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

在週四，微博（NASDAQ: WB）在其財報電話會議中討論了 2026 年第一季度的財務結果。完整的會議記錄如下。

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

此內容由 Benzinga API 提供。有關全面的財務數據和會議記錄，請訪問 https://www.benzinga.com/apis/。

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

完整的財報電話會議可在 https://edge.media-server.com/mmc/p/a2p96r88/ 獲取。

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.

微博報告 2026 年第一季度收入為 4.213 億美元，同比增長 6%，廣告收入為 3.698 億美元，同比增長 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.

公司經歷了月活躍用户（MAUs）的適度下降，但由於增強了用户留存策略和視頻內容消費的增加，日活躍用户（DAUs）略有增長。

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.

戰略舉措集中在優化信息流產品、增強視頻內容以及利用人工智能進行廣告定位和內容創作，這些都促進了用户參與度和變現能力的提升。

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

公司強調了來自互聯網服務、汽車和本地服務的廣告收入增長，同時在快速消費品和在線遊戲等行業面臨挑戰。

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

管理層對未來表示樂觀，預計將繼續投資於人工智能和內容生態系統的舉措，以推動長期增長，儘管面臨一些行業逆風。

Full Transcript

完整會議記錄

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.

今天與我一起的是我們的首席執行官 Kofi Wang 和首席財務官 Gui Tao。此次電話會議也通過互聯網直播，並可通過微博的投資者關係網站獲取。在管理層發言之前，我想向您朗讀與今天的電話會議相關的安全港聲明。在今天的電話會議中，我們可能會做出前瞻性聲明，包括我們的信念和預期的非歷史性事實。前瞻性聲明涉及風險和不確定性。一些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實質性差異。微博不承擔在此次電話會議及其他場合更新前瞻性聲明的義務。有關此及其他風險的更多信息包含在微博的 20F 表格年度報告及其他向 SEC 提交的文件中。本新聞稿中提供的所有信息均為當前日期的信息。微博不承擔更新此類信息的義務，除非適用法律要求。此外，我想提醒您，我們今天的討論包括某些非 GAAP 指標，包括基於股票的補償和其他某些費用。我們使用非 GAAP 財務指標來更好地理解微博的比較運營表現和未來前景。我們的非 GAAP 財務數據排除了某些費用、收益或損失以及其他不預期產生未來現金流的項目，或是非經常性性質的項目，或不代表我們的核心運營結果和前景。有關我們非 GAAP 指標的更多信息，請參閲我們的新聞稿。我知道您提到過準備好的發言。我們將開放電話進行簡短的問答環節。接下來，我想把電話交給我們的首席執行官 Kofi Wang。

Kofi Wang (Chief Executive Officer)

Kofi Wang（首席執行官）

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.

謝謝大家。大家好，歡迎參加微博 2026 年第一季度財報電話會議。在今天的會議中，我將與您分享微博在 2026 年第一季度的產品變現亮點。2026 年 3 月，微博的 MAUs 為 5.62 億，平均 DAUs 達到 2.54 億。我們的 MEUs 在同比和環比上均經歷了適度下降。這主要是由於我們戰略上專注於提升用户體驗和推動用户留存。我們主動合理化了渠道預算分配，轉向提高新獲取用户轉化為活躍用户的比率。同時，最近優化信息流產品體驗的努力，使我們的核心用户（包括活躍用户和點擊導向用户）的規模和參與頻率保持了良好的趨勢。因此，我們的 DAUs 在環比上實現了適度增長。我們的第一季度總收入達到 4.213 億美元，同比增長 6%。我們的總廣告收入達到 3.698 億美元，同比增長 9%。我們的非 GAAP 運營收入將達到 1.198 億美元，非 GAAP 運營利潤率為 28%。接下來，我將重點介紹我們在用户增長和參與度、內容生態系統競爭力和變現方面的第一季度發展。在 2026 年，我們將專注於提高用户留存，建立高質量、高參與度和可持續的用户增長框架。在第一季度，信息流產品在產品升級後仍處於優化階段。去年，相關策略自 3 月開始逐漸顯現積極成果，內容消費和我們核心用户的互動措施開始改善，同時視頻播放頁面的觀看時長持續增長，為我們整體用户使用時間和留存的增長奠定了更堅實的基礎。接下來談到 2026 年的信息流產品，戰略聚焦於在信息流升級後進行產品優化，這與我們的長期方向一致。基於微博在社交網絡和硬鏈討論方面的優勢，將進一步增強微博獨特原生內容的分發能力，建立更穩定和一致的內容消費體驗，並繼續增強用户對信息流的信任。

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.

