A：The main focus of the speaker's presentation was on the company's financial results, including a review of the safe harbor statement, forward-looking statements, and non GAAP financial measures.

A：The company's fourth quarter and fiscal year 2025 financial performance was described as having total revenues reaching $4.73 billion, an increase of 4% year over year. The adjusted operating income was $110.4 million with a margin of 21%.

A：The 2025 total revenue comprised $17.6 billion in total revenues, with $15 billion in ad marketing revenue and $2.55 billion in增值服务收入, with an adjusted full-year operating income of $5.236 billion, representing a margin of 30%.

A：Key highlights of user growth and engagement included a monthly active user base of 567 million and a daily active user base of 255 million as of December 2025. The company focused on enhancing user value, solidifying its position in hot topics and entertainment content, and improving the recommendation and search systems.

A：The new homepage design aimed to leverage the social advantage of the platform and provide users with greater efficiency in accessing优质内容, while also increasing the exposure of domain-specific content. The redesign successfully resulted in a quarter-over-quarter increase in content consumption, and the new user onboarding process was simplified, which lowered the usage门槛.To ensure a smooth user transition, the company focused on maintaining user experience continuity and successful overall switching during the third quarter. In the fourth quarter, efforts were directed towards algorithm improvements to enhance content recommendation efficiency and user interaction.

A：To address the competitive video content market, the company focused on increasing the efficiency of the information feed and content recommendation algorithms. It also worked on quality building for video content, which led to a significant increase in the average daily and人均播放时长 in the latter half of 2025 compared to the first half.

A：During the Spring Festival, with the release and popularization of AI video models, the threshold for video creation has been greatly reduced, and the number of original videos released by bloggers has increased significantly compared with the same period last year. Video generation efficiency and quality are directly improved with AI technology upgrades.

A：During the Spring Festival movie files, micro-blog co-bidder movies and other projects used AI tools to creatively adapt IP based on plots and characters, attracting many bloggers to participate in the interaction, thus bringing multiple discussions and breaking circle concerns, and providing a reusable publicity mode for brands and industries.

A：In the fourth quarter, microblog continued the direction of the third quarter as a whole, providing users with intelligent and convenient search services, including continuously improving IAI capability to enhance the accuracy of users' needs understanding. Optimizing the search experience and effect of hot character scenes; Upgrade the product form to multiple rounds of question and answer assistants to meet users' continuous and in-depth information acquisition needs; And expand the coverage of AI functions in WeChat national consumption social interaction scenes, improve the activity and scale of platform search users.

A：In 2024, the advertising product and sales team will adhere to the two-wheel drive strategy to promote the unique content marketing mind of microblog to penetrate the whole industry, and combine the AI ability system to improve the conversion effect. Advertising revenue in the fourth quarter increased by 5% year-on-year, of which e-commerce, automobiles, life services and other industries became the main support for performance growth.

A：Since the fourth quarter, the microblog platform has accumulated a profound professional discussion atmosphere in the field of digital technology, and has become an important platform for AI manufacturers to release new products, technology popularization and user reputation construction. During the iteration of large models such as Ali Tongyi Thousand Questions, the amount of discussion on Weibo-related topics increased by 955 over the same period last year. The ring-breaking effect brought about by this wave of technological upgrading has driven the marketing launch of manufacturers in hot scenes and become a new growth point.

A：Throughout the year, although some industries have experienced periodic fluctuations due to macroeconomic factors, the resilience of Weibo's revenue structure has continued to increase, and the proportion of content marketing has stabilized at around 50%. Through efficient organization and execution and AI technology empowerment, such as the application of new product micro-release mode and AI generation material in information flow advertising, the brand voice volume and business transformation ability have been significantly improved, and the benign mutual promotion of business ecology and content ecology has been realized.

A：Entering 2026, Weibo will continue to focus on user value, enhance user experience and achieve long-term stable growth. In terms of user growth and activity, we will focus on improving the quality of user retention, optimizing the complete path of new users from activation to stable use, and improving conversion efficiency. At the same time, information flow products will be completed on the basis of structural switching and capacity building, into the experience improvement and fine operation stage, continue to optimize the algorithm, enhance the user trust and use stickiness of home page information, in order to drive the user activity to steadily improve.

A：The strategies for enhancing user retention and time spent on the platform in 2026 include investing in AI technology to improve video understanding and recommendation efficiency, diversifying video content such as original videos, mine share, focus videos, and short comments, and upgrading content algorithms and product experiences.

A：The company plans to further develop its content ecosystem in 2026 by focusing on three core pillars: trends, social products, and search products. They will aim to explore the organization of distribution and how trend charts work, reinforce the credibility of the house search product, and enhance the recommendation efficiency of hard topics within the information feed.

A：The company plans to utilize AI in 2026 by continuing to push its implementation across internal operations to boost product development, operations, and monetization. AI tools will be used to enhance execution efficiency, with the goal of improving both technical and organizational efficiency to support the company's strategic growth.

A：The plans for the advertising business in 2026 include continuing to focus on brand marketing and strengthening the use of AI to enhance ad precision and the user experience. The company will aim for steady operation across core industries and focus on improving the targeting position and overall user experience.

A：The advertising business performance in the fourth quarter of 2025 was characterized by total revenues of $403.8 million, an increase of 5% or 2%. Mobile ad revenues, which contributed approximately 94% of total ad revenues, were $379.2 million. For the full year 2025, the company had total revenue of $1.763 trillion, with operating income of $523.6 million and a 30% operating margin. The advertising business ended the year on a solid note, with the fourth quarter performing better than expected despite weak industry consumption data.

