微博3Q25前瞻:广告收入或略有下滑

华泰证券
Nov 13, 2025

我们预计微博3Q 营收同比下降5.3%至4.4 亿美元(人民币计价同比+1%),经调整净利润同比下降22%至1.08 亿美元。战略层面,公司计划下半年加大AI 投入,重点提升搜索质量,强化广告基建与内容理解能力。近期进展:①战略转向“关注+推荐+热点”多线并行,用户参与度显著改善,3Q 全站视频观看时长同比增长12%(微博V 影响力大会);②智搜有望于4Q 启动商业化测试,发挥信息时效性与大V ...

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