具體來説，在第一季度，我們專注於一系列優化舉措，旨在平衡微博社交內容、熱門話題和垂直興趣內容的分發，以吸引核心用户，同時確保他們的社交內容消費。我們還優先提高熱門和興趣內容的推薦效率。同時，我們進一步加強了來自真實賬户、高質量原創內容和轉發內容的分發，同時加強對低質量和過度商業化內容的治理，以提升信息流中的消費體驗。這些策略在第一季度逐步推出，並在三月份開始產生積極影響。根據初步結果，社交用户在我們信息流中的技能、花費時間和參與度模型均顯示出逐月改善，證明我們的策略在保留和分享特定業務用户羣體方面更為有效。這一初步結果增強了我們在第二季度進一步優化信息流產品的信心。在提升社交用户體驗的基礎上，我們更加關注那些依賴推薦費用並對內容匹配效率有更高期望的用户羣體，通過持續優化產品策略和內容匹配算法，旨在改善這些用户在推薦流中的無縫內容消費，並進一步增強微博在推薦驅動內容消費場景中的競爭力。接下來談談視頻。我們的在線視頻業務將成為 2026 年增加用户停留時間和留存率的關鍵驅動力。在第一季度，我們繼續沿用 2025 年下半年建立的成功路徑，繼續改善視頻消費。視頻播放頁面的總停留時間實現了同比兩位數增長，同時也保持了環比上升趨勢。值得注意的是，視頻播放頁面的人均停留時間增長更為顯著。具體來説，在第一季度，基於視頻的業務舉措圍繞兩個關鍵方面展開：分發和供應。在分發方面，我們繼續優化視頻在信息流和熱門流等核心場景中的推薦轉化效率。同時，我們減少重複低質量和過度商業化內容的分發權重。這確保了視頻觀看時間的增長越來越多地由高質量內容和用户有意義的觀看行為驅動。在供應方面，我們通過投入更多資源吸引高質量視頻內容創作者，進一步加強高質量視頻內容的供應，激勵他們的內容生產。這包括名人和頂級直播視頻、熱門話題分析以及流行內容的衍生創作，所有這些都是我們平台的獨特之處，並戰略性地將我們的流量分配傾斜向這些高質量產品。在第一季度，發佈原創視頻的頂級賬户（例如金色和橙色認證賬户）數量以及原創視頻的發佈數量均實現了同比兩位數增長。同時，我們還在探索和驗證引入更多多樣化的視頻內容格式，如短劇和視頻播客。在第一季度，藉助我們視頻 AI 大模型的持續迭代，我們進一步利用平台在垂直整合方面的優勢，向創作者開放 AI 創作工具，使他們能夠製作衍生視頻內容並擴展與 IP 相關的內容。截至四月，我們已在平台上提供了來自 20 多個頂級電視劇和綜藝節目 IP 的版權材料，並積極與合作伙伴合作推出 AI 驅動的內容重創作項目，吸引了近 3000 名創作者，生成了近 8000 件 AI 創作內容。同時，我們進一步增強了微博的 AI 創作平台，為創作者提供了圖文生成工具、熱門話題創作工具、視頻生成能力、版權材料和活動模板等資源。這使創作者能夠獲得更豐富的材料和靈感，從而以顯著更低的成本將他們的內容專業知識和創意轉化為可發佈的視頻和文本帖子。這反過來又幫助提高了微博創作者的內容生產效率。接下來談談內容生態系統的競爭力。到 2026 年，我們將繼續專注於三個核心業務：熱門話題、社交網絡和搜索，同時進一步增強我們內容生態系統的健康和核心競爭力。在第一季度，我們在內容生態系統中的重點是提升熱門話題消費的質量、深化社區互動和推進我們的 AI 搜索能力。通過這些努力，我們旨在顯著提高用户的內容消費效率和整體參與體驗。關於第一季度的熱門趨勢，我們專注於增強熱門榜單的影響力和可信度。我們優化了排名機制，改善了榜單上內容的質量，並豐富了落地頁面的內容供應和討論氛圍。這些努力推動了更高的內容消費和更活躍的討論。在熱門趨勢場景下，與去年第四季度相比，第一季度每用户的平均停留時間和平均討論量均有所增加。用户在熱門趨勢下的參與度增強，進一步鞏固了微博作為熱門趨勢發現和公共討論平台的競爭地位。在社交屬性方面，2026 年我們旨在深化用户參與度，並增加興趣社區的回訪意圖，利用更豐富的社區互動功能和更強的互動機制。