内功与东风：爱奇艺要如何穿越行业周期

Core Viewpoint - The core strength of iQIYI lies in its content capabilities that transcend market cycles, forming a self-evolving value ecosystem, as evidenced by its Q2 financial results [3][5][11]. Financial Performance - iQIYI reported total revenue of 6.63 billion yuan in Q2, with a Non-GAAP operating profit of 58.7 million yuan, marking 14 consecutive quarters of Non-GAAP operating profitability [3][5]. - The company achieved significant market share in various content categories during the summer season, with its self-produced dramas receiving high acclaim [5][6]. Content Strategy - iQIYI's "content is king" strategy has established a robust barrier in the industry, successfully adapting its "hit drama methodology" from long-form series to micro-dramas [3][5]. - The company has maintained leadership in the long-form drama sector, with popular titles like "Under the Cloud" and "Born to Live" achieving high ratings and discussions [6][8]. Micro-Drama Development - iQIYI's first micro-drama adapted from an anime IP, "What is the Situation," broke platform records with a peak content popularity score exceeding 5,500, significantly boosting related content viewership [10]. - The micro-drama segment has become a key driver for new memberships in international markets such as Indonesia, South Korea, and Brazil [10]. AI Integration - AI technology is deeply integrated into iQIYI's content production and consumption processes, enhancing script evaluation and production efficiency [14][16]. - The use of AI has improved the efficiency of content creation by over ten times and increased the click-through rate of AI-optimized advertisements by 20% [14][16]. IP Monetization - iQIYI is transitioning from a licensing model to a self-operated model for IP consumer products, achieving over 100 million yuan in GMV for its self-operated card business in the first half of the year [17]. - The company is also exploring offline entertainment experiences through its "All-Sensory Theater" concept, with over 50 locations established nationwide [17][18]. Policy Environment - Recent regulatory changes from the National Radio and Television Administration are seen as a favorable development for the content industry, enhancing production flexibility and encouraging diverse content creation [12]. - iQIYI is well-positioned to leverage these policy changes, given its extensive IP reserves and dual focus on long-form and micro-drama content [12].