On Thursday, Weibo (NASDAQ: WB) discussed first-quarter financial results during its earnings call. The full transcript is provided below.

在周四，微博（NASDAQ: WB）在其财报电话会议中讨论了 2026 年第一季度的财务结果。完整的会议记录如下。

This content is powered by Benzinga APIs. For comprehensive financial data and transcripts, visit https://www.benzinga.com/apis/.

此内容由 Benzinga API 提供。有关全面的财务数据和会议记录，请访问 https://www.benzinga.com/apis/。

The full earnings call is available at https://edge.media-server.com/mmc/p/a2p96r88/

完整的财报电话会议可在 https://edge.media-server.com/mmc/p/a2p96r88/ 获取。

Summary

摘要

Weibo reported first quarter 2026 revenues of $421.3 million, an increase of 6% year over year, with ad revenues at $369.8 million, up 9% year over year.

微博报告 2026 年第一季度收入为 4.213 亿美元，同比增长 6%，广告收入为 3.698 亿美元，同比增长 9%。

The company experienced a modest decline in monthly active users (MAUs) but saw daily active users (DAUs) grow slightly due to enhanced user retention strategies and increased video content consumption.

公司经历了月活跃用户（MAUs）的适度下降，但由于增强了用户留存策略和视频内容消费的增加，日活跃用户（DAUs）略有增长。

Strategic initiatives focused on optimizing the information feed product, enhancing video content, and leveraging AI for ad targeting and content creation, contributing to improved engagement and monetization.

战略举措集中在优化信息流产品、增强视频内容以及利用人工智能进行广告定位和内容创作，这些都促进了用户参与度和变现能力的提升。

The company highlighted growth in advertising revenues from Internet services, automobiles, and local services, while facing challenges in sectors like FMCG and online gaming.

公司强调了来自互联网服务、汽车和本地服务的广告收入增长，同时在快速消费品和在线游戏等行业面临挑战。

Management expressed optimism about the future, expecting continued investment in AI and content ecosystem initiatives to drive long-term growth, despite some industry headwinds.

管理层对未来表示乐观，预计将继续投资于人工智能和内容生态系统的举措，以推动长期增长，尽管面临一些行业逆风。

Full Transcript

完整会议记录

OPERATOR

主持人

Joining me today, our Chief Executive Officer Kofi Wang and our Chief Financial Officer Gui Tao. The conference call is also being broadcast on the Internet and is available through Weibo's IR website. 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 have non-historical facts including statements of our beliefs and expectations. Forward looking statements involving risks and uncertainties. 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 statement in this conference call and elsewhere. Further information regarding this and other risks is included in Weibo's Annual Report on Form 20F and other filings with the SEC. All the information provided in this press release is occurring as a date here. Weibo assumes no obligation to update such information except as required under applicable law. Additionally, I would like to remind you that our discussion today includes certain non GAAP measures which include stock-based compensation and certain other expenses. We use non GAAP financial measures to gain a better understanding of Weibo's comparative operating performance and future prospects. Our non GAAP financials exclude certain expenses, gains or losses and other items that are not expected to result in future cash flows or are of a non-recurring nature or are not indicative of our core operating result and outlook. Please refer to our press release for more information about our non GAAP measures. I know you mentioned prepared remarks. We open the line to a brief Q and A session with this. I'd like to turn the call over to to our CEO Kofi Wang.

今天与我一起的是我们的首席执行官 Kofi Wang 和首席财务官 Gui Tao。此次电话会议也通过互联网直播，并可通过微博的投资者关系网站获取。在管理层发言之前，我想向您朗读与今天的电话会议相关的安全港声明。在今天的电话会议中，我们可能会做出前瞻性声明，包括我们的信念和预期的非历史性事实。前瞻性声明涉及风险和不确定性。一些重要因素可能导致实际结果与任何前瞻性声明中包含的结果有实质性差异。微博不承担在此次电话会议及其他场合更新前瞻性声明的义务。有关此及其他风险的更多信息包含在微博的 20F 表格年度报告及其他向 SEC 提交的文件中。本新闻稿中提供的所有信息均为当前日期的信息。微博不承担更新此类信息的义务，除非适用法律要求。此外，我想提醒您，我们今天的讨论包括某些非 GAAP 指标，包括基于股票的补偿和其他某些费用。我们使用非 GAAP 财务指标来更好地理解微博的比较运营表现和未来前景。我们的非 GAAP 财务数据排除了某些费用、收益或损失以及其他不预期产生未来现金流的项目，或是非经常性性质的项目，或不代表我们的核心运营结果和前景。有关我们非 GAAP 指标的更多信息，请参阅我们的新闻稿。我知道您提到过准备好的发言。我们将开放电话进行简短的问答环节。接下来，我想把电话交给我们的首席执行官 Kofi Wang。

Kofi Wang (Chief Executive Officer)

