微博 (09898.HK，WB.US) 2025年第三季度业绩电话会
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会议摘要
The third-quarter financial report of Weibo in 2025 shows that the monthly active users reached 578 million, daily active users reached 257 million, total revenue was 4.423 billion US dollars, advertising revenue was 3.754 billion US dollars, a year-on-year decrease of 6%. By deepening the application of AI technology in advertising and search products, optimizing recommendation algorithms and integrating video content, user engagement and advertising effectiveness have been significantly improved. Despite the decrease in advertising revenue due to the high base of the Olympics, revenue from e-commerce platforms and the automotive industry increased, and revenue from celebrity endorsements increased compared to the same period last year. In the future, Weibo will continue to deepen the application of AI, optimize advertising effectiveness models, consolidate differentiated competitive advantages, and promote the stable development of platform content ecology and advertising market.
会议速览
Weibo's financial report and performance explanation for the third quarter of 2025.This meeting discussed the financial performance of Weibo in the third quarter of 2025, including the analysis of non-GAAP financial indicators, as well as the outlook for future operations. During the meeting, the speaker emphasized the risks and uncertainties, and reminded participants that the company will not regularly update this information unless required by laws and regulations.
Weibo Financial Report for the Third Quarter of 2025: Increased User Value and Progress in Product OperationsThe meeting focused on the financial performance and product operation of Weibo in the third quarter of 2025, emphasizing the strategy of enhancing user value. This includes monthly active users of 578 million, daily active users of 257 million, total revenue of $442.3 million, advertising revenue of $375.4 million, and adjusted operating profit of $132 million. Strategically, Weibo continues to consolidate its advantages in hot topics and content ecology, enhance the competitiveness of its social products, and optimize its recommendation and search system using large models, aiming to expand its user base and activity.
The Weibo homepage information stream will be redesigned in 2025: strengthening recommendation algorithms and enhancing video content to increase user activity.In 2025, Weibo focused on transforming the homepage information flow, prioritizing the recommendation stream, optimizing the recommendation algorithm, especially for video content recommendation, significantly increasing the activity and retention effect of medium and low-frequency users, and promoting overall user activity growth. In the third quarter, Weibo implemented two major strategies: enhancing the recommendation algorithm to match users' real-time interests, strengthening the integration of video content in the recommendation stream, and promoting deep content consumption. At the same time, operations upgraded the interest content system, scaled up content production, improved the quality and diversity of recommended content in the stream. Although this revision may face short-term challenges for user adaptation, in the long run, it will enhance Weibo's core competitiveness, laying the foundation for the healthy development of the content ecology.
Improve social interaction and AI technology to enhance the platform's competitive advantage.In the third quarter, through upgrading the iron powder mechanism and optimizing content distribution, the efficiency of interaction between bloggers and fans, as well as the reading ratio, was significantly improved, stimulating the enthusiasm of content creators. At the same time, deepening the super topic community, focusing on hot topics in the summer to encourage users to share, and enhancing social activity. In terms of search products, strengthening the application of AI technology, improving the relevance and accuracy of search results, promoting the use of self-search in information flow scenarios, building user mindsets for search and services, and achieving stable development of the platform ecosystem.
Weibo Search and Advertising Strategy: AI Innovation and Content Marketing Dual DrivenWeibo strengthens the application of AI in its search function, optimizes its technical infrastructure, enhances its content matching capabilities, achieves deep integration of intelligent search and content consumption experience, and sees a significant increase in the daily active users (DAU) and search volume of its intelligent search products in the third quarter, driving the expansion of its search ecosystem. In terms of commercialization, in 2025, the advertising product team will focus on improving the penetration of content marketing consciousness and effectiveness conversion ability, adjusting brand advertising strategies in response to changes in the market environment, deepening collaboration with celebrities for endorsements and full marketing, to adapt to the trend of customer budget allocation and enhance marketing effectiveness.
In 2025, the two main priorities and industry trends of Weibo advertising products and sales team.In 2025, Weibo's advertising products and sales team are focusing on enhancing customer content marketing choices and improving the conversion capabilities of advertising products. Facing competition from industries such as e-commerce and automotive, Weibo has achieved stable growth in e-commerce revenue and overall automotive industry revenue through strategies such as deepening cooperation with e-commerce platforms and consolidating the content ecosystem of new energy vehicles. Despite declining revenue from industries such as gaming and mobile phones, the resurgence of celebrity marketing has driven a year-on-year growth in celebrity endorsement advertising revenue.
