Weibo Corp (WB) 2025 Q3 法說會逐字稿

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

您好，感謝您的耐心等待。歡迎來到微博發布2025年第三季財務業績報告。（操作人員指示）請注意，今天的會議正在錄音。

I would now like to hand the call over to your first speaker today, Ms. Sandra Zhang from IR. Thank you. Please go ahead.

現在我謹將電話交給今天的第一位發言人，來自投資者關係部的張桑德拉女士。謝謝。請繼續。

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

謝謝接線生。歡迎參加微博2025年第三季財報電話會議。今天與我一同出席的有執行長王高飛先生和財務長曹飛先生。此次電話會議也在網路上進行直播，可透過微博的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. 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 statement in this conference call and elsewhere.

在管理階層發言之前，我想先向大家宣讀一下與今天電話會議相關的「安全港」聲明。在今天的電話會議中，我們可能會發表一些前瞻性聲明，這些聲明並非歷史事實，包括我們對未來的信念和預期。前瞻性陳述涉及固有的風險和不確定性。許多重要因素可能導致實際結果與任何前瞻性聲明中包含的結果有重大差異。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 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信息，請參閱微博提交給美國證券交易委員會的 20-F 表格年度報告和其他文件。本新聞稿中提供的所有資訊均截至發布之日。除適用法律另有規定外，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'll open the lines for a brief Q&A session.

此外，我想提醒各位，我們今天的討論涉及一些非GAAP指標，其中包括股票選擇權費用和其他一些費用。我們使用非GAAP財務指標來更了解微博的相對經營績效和未來前景。我們的非GAAP財務報表不包括某些預計不會產生未來現金支付的費用、收益或損失以及其他項目，或屬於非經常性項目，或不能反映我們的核心經營業績和前景。有關我們非GAAP財務指標的更多信息，請參閱我們的新聞稿。在管理階層發言結束後，我們將開放電話進行簡短的問答環節。

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

接下來，我將把電話交給我們的執行長王高飛先生。

(spoken in foreign language)

（用外語說）

(interpreted) Thank you. Hello, everyone. Welcome to Weibo's third-quarter 2025 earnings conference call.

（翻譯）謝謝。大家好。歡迎參加微博2025年第三季財報電話會議。

(spoken in foreign language) On today's call, I will share with you highlights on Weibo's product and monetization in the third quarter 2025.

（用外語說）在今天的電話會議上，我將與大家分享微博在2025年第三季的產品和獲利計畫的重點內容。

(spoken in foreign language)

（用外語說）

(interpreted) On the user front, in September 2025, Weibo's MAUs reached 578 million and average DAUs reached 257 million. In the third quarter, Weibo's total revenues reached USD442.3 million, a decrease of 5% year over year. Our total ad revenues reached USD375.4 million, a decrease of 6% year over year. Our non-GAAP operating income reached USD132.0 million, representing a non-GAAP operating margin of 30%.

（譯文）用戶方面，截至 2025 年 9 月，微博的月活躍用戶數達到 5.78 億，每日活躍用戶數達到 2.57 億。第三季度，微博總營收達4.423億美元，年減5%。我們的廣告總收入達到 3.754 億美元，年減 6%。我們的非GAAP營業收入達1.32億美元，非GAAP營業利益率為30%。

(spoken in foreign language)

（用外語說）

(interpreted) In 2025, our overall corporate strategy continued to focus on enhancing user value sustaining Weibo's leading position in hot topics and the entertainment company ecosystem while reinforcing the competitiveness of our social products. Building on this, we also leverage large language model to enhance our recommendation fees and search products, aiming to increase our user base and engagement. Next, I'll share with you highlights in Weibo's product operation and monetization in the third quarter.

（譯文）2025年，我們的整體企業策略將持續專注於提升用戶價值，並維持微博在熱門話題和娛樂公司生態系統中的領先地位，同時增強我們社交產品的競爭力。在此基礎上，我們也利用大型語言模型來增強我們的推薦費用和搜尋產品，旨在增加我們的用戶群和參與度。接下來，我將和大家分享微博第三季產品營運與變現的亮點。

(spoken in foreign language)

（用外語說）

(interpreted) On user growth and engagement, in 2025, our key product event is the upgrade of the homepage information feed, which put the recommendation feed as the default core feed. The revamp has largely rolled out in all users by late July. Alongside the information feed revamp, we also optimized our recommendation algorithm, especially for video content recommendation.

（解釋）關於使用者成長與參與度，2025 年，我們的關鍵產品事件是升級首頁資訊流，將建議資訊流設為預設核心資訊流。到7月底，此次改版已基本在所有用戶中推出。除了資訊流的改進，我們還優化了推薦演算法，特別是影片內容推薦演算法。

During the summer vacation, leveraging the active entertainment events and hot topics during the summer vacation, we saw significant improvement in user engagement of the mid- and low-frequency user group. The per capita viewership time spend and retention of the mid- and low-frequency user group grew double digits quarter over quarter, which in turn drove per capita time spent in recommendation feed for the whole user group to increase for Q3 quarter over quarter.

在暑假期間，我們利用暑假期間活躍的娛樂活動和熱門話題，發現中低頻用戶群的用戶參與度顯著提高。中低頻用戶群體的人均觀看時間和留存率環比增長兩位數，進而推動了整個用戶群體在推薦資訊流中花費的人均時長在第三季度環比增長。

(spoken in foreign language)

（用外語說）

(interpreted) In the third quarter, we implemented two key strategies. First, we enhanced the algorithm of the recommendation feed to improve user satisfaction with content, which matches their real-time interest. For example, in hot topic distribution, we established user behavior linkage between the recommendation feed and the search function.

（譯文）第三季度，我們實施了兩項關鍵策略。首先，我們改進了推薦流的演算法，以提高用戶對內容的滿意度，使其與用戶的即時興趣相匹配。例如，在熱門話題分發中，我們建立了推薦資訊流與搜尋功能之間的使用者行為連結。

We use the view and engage with the hot topics in those function. They have shown more precisely targeted content in recommendation feed. This strategy has been proven particularly effective in enhancing engagement and retention among mid- and low-frequency users on Weibo.

我們利用這些功能來觀察和參與熱門話題。他們在推薦資訊流中展示了更精準的目標內容。事實證明，該策略在提高微博中低頻用戶的參與度和留存率方面尤其有效。

Second, we enhanced our algorithm to better integrate video content into the recommendation feed, driving deeper content consumption. With the homepage information shifting from a relationship-based model toward recommendation-based one, video contents to be distributed through our recommendations algorithms to reach more precise and broader user group on top of the traditional social distribution mechanisms.

