官方回应称退款流程已启动 退费请求完全符合法律规定 《爱奇艺VIP会员服务协议》第五款显示，"收费及退订"中，对于费用退还的约定为：VIP会员服务系 网络虚拟服务，会员费用是您所购买的会员服务所对应的价格，而非预付款或者存款、定金、储蓄卡等 性质。VIP会员服务一经开通后不可退款。 律师说法 协议显示属虚拟产品不支持退费 据媒体报道，河南许昌的黄先生称在爱奇艺会员充了25年，退费却很困难。他介绍，该会员之前一直是 家人在用，最近才发现会员从2017年充到了2043年。发现这一情况后，黄先生联系了爱奇艺客服，对方 表示，未消费的订单可以退费。但退费时又遇到新的难题，客服告知他，可以原路退回"2018年1月2日 到2018年4月20日充值的共计14笔官方年费订单"，但由于黄先生之前充值的支付宝账号已没使用，且被 别人注册，"原路退回只能退到别人的账号上，我肯定不同意，但客服表示只有这一个解决方案。"黄先 生说。 四川分忧律师事务所主任王仁根律师表示，黄先生与爱奇艺之间构成网络服务合同关系，充值行为系履 行合同义务，但25年超长会员期限及潜在退费限制，需受法律对格式条款的严格约束：依据《消费者权 益保护法》第二十六 ...

综合@爱奇艺、橙柿互动客户端、河南广播电视台 12月28日，爱奇艺官方微博发文称，关注到用户黄先生的退费诉求，已第一时间进行核查，并启动原支 付渠道退款流程。因其原账户停用，为保障其资金安全，我们将在核实收款账户与充值账户为同一人所 有的基础上，根据该用户的实际情况为其安排退费。 此前报道 12月25日，河南许昌，黄先生称爱奇艺会员充了25年，退费却为难。 他表示，之前一直是家人在用，最近开始看剧才发现会员从2017年充到了2043年。 据黄先生介绍，自己平时不看剧，"最近在家里闲得慌，然后看剧突然发现爱奇艺有广告，一看这会员 到期时2043年。" 黄先生说，自己后来问了家里人才知道，当时2017年、2018年的时候是有优惠的，一下子充了很多年。 黄先生表示，发现这一情况后，自己联系爱奇艺客服，客服表示，未消费的订单是可以退费的，但是退 费的时候又遇到新的难题。 黄先生说，客服告知他可以原路退回"2018年1月2号到2018年4月20号充值的共计14笔官方年费订单"， 但由于之前自己充值的支付宝账号已经没有在使用，而且被别人注册，"原路退回只能退到别人账号 上，我肯定不同意，但客服表示只有这一个解决方案"。 ...

来源：环球网 12月25日，由爱奇艺出品，天毅、易勇执导，改编自舒中民原著小说《英雄简史》，孙然、袁金松、彭 琛然、李明康编剧，黄景瑜、王传君、梁洁领衔主演，李幼斌、萨日娜、张桐特邀主演的《罚罪2》在 爱奇艺全网独播。开播仅24小时，进入爱奇艺佳片殿堂，口碑、热度持续发酵，引爆岁末全民追剧热 潮。 作为爆款前作《罚罪》原班主创打造的全新作品，《罚罪2》延续剧集凌厉写实的风格，以一桩刑警队 长的离奇自杀为引，层层剥开恶势力的犯罪网络。剧集以恢弘叙事传递"有罪必罚，法大于天"的剧集内 核，让法治信念与英雄情怀在寒夜中燃起不灭的火焰，持续点燃观众的追剧热情。 与前作一脉相承，《罚罪2》同样注重刻画刑警队伍的专业素养与执法智慧。在对抗恶势力的征途上， 公安干警以血肉之躯筑起法治长城，面对威胁不退缩，身处暗流不动摇。叶天佑的沉稳布局、秦枫的胆 大心细、老麦的重情重义、汪涛的技术支援等，共同构建了一支有血有肉、有勇有谋的刑侦团队。正如 叶天佑所言，"国法警威，不容挑衅"，以铁肩担正义，在迷局中破冰前行的英雄们，诠释着人民警察的 使命与荣光。 随着剧情推进，众多角色在正义与利益的博弈中尽显人性百态：刘天也冒险布局对抗不法压 ...