Weibo's AI technology has been comprehensively upgraded for advertising products, improving content production and delivery efficiency.Since the beginning of this year, Weibo has continuously strengthened the application of AI technology in the entire advertising chain, with significant results in material production and performance enhancement. The innovative platform launched in the second quarter has been widely used by clients, realizing the scale and individualized content generation of AI images and text. In the third quarter, AI expanded to video content, improving production efficiency and diversity. By the end of October, the consumption of AI materials in the bidding advertisements of the information flow accounted for nearly 30%. In response to the demand for live broadcasts of brand clients, Weibo converts materials through live broadcasts in real time, achieving secondary dissemination. For example, in the live broadcast event of a mobile phone brand, AI-assisted materials accounted for 10%, but the interaction rate reached as high as 30%. In addition, the AI-empowered advertising effect model has shown outstanding performance in key scenarios, with improvements in conversion effects for APP download ads and form submission clients.
Marketing strategies and AI technology applications drive growth in advertising business in the fourth quarter.In the fourth quarter, we will focus on seizing marketing budget opportunities with strong certainty such as e-commerce, deepen brand penetration in key industries, consolidate the growth trend in the automotive industry, and strive to revive the consumer goods sector. At the same time, we will continue to promote the application of AI in advertising creative generation and delivery optimization, providing more intelligent and efficient advertising solutions for clients of different scales, further strengthening Weibo's differentiation competitive advantage in advertising quality.
Financial report and business review for the third quarter of 2025: Highlights and challenges of Weibo's performance.In the third quarter of 2025, Weibo's daily active users reached 578 million, with a net revenue of 442.4 million US dollars, a 5% year-on-year decrease. Advertising and marketing revenue were 375.4 million US dollars, while value-added services revenue was 66.9 million US dollars, a 2% year-on-year increase. The e-commerce, internet services, and automotive industries are the main growth points, while gaming and online advertising face challenges. Alibaba's advertising revenue grew by 112% to reach 45.4 million US dollars. Cash and cash equivalents decreased to 2.04 billion US dollars, mainly due to the purchase of long-term financial products and shareholder dividends. Intelligent search users increased to 70 million, with AI technology assisting users in search and content discovery.
Management's outlook on the fourth quarter advertising revenue growth and the enhancement of AI in advertising commercialization.The management discussed the growth expectations for fourth quarter advertising revenue, pointing out that despite facing slowing consumption and industry volatility, major events such as the Winter Olympics and the World Cup are expected to drive an increase in advertising spending. In addition, the management emphasized the role of AI technology in enhancing the commercialization of advertising, including increasing click-through rates and efficiency for advertisers. Although there is a lack of major events in 2025, the expectations for 2026 are more optimistic.
Industry competition trends and market predictions in 2026: e-commerce, automotive, mobile phones, and gaming industries.In the fourth quarter of 2026, the e-commerce industry faces fierce competition, especially in the offline lifestyle services sector, with expected market demand growth. The automotive industry weakened its price war due to national anti-internal competition policies, increased product promotion investments, and expects improved performance in the second half of the year. The mobile phone industry was impacted by the national subsidy, except for Apple, which saw a decline in sales, and a decrease in the frequency of new product releases. The gaming industry saw a slowdown in the release of new games, but is expected to see new game launches in the first quarter of 2026, with uncertain budget growth.
Weibo advertising strategy adjustment: Brand budget recovery and growth in performance advertising.Two major directions of Weibo advertising strategy were discussed: first, the rebound of brand budgets and content marketing budgets. Weibo plans to seize opportunities through hot topics and celebrity integrated marketing; second, after the decline in the revenue share of performance ads, it is expected to rebound, thanks to product technology upgrades and the application of AI technology. It is expected that performance advertising will continue to grow in the future.
Investigating the impact of commercialization and information flow product redesign on revenue growth in AI search.Discussed AI search commercialization attempts, including driving commercial traffic by increasing search volume, and utilizing generative engines to optimize and promote high-quality content production, indirectly increasing brand or performance advertising revenue. At the same time, shared the improvement in user engagement after the revision of the information flow product, emphasizing that changes in user content consumption and engagement will have a positive impact on revenue.
The revision of information flow enhances user engagement and consumption duration.In July 2025, the platform made a theme switch to the homepage information feed. Initially, users will need time to adjust to the new behavior habits, but the activity, retention rate, and time spent by high-frequency users have significantly improved, effectively lowering the barrier for new users. This redesign is similar to the transition from timeline to non-timeline in the past. Although there are significant differences in habits among some users in the short term, which require time to adapt, overall, it has optimized user consumption behavior. The platform will continue to upgrade and optimize its products.
