《成何体统》等多部爱奇艺自制微剧在海外表现优异，带动会员收入环比增长140%。截至9月底，微剧 在会员收入、播放时长等多个核心指标上已成为仅次于长剧集的第二大内容类型。当前，该平台正在加 速开发本土自制微剧，多部英语、泰语、韩语、印尼语项目已经开机，预计年内上线，以此丰富海外内 容的供给，适配多市场的消费偏好。 智通财经APP获悉，周二，爱奇艺(IQ.US)涨逾4%，报2.145美元。财报显示，三季度，爱奇艺总收入为 66.8亿元人民币，作为爱奇艺第二增长曲线的海外业务继续保持高速增长，多项核心数据创历史新高： 三季度，爱奇艺海外业务总收入同环比增幅创近两年新高，总收入实现同环比双位数增长，国际版日均 会员数创历史新高，会员收入同比增长超40%。其中巴西、5个西语区市场、墨西哥、印尼会员收入同 比涨幅超100%，显示出其在新兴市场的付费吸引力正快速攀升。 ...

Core Insights - iQIYI reported a revenue of 6.68 billion yuan for Q3 2025, marking an approximately 8% year-over-year decline, continuing a trend of revenue decrease for the third consecutive quarter since Q1 2025 [1] - The total revenue for the first three quarters of 2025 was approximately 20.5 billion yuan, reflecting a nearly 9% year-over-year decline [1] - The company experienced a net loss of nearly 250 million yuan in Q3 2025, compared to a net profit of 230 million yuan in the same period last year [1] Revenue Breakdown - Membership service revenue for Q3 2025 was 4.21 billion yuan, down approximately 4% year-over-year [1] - Content distribution revenue fell significantly to about 640 million yuan, a decline of approximately 21% year-over-year [1] - Despite the success of the film "Catching the Wind," the overall performance of the content distribution segment was negatively impacted by a decline in series-related content distribution revenue [1] Operational Performance - iQIYI had previously achieved operational profitability for three consecutive years leading up to 2024, with 2023 marking a record year for total revenue, operating profit, net profit, and cash flow [2] - The company’s total revenue for 2024 was 29.23 billion yuan, a decrease of about 2.6 billion yuan compared to 2023 [2] - The average revenue per member (ARM) has shown consistent quarter-over-quarter growth for five consecutive quarters [2] Future Outlook - CEO Gong Yu expressed optimism about AI's potential to transform the internet video industry, indicating that iQIYI is actively applying AI to enhance operational efficiency, monetization capabilities, content production, and user experience [2] - The company is confident in the growth of its membership business, attributing recent improvements to high-quality content, enhanced member benefits, and optimized marketing strategies [3] Stock Performance - iQIYI's stock price has seen a significant decline, closing at $2.05 per share, reaching historical lows, with a market capitalization of approximately $2 billion [3] - Following the earnings report on November 18, iQIYI's stock dropped nearly 2% in pre-market trading [3]

智通财经APP获悉，11月18日，爱奇艺(IQ.US)发布截至2025年9月30日未经审计的第三季度财报。三季度，爱奇艺总收入为66.8亿元人民币。其中，会员服 务收入42.1亿元，环比增长3%；在线广告服务收入12.4亿元，内容发行收入6.4亿元，其他收入5.9亿元。 三季度，爱奇艺剧集、电影、综艺等佳作不断，在传统内容赛道继续保持头部竞争力。热门剧集《生万物》网台双爆，出品院线电影《捕风追影》票房破12 亿元，成暑期档爆款；《喜剧之王单口季》第二季爱奇艺内容热度值（以下简称：内容热度值）超8000，云合市占率领跑同类内容；自制动漫《神国之上》 持续热播，《苍兰诀》第二季回归带动忠实用户追看。《缘起三生》《饲养夜色》《临时的天堂》等头部微剧广受欢迎，微剧日均播放时长与日均会员拉新 收入均实现环比两位数增长。 将IP生态从国内拓展到海外，高速增长的海外业务被视为爱奇艺第二增长曲线。第三季度，爱奇艺国际版日均会员数创新高，会员收入实现同比两位数增 长。将IP生态从线上拓展到线下，爱奇艺正在积极布局IP消费品和线下乐园等体验业务，打造新的增长点。扬州和开封的爱奇艺乐园建设稳步推进，第三个 爱奇艺乐园官宣落地北京。 ...

人民财讯11月18日电，11月18日晚间，爱奇艺创始人龚宇在公司2025年三季度财报电话会上表示，在AI 变革下，预估整个互联网视频行业未来将发生巨大变化，爱奇艺将投入最大的力量去用AI做创新、做 改变。 ...

人民财讯11月18日电，在11月18日晚间举行的2025年三季度财报电话会上，爱奇艺首席内容官王晓晖表 示，今年9月底以来，公司会员业务发展不错，主要原因来自三方面：第一是公司持续推出优质内容； 第二是提升了会员权益和服务；第三是优化了市场和销售策略，比如拓展联名卡，为教师和学生提供相 关优惠等。王晓晖表示，公司有信心在优质内容和权益服务的支持下，未来实现整个会员业务的健康增 长。 ...

