GLONGHUI, March 15 | CICC released a report saying that Weibo's fourth quarter of last year had stable results, with revenue of US$464 million, up 3% year-on-year, basically in line with the bank's expectations and market expectations; non-GAAP operating profit of US$146 million was basically in line with market expectations, but due to withholding income taxes related to dividends, non-GAAP net profit of US$76.37 million was lower than the bank and market expectations. Considering the slow progress of brand advertising repairs, the bank lowered Weibo's 2024 and 2025 non-GAAP net profit forecasts by 17.4% and 17%, respectively, to US$458 million and US$497 million, respectively, to maintain a “outperforming industry” rating. Taking into account the downturn in profit forecasts and shareholder return value, the target price of H shares was lowered by 11% to HK$101.