Exhibit 99.1 iQIYI Announces Third Quarter 2025 Financial Results BEIJING, CHINA, November 18, 2025 – iQIYI, Inc. (Nasdaq: IQ) ("iQIYI" or the "Company"), a leading provider of online entertainment video services in China, today announced its unaudited financial results for the third quarter ended September 30, 2025. Third Quarter 2025 Highlights "The success of our recent drama hits underscores our consistent ability to amplify IP value through high-quality storytelling and advanced production, to connect ...

Core Insights - Baidu reported a total revenue of 31.174 billion yuan for Q3 2025, with a net loss of 11.232 billion yuan compared to a net profit of 7.632 billion yuan in the same period last year [1] - The company's core business revenue, excluding iQIYI, was 24.7 billion yuan, with online marketing revenue at 15.3 billion yuan and non-online marketing revenue at 9.3 billion yuan, reflecting a year-on-year growth of 21% driven by the growth of its smart cloud business [1] Business Transformation - Baidu's search business is undergoing a significant AI transformation, with approximately 70% of mobile search result pages containing AI-generated content as of October 2025 [3] - The company aims to redefine search results from a text and link-based application to a rich media content-driven AI application [3] AI Business Growth - Baidu disclosed that its new AI business revenue grew over 50% year-on-year, reaching approximately 10 billion yuan in Q3 2025, with significant contributions from three main categories: smart cloud infrastructure revenue at 4.2 billion yuan (up 33%), AI high-performance computing facility subscription revenue up 128%, and AI applications revenue at 2.6 billion yuan [3][4] - AI-native marketing services, including intelligent agents and digital humans, generated 2.8 billion yuan in revenue, marking a year-on-year increase of 262% [4] Autonomous Driving Expansion - Baidu's autonomous driving service, Apollo Go, achieved 3.1 million orders for fully autonomous driving operations in Q3 2025, with a year-on-year growth rate increasing from 148% to 212% [4] - As of November 2025, Apollo Go has provided over 17 million autonomous driving service orders across 22 cities, with a total autonomous driving mileage exceeding 140 million kilometers and total driving mileage surpassing 240 million kilometers [4]

Core Insights - The 2025 China Commercial Advertising Great Wall Award ceremony was held during the 32nd China International Advertising Festival and the 34th Asian Advertising Conference, recognizing outstanding contributions in the advertising industry [1] - The Great Wall Award has become a prestigious accolade in China's advertising sector, with over 7,000 entries submitted this year, resulting in 164 awards after rigorous evaluation [1] - The award-winning works not only excelled in creativity and execution but also set benchmarks in value transmission and social leadership, showcasing the industry's resilience despite current challenges [1] Industry Trends - The academic awards focused on cutting-edge theories, including AI advertising ethics and e-commerce marketing models, providing theoretical support for commercial advertising practices [1] - The commercial case awards spanned various industries such as fast-moving consumer goods and technology, highlighting trends in AI application and integrated marketing [1] - The winning teams shared insights on their successful campaigns, emphasizing the importance of strategic thinking and execution in achieving market and social value [3][4] Social Responsibility - The ceremony recognized companies contributing to the self-regulation of advertising aimed at minors, with Tencent and Baidu among those awarded for their efforts in creating a healthy advertising ecosystem [5] - The event also acknowledged the best-organized units and contributors to the advertising festival, reinforcing the importance of collaboration in advancing the advertising industry [5] Knowledge Sharing - The "Gold Award Case Deep Dive" segment allowed industry professionals to learn from the creative logic behind award-winning campaigns, providing a comprehensive reference for advertising practitioners [2][4] - The case studies presented by the winning teams illustrated practical strategies and execution details, offering valuable insights for the industry [4]