Kofi Wang（首席执行官）

Thank you. Hello everyone. Welcome to Weibo's first quarter 2026 earnings conference call earnings conference. On today's call, I'll share with you highlights on Weibo's product monetization in the first quarter 2020. Shanghai. On the user front in March 2026 Weibo's MAUs were 562 million and average DAUs reached 254 million. Our MEUs experienced a modest decline on both a year over year and a quarter by quarter basis. This was primarily driven by our strategic focus on enhancing user experience and driving user retention. We have proactively rationalized our channel budget allocation, shifting our focus towards improving the conversion rate of newly acquired users into active users. Concurrently driven by a recent effort to optimize information free product experience for our core users which includes engaged users and click oriented users. Coupled with the sustained growth in video content consumption on the platform, the scale and engagement frequency of our core users have maintained a solid trend as A result, our DAUs achieved modest growth quarter over quarter. Our total first quarter revenue reached US$421.3 million, an increase of 6% year over year. Our total ad revenues reached US$369.8 million, an increase of 9% year over year. Our non GAAP operating income is going to reach US$119.8 million, representing a non GAAP operating margin of 28%. Next I will highlight we will see development in the first quarter across user growth and engagement, content ecosystem competitiveness and monetization. On user growth and engagement in 2026, we will focus on improving user retention and building a high quality, highly engaged and sustainable user growth framework. In the first, the information CPU remained in optimization stage post the product upgrade. Last year, the related strategies began to deliver positive results starting in March with content consumption and interactive measures among our poor users beginning to improve and meanwhile the sustained growth in timestamp on our video playback pages has served as a more solid foundation for the growth of our overall user time spent and retention. Moving on to Information Feed product in 2026, the strategy focuses on the product optimization after the information feed upgrade which aligns with our long term direction. Building on Weibo's strength in social network and hard chain discussion will further enhance the distribution capabilities of Weibo's distinctive native content, establish a more stable and consistent content consumption experience and continue to strengthen users trust in the information feed.

谢谢大家。大家好，欢迎参加微博 2026 年第一季度财报电话会议。在今天的会议中，我将与您分享微博在 2026 年第一季度的产品变现亮点。2026 年 3 月，微博的 MAUs 为 5.62 亿，平均 DAUs 达到 2.54 亿。我们的 MEUs 在同比和环比上均经历了适度下降。这主要是由于我们战略上专注于提升用户体验和推动用户留存。我们主动合理化了渠道预算分配，转向提高新获取用户转化为活跃用户的比率。同时，最近优化信息流产品体验的努力，使我们的核心用户（包括活跃用户和点击导向用户）的规模和参与频率保持了良好的趋势。因此，我们的 DAUs 在环比上实现了适度增长。我们的第一季度总收入达到 4.213 亿美元，同比增长 6%。我们的总广告收入达到 3.698 亿美元，同比增长 9%。我们的非 GAAP 运营收入将达到 1.198 亿美元，非 GAAP 运营利润率为 28%。接下来，我将重点介绍我们在用户增长和参与度、内容生态系统竞争力和变现方面的第一季度发展。在 2026 年，我们将专注于提高用户留存，建立高质量、高参与度和可持续的用户增长框架。在第一季度，信息流产品在产品升级后仍处于优化阶段。去年，相关策略自 3 月开始逐渐显现积极成果，内容消费和我们核心用户的互动措施开始改善，同时视频播放页面的观看时长持续增长，为我们整体用户使用时间和留存的增长奠定了更坚实的基础。接下来谈到 2026 年的信息流产品，战略聚焦于在信息流升级后进行产品优化，这与我们的长期方向一致。基于微博在社交网络和硬链讨论方面的优势，将进一步增强微博独特原生内容的分发能力，建立更稳定和一致的内容消费体验，并继续增强用户对信息流的信任。

