爱奇艺：Inline 1Q25 results; stepped-up content & marketing investment impacts ST margin-20250523

23 May 2025 CMB International Global Markets | Equity Research | Company Update iQIYI (IQ US) Inline 1Q25 results; stepped-up content & marketing investment impacts ST margin iQiyi announced 1Q25 results: total revenue declined by 9% YoY but grew by 9% QoQ to RMB7.19bn, in line with Bloomberg consensus estimate; non-GAAP operating income was down by 58% YoY but recovered by 13% QoQ to RMB459mn, also in line with the consensus estimate. Looking ahead in 2Q25E, we model total revenue to be largely flat QoQ, b ...