Thank you, operator. Welcome to Weibo's fourth quarter and fiscal year 2025 earnings conference call.

Joining me today are our Chief Executive Officer, Gaofei Wang, and our Chief Financial Officer, Fei Cao. The conference call is also being broadcasted on the internet, and is available on 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 are not historical facts, including statements of our beliefs and expectations. Forward-looking statements involve inherent risks and uncertainties.

A number of factors could cause actual results to differ materially from those contained in any forward-looking statements. Weibo assumes no obligation to update the forward-looking statements in this conference call and elsewhere.

Further information regarding this and other risks is included in Weibo's annual report on Form 20-F and other filings with the SEC. All the information provided in this press release is occurring as the date hereof.

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 exclude 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 the future prospects. Our non-GAAP financials exclude certain expenses, gains or losses, and other items that are not expected to result in future cash payments or are non-recurring in nature or are not indicative of our core operating results and outlook.

Please refer to our press release for more information about our non-GAAP measures. Following management prepared remarks, we'll open the lines for a brief Q&A session.

With this, I would like to turn the call over to our CEO, Gaofei Wang. 谢谢，大家好。欢迎大家参加微博四季度的财报电话会议。

Thank you. Hello, everyone.

Welcome to Weibo's fourth quarter 2025 earnings conference call. 在本次财报会，我想向大家重点介绍微博产品运营以及商业化方面的进展，并向各位介绍一下我们2026年公司的整体策略。

On today's call, I'll share with you highlights on Weibo's product and monetization, review the progress made in 2025, elaborate our strategies for 2026. 先介绍微博在四季度的财务表现。四季度，微博总营收达到了4.733亿美元，同比年上涨4%，其中广告营收达到4亿美元，同比年上涨5%，增值业务收入达到6950万美元，同比年下降2%。四季度，公司调整后营业利润达到1.004亿美元，调整后营业利润率为21%。

Starting from our financial performance in the fourth quarter, our total revenues in the fourth quarter reached 473.3 million U.S. dollars, an increase of 4% year-over-year.

Our total ad revenues reached 403.8 million U.S. dollars, an increase of 5% year-over-year.

Our value-added service revenues reached 69.5 million U.S. dollars, a decrease of 2% year-over-year.

Our non-GAAP operating income in the fourth quarter reached 100.4 million U.S. dollars, representing a non-GAAP operating margin of 21%.

2025年，微博总营收为17.6亿美元，同比年持平。其中广告营收为15亿美元，同比年持平。增值业务达到2.556亿美元，同比年持平。全年调整后营业利润为5.236亿美元，调整后全年营业利润率为30%。 For full year 2025, our total revenues reached 1.76 billion U.S.

dollars, relatively flat year-over-year. Our total ad revenues reached 1.5 billion U.S.

dollars, relatively flat year-over-year. Our value-added service revenues reached 255.6 million U.S.

dollars, relatively flat year-over-year. For full year 2025, our non-GAAP operating income reached 523.6 million U.S.

dollars, representing a non-GAAP operating margin of 30%. 用户方面，12月，我们的月活跃用户达到5.67亿，日活跃用户达到2.52亿。2025年，公司以提升用户价值为核心，稳固微博在热点与文娱内容方面的领先优势，稳定社交产品的竞争力，并依托大模型重点建设推荐、搜索信息，拉动用户规模与活跃的增长。接下来，我们就四季度产品运营及商业化工作的进展分别进行介绍。

On the user front, in December 2025, Weibo's MAUs reached 567 million, and average DAUs reached 252 million. Throughout 2025, we focused on enhancing user value, solidifying Weibo's leading position in hot topics and entertainment content ecosystem, and strengthening the competitiveness of our social products.

At the same time, we leverage AI models to improve our recommendation and search systems, driving user base and engagement. Next, I'll highlight key development in Weibo's product operation and monetization in the fourth quarter.

在用户增长与活跃层面，我们于25年7月下旬完成首页产品核心产品架构切换，正式上线以推荐流为主的全新首页。本次调整的核心目标是在发挥微博社交优势的基础上，突破传统仅依赖关注关系的分发瓶颈，让用户更高效的获取优质内容，同时为平台垂直领域内容提供了更大的曝光空间。

On user growth and engagement, in late July 2025, we completed a structural upgrade of our core homepage information feeds, and officially rolled out the new homepage with interest-based feed as the primary interface. Our key objective of this upgrade was to leverage Weibo's advantages in social products, while extending from only relying on relationship-based mechanism to distribute contents, enable user to discover high-quality content more efficiently, and providing greater visibility for vertical content across the platform.

从执行上看，三季度我们重点保障用户使用习惯的平稳过渡，整体切换顺利。四季度工作聚焦两大方向：一是持续迭代算法，提升效率，基于用户在平台的点击、停留、互动等实时行为数据，强化即时推荐能力，提升内容的消费深度。四季度，用户每次打开APP推荐首页刷博的内容消费量与使用时长均实现环比增长。二是推进算法导向的人群精细化策略，针对平台社交互动群体用户，保证稳定的社交关系流分发，平衡社交推荐与兴趣推荐，在满足用户社交内容消费需求的同时，提升兴趣匹配的精准性。此类用户四季度首页信息流的次均阅读量、时长及互动效率均环比提升。同时，新首页降低了新用户的门槛，随着算法的持续投入，新用户的次均阅读量与使用时长也呈现明显提升的良好趋势。

In terms of execution, in the third quarter, we focused on ensuring smooth transition of the product, and minimized the impact on user behaviors. In the fourth quarter, we prioritized two key initiatives.

First, we continued to refine our recommendation algorithms to improve recommendation efficiency. By leveraging real-time user behavior, including clicks, time spent, and engagement, we strengthened our instant recommendation capabilities, and facilitated more in-depth content consumption.

As result, in the fourth quarter, both the average information feed viewership and time spent per user increased quarter-for-quarter. Second, we rolled out an algorithm-driven audience segmentation strategy to deliver more granular, targeted content recommendation.

For users who engage on the platform, we maintained the stable distribution of relationship-based content within their interest-based feed, keeping a balance between relationship-based content and interest-based content, satisfying user demand for social content consumption, while improving the precision of interest-based content triggers. Among this social users, the average information feed viewership and time spent per refresh, and engagement per thousand viewership, all increased quarter-over-quarter in the fourth quarter.

We also revamped the new homepage with easier onboarding experience for new users. With continuing improvement in recommendation algorithms, new users' average information feed consumption per refresh and time spent has exhibited upward trend.

