Core Viewpoint - iQIYI reported a net loss in Q3 2025, with a decline in membership service revenue, while the "21 regulations" from the broadcasting authority are seen as a positive signal for the industry [2][8]. Financial Performance - iQIYI's total revenue for Q3 2025 was 6.682 billion RMB, a year-on-year decrease of approximately 8% but a quarter-on-quarter increase of 1% [2][3]. - The net loss attributable to iQIYI was 1.482 billion RMB, compared to a net profit of 4.798 billion RMB in the same period last year [2][3]. - Membership service revenue was 4.212 billion RMB, down 4% year-on-year but up 3% quarter-on-quarter [5][6]. - Online advertising service revenue was 1.240 billion RMB, a year-on-year decline of 7% and a quarter-on-quarter decrease of 2% [4][5]. - Content distribution revenue was 644 million RMB, down 21% year-on-year but up 48% quarter-on-quarter [5][6]. - Other revenue was 585 million RMB, a decline of 20% year-on-year and 29% quarter-on-quarter [6]. Content and Innovation - iQIYI's popular content in Q3 included various dramas and shows, with significant growth in micro-drama viewership and member acquisition [7]. - The company is optimistic about its membership business, citing the introduction of quality content and enhanced member services as key drivers for future growth [6]. Regulatory Environment - The "21 regulations" from the National Radio and Television Administration are expected to promote healthy development in the film and television industry, with iQIYI planning to innovate in content production and broadcasting [8]. - The regulations emphasize enhancing content quality and diversity, improving management policies for TV series, and encouraging the production of high-quality documentaries and animations [8]. Growth Opportunities - iQIYI's overseas business is viewed as a second growth curve, with significant revenue growth and a record high in daily international membership numbers [9]. - The company plans to increase the production of original Thai and Indonesian dramas to capitalize on international market potential [9]. - iQIYI's IP consumer products and offline parks are also expanding, with a reported revenue growth of over 100% in IP consumer products [10].

11 月 18 日，爱奇艺发布了2025年第三季度的财报，其总收入录得66.8 亿元人民币，其中会员服务收入 42.1 亿元，环比增长 3% ；在线广告服务收入 12.4 亿元；内容发行收入 6.4 亿元；其他收入 5.9 亿元。 可以看到，本季度业绩驱动力已经呈现出积极的结构性变化——爱奇艺国际版日均会员数创历史新高， 会员收入同比高速增长超 40%，海外业务正在成为爱奇艺的第二增长极。 财报发布后，资本市场反馈积极。中金、瑞银等多家投行上调了公司四季度的营收预期。瑞银指出，得 益于国内监管环境的改善和海外业务的快速增长，爱奇艺正迎来关键的业绩转折点。 爆款IP持续发力，基本面拐点已现 本季度，爱奇艺会员服务收入录得42.1亿元，环比增长3%，收入曲线呈现企稳改善迹象，彰显了核心 业务的增长韧性。 季度内，爱奇艺继续在内容赛道保持头部竞争力，供给上呈现出"长短结合、IP 联动、多品类爆发"的 特征，显著扩大了用户触达，提升了付费意愿。 例如，热门剧集《生万物》《朝雪录》热度值均破万，《生万物》更是实现网台双爆；出品的院线电影 《捕风追影》票房、口碑双丰收，院线票房破 12 亿元。 综艺内容表现同样亮眼，《喜 ...

Core Insights - The 9th China Network Audio-Visual Conference will be held in Chengdu from June 3 to 5, showcasing the achievements and discussing hot topics in the audio-visual industry, serving as an annual industry barometer [1][2] - This year's conference will introduce a "Short Video Live Day" and will focus on new patterns, models, and content in the network audio-visual sector, including topics like 4K/8K video, 5G, AI innovations, and cultural industry financing [2][3] Group 1: Conference Highlights - The conference will feature over 40 high-quality events, including forums, exhibitions, and investment roadshows, with a special event celebrating the 100th anniversary of the Communist Party of China [1][2] - The conference aims to analyze the rapid development and changing landscape of the network audio-visual industry, providing insights from production, distribution, and platform operation perspectives [3][6] Group 2: Industry Growth and Trends - As of mid-2020, the number of internet users in China reached 940 million, with the audio-visual user base at 901 million, indicating a usage rate of 95.8% [4][6] - The short video user base reached 818 million by mid-2020, with a projected growth to 873 million by the end of the year, while the live streaming sector saw a user base of 562 million, marking it as the fastest-growing internet application [6][7] - The market size of the network audio-visual industry surpassed 450 billion yuan in 2019, establishing it as a core pillar of the online entertainment sector [6][7] Group 3: Industry Leaders and Perspectives - The conference will gather over 500 industry leaders and representatives from more than 2,000 organizations, including notable figures like iQIYI's CEO Gong Yu and Bilibili's CEO Chen Rui, who will share their insights on industry challenges and future trends [7][8] - Industry leaders emphasize the need for diverse content to meet the evolving entertainment demands of users, with predictions that video will become the dominant form of internet content in the 5G era [7][8]