在第一季度，超級話題社區繼續增強其產品能力，並在名人、IP 和體育賽事等類別中標準化事件運營，這可持續推動用户參與。因此，超級話題的 DAU 和活躍用户均實現了同比增長，AI 進一步融入產品開發效率和內容理解。我們將繼續圍繞社區產品用户的核心需求，加速互動社區產品和功能的迭代，從而進一步提升用户在微博上的社交滿足感和歸屬感。在搜索產品方面，隨着我們在第一季度繼續增強 AI 能力，我們將微博智能搜索功能從單輪問答升級為 AI 驅動的多輪跟進查詢，能夠理解包括視頻和圖像在內的多模態內容。同時，我們將 AI 代理能力整合到公共人物搜索和熱門趨勢搜索等關鍵場景中，並在搜索落地頁面和評論區進行了產品優化。利用 AI 代理能力將提升用户的搜索體驗和效率，進一步強化微博在搜索市場的差異化價值主張。接下來談談貨幣化。我們繼續執行自 2025 年以來支撐我們廣告產品和銷售團隊的兩大戰略：第一，推動微博獨特內容營銷價值在更多行業和客户中的廣泛應用；第二，系統性地利用 AI 能力提高廣告轉化效果。在第一季度，微博的廣告收入同比增長 9%。總體而言，微博將繼續利用其在熱門趨勢社交內容營銷方面的差異化優勢，在新產品發佈、中國新年活動、體育賽事和名人營銷等經過驗證的營銷場景中實現多個關鍵行業的增長。按行業劃分，第一季度的主要增長貢獻來自互聯網服務、本地服務和汽車等垂直領域。互聯網服務行業實現了強勁的同比增長，主要得益於我們從互聯網服務公司獲得的增量預算。例如，在中國新年期間，各種 AI 大語言模型參與者加大了他們的營銷投資，利用微博強大的 KOL 生態系統和數字與技術領域的專業討論環境，我們有效滿足了 AI 公司在新產品發佈、技術教育和口碑建設等領域的營銷需求，從而顯著增加了相關的營銷收入。我們相信，隨着 AI 技術和應用的不斷發展，AI 相關內容將成為微博內容生態系統的主要增量驅動力。到五月，AI 專注的專業內容創作者數量、AI 相關熱門趨勢的日均數量以及微博上 AI 內容的討論量均較今年一月增長超過 30%。AI 技術轉型持續刺激我們平台上的內容創作和用户討論，並將進一步建立內容生態系統豐富與貨幣化增長之間的良性循環。本地服務行業在第一季度也是快速增長的行業之一，得益於外賣市場的持續競爭以及中國新年假期的季節性推動。汽車行業實現了同比兩位數增長，主要受益於有利政策和新車發佈。圍繞新產品發佈、用户聲譽建設和品牌知名度的廣告支出相對穩定。手機行業在第一季度實現了温和的同比增長。但展望未來，該行業的市場競爭仍在加劇，儘管交易補貼的支持仍在繼續。芯片和內存成本的上升繼續對手機制造商的盈利能力施加壓力，這可能會影響他們未來的廣告預算。我們將密切關注新產品發佈週期和客户預算動態，並相應優化我們的銷售策略，以確保對關鍵客户的穩固覆蓋。在其他垂直領域，服裝和鞋類行業在第一季度實現了同比兩位數增長，主要受到冬季奧運會、體育和户外品牌的集中營銷活動以及名人代言活動的推動，廣告商有效利用事件和名人時刻來提升品牌知名度。正如上個季度提到的，我們在第一季度看到某些品牌廣告商對名人和 IT 基礎賬户營銷的需求恢復趨勢。這一趨勢在多個關鍵行業和活動中持續發揮作用，相關收入保持了穩健的同比增長，為我們整體內容營銷業務提供了有意義的補充。名人營銷一直是微博內容營銷能力的獨特組成部分。在過去的一個季度，我們更加關注提升這一領域客户的服務狀態和廣告投放效率。根據客户的品牌目標、預算水平和目標受眾，我們整合了微博在熱門趨勢、IP、名人和 KOL 生態系統中的資源，以提供更量身定製的資源匹配、內容規劃和活動執行服務。這一舉措使客户能夠有效實現品牌曝光和用户參與。儘管我們的產品和服務能力仍在進一步完善，但我們在一些試點項目中已經看到了令人鼓舞的執行結果和客户反饋。展望未來，我們將繼續推進我們的名人和 IP 內容營銷服務，將其定位為深化與品牌廣告商合作的關鍵組成部分，增強我們的內容營銷競爭力，同時推動與我們整體廣告產品組合的更大協同。接下來，我將把電話交給 Feitao 進行財務回顧。

