On August 28th, China International Bank released a research report stating that Weibo recorded a revenue of 0.438 billion US dollars in the second quarter of this year, a 1% year-on-year decrease, which is in line with market expectations. Calculated using the same exchange rate, the revenue increased by 1% year-on-year. During this period, the core advertising business revenue decreased by 3%, and excluding the impact of exchange rates, the decline was 1%. The bank pointed out that the proportion of Weibo's daily and monthly active users improved to 43.9% during this period, and the adjusted net profit margin reached 28.8%, which reflects the company's good execution in terms of high-quality users, content, and operation strategies. Its core strategy remains unchanged, and it is expected to further expand its social platform advantages. However, due to the still weak macroeconomic environment, advertising clients are cautious in their consumption intentions, and advertising placement has shifted towards being guided by investment returns. In addition, intensified competition in online advertising will put pressure on Weibo's core advertising business in the short to medium term. The bank maintains a "hold" rating and lowers the target price to HK$64.