Gelonghui, November 21｜Jianyin International issued a report stating that Weibo's third-quarter performance exceeded the expectations of both the bank and the market, with the biggest highlight being the robust advertising revenue driven by the Paris Olympics, particularly significant contributions from advertisers in the csi sws food & beverage index and sports outfits. However, as the Olympics come to an end, the company's advertising revenue may resume its downward trend. The bank believes that a comprehensive recovery in consumer spending is the only way for Weibo to turn around its business, as over two-thirds of its advertisers come from consumer-related industries, making its business highly dependent on brand advertising. Until there is more clarity on the timeline for Weibo's recovery, the bank conservatively forecasts a 4% year-on-year decline in the company's fourth-quarter revenue, with no growth expected for next year. Due to a low base, the bank expects Weibo's fourth-quarter profit to grow by 29% year-on-year, but under normalized conditions, the profit forecast for next year is expected to decline by 7% year-on-year. The bank has raised Weibo's profit forecast for this year by 4% to reflect the better-than-expected third-quarter performance but has lowered the profit forecasts for 2025 and 2026 by 3% and 2%, respectively, to account for a slowdown in the recovery of advertising spending. The bank has downgraded its rating from 'outperform' to 'neutral', and the target price has been reduced from HKD 93.6 to HKD 77.22.