Goldman Sachs released a research report on August 26th, stating that Weibo's second-quarter performance roughly met the bank's expectations, but exceeded market expectations. It also indicated that after attending the company's earnings conference, it has a more cautious outlook on advertising revenue for the second half of this year and beyond, given the weak macro environment and the contraction of consumer brand advertising budgets. The management team expects stable cosmetic advertising revenue in the fourth quarter of this year, which provides some comfort to the bank. The bank pointed out that excluding the impact of foreign exchange, advertising revenue for the first and second quarters of this year remained flat year-on-year and decreased by 1% respectively. Even with a slight increase in advertising revenue from the Paris Olympics, the bank expects a 4% and 5% year-on-year decline in advertising revenue for the third and fourth quarters of this year. Advertising revenue is expected to remain flat for the years 2025 and 2026, leading the bank to revise down its revenue forecast for the years 2024 to 2026 by 5%, 8%, and 11% respectively. The bank also lowered its earnings per American Depositary Share (EPADS) forecast by 2%, 7%, and 10%. The bank also mentioned that the management team plans to continue distributing dividends in cash over the next few years, believing that a higher dividend payout ratio and improved earnings outlook are necessary to improve the current stock performance. The bank revised down the target price for Weibo's H shares from HKD 78 to HKD 73 and maintained a "neutral" rating.