Core Insights - iQIYI has premiered Season 2 of "The Blooming Journey," a travel-themed reality show that emphasizes authentic female narratives and personal stories, launched on October 24, 2025 [1] - The show features five renowned female celebrities and two young companions, focusing on collaboration and self-discovery rather than competition [1] - The series showcases diverse Chinese destinations, including Inner Mongolia, Guizhou, Chongqing, Quanzhou, Hong Kong, and Macao, enriching viewers' understanding of Chinese culture [1] Performance Metrics - Season 2 generated over a thousand trending topics on social media before its premiere, indicating strong anticipation and engagement [2] - Season 1 achieved a content popularity index exceeding 8,000 and led third-party rankings from platforms like Enlightent and Dengta, appealing to both young audiences and lower-tier markets [2] Cultural Impact - The show has positively influenced tourism, notably increasing visitor numbers to Lugu Lake in Yunnan Province by 42.93% year-on-year during the 2025 National Day Holiday [3] - It has inspired travelers to engage with local traditions, such as sunrise watching and Mosuo cultural experiences [3] Strategic Positioning - "The Blooming Journey" reflects iQIYI's commitment to premium, IP-driven entertainment, alongside other successful variety shows like "The Rap of China" and "Become a Farmer," reinforcing its leadership in high-quality content [4] - iQIYI's strong portfolio of seasonal IP and innovative formats positions the company at the forefront of China's entertainment landscape, promoting inclusive storytelling and cultural connections [5]

Core Viewpoint - iQIYI, Inc. will report its financial results for the third quarter of 2025 on November 18, 2025, before the U.S. market opens [1] Group 1: Earnings Conference Call - The management of iQIYI will hold an earnings conference call at 6:30 AM U.S. Eastern Time on November 18, 2025 [1] - Participants must register in advance to receive dial-in numbers, passcode, and unique access PIN [2][3] Group 2: Replay and Webcast Information - A telephone replay of the earnings call will be available until November 25, 2025, with specific dial-in numbers and passcode provided for access [4] - A live and archived webcast of the conference call will be accessible on iQIYI's investor relations website [4] Group 3: Company Overview - iQIYI, Inc. is a leading provider of online entertainment video services in China, known for its innovative content production and distribution [5] - The company utilizes advanced technologies such as AI and big data analytics to enhance its service offerings [5] - iQIYI has developed a diversified monetization model that includes membership services, online advertising, content distribution, and more [5]

Summary of Earnings Preview for 3Q25 Industry Overview - The report focuses on the **China Internet and Other Services** sector, particularly the **online entertainment** and **OTA (Online Travel Agency)** segments, indicating an overall solid set of results expected for 3Q25 amid trade tensions [1][2]. Key Companies and Forecasts NetEase (OW) - Forecasted **15% growth** in game revenue and **26% growth** in Non-GAAP profit [3]. - Strong performance of FWJ's free-to-play version noted, though difficult to quantify due to its PC game nature [3]. - Limited upward revision in 2025 revenue consensus post-2Q earnings suggests potential upside risk [3]. Tencent Music Entertainment Group (TME) (OW) - 3Q forecast aligns with guidance, with upside risk for other music revenue due to concert seasonality [4]. - Key focus for 3Q25 earnings will be 2026 profit guidance, with a consensus of **Rmb11.2 billion** [4]. - Absolute profit is prioritized over margin due to uncertainty in concert contributions [4]. Trip.com Group Ltd (TCOM) (OW) - Bottom-line forecast is at the higher end of guidance range, with expected minimal YoY OPM contraction (~1ppt) in 3Q [5]. - Slight OPM expansion anticipated in 4Q from a low base, critical for evaluating 2026 consensus forecast [5]. - Competition from Fliggy highlighted as a key focus [5]. Tongcheng Travel Holdings (OW) - Expected **13% core OTA revenue growth** and **14% profit growth** [6]. - Management's comments on synergy from the Wanda Hotel Management acquisition are anticipated at the full-year result rather than in 3Q [6]. Kuaishou (EW) - 3Q guidance is in line, with expectations to raise full-year profit guidance by **3-5%** [7]. - Kling's performance remains a market debate, with increasing competition noted [7]. - Traffic and monetization changes under the new OneRec AI recommendation model are deemed crucial [7]. Bilibili (EW) - Forecasting **20% growth** in ads and a **16% decline** in game revenue [8]. - Expected **8% non-GAAP net margin** (Rmb613 million profit), with upside risk due to a relatively low base [8]. Important Focus Areas for 3Q Earnings - **NetEase**: Revenue and grossing to gauge FWJ's new run rate [12]. - **TCOM**: 4Q margin guidance as a checkpoint for potential normalization of overseas marketing intensity [12]. - **TME**: Detailed 2026 outlook expected due to good visibility [12]. - **Kuaishou**: Traffic and monetization growth to evaluate the new AI recommendation system [12]. Financial Highlights - **Kuaishou**: Expected total revenue of **Rmb35.391 billion**, with a **14% YoY growth** [16]. - **TCOM**: Anticipated net revenue of **Rmb18.193 billion**, reflecting a **15% YoY growth** [20]. - **TME**: Projected total revenue of **Rmb8.230 billion**, with a **17% YoY growth** [18]. Conclusion The earnings preview indicates a generally positive outlook for the online entertainment and OTA sectors in China, with several companies expected to outperform amid competitive pressures and market dynamics. Key financial metrics and growth forecasts suggest potential investment opportunities, particularly in companies like NetEase, TME, and TCOM.

