Core Viewpoint - iQIYI's Q3 2025 financial report shows total revenue of 6.68 billion yuan, with membership service revenue at 4.21 billion yuan, reflecting a 3% quarter-over-quarter growth. The report highlights the evolving landscape of video content driven by AI, emphasizing the need for platforms to adapt their content strategies to meet changing user demands and emotional engagement [5][10][19]. Group 1: Content Strategy and Market Position - iQIYI is focusing on enhancing content production capabilities and improving consumption formats to increase platform value [7]. - The company is maintaining a strong presence in traditional content, with successful releases such as the series "生万物" and the film "捕风追影," which grossed over 1.2 billion yuan [10]. - iQIYI's overseas revenue has seen significant growth, reaching a near two-year high, indicating the successful conversion of Chinese content advantages into international business [10]. Group 2: Emotional Value and User Engagement - The essence of the content industry is viewed as an investment in producing user-favored content, which serves as a platform asset and underpins the business model [9]. - iQIYI is actively developing IP consumer products and offline experience businesses, with projects underway in cities like Yangzhou and Kaifeng, and a third park announced in Beijing [15]. - The relationship between users and content IP is evolving, with offline experiences enhancing emotional engagement and loyalty among fans [15][18]. Group 3: AI's Role in Content Creation - AI is seen as a transformative force in the content industry, enhancing creativity and production efficiency [21][25]. - iQIYI has initiated an AI short film competition and partnered with Oscar-winning director Baodeqi to establish the "Baodeqi·iQIYI AI Theater," aiming to explore effective workflows for AI in the film industry [28]. - The company is focused on nurturing talent and developing AI-driven content production methods, anticipating significant changes in the industry within the next few years [28][30]. Group 4: Future Business Model and Value Creation - The shift towards "spiritual market share" reflects a new business model that prioritizes emotional engagement over traditional metrics like screen share [18][19]. - iQIYI's long-term value is projected to depend on the potential total value of its IP asset portfolio and the efficiency of monetization across various scenarios [32]. - The company is simultaneously enhancing its content production capabilities and expanding its monetization channels, positioning itself for a transformative evolution in the content landscape [34].

@美股研究社原创 作者丨在辉 11月18日，爱奇艺发布了2025年第三季度的财报。总收入66.8亿元，会员服务收入42.1亿元，环比增长3%，依然是一份典型的成绩单，但 这次却有了更多"潜台词"。 Sora 2发布以来，视频内容市场骤然增加了一批AI驱动的内容，但用户对待它们的态度已经完全变了，以前挑刺看破绽，现在开始研究内容本 身的质量和创意设计。他们接受新技术的速度超出了预期，随之带来了更重要的问题： 爱奇艺创始人、首席执行官龚宇在9月的爱奇艺iJOY秋季悦享会上曾说，社会环境在变，但内容提供的情绪价值万变不离其宗。而如果遍历一 下网络上用户生成的视频，我们也会发现，不断提升的是审美和乐趣。无论消费什么样的内容及其衍生品，重点都是触发情绪的感知。 这样的内容需要更强的生产力，更好的消费形式，这些就是当下爱奇艺工作的重心，也是提升平台价值的路径。 I P 的 " 心 灵 占 有 率 " 内容产业的本质是一种投资，面向剧本、导演、演员，产出受用户喜爱的内容，后者是平台的资产，通过屏幕触达用户，奠定商业模式的基 础。所以行业习惯用"屏幕占有率"的思想去评估平台。平台接触的用户数量和质量，决定了投资回报率。 但是 ...