当然，我们也认识到，当前推荐形态信息流产品和之前关系流产品相比，竞争激烈。转型期，部分用户指标仍存在波动，这属于迭代过程中的挑战。但社交互动群用户、新用户积极的内容消费表现，也充分验证了方向的正确性。下一步，我们将继续发挥微博在社交、热点讨论优势，强化微博特色内容的分发能力，建立更稳定、可预期的内容消费反馈。同时，重点优化用户的体验，提升用户对首页信息流产品的信任，为平台长期用户增长及活跃、商业价值的增长打下坚实的基础。 In the meantime, we also recognize that, compared with the relationship-based feed, the market for the interest-based recommendation feed is highly competitive.

In this transitional period, some user metric remain volatile, which is within our expectation. Nevertheless, the strong content consumption by social users and new users have fully validated our current direction.

Going forward, we will continue to leverage Weibo's advantages in social product and hot topics, further enhance the distribution of Weibo's unique content. Meanwhile, we will focus on establishing a more stable and predictable content consumption experience, and enhancing user trust and stickiness with the homepage information feed, which lay the solid foundation for long-term user growth, engagement, and monetization.

随着推荐流成为核心的分发场景，视频业务可以突破原有关注关系限制，在触达效率和消费承接上实现了更大的提升空间。25年的下半年，我们重点推进了两项核心工作：一是通过深化内容与场景协同，提升视频的推荐效率；二是加强视频内容的质量建设，在刺激头部KOL生态方面更具平台竞争优势的内容同时，系统性治理低质视频内容，优化供给结构。从结果看，效果显著。25年下半年，视频播放日均视频播放时长、人均人均播放时长较25年上半年均实现了双位数的增长。

As the interest-based feed became the core scenario for distribution, this will facilitate the distribution of our video contents, which were previously mainly through relationship-based feed. For video strategy, in the second half of 2025, we focused on two key initiatives.

First, enhancing video recommendation efficiency by strengthening the synergy between content and scenarios. Second, improve the quality of video contents.

This involves incentivizing top-tier KOLs to produce more competitive content for the platform, while systematically managing low-quality video content to optimize the supply structure. In the second half of 2025, both the average daily video view time and the per-user video view time on the video playback page achieved double-digit growth, compared with the first half of 2025.

此外，春节期间，随着AI视频模型的发布和普及，大幅降低了视频的创作门槛。春节期间，金橙V博主的原创视频人数及发布量较去年同期均实现了明显的增长，视频人数和原创视频量均提升了40%以上。未来，随着AI技术升级，视频生产效率和质量会持续的提升，我们将发挥平台热点和垂直IP优势，向博主开放AI创作工具，支持博主围绕IP进行二创创作与内容延伸，进一步强化我们视频内容的生产的差异化竞争力。例如这次春节电影档，微博联合《镖人》电影发起二创大赛，通过AI工具基于剧中的角色和IP进行创意改变，百余位创作者参与，官方账号和主创团队在微博进行互动，带动了多元的讨论和破圈关注，为片方和行业提供可复用的宣发模式。目前在热播剧《逐玉》中也复用了AI二创模式，助力了剧情传播。

Furthermore, during the Spring Festival, the release and widespread adoption of AI video technology and tools significantly lowered the barrier for video creation. During the period, both the number of original videos and the number of original video content creators among golden and orange V accounts grew over 40 40% year-over-year.

Looking ahead, as AI technologies continue to evolve and advance, video production efficiency and quality are expected to improve further. In response, we will leverage the platform's advantages in hot topics and vertical IPs, providing content creators with AI creation tools to support secondary content production and the content extension around vertical IPs.

This approach will further strengthen the competitiveness of Weibo video content ecosystem. For example, among those movies released during the Spring Festival, Weibo partnered with the film Blades of the Guardians to launch a fan creation context contest, where content creator use AI tools to produce creative adapted adaptation based on the plot and characters.

Over a hundred creators participate to the contest, and official accounts and the main production team interacted actively on the platform. The campaign sparked a diverse discussion and engaged audience from all verticals, providing a replicable marketing model.

Subsequently, this AI-powered fan creation model is also being reused for the current hit drama, Zhu Yu, helping to boost the show's visibility.

搜索产品方面，四季度整体延续三季度的方向，为用户提供更智能、便捷的搜索服务。一是持续深化AI能力，提升用户对需求和内容理解的精准性，并且在热点、人物的高频搜索场景中，优化搜索体验和用户搜索效果和用户体验，强化微博的搜索心智；二是升级产品形态，从单一问答升级为支持连续交互的多轮问答助手，满足用户更连贯、更深入的信息获取的探索需求；三是在微博博文消费、社交互动场景，让搜索功能触及更多的用户。这一系列工作的推进，智搜产品的用户规模及活跃度在四季度保持提升。12月，智搜MAU突破8000万，DAU和query量环比均提升双位数，带动平台的搜索query量的进一步提升。

Turning to search products, in the fourth quarter, we continued to focus on providing users with more intelligent and convenient search experience. First, we continue to enhance our AI capabilities to improve the accuracy of understanding users' needs and content.

In high-frequency search scenarios such as hot topics and public figure search, we leverage intelligent search to optimize search effectiveness and user experience, strengthening the mind-share of search among Weibo users. Second, we upgraded the product form, evolving Weibo intelligent search from a single-round Q&A model to a multi-round conversational assistant, which better meets users' needs for more coherent and in-depth information discovery and exploration.

Third, expanding implementation of intelligent search to more key scenarios, including content consumption and social interactions, reaching a broader user base. These initiatives lead to continued growth in intelligent search use intelligent search user scale and engagement in the fourth quarter.

In December, Weibo's intelligent search MAU surpassed 80 million, with average DAUs and search queries booked double-digit growth quarter-over-quarter, driving overall platform search query volume further to improve.

商业化方面，25年广告产品和销售团队始终坚持两手抓，推动微博独有的内容营销心智向全行业的渗透，并结合AI能力系统性提升我们效果效果的转化能力。四季度，微博广告收入同比增5%。

Moving on to monetization, in 2025, our ad product and sales team consistently focused on two strategic priorities. First, continuing to promote Weibo's unique content marketing positioning across all industries, and second, systematically improving ad performance and conversion capabilities by leveraging AI technologies.

In the fourth quarter, Weibo's ad revenues grew by 5% year-over-year.