Gaussian Wang

Specifically, in the first quarter we focused on a series of optimization initiatives aimed at balancing the distribution of social content, trending topics and vertical interest based content for Weibo's engage the core users while ensuring their consumption of social content. We also prioritize improving recommendation efficiency for trending and interest based content. Meanwhile, we further strengthen the distribution of content from authentic accounts, high quality original content and reposted content while stepping up governance over low quality and overly promotional content to enhance the consumption experience within our information feeds. These strategies were gradually rolled out throughout the first quarter and began to make positive impacts in March. Looking at the preliminary results, the skill, time spent and engagement modeling of the socially engaged users within our information feed have all shown month over month improvement demonstrating that our strategy is more effective in retaining and sharing business specific use cohort. This preliminary result has boosted our confidence to further advance optimization of information feed product in the second quarter. Building upon the experience improvement for our socially engaged users, we have placed greater focus on user groups that rely more heavily on the recommendation fees and have higher expectations for content matching efficiency through the continued optimization of product strategies and content matching algorithms. We aim to improve the seamless content consumption for these users within the recommendation feed and further strengthen Weibo's competitiveness in recommendation driven content consumption scenarios. Moving on to Video Our video business is set to serve as a crucial driver for increasing user time spent and retention throughout 2026. In the first quarter, we continue with the proven path established in the second half of 2025 and so continued improvement of video consumption during the first quarter Total time spent on the video playback pages achieved double digit year over year growth while also maintaining an upward trend quarter over quarter. Notably, the growth in per capita timestamp on video playback pages was even more pronounced. Specifically during the first quarter, Video based business initiatives center around two key aspects, distribution and supply. On the distribution side, we continue to optimize the recommendation conversion efficiency for videos across core scenarios such as information feed and trending feeds. At the same time, we reduce the distribution weight of repetitive low quality and excessively commercialized content. This ensures that the growth in video watch time is increasingly driven by high quality content and the rise in users meaningful viewing behaviors. On the supply side, we further strengthen the supply of high quality video content by investing more resources to attract high quality video content creators incentivize their content production. This includes celebrity and top-tier live vlogs, trending topic analysis and derivative creation of popular content, all of which are distinctive to our platforms and strategically skewed our traffic distribution toward these high quality offerings. In the first quarter, both the number of top tier accounts e.g. the Golden and Orange verified accounts publishing original videos and the number of original videos post recorded double digit year over year growth. Meanwhile, we are also exploring and validating the introduction of more diverse video content formats such as short plays and video podcasts. In the first quarter, leveraging the continued iteration of our video AI large models, we further built on the platform strength in vertical integration by opening up AI creation tools to the creators, enabling them to produce derivative video content and expand IP related content. As of April, we have made copyright materials available from over 20 top tier TV drama and variety show IPs on the platform and have actively collaborated with partners to launch AI driven content recreation initiatives which have attracted nearly 3,000 creators and generated nearly 8,000 pieces of AI content created. Meanwhile, we further enhanced Weibo's AI creation platform by providing creators with resources such as graphic text generation tools, trending topic creation tools, video generation capabilities, copyright material and campaign templates. This empowers creators with richer materials and inspiration allowing them to translate their content expertise and creative ideas into publishable videos and text based posts at a significantly lower cost. This in turn has helped improve content production efficiency for Weibo creators. Moving on to Content ecosystem competitiveness throughout 2026 we will continue to focus on our three core business trending topics, social network and search while further enhancing the health and core competitiveness of our content ecosystem. In the first quarter our focus within the content ecosystem was on enhancing the quality of trending topic consumption, deepening community interactions and advancing our AI search capabilities. Through these efforts we aim to significantly improve users content consumption efficiency and their overall engagement experience on the platform. With respect to hot trends in the first quarter we focus on strengthening the influence and credibility of our trending list. We optimized the ranking mechanism, improved the quality of content presented on the list and enriched the content supply and discussion atmosphere on the landing pages. These efforts drove higher content consumption and more vibrant discussion under the hot trend scenarios. Compared with the fourth quarter last year, both average timestamp and average discussion volume per user under the hot trend scenarios increased in the first quarter. The strengthened thickness of user engagement around Houchran further reinforced Wayward's competitive position as a go to platform for how trend discovery and public discussion. On social attributes. In 2026 we aim to deepen user engagement and increase revisit intention within interest based communities, leveraging