文 | 新声Pro，作者 | 张嘉琦 生态的战略价值再一次被长视频平台强调，并进入到更具体的实践阶段。 生态建设是宏大命题，也是长视频平台在商业故事上的终局，但这一长期愿景今年在各家平台的战略表 述和业务布局中都体现得更为明显。 一方面，由于行业整体增速放缓，平台需要寻找新的增长路径；另一方面，经过多年积累而形成的IP资 源库，为其打通线上线下生态提供了核心资产。同时，在业务维度上，IP储备和产业纵深能力，也是长 视频与短视频平台竞争的差异化关键。因此，生态构建既是长视频平台应对现实挑战的方向，也是平台 基于自身优势所推进的战略升级。 具体来看，尽管目标一致，但各平台基于各自的资源优势与战略考量，在这条路径上展现了不同的侧重 与特点。 腾讯 在刚结束不久的2026腾讯视频V视界大会上，腾讯公司副总裁、腾讯在线视频董事长孙忠怀提出，「单 打独斗的时代已经过去，真正的壁垒是生态。」基于「用户需要优质内容、品牌需要有温度的沟通」两 个核心需求，腾讯视频的生态，建立在其扎实的IP储备和多个「产业生态」的基础上。 首先是以IP为核心铺开内容版图，将单一项目培养成具备持续性和广泛性的长期资产，以对抗文娱内容 的生命周期。 ...

Core Viewpoint - The long video industry is facing a significant downturn, with major players like iQIYI and Mango TV experiencing revenue declines and increasing losses, indicating a need for a shift in their business models [1][2][3][14]. Revenue Performance - iQIYI reported a 7.8% year-on-year decline in revenue for Q3, totaling 6.68 billion yuan, and a net loss of 248.9 million yuan compared to a net profit of 229.4 million yuan in the same period last year [1]. - Mango TV's revenue also fell by 6.58% to 3.099 billion yuan, with a 33.47% drop in net profit to 252 million yuan [2]. - iQIYI's advertising revenue decreased by 7.2% to 1.24 billion yuan, while Bilibili's advertising revenue grew by 23% to 2.57 billion yuan [10]. Content and Market Trends - iQIYI maintained the highest market share in the drama segment, with popular series like "Shang Xue Lu" and "Sheng Wan Wu" achieving high viewership ratings [5][8]. - Despite successful content, the decline in high-margin advertising revenue indicates a shift in advertiser preferences towards more effective short video platforms [10]. - Bilibili's diverse advertising client base and effective customer acquisition strategies contrast with iQIYI's challenges in attracting advertisers [11]. Cost Management - iQIYI's content costs decreased by 1% to 4.04 billion yuan, reflecting efforts to manage expenses amid declining revenues [13]. Strategic Initiatives - iQIYI is expanding its overseas business, achieving significant growth in international membership revenue, particularly in markets like Brazil and Mexico, with some regions seeing over 100% growth [16]. - The company is also diversifying its IP consumption strategy, with a 100% increase in overall revenue from self-operated and licensed products [17]. - iQIYI is leveraging AI to enhance cost efficiency and improve advertising targeting and conversion rates [17]. Regulatory Environment - Recent policy changes, referred to as "Broadcasting 21 Measures," are expected to benefit the industry by relaxing content restrictions and supporting high-quality productions [18][19]. - iQIYI's content team is adapting to the new regulatory environment, with ongoing projects benefiting from government support [19]. Future Outlook - The company must undergo transformation to adapt to the changing landscape, with supportive policies potentially aiding this transition [20].

