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    Timothy Zhau

    Research Analyst at Goldman Sachs Group Inc.

    Timothy Zhao is an Equity Research Analyst at Goldman Sachs, specializing in technology and communication services sectors with a focus on software, internet content, and information. He has covered individual companies such as Weibo (WB), Perfect Corp (PERF), and Kingsoft Cloud Holdings (KC), with a record of six ratings to date and an average return of -52.53%, placing him at 4,516 out of 4,781 analysts on performance rankings. Zhao began his tenure at Goldman Sachs in 2018, with experience spanning both Singapore and New York, and prior roles focused on China education and consumer industries. His professional credentials and securities licenses are not publicly disclosed.

    Timothy Zhau's questions to WEIBO (WB) leadership

    Timothy Zhau's questions to WEIBO (WB) leadership • Q2 2025

    Question

    Timothy Zhau from Goldman Sachs Group Inc. asked for the advertising revenue growth outlook for Q3 and the second half of the year. He sought specifics on which industries would drive growth and the performance differences between ad formats like search, display, and recommendation feeds.

    Answer

    Weibo's management expects continued growth from the e-commerce and automotive industries in the second half of the year, with healthcare also showing positive trends. However, they anticipate pressure in FMCG due to a tough comparison with last year's Olympics, as well as weakness in cosmetics, luxury, and mobile phones. Management noted that information feed ads are the fastest-growing format, while pure display ads are becoming less of a focus. Regarding search ads, they reiterated that the priority is user base growth for the new Intelligent Search product, and monetization is not an immediate priority.

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