richer community engagement features and stronger interaction mechanisms. In the first quarter the super topics community continued to enhance its product capabilities and standardized event based operations across categories such as celebrities, IPs and sports events which sustainably drove user engagement. As a result, both DAUs and engaged users of Supertopics recorded year over year growth with AI further integrated into product development efficiency and content understanding. We will continue to center on core needs of users of community products, accelerating iteration of interactive community products and features and thereby further improving users social fulfillment and sense of belonging on Weibo. On search products as we continue to enhance our AI capabilities in the first quarter we have upgraded our Weibo intelligence search function from a single-turn Q&A to a summary one into an AI powered multi turn follow up queries and can understand multimodal content including videos and image with text. Meanwhile, we integrated AI agent capabilities into key scenarios such as public figure search and hardtrend search and conducted product on search landing pages and comment sections. Leveraging AI agent capabilities will enhance the user search experience and efficiency and further reinforce the Weibo's differentiated value proposition in the search market. Moving on to monetization. We have continued to execute on two key strategies that have underpinned our ad product and sales team since 2025 first, driving broader adoption of Weibo's unique content marketing value across more industries and clients and second, systematically improving ad conversion effectiveness by leveraging AI capabilities. In the first quarter, Weibo's ad revenues increased 9% year over year. Overall, Weibo will continue to leverage its differentiated strength in hot trends social content marketing across proven marketing scenarios such as new product launches, Chinese New Year campaigns, sports events and celebrity marketing leading to growth across multiple key industries. By industry the main growth contributors in the first quarter were verticals such as Internet service, local service and automobiles. The Internet service sector delivered robust year over year growth primarily driven by incremental budget we captured from the Internet service companies. For example, during the Chinese New Year period, various AI large language model players ramp up their marketing investment, leveraging Weibo's strong KOL ecosystem, and professional discussion environment in the digital and technology verticals, we effectively fulfilled AI companies marketing need in areas such as new product launches, technology education and word of mouth building which resulted in a notable increase in related marketing revenues. We believe that as AI technologies and applications continue to evolve, AI related content will become a major incremental driver of Weibo's content ecosystem.. In May, the number of AI focused professional content creators, the average daily number of AI related hot trends and the discussion volume of AI content on Weibo both increased more than 30% compared with January this year. This technological transformation in AI has been continuously stimulating content creation and user discussion on our platform and will further build a flywheel between content ecosystem enrichment and monetization growth. The local service sector was also among the fast-growing sector in the first quarter, supported by ongoing competition in the food delivery as well as seasonal boost from the Chinese New Year holiday. The automobile sector delivered double digit year over year growth primarily driven by favorable policies and new vehicle launches. Relatively stable ad spend around new product launches, user reputation building and brand awareness. The handset sector recording modest year over year growth in the first quarter. But looking ahead, market competition in the sector continues to intensify despite ongoing support from trading subsidies. Rising chip and memory cost continue to put pressure on handset manufacturers profitability which may weigh on their ad budget going forward. We will closely track new product launch cycles and the client's budget dynamics and optimize our sales strategy accordingly to ensure solid coverage of key clients. Among other verticals, the apparel and footwear sector achieved double digit year over year growth in the first quarter primarily fueled by the Winter Olympics, concentrated marketing campaigns by sports and outdoor brands and celebrity endorsement activities through which advertisers effectively leverage events and celebrity moments to boost the brand awareness. As mentioned last quarter, we have seen a recovery trend in demand for celebrities and IT-based account marketing from certain brand advertisers in the first quarter. This trend continued to play out in a number of key industries and campaigns with related revenues maintaining solid year-over year growth and providing a meaningful supplement to our overall content marketing business. Celebrity marketing has always been a distinctive component of webull's content marketing capabilities. Over the past quarter we focused more on enhancing service stats and ad placement efficiency for clients in this area. Based on clients brand objectives, budget levels and target audience, we integrated Weibo resources in hot trends, IPs, celebrities and KOL ecosystems to provide more tailored resource matching, content planning and campaign execution services. This initiative enable clients to effectively achieve brand exposure and user engagement. While our products and service capabilities are still being further refined, we have already seen encouraging execution results and client feedback in some of the pilot projects. Looking forward, we will continue to advance our celebrity and IP content marketing services, positioning them as a key component to deepen collaboration with brand advertisers and enhance our content marketing competitiveness while driving greater synergy with our overall ad product portfolio. With that, let me turn the call over to Feitao for financial review.