Core Viewpoint - Zeta Network Group has announced a definitive agreement for a registered direct offering of 15 million Class A ordinary shares at a price of $1.00 per share, expected to raise approximately $15 million in gross proceeds [1][2]. Group 1: Offering Details - The offering involves the purchase and sale of 15,000,000 Class A ordinary shares or pre-funded warrants at a purchase price of $1.00 per share [1]. - The transaction is anticipated to close on or about October 9, 2025, pending customary closing conditions [2]. - The offering is conducted under a shelf registration statement previously filed and declared effective by the SEC [3]. Group 2: Company Background - Zeta Network Group, formerly known as Color Star Technology Co., Ltd., is an entertainment and education company providing online performances and music education services [5]. - The company's operations are managed through its subsidiaries, Color Metaverse Pte. Ltd. and CACM Group NY, Inc. [5].

Group 1 - Roblox stock (NYSE: RBLX) has fallen 9% in the past five trading days due to a Wall Street analyst's pessimistic assessment and insider selling by a company director [2] - Despite the recent dip, RBLX stock remains relatively expensive, indicating a notable level of risk for investors [2] - The stock has historically performed worse than the S&P 500 index during economic downturns, both in terms of decline magnitude and recovery speed [2] Group 2 - RBLX stock has dropped significantly and is considered costly, presenting considerable risk in relying on a single stock [3] - A diversified approach, such as the Trefis High Quality Portfolio, has outperformed its benchmark with returns exceeding 91% since inception [3] - The Trefis Reinforced Value (RV) Portfolio has also outperformed its all-cap stocks benchmark, providing strong returns for investors [5][6] Group 3 - RBLX offers an online entertainment platform that provides free tools for developers to create, publish, and manage 3D experiences globally [4] - The stock experienced a peak-to-trough decline of 82.8% from $134.72 on November 19, 2021, to $23.19 on May 10, 2022, compared to a 25.4% decline for the S&P 500 [5] - The stock fully rebounded to its pre-crisis peak by July 31, 2025, reaching a high of $141.56 on September 29, 2025, and is currently trading at $122.69 [5]

Core Insights - iQIYI, Inc. is launching an AI storytelling lab in collaboration with Academy Award-winning director Peter Pau, aimed at enhancing AI-driven filmmaking skills among creators [1][2] - The initiative is part of iQIYI's strategy to strengthen its leadership in future storytelling and redefine content creation through AI [2] Group 1: AI Storytelling Lab Details - The AI storytelling lab invites creators to submit AI-driven films of at least 15 minutes, with submissions open from September 10 to October 31, 2025 [3] - Thirty teams will be shortlisted for a one-week residency, receiving mentorship from experts including Peter Pau, with only 15 teams advancing to production [3] - Participating creators will receive a 30% share of net profits from their projects [3] Group 2: Company Overview - iQIYI, Inc. provides a range of online entertainment services in China, including video streaming, online games, literature, and comics [4]

Company Changes - The legal representative of Guangzhou Huya Information Technology Co., Ltd. has changed from "Huang Junhong" to "Li Ping" [1][2] Regulatory Penalties - In August 2025, Guangzhou Huya Information Technology Co., Ltd. was fined RMB 10,000 for providing online performances containing content harmful to social morals, and RMB 14 of illegal income was confiscated [3][4] - The penalty was issued by the Guangzhou Municipal Bureau of Culture, Radio, Television and Tourism, based on Article 6 of the "Regulations on the Management of Online Performance Activities" and Article 16 of the "Interim Regulations on Internet Culture Management" [3][4]

