香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表 任何聲明，並明確表示概不會就本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何 責任。 Weibo Corporation 微博股份有限公司 （於開曼群島註冊成立以不同投票權控制的有限責任公司） （股份代號：9898） 2024年度報告 我們欣然發佈我們截至2024年12月31日止財政年度的年報，當中載有我們於本報告期間的經審 計全年業績。本文件乃根據《香港聯合交易所有限公司證券上市規則》第13.46(2)條作為我們的 年度報告提供予我們的股東。本文件在香港聯交所網站( http://www.hkexnews.hk )及我們的網站 ( http://ir.weibo.com )可供查閱。 摘錄內容： | A節：表格20-F的摘錄部分 | 2 | | --- | --- | | －表格20-F的摘錄章節 | 3 | | －附件8.1 | 193 | | －附件12.1 | 194 | | －附件12.2 | 195 | | －附件13.1 | 196 | | －附件13.2 | 197 | | ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不會就本公告全部或任何部分內容而產生或因倚賴 該等內容而引致的任何損失承擔任何責任。 Weibo Corporation 微博股份有限公司 （於開曼群島註冊成立以不同投票權控制的有限責任公司） （股份代號：9898） 2024年第四季度及財年財務業績及年度股息公告 我們謹此宣佈本公司截至2024年12月31日止第四季度及財年的未經審計財務業績 （「2024年第四季度及2024財年財務業績」）及年度股息。 2024 年第四季度及 2024 財年財務業績可於香港聯合交易所有限公司網 站www.hkexnews.hk及本公司網站http://ir.weibo.com查閱。 承董事會命 微博股份有限公司 董事會主席 曹國偉先生 香港，2025年3月13日 於本公告日期，本公司董事會包括董事曹國偉先生、王高飛先生、杜紅女士及劉 博先生以及獨立董事盧伯卿先生、陳丕宏先生及汪延先生。 1 微博公佈2024年第四季度及財年未經審計財務業績及年度股息 中國北京，2025年3月13日 － 中國領先的社交媒體微 ...

[Table_Page] 公告点评|媒体Ⅱ | --- | --- | --- | --- | --- | --- | --- | --- | |-----------------|-------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------|------------------------------------------------|------------------------------------------|--------------------|-----------------------------------------------------------------------------------------------------|------- ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不會就本公告全部或任何部分內容而產生或因倚賴 該等內容而引致的任何損失承擔任何責任。 Weibo Corporation 微博股份有限公司 （於開曼群島註冊成立以不同投票權控制的有限責任公司） （股份代號：9898） 2024年第三季度財務業績公告 我們僅此發佈我們截至2024年9月30日止第三季度的未經審計財務業績（「2024年 第三季度財務業績」）。 2024年第三季度財務業績可於香港聯合交易所有限公司網站www.hkexnews.hk及 本公司網站http://ir.weibo.com查閱。 承董事會命 微博股份有限公司 董事會主席 曹國偉先生 香港，2024年11月19日 於本公告日期，本公司董事會包括董事曹國偉先生、王高飛先生、杜紅女士及劉 博先生以及獨立董事盧伯卿先生、陳丕宏先生及汪延先生。 1 微博公佈2024年第三季度未經審計財務業績 中國北京，2024年11月19日－中國領先的社交媒體微博股份有限公司（「微博」或 「本公司」）（納斯達克代碼：WB及港交所代號：9898）， ...