Core Insights - The Oscars will transition to YouTube and YouTube TV starting in 2029, marking a significant shift for the traditional Hollywood awards ceremony [3][4] - This partnership with YouTube is seen as a response to declining viewership and changing media consumption habits, particularly among younger audiences [8][11] - The Academy has expanded its international membership by approximately 40% since the "Oscars So White" protests, reflecting a more diverse and global focus [14] Industry Impact - The move to YouTube is expected to alter the Oscars' direct U.S. reach initially, but YouTube's vast user base of 2.5 to 2.7 billion monthly active users may compensate for this by 2029 [11] - YouTube generated an estimated $36.1 billion in ad revenue last year, indicating its strong position in the advertising market, which could benefit the Oscars [7] - The Academy's decision aligns with its goal to reach international audiences, as Hollywood films increasingly feature global elements [12][13] Viewership Trends - Broadcast viewership has been declining, with the Oscars drawing around 20 million viewers in the most recent ceremony, which is still below pre-pandemic levels [10] - The Golden Globes experienced a significant drop in viewership, attracting only about half of the Oscars' audience, highlighting the challenges faced by traditional award shows [10] - YouTube TV, with approximately 10 million subscribers, is adapting to market demands by offering smaller, cheaper themed bundles, which may attract more viewers to the Oscars [14]

Financial Data and Key Metrics Changes - Total revenues for Q2 2025 were RMB 6.6 billion, with membership services revenue at RMB 4.1 billion, down 9% year-over-year due to a lighter content slate compared to the previous year [35] - Online advertising revenue decreased by 13% year-over-year to RMB 300 million, influenced by advertisers adjusting strategies in response to macro pressures [36] - Accounts and distribution revenue fell by 37% year-over-year to RMB 436.6 million, primarily due to a decrease in other transactions [36] - Non-GAAP operating income was RMB 58.7 million, with a non-GAAP operating income margin of 1% [38] - Cash and cash equivalents totaled RMB 5.1 billion at the end of Q2 [38] Business Line Data and Key Metrics Changes - The experience business is focusing on IP-based consumer products and offline experiences, with self-operated live table trading cars achieving over RMB 100 million in GMV [6] - The company maintained leadership in the core long-form drama category, with notable performances from original dramas like "Field" and "Coroner's Diary," both achieving popularity index scores over 10,000 [8][48] - Micro dramas saw significant growth, with "How Dare You" reaching a historical high popularity index score of 5,500 [11] - The movie segment launched over 10 major titles, with "The Shadow's Edge" surpassing RMB 300 million in box office revenue [14][48] Market Data and Key Metrics Changes - Membership revenue grew by approximately 35% year-over-year, driven by strong performances in markets like Brazil, Mexico, and Indonesia [32] - The average daily subscribers reached an all-time high during the quarter, with original C dramas topping popularity charts in 15 overseas markets [32] - Micro dramas ranked as the second largest category attracting new subscriptions in Indonesia, Korea, and Brazil [33] Company Strategy and Development Direction - The company aims to strengthen content strategies across different categories, focusing on premium productions with high commercial value and innovative formats [50] - Plans to enhance the experience business through IP-based consumer products and immersive experiences, with ongoing development of IT land and immersive centers [6][56] - The company is committed to expanding its global influence through marketing events and enhancing its content offerings internationally [34] Management's Comments on Operating Environment and Future Outlook - Management views the recent policy changes in China's long-form video industry as a positive development, enhancing content production efficiency and creative freedom [42][44] - The company plans to leverage new policies to innovate in content production and expand its market share in online video streaming and theatrical releases [51] - Future strategies include focusing on flagship multi-season IPs and exploring new monetization opportunities beyond existing membership models [50] Other Important Information - The company has repurchased a total principal amount of US$85 million of the 2028 notes, optimizing its debt structure [39] - AI technology is being harnessed to enhance user engagement and streamline content production processes [28][30] Q&A Session Summary Question: Impact of recent policy changes in China's long-form video industry - Management believes the new policies will shorten content production cycles, enhance creative freedom, and improve capital utilization, benefiting both online platforms and traditional broadcasters [42][44] Question: Overview of content performance this summer and future content strategy - Management highlighted strong performances across various content categories, with several original dramas achieving high popularity scores and plans to innovate in content production [48][50] Question: Strategies for offline theme parks and market size - The company is transitioning to a sub-operation model for consumer products and expanding its immersive experiences in multiple cities [54][56] Question: Debt management plan - Management provided insights into the company's healthy capital structure, with sufficient cash to meet debt obligations and a balanced approach to long-term and short-term loans [60]

