爱奇艺港股上市，是选择题还是必答题？

Core Viewpoint - iQIYI is reportedly planning a secondary listing in Hong Kong, aiming to raise approximately $300 million (around 2.156 billion RMB) to attract new investors and enhance its content offerings [3][4][9]. Company Background - iQIYI was established in 2010 as a video platform by Baidu, which later became its largest shareholder after acquiring shares from Providence [5]. - The company went public on NASDAQ in 2018, but its stock price has significantly declined since then, with a market value dropping to below $2 by August 2025, losing over 80% of its value since the IPO [3][7]. Financial Performance - iQIYI has faced substantial losses prior to 2022, with cumulative losses exceeding 9 billion RMB from 2015 to 2017 [7]. - In 2022, iQIYI achieved its first Non-GAAP profit, with total revenue of 29 billion RMB (down 5% year-on-year) and a net profit of 1.3 billion RMB, a significant turnaround from a loss of 4.5 billion RMB in 2021 [11]. - The company continued its profitable trend in 2023, reporting total revenue of 31.9 billion RMB (up 10% year-on-year) and a net profit of 2.8 billion RMB (up 121% year-on-year) [11]. Cost Management - iQIYI has focused on cost reduction since 2021, with content costs decreasing from 20.7 billion RMB in 2021 to 15.71 billion RMB in 2024 [11][12]. - The first quarter of 2025 showed continued cost optimization, with content costs controlled below 4 billion RMB [12]. Leadership Changes - The appointment of He Haijian as chairman of iQIYI is seen as a strategic move to facilitate the secondary listing, given his extensive experience in capital markets [4][16]. - He Haijian previously led successful IPOs and has a strong background in investment banking, which may benefit iQIYI's financial strategies [16]. Market Context - The potential secondary listing aligns with a broader trend among Chinese companies, including Bilibili and Tencent Music, seeking to diversify their funding sources amid volatility in U.S. markets [16]. - iQIYI's performance in 2024 was under pressure, with revenue dropping to 29.23 billion RMB (down 8% year-on-year) and a significant decline in net profit [16]. Financial Challenges - As of the first quarter of 2025, iQIYI reported a 9.35% year-on-year revenue decline to 7.19 billion RMB, with a 72.2% drop in net profit to 182 million RMB [17]. - The company's total liabilities reached 33.48 billion RMB, with a current ratio of only 0.46, indicating insufficient short-term liquidity [17].