其次，我們改進了演算法，更好地將影片內容融入推薦資訊流中，從而推動更深入的內容消費。隨著首頁資訊從基於關係的模型轉向基於推薦的模型，視訊內容將透過我們的推薦演算法進行分發，以在傳統社交分發機制的基礎上，觸達更精準、更廣泛的用戶群體。

As a result, we saw a notable increase in the distribution of original and mid- to long form video content in the recommendation feed. The enriched mid- to long form video content extended user time spend in the recommendation feed and supporting healthy development of the content ecosystems.

因此，我們看到推薦資訊流中原創影片和中長影片內容的分佈明顯增加。豐富的中長影片內容延長了用戶在推薦資訊流中花費的時間，並支持了內容生態系統的健康發展。

(spoken in foreign language)

（用外語說）

(interpreted) Meanwhile, we continue to enhance our interest-based content operation, strengthening large-scale content production by content creators around user interest and thereby improving the quality and diversity of content supplied to the recommendation feed. The restructuring of the information feed boasts strategic significance for Weibo, which is comparable to our transition from the (technical difficulty) logical to algorithm-based sorting several years ago.

（譯註）同時，我們繼續加強基於興趣的內容運營，強化內容創作者圍繞用戶興趣進行大規模內容生產，從而提高推薦資訊流中提供的內容品質和多樣性。資訊流的重組對微博具有戰略意義，這堪比幾年前我們從（技術難度較高的）邏輯排序過渡到演算法排序。

In the short term, user experience for certain user group may face some challenges. However, from a long-term perspective, the increased weight of recommendation content and video content will strengthen Weibo's core competitiveness as a social media platform while laying a solid foundation for the sustainable and healthy development of our content ecosystem.

短期內，某些用戶群的使用者體驗可能會面臨一些挑戰。然而，從長遠來看，推薦內容和影片內容的日益增多，將增強微博作為社群媒體平台的核心競爭力，同時為我們內容生態系統的永續健康發展奠定堅實的基礎。

(spoken in foreign language)

（用外語說）

(interpreted) While improving the efficiency of the homepage recommendation feed, we also strengthened social discussion in relationship feed ensuring its role as the cornerstone of Weibo's differentiated competitiveness. In the third quarter, our efforts focus on two key aspects, driving interaction between content creators and their followers, and stimulating interest base and social engagement among users to fully boost the social engagement across the platform.

（解讀）在提高首頁推薦資訊流效率的同時，我們也加強了關係資訊流中的社交討論，確保其作為微博差異化競爭力基石的作用。第三季度，我們的工作重點放在兩個關鍵方面：推動內容創作者與其粉絲之間的互動，以及激發用戶的興趣基礎和社交參與度，從而全面提升整個平台的社交參與度。

First, to further drive the interaction between content creators and their followers, we upgraded the core fan mechanism and optimized the content reach and distribution. This significantly improved interaction efficiency in the relationship feed which is measured by the ratio of total interactions versus total viewership, resulting in double-digit growth of this ratio, both quarter over quarter and year over year in Q3 while further driving content creators motivation to consistently produce high-quality content on text and image.

首先，為了進一步推動內容創作者與其粉絲之間的互動，我們升級了核心粉絲機制，並優化了內容的覆蓋範圍和分發。這顯著提高了關係訊息流的互動效率（以總互動量與總觀看量的比率來衡量），使得該比率在第三季度環比和同比均實現了兩位數的增長，同時進一步激勵了內容創作者持續創作高品質的文字和圖像內容。

Second, to enhance ordinary user social interaction around interest-based content, we continue to develop the Super Topics community, focusing on key summer events, concert, and anime conventions, which young people are interested in. We encourage users to share meaningful and emotional content around their interest, positioning super topics as the fun and useful space for interest-based sharing and interaction.

其次，為了增強一般使用者圍繞興趣內容的社交互動，我們繼續發展超級話題社區，並專注於年輕人感興趣的夏季重要活動、音樂會和動漫展。我們鼓勵用戶分享與自身興趣相關的有意義、有情感的內容，將超級話題定位為基於興趣的分享和互動的有趣且有用的空間。

In the third quarter, the number of users who posted and engaged in super topics grew double digit year over year. This effective initiative strengthens Weibo's differentiated advantages in text and image, complementing the homepage recommendation feed and contributing to the solid development of the platform's ecosystem.

第三季度，發布和參與熱門話題的用戶數量較去年同期成長兩位數。這項有效舉措強化了微博在文字和圖片方面的差異化優勢，完善了首頁推薦資訊流，並為平台生態系統的穩健發展做出了貢獻。

(spoken in foreign language)

（用外語說）

(interpreted) Turning to search products, in the third quarter, we continued to reinforce AI application in search function, focusing on technical infrastructure upgrades and integration across ecosystem scenarios. First, in upgrading technical infrastructure, we continue to enhance intelligent search capability to understand user search intent and content matching capability, which effectively improve the relevance and accuracy of search results and making it easier for user to find desired content. At the same time, we upgraded the search model from conventional one-time information search to continue exploratory dialogue in enabling users to engage in coherent conversations with intelligent search and enjoy a more intelligent and seamless information across experience.

（譯文）在搜尋產品方面，第三季我們持續加強人工智慧在搜尋功能中的應用，重點在於技術基礎設施升級和跨生態系統場景的整合。首先，在技術基礎設施升級方面，我們不斷增強智慧搜尋能力，以了解用戶搜尋意圖和內容匹配能力，從而有效提高搜尋結果的相關性和準確性，使用戶更容易找到所需內容。同時，我們將搜尋模型從傳統的單次資訊搜尋升級為持續探索性對話，使用戶能夠透過智慧搜尋進行連貫的對話，並享受更智慧、更無縫的跨平台資訊體驗。

Second, the integration across ecosystem scenarios, we focus on extending intelligent search application in information feed, fostering a Search as a Service user mindset. We deeply integrated intelligent search into the content consumption experience with enhanced content verification and the content summary features. The system leverage AI to assess the authenticity of the original post, extract key information, and provide extended insights, helping users quickly access structured and reliable information while consuming contents.

其次，在跨生態系統場景的整合方面，我們專注於擴展資訊流中的智慧搜尋應用，培養「搜尋即服務」的使用者思維。我們將智慧搜尋深度融入內容消費體驗，並增強了內容驗證和內容摘要功能。該系統利用人工智慧評估原始貼文的真實性，提取關鍵訊息，並提供深入的見解，幫助用戶在消費內容的同時快速獲取結構化和可靠的資訊。

In the third quarter, the MAUs of Weibo intelligent search product exceeded 70 million, with its DAU and search queries increasing more than 50% quarter over quarter. This momentum not only reflects users' recognition of Weibo's intelligent search products but also further contribute to the expansion of Weibo search ecosystem. As a result, the total search queries on Weibo increased 20% quarter over quarter in the third quarter. Looking ahead, we will continue to deepen the innovative application of AI in search products.

