爱奇艺：4Q25E preview: expect both revenue and earnings to recover in 4Q25-20260122

22 Jan 2026 CMB International Global Markets | Equity Research | Company Update iQIYI (IQ US) iQIYI (IQ US) - 4Q25E preview: 4Q25E preview: expect both revenue and earnings to recover in 4Q25 We expect iQiyi total revenue to regain growth momentum in 4Q25. We forecast 4Q25E total revenue to grow by 2% YoY and 1% QoQ to RMB6.77bn, mainly driven by the recovery of membership and content distribution businesses. We expect iQiyi to record non-GAAP net income of RMB93mn in 4Q25E, up from non-GAAP net loss of RMB ...