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.

感謝大家的參與，大家好。歡迎來到微博 2026 年第一季度財報電話會議。我們先來看看用户指標。在 2026 年 3 月，微博的月活躍用户（MAUs）和日活躍用户（DUs）分別達到了 5.52 億和 2.54 億。在第一季度，我們繼續關注用户質量、留存和參與度。MAUs 略有環比下降，主要反映了我們在渠道投資上的持續合理化以及信息流改版後的過渡。同時，DUs 保持了韌性，環比略有改善。這得益於核心用户的更好留存、主頁信息流體驗的持續優化以及視頻消費的提升。人工智能繼續作為我們產品內容和變現系統的重要推動力。在變現方面，人工智能驅動的定向、競價和廣告創意生成繼續支持推廣費用和實時競價廣告產品。在內部，我們也在擴大人工智能工具的使用，以提高產品運營和銷售團隊的執行效率。接下來談談財務情況，提醒一下，我的準備發言將重點關注非 GAAP 結果。貨幣金額以美元計，所有比較均為同比，除非另有説明。現在讓我帶您瞭解 2026 年第一季度的財務亮點。微博 2026 年第一季度的淨收入為 4.213 億美元，同比增長 6%，按固定匯率計算增長 1%。營業收入為 1.198 億美元，營業利潤率為 28%。歸屬於微博的淨收入達到了 9190 萬美元，稀釋每股收益為 0.34 美元。讓我為您詳細介紹 2026 年第一季度的收入表現，我們以廣告業務的同比增長開始了這一年，得益於來自特定垂直行業的需求改善以及在內容營銷和基於效果的廣告產品上的持續執行。2026 年第一季度的廣告和營銷收入為 3.698 億美元，同比增長 9%，按固定匯率計算增長 3%。按行業劃分，我們最大的三個垂直行業是快速消費品、電商和 3C 產品。在增長方面，互聯網服務、汽車和本地服務是主要貢獻者。互聯網公司的廣告收入主要由於該行業領先企業的廣告支出增加而增長。汽車行業也在電動車相關內容生態和廣告支出的支持下實現了顯著增長。對於傳統汽車行業，廣告收入錄得温和增長，但我們仍需注意，由於與恒生市場的競爭加劇以及零部件成本上升，其營銷預算可能面臨壓力。至於面臨逆風的領域，快速消費品行業仍然面臨同比差距，儘管我們看到某些廣告主在明星和 KOL 營銷活動中恢復支出，環比有所回升。在線遊戲行業由於本季度缺乏重磅發佈，仍處於下降趨勢。廣告產品中，推廣費用廣告是最大的，其次是社交展示和搜索及話題推廣信息流，得益於信息流改版後更好的廣告匹配、對微博差異化 IP 和內容營銷解決方案的持續需求，以及在定向、競價和創意生成中的更深層次的人工智能整合。這些產品改進幫助廣告主將品牌曝光與更可衡量的轉化目標相結合。阿里巴巴在第四季度的廣告收入為 4330 萬美元，同比增長 2%，按固定匯率計算下降 4%。阿里巴巴收入的温和下降主要是由於去年基數較高，其中包括阿里巴巴在 2025 年春節贊助的推廣廣告預算的收入，以及去年第一季度與人工智能相關的預算。阿里巴巴的支出與其自身的營銷策略高度相關，可能會隨着阿里巴巴的活動優先級和產品發佈計劃等波動。增值服務收入在第一季度為 5160 萬美元，同比下降 11%，按固定匯率計算下降 15%。下降主要歸因於遊戲相關收入的減少。接下來談談成本和費用，第一季度的總成本和費用為 3.015 億美元，同比增長 13%，主要由於廣告製作成本和營銷支出的增加，部分被一般和行政費用的減少所抵消。在本季度，我們繼續在選定的變現相關項目上進行重大投資，主要集中在廣告、產品能力、內容營銷生態系統和客户服務產品上。我們將繼續在可控預算框架內，以投資回報率為原則來管理這些投資的節奏。第四季度的營業收入為 1.198 億美元，營業利潤率為 28%，而去年同期為 33%。儘管由於這些投資，營業利潤率同比下降，但我們仍然專注於平衡短期執行需求與可持續盈利能力和健康現金流的生成。根據 GAAP，第一季度的所得税費用為 1570 萬美元，而去年為 2430 萬美元，主要由於與股權投資調整相關的遞延税負減少。第一季度歸屬於微博的淨收入為 9190 萬美元，淨利潤率為 22%。接下來談談我們的資產負債表和現金流項目，截至2026年3月31日，微博的現金、現金等價物和短期投資總額為 25.9 億美元，而2025年12月31日為 24.1 億美元。在第一季度，經營活動提供的現金為 1.64 億美元，資本支出總額為 1190 萬美元，折舊和攤銷費用為 1550 萬美元。讓我分享一些關於我們股東回報的情況。我們已完成 2025 財年每股普通股或 ADS 的年度現金分紅 0.31 美元的分配，總金額約為 1.5 億美元，時間是在 2026 年 5 月。我們將繼續採取嚴格的資本配置方法，平衡股東回報與支持我們長期產品人工智能和內容生態系統項目所需的財務靈活性。總體而言，第一季度是一個持續過渡和穩步執行的季度，儘管宏觀消費情緒和行業競爭仍然不確定。隨着核心用户參與度和廣告需求初步穩定的跡象，我們將繼續平衡投資需求與運營效率和健康現金流的生成，為長期發展建立更可持續的基礎。在進入問答環節之前，讓我簡要更新一下 ESG 方面的信息。在 4 月，我們發佈了第五份 ESG 報告，強調了我們在社會價值、技術賦能、信息安全、發展、內容生態系統和糧食運營方面的努力。MSCI 最近還將我們的 ESG 評級從 BB 提升至 AA，認可我們在可持續性、創新和社會責任方面的進展。有關更多信息，請訪問我們的投資者關係網站。現在，我將把電話交給操作員進行問答環節。