第三季度，微博智慧搜尋產品的月活躍用戶數超過7,000萬，每日活躍用戶數和搜尋量較上季成長超過50%。這一勢頭不僅反映了用戶對微博智慧搜尋產品的認可，也進一步促進了微博搜尋生態系統的擴展。因此，第三季微博搜尋量較上季成長了20%。展望未來，我們將持續深化人工智慧在搜尋產品中的創新應用。

On the technology front, we aim to make search more user-aware. As for user experience, we strive to deliver a more seamless and usage journey. And in terms of the ecosystem, service will become more contextually relevant. These efforts will continuously provide users with a smarter, more convenient search experience and further unlock the value of Weibo's content ecosystem.

在技​​術方面，我們的目標是讓搜尋更加以用戶為中心。在使用者體驗方面，我們力求提供更流暢的使用體驗。就生態系統而言，服務將變得更加與上下文相關。這些舉措將持續為用戶提供更智慧、更便利的搜尋體驗，並進一步釋放微博內容生態系統的價值。

(spoken in foreign language)

（用外語說）

(interpreted) Moving on to monetization, in 2025, the ad product and sales team focused on two main priorities: first, to expand and solidify customers' mindset of choosing Weibo as a go-to platform for content marketing across more industries and plants; second, to continuously enhance the performance and conversion capabilities of our ad products.

（譯文）接下來談到盈利，2025 年，廣告產品和銷售團隊重點關注兩個主要優先事項：第一，擴大和鞏固客戶選擇微博作為更多行業和領域內容營銷首選平台的觀念；第二，不斷提高我們廣告產品的性能和轉換能力。

In the third quarter, due to the high base effect from the Olympics last year, Weibo's ad revenue decreased 6% year over year. From the overall market perspective, thanks to the stimulus policy aimed at driving domestic demand and consumption, e-commerce platform and related industry maintain a relatively high level of advertising spend, which supported our third-quarter ad revenues.

第三季度，由於去年奧運的高基數效應，微博廣告收入較去年同期下降6%。從整體市場角度來看，由於旨在刺激國內需求和消費的刺激政策，電子商務平台及相關行業保持了相對較高的廣告支出水平，這支撐了我們第三季度的廣告收入。

According to client feedback, after several years of substantial and continuous budget allocation towards performance ad, the bidding for the commercial traffic has become increasingly intense, which pushed their cost upward. In addition, the government recently issued tax policy that limits the cap of the feed ad spend for tax deduction purpose. This dynamic has driven clients to reevaluate their ad budget allocation, placing renewed emphasis on the value of the brand advertising.

根據客戶回饋，在多年來持續投入大量預算用於效果廣告之後，商業流量的競價變得越來越激烈，這推高了他們的成本。此外，政府最近發布了稅收政策，限制了用於稅收抵扣的廣告支出上限。這種動態促使顧客重新評估廣告預算分配，更重視品牌廣告的價值。

In particular, marketing approaches such as celebrity endorsement have generally become a key option for clients to consider. In light of this trend, leveraging Weibo's strength in celebrity resources, we aim to better facilitate clients' needs across the full celebrity endorsement and marketing life cycle. We hope to create richer celebrity marketing playbook together with clients, helping them enhance their marketing effectiveness.

尤其是像名人代言這樣的行銷方式，通常已成為客戶需要考慮的關鍵選擇。有鑑於此趨勢，我們將利用微博在名人資源方面的優勢，以更好地滿足客戶在名人代言和行銷生命週期各個階段的需求。我們希望與客戶共同打造更豐富的名人行銷策略，幫助他們提升行銷成效。

(spoken in foreign language)

（用外語說）

(interpreted) Let me share more color from an industry perspective. Competitive dynamics within the e-commerce sector has persisted since the second quarter, benefiting from different partnerships with leading e-commerce platform. Ad revenues from e-commerce sector achieved notable year-over-year growth in the third quarter.

（譯者註）讓我從業界角度分享更多細節。自第二季以來，電子商務領域的競爭格局持續存在，這得益於與領先的電子商務平台建立的不同合作關係。第三季度，電子商務產業的廣告收入實現了顯著的年成長。

Meanwhile, we have been gradually cultivating partnerships with other business lines within this e-commerce group, promoting a more balanced revenue mix and thus laying a solid foundation for the future revenue stability. Ad revenues from the automobile sector sustained year-over-year growth trend in third quarter.

同時，我們逐步與該電子商務集團內的其他業務部門建立合作關係，促進收入結構更加均衡，從而為未來的收入穩定奠定堅實的基礎。第三季汽車產業的廣告收入持續維持年成長趨勢。

Weibo has continued to solidify strength in the new energy vehicle content ecosystem. Revenue from traditional fuel vehicles also remained stable this year, contributing to improved revenue stability for the automobile industry.

微博在新能源汽車內容生態系統中的地位持續鞏固。今年傳統燃油汽車的收入也保持穩定，有助於提高汽車產業的收入穩定性。

In the online game and smartphone sectors, revenue declined due to overall budget contraction. As for the food and beverage, diary products and footwear and apparel sectors, revenue fell year over year primarily due to the tough comparable base from last year's Olympics. However, with the recovery and strengthening of celebrity marketing and client's mindset, ad revenues from celebrity endorsements continue to grow year over year.

由於整體預算縮減，網路遊戲和智慧型手機領域的收入有所下降。至於食品飲料、乳製品以及鞋服業，由於去年奧運帶來的高基數效應，收入較去年同期下降。然而，隨著名人行銷的復甦和加強以及客戶心態的轉變，名人代言的廣告收入繼續逐年增長。

(spoken in foreign language)

（用外語說）

(interpreted) On the ad product front, we have continually strengthened the education of AI technology across the entire advertising life cycle this year to enhance ad efficiency. By the third quarter, we have deployed AI capabilities throughout the process from the ad creative production and bidding model optimization to campaign performance improvement.

（譯註）在廣告產品方面，今年我們持續加強了人工智慧技術在整個廣告生命週期中的應用，以提高廣告效率。到第三季度，我們已在整個流程中部署了人工智慧功能，從廣告創意製作和競價模型優化到廣告系列效果提升。

Notably, Weibo's AI ad creative platform, Lingchuan, launched in the second quarter, has been widely adopted, enabling scalable and personalized ad production in both text and image formats. Furthermore, in the third quarter, we have extended AI-generated ad creatives to video contents. This upgrade enables intelligent extraction of key highlights for the pre-rolled segment and the generation of eye-catching cover images.