具体来说，在第一季度，我们专注于一系列优化举措，旨在平衡微博社交内容、热门话题和垂直兴趣内容的分发，以吸引核心用户，同时确保他们的社交内容消费。我们还优先提高热门和兴趣内容的推荐效率。同时，我们进一步加强了来自真实账户、高质量原创内容和转发内容的分发，同时加强对低质量和过度商业化内容的治理，以提升信息流中的消费体验。这些策略在第一季度逐步推出，并在三月份开始产生积极影响。根据初步结果，社交用户在我们信息流中的技能、花费时间和参与度模型均显示出逐月改善，证明我们的策略在保留和分享特定业务用户群体方面更为有效。这一初步结果增强了我们在第二季度进一步优化信息流产品的信心。在提升社交用户体验的基础上，我们更加关注那些依赖推荐费用并对内容匹配效率有更高期望的用户群体，通过持续优化产品策略和内容匹配算法，旨在改善这些用户在推荐流中的无缝内容消费，并进一步增强微博在推荐驱动内容消费场景中的竞争力。接下来谈谈视频。我们的在线视频业务将成为 2026 年增加用户停留时间和留存率的关键驱动力。在第一季度，我们继续沿用 2025 年下半年建立的成功路径，继续改善视频消费。视频播放页面的总停留时间实现了同比两位数增长，同时也保持了环比上升趋势。值得注意的是，视频播放页面的人均停留时间增长更为显著。具体来说，在第一季度，基于视频的业务举措围绕两个关键方面展开：分发和供应。在分发方面，我们继续优化视频在信息流和热门流等核心场景中的推荐转化效率。同时，我们减少重复低质量和过度商业化内容的分发权重。这确保了视频观看时间的增长越来越多地由高质量内容和用户有意义的观看行为驱动。在供应方面，我们通过投入更多资源吸引高质量视频内容创作者，进一步加强高质量视频内容的供应，激励他们的内容生产。这包括名人和顶级直播视频、热门话题分析以及流行内容的衍生创作，所有这些都是我们平台的独特之处，并战略性地将我们的流量分配倾斜向这些高质量产品。在第一季度，发布原创视频的顶级账户（例如金色和橙色认证账户）数量以及原创视频的发布数量均实现了同比两位数增长。同时，我们还在探索和验证引入更多多样化的视频内容格式，如短剧和视频播客。在第一季度，借助我们视频 AI 大模型的持续迭代，我们进一步利用平台在垂直整合方面的优势，向创作者开放 AI 创作工具，使他们能够制作衍生视频内容并扩展与 IP 相关的内容。截至四月，我们已在平台上提供了来自 20 多个顶级电视剧和综艺节目 IP 的版权材料，并积极与合作伙伴合作推出 AI 驱动的内容重创作项目，吸引了近 3000 名创作者，生成了近 8000 件 AI 创作内容。同时，我们进一步增强了微博的 AI 创作平台，为创作者提供了图文生成工具、热门话题创作工具、视频生成能力、版权材料和活动模板等资源。这使创作者能够获得更丰富的材料和灵感，从而以显著更低的成本将他们的内容专业知识和创意转化为可发布的视频和文本帖子。这反过来又帮助提高了微博创作者的内容生产效率。接下来谈谈内容生态系统的竞争力。到 2026 年，我们将继续专注于三个核心业务：热门话题、社交网络和搜索，同时进一步增强我们内容生态系统的健康和核心竞争力。在第一季度，我们在内容生态系统中的重点是提升热门话题消费的质量、深化社区互动和推进我们的 AI 搜索能力。通过这些努力，我们旨在显著提高用户的内容消费效率和整体参与体验。关于第一季度的热门趋势，我们专注于增强热门榜单的影响力和可信度。我们优化了排名机制，改善了榜单上内容的质量，并丰富了落地页面的内容供应和讨论氛围。这些努力推动了更高的内容消费和更活跃的讨论。在热门趋势场景下，与去年第四季度相比，第一季度每用户的平均停留时间和平均讨论量均有所增加。用户在热门趋势下的参与度增强，进一步巩固了微博作为热门趋势发现和公共讨论平台的竞争地位。在社交属性方面，2026 年我们旨在深化用户参与度，并增加兴趣社区的回访意图，利用更丰富的社区互动功能和更强的互动机制。在第一季度，超级话题社区继续增强其产品能力，并在名人、IP 和体育赛事等类别中标准化事件运营，这可持续推动用户参与。因此，超级话题的 DAU 和活跃用户均实现了同比增长，AI 进一步融入产品开发效率和内容理解。我们将继续围绕社区产品用户的核心需求，加速互动社区产品和功能的迭代，从而进一步提升用户在微博上的社交满足感和归属感。在搜索产品方面，随着我们在第一季度继续增强 AI 能力，我们将微博智能搜索功能从单轮问答升级为 AI 驱动的多轮跟进查询，能够理解包括视频和图像在内的多模态内容。同时，我们将 AI 代理能力整合到公共人物搜索和热门趋势搜索等关键场景中，并在搜索落地页面和评论区进行了产品优化。利用 AI 代理能力将提升用户的搜索体验和效率，进一步强化微博在搜索市场的差异化价值主张。接下来谈谈货币化。我们继续执行自 2025 年以来支撑我们广告产品和销售团队的两大战略：第一，推动微博独特内容营销价值在更多行业和客户中的广泛应用；第二，系统性地利用 AI 能力提高广告转化效果。在第一季度，微博的广告收入同比增长 9%。总体而言，微博将继续利用其在热门趋势社交内容营销方面的差异化优势，在新产品发布、中国新年活动、体育赛事和名人营销等经过验证的营销场景中实现多个关键行业的增长。按行业划分，第一季度的主要增长贡献来自互联网服务、本地服务和汽车等垂直领域。互联网服务行业实现了强劲的同比增长，主要得益于我们从互联网服务公司获得的增量预算。例如，在中国新年期间，各种 AI 大语言模型参与者加大了他们的营销投资，利用微博强大的 KOL 生态系统和数字与技术领域的专业讨论环境，我们有效满足了 AI 公司在新产品发布、技术教育和口碑建设等领域的营销需求，从而显著增加了相关的营销收入。我们相信，随着 AI 技术和应用的不断发展，AI 相关内容将成为微博内容生态系统的主要增量驱动力。到五月，AI 专注的专业内容创作者数量、AI 相关热门趋势的日均数量以及微博上 AI 内容的讨论量均较今年一月增长超过 30%。AI 技术转型持续刺激我们平台上的内容创作和用户讨论，并将进一步建立内容生态系统丰富与货币化增长之间的良性循环。本地服务行业在第一季度也是快速增长的行业之一，得益于外卖市场的持续竞争以及中国新年假期的季节性推动。汽车行业实现了同比两位数增长，主要受益于有利政策和新车发布。围绕新产品发布、用户声誉建设和品牌知名度的广告支出相对稳定。手机行业在第一季度实现了温和的同比增长。但展望未来，该行业的市场竞争仍在加剧，尽管交易补贴的支持仍在继续。芯片和内存成本的上升继续对手机制造商的盈利能力施加压力，这可能会影响他们未来的广告预算。我们将密切关注新产品发布周期和客户预算动态，并相应优化我们的销售策略，以确保对关键客户的稳固覆盖。在其他垂直领域，服装和鞋类行业在第一季度实现了同比两位数增长，主要受到冬季奥运会、体育和户外品牌的集中营销活动以及名人代言活动的推动，广告商有效利用事件和名人时刻来提升品牌知名度。正如上个季度提到的，我们在第一季度看到某些品牌广告商对名人和 IT 基础账户营销的需求恢复趋势。这一趋势在多个关键行业和活动中持续发挥作用，相关收入保持了稳健的同比增长，为我们整体内容营销业务提供了有意义的补充。名人营销一直是微博内容营销能力的独特组成部分。在过去的一个季度，我们更加关注提升这一领域客户的服务状态和广告投放效率。根据客户的品牌目标、预算水平和目标受众，我们整合了微博在热门趋势、IP、名人和 KOL 生态系统中的资源，以提供更量身定制的资源匹配、内容规划和活动执行服务。这一举措使客户能够有效实现品牌曝光和用户参与。尽管我们的产品和服务能力仍在进一步完善，但我们在一些试点项目中已经看到了令人鼓舞的执行结果和客户反馈。展望未来，我们将继续推进我们的名人和 IP 内容营销服务，将其定位为深化与品牌广告商合作的关键组成部分，增强我们的内容营销竞争力，同时推动与我们整体广告产品组合的更大协同。接下来，我将把电话交给 Feitao 进行财务回顾。