Weibo recommendation stream revised: optimizing user experience and recommending video contentDiscussed the impact of the redesign of Weibo's recommendation feed on the usage process for both new and existing users, emphasizing the advantage for new users to consume high-quality content without needing to establish a following relationship, as well as the opportunity for existing users to consume content from accounts they are not following. Additionally, mentioned the increased importance of video content on the platform, with algorithmic recommendations for more high-quality videos to help video creators gain more exposure, promoting long-term growth and competitiveness of the Weibo platform.
要点回答
Q：Hello everyone, welcome to the Weibo third quarter financial report meeting for 2025. In this meeting, I will focus on introducing the product operation and progress in the upstream aspects of Weibo in the third quarter of 2025.
A：谢谢。Hello everyone, welcome to wait for the quarter twenty twenty five earnings conference. Today, I will share with you highlights on weibo s product and monetization in the third quarter twenty twenty five.
Q：In the interest sharing platform, what progress has been made in user engagement and ecological construction? What technological innovations and scene integration achievements have been made in search products?
A：In the third quarter, we saw double-digit year-on-year growth in the numbers of users posting and participating in super topics. This effective strategy strengthened our differentiation advantage in text and image, complemented the homepage recommended feed, and made a positive contribution to the development of the platform ecosystem. In the third quarter, we continued to strengthen the application of AI technology, focusing on advancing in both technological capabilities and ecosystem integration. In terms of technological capability upgrades, we enhanced the understanding of user search intent and content matching, significantly improving the relevance and accuracy of search results. At the same time, the WeChat search mode was upgraded to analyze user flows continuously, achieving a more intelligent and coherent information retrieval and service experience. In terms of ecosystem integration, we promoted the application of self-search in the information flow scenario, built the user's mental model of search and service, deeply integrated into the consumption scenario of platform blog posts, and improved the verification and content summarization functions of blog posts. By using AI to analyze the authenticity of the original content, extract key information, and provide extended reading, we help users quickly obtain structured and reliable information support while browsing blog posts. In addition, DAU and search volume increased by over 50% month-on-month.
Q：What are the specific manifestations and future plans for the growth of Weibo search ecosystem?
A：Low growth reflects users' recognition of self-owned products, promoting the growth of Weibo search ecology. The total block volume of Weibo search has increased by 20% month-on-month. In the future, we will continue to deepen the innovative application of AI in search products, making search more user-friendly in terms of technology, more coherent and intelligent in terms of use, and more closely tailored to the scene in terms of ecology. In order to provide a more intelligent and convenient search experience, and further release the value of the platform's content ecology.
Q：What are the main goals and strategies in terms of commercialization?
A：In 2025, the core goals of advertising products and sales teams are twofold: first, to drive the penetration and consolidation of Weibo content marketing mentality into more industries and fields; second, to continuously improve the conversion ability of advertising products. Despite a 6% year-on-year decrease in advertising revenue in the third quarter due to the high base during the Olympic Games period last year, the continuous investment from e-commerce platforms and related industries has supported revenue growth in the third quarter amid a backdrop of expanding domestic demand to promote consumption growth. In the face of market changes, we will leverage Weibo's resource advantages, especially in celebrity endorsements and marketing full chain, to closely meet customer needs, co-create rich celebrity marketing strategies, and help customers enhance marketing effectiveness.
Q：What are the applications and effects of AI technology in advertising products?
A：Since the beginning of this year, Weibo has continuously strengthened the coverage of AI technology in the entire advertising chain, with AI running through the entire process from advertising material production, offline model optimization to the enhancement of advertising effectiveness in the third quarter. Among them, the Linchuang platform launched in the second quarter has been widely used by customers, realizing the scaled and personalized content production of AI graphics and text. Additionally, AI advertising materials have expanded to include video content, intelligently enhancing the highlights of video advertising pre-rolls and emerging cover images, improving production efficiency and diversity, and enhancing user experience. In-feed competitive advertising AI material consumption accounts for nearly 30%. In addition, in response to the common needs of brand customers for new product launches, the real-time live dismantling is transformed into QL dissemination materials, which are then amplified through information delivery to enhance dissemination effects. This model has helped mobile phone brands achieve significant growth in interaction volume. In terms of advertising effectiveness, AI-empowered advertising effectiveness models have performed well in key scenarios, with improvements in conversion effects for APP download and form submission customers, helping advertising customers achieve their core advertising goals.