值得注意的是，微博的AI廣告創意平台凌川於第二季推出，已被廣泛採用，能夠以文字和圖像格式進行可擴展和個性化的廣告製作。此外，在第三季度，我們將人工智慧生成的廣告創意擴展到了影片內容。此次升級能夠智慧提取預發布片段的關鍵亮點，並產生引人注目的封面圖像。

This not only improves the efficiency and diversity of video ad creative production, but also enhanced targeting precision and user viewing experience. As of the end of October, AI-generated ad creatives accounted for nearly 30% of the consumption (technical difficulty) information feed.

這不僅提高了影片廣告創意製作的效率和多樣性，也提高了目標定位的精準度和使用者觀看體驗。截至 10 月底，人工智慧產生的廣告創意佔消費（技術難度）資訊流的近 30%。

Besides this, to address the common needs of the brand clients to launch new products via live stream the press conference. We leveraged AI to let live streams in real time, extract the most engaging highlights and transform them into high-quality material suitable for KOL distribution. These highlights are further distributed through our feed ad product, amplifying the overall content reach and influence.

此外，為了滿足品牌客戶透過直播新聞發布會發布新產品的共同需求。我們利用人工智慧技術，即時從直播串流中提取最吸引人的精彩片段，並將其轉化為適合KOL分發的高品質素材。這些精彩內容也會透過我們的資訊流廣告產品進一步傳播，從而擴大整體內容的覆蓋範圍和影響力。

This model not only addresses clients' difficulties in efficiently converting live stream content into shareable materials, but also enable clients to achieve secondary distribution of valuable live stream content through a combination of high-quality materials and precise targeting. For example, in live stream product launched by a smartphone brand, AI-generated material make up 10% of all materials, yet contributed towards much as 30% of total interactions. We plan to roll out this model to more brand clients hosting product launch, thereby further unlocking the potential of AI in brand marketing.

該模型不僅解決了客戶在將直播內容高效轉化為可分享素材方面遇到的困難，而且還使客戶能夠透過高品質素材和精準定位相結合的方式，實現有價值的直播內容的二次分發。例如，在某智慧型手機品牌推出的直播產品中，人工智慧產生的素材佔所有素材的 10%，但卻貢獻了高達 30% 的總互動量。我們計劃將此模式推廣到更多舉辦產品發表會的品牌客戶，從而進一步釋放人工智慧在品牌行銷中的潛力。

In terms of ad performance, the upgraded AI-powered ad performance model has demonstrated impressive results in key scenarios. Experimental data shows that the conversion efficiency of both app download apps and form submission campaigns have improved. AI-powered performance ad models have enabled us to better deliver on client campaign objectives.

在廣告成效方面，升級後的AI驅動廣告成效模型在關鍵場景中展現了令人印象深刻的效果。實驗數據顯示，應用程式下載和表單提交活動的轉換效率均有所提升。人工智慧驅動的效果廣告模型使我們能夠更好地實現客戶的廣告活動目標。

(spoken in foreign language)

（用外語說）

(interpreted) Enter into the fourth quarter, we will focus on capturing marketing opportunities from the sector with high budget visibility such as the e-commerce sector. We will beef up our efforts to further expand the penetration of our brand marketing approach across key industries, sustain the growth momentum in the automobile sector, and strive for recovery in the consumer goods. At the same time, we will continue to drive the application of AI in ad creative generation and AI placement optimization with the hope of offering smarter and more efficient advertising solutions to clients of all sizes and thus further strengthening Weibo's differentiated competitiveness in the advertising market.

（譯文）進入第四季度，我們將專注於抓住高預算可見性產業的行銷機會，例如電子商務產業。我們將加強力，進一步擴大品牌行銷方式在重點產業的滲透，保持汽車產業的成長勢頭，並努力實現消費品產業的復甦。同時，我們將持續推動人工智慧在廣告創意產生和人工智慧投放優化的應用，希望為各種規模的客戶提供更智慧、更有效率的廣告解決方案，進而進一步增強微博在廣告市場的差異化競爭力。

(spoken in foreign language)

（用外語說）

(interpreted) (technical difficulty) turn the call over to Fei Cao for our financial review.

（翻譯）（技術困難）將電話轉給曹飛進行財務審查。

Thank you, Gaofei, and hello, everyone. Welcome to Weibo's third-quarter 2025 earnings conference call. Let me start with operating metrics. In September 2025, Weibo's MAU and average DAU reached 578 million and 257 million, respectively, with a steady improving DAU versus MAU ratio year over year. The modest year-over-year decline in MAU was primarily due to the high traffic base during the Paris Olympic game in the same period last year.

謝謝高飛，大家好。歡迎參加微博2025年第三季財報電話會議。首先，讓我從營運指標著手。2025年9月，微博月活躍用戶數和每日活躍用戶數分別達到5.78億和2.57億，每日活躍用戶數與每月活躍用戶數的比率逐年穩定提高。MAU年減主要是由於去年同期巴黎奧運期間的高流量造成的。

On the user product side, in the third quarter, we completed the revamp of our information feed and prioritized the recommendation feed for content consumption. We are encouraged by early signs of improvement in user engagement with interest-based feed and video content on Weibo in addition.

在用戶產品方面，第三季我們完成了資訊流的改版，並將內容消費的推薦流放在了優先位置。此外，我們也很高興地看到，微博上基於興趣的資訊流和影片內容的用戶參與度已出現改善的早期跡象。

User scale and search queries from Weibo intelligent search feature continued to grow robustly quarter over quarter with intelligent search MAU exceeding 70 million in the third quarter. This growth was mainly driven by our AI technology upgrades, which allow us to better meet users' content search and discovery needs on the platform.

微博智慧搜尋功能的用戶規模和搜尋查詢量持續保持強勁的季度環比成長，第三季智慧搜尋月活躍用戶超過7,000萬。這一成長主要得益於我們的人工智慧技術升級，這使我們能夠更好地滿足用戶在平台上的內容搜尋和發現需求。

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

談到財務方面，需要提醒的是，我準備的發言將側重於非GAAP財務表現。評論金額以美元計價，除非另有說明，所有比較均以同比為基礎。

Now, let me walk you through our financial highlights for the third quarter 2025. Weibo's third-quarter 2025 net revenues were USD442.3 million, a decrease of 5% or 4% on a constant currency basis. Operating income was USD132 million, representing operating margin of 30%. Net income attributable to Weibo reached USD110.7 million and diluted EPS was $0.42.