分行业来看，四季度重点把握确定性较强的营销预算机会，电商、汽车、生活服务成为业绩增长的主要支撑。微博的社交加热点的传播优势，在关键的电商节点和高挑高价值用户获取方面得到众多平台的一致认可，微博电商行业的广告收入同比也增长显著。同时，我们将此模式复制到本地生活领域，助力外卖服务类客户在激烈竞争中实现更高效的获客，带动微博生活服务行业收入同比提升。汽车行业实现稳健增长，但手机行业受新品节奏和补贴政策波动影响，预算有所收缩。游戏行业缺乏爆款的新品带动，收入仍面临一定的压力。四季度以来，随着国内AI大模型的密集发布，微博平台在数码和科技领域长期积累的KOL生态和专业讨论氛围，成为AI厂商发布新品、技术科普和用户口碑建设的首选平台。近期，阿里通义千问、字节跳动豆包等大模型的迭代，微博相关话题讨论量较去年同期DeepSeek的发布期间提升近50%。这波技术升级带来的破圈效应，也带来了厂商在热点领域的营销投放，成为广告收入新的增长点。

By industry, in the fourth quarter, we focused on capturing marketing opportunity in sectors with high budget visibility, with e-commerce, automobile, and local service serving as the primary driver of top-line growth. Leveraging Weibo's strength in social products and hot trends, Weibo gained stronger recognition from e-commerce clients in delivering key e-commerce nodes and acquiring high-value users.

As a result, the e-commerce sector booked notable year-over-year growth. Meanwhile, we successfully replicate this model to local service sectors, helping service-oriented advertisers, such as food delivery platforms, to achieve effective user acquisition in a highly competitive environment.

We are pleased to see solid ad growth from local service sector. The automobile sector also sustained steady growth, underpinned by Weibo's vertical content ecosystem advantages.

On flip side, the handset industry experienced some contraction, factoring into product launch schedules and subsidy policy fluctuations. The online game sector continued to face pressure, mainly due to the lack of blockbuster game releases.

Since the fourth quarter, with the tailwind from intensive release of domestic large language models, Weibo has become the go-to platform for AI companies to launch new products, promote AI technologies, and build brand awareness, leveraging Weibo's well-established KOL ecosystems and professional discussion environments in the digital and technology sectors. Recent iteration of major AI models, such as Qwen by Alibaba and Doubao by ByteDance, showed nearly 50 50% increase in related discussion on Weibo, compared with that around DeepSeek's release last year.

This technological upgrade went viral on our platform, which also attracted hot trends hot-trends-related ad budgets. The AI sector is becoming a clear growth driver for our platforms.

全年来看，虽然部分行业和预算受宏观和行业因素出现了阶段性的波动，但我们收入结构韧性持续增强，内容营销的占比稳定在50%左右。通过持续优化KOL优质原生内容生产加信息流竞价投放的营销链路，让平台在品牌声量和商业转化上的综合能力不断提升。以新品微发布模式为例，全年已累计服务22个行业的上百家品牌，通过明星、KOL优质内容和信息流投放的高效协同，形成从声量扩散到转化、转化放大的完整闭环，显著提升了客户热点营销的效果，体现商业生态和内容生态的良性互促。同时，效果广告的AI应用也取得进展。12月，AI生成的素材在信息流竞价广告中的消耗已经达到40%，在大幅降低客户创意成本的同时，我们算法也持续优化竞价模型和转化路径，进一步提升了流量变现效率。总体而言，我们通过高效的组织执行和AI技术的赋能，顺利完成了全年的广告收入目标，商业生态的竞争力也得到了进一步巩固和提升。

For the full year, despite temporary fluctuation in ad budget due to macroeconomics and industry-specific factors, our revenue structure demonstrates stronger resilience, with content marketing consistently contributing 50% of total ad revenues. Throughout 2025, we continuously optimized the marketing combo of high-quality native content production by KOLs and precise information feed targeting, thereby enhancing Weibo's overall competitiveness in brand awareness and conversion.

Taking the new product V launch programs as an example, in 2025, we served over a hundred brand clients across 22 industries. Leveraging synergy between high-quality celebrity and KOL content, and feed ad placements, we established a full-funnel campaign model, from amplified brand awareness to drive conversion.

This campaign model significantly improved clients' marketing effectiveness on hot trends, creating a positive synergy between our monetization and content ecosystem. In performance-based advertising, our AI ad application made notable progress.

In December, AI-generated ad creatives already accounted for 40% of consumption in promoted feed ad offerings, under the real-time bidding system. AI integration has not only enabled us to greatly reduce advertisers' creative costs, but also improved traffic monetization efficiency through ongoing optimization of bidding models and conversion paths.

Overall, Weibo has achieved its annual ad revenue target, as we beefed up organizational execution and AI-empowered capability in 2025. We are pleased to further solidify and enhance competitiveness of Weibo's monetization ecosystem.

进入2026年，我们将继续以用户价值为核心，聚焦用户体验与长期留存的增长，坚持流转运营效率和质量并重的原则，提升平台生态健康度与长期竞争力，实现用户规模和活跃的增长。以下从用户增长及活跃、内容生态竞争力、商业化增长三个维度，阐述微博2026年的核心策略规划。

Entering 2026, we will continue to create value for users, with focus on optimizing user experience and driving long-term retention. By balancing traffic operation efficiency with quality, we are committed to strengthening Weibo's ecosystem and reinforcing its long-term competitiveness, while further growing our user community and engagement.

Next, let me share some color on our key strategies for 2026 on three key fronts: user growth and engagement, content ecosystem, and monetization.

在用户增长及活跃方面，我们将重点提升用户的留存质量，构筑高品质、高粘性、可持续的增长体系。渠道获客层面，将全面优化新用户从激活、成长、到稳定使用的完整路径，提升渠道用户向核心活跃用户的转化效率。第二，信息流产品，在25年完成结构切换和能力搭建的基础上，26年全面进入体验提升和精细化运营的阶段。将持续优化算法，加强首页信息流用户信任感和使用粘性，强化用户的使用心智，带动用户活跃度和时长的稳步提升。第三，视频业务将作为26年用户留存和时长增长的核心策略。25年我们已在视频内容提质与分发、心智建设上取得了良好的成效，26年我们将加大资源投入，依托AI技术提升视频理解和推荐效率，拓展原创、心智视频、短剧等多维度的视频内容，通过内容、算法和产品体验的全面提升，强化视频对于用户时长、留存的拉动作用，为用户规模增长提供支撑。

On user growth and engagement, we'll prioritize retention of quality users in the hope of building a sustainable growth path featuring high-value and deeply engaged user community. First, on the channel strategy, we'll upgrade our full lifecycle operation framework to optimize the entire new user journey from activation and onboarding to stable usage, and thus enhancing the conversion of channel-acquired users into core active users.