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Investment Rating - The report maintains a "Positive" investment rating for the media internet industry [3] Core Viewpoints - Apple's introduction of a partnership program for mini-programs allows developers to enjoy a 15% revenue share reduction on eligible in-app purchases, breaking the long-standing payment barrier [4] - The Tencent mini-program ecosystem is expected to accelerate development, leading to increased traffic growth on WeChat, which will gradually reflect in Tencent's advertising and gaming business [4] - The report emphasizes the importance of AI technology in enhancing advertising effectiveness and the need to focus on the strategic value of leading companies in the industry [4][11] Summary by Sections Internet Sector - Tencent's Q3 2025 revenue reached 192.9 billion RMB, a year-on-year increase of 15% and a quarter-on-quarter increase of 5% [4] - The overseas gaming market revenue was 20.8 billion RMB, up 43% year-on-year, while domestic gaming revenue was 42.8 billion RMB, up 15% [4] - Social network revenue grew by 5% to 32.3 billion RMB, driven by video live streaming and music subscription services [4] Film and Television Sector - The box office for the week reached 239 million RMB, with "Demon Slayer: Infinity Castle Chapter" leading with a single-day box office of 147 million RMB [5] - The report suggests that the film market remains supply-driven, with quality imported films expected to boost box office growth [5] - The television drama industry is anticipated to enter a new phase of content creation and development due to new government policies [5] Gaming Sector - The report highlights the strong performance of major games like "Honor of Kings" and "Delta Action," which are expected to maintain their competitive edge through frequent content updates [6] - There are potential investment opportunities as new product cycles begin, particularly in AI-enhanced gaming experiences [6] AI Application Sector - AI comic production is seen as a transformative approach to content creation, significantly improving efficiency and reducing costs [7] - The report encourages attention to companies involved in IP rights and industrialized content production, as well as those providing production technology and platforms [7][8] New Business Models - The "group broadcast" model is viewed as a significant industry innovation, shifting from reliance on individual charisma to systematic growth [9] - Companies directly involved in group broadcasting and those benefiting from its rapid development are recommended for investment consideration [9] Market Performance - From November 10 to November 14, the media sector saw a decline of 1.36%, ranking 25th among all industries [14] - The report notes that advertising, digital media, and television broadcasting sectors performed better than film, publishing, and gaming sectors during this period [15]

Group 1 - The State Council meeting emphasized enhancing the adaptability of supply and demand in consumer goods to further stimulate consumption and promote economic circulation [1] - The meeting highlighted the importance of leading industrial upgrades through consumption upgrades and better meeting diverse demands with high-quality supply [1] - The focus will be on accelerating the application of new technologies and innovative models, particularly in key industries and fields, to develop new products and value-added services [1] Group 2 - The Ministry of Finance plans to strengthen counter-cyclical and cross-cyclical adjustments, determining deficit rates and debt scales based on changing circumstances [2] - The People's Bank of China announced an 800 billion yuan reverse repurchase operation to maintain ample liquidity in the banking system [4] Group 3 - The China Securities Regulatory Commission aims to enhance market resilience and stability, making the system more inclusive and attractive while improving the quality and value of listed companies [3] - The market supervision authority released a draft guideline for antitrust compliance for internet platforms, aiming to protect legal rights and maintain fair competition [5] Group 4 - Multiple smartphone manufacturers, including Xiaomi and OPPO, have paused storage chip purchases due to soaring prices, with some having inventory levels below three weeks [11] - Industrial Fulian denied rumors of order or outlook downgrades, stating that current project progress and delivery schedules are normal [12] - Huawei is set to release breakthrough AI technology that could significantly improve the utilization efficiency of computing resources [13] - Samsung Electronics raised contract prices for server memory chips by up to 60% due to supply shortages driven by the AI data center boom [14]

Market Overview - The US Senate made significant progress on funding issues, leading to a collective rise in major US stock indices on Monday, with the Dow Jones up 0.81%, S&P 500 up 1.54%, and Nasdaq Composite up 2.27% [1] - Market risk appetite has rebounded, with heavyweight AI stocks like Nvidia and Palantir leading the gains [1] Technology Sector Performance - Major tech stocks saw widespread gains, with Nvidia rising 5.79%, adding $265 billion (approximately 1.89 trillion RMB) to its market capitalization [3] - Other notable performers included AMD up over 4%, Google and Tesla up over 3%, and Microsoft, Amazon, and Netflix up over 1% [3] Earnings Reports - CoreWeave reported Q3 revenue of $1.36 billion, exceeding analyst expectations of $1.29 billion, with a net loss of $110.1 million, better than the anticipated loss of $299.6 million [5] - Occidental Petroleum's Q3 revenue was $6.717 billion, slightly above the market expectation of $6.679 billion [5] Chinese Stocks Performance - The Nasdaq Golden Dragon China Index rose 2.25%, with notable gains in Chinese stocks such as Xpeng Motors up over 16% and Baidu up over 5% [5] Federal Reserve Insights - Several Federal Reserve officials expressed concerns about the potential economic impact of maintaining high interest rates for too long, indicating a cooling labor market [9] - Morgan Stanley and other Wall Street firms maintain a bullish outlook on US stocks, citing strong corporate earnings growth as a driving factor for further market increases in 2026 [9] AI Sector Outlook - Analysts indicate that the "AI fundamental narrative" supporting the bull market remains intact, suggesting significant buying opportunities during market pullbacks [11] - UBS forecasts that the S&P 500 could reach a record 7,500 points by the end of 2026, reflecting an over 11% increase from current levels, driven largely by technology companies [10]