現在，讓我帶您了解我們 2025 年第三季的財務亮點。微博2025年第三季淨收入為4.423億美元，年減5%，以固定匯率計算下降4%。營業收入為 1.32 億美元，營業利益率為 30%。歸屬於微博的淨利潤達到 1.107 億美元，稀釋後每股收益為 0.42 美元。

Let me give you more color on third-quarter 2025 revenue performance. Weibo's advertising and marketing revenue for the third quarter 2025 was USD375.4 million, down 6% or 5% on a constant currency basis, while value-added service revenues was USD66.9 million, up 2% Weibo's advertising business saw a modest decline, primarily due to the high base effect from last year's Paris Olympics.

讓我更詳細地介紹一下2025年第三季的營收表現。微博2025年第三季廣告行銷收入為3.754億美元，年減6%（以固定匯率計算下降5%）；加值服務營收為6,690萬美元，較去年同期成長2%。微博的廣告業務略有下滑，主要是因為去年巴黎奧運的高基數效應。

By industry, our top three verticals were FMCG, e-commerce, and 3C products. In terms of growth drivers, e-commerce, Internet services, automobile, and local services were the key contributors. Notably, the e-commerce sector recorded over 50% year-over-year growth, driven by similar policy amid a boosting domestic demand and consumption.

按行業劃分，我們前三名的垂直領域分別是快速消費品、電子商務和 3C 產品。就成長動力而言，電子商務、網路服務、汽車和本地服務是主要貢獻者。值得注意的是，在類似政策的推動下，國內需求和消費不斷增長，電子商務行業實現了超過 50% 的同比增長。

We are pleased to see increased ad budget across multiple business lines within these platforms, including traditional e-commerce activities and local service initiatives. Weibo has continued to demonstrate its unique value in driving brand awareness and user acquisition for e-commerce platforms amid intensified market share competition.

我們很高興看到這些平台內多個業務線的廣告預算都有增加，包括傳統的電子商務活動和本地服務計劃。在市佔率競爭日益激烈的背景下，微博持續展現其在提升品牌知名度和為電子商務平台獲取用戶方面的獨特價值。

The automobile sector sustained solid growth this quarter, thanks to Weibo's thriving auto-related content ecosystem, a dynamic EV launch season and stable ad spend from ICE vehicle brands. On the other hand, we faced a significant year-over-year decline in the food and beverage and apparel industry, again, due to the high base effect from the last year's Olympics

由於微博蓬勃發展的汽車相關內容生態系統、電動車市場蓬勃發展以及燃油車品牌穩定的廣告支出，汽車產業在本季保持了穩健成長。另一方面，由於去年奧運的高基數效應，食品飲料和服飾業較去年同期出現大幅下滑。

And as for 3C products, this year, government-backed trade-in subsidies encouraged many consumers to upgrade their phones or home appliance earlier this year, which leads to softer shipments and lower ad spend from advertisers in the second half. Other underperforming sectors that weigh on overall top-line recovery included online games, largely due to a tough year-over-year comparison and overall ad budget contraction in the sector.

至於 3C 產品，今年政府支持的以舊換新補貼鼓勵許多消費者在今年稍早升級手機或家用電器，這導致下半年出貨量疲軟，廣告商的廣告支出減少。其他拖累整體營收復甦的業績不佳的行業包括網路遊戲，這主要是由於同比基數較高以及該行業整體廣告預算縮減所致。

By ad product category, promotive feed ads remained the largest contributor followed by social display ads, and topic and search placements. AI has progressively transformed the entire life cycle of Weibo's ad products from creative generation to ad placement. Notably, our real-time bidding feed products sustained double-digit growth, driven by AI-powered ad tech upgrades that enhanced conversion and ROI for advertisers, particularly for ad download and lead generation campaigns.

以廣告產品類別劃分，推廣資訊流廣告仍是貢獻最大的廣告位，其次是社群展示廣告、主題廣告和搜尋廣告。人工智慧已經逐步改變了微博廣告產品的整個生命週期，從創意生成到廣告投放。值得注意的是，我們的即時競價資訊流產品維持了兩位數的成長，這得益於人工智慧驅動的廣告技術升級，提高了廣告主的轉換率和投資報酬率，尤其是在廣告下載和潛在客戶開發活動方面。

Ad revenues from Alibaba reported robust growth of 112%, reaching USD4.5 million in the third quarter. We are pleased with the strong momentum from Alibaba this year, driven by deeper collaboration during key marketing windows and Alibaba's increased ad spend on its local services initiatives. Value-added service revenues grew 2% to USD66.9 million in the third quarter, mainly due to modest increase in revenues from game-related business and membership services.

阿里巴巴的廣告收入第三季實現了強勁成長，增幅達 112%，達到 450 萬美元。我們對阿里巴巴今年的強勁發展勢頭感到滿意，這得益於在關鍵營銷窗口期更深入的合作以及阿里巴巴在其本地服務計劃中增加的廣告支出。第三季增值服務收入成長 2% 至 6,690 萬美元，主要得益於遊戲相關業務和會員服務收入的適度增長。

Turning to cost and expenses, total cost and expenses for the third quarter was USD310.3 million, an increase of 3%. Operating income in the third quarter was USD132 million, representing an operating margin of 30% compared to 37% last year.

再來看成本和費用，第三季的總成本和費用為 3.103 億美元，成長了 3%。第三季營業收入為 1.32 億美元，營業利益率為 30%，去年同期為 37%。

Turning to income tax under GAAP measure, income tax expenses for the third quarter were USD57.2 million compared to USD32.2 million last year, primarily due to the recognition of USD29.4 million deferred tax liability related to equity income in the third quarter of 2025. Net income attributable to Weibo in the third quarter was USD110.7 million, representing a net margin of 25% compared to 30% last year, primarily attributable to [top-left rider].

根據 GAAP 準則，第三季所得稅支出為 5,720 萬美元，而去年同期為 3,220 萬美元，這主要是由於確認了 2025 年第三季與股權收入相關的 2,940 萬美元遞延所得稅負債。第三季歸屬於微博的淨利為1.107億美元，淨利率為25%，低於去年同期的30%，主要歸因於：[左上角騎手]。

Turning to our balance sheet and cash flow items, as of September 30, 2025, Weibo's cash, cash equivalents, and short-term investments totaled USD2.04 billion compared to USD2.35 billion as of December 31, 2024. The decrease of Weibo's cash, cash equivalents, and the short-term investments was mainly resulted from the purchase of long-term wealth management products and the payment of the annual dividend to our shareholders, and was partially offset by the operating cash flows in the past three quarters this year in the third quarter.

