【招银国际】2Q25 results beat, but 2H25 outlook remains uncertain-250815（5页）.pdf

1、 PLEASE READ THE ANALYST CERTIFICATION AND IMPORTANT DISCLOSURES ON LAST PAGE MORE REPORTS FROM BLOOMBERG:RESP CMBR OR http:/.hk 1 MN 15 Aug 2025 CMB International Global Markets|Equity Research|Company Update Weibo(WB US)Weibo(WB US)-2Q25 results beat,but 2H25 outlook remains uncertain 2Q25 results

2、 beat,but 2H25 outlook remains uncertain Weibo announced 2Q25 results:net revenue increased by 2%YoY to US$444.8mn,2%ahead of Bloomberg consensus estimate;non-GAAP operating income grew by 3%YoY to US$161.8mn,11%higher than consensus estimate,thanks to the enhanced operating efficiency and collectio

3、n of bad debts recognized in the past period.The outlook of the advertising business remains challenging in 2H25,due to tough comparison and uncertainty in certain verticals.We expect total revenue to decline by 2%YoY in 3Q25E.That said,Weibos AI progress in 2Q25 was encouraging,which may help drive

4、 the user traffic and ad revenue growth in the long term.We trim our FY25-27E total revenue forecast by 1-2%in view of the ad business uncertainty,but maintain our target price of US$14.5 based on 8x FY25E non-GAAP PE.Maintain BUY on Weibos decent shareholder return(7%dividend yield).3Q25E ad busine

5、ss outlook remains challenging.Advertising and marketing revenue was down by 2%YoY to US$383mn in 2Q25,mainly driven by the solid growth of revenue from e-commerce and automobile verticals.FMCG,online games,luxury and entertainment verticals saw YoY decline in ad budget.Looking into 3Q25E,we expect

6、advertising and marketing revenue to decline by 2%YoY.By verticals in 3Q25E,we expect:1)e-commerce and automobile verticals to maintain healthy YoY growth;2)FMCG to face pressure as Olympics in 3Q24 led to tough comps;3)online games verticals to decline YoY due to a lack of blockbuster games;4)hands