瑞银-中国互联网行业广告脉搏核查：宏观承压下一季度仍具韧性-China Internet Sector Ad pulse check：Q1 resilience despite macro-20260422

a§ Adtax:Mutedimpactsofar;Potentialu +86-21-38668883 婚§2 ●Bilibili:benefitingfromAI/gamingad●Kuaishou:sof婚§3 202020212022202320242025TotalOnlinead710.7850.2882.51,067.61,312.11,484.51,653.61,843.7YoYGrowth3.8%21.0%22.9%%ofTotalAdvertising86.7%89.9%91.6%92.7%93.2%93.6%94.0%Majoronlineadcompanies263.0292.8390.0657.3781.6898.8YoYGrowth58.5%43.6%33.2%39.9%20.5%%ofOnlineAdvertising25.8%30.9%33.2%36.5%41.6%44.3%47.3%48.8%207.0226.6214.4221.5235.9249.7249.9253.1YoYGrowth9.5%-5.4%3.3%6.5%5.8%%ofOnlineAdvertising29.1%26.7%24.3%20.7%48.072.6217.8233.4268.6YoYGrowth78.8%51.3%41.6%49.5%28.9%7.2%%ofOnlineAdvertising6.7%8.5%82.388.783.3YoYGrowth20.3%7.8%-6.0%21.8%%ofOnlineAdvertising9.4%9.5%9.3%9.8%21.942.749.060.372.481.586.891.9YoYGrowth95.2%23.0%20.1%6.5%5.9%%ofOnlineAdvertising5.0%5.6%5.6%5.5%5.5%5.2%5.0%66.073.669.475.072.862.4YoYGrowth-5.4%-5.8%-2.8%-14.3%-10.4%2.0%%ofOnlineAdvertising9.3%8.7%7.9%7.0%5.6%4.2%3.4%WeiboYoYGrowth24.9%0.8%-1.7%2.3%2.3%%ofOnlineAdvertising0.8%0.7%0.7%0.6%4.5YoYGrowth26.6%27.7%22.8%22.7%%ofOnlineAdvertising0.26%0.53%0.57%0.60%0.62%0.68%0.75%0.75%Mango4.14.0YoYGrowth23.6%31.7%-26.8%-11.6%-2.7%-3.0%7.0%5.0%%ofOnlineAdvertising0.58%0.64%0.45%0.33%0.26%0.22%0.22%0.20%E-commerce/none-co447.8745.8879.8948.91,028.2YoYGrowth31.2%26.9%7.9%8.4%%ofOnlineAdvertising50.7%56.8%59.3%57.4%55.8%434.7479.9604.8704.7815.4YoYGrowth6.8%%ofOnlineAdvertising49.3%44.9%43.2%40.7%42.6%44.2%婚§4 MktcapImpliedDividendyield3MChinaInternetlargecap0700.HK584,673780.00504.0055%11.9%1.2%1.4%1%-16%-16%Meituan3690.HK65,89284.2552%20.10.0%0.0%10%-13%-18%42,53038%1.9%0.0%0.0%8%-24%-5%Average6.9%2.08x0.4%0.5%6%-18%-13%317,99126%22.532.7%0.7%0.9%7%-24%-8%44,31548.0030.5257%34.4%3.2%3.6%11%2%6%98.99100%31.0%0.0%0.0%3%-7%-13%7,21120.0036%3.7%3.2%4.2%-6%-15%-17%Average8.825.5%0.43x1.8%2.2%4%-11%-8%OnlineSocialMedia&Entertainment73,61557%13.3%2.6%3.3%1%-14%-17%24,86668.0045.3450%(4.6%)2.6%0.0%-12%-43%-29%9.6235%8.8%2.3%2.5%-4%-40%-45%9899.HK3,455300.00140%(7.2%)0.0%0.0%-2%-29%-33%9,76837.5023.3760%23.624.4%0.0%0.0%-4%-30%-5%2.5089%0.0%3.9%6%-37%-31%3,18780.0060.6332%11.2%6.9%6.3%4%-10%-6%2,1088.6348%0.4%7.3%7.0%-1%-21%-16%MOMO.O8.806.2940%7.0%4.0%4.2%5%-9%-4%Average9.36.7%1.72x2.9%3.0%-1%-26%-21%A-shareMedia0772.HK3,45826.5089%37.0%0.0%0.0%0%-29%-20%9.806.2657%5.7%5.8%6.1%-2%-15%-15%Average21.4%0.74x2.9%3.1%-1%-22%-17%Travelandtransactionalplatforms6,22623.0066%11.3%0.0%0.0%4%-27%-32%35,63280.0046%(12.2%)1.0%0.7%6%-12%-24%0780.HK26.5040%13.1%1.2%1.4%2%-19%-16%Average9.74.0%2.70x0.7%0.7%4%-19%-24%K12AfterschoolTutoring7,29563%0.0%0.0%7%7%10%9,28580.0042%14.5%1.1%2.0%2%0%2%Average14.5%1.18x0.5%1.0%5%4%6%Chinainternetaverage11.9%1.65x1.9%2.1%2%-18%-15%USMagnificent73,913,418280.00266.175%%0.4%0.4%6%7%-2%MicrosoftCorp.3,164,234424.1620%22.620.114.4%0.8%0.9%11%-6%-12%4,858,083245.0023%22.562.9%0.0%0.0%14%8%7%4,040,987375.00330.4713%23.917.0%0.3%0.3%11%0%5%A2,569,075301.00249.9120%30.6%0.71x0.0%0.0%19%7%8%908.00668.8436%3.5%4.80x0.3%0.3%11%3%1%352.00386.42-9%18.8%0.0%0.0%1%-14%-14%Average23.322.2%1.05x0.2%0.3%10%1%-1%婚§5婚§6 12-MonthRatingDefinition254%24%40%21%6%21%婚§7 12-monthratingfPricePriceTarget(HK$)StockPrice(HK$)320240800BuyNeutral婚§8PricePriceTarget(HK$)StockPrice(HK$)80400Buy 婚§9PriceTarget(HK$)StockPrice(HK$)8006404803200BuyNoRating-PriceTarget(Rmb)StockPrice(Rmb)86420Buy婚§10PricePriceTarget(US$)StockPrice(US$)4840322480BuyNeutral婚§11 relevanttoCreditSuisseWea婚§12 a§ a§ a§ a§