再來看我們的資產負債表和現金流量項目，截至 2025 年 9 月 30 日，微博的現金、現金等價物和短期投資總額為 20.4 億美元，而截至 2024 年 12 月 31 日為 23.5 億美元。微博現金、現金等價物和短期投資的減少主要是由於購買長期理財產品和向股東支付年度股息，而今年前三個季度的經營現金流在第三季度部分抵消了這些減少。

Cash provided by operating activities was USD200 million. Capital expenditure totaled USD5.1 million. And depreciation and amortization expenses amounted to USD15.4 million.

經營活動產生的現金流量為2億美元。資本支出總額為510萬美元。折舊和攤銷費用總計1540萬美元。

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

那麼，現在我將把電話交給接線員進行問答環節。

(Operator Instructions) Alicia Yap, Citigroup.

（操作說明）Alicia Yap，花旗集團。

Hello, thank you. (spoken in foreign language)

您好，謝謝。（用外語說）

Thanks, management, for taking my questions. Can management share with us the overall advertising outlook for the fourth quarter and also 2026. So any color that you can provide in terms of the growth rate for fourth quarter? And also how should we be thinking about the overall ad revenue growth into next year?

謝謝管理層抽空回答我的問題。管理階層能否向我們介紹一下第四季以及2026年的整體廣告前景？那麼，您能否提供一下第四季成長率方面的數據？那麼，我們該如何看待明年整體廣告收入的成長呢？

And then what is your future strategy for the overall advertising product upgrade? How does AI been helping or will be benefiting the click-through rate or even the advertising monetization, and also how AI could be also improving help advertisers to improve their ROI? Any color would be great. Thank you.

那麼，你們未來在整體廣告產品升級上有什麼策略規劃呢？人工智慧如何幫助或將如何提高點擊率甚至廣告變現？人工智慧又如何幫助廣告主提高投資報酬率？任何顏色都可以。謝謝。

(spoken in foreign language)

（用外語說）

(interpreted) All right, thank you for the question. So according to the financial report that we have just delivered in Q3, we've been seeing the overall decrease of the ad revenue primarily due to several reasons. The first one is that we had a high base last year due to the Olympic Games. And also, second is that even if we had a poorer performance of the industry and the verticals of gaming -- and also, we had a little bit better performance from the e-commerce and automotive.

（翻譯）好的，謝謝你的提問。根據我們剛發布的第三季財務報告，廣告收入整體下降，主要原因有以下幾點。第一個原因是去年因為奧運會，我們的基數很高。其次，即使遊戲產業和垂直產業的表現較差，但電子商務和汽車產業的表現略好。

But I think that on the overall basis, this is actually the performance within our expectations. Looking forward to Q4, we have been seeing that in the second half of this year. Overall speaking, the overall figures and statistics of the consumption-related figures are actually slowing down. And we've been seeing that in some certain provinces and cities, the national subsidy policies have been seeing some kind of headwinds like the limitations on the spending as well as the exiting.

但我認為，整體而言，這實際上是符合我們預期的表現。展望第四季度，我們已經在今年下半年看到了這種情況。總體而言，與消費相關的各項數據和統計指標實際上正在放緩。我們看到，在某些省市，國家補貼政策遇到了一些阻力，例如支出限制和退出機制。

So I think that this is going to have a continuous impact on the industry as well as the automotive industry next year because we are now foreseeing a kind of exiting of the national subsidy policy for this industry for certain regions. Okay.

所以我認為這將對明年的產業以及汽車產業產生持續的影響，因為我們現在預見到某些地區將逐步取消對該產業的國家補貼政策。好的。

(spoken in foreign language)

（用外語說）

(interpreted) So these are some of the uncertainties that we've been witnessing, but still, except for these uncertainties, we could see some of the certainties for next year and also 2026 in specifics. So you know that in 2025, we did not have any hot topics or hot trends or events happening. But in 2026, we are expecting several important events like the Winter Olympics and also the World Cup as well. So this will be actually bringing a better placement of the advertisers from the consumer goods verticals. And you know that in Q3, the decreased performance of the ad revenue primarily was due to the decreased performance of the ad placement from the consumer goods industry. Okay.

（翻譯）所以，這些是我們一直看到的一些不確定因素，但是，除了這些不確定因素之外，我們或許可以看到明年以及 2026 年的一些確定性。所以你知道，到了2025年，我們沒有任何熱門話題、熱門趨勢或熱門事件發生。但到了 2026 年，我們預計將有幾項重要賽事，例如冬季奧運會和世界盃。因此，這實際上將為消費品行業的廣告商帶來更好的廣告位佈局。你知道，第三季廣告收入下降主要是因為消費品產業的廣告投放效果下降所致。好的。

(spoken in foreign language)

（用外語說）

(interpreted) So as a result, it is very difficult for me to give you a very precise prediction of our performance in 2026. Having said that, in Q4, we've been seeing some of the important things. First of all, is that there are actually fierce -- more fierce competition for the e-commerce industry, especially from the offline scenario and targeting the life service -- lifestyle service.

（翻譯）因此，我很難對我們 2026 年的表現做出非常精確的預測。話雖如此，在第四季度，我們看到了一些重要的事情。首先，電子商務行業的競爭實際上非常激烈——尤其來自線下場景和針對生活服務（生活方式服務）的競爭。

We used to have -- Weibo used to have actually quite low percentage of the market share in this bigger segment. But still, we do see fierce competition going on for the food delivery and lifestyle service as well as the other relevant ones. So that is to say that in Q4, we are expecting a huge demand increase in this particular area. Okay.

我們曾經——微博在這個更大的細分市場中，市佔率其實相當低。但是，我們仍然看到食品配送、生活方式服務以及其他相關服務領域存在激烈的競爭。也就是說，我們預計第四季度該領域的需求將大幅成長。好的。

(spoken in foreign language)

（用外語說）

(interpreted) And also for the e-commerce, of course, I've been already shared some of the colors on this. And second is that in terms of the automotive industry, we believe that it will be actually performing quite good in Q4. But first of all, due to the anti-evolution policies, we've been seeing at some of the customers, whatever ties from this particular industry had issues like the price competition or price war. And in the first half of this year, those advertisers did not pretty much focus a lot of their revenues on the product promotion or the mindset establishment. So I think that this situation will be getting better in the second half of the year.

（翻譯）當然，對於電子商務，我已經分享了一些顏色。其次，就汽車行業而言，我們認為它在第四季度實際上會表現得相當不錯。但首先，由於一些客戶的反進化政策，我們看到，來自這個特定行業的任何關係都存在價格競爭或價格戰等問題。今年上半年，這些廣告商並沒有將大部分收入用於產品推廣或思考模式塑造。所以我認為下半年情況會好轉。

I'm talking about the automotive -- I mean, and also gaming industries, for industry, we know that this was primarily impacted negatively by the trend of exiting the national subsidy policy. So in the second half of this year, we'll be seeing that except for -- the rest of the other asset makers were having a deteriorating sales volume. And that's the reason why we do see a lower frequency of the new phone launch.