"爆款"难救市 作者丨贺泓源 李音桦 编辑 丨陶力 整个长视频的盈利模式可能都需要迭代。 爱奇艺财报显示，三季度，该公司营收同比下滑7.8%至66.8亿元；净亏损2.489亿元，去年同 期爱奇艺净利润为2.294亿元。 事实上，业绩下滑已经是种行业性趋势。 三季度，芒果超媒营收同比下滑6.58%至30.99 亿元；归母净利润同比下滑33.47%至2.52亿 元。同期，腾讯视频会员数从去年三季度的1.16亿降至今年的1.14亿。 长视频陷入了行业性的迷茫。 需要注意的是，在行业下行中， 爱奇艺们并非不够努力。 在剧集方面，爱奇艺云合总市占率保持第一。 暑期档《朝雪录》《生万物》内容热度值均破 万，《不眠日》内容热度峰值超8800。其中，由杨幂、欧豪领衔主演的《生万物》在2025年 单日云合热播榜市占率第一，并创下中央电视台电视剧频道集均收视新高。 杨幂主演的《生万物》成为当季爆款。图：片方海报 芒果超媒在综艺市场的表现依旧不错，《密室大逃脱第七季》《披荆斩棘 2025》《我家那闺 女 2025》《花儿与少年·同心季》均很有热度。 但这挽救不了高毛利的广告业务下滑。 三季度，爱奇艺广告收入同比下滑7.2%至12. ...

Core Viewpoint - iQIYI is transitioning towards a "technology empowerment + ecological extension" model in the long video industry, showcasing a robust basic business and high-potential new ventures, with AI integration, overseas business growth, and experience innovation driving long-term growth certainty [1][2] Financial Performance - In Q3 2025, iQIYI reported total revenue of 6.68 billion yuan, with membership service revenue at 4.21 billion yuan (up 3% quarter-on-quarter), online advertising service revenue at 1.24 billion yuan, content distribution revenue at 640 million yuan, and other revenue at 590 million yuan [1] Content Strategy - iQIYI maintains its leading position in the long video sector by focusing on high-quality content, achieving the highest market share in drama series for five consecutive quarters, with notable series like "Chao Xue Lu" and "Sheng Wan Wu" gaining significant popularity [4][5] - The company emphasizes traditional content areas such as movies and variety shows, with 12 diverse films launched in Q3, maintaining the top market share for 15 consecutive quarters [6] - iQIYI has strategically elevated micro-drama content, with over 20,000 micro-dramas available, over half of which are free, and plans to apply successful long-drama methodologies to micro-drama development [7] AI Integration - Over the past three years, AI technology has been deeply integrated into iQIYI's operations, enhancing operational efficiency, monetization capabilities, and user experience [8] - AI has significantly reduced content production costs, particularly in micro-dramas, and is becoming a core driver of content innovation [10] - User experience improvements include AI-driven features like "Speed Watch," which automatically edits long videos into short formats, and the personal assistant "Tao Dou," which enhances content search and recommendations [11] Overseas Expansion - iQIYI's overseas business is rapidly growing, with Q3 showing record daily average membership numbers for the international version and membership revenue increasing by over 40% year-on-year [13] - The company has developed a multi-faceted content supply system for international markets, focusing on Chinese content as a base, localized content as a breakthrough, and micro-dramas as a new force [14] - iQIYI is accelerating the development of localized micro-dramas in various languages, with several projects already in production [17] Ecological Extension - iQIYI is expanding its IP ecosystem from online to offline and from domestic to international markets, with significant growth in IP consumer products and the establishment of iQIYI theme parks [18] - The company’s IP consumer products revenue grew by over 100% year-on-year, indicating the effectiveness of its strategic layout [18]