Second, for the information feed products, built upon the homepage revamp and capability building in 2025, 2026 will mark a new phase of user experience improvement and refined operation. We'll continue to optimize Weibo's algorithms and strengthen user engagement with the homepage information feeds, so as to drive steady growth in both user engagement and time spent.

Third, video will become our key strategic driver of user retention and time spent in 2026. The homepage revamp in 2025 had paved the way for more efficient video distribution across the platform.

We have already achieved solid progress in improving content quality and fostering user mindset of video consumption on Weibo. In 2026, we'll step up investment and leverage AI technologies to enhance video understanding and recommendation efficiency.

Meanwhile, we'll work to diversify our video content offerings, including original videos, mindshare-focused videos, and short dramas. Through comprehensive upgrade across content, algorithms, and product experience, we expect video to play an increasingly important role in driving user time spent and retention, supporting continued growth of our user base.

内容生态竞争力方面，26年我们将持续围绕热点、社交、搜索三大核心业务，致力于提升生态的健康度和差异化竞争力。第一，热点层面，我们将促进推荐流和榜单场景的高效协同，在强化热搜公信力的基础上，提升热点内容在信息流场景的推荐效率，扩大热点用户的规模和讨论，巩固微博在热点消费与讨论的核心优势。第二，社交层面，我们将持续加大对超话社区的投入，重点聚焦年轻用户的兴趣圈层需求，深化兴趣社群的运营和互动体验，强化平台社交关系沉淀和互动心智，提升用户的归属感和参与度。第三，搜索层面，依托25年智搜能力的全面建设，26年我们将重点打造差异化搜索用户心智，强化搜人、搜IP、搜热点的平台特色能力，结合智能问答和对话式的搜索体验，为用户提供更高效、更精准、更差异化的搜索服务。

On the content ecosystem, in 2026, we'll continue to focus on three core pillars: hot trends, social product, and search product, to further enhance our content ecosystem and strengthen our core competitiveness. First, on hot trends, we'll explore the synchronization of feed distribution and hot trend charts.

On top of reinforcing the credibility of the hot search product, we aim to enhance recommendation efficiency of hot topics within the information feed, and expand the scale of users engaging in hot trend discussion, which will enable us to reinforce core advantages in hot topic consumption and discussion. Second, on social product, we will continue to beef up investment in Super Topic products.

We will focus specifically on the interest-based needs of young users, deepen the operation of interest-based communities, and enhance their interactive experience. By cultivating social relationship and interactive mindset on the platform, we aim to further boost user sense of belonging and engagement on Weibo.

Third, on search products, building on the full rollout of Weibo intelligent search capabilities in 2025, we'll focus on cultivating a differentiated user mindset of our search product in 2026. To elaborate, we seek to highlight platform differentiation in our search features, including searching for people, IPs, and hot trends.

By integrating intelligent Q&A and conversational search experience, we aim to provide users with more accurate, efficient, and differentiated search services.

商业化增长方面，26年我们将通过战略性资源配置获取品牌市场份额。依托平台在IP、热点以及明星生态方面的长期积累，越来越多品牌客户有意向加强在明星和品牌营销方面的投入，这一趋势在多个行业中都在逐步显现。这一趋势下，我们将持续升级平台的IP营销服务体系，通过更加定制化的赋能能力与完善的明星营销产品矩阵，进一步提升平台在品牌营销领域的竞争力，并逐步嵌入客户营销决策链的上游环节，从而提升平台在品牌和内容营销预算中的份额。同时，博委会围绕部分核心营销场景进行适度的资源配置，以打造更具竞争壁垒的产品组合。这些资源配置更多地围绕现在的营销生态的结构信息，短期内可能对利润率带来一定的阶段性波动，但整体的节奏将严格按照投产产出比进行管理，并保持在可控的预算范围之内。随着产品体系和客户服务能力的持续完善，我们预计相关举措将在26年下半年以后逐步体现出商业回报。从中长期来看，这将有助于进一步提升平台在客户营销决策链中的位置，推动更加可持续的收入增长。效果广告方面，我们将继续在核心行业稳健经营，以及在AI技术驱动下，聚焦广告精准度和用户体验的进一步提升。增值服务方面，我们将以稳健增长为目标，重点完善会员付费体系的权益体系，以及加强V+在重点头部博主的覆盖，推动V+生态成熟与收入突破。

Moving on to monetization, in 2026, our key initiative is to capture ad wallet share in the brand and marketing market through strategic resource investments. Leveraging Weibo's accumulative strength in IPs, hot trends, and the celebrity ecosystem, we are pleased to see a broad-based trend with more and more brands showing intentions to step up ad budgets in our celebrity and brand marketing.

In light of this trend, we'll upgrade our full-service IP marketing framework to enhance Weibo's competitive edge in brand and marketing market, leveraging full-funnel service and a comprehensive matrix of celebrity ad playbook. We will strive to deepen partnership with clients and participate in their decision-making process, thereby capturing a greater wallet share in the brand and content marketing ad budget.

Meanwhile, we'll make the prudent resource allocation around selected core marketing scenarios to build a product portfolio with stronger competitive moats. This resource deployment will largely be structured around our existing marketing ecosystem.

While this may lead to fluctuation in profit margin in the short term, the overall pacing will be strictly managed based on the ROI and kept within a controllable budget cap. As we continue to refine product ecosystem and client service capabilities, we expect this initiative to gradually yield returns from the second half of 2026 onwards.

In the mid-to-long term, this initiative will help further elevate Weibo's position within clients' marketing decision-making chains, driving more sustainable revenue growth. In terms of performance-based advertising, we'll maintain steady operations across core industries.

Furthermore, empowered by AI technology, we'll focus on further enhancing both ad targeting precision and the overall user experience. Finally, on value-added service, we'll aim for steady growth by refining the privilege system for paid users, and expanding the coverage of V+ membership among top-tier content creators, in the hope of promoting the monetization of the V+ ecosystem to achieve significant revenue breakthroughs.

效率方面，26年我们在利用AI在赋能前端业务增长的同时，重点推进AI在内部组织的普及，推动产品研发、运营、商业化等各环节借助AI工具提升执行效率，以组织与技术与组织效率的双重提升，为全年的战略目标达成提供坚实的保障。

On organizational efficiency, in 2026, while we leverage AI to drive front-end business growth, we will focus on expanding AI adoption across internal operation, enabling teams in product development, operations, and monetization to drive AI tools to enhance execution efficiency. We believe enhanced technological capabilities and organizational efficiency will be the cornerstone for achieving our strategic goals for 2026.