我指的是汽車產業——我的意思是，還有遊戲產業，就產業而言，我們知道這主要受到了退出國家補貼政策趨勢的負面影響。因此，在今年下半年，我們將看到這種情況，但其他資產製造商的銷售額都在下降。這就是為什麼我們看到新手機發布頻率較低的原因。

And for gaming industry, you could see that from a financial report of or Tencent, they do not have that lot of new game release in the second half of this year. But of course, they are claiming that in 2026, Q1, we're going to see some of the new games launched from these two major game makers. But still as for whether or not they're going to be allocating more budget on this, this is still uncertain. All right.

而對於遊戲產業來說，從騰訊的財務報告中可以看出，他們今年下半年並沒有推出很多新遊戲。當然，他們聲稱在 2026 年第一季度，我們將看到這兩家主要遊戲製造商推出一些新遊戲。但是，他們是否會為此分配更多預算，目前仍不確定。好的。

(spoken in foreign language)

（用外語說）

(interpreted) And second point on the overall strategs, so we're talking about two directions. The first one is that in the previous years, a lot of those budget of advertisements actually was pretty much placed on the performance-based ad and we did not see a lot of spending from those advertisers on the mindset related areas.

（譯）關於整體策略的第二點是，我們談論的是兩個方向。首先，在前幾年，許多廣告預算其實都投入了效果廣告中，我們沒有看到廣告商在與心態相關的領域投入太多資金。

And also after COVID-19, in order to consume more logs, we do see the behaviors of focusing on the live stream e-commerce. So I think that this year, we've seen a very obvious trend that there are more budget allocated to the areas of establishing and building the mindset.

此外，在新冠疫情之後，為了消耗更多日誌，我們確實看到了專注於直播電商的行為。所以我認為，今年我們看到了一個非常明顯的趨勢，那就是在建立和培養這種思維模式方面分配了更多的預算。

So as the traditional advantageous platform on this particular area, Weibo is definitely going to seize this opportunity. And I think that we are going to focus on the hot topics and KOL, especially top notch KOLs in terms of the integrated marketing. So we do actually see the trend of increasing budget from these advertisers on those funds. Okay.

因此，作為該領域的傳統優勢平台，微博一定會抓住這個機會。我認為我們將專注於熱門話題和KOL，特別是整合行銷方面的一流KOL。因此，我們確實看到了廣告商增加這些資金預算的趨勢。好的。

(spoken in foreign language)

（用外語說）

(interpreted) And the second point is on the bidding ad and also performance-based ads. So last year, we've been seeing a decrease of our overall revenue -- ad revenue contributed to the overall ad revenue from the performance-based ad. But recently, in the past years, we've been dedicating a lot of efforts in making wonderful products in the performance-based ad and also increasing and updating our technologies. And also, most importantly, we've been applying a lot of AI technologies to really have a very good boost of the revenue from the performance-based ad.

（譯文）第二點是關於競價廣告和成效廣告。所以去年，我們的整體收入有所下降——廣告收入佔整體廣告收入的百分比來自成效廣告。但近幾年，我們投入了大量精力，致力於打造優秀的效果廣告產品，並不斷提升更新我們的技術。而且，最重要的是，我們一直在應用大量人工智慧技術，以真正大幅提升成效廣告的收入。

So you can see that in Q3, we had a lot of increase on this area. So because -- not only because of the overall data and traffic and also the adjustments of our strategies, but most importantly, I think that the overall use of the AI technology is really important. So we will be actually expecting a very good increase of this performance-based ad.

所以你可以看到，在第三季度，我們在這個領域取得了很大的成長。所以，不僅是因為整體數據和流量，以及我們策略的調整，但最重要的是，我認為人工智慧技術的整體應用非常重要。因此，我們預期這種效果廣告將會出現非常顯著的成長。

(spoken in foreign language)

（用外語說）

(interpreted) All right, pretty much for the answer for this question.

（譯）好的，這個問題的答案基本上就是這樣了。

Leo You, CLSA.

Leo You，CLSA。

(spoken in foreign language)

（用外語說）

Thanks, management, for taking my questions. I have two questions on the product commercialization. And first is on the strategy and the progress of intelligent search. Do we have the commercialization attempts already in the fourth quarter? And what are the AI application management share?

謝謝管理層抽空回答我的問題。關於產品商業化，我有兩個問題。首先是智慧搜尋的策略和進展。我們是否已經在第四季開始嘗試商業化？人工智慧應用管理份額是多少？

And second question is on the information feed revamp. What are the initial feedback from users content consumption engagement and how would that translate into revenue growth in the future? Thank you.

第二個問題是關於資訊流改版。使用者對內容消費的參與度有哪些初步回饋？這些反饋未來將如何轉化為營收成長？謝謝。

(spoken in foreign language)

（用外語說）

(interpreted) So thank you for this question. First of all, we could see that in terms of the intelligent search, as we already said that this has been increased a lot in Q3 in terms of the overall products. So resulting in a very good performance. For instance, in September, the MAU exceeded 70 million. And in terms of the DAU and also the clear number, we had a quarter-by-quarter increase of over 50%.

（翻譯）謝謝你的提問。首先，我們可以看到，就智慧搜尋而言，正如我們之前所說，第三季整體產品中智慧搜尋的普及程度已經大大提高。因此取得了非常好的成績。例如，9 月份的月活躍用戶數超過了 7,000 萬。就每日活躍用戶數和淨活躍用戶數而言，我們實現了季度環比增長超過 50%。

So of course, in terms of the monetization of the intelligent search, first point is that we do see a very good increase of the overall intelligence search-based volume, and that was resulted in the performance like in Q3. We had a query and increase by about 20% quarter by quarter. And this actually provided with us a very good traffic to actually have a better performance on this.

當然，就智慧搜尋的貨幣化而言，第一點是我們看到基於智慧搜尋的整體數量有了非常好的成長，這導致了第三季業績的提升。我們收到查詢，並且每季成長約 20%。這實際上為我們帶來了非常好的流量，從而使我們能夠在這方面取得更好的業績。

And second point is that, of course, at the current stage, we do not have the ability of all the consumers. I mean the customers are not having this particular requirement of placing the ad precisely just based on the intelligence search results but this did actually provide some of the impacts to the customers because, for instance, we are able to use the GEO technology to actually facilitate better product and better content creations and helping the customers understanding or advertisers in understanding the new product-related issues and some of the other important things and also issues as well. So this is going to be generating a lot of ad assets for our advertisers so that they are able to use in the near future.

