资料图。本文来源 ：澎湃新 闻 记者 吴雨欣 爱奇艺三季度同比转亏，海外业务被视为第二增长曲线。 11月18日，爱奇艺公布2025年第三季度财报。该季度爱奇艺实现营业收入66.8亿元，同比下降 约8%，环比增长1%；不按美国通用会计准则，归属于爱奇艺的净亏损为1.482亿元，而上年同 期净利润为4.798亿元。 | Third Quarter 2025 Financial Highlights (Amounts in thousands of Renminbi ("RMB"), except for | | Three Months Ended | | | --- | --- | --- | --- | | per ADS data, unaudited) | September 30. 2024 | June 30. 2025 | September 30. 2025 | | | RMB | RMB | RMB | | Total revenues | 7.245.681 | 6,628,248 | 6,682,385 | | Operating income/(loss) | 238.921 | (46. ...

Core Viewpoint - The long video industry is facing a significant downturn, with major players like iQIYI and Mango TV experiencing revenue declines and increasing losses, indicating a need for a shift in their business models [1][2][3][14]. Revenue Performance - iQIYI reported a 7.8% year-on-year decline in revenue for Q3, totaling 6.68 billion yuan, and a net loss of 248.9 million yuan compared to a net profit of 229.4 million yuan in the same period last year [1]. - Mango TV's revenue also fell by 6.58% to 3.099 billion yuan, with a 33.47% drop in net profit to 252 million yuan [2]. - iQIYI's advertising revenue decreased by 7.2% to 1.24 billion yuan, while Bilibili's advertising revenue grew by 23% to 2.57 billion yuan [10]. Content and Market Trends - iQIYI maintained the highest market share in the drama segment, with popular series like "Shang Xue Lu" and "Sheng Wan Wu" achieving high viewership ratings [5][8]. - Despite successful content, the decline in high-margin advertising revenue indicates a shift in advertiser preferences towards more effective short video platforms [10]. - Bilibili's diverse advertising client base and effective customer acquisition strategies contrast with iQIYI's challenges in attracting advertisers [11]. Cost Management - iQIYI's content costs decreased by 1% to 4.04 billion yuan, reflecting efforts to manage expenses amid declining revenues [13]. Strategic Initiatives - iQIYI is expanding its overseas business, achieving significant growth in international membership revenue, particularly in markets like Brazil and Mexico, with some regions seeing over 100% growth [16]. - The company is also diversifying its IP consumption strategy, with a 100% increase in overall revenue from self-operated and licensed products [17]. - iQIYI is leveraging AI to enhance cost efficiency and improve advertising targeting and conversion rates [17]. Regulatory Environment - Recent policy changes, referred to as "Broadcasting 21 Measures," are expected to benefit the industry by relaxing content restrictions and supporting high-quality productions [18][19]. - iQIYI's content team is adapting to the new regulatory environment, with ongoing projects benefiting from government support [19]. Future Outlook - The company must undergo transformation to adapt to the changing landscape, with supportive policies potentially aiding this transition [20].

Core Insights - The long video industry's profitability model may need iteration as companies face declining revenues and increasing losses [2][10] Revenue and Profitability - iQIYI's Q3 revenue decreased by 7.8% year-on-year to 6.68 billion yuan, with a net loss of 248.9 million yuan compared to a net profit of 229.4 million yuan in the same period last year [2] - Mango TV's revenue also fell by 6.58% to 3.099 billion yuan, with a net profit decline of 33.47% to 252 million yuan [2] - iQIYI's advertising revenue dropped by 7.2% to 1.24 billion yuan, while Bilibili's advertising revenue grew by 23% to 2.57 billion yuan [6] Content Performance - iQIYI maintained the highest market share in drama series, with popular shows like "Chao Xue Lu" and "Sheng Wan Wu" achieving high content popularity scores [5] - Bilibili's diverse advertising client base includes gaming, e-commerce, and automotive sectors, which enhances its revenue stability compared to iQIYI [7] Membership and Costs - iQIYI's membership revenue fell by 3.5% to 4.2 billion yuan, while content costs decreased by 1% to 4.04 billion yuan [8][9] Strategic Initiatives - iQIYI is expanding its overseas business, with international revenue growth reaching a two-year high and membership income increasing by over 40% [11] - The company is also focusing on micro-dramas, which have seen a 140% quarter-on-quarter revenue increase, and is developing local self-produced content in multiple languages [12] Regulatory Environment - Recent favorable policies from the National Radio and Television Administration, known as "Broadcasting 21 Measures," aim to support the industry by relaxing content restrictions [13] - iQIYI's Chief Content Officer noted positive progress in project approvals and production under the new policy environment [13] Conclusion - The company must undergo transformation, with supportive policies aiding this process [14]