Investment Rating - The report does not explicitly state an investment rating for the company Core Insights - The company, Handback Group, is leveraging social media for insurance sales, which has become its primary customer acquisition channel [2][13] - The insurance intermediary industry is facing significant challenges due to tightening regulations and a trend towards "disintermediation" by traditional insurance companies [4][26] - The company's revenue model relies heavily on commissions from insurance sales, with a notable decline in commission rates impacting profitability [19][22] Summary by Sections Company Overview - Handback Group was established in 2015 and has raised significant funding from various institutional investors, with the founder holding a 29.68% stake [2][3] - The company collaborates with over 100 insurance companies, covering more than 65% of the life insurance market in China [3] Business Model - The company operates primarily through online distribution of insurance products, earning commissions based on a percentage of the premiums [3][4] - The revenue from insurance trading services constitutes over 99% of the company's total revenue, with the main platforms being Xiaoyusan, Kachabao, and Niubao 100 [5][6] Market Position - As of 2023, the company ranked eighth in the life insurance intermediary market with a market share of 2.9%, amidst a competitive landscape with 2,592 intermediaries [4][5] - The total premium for the life insurance intermediary market in China was approximately 237 billion yuan in 2023 [4] Customer Acquisition - The company has a weak direct customer acquisition capability, relying significantly on third-party distribution channels, particularly self-media influencers [11][13] - As of May 2024, the total number of insured individuals reached 1.465 million, with 51% coming from the Niubao 100 platform [11] Financial Performance - The company's revenue in 2023 was 1.63 billion yuan, recovering from a significant drop in 2022 due to regulatory changes affecting commission rates [23][28] - The gross profit margin improved to 37.0% in early 2024, indicating a trend towards better cost management [28][33] Regulatory Environment - The tightening of regulations, including the "Report and Action Integration" policy, poses risks to the company's business model, particularly its reliance on self-media for insurance sales [26][27] - The average first-year commission rates for the company's insurance products have significantly decreased, impacting revenue generation [21][22] Future Outlook - The company plans to use IPO proceeds primarily to expand its workforce, indicating a focus on scaling operations despite regulatory challenges [38] - The sustainability of the self-media insurance sales model remains uncertain due to ongoing regulatory scrutiny [27][38]

Financial Performance - Net revenue for Q2 2024 was $437.9 million, a decrease of 1% year-over-year, or an increase of 1% when adjusted for fixed exchange rates[4]. - Advertising and marketing revenue for Q2 2024 was $375.3 million, down 3% year-over-year, or down 1% when adjusted for fixed exchange rates[4]. - Value-added services revenue increased by 15% year-over-year to $62.6 million, primarily driven by growth in membership services[5]. - Operating profit for Q2 2024 was $135.4 million, with an operating margin of 31%, compared to 28% in the same period last year[5]. - Non-GAAP net profit attributable to Weibo shareholders was $126.3 million, with a diluted EPS of $0.48[5]. - The company reported a decrease in total costs and expenses by 5% year-over-year to $302.5 million[5]. - Non-operating profit for Q2 2024 was $11.4 million, compared to a non-operating loss of $13.8 million in the same period last year[5]. - Net income attributable to Weibo shareholders was $81.387 million for the quarter ended June 30, 2023, compared to $49.438 million for the quarter ended March 31, 2024, representing an increase of 64.5%[11]. - Basic net income per share attributable to Weibo shareholders was $0.35 for the quarter ended June 30, 2023, compared to $0.21 for the quarter ended March 31, 2024, indicating a growth of 66.7%[12]. - Operating profit for the quarter ended June 30, 2023, was $123.453 million, compared to $99.737 million for the quarter ended March 31, 2024, showing an increase of 23.8%[11]. - The company reported a total net revenue of $440.240 million for the quarter ended June 30, 2023, compared to $395.497 million for the quarter ended March 31, 2024, marking a growth of 11.3%[11]. - Revenue from advertising and marketing for the six months ended June 30, 2024, was $714,228, compared to $740,974 for the same period in 2023, a decrease of about 3.6%[18]. - The adjusted EBITDA for the six months ended June 30, 2024, was $293,393, compared to $297,625 for the same period in 2023, indicating a slight decrease of 1.1%[16]. - The company reported a net profit of $199,842,000 for the six months ended June 30, 2024, compared to $195,170,000 for the same period last year, reflecting an increase of approximately 1.4%[21]. - Total costs and expenses amounted