第二點是，當然，在現階段，我們還沒有能力滿足所有消費者的需求。我的意思是，客戶並沒有這種必須根據智慧搜尋結果精準投放廣告的特定要求，但這確實給客戶帶來了一些影響，例如，我們能夠利用 GEO 技術來促進更好的產品和內容創作，幫助客戶或廣告商了解與新產品相關的問題以及其他一些重要事項和問題。因此，這將為我們的廣告商產生大量的廣告素材，以便他們在不久的將來能夠使用。

Of course, this is not going to be directly charging from the customers, but I think in the future, the customers and advertisers are able to put more weight on this particular part of the intelligent search. So I do think that in the future, we are going to see a very good increase be it the brand-based ad revenue or the overall budget of the performance-based ad.

當然，這不會直接向客戶收費，但我認為在未來，客戶和廣告商能夠更加重視智慧搜尋的這一特定部分。所以我認為，未來無論是品牌廣告收入或成效廣告的總預算，都會出現非常可觀的成長。

(spoken in foreign language)

（用外語說）

(interpreted) And also, the second question is pretty much based on the information feed. So as we have already stated that we have an updated version of modification of this information-based feed in 2025 and already provided to the users. So we've been already finishing the first stage switch for information feed in July. But of course, it takes time for the users to get used to this and nurture their habit of using.

（譯者註）另外，第二個問題很大程度上是基於資訊來源的。正如我們之前所說，我們已經在 2025 年推出了該資訊來源的更新版本，並已提供給使用者。所以我們已經在7月份完成了資訊饋送的第一階段切換。當然，使用者需要時間來適應並養成使用習慣。

But still, I think that this particular new information feed is going to be very useful and beneficial to the overactivity of the users and also improving the overall retention and a total time spent on the consumption as well. So I think that this is also going to be lowering the threshold for the users of using Weibo. Okay.

但我仍然認為，這種新的資訊流對於用戶的過度活躍非常有幫助，同時也能提高整體留存率和用戶在資訊消費上花費的總時間。所以我認為這也會降低用戶使用微博的門檻。好的。

(spoken in foreign language)

（用外語說）

(interpreted) Of course, I think that this particular kind of modification or the version update is pretty much like what happened years ago from the time spend based to the non-time spend base. And of course, at the core stage, we think that there are a lot of variations between different versions.

（解釋）當然，我認為這種特殊的修改或版本更新與幾年前從基於花費時間的計算方式轉變為非基於花費時間的計算方式非常相似。當然，在核心階段，我們認為不同版本之間存在著許多差異。

So it still takes time for the user to adopt this new kind of a platform or it takes time for them to nurture their habits of using. But still, I think that on the overall basis, this did have a lot of benefits impacting the overall consumption behavior. And also, of course, in Weibo, we are going to continuously focusing on the upgrades and optimization of our products as well. Okay.

因此，使用者仍然需要時間來接受這種新型平台，或需要時間來培養他們的使用習慣。但我仍然認為，從整體來看，這確實對整體消費行為產生了許多正面影響。當然，在微博方面，我們也會持續關注產品的升級與最佳化。好的。

(spoken in foreign language)

（用外語說）

And also, I think that this is very good to have a certain kind of improvements on two funds. The first one is that, of course, it is going to impact some of the new users using a process of this particular product because it used to be the case that the users need to log on the Weibo and establish following a relationship before they could take any action on consumption of the content. But at the current stage, this particular process is waived so that we are at the same starting point as the other competitors for this particular part. So the users are able to actually consume a very good quality or content at the very beginning.

而且，我認為對兩個基金進行某種程度的改進是非常好的。首先，這當然會影響一些使用該產品流程的新用戶，因為以前用戶需要登入微博並建立關注關係才能對內容進行任何操作。但在現階段，這一特定流程已被豁免，以便我們與該特定部件的其他競爭對手處於相同的起點。因此，用戶從一開始就能夠獲得非常高品質的內容。

And second is that for the existing users, of course, from an experience standpoint, it still takes time for them to be adopted, adopting this new concept and also establishing a new using habits. But still, I think that at the current stage, this has primarily given us better opportunities, especially for those new users to take actions on consumption more frequently without even establishing a following relationship as the prerequisite. Okay.

其次，對於現有使用者而言，從體驗的角度來看，他們仍然需要時間來接受這個新概念並養成新的使用習慣。但我仍然認為，在現階段，這主要為我們帶來了更好的機會，特別是對於那些新用戶而言，他們可以更頻繁地進行消費，而無需建立關注關係作為前提條件。好的。

(spoken in foreign language)

（用外語說）

(interpreted) And also, I need to add another point, which is the third point that is for the video-based consumption. So we know that in the past, for those of consumers, I think that the videos are actually very difficult for the users to actually consume upon so that was impacting a lot of the original social-based relationship. And you know that in the past, for those content creators, especially the video content creators, it is very difficult for them to establish a social relationship with the users and also consumers as well.

（翻譯）另外，我還需要補充一點，即第三點，即基於視頻的消費。所以我們知道，在過去，對於消費者來說，我認為影片實際上很難被用戶真正消費，這嚴重影響了最初的社交關係。你知道，過去對於內容創作者，尤其是影片內容創作者來說，與用戶和消費者建立社交關係是非常困難的。

So even if on the relationship-based feed, it is also very difficult for those video content creators to expose their content in front of the wide audience. So also for the hot topic search because of the real time-ness of their content, especially the video-based content, it is also very difficult for them to expose their content as well.

因此，即使在以人際關係為基礎的資訊流中，影片內容創作者也很難將他們的內容展示給廣大觀眾。因此，對於熱門話題搜尋來說，由於其內容的即時性，特別是影片內容，他們也很難推廣自己的內容。

But now after the change, we could see that we are going to proactively recommending more video-based content to the users. And this is going to be very, very important for Weibo in the long run, be it from a growth standpoint or from the standpoint of enhancing our core competitive edge. Okay. Thank you.

但現在經過調整後，我們可以看到我們將主動向用戶推薦更多影片內容。從長遠來看，這對微博來說非常非常重要，無論是從成長的角度來看，還是從增強我們核心競爭優勢的角度來看。好的。謝謝。

Thank you for the questions. That's the end of the question-and-answer session. With that, I would like to conclude the conference call today. Thank you all for participating. You may now disconnect your lines.

謝謝大家的提問。問答環節到此結束。至此，我今天的電話會議就結束了。感謝大家的參與。現在您可以斷開線路了。

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.

本記錄中標有（已翻譯）的部分是由現場通話中的翻譯人員翻譯的。本次活動的翻譯人員由活動贊助公司提供。