爱奇艺重回亏损：靠政策救市？丨文娱财报观察

Core Viewpoint - iQIYI has returned to a loss position, with Q2 2025 revenue declining by 11% year-on-year to 6.63 billion yuan and a net loss of 133.7 million yuan compared to a net profit of 68.7 million yuan in the same period last year [1] Group 1: Financial Performance - iQIYI's membership revenue decreased by 9.0% year-on-year to 4.09 billion yuan, attributed to limited head content [5] - The company's advertising revenue fell by 13% year-on-year to 1.27 billion yuan, influenced by macroeconomic pressures and reduced budgets from major advertisers [8][9] - Overall, iQIYI's total revenue cost was 5.29 billion yuan, down 7% year-on-year, with content costs decreasing by 8% to 3.78 billion yuan [16] Group 2: Industry Challenges - The long video platform industry is facing a crisis due to competition from short videos and a sluggish advertising market [2][3] - Tencent's video subscription numbers dropped by 3 million to 114 million, indicating a broader trend in the industry [2] - The short video user base in China reached 1.04 billion, with a usage rate of 93.8%, highlighting the shift in viewer preferences [6] Group 3: Content and Market Strategy - iQIYI maintains a leading market share in total viewership among long video platforms, with several of its dramas achieving high popularity [5] - The company is exploring new market growth by leveraging its IP reserves for consumer products and offline experiences, achieving over 100 million yuan in GMV from collectible cards [13] - iQIYI's micro-drama library has reached 15,000 titles, with notable successes in recent releases [14] Group 4: Policy and Future Outlook - Recent favorable policies from the National Radio and Television Administration, known as "Broadcasting 21 Articles," are expected to enhance content production efficiency and attract more talent and investment [10][11][12] - iQIYI's international version saw a record high in daily membership numbers, with significant growth in markets like Brazil, Mexico, and Indonesia [15]