作为爱奇艺"大片计划"的首部作品，《捕风追影》实现从院线热映到网络热播的持续成功，也印证了"高概念、高质量、强阵 容"的高品质影片所拥有的广泛观众基础和长久市场生命力。未来，爱奇艺"大片计划"还将推出《1840》《非常监狱》《食南之徒》 《长安十二时辰》等重磅作品，丰富电影市场供给，满足观众的多元观影需求。 【纠错】 【责任编辑:纪校玲】 自11月14日上线以来，爱奇艺出品电影《捕风追影》在全网持续热播，引发线上用户观影热潮。据云合数据显示，该片正片有 效播放市占率连续7天位列院线电影全网榜和电影全网榜TOP1，登顶电影霸屏榜。影片也获得了爱奇艺VIP会员的高度认可和喜爱， 爱奇艺内容热度值超过8400、评分高达9.0。上线首周，《捕风追影》持续登上爱奇艺热播总榜TOP2、爱奇艺电影热播榜TOP1，并 跻身爱奇艺电影必看榜TOP10，成为继《哪吒2》之后，2025年院线电影爱奇艺内容热度峰值排名第二的影片。 | 爱奇艺风云榜 - | | < 1 | ◎云合数据 O | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- ...

Core Viewpoint - The long video industry is facing a significant downturn, with major players like iQIYI and Mango TV reporting declines in revenue and profits, indicating a need for a shift in their business models [1][4][10] Financial Performance - iQIYI's Q3 revenue decreased by 7.8% year-on-year to 6.68 billion yuan, with a net loss of 248.9 million yuan compared to a net profit of 229.4 million yuan in the same period last year [1] - Mango TV's Q3 revenue fell by 6.58% to 3.099 billion yuan, with a net profit decline of 33.47% to 252 million yuan [1] - iQIYI's advertising revenue dropped by 7.2% to 1.24 billion yuan, while Bilibili's advertising revenue grew by 23% to 2.57 billion yuan [4][5] Industry Trends - The long video sector is experiencing a collective struggle, with a notable decline in subscriber numbers for Tencent Video, which fell from 116 million to 114 million year-on-year [1] - Advertisers are shifting their budgets towards short videos and platforms like Xiaohongshu due to better monetization efficiency [5][6] Content Performance - iQIYI maintains the highest market share in drama series, with popular shows like "Shang Xue Lu" and "Sheng Wan Wu" achieving high viewership ratings [4] - Despite successful content, the decline in high-margin advertising revenue remains a critical issue for iQIYI [4][6] Strategic Initiatives - iQIYI is expanding its overseas business, with international revenue growth reaching a two-year high and membership income increasing by over 40% [7] - The company is diversifying its IP consumption strategy, with self-operated and licensed products seeing over 100% revenue growth [8] Policy Environment - Recent government policies, known as "Broadcasting 21 Measures," aim to support the industry by relaxing content restrictions, which could benefit iQIYI's content production and distribution [9][10] - iQIYI's Chief Content Officer noted positive developments in project approvals and production under the new policy framework [9]

Core Insights - The long video industry's profitability model may need iteration as companies face declining revenues and increasing losses [2][10] Revenue and Profitability - iQIYI's Q3 revenue decreased by 7.8% year-on-year to 6.68 billion yuan, with a net loss of 248.9 million yuan compared to a net profit of 229.4 million yuan in the same period last year [2] - Mango TV's revenue also fell by 6.58% to 3.099 billion yuan, with a net profit decline of 33.47% to 252 million yuan [2] - iQIYI's advertising revenue dropped by 7.2% to 1.24 billion yuan, while Bilibili's advertising revenue grew by 23% to 2.57 billion yuan [6] Content Performance - iQIYI maintained the highest market share in drama series, with popular shows like "Chao Xue Lu" and "Sheng Wan Wu" achieving high content popularity scores [5] - Bilibili's diverse advertising client base includes gaming, e-commerce, and automotive sectors, which enhances its revenue stability compared to iQIYI [7] Membership and Costs - iQIYI's membership revenue fell by 3.5% to 4.2 billion yuan, while content costs decreased by 1% to 4.04 billion yuan [8][9] Strategic Initiatives - iQIYI is expanding its overseas business, with international revenue growth reaching a two-year high and membership income increasing by over 40% [11] - The company is also focusing on micro-dramas, which have seen a 140% quarter-on-quarter revenue increase, and is developing local self-produced content in multiple languages [12] Regulatory Environment - Recent favorable policies from the National Radio and Television Administration, known as "Broadcasting 21 Measures," aim to support the industry by relaxing content restrictions [13] - iQIYI's Chief Content Officer noted positive progress in project approvals and production under the new policy environment [13] Conclusion - The company must undergo transformation, with supportive policies aiding this process [14]