iQIYI(US:IQ) Sou Hu Cai Jing·2025-11-20 16:15Core Insights - The article highlights the transition of long video platforms from scale competition to value realization, driven by the dual backdrop of intensified competition between long and short videos and the explosive growth of micro-dramas [1][2]. Financial Performance - In Q3 2025, the company reported total revenue of 6.68 billion RMB, with membership services leading the revenue structure, showing a 3% quarter-on-quarter increase to 4.21 billion RMB. Online advertising services generated 1.24 billion RMB, while content distribution and other business revenues totaled 1.23 billion RMB [3]. - The total cost decreased by 3% year-on-year to 5.47 billion RMB, indicating effective revenue and cost management [3]. Growth Drivers - The company identified three core growth drivers: explosive overseas business performance, deep integration of AI technology, and accelerated layout of experiential business [3][5]. - In Q3, the international version of the platform achieved record-high daily membership numbers, with membership revenue growing over 40% year-on-year, marking the highest revenue growth in nearly two years [5][6]. Overseas Expansion - The overseas business has become a significant performance increment, with membership revenue in key regions like Brazil, Mexico, and Indonesia seeing over 100% year-on-year growth [5][6]. - The dual strategy of "mainland IP going global + local content creation" has been effective, with localized productions resonating well with regional audiences [6][8]. AI Integration - AI technology is reshaping the content ecosystem, with the global AI video market expected to reach 218 billion RMB by 2025, with China accounting for 42% of this market [10]. - The company has implemented AI across the content creation process, significantly reducing production costs by 40% to 50% [11][13]. IP and Experiential Business - The company is expanding its IP value beyond online content to offline experiences, with significant growth in IP consumer products and experiential businesses [15][18]. - The transition from "single licensing" to a "self-operated + licensed" model has resulted in over 100% year-on-year revenue growth in the IP consumer products sector [18][20]. Conclusion - The company's Q3 performance and positive market response reflect its commitment to quality content, technological empowerment, and global expansion. The CEO emphasized the focus on high-quality content and IP while actively investing in overseas and AI sectors, indicating a shift from a traditional content platform to a global IP ecosystem operator [20].