Market Performance - Major tech stocks showed positive performance, with Nvidia up 4.1%, Tesla up 3.68%, Google up 2.82%, Facebook up 1.44%, Microsoft up 1.26%, Amazon up 1.19%, and Apple up 1.18% [2] - The Nasdaq Golden Dragon Index rose over 2%, with notable individual stock performances including Arctech Solar up over 12%, XPeng Motors up over 11%, and Miniso up nearly 5% [3][4] European Market - European stock markets experienced significant gains, with Italy's MIB Index rising over 2%, and France's CAC40, Germany's DAX, and the Europe STOXX50 all increasing by more than 1% [4] U.S. Government Funding Bill - The U.S. Senate passed a temporary funding bill to end the government shutdown, providing funding until January 30, 2026, following an agreement between some Democratic and Republican senators [4] - President Trump expressed optimism about the end of the shutdown, indicating progress in negotiations [4] Economic Data Release - Analysts predict that the reopening of the U.S. government will lead to a surge of delayed economic data releases, which could impact the Federal Reserve's December meeting [5] - The probability of a 25 basis point rate cut by the Federal Reserve in December is estimated at 65.6%, while the likelihood of maintaining current rates is 34.4% [5] - Federal Reserve officials indicated concerns about prolonged high interest rates potentially harming the economy, while noting that the labor market is nearing full employment but showing signs of cooling [5]

Market Overview - The three major indices showed mixed results at the close, with the Dow Jones up by 0.16%, the Nasdaq down by 0.21%, and the S&P 500 rising by 0.13% [1] Banking Sector - The banking sector stabilized after a decline, with notable gains from Zions Bank up by 1.93%, Alliance West Bank up by 1.66%, and US Bancorp up by 1% [3] - Major banks like JPMorgan Chase and United Bank also saw slight increases, while Bank of America, Citigroup, Goldman Sachs, and US Steel experienced minor declines [3] Technology Sector - The technology sector continued to show weakness but with significant differentiation among stocks, as Tesla fell sharply by 3.68%, Google down by 2.08%, Qualcomm down by 1.33%, and AMD down by 1.75% [3] - Conversely, Intel saw a notable increase of 2.39%, while other tech giants like NVIDIA, Amazon, Netflix, and META had slight gains [3] Chinese Concept Stocks - Chinese concept stocks continued to struggle, with the China Golden Dragon index down by 0.95% at the close [3] - Specific declines included XPeng Motors down by 6.15%, Tencent Music down by 4.62%, NIO down by 4.19%, and Bilibili down by 2.08%, while Alibaba, Baidu, JD.com, and iQIYI also saw minor declines [3] Gold Market - COMEX gold opened higher and experienced a day of fluctuating gains, closing up by 0.42% at $4007.8 per ounce, with a low of $3981.6 and a high of $4035.8 during the trading session [3]

Core Insights - Kunlun Wanwei's AI-driven business has led to significant growth, with a third-quarter revenue of 2.072 billion yuan, a year-on-year increase of 56.16%, and a net profit of 190 million yuan, compared to a loss of 237 million yuan in the same period last year [1][2] AI Business Growth - The company has focused on AGI and AIGC, achieving substantial progress in technology development, product innovation, and commercialization, resulting in a strong overall performance [1][2] - For the first three quarters of 2025, the company reported total revenue of 5.805 billion yuan, a year-on-year increase of 51.63% [1] Globalization Strategy - Kunlun Wanwei has deepened its global strategy, achieving overseas revenue of 5.41 billion yuan in the first three quarters, a 58% increase, with overseas revenue accounting for 93.3% of total revenue, up 3.6 percentage points year-on-year [3] - The company has established a solid user base in over 100 countries, with nearly 400 million monthly active users globally, enhancing its international competitiveness [3] R&D Investment and Technological Advancements - The company has significantly increased its R&D investment, with expenditures reaching 1.211 billion yuan in the first three quarters of 2025, a year-on-year increase of 5.83% [3] - Kunlun Wanwei's "Tiangong" model has evolved to version 4.0, featuring a parameter scale of 400 billion, making it one of the largest open-source MoE models globally [4] Industry Positioning - The company is transitioning from a gaming company to a leading global AI enterprise, leveraging its global layout and deep integration of AI technology as core competitive advantages [4]