接下来让我总监曹飞介绍四季度的全年的财务解读。 With that, let me turn the call over to Fei Cao for a financial review of the fourth quarter and fiscal year 2025.

Thank you, Gaofei, and hello, everyone. Welcome to Weibo's fourth quarter and fiscal year 2025 earnings conference call.

Let's start with user metrics. In December 2025, Weibo's MAUs and average DAUs reached 567 million and 252 million respectively.

In 2025, thanks to the tailwinds of ever-evolving AI technologies, we are highly focused on exploring AI features to transform the whole user experience. AI is now deeply integrated into Weibo's recommendation engine, content generation, and search functions, et cetera.

Notably, user scale and search queries on Weibo intelligent search feature grew robustly this year, with intelligent search MAUs exceeding 80 million in December. Heading into 2026, we will continue to invest in AI as a cornerstone and growth multiplier for our business, driving a more engaging experience for Weibo's user community.

Turning to financials, as a reminder, my prepared remarks will focus on non-GAAP results. All monetary amounts are in U.S.

dollar terms, and all comparisons are on a year-over-year basis, unless otherwise noted. Now, let me walk you through our financial highlights for the fourth quarter and fiscal year 2025.

Weibo's fourth quarter 2025 net revenues were 473.3 million U.S. dollars, an increase of 4%, or 1% on a constant currency basis.

Operating income was 100.4 million U.S. dollars, representing operating margin of 21%.

Net income attributable to Weibo reached 66.4 million U.S. dollars, and the diluted EPS was 25 cents.

For full year 2025, total revenues reached 1.76 billion U.S. dollars, relatively flat year-over-year.

Operating income was 523.6 million U.S. dollars, representing operating margin of 30%.

Net income attributable to Weibo reached 439.8 million U.S. dollars, and the diluted EPS was 1.65 dollars.

Let me give you more color on fourth quarter and full year 2025 revenue performance. First, our advertising business.

Weibo's advertising and marketing revenues for the fourth quarter 2025 were 403.8 million U.S. dollars, an increase of 5%, or 2% on a constant currency basis.

Mobile ad revenues were 379.2 million U.S. dollars, contributing approximately 94% of total ad revenues.

We ended 2025 on a solid note. Advertising business for the fourth quarter turned out better than our expectations, despite weak consumption data.

By industry, our largest three verticals were e-commerce, 3C products, and FMCG. In terms of growth, e-commerce, local services, internet services, and automobile were the key contributors.

We are pleased to see strong momentum of the e-commerce and local service sectors. Weibo has not only demonstrated its value proposition in driving brand exposure during mega shopping festivals, but also fulfilled the platform's user acquisition needs amid intensified market share competition.

The automobile sector maintained solid growth this quarter, benefiting from Weibo's robust auto-related content ecosystem and ad spend from ICE vehicle brands. On flip side, handset growth slowed down as we lapped a high comparison with handset manufacturers for fourth quarter last year, when the trade-in subsidies took into effect.

The online game sector continued to underperform, mainly due to budget contraction from game developers. Full year 2025 advertising and marketing revenues reached 1.5 billion U.S.

dollars, largely flat compared to 2024, reflecting diverging performance across our key verticals. Mobile ad revenues contributed 95% of total ad revenue.

By industry, our largest three verticals were FMCG, e-commerce, and 3C products, while e-commerce, internet services, and automobile lead growth. Leveraging closer partnership and the stimulus policies, we captured higher wallet share from both the e-commerce and automobile sectors.

However, our pillar industries, FMCG, 3C products, and online games, were on a descending trend, partially due to tough comparisons resulting from incremental ad budget from the Paris Olympics and blockbuster game releases in 2024. By ad product, promoted feed ad was the largest, followed by social display, hot topics, and search.

In 2025, we further amplified the synergy between content and monetization ecosystem, reinforcing Weibo's market differentiation around celebrities, IPs, and content marketing. On top of these initiatives, we focused on AI-powered ad technology upgrade to revamp Weibo's ad infrastructure.

Our real-time bidding feed ad was a clear beneficiary of AI integration, which could facilitate smarter ad targeting and generative AI ad creative solutions. Ad revenues from Alibaba for the fourth quarter were 50 million U.S.

dollars, an increase of 24%, capping the year 2025 with sustained robust growth. We are encouraged to see Weibo's content and celebrity ad playbook regain traction with Alibaba amid the current competition and budget allocation dynamics.

Full year ad revenues from Alibaba were 173.8 million U.S. dollars, an increase of 49%, driven by a deeper collaboration during key e-commerce marketing windows, and Alibaba's increased ad spend on its local services initiatives.

Moving on to value-added service, VAS. VAS revenues were 69.5 million U.S.

dollars in the fourth quarter, a modest decrease of 2%. For full year 2025, VAS revenues reported a flattish trend, reaching 255.6 million U.S.

dollars, which reflected a small increase in membership revenues, offset by decrease in game-related revenues. Turning to costs and expenses.

Total costs and expenses for the fourth quarter were 372.8 million U.S. dollars, an increase of 16%, mainly attributable to higher ad production costs and a step-up in marketing expenses.

Full year costs and expenses reached 1.23 billion U.S. dollars, an increase of 5%.

Operating income in the fourth quarter was 100.4 million U.S. dollars, representing operating margin of 21%, compared to 30% in the same period last year.

Operating income for full year 2025 was 523.6 million U.S. dollars, representing operating margin of 30%, compared to 33% in 2024.

Turning to income tax under GAAP measure. Income tax expenses for the fourth quarter were 31.3 million U.S.

dollars, compared to 20 million U.S. dollars last year.

The increase of income tax expenses was primarily due to withholding tax accrued related to all the company's wholly foreign-owned enterprises, WOFE earnings, to be remitted to Weibo Hong Kong Limited in the foreseeable future, to fund its demand for U.S. dollars in business operations and potential investments, et cetera.

Full year income tax expenses were 144.5 million U.S. dollars, compared to 110.6 million U.S.

dollars in 2024. The increase was primarily due to withholding tax accrued related to all of the company's WOFE entities' earnings, to be remitted to Weibo Hong Kong Limited in the foreseeable future, to fund its demand for U.S.

dollars in business operations and potential investments, et cetera, as well as recognition of deferred tax liabilities related to equity pick-up gains in 2025. Net income attributable to Weibo in the fourth quarter was 66.4 million U.S.

dollars, representing a net margin of 14%, compared to 23% last year, primarily due to above-mentioned impact from operating margin and income tax. Net income for full year 2025 was 439.8 million U.S.

dollars, representing a net margin of 25%, compared to 27% in 2024. Turning to our balance sheet and cash flow items.