Q：How does the company plan to use AI to improve advertising and monetization?
A：The company is planning to further roll out the AI model to more brand clients hosting product launches to unlock the potential of AI in brand marketing. This model has demonstrated impressive results in improving conversion efficiency for both APP download ads and from submission campaigns, enabling the company to better deliver on clients' campaign objectives.
Q：What are the strategies for growth and marketing mentioned for the upcoming fourth quarter?What is the company's outlook for the fourth quarter and 2026 in terms of advertising revenue growth and strategies?
A：In the fourth quarter, the company will focus on expanding marketing opportunities in sectors like e-commerce with high marketing budgets. Brand class company marketing will be further extended across key industries, and the growth in the automobile industry will be sustained while seeking回暖 in the consumer goods sector. AI will continue to be applied in ad creative generation and placement optimization to provide smarter and more efficient solutions for clients of all sizes, aiming to strengthen the company's differentiation in the advertising market.The company anticipates a modest decline in advertising revenue for the fourth quarter, influenced by放缓消费数据 and potential policy changes affecting sectors like手机 and汽车. Looking ahead to 2026, the company plans to continue leveraging AI to enhance ad performance and provide more efficient solutions for clients, although specific numerical forecasts or strategies for 2026 were not provided in the transcript.
Q：What was the impact of the Paris Olympic Games on the company's advertising metrics?
A：The company's advertising metrics were impacted by the high traffic base during the Paris Olympic Games in the same period last year. Despite this, the company saw a modest year-over-year decline in average daily use, with the rate of decrease slowing down when comparing September 2025 with September 2024.
Q：How is the advertising and marketing revenue performance for the third quarter?
A：For the third quarter, advertising and marketing revenue was $375.4 million, up 6% or 5% on a constant currency basis. Value-added service revenues were $66.9 million, up 2%. The revenue decline was primarily due to a high base effect from the previous year's Olympics. The top three sectors contributing to growth were FMCG, e-commerce, and three-legged products.
Q：What were the contributions to revenue growth in the third quarter?
A：Promoted feed ads remained the largest contributor to revenue, followed by social display ads and topic and search placements ads. The company reported robust growth in revenues from Alibaba, reaching $45.4 million in the third quarter, driven by marketing collaboration and Alibaba's expansion in local services. Initial value-added service revenues grew 2% to $66.9 million due to modest interest in love news from game-related business and membership services.
Q：What are the effects of search engine optimization on content creation and advertising?
A：Search engine optimization drives clients to produce more high-quality content and generate better ad素材 on the platform. This content, which includes information responses and details on new products, contributes to knowledge results and, indirectly, to brand or effect advertising.
Q：How has the monetization of intelligent search performed and what are the plans for the future?
A：The monetization of intelligent search has shown a significant increase in overall search volume leading to a good performance in the third quarter. The plans indicate that while there's no direct charging for content creation, more weight may be placed on intelligent search results in the future, which could lead to an increase in brand-based ad revenue or overall budget for performance-based ads.
Q：What impact has the information flow redesign had on user behavior and the platform?
A：The redesign of the information flow has positively impacted the behavior and engagement of users, especially for高频 users. It has increased user activity, retention, and consumption time. Moreover, it has lowered the门槛 for new users to access and enjoy the platform's content.
Q：What are the changes in the new information feed and how do they affect user experience and platform adoption?
A：The new information feed has shifted from a time-based to a non-time-based feed, which allows users to consume content without the need to follow specific relationships first. This change is expected to improve user experience and help new users engage with the platform more easily, as it reduces the initial barrier of relationship building required in the traditional model.
Q：How does the new information flow affect new users and existing users differently?
A：For new users, the new information flow allows them to consume content without first establishing relationships, lowering the entry门槛. Existing users, although may face some challenges in adapting to the new experience, can discover new content that they might not have otherwise seen, thanks to the changes. This benefits the majority who are not inclined to follow a large number of users or topics.
Q：What is the purpose of the changes to the video consumption aspect of the platform?
A：The changes aim to improve the video consumption experience for users by providing a more diverse and curated selection of video content. The modifications are intended to make it easier for video creators to gain exposure and流量, even without a strong social relationship, by leveraging algorithms and recommendations. This is seen as crucial for the platform's future growth and competitive position, especially in the context of increasing video consumption.