to $620,997,000, down from $634,075,000 year-over-year, indicating a decrease of about 2.1%[21]. - The company achieved a gross profit of $247,144,000 before income tax expenses, up from $235,947,000, marking an increase of around 4.6%[21]. - The adjusted net profit attributable to shareholders was $210,647,000, compared to $181,879,000, reflecting a growth of about 15.8%[21]. - The company reported a total of $271,650,000 in profit before income tax expenses, an increase from $222,968,000, representing a growth of approximately 21.8%[21]. User Engagement - Monthly active users reached 583 million in June 2024, while daily active users averaged 256 million[4]. - The company emphasized enhancing user engagement and operational efficiency as key strategies for future growth[3]. - The company is continuously improving its social interest graph recommendation engine to enhance marketing effectiveness and user engagement[9]. - Weibo's revenue primarily comes from advertising and marketing services, which are crucial for its financial performance[9]. Assets and Liabilities - Cash, cash equivalents, and short-term investments totaled $2.8 billion as of June 30, 2024[6]. - As of June 30, 2024, total assets decreased to $7,102,285 from $7,280,358 as of December 31, 2023, representing a decline of approximately 2.4%[13][14]. - The company's cash and cash equivalents decreased to $1,922,371 as of June 30, 2024, down from $2,584,635 as of December 31, 2023, a reduction of about 25.7%[13]. - Total liabilities decreased to $3,688,718 as of June 30, 2024, from $3,762,742 as of December 31, 2023, a decline of approximately 2%[14]. - Long-term investments decreased slightly to $1,281,402 as of June 30, 2024, from $1,320,386 as of December 31, 2023, a reduction of about 2.9%[13][14]. Compliance and Accounting - The company’s total assets and liabilities were evaluated under both US GAAP and IFRS, with no significant discrepancies found in the financial reporting[20]. - The company is committed to maintaining compliance with both US GAAP and IFRS standards, ensuring transparency and accuracy in financial reporting[19]. - As of December 31, 2023, total assets reported under US GAAP amounted to $7,280,358, while under IFRS, it was $7,322,919, reflecting a difference of $42,561[22]. - The net goodwill and intangible assets were reported at $300,565 under US GAAP, adjusted to $289,461 under IFRS after accounting for redeemable non-controlling interests[22]. - Long-term investments were valued at $1,320,386 under US GAAP, increasing to $1,376,307 under IFRS after fair value adjustments[22]. - Total liabilities under US GAAP were $3,762,742, while under IFRS, they amounted to $3,892,810, indicating a difference of $130,068[22]. - The total equity attributable to shareholders was $3,398,735 under US GAAP, adjusted to $3,338,694 under IFRS after accounting for convertible bonds and other adjustments[22]. - The company reported a total of $666,833 in accrued expenses and other current liabilities under US GAAP, which adjusted to $666,497 under IFRS[22]. - The convertible preferred stock was valued at $317,625 under US GAAP, with an adjustment to $356,545 under IFRS due to fair value measurement[22]. - The company’s total liabilities and equity under US GAAP were $7,280,358, while under IFRS, it was $7,322,919, showing a difference of $42,561[22]. - The company’s non-controlling interests were reported at $50,153 under US GAAP, adjusted to $91,415 under IFRS after accounting for fair value changes[22]. - The adjustments between US GAAP and IFRS reflect differences in accounting policies, particularly in the treatment of convertible bonds, leases, and equity incentives[23][24][25][26][27]. Acquisition and Financial Liabilities - The company entered into a series of share purchase agreements to acquire a majority stake in Shanghai Mask Information Technology Co., Ltd. on October 31, 2020[28]. - The redeemable non-controlling interests were recognized at fair value on the acquisition date, including the redemption rights as part of the purchase price[28]. - The overall increase in redeemable non-controlling interests was recorded up to the redemption value from the acquisition date[28]. - The fair value of the redeemable non-controlling interests is treated as permanent equity, excluding the redemption rights[28]. - The fair value of the redemption rights is recognized separately as a financial liability on the balance sheet[28]. - The initial recognition of the financial liability reduces the parent company's equity[28]. - Subsequent changes in the carrying amount of the financial liability are recognized as financial expenses in the income statement[28]. - The company has an obligation to purchase the remaining equity interests held by the founder and CEO of Mask Technology at fair value[28]. - The application of acquisition accounting results in lower goodwill due to the separate recognition of the financial liability[28]. - The redeemable non-controlling interests are classified as financial liabilities due to the conditional events not fully controlled by the company[28].

