爱奇艺盘前大涨12%，拟赴港二次上市

Core Viewpoint - iQIYI has submitted a confidential application for listing its Class A ordinary shares on the Hong Kong Stock Exchange and has approved a share buyback plan worth up to $100 million [1][4]. Group 1: Financial Performance - For the fiscal year 2025, iQIYI reported total revenue of 27.29 billion RMB, a year-on-year decline of 7%, marking the end of its previous growth trend [3]. - The company's non-GAAP operating profit for 2025 was 640 million RMB, down approximately 73% from 2.36 billion RMB in 2024 [3]. - Membership service revenue for 2025 was 16.81 billion RMB, a decrease of about 5%, accounting for 61.6% of total revenue [3]. Group 2: Management Changes - On January 20, 2025, iQIYI's CFO Wang Jun resigned for personal reasons, effective immediately, and the company appointed Senior Vice President of Finance Zeng Ying as the interim CFO [3]. Group 3: Market Performance - iQIYI's stock price has significantly declined, with the latest closing price at $1.20 per share, resulting in a market capitalization of approximately $1.2 billion, a substantial decrease from its peak valuation of $31.28 billion [4]. - Following the announcement of the listing application, iQIYI's stock experienced a pre-market surge of 16%, which later narrowed to a 12.5% increase [4].