Core Insights - The National Day film market in 2025 has shown a strong performance, with total box office exceeding 1.5 billion yuan, driven by a diverse lineup of films [1][4][6] Group 1: Box Office Performance - The first day box office for the National Day films reached over 322 million yuan, with total box office (including pre-sales) surpassing 1.5 billion yuan by October 6 [1] - The top three films include "The Volunteer Army: Blood and Peace," "731," and "Assassination Novelist 2" [1] Group 2: Film Variety and Audience Demand - This year's National Day films feature a wide range of genres, including fantasy, action, war, drama, animation, comedy, and crime, catering to diverse audience preferences [4] - The extended 8-day holiday period is expected to enhance box office performance through a long-tail effect [4] Group 3: Market Trends and Future Outlook - The film market achieved a total box office of 11.966 billion yuan during the summer season, with a year-on-year increase of 2.76% [5] - The overall box office for the 2025 fiscal year has already surpassed 40 billion yuan, with domestic box office at approximately 39.292 billion yuan [5] Group 4: Company Benefits and Stock Performance - Several A-share listed companies are expected to benefit from the successful films, including China Film and Huayi Brothers, with notable stock performance in the film sector [7][8] - Companies like Guomai Culture, Light Media, and Huanrui Century have seen significant stock price increases, with gains of 201.13%, 107.48%, and 101.23% respectively [7] - The film concept stocks are projected to see growth in net profits for 2025, with companies like Light Media and China Film expected to double their net profits [8][9]

Core Viewpoint - The recent surge in the film and television sector is closely linked to the "21 Measures" issued by the National Radio and Television Administration (NRTA), which aims to revitalize the industry by addressing key pain points such as the limitation on the number of episodes and the scheduling of seasonal dramas [1][10][19]. Industry Impact - The NRTA's "21 Measures" include lifting the 40-episode cap, removing the one-year interval requirement for seasonal dramas, and relaxing restrictions on the broadcast ratio of historical dramas, which are expected to significantly benefit the industry [10][11][19]. - The measures have been described as a "timely rain" for the industry, which has faced challenges such as tightened procurement by platforms and a decline in both production and viewership [3][9][19]. Market Reaction - On August 18, the cultural media index rose by 3.11%, with net inflows exceeding 10.257 billion yuan, indicating strong market confidence in the sector following the announcement of the "21 Measures" [4][7]. - Several companies, including Huazhi Shumedia, Huace Film & TV, and Ciweng Media, saw their stock prices hit the daily limit, reflecting investor optimism [4][7]. Production and Content Creation - The industry is witnessing a resurgence in production activity, with multiple film crews accelerating their preparations for new projects, as indicated by increased restaurant bookings in production hubs like Hengdian [3][20]. - The measures are expected to encourage the development of high-quality IPs, allowing for continuous and high-quality content creation, which is crucial for revitalizing the long-form drama market [13][19]. Long-term Trends - The decline in the number of dramas produced has been alarming, with a drop from 429 dramas in 2014 to only 115 in 2024, a decrease of 73% [9][17]. - The rise of short dramas has created a competitive environment for long dramas, with platforms reallocating resources towards shorter formats [9][19]. Future Outlook - The "21 Measures" are anticipated to stimulate both supply and demand in the market, potentially leading to a more vibrant and profitable industry landscape [8][19]. - Companies are optimistic that the new policies will attract capital back into long-form dramas, which have been neglected in favor of shorter formats [18][19].

Core Viewpoint - The recent surge in the film and television sector is closely linked to the "21 Measures" issued by the National Radio and Television Administration, which aims to revitalize the industry by addressing key pain points such as the cap on episode counts and restrictions on seasonal broadcasts [1][5]. Group 1: Industry Response - On August 18, the film and television sector saw a significant stock price increase, with the cultural media index rising by 3.11% and a net capital inflow of over 10.257 billion [2][3]. - Major companies like Huazhi Shumedia, Huace Film & TV, and others experienced stock price surges, indicating a positive market reaction to the new policies [2][3]. - The industry has been facing challenges such as reduced production and audience loss, making the new policies a timely relief [1][3]. Group 2: Policy Implications - The "21 Measures" include lifting the 40-episode cap, removing seasonal broadcast intervals, and relaxing restrictions on historical dramas, which are expected to stimulate content creation and market activity [5][6]. - The measures are anticipated to benefit long-form drama production companies, allowing them to explore previously restricted themes [4][6]. - The policies aim to enhance the creative space for producers while providing consumers with more choices, thus stimulating market demand [3][6]. Group 3: Market Dynamics - The television industry has seen a decline in production, with the number of dramas receiving distribution licenses dropping from 429 in 2014 to just 115 in 2024, a decrease of 73% [3][8]. - The rise of micro-dramas has intensified competition for long-form dramas, with micro-drama users reaching 666 million in 2024, reflecting a 14.8% growth [4][8]. - The new policies are expected to encourage a shift back to long-form content, as production companies are now more inclined to invest in high-quality IPs [6][8]. Group 4: Future Outlook - The industry anticipates a revival, with many production teams accelerating their project launches in response to the new policies [9]. - The measures are seen as a catalyst for attracting capital back into the long-form drama sector, which has been struggling with reduced investment [8][9]. - Overall, the "21 Measures" are viewed as a significant step towards revitalizing the film and television industry, fostering a healthier and more dynamic market environment [8][9].