Financial Data and Key Metrics Changes - In Q1 2024, Weibo reported revenue of $396 million, a year-over-year decline of 4.4% and a quarter-over-quarter decline of 14.7% [1] - Advertising revenue reached $339 million, down 4.6% year-over-year and down 16.0% quarter-over-quarter [1] - Non-GAAP operating profit was $126 million, exceeding consensus by 18.8%, with an operating profit margin (OPM) of 31.8% [1] - Net profit attributable to shareholders was $107 million, up 24.1% compared to consensus [1] Business Line Data and Key Metrics Changes - Value-added services (VAS) revenue was $57 million, down 3.3% year-over-year and down 5.6% quarter-over-quarter [1] - The gaming and mobile sectors showed significant growth, with both industries maintaining double-digit growth year-over-year [2] - The beauty sector's revenue increased over 50% year-over-year, although overall beauty industry revenue declined due to international market weakness [2] Market Data and Key Metrics Changes - Monthly Active Users (MAU) reached 588 million, a decrease of 0.8% year-over-year and 1.7% quarter-over-quarter [1] - Daily Active Users (DAU) remained stable at 255 million, with no change year-over-year but a slight decline of 0.8% quarter-over-quarter [1] Company Strategy and Development Direction - Weibo is focusing on vertical content generation and distribution, enhancing support for vertical content creators to drive commercialization [2] - The company plans to strengthen partnerships with e-commerce platforms to explore collaborative promotions, aiming for stable revenue growth [2] - Weibo is also expanding the application of AI in vertical content areas, which is expected to provide new growth momentum [3] Management Comments on Operating Environment and Future Outlook - Management expressed optimism about the economic recovery, anticipating a positive performance outlook as the company capitalizes on seasonal trends and marketing opportunities [1] - The company expects advertising revenue to recover in Q2 2024, driven by the low base from Q1 2024 and upcoming events like the Summer Olympics [2] Other Important Information - The beauty sector currently accounts for approximately 10-11% of Weibo's revenue, and the company plans to reduce its reliance on this sector due to its negative impact on overall performance [2] - Weibo's advertising revenue is highly dependent on the performance of the FMCG and e-commerce sectors, which are currently in a cycle of inventory clearance [3] Q&A Session Summary Question: What are the expectations for advertising revenue recovery? - Management expects advertising revenue to recover in Q2 2024, supported by a low base from Q1 2024 and the upcoming Summer Olympics [2] Question: How is Weibo addressing competition from emerging platforms? - The company is focusing on enhancing its vertical content strategy and improving user engagement to retain its user base amidst increasing competition from short video platforms [6]

[Table_Page] 公告点评|媒体Ⅱ 证券研究报告 [【Table_广Title] 发传媒&海外】微博(WB)/微博 公[Ta司ble评_Inv级est ] 买入-美股/买入-H 当前价格 8.77美元/68.50港元 -SW(09898.HK) 合理价值 15.22美元/118.87港元 前次评级 买入/买入 收入和利润率维持稳定水平，利润表现好于预期 报告日期 2024-05-26 [ 核Tabl 心e_Su 观mm 点ary] ： [相Tab对le_P市icQ场uote表] 现 50%  公司发布24Q1财报：24Q1公司收入3.95亿美元，YoY-4%,QoQ-15% （彭博一致预期为3.88亿美元），恒定汇率口径的收入同比持平。毛利 0% 率达到 78%，同比下降 1.2pct，环比下滑 0.4pct。GAAP 归母净利润 -50% 为 4944 万美元，YoY-51%，QoQ-41%,一致预期为 6298 万美元。 NonGAAP归母净利润为1.07亿美元，YoY-4%，QoQ+40%，一致预 -100% 期为8590万美元（实际超过一致预期24%），收入和利润率保持稳定。 SPX Ind ...

传媒 | 证券研究报告 — 调整盈利预测 2024年5月28日 09898.HK 微博-SW 增持 24Q1 受汇率影响收入小幅下滑，强化热点营销 原评级：增持 优势 市场价格:港币 68.50 板块评级:强于大市 微博发布24Q1未审计财务业绩，24Q1收入下降主要受到汇率影响，经营利 股价表现 润率同比小幅提升；公司将强化热点营销模式，获客更加针对高ARPU值用 8% 户。维持增持评级。 (3%) 支撑评级的要点 (14%)  24Q1收入下降主要受到汇率影响。微博24Q1净收入3.96亿美元，同比 (25%) -4%，按固定汇率（人民币 6.86=1.00 美元，下同）计算同比持平；收入 (35%) 下降主要受到汇率影响。经营利润 9974 万美元，同比+3.4%，经营利润 (46%) ya 3M -2 n 3uJ -2 gu 3A -2 pe 3S -2 tc 3O -2 微博-vo 3N -2 SW ce 3D -2 n 4aJ -2 恒生be 4F -2 指数ra 4M -2 rp 4A -2 ya 4M -2 率 净 金利 等25 润 价% 物， 1.同 及07比 短亿+ 期美1. 投9 元p ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不會就本公告全部或任何部分內容而產生或因倚賴 該等內容而引致的任何損失承擔任何責任。 Weibo Corporation 微博股份有限公司 （於開曼群島註冊成立以不同投票權控制的有限責任公司） （股份代號：9898） 2024年第一季度財務業績公告 我們謹此宣佈本公司截至2024年3月31日止第一季度的未經審計財務業績（「2024 年第一季度財務業績」）。 2024年第一季度財務業績可於香港聯合交易所有限公司網站 www.hkexnews.hk 及 本公司網站 http://ir.weibo.com 查閱。 承董事會命 微博股份有限公司 董事會主席 曹國偉先生 香港，2024年5月23日 於本公告日期，本公司董事會包括董事曹國偉先生、王高飛先生、杜紅女士及劉 ...