爱奇艺，拼命讲新故事

Core Viewpoint - iQIYI's stock price has declined significantly despite expectations of a turnaround in Q4 2024 and a strong start in 2025, with its market value dropping to below 20 billion yuan [1][2]. Group 1: Market Position and Challenges - iQIYI was once valued over 100 billion yuan, perceived as a potential competitor to platforms like Netflix and Disney, but has struggled to achieve a monopoly in the domestic long-video market [2][3]. - The advertising revenue has drastically decreased from over 10 billion yuan in 2018 to only a few billion now, indicating a significant shift in market conditions [3]. Group 2: Financial Performance - In Q1 2025, iQIYI's revenue was 7.19 billion yuan, a year-on-year decline of 9%, with membership services contributing 4.4 billion yuan, down 8% from the previous year [5][8]. - Operating profit for Q1 was 242 million yuan, with an operating margin of 5%, down from 12% year-on-year, and net profit decreased by 72.2% to 182 million yuan [9]. Group 3: Content Strategy - iQIYI is shifting towards micro and short dramas to adapt to changing viewer preferences, with plans to launch "micro-drama" and "short-drama" platforms [13][14]. - The company aims to enhance content quality and user engagement by focusing on high-quality, shorter series rather than traditional long dramas [15]. Group 4: Diversification and New Ventures - iQIYI is exploring e-commerce opportunities by integrating its content with shopping experiences, including live-streaming and product placements within micro-dramas [19][23]. - The company plans to establish physical entertainment parks based on its IPs, aiming to create immersive experiences that extend its brand beyond digital platforms [23].