As of December 31st, 2025, Weibo's cash, cash equivalents, and short-term investments totaled 2.41 billion U.S. dollars.

In the fourth quarter, cash provided by operating activities was 181.4 million U.S. dollars.

Capital expenditures totaled 10.4 million U.S. dollars, and depreciation and amortization expenses amounted to 15.3 million U.S.

dollars. On full-year basis, cash provided by operating activities was 519.5 million U.S.

dollars. Capital expenditures totaled 42.4 million U.S.

dollars, and depreciation and amortization expenses amounted to 59.1 million U.S. dollars.

In light of Weibo's solid profitability and healthy cash flow, we are pleased to announce that our board of directors has approved an annual cash dividend of $0.61 per ordinary share, or ADS, for the fiscal year 2025 under Weibo's annual dividend policy. The total dividend payout will be approximately 150 million U.S.

dollars, with payment expected to be made in May 2026. Looking ahead, we are committed to capitalizing on the transformative AI opportunities and unlocking the potentials of our social media platform, while maintaining robust financial health, despite uncertainties with consumption sentiment and competition landscape.

Our disciplined capital allocation supports our long-term strategies, and ensures financial stability, enabling us to deliver sustainable returns to our shareholders. With that, let me now turn the call over to the operator for the Q&A session.

Hello?

Hello? Hello?

Alicia?

感谢管理层接受我的提问。我的问题是关于AI战略的。因为刚刚有提到，就是进入2026年以来，AI行业的整体发展是非常快的，包括像视频生成大模型的能力有快速提升，以及AI agent在应用侧其实是不断落地的，那对内容生产的方式和用户交互的形态都会带来比较深远的影响。那想请教管理层，在这样的背景下，如何看待微博在AI时代的一个战略定位？那我们在2026年AI应用方向的重点投入主要有哪些？也想请教公司，就是我们会具体的怎么将AI技术和平台的一些运营策略相结合，包括说内容分发、用户互动以及我们视频化的策略，还有像商业化方面的一个具体应用？那最后也想了解一下，就是智搜这一块目前的进展和定位是怎样的，那在整个AI布局中承担着怎么样的一个角色？谢谢。那我自翻译一下。Thanks management for taking my question.

My question about AI strategy. As you mentioned in the prepared remarks, since the beginning of 2026, we have seen rapid developments across AI landscape, including significant improvements in AI video generation models as well as the increasing adoption of AI agents on the application side.

We think this trend could fundamentally reshape both content creation and the user interaction. Could management share what's your strategy in the AI era, and what's your key focus for AI application in 2026?

In addition, what's our plan to integrate the latest AI technologies into platform operations, for example, in content distribution, user engagement, video strategy, and monetization? Lastly, could management give us an update on Zhi Sou, including its current progress, positioning, and the role in your AI strategy?

Thank you.

OK，你问的是一个挺好的问题啊，谢谢。其实我觉得刚才你问的问题其实是两个两个层面的。第一个呢，就是微博作为产品本身，这样一个产品而言，它本身在AI方面我们的一些规划；另外一个就是微博本身作为平台而言，我们在目前这样一个各个AI都在竞争的一个环境里面，我们该如何去定位。我先回答第一个问题，就AI产品方面。其实去年，就是我们真正地在25年推出的AI产品，其实核心就只有一个智搜。但是其实大家在背后里面其实做了比较多的产品的规划，可能确实也是因为在去年AI模型本身能力更多是集中在非多模态上的能力提升，所以说我们真正推出来面向用户的产品就主要就只有智搜，C端产品就主要就只有智搜一个。我指的是可能千万人规模以上的。但是公司在储备里面一直在不断地去尝试的一些模型产品还有比较多。那我们觉得今年，特别是去年四季度的12月份和今年一季度，我觉得两个AI领域里面比较大的进步，第一个就agent跟skill这个说白了组合能力的提出，以及今年春节的时候Sora这个视频能力的，包括之前的可灵的能力的提出，其实对我们很多目前已去年25年在内部测试的一些产品的前端化，已经提已经提出了一个比较好的一个时机点。Gordon，要不要你先翻译一下？

Okay. Thank you very much.

This is actually a very good question. I would like to answer this from two points.

The first one is that what is the AI role and also what is the AI planning on Weibo as a product, and also what is our competitive positioning of AI if we regard Weibo as a platform? First part is about Weibo as a product.

Last year in 2025, I think that the only product that we have launched targeting the user side was Zhi Sou, intelligent search. Of course, on back of that, we had a lot of other plans and strategic plans related to the launch of AI capabilities.

Of course, in the past, in terms of the capabilities of the large language models, most of them were focusing on the improvement of the capabilities that are non-multimodal related. If you're talking about the only product that we have launched in 2025 targeting the user side, this would be Zhi Sou with the tens of millions of users as a scale.

Of course, we have been doing a lot of tries and experiments on the other related model capabilities. In 2025 Q4, especially in December, and in Q1 of 2026, we have been doing a lot of researches and also focus on the improvement of the capabilities.

The first one is that I think that it's a very good timing in terms of the front-end use by having a very good improvement of the capabilities by combining agent with skills all together. Okay.

那具体来讲的话呢，在AI产品上毫无疑问第一个肯定是指智搜的这个AI的改进。其实智搜今年主要的方向就是通过一些agent和多模态的能力，去让智搜从原来一个简单的一个微博的文本的总结，向多模态，包括多问题，包括对话方式去去去演进。那这个可能现在已经有一些测试，如果你在微博里面可以看到。那这是一个方向。另外来讲呢，毫无疑问就是刚才我们提到的，就是在其他的产业化方面。大家都知道微博的主要的核心竞争力还是在我们过去积累这么多年的图文类的博主，我们在视频上其实严格意义上一直追随的策略。但是这些图文类博主在过去几年里面去转型视频化，初期顺利，但是后期还是遇到了一定的瓶颈。但我们会看到今年春节这样一些AI视频模型能力的催熟，让我们很多这种图文类的博主去在视频的创作上，他们的一些创意和他们的一些故事的这种表达能力其实可以得到一个非常大幅度的一个提升。那这也是我们今年在AI的视频的投入和这种AI本身算力方面的投入上面，我们会增加比较多的一个核心的一个一个原因。那我们相信这部分来讲的话呢，这部分当然增速目前来讲也是从一季度看，视频的同比跟环比的增速都是比较快的，我们今年会投入一部分比较多的预算吧，就是收入增幅的相当的收入增长带来的利润的一部分相当大一部分我们会投入在这种视频方面。这一方面是一些跟AI相关的视频博主的引入和内容的采购，另外一方面也是我们本身很多图文博主通过AI工具的视频化。这个我相信可能很快大家会看到微博的发射器也会有一些比较大的改版，也是往这方面去进行改变。好，谢谢Gordon。 Okay.