Feitao

Thank you golfing and hello everyone. Welcome to Weibo's first quarter 2026 earnings conference call. Let's start with user metrics. In March 2026, Weibo's MAUs and average DUs reached 552 million and 254 million respectively. During the first quarter we continued to focus on user quality, retention and engagement. Maus saw a modest sequential decline, mainly reflecting our ongoing rationalization of channel investment and the transition following our information feed revamp. At the same time, DUS remained resilient and improved slightly quarter over quarter. Supported by better retention of core users, continued optimization of the homepage feed experience and improving video consumption. AI continued to serve as an important enabler across our product content and monetization systems. On the monetization set, AI powered targeting, bidding and ad creative generation continued to support promoted fees and real time bidding ad products. Internally, we are also expanding the use of AI tools to improve execution efficiency across product operations and sales teams. Turning to financials as a reminder, my prepared remarks would focus on non-GAAP results. Monetary amounts are in US dollar term and all comparisons are on a year over year basis unless otherwise noted. Now let me walk you through our financial highlights for the first quarter 2026. Weibo's first quarter 2026 net revenues were US$421.3 million, an increase of 6% or 1% on a constant currency basis. Operating income was US$119.8 million representing operating margin of 28%. Net income attributable to Weibo reached US$91.9 million and diluted EPS was US$0.34 US$. Let me give you more color on the first quarter 2026 revenue performance we started the year with our advertising business returning to year over year growth supported by improving demand from selected verticals and continued execution in content marketing and performance based ad products. We both advertising and marketing revenues for the first quarter 2026 was US$369.8 million, an increase of 9% or 3% on a constant currency basis by industry. Our largest three verticals were FMCG, E commerce and 3C products. In terms of growth, Internet services, automobile and local services were the major contributors. Advertising revenues from Internet companies increased primarily due to incremental advertising spend from leading players in the sector. The automobile sector also saw substantial growth supported by auto related content ecosystem and ad spend from electric vehicles. For Hyundai sector advertising revenues recorded modest growth, but we remain mindful that their marketing budgets may face pressure amid intensified competition with the Hang Sen market as well as rising component costs. As for areas facing headwinds, FMCG continued to face a year over year gap although we saw sequential recovery as certain advertisers resumed spending in celebrity and KOL marketing campaigns. The online game sector was still on a descending trend due to lack of blockbuster release this quarter by ad product promoted fees ad was the largest followed by social display and search and topic promoted feeds delivered solid growth benefiting from better ad matching in revamped information feed, continued demand for Weibos, differentiated IP and content marketing solutions, and deeper AI integration in targeting, bidding and creative generation. These product improvements helped advertisers combined brand exposure with more measurable conversion objectives. Ad revenues from Alibaba for the fourth quarter were US$43.3 million, an increase of 2% year over year or a decrease of 4% on a constant currency basis. The modest decline of revenues from Alibaba was primarily due to high base last year, which included the burn off revenues from promotional ad budget for Alibaba's sponsorship of Spring Festival in 2025 and AI related budget in the first quarter last year expand from Alibaba highly correlated to its own marketing strategies, which may fluctuate with Alibaba's campaign priorities and product launch schedule, etc. Value added service revenues were US$51.6 million in the first quarter, a decrease of 11% or 15% on a constant currency basis. The decrease was primarily attributable to decline in game related revenue. Turning to Cost and expenses, total cost and expenses for the first quarter were US$301.5 million, an increase of 13% mainly due to higher ad production cost and marketing spends, partially offset by the decrease of general and administrative expenses. During the quarter, we continued to make major investments in selected monetization related initiatives primarily around advertising, product capabilities, content marketing ecosystem and client service offerings. We will continue to manage the pace of these investments with ROI discipline and within a controllable budget framework. Operating income in the fourth quarter was US$119.8 million representing operating margin of 28% compared to 33% in the same period last year. While operating margin declined year over year due to these investments, we remain focused on balancing near term execution needs with sustainable profitability and healthy cash flow generation. Turning to income tax under GAAP, income tax expenses for the first quarter were US$15.7 million compared to US$24.3 million last year, mainly due to decrease in deferred tax liability related to equity pickup adjustment. Net income attributable to weibo in the first quarter was US$91.9 million representing a net margin of 22%. Turning to our balance sheet and cash flow Items, as of March 31, 2026, Weibo's cash, cash equivalents and short term investments totaled US$2.59 billion compared to US$2.41 billion as of December 31, 2025. In the first quarter, cash provided by operating activities was 164 million, capital expenditures totaled US$11.9 million and the depreciation and amortization expenses amounted to US$15.5 million. Let me share some color on our shareholder returns. We have completed the distribution of the annual cash dividend of US$0.31 for ordinary share or ADS for the fiscal year 2025 with aggregate amount of approximately US$150 million in May 2026. We will continue to take a disciplined approach to capital allocation. balancing shareholder returns with the financial flexibility needed to fund our long term product AI and the content ecosystem initiatives. Overall first quarter was a quarter of continued transition and steady execution while macro consumption sentiment and industry competition remain uncertain. With the initial signs of stabilization in core user engagement and advertising demand. We will continue to balance investment needs with operating efficiency and healthy cash flow generation as we build a more sustainable foundation for long term development. Before turning to the Q and A session, let me provide you a brief update on ESG front In April, we published our fifth ESG report highlighting our efforts across social value, tech empowerment, information security, development, content ecosystem and grain operations. MSCI also recently upgraded our ESG rating from a BB to aa, recognizing our progress in sustainability, innovation and social responsibility. Please visit our IR website for more information. With that, let me now turn the call over to the operator for the Q and A session.