Core Insights - Baidu's acquisition of YY Live has progressed, with YY Live officially integrating into Baidu's organizational structure [1][4] - The acquisition was initially valued at approximately $36 billion but faced complications leading to a revised agreement of $21 billion [4][6] Group 1: Acquisition Details - Baidu announced the acquisition of YY Live for $21 billion, focusing on its domestic video entertainment live streaming business [6] - The acquisition process has been complex, with a previous agreement of $36 billion being terminated [4] - YY Live will now adopt Baidu's employee structure, including a new salary and performance evaluation system [2][5] Group 2: Employee Integration - Employees of YY Live will now wear Baidu identification badges and can access Baidu's internal systems [2] - The salary structure will be adjusted to a monthly basis instead of the previous 13-month system [5] - Performance evaluations will shift from quarterly to annual assessments [5]

Group 1: Financial Performance - The company reported total revenue of 2.472 billion yuan for the first half of 2025, a year-on-year increase of 13.9%, primarily driven by growth in entertainment content services [1] - Gross profit decreased to 937 million yuan, a year-on-year decline of 19.0%, with gross margin dropping 15.4 percentage points to 37.9% due to a 521 million yuan increase in cost of revenue compared to 2024 [1] - Net profit fell to 179 million yuan, a year-on-year decrease of 37.3%, while adjusted net profit was 235 million yuan, down 33.2% year-on-year [1] Group 2: Entertainment Content Services - Revenue from entertainment content services grew by 18.0% to 1.209 billion yuan, accounting for 48.9% of total revenue [1] - The company participated in the promotion or production of a record 29 domestic films and 9 imported films, with 24 films under its main control, achieving historical highs [1] - The film "Detective Chinatown 1900" achieved a box office of 3.612 billion yuan, becoming the runner-up in the Spring Festival box office [1] Group 3: Online Entertainment Ticketing - Online entertainment ticketing revenue increased by 12.8% to 1.180 billion yuan, representing 47.7% of total revenue [2] - The company successfully managed thousands of large-scale performances and events, including domestic concerts by top international artists and ticketing services for major events [2] - The overseas GMV for ticketing grew by 300% year-on-year, while local performances saw an 80% increase in GMV [2] Group 4: Advertising and IP Development - Revenue from advertising and other businesses declined to 83 million yuan, accounting for 3.4% of total revenue, primarily due to a contraction in the overall advertising budget [3] - The company is actively exploring and developing IP derivative businesses, with ongoing investments in IP reserves, operations, and channel construction [3] - The company has created proprietary IPs such as the "Panda Project" series and "Son of Time," and is collaborating on film promotion and IP derivative products [3]

Group 1 - The core revenue of JOYY Group reached $507.8 million in Q2 2025, with a quarter-on-quarter growth of 2.7%, driven by a 1.1% increase in live streaming revenue to $375 million and a remarkable 25.6% year-on-year growth in non-live streaming business, which now accounts for 26.1% of total revenue [1][3] - Adjusted EBITDA for the quarter was $48.2 million, reflecting a year-on-year increase of 25.7%, while adjusted net profit reached $77 million, up 3.9% year-on-year [1][5] - The company reported a net cash reserve of $3.3 billion and an operating cash flow of $57.6 million as of June 30, showcasing strong financial resilience [1] Group 2 - The live streaming business remains stable, with BIGO's core products showing quarter-on-quarter revenue growth, particularly in Europe (6.5%) and Southeast Asia (3.9%) [3] - AI technology is identified as a key growth driver, enhancing communication efficiency in live streaming and improving advertising effectiveness through deep user intent recognition and automated decision-making [3][5] - BIGO Ads platform saw a revenue increase of approximately 29% year-on-year and 9% quarter-on-quarter, with significant growth in North America (24.2% half-year on half-year) [3][5] Group 3 - The company has repurchased and distributed $135 million in dividends in the first half of 2025, with plans to return approximately $900 million to shareholders over the next three years through dividends and buybacks [4][5] - The non-GAAP operating profit increased by 23.6% quarter-on-quarter to $38.3 million, driven by an increase in BIGO's gross margin to 35.6% and a higher proportion of high-margin advertising business [5] - Looking ahead, the company aims to deepen the application of AI technology and optimize global traffic operations to promote the synergy between live streaming and advertising technology [5]