Of course, second point I would like to say is that in terms of the AI product, of course, you could see that we've been seeing a very good improvement of the capability of Zhi Sou, especially this year, combining the capability of agent and multimodal-based. For instance, in the past, this particular Zhi Sou as a product was pretty much focusing on the summary based on text.

Now it is able to have the dialogue generation and also multi-question and query answering capability. If you're interested, you can actually test this feature of Zhi Sou on the website of Weibo or on the app of Weibo.

Second part is about the productization of others. In the past, you know that our Weibo's core capability was still based on the text and image.

Of course, we tried to make some of the core content creators of those text and images to commit them or to shift them to become the video creators. Of course, in the past, that kind of transformation was quite successful, but later on we have been seeing some of the constraints and limitations.

Now with the improvement of the capabilities of AI, those content creators are going to be more creative and also increasing the activities of the storytelling and expressions as well. That is exactly the reason that we've been investing a lot on this particular technology related to video generation, and also we've been investing heavily into the computational power improvement and increasing.

Also in Q1 of this year, you've been seeing a very good growth of our video generation and video content on Weibo platform quarter-by-quarter or year-by-year. Also we've been seeing a very good profitability against this.

I believe that this is going to be the major source of our revenue growth as well as the profit growth. AI-enhanced content creation, all those content creators are now going to be having more capabilities with the empowerment of AI to actually generate more videos directly or using the AI or agentic AI capability to actually convert the text and images into videos.

Okay. 另外一个就是微博作为平台本身的一个定位。首先第一个其实刚才在script里面我也已经讲了，就是微博作为AI模型的使用、传播和这种宣传的一个平台，这这个是我们必须要去做好。其实这个本身用因为微博庞大的这样一个用户基数，以及这种科技和数码博主以往的这种在微博上面的强势，其实本身AI模型其实平台不去推，平台里面就会有越来越多的这种AI的内容在生产，也给我们带来了在春节期间更高的一个流量。非常不一样的是，去年DeepSeek还是以媒体报道为主，但是今年的SeaDance，包括千问这些模型的推出，用户基本上都是以讨论如何使用为主的，包括最近的OpenClaw，其实主要还是用户在平台上讨论如何使用。那这个其实对我们本身这样一个生态会更有帮助，这是这是作为一个内容传播平台。另外一个就是基于我们原来的这个开放平台，大家会看到最近我们跟主要的一些大的模型，包括千问，包括Kimi，包括这种GLM智谱，以及我们跟主要的一些这个Claw，就是OpenClaw加上由于龙虾比较火嘛，但是接口的平台我们都迅速进行了打通，也就是说原来这个平台的一些在技术方面的一些积累，其实在今天来讲的话我们可以快速切换到一个我们为AI模型服务的这样一个信息内容分发平台。那举个例子，千问目前举个例子，我们跟千问开放了评论接口的情况，千问目前在微博平台里面的每天的评论量已经接近基本上接近了微博智搜的本身的私信量了。我们其实在这方面一直是一个比较开放的模式，我们也希望更多的这种AI模型可以在平台里面获取用户和用户进行互动，同时也对它的模型进行传播。对，这是我们这个这个定位也会做好。Gordon，谢谢。

The second big part of the answer would be that we regard Weibo as a platform and how we are facilitating this particular AI notion. That now on Weibo platform, we were actively disseminating the knowledge related to the AI and AI application, and also promoting the AI-related contents.

Because of our large user base, and especially, those active content creators on the science and technology realm, or on the digital and product realm, were still are quite active in generating content and helping disseminating knowledge about AI on Weibo platform, and using Weibo platform. As a platform, we are going to keep continuously, doing that.

Also this help us to generate a lot of traffic and attract the users, especially during the Chinese New Year period, for instance. Last year, it was pretty much about DeepSeek and activity with that, but still, this year, we've been seeing more AI models getting connected on Weibo platform, like Qwen or OpenClaw, which is getting very, very popular recently.

Still, relating to those new models, I think that the major content on our platform would be the discussions that we have promoted to generate in terms of how to use and how to apply those new model new AI or agentic AI. In the past, we always regarded as the open platform and of course provide our capability to connect with the large language models like Kimi, Qwen, or Zhipu recently, which are all doing their own version of OpenClaw-related agentic AI.

We are now getting a very good connectivity with those claw-like agentic AI capabilities. Of course, now Weibo as a platform has already been successfully switched to a platform that is servicing the need of AI application, and also the dissemination of AI-related contents.

For instance, with Qwen, we have been successfully, getting API connection in terms of the commenting features. The volume of the comment through Qwen has already reached to the same level as for that of the Zhi Sou feature or commenting feature.

In total, I believe that all those AI models or agentic AIs were actively using the large base large user base of Weibo, and also, on our platform doing a lot of more interactions with the users about the AI-related contents. Okay.

好，谢谢。 All right.

so much.

hi, management, can you hear me?

Hello,

Oh, okay. Thanks thanks for taking my questions.

王总晚上好。我有一个问题是关于我们广告业务的，就是就是鉴于现在的这个宏观经济的形形势，还有这个AI相关产品竞争激烈的这个情况下，管理层如何看待我们广告主对于广告预算的一个态度？还有就是管理层对微博2026年的一个增长预期是什么？广告的战略有什么？然后微博是如何拥抱这些AI应用来帮助我们的广告增长？还有就是内部其实也在用AI来就是提高这个运营效率嘛，然后就在这个成本跟这个盈利这边有有哪些是可以分享的？我自己翻译一下。Can management share with us in light of the current macro situations and also the intensified competitions of AI products, how is management see the advertiser budget sentiment and their ad spend? What is the growth expectation that management expect for Weibo for 2026?

What is the overall advertising strategy and how Weibo can leverage and embrace the, the AI applications to to enhance the ad growth? Also, how Weibo has been using the AI to improve the operating efficiency?

Thank you.