感谢大家的参与，大家好。欢迎来到微博 2026 年第一季度财报电话会议。我们先来看看用户指标。在 2026 年 3 月，微博的月活跃用户（MAUs）和日活跃用户（DUs）分别达到了 5.52 亿和 2.54 亿。在第一季度，我们继续关注用户质量、留存和参与度。MAUs 略有环比下降，主要反映了我们在渠道投资上的持续合理化以及信息流改版后的过渡。同时，DUs 保持了韧性，环比略有改善。这得益于核心用户的更好留存、主页信息流体验的持续优化以及视频消费的提升。人工智能继续作为我们产品内容和变现系统的重要推动力。在变现方面，人工智能驱动的定向、竞价和广告创意生成继续支持推广费用和实时竞价广告产品。在内部，我们也在扩大人工智能工具的使用，以提高产品运营和销售团队的执行效率。接下来谈谈财务情况，提醒一下，我的准备发言将重点关注非 GAAP 结果。货币金额以美元计，所有比较均为同比，除非另有说明。现在让我带您了解 2026 年第一季度的财务亮点。微博 2026 年第一季度的净收入为 4.213 亿美元，同比增长 6%，按固定汇率计算增长 1%。营业收入为 1.198 亿美元，营业利润率为 28%。归属于微博的净收入达到了 9190 万美元，稀释每股收益为 0.34 美元。让我为您详细介绍 2026 年第一季度的收入表现，我们以广告业务的同比增长开始了这一年，得益于来自特定垂直行业的需求改善以及在内容营销和基于效果的广告产品上的持续执行。2026 年第一季度的广告和营销收入为 3.698 亿美元，同比增长 9%，按固定汇率计算增长 3%。按行业划分，我们最大的三个垂直行业是快速消费品、电商和 3C 产品。在增长方面，互联网服务、汽车和本地服务是主要贡献者。互联网公司的广告收入主要由于该行业领先企业的广告支出增加而增长。汽车行业也在电动车相关内容生态和广告支出的支持下实现了显著增长。对于传统汽车行业，广告收入录得温和增长，但我们仍需注意，由于与恒生市场的竞争加剧以及零部件成本上升，其营销预算可能面临压力。至于面临逆风的领域，快速消费品行业仍然面临同比差距，尽管我们看到某些广告主在明星和 KOL 营销活动中恢复支出，环比有所回升。在线游戏行业由于本季度缺乏重磅发布，仍处于下降趋势。广告产品中，推广费用广告是最大的，其次是社交展示和搜索及话题推广信息流，得益于信息流改版后更好的广告匹配、对微博差异化 IP 和内容营销解决方案的持续需求，以及在定向、竞价和创意生成中的更深层次的人工智能整合。这些产品改进帮助广告主将品牌曝光与更可衡量的转化目标相结合。阿里巴巴在第四季度的广告收入为 4330 万美元，同比增长 2%，按固定汇率计算下降 4%。阿里巴巴收入的温和下降主要是由于去年基数较高，其中包括阿里巴巴在 2025 年春节赞助的推广广告预算的收入，以及去年第一季度与人工智能相关的预算。阿里巴巴的支出与其自身的营销策略高度相关，可能会随着阿里巴巴的活动优先级和产品发布计划等波动。增值服务收入在第一季度为 5160 万美元，同比下降 11%，按固定汇率计算下降 15%。下降主要归因于游戏相关收入的减少。接下来谈谈成本和费用，第一季度的总成本和费用为 3.015 亿美元，同比增长 13%，主要由于广告制作成本和营销支出的增加，部分被一般和行政费用的减少所抵消。在本季度，我们继续在选定的变现相关项目上进行重大投资，主要集中在广告、产品能力、内容营销生态系统和客户服务产品上。我们将继续在可控预算框架内，以投资回报率为原则来管理这些投资的节奏。第四季度的营业收入为 1.198 亿美元，营业利润率为 28%，而去年同期为 33%。尽管由于这些投资，营业利润率同比下降，但我们仍然专注于平衡短期执行需求与可持续盈利能力和健康现金流的生成。根据 GAAP，第一季度的所得税费用为 1570 万美元，而去年为 2430 万美元，主要由于与股权投资调整相关的递延税负减少。第一季度归属于微博的净收入为 9190 万美元，净利润率为 22%。接下来谈谈我们的资产负债表和现金流项目，截至2026年3月31日，微博的现金、现金等价物和短期投资总额为 25.9 亿美元，而2025年12月31日为 24.1 亿美元。在第一季度，经营活动提供的现金为 1.64 亿美元，资本支出总额为 1190 万美元，折旧和摊销费用为 1550 万美元。让我分享一些关于我们股东回报的情况。我们已完成 2025 财年每股普通股或 ADS 的年度现金分红 0.31 美元的分配，总金额约为 1.5 亿美元，时间是在 2026 年 5 月。我们将继续采取严格的资本配置方法，平衡股东回报与支持我们长期产品人工智能和内容生态系统项目所需的财务灵活性。总体而言，第一季度是一个持续过渡和稳步执行的季度，尽管宏观消费情绪和行业竞争仍然不确定。随着核心用户参与度和广告需求初步稳定的迹象，我们将继续平衡投资需求与运营效率和健康现金流的生成，为长期发展建立更可持续的基础。在进入问答环节之前，让我简要更新一下 ESG 方面的信息。在 4 月，我们发布了第五份 ESG 报告，强调了我们在社会价值、技术赋能、信息安全、发展、内容生态系统和粮食运营方面的努力。MSCI 最近还将我们的 ESG 评级从 BB 提升至 AA，认可我们在可持续性、创新和社会责任方面的进展。有关更多信息，请访问我们的投资者关系网站。现在，我将把电话交给操作员进行问答环节。

