結束。感謝大家的參與。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。