OK。四季度大家看到了就是基本上我们大概人民币增长2%、3%左右，跟原先之前的预期差不多吧。那具体到Q1来的话，整体就增速跟去年同期来讲的话大概有一个各位数的增长吧，对。然后呢主要我们还是说看到就是这一波流量本身的，特别是跟AI相关的流量提升，其实带动了一些新的客户的加入。这部分另外在2月份的这个米兰冬奥会虽然有时差的问题，但是也带来了一定的收入增长。那具体到行业来看的话呢，我觉得因为整体其实消费还是有一些，特别是Q4比Q3还是整体的消费有些放缓的一个迹象，但是我们也会看到目前今年整体还是定了一个国家定了一个比较相对来讲消费上有个4%点4%左右的一个增幅吧。那从我们自己的客户行业来看，电商、汽车这些行业我们预期应该在26年都有一个保持个增长。手机跟游戏是有一定的不确定性。手机我觉得核心还是个阶段性的，因为当然这个阶段有可能会有人说是一年多，因为毕竟内存涨价会导致很多原来的中低端品牌它的价格往上去提升。但是大家也知道在手机行业我们的客户在微博上投放广告主要还是以中高高端的机型为主要投放，我们现在还不好说客户会减少。从客户沟通的框架来看的话，目前看是基本上是持平的。对，但是这个执行我们还要再看。对，Gordon要不你先翻译一下。

Okay. Thank you for this question.

We had about the ad revenue growth of about 2 to 3% in Q4. In Q1, in terms of the growth rate itself, we had a single-digit growth.

We're going to have a single-digit growth versus the same period of last year. Also second point I would like to say is that because of the traffic growth, especially the AI-related traffic growth, we have been bringing in a lot of new customers onto our platform.

Of course, in February, we had the Winter Olympics took place in Milano, and that helped us to also generate a little bit on the revenue as well. In terms of consumption, we had a slowdown in Q4 versus the Q3 area in terms of the ad revenue from the consumption area.

Still, this year, the national government has made a plan of having around 4% of the growth in total consumption area. Talking about different verticals, first of all, e-commerce and automotives, we believe that there will be a very good growth happening to these three two verticals in 2026, as well as for the handset and the gaming industries, there are some of the uncertainties.

For the handset, I would like to say that probably the growth is happening on a periodic on a periodic basis. Now because of the memory prices increasing, we've been seeing a lot of the selling price increase for some low to medium and models of the handset.

Still, on our platform, for most of the advertisers of the mobile phone makers, most of them are actually spending money to do advertisements on their medium to high-end models. Still, there are some of the uncertainties.

Approximately, the handset industry is going to be experiencing a flat performance of this year. Okay.

那整体来看的话，刚才其实在script里面也讲了，我们的2026年我们从全行业来看的话，随着这个效果广告其实已经进入了激烈竞争，效果广告的边际效益在客户层面反馈还是有边际效应递减。我们看到我们的一些客户有逐步在回归明星跟品牌的，特别是明星营销和这种事件营销的这个诉求是比较强的。那当然我们从25年来讲，其实已经看到这样的一个趋势，就是举例跟明星相关的客户的销售额的单量在上升，虽然它的ARPU值还没有上升很快。那26年其实刚才在script里面讲了，我们会升级整个微博我们营销的一个服务体系，更多地通过更多的服务和我们的合作，将嵌到客户营销决策链的上游。那具体来讲的话呢，我们26年我们希望进入一个这个收入增长的一个通道。那预期的一个增长主要还是来自于第一个可能是明星营销，就是25年我们已经看到非常明显的明星营销的一个客户需求的趋势性的回归。那客户数跟项目数基本上都是实现年对年的增长，但是ARPU值没有增长，也就是说客户在微博里面投放明星的资源的组合其实还不够丰富。那是我们今年在重点要去要去做的，我们一方面来讲的话呢，更更多地会把我们的产品进行一些打包跟营销，另外一方面也会投入一些相应的成本去给客户去提供一些更加明确的一些官宣的场景和我们的产品的组合。那这是另外一个在内容营销上。那虽然部分行业受这个宏观跟行业因素呢出现了波动，但我们内容营销的收入占比一直在稳步上升，现在内容营销的占比已经在全全面的占比已经在50%左右了。那26年我们会进一步加大对KOL的一个成本投入，提升内容营销的一个预算份额。对，那第三个可能就是效果广告，效果广告其实也是25年保持一个增长通道，现在占我们整体收入的比例大概在17%左右，比大概一年前增长了大概3到4个百分点。那在这方面我们一方面还是算法优化，另外一方面来讲结合这种AI，我们去提升客户的CPM的这个这个这个效果吧。主要就这三个方面。对，Gordon。 Okay.

The next point I would like to answer is for the point about different kind of advertisements. According to what we have mentioned in the prepared script, in 2026, we've been seeing a kind of a very good improvement of that.

Still we experience a very intense competition in terms of the performance-based ad and something like that. Of course, in 2025, we have been observing that some of the advertisers were coming back to the original marketing mechanisms, for instance, the KOL or celebrity-based or the event-driven.

In 2025, we've been seeing a very good increase in terms of the celebrity-based advertisements in terms of the sales volume, but not necessarily the improvement of the ARPU itself. In 2026, we have certain strategies to deal with that situation.

As we have already mentioned that the service provision system is going to be totally updated. Now we focus more on the quality service provision and helping us to actually embed into the upstream of the decision-making chain of our customers, i.e., advertisers.

In 2026, we've been seeing a lot of we're very confident to generate a lot of ad revenue growth from this area. Also second point is for those return trend, which is KOL-based marketing or the celebrity-based marketing.

We've been seeing a very positive trend of some of the advertisers of coming back to this notion of doing marketing. Of course, at the present stage, as I have already said that the ARPU wasn't that much improved because of less than or because of less diversification of the choices of the KOLs.

I think that we will, first of all, put some several products into one as a package and deliver to our customers. Second, we provide a very good cost-based advantage to our customers in order to deal with the situation, helping to actually improve and increase the ARPU at the same time.

The third one will be the content-based marketing. For different verticals, we had been experiencing some volatility there.

Still, overall speaking, the content-based marketing had been seen a very good growth. At the current stage, of course, we've been seeing that it is contributing to about 50% of our total ad revenue.

In 2026, we will be focusing more on the investment onto those KOLs and trying to actually achieve a very good momentum carrying on effect. The next point I would like to say is the performance-based ad, of course.

We had a very good growth in 2025, and this ad performance-based ad is contributing or is accounting for about 17% of our total revenue, ad revenue, and which increased by about 3 to 4 percentage points versus the year before. Now, what we have as strategies are, first of all, optimizing the algorithms, and second of all, helping to actually improve and increase the CPI based effects.

Okay. OK，谢谢。

All right. Thank you.

Thank you, operator. This wraps up our conference call today.

We'll see you next quarter.