OPERATOR

主持人

Thank you so much. Dear participants, As a reminder, if you wish to ask a question, please press star 11 on your telephone keypad and wait for your name to be announced. To withdraw a question, please press Star one and one again, please stand by. We'll compile the Q&A roster. This will take a few moments. Once again, if you would like to ask a question, please press Star one one and now we're going to take our first question and it comes line of Thomas Chong from Jeffries. Your line is open. Please ask your question.

非常感谢。亲爱的参与者，提醒一下，如果您希望提问，请在电话键盘上按星号 11，并等待您的名字被宣布。要撤回问题，请按星号 1，再按一次 1，请稍等。我们将整理问答名单。这将需要几分钟。再次提醒，如果您想提问，请按星号 1 和 1，现在我们将接听第一个问题，来自 Jeffries 的 Thomas Chong。您的线路已开启，请提问。

Thomas Chong (Equity Analyst)

Thomas Chong（股票分析师）

Hi, good evening. Thanks management for taking my questions. Based on the trend so far we see in Q1 and recent months, can management comment about Weibo advertising outlook in Q2? In addition, can management also comment about our advertising strategies? Any updates for the full year and separate today on AI, can management share about how it benefits advertising and monetization? Thank you.

您好，晚上好。感谢管理层回答我的问题。根据我们在第一季度和最近几个月看到的趋势，管理层能否评论一下微博在第二季度的广告前景？此外，管理层能否也评论一下我们的广告策略？对于全年有何更新，今天关于人工智能的部分，管理层能否分享一下它如何促进广告和变现？谢谢。

OPERATOR

主持人

Thank you. Now we're going to take our next question. Just give us a moment. And the question comes Line of Jenny Yuan from ubs, your line is open. Please ask a question.

谢谢。现在我们将接听下一个问题，请稍等。问题来自于 UBS 的 Jenny Yuan，您的线路已开启，请提问。

Jenny Yuan

So thanks management for taking my question. Could you please share some updates on the impact of the state revamp on user growth? Last quarter we highlighted video strategy as a key focus for this year. Could you please provide an update on the progress so far as well as the key priorities and targets for the next phase. And lastly, could you please also share recent developments on the AI front in terms of user facing Codex. Thank you,

感谢管理层回答我的问题。您能否分享一下国家改革对用户增长的影响的最新情况？上个季度我们强调视频策略是今年的重点。您能否提供一下目前的进展，以及下一阶段的关键优先事项和目标？最后，您能否分享一下在用户面对的 Codex 方面，人工智能的最新进展？谢谢。

OPERATOR

主持人

Thank you. Dear participants, due to time constraints of today's call, we will not be addressing any further questions. Thank you very much for your participation. You may now all disconnect. Have a nice day.

谢谢。亲爱的参与者，由于今天电话会议的时间限制，我们将不再回答其他问题。非常感谢您的参与。您现在可以断开连接。祝您有美好的一天。

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微博 2026 年第一季度财报电话会议：完整文字记录