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.

非常感謝。親愛的參與者，提醒一下，如果您希望提問，請在電話鍵盤上按星號 11，並等待您的名字被宣佈。要撤回問題，請按星號 1，再按一次 1，請稍等。我們將整理問答名單。這將需要幾分鐘。再次提醒，如果您想提問，請按星號 1 和 1，現在我們將接聽第一個問題，來自 Jeffries 的 Thomas Chong。您的線路已開啓，請提問。

Thomas Chong (Equity Analyst)

Thomas Chong（股票分析師）

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。感謝管理層回答我的問題。根據我們在第一季度和最近幾個月看到的趨勢，管理層能否評論一下微博在第二季度的廣告前景？此外，管理層能否也評論一下我們的廣告策略？對於全年有何更新，今天關於人工智能的部分，管理層能否分享一下它如何促進廣告和變現？謝謝。

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.

謝謝。現在我們將接聽下一個問題，請稍等。問題來自於 UBS 的 Jenny Yuan，您的線路已開啓，請提問。

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,

感謝管理層回答我的問題。您能否分享一下國家改革對用户增長的影響的最新情況？上個季度我們強調視頻策略是今年的重點。您能否提供一下目前的進展，以及下一階段的關鍵優先事項和目標？最後，您能否分享一下在用户面對的 Codex 方面，人工智能的最新進展？謝謝。

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.

謝謝。親愛的參與者，由於今天電話會議的時間限制，我們將不再回答其他問題。非常感謝您的參與。您現在可以斷開連接。祝您有美好的一天。

Disclaimer: This transcript is provided for informational purposes only. While we strive for accuracy, there may be errors or omissions in this automated transcription. For official company statements and financial information, please refer to the company's SEC filings and official press releases. Corporate participants' and analysts' statements reflect their views as of the date of this call and are subject to change without notice.

免責聲明： 本轉錄僅供信息參考。雖然我們努力確保準確性，但此自動轉錄可能存在錯誤或遺漏。有關公司的正式聲明和財務信息，請參閲公司的 SEC 文件和官方新聞稿。企業參與者和分析師的聲明反映了他們在本次電話會議日期的觀點，可能會隨時更改，恕不另行通知。

微博 2026 年第一季度財報電話會議：完整文字記錄