Core Viewpoint - The recent surge in the film and television sector is closely linked to the "21 Measures" issued by the National Radio and Television Administration, which aims to revitalize the industry by addressing key pain points such as the cap on episode counts and restrictions on seasonal broadcasts [1][3][6]. Industry Impact - The "21 Measures" include lifting the 40-episode cap, removing the one-year interval requirement for seasonal dramas, and relaxing the broadcasting ratio for historical dramas, which are expected to significantly benefit long-form drama production companies [8][10]. - The measures have been described as a "timely rain" for the industry, which has faced challenges such as tightened procurement by platforms and a decline in both production and viewership [3][6][11]. Market Response - On August 18, the cultural media index rose by 3.11%, with net inflows exceeding 10.257 billion, indicating strong market confidence in the sector following the announcement of the "21 Measures" [4][6]. - Major companies such as Huazhi Shumedia, Huace Film & TV, and Ciweng Media saw their stock prices hit the daily limit, reflecting investor optimism [4][6]. Production Trends - The industry has been experiencing a decline in production, with the number of dramas receiving distribution licenses dropping from 429 in 2014 to just 115 in 2024, a staggering 73% decrease [6][11]. - The rise of micro-dramas has further squeezed the space for long-form dramas, with micro-drama users reaching 662 million in 2024, growing at a rate of 14.8% [7][11]. Future Outlook - The "21 Measures" are expected to stimulate both supply and demand in the market, allowing for more creative freedom and a broader selection for consumers, which could lead to a revival of the long-form drama market [6][10]. - Industry insiders anticipate that the measures will encourage the production of high-quality content and attract capital back into the long-form drama sector, which has been neglected in favor of shorter formats [10][11].

Core Viewpoint - The recent surge in the film and television sector is closely linked to the "21 Measures" issued by the National Radio and Television Administration (NRTA), which aims to revitalize the industry by addressing key pain points such as the 40-episode limit and restrictions on seasonal dramas [1][4][10]. Group 1: Industry Impact - The NRTA's "21 Measures" include lifting the 40-episode cap, removing the one-year interval requirement for seasonal dramas, and relaxing the broadcast ratio for historical dramas, which are expected to significantly benefit the industry [1][10]. - The film and television industry has faced multiple challenges, including tightened procurement by platforms and a decline in production, leading to a situation where short dramas are squeezing the space for long dramas [4][8]. - The measures are seen as a "timely rain" for the industry, with many production companies accelerating their project preparations in response to the positive news [4][12]. Group 2: Market Response - On August 18, the cultural media index rose by 3.11%, with a net inflow of over 10.2 billion yuan into the film and television sector, indicating strong market confidence following the announcement [5][8]. - Major stocks in the sector, including Huazhi Shumedia (300426.SZ) and Huace Film & TV (300133.SZ), experienced significant gains, with several stocks hitting the daily limit [5][8]. - The NRTA's measures are expected to stimulate both supply and demand sides of the market, enhancing creative space and consumer choice [8][12]. Group 3: Future Prospects - The adjustments in policy are anticipated to lead to a resurgence in long dramas, particularly benefiting companies focused on high-quality IP development [9][12]. - The industry has seen a significant decline in production, with the number of dramas receiving distribution licenses dropping from 429 in 2014 to just 115 in 2024, a decrease of 73% [8][13]. - The measures are expected to attract capital back into the long drama sector, which has been overshadowed by the rise of short dramas, thus potentially reversing the current downward trend in production [12][13].

Core Viewpoint - The recent surge in the film and television sector is closely linked to the release of the "21 Measures for TV Drama Creation" by the National Radio and Television Administration, which addresses key industry pain points and has led to significant stock price increases for several companies in the sector [1] Group 1: Industry Impact - The implementation of the new measures includes breaking the 40-episode limit for TV dramas, allowing for more flexible scheduling of seasonal dramas, and relaxing the broadcast ratio for historical dramas [1] - A video conference was held by the National Radio and Television Administration on August 18 to discuss the specifics of the new measures, attended by local film bureaus and representatives from various companies [1] Group 2: Stock Market Reaction - Stocks of companies such as Huazhi Shumedia, Huace Film & TV, Ciwen Media, Jishi Media, and Huanrui Century experienced significant price increases, with many reaching the daily limit [1]