A：Weibo demonstrated its value by driving brand exposure during mega shopping festivals and fulfilling platform needs amid intensified market share competition.

A：The online game sector underperformed due to budget contractions from game developers.

A：Advertising and marketing revenues for the full year 2025 reached $1.5 billion, which was flat compared to 2024.

A：The fast-moving consumer goods (FMCG), luxury products, and online industries experienced a descending trend partly due to tough comparison from incremental ad budgets related to the Paris Olympics and blockbuster game releases in 2024.

A：The integration of AI benefited real-time bidding speed ads, facilitating smarter targeting and generative AI ad creative solutions.

A：Alibaba's full year ad revenues grew to $173.8 million US dollars, an increase of 49%, driven by deeper collaboration in e-commerce marketing and increased ad spend on local services initiatives.

A：West West revenues decreased by two percent in the fourth quarter and remained flat for the full year 2025, with a small increase in membership revenues offset by a decrease in game-related revenues.

A：The total cost and expenses for the fourth quarter increased by 16% to $372.8 million US dollars, mainly attributable to higher ad production costs and marketing expenses. Full year costs and expenses grew by five percent to $1.23 billion US dollars.

A：The operating income for the fourth quarter was $104 million US dollars, with a trading margin of 21%, compared to 30% in the same period last year. For the full year 2025, operating income was $523.6 million US dollars, representing an operating margin of 30% compared to 33% in 2024.

A：Income tax expenses for the fourth quarter were $31 million US dollars, an increase from $20 million US dollars last year, primarily due to tax accrued related to wholly foreign-owned enterprises and movie earnings being limited to Weibo Hong Kong Limited. Full year income tax expenses increased to $144.5 million US dollars from $110.6 million US dollars in 2024, with the increase mainly attributed to withholding tax and the recognition of deferred tax liability related to equity pickup gains.

A：As of December 31st, 2025, Weibo's balance sheet showed total cash and short-term investments of $2.41 billion, with operating activities providing cash flow of $181.4 million US dollars. Capital expenditures were $10.4 million US dollars, and depreciation and amortization expenses amounted to $59.1 million US dollars.

A：The plan for the fiscal year 2025 dividend is an annual cash dividend of $0.61 perADS, which will be approximately $150 million in total. The payment is expected to be made in May 2026.

A：The company intends to integrate the latest AI technologies into platform operations, including content distribution, user engagement, video strategies, and the exploration of specific AI applications like agents and skills, as well as leveraging AI for content generation and user interaction.

A：in AI products, we have focused on the improvement of AI self-search, which has evolved from simple microblog text summary to multi-modal, multi-question and dialogue mode by combining agent and multi-model capabilities. In addition, we have increased our investment in the ability to AI video models to help graphic bloggers improve their creativity and storytelling in video creation. This year we will invest more budget on video content, including introducing AI-related video bloggers, purchasing content, and supporting graphic bloggers to video through AI tools. The Weibo publisher will also undergo a major revision to adapt to this change. In terms of AI products, we have seen a significant increase in capabilities in the judicial field, especially with the combination of agency and multi-model capabilities, not only for dialogue generation, but also for handling multiple questions and clear answers. Users can experience this feature on the Label website or APP. In addition, as AI capabilities improve, we encourage core content creators to move from text and images to video creation, which has led to a significant increase in their creative and narrative activities. As a result, we have invested heavily in video generation technology and related computing power, and have seen rapid quarterly or annual growth in video generation and video content on Weibo platforms, which has led to good profit growth. Content creators AI enhanced content creation or AI empowerment will have more of the ability to generate video directly, or convert text and images to video through AI or AI community teams.

A：First of all, Weibo is committed to becoming a platform for the use, dissemination and promotion of AI models, using the huge user base and the advantages of technology and digital bloggers to promote the production of AI content, especially during the Spring Festival to bring high traffic. During the Spring Festival this year, users discussed how to use AI models instead of just media reports, such as the discussion of models such as Qianwen. This interaction and dissemination helped to enrich the ecology. In addition, the Weibo open platform quickly connects with major AI models (such as Qianwen, Kimi, JRM mass spectrometry and corresponding cloud services, etc.) and interfaces, and uses the original technology accumulation to transform it into an information content distribution platform serving the AI model. For example, after opening the comment interface with Qianwen, its daily comment volume is close to the microblog self-collection usage. We always maintain the open mode and welcome more new energy models to interact with users and spread their models within the platform.

A：In the fourth quarter, our advertising revenue increased by approximately 3%, in line with our original expectations. Specifically in Q1, the overall growth rate was single-digit compared to the same period last year. This wave of AI-related traffic has led to the addition of new customers. In addition, although there is a time difference problem in February's Milan Winter Olympics, it also brings some revenue growth. From the perspective of customer industries, the e-commerce and automotive industries are expected to have a sustained growth in 2026.

A：The mobile phone industry is affected by the increase in memory prices, which may lead to an increase in the pricing of the original low-end brands. However, at present, our customers' investment on Weibo is still dominated by mid-to-high-end models, so it is not yet certain whether customers will reduce their investment. Need to further observe the implementation.

A：The expected growth mainly comes from three aspects: first, star marketing. In 2025, we will see a trend return of zero cash marketing customer demand, and plan to meet customer demand through product packaging and providing clear official publicity scenarios; The second is content marketing. Although some industries fluctuate due to macro and industry factors, the proportion of content marketing revenue is steadily increasing. It is expected that investment in content marketing will be further increased in 2025; third, effect advertising, which will also maintain a growth channel in 2025, currently accounts for about 17% of total revenue, up 3 to 4 percentage points from a year ago. Strategies in this area include algorithm optimization and combination of AI to enhance customer CPM effectiveness.