专题：聚焦2025年第三季度美股财报 总营收为66.8亿元，同比下滑8%。 运营亏损1.218亿元（约合1710万美元），而2024年同期为运营利润2.389亿元。运营亏损率为2%，而上 年同期运营利润率为3%。 不按美国通用会计准则（Non-GAAP），运营亏损2190万元（约合310万美元），而2024年同期为运营 利润3.686亿元。运营亏损率为0.3%，而上年同期运营利润率为5%。 归属于爱奇艺的净亏损为2.489亿元（约合3500万美元），而2024年同期净利润为2.294亿元。 不按美国通用会计准则（Non-GAAP），归属于爱奇艺的净亏损为1.482亿元（约合2080万美元），而 上年同期净利润为4.798亿元。 第三季度业绩分析： 总营收为66.8亿元（约合9.387亿美元），同比下滑8%。 会员服务营收为42.1亿元（约合5.917亿美元），同比下滑4%。主要是由于与去年同期相比内容较少。 在线广告服务营收为12.4亿元（约合1.743亿美元），同比下滑7%。爱奇艺的品牌广告业务实现了同比 稳健增长，但这一增长被绩效广告业务的下降所抵消。 11月18日下午消息，爱奇艺（Nasdaq：IQ）今 ...

北京商报讯（记者魏蔚）11月18日，根据爱奇艺披露的2025年三季度财报，营收66.8亿元，其中会员服 务收入42.1亿元，在线广告服务收入12.4亿元，内容发行收入6.4亿元，其他收入5.9亿元三季度，非美国 通用会计准则下，爱奇艺运营亏损2190万元，净亏损1.5亿元。根据财报，三季度爱奇艺总成本54.7亿 元，同比下降3%。作为成本的主要组成部分，内容成本40.4亿元。当季销售及管理费用、研发费用分 别为9.3亿元和4.1亿元。 （文章来源：北京商报） ...

Core Insights - AI Manhua has emerged as a new content category pursued by short drama creators this year, with Douyin's marketing service platform, Juyuan Engine, recently doubling its daily advertising expenditure [2][3] - The short drama industry experienced rapid growth last year, but has faced increased competition this year, leading to a decline in revenue for many production companies [3][4] - AI Manhua production costs are significantly lower compared to traditional short dramas, with AI potentially improving production efficiency by 50% to 80% [6][7] Industry Overview - The number of products related to Manhua/Anime micro-dramas exceeds 19,000, with over 4,000 products having been advertised in the last 30 days [3] - Only 20% of short drama works are currently profitable, with most needing to achieve over 40 million views to be considered successful [4] - The production cost for Manhua is reduced from 2,000-5,000 RMB per minute to 1,000-2,500 RMB with AI [6] Company Strategies - Kuaishou is actively entering the AI Manhua space, having launched the first AIGC short drama and is investing significant resources into collaboration with AIMCN institutions [6][7] - Douyin remains the primary platform for AI Manhua creators, while Kuaishou's user base for AI Manhua has reached over 4 million within six months [7] - The most profitable approach for AI Manhua currently is to publish on Douyin, while Kuaishou is still viewed with caution by many production companies [7]

Core Viewpoint - Bilibili's Q3 revenue grew by 5% year-on-year, meeting expectations, while non-GAAP operating profit and net profit exceeded expectations by 6% and 22% respectively, driven by better-than-expected cost control and efficiency improvements from AI [1] Group 1: Financial Performance - Bilibili's Q3 revenue growth of 5% aligns with market expectations [1] - Non-GAAP operating profit and net profit surpassed expectations by 6% and 22%, respectively [1] - The company is expected to see a 22% and 19% year-on-year increase in advertising revenue for Q4 this year and next year [1] Group 2: Business Segments - The gaming segment is anticipated to recover quarter-on-quarter due to new popular products [1] - Strong performance in advertising is supported by Bilibili's rich content, traffic, and share of young users [1] Group 3: Future Outlook - The company maintains a positive outlook on its ability to adapt to the preferences of young users and sustain classic product operations [1] - Non-GAAP net profit forecasts have been raised by 4% to 7%, with expected revenues increasing by 13% and 9% year-on-year over the next two years [1] - The target price for Bilibili's US stock is set at $30, with a target price of HKD 234 for its H-shares [1]

高盛指出，哔哩哔哩第三财季业绩以及非交易路演(NDR)中管理层的评论进一步证实了该行对该公司的 投资逻辑依然不变。哔哩哔哩正在维持一个高品质的内容社区，拥有强大的用户参与度，并透过更高的 广告转换率和人工智能(AI)技术实现流量变现，同时其新游戏专案在2026年之前也蕴藏着巨大的游戏增 长潜力。高盛将哔哩哔哩2025-2027年的收入预期上调0%-1%，反映广告和其他收入超出预期的情况;并 将2025年的非GAAP净利润预期上调5%。 高盛发布研报称，将哔哩哔哩-W(09626,BILI.US)目标价由234港元，调高2.6%至240港元，由30美元， 调高2.7%至30.8美元，维持"买入"的投资评级。 ...