爱奇艺（IQ）：FY25Q4 业绩点评：财务表现向好，海外业务增长提速

| 财务摘要(百万人民币) | 2024 | 2025 | 2026E | 2027E | 2028E | | --- | --- | --- | --- | --- | --- | | 营业收入 | 29225 | 27291 | 27975 | 28906 | 29393 | | (+/-)% | -8.3% | -6.6% | 2.5% | 3.3% | 1.7% | | 经调整经营利润 | 2362 | 639 | 957 | 1394 | 1564 | | 经调整净利润 | 1512 | 281 | 595 | 892 | 982 | | (+/-)% | -46.7% | -81.4% | 112.2% | 49.8% | 10.2% | | 经调整净利率 | 5.2% | 1.0% | 2.1% | 3.1% | 3.3% | | PE | 9.2 | 39.7 | 18.7 | 12.5 | 11.3 | | 资料来源：Wind，国泰海通证券研究 | | | | | | 风险提示：新政落地不及预期，行业竞争加剧，内容表现未及预期。 交易数据 | 52 周内股价区间(美元) | 1.50-2.8 ...