Core Viewpoint - The domestic animated film "Ne Zha" is set to premiere on iQIYI on August 2, with VIP members able to watch it for free, highlighting the film's significant popularity and anticipation among viewers [1][3]. Group 1: Film Performance - "Ne Zha" has achieved a global box office of over 15.9 billion yuan, ranking 5th in the all-time global box office list [3]. - During its theatrical run, the film broke 113 records and received 308 milestone achievements [3]. - The film has become the most anticipated title in iQIYI's history, with record-high reservation numbers from VIP members [3]. Group 2: Market Impact - The success of "Ne Zha" has positively influenced the online popularity of its predecessor, "Ne Zha: Birth of the Demon Child," which has seen a resurgence in viewership this year [3]. - The content heat value of "Ne Zha: Birth of the Demon Child" on iQIYI has surpassed 8000, with the platform holding nearly 60% market share in effective playback [3]. Group 3: Promotional Activities - iQIYI plans to offer over 3,000 free screening seats on the film's release day, along with free access to popular drama and variety show IPs [3]. - Classic characters from "Ne Zha" will have dedicated screening events, enhancing viewer engagement and excitement [3].

Core Viewpoint - Netflix is expected to report strong earnings growth and revenue growth in its upcoming second-quarter 2025 results, with shares having risen significantly in recent months, outperforming the broader industry [1][4]. Company Performance - Netflix shares have increased approximately 29% over the past three months, compared to the broader industry's growth of 25.1% [1]. - The company has an Earnings ESP of +1.68% and a Zacks Rank of 2 (Buy), indicating a strong likelihood of beating earnings estimates [3]. - Analysts predict a substantial earnings growth of 44.7% and revenue growth of 15.6% for the upcoming quarter [4]. Analyst Sentiment - Analysts maintain a bullish outlook on Netflix, with an average brokerage recommendation of 1.72 from 45 firms, where 60% recommend Strong Buy [5]. - The average price target for Netflix is $1,239.18, with estimates ranging from $800 to $1,600 [5]. - Several analysts have raised their price targets ahead of the earnings release, with BMO Capital increasing its target to $1,425, citing record viewership for "Squid Game 3" and favorable foreign exchange trends [6][7]. Growth Drivers - Netflix's low-cost advertising-supported subscriptions and expansion into live sports are expected to drive growth [8]. - The company anticipates revenues to grow 15% year over year to $11.04 billion, with earnings per share expected to rise 44% to $7.03 [8]. Valuation Metrics - Netflix shares currently have a P/E ratio of 49.65, significantly higher than the industry average of 15.63, but the company has a strong Growth Score of B, indicating potential for continued growth [9]. ETFs in Focus - Several ETFs with significant allocations to Netflix include First Trust Dow Jones Internet Index Fund (FDN), FT Vest Dow Jones Internet & Target Income ETF (FDND), MicroSectors FANG+ ETN (FNGS), Communication Services Select Sector SPDR Fund (XLC), and Invesco Next Gen Media and Gaming ETF (GGME) [2][10][11][12][13][14].

Core Insights - iQIYI is actively adapting to changing consumer preferences by implementing a "long + short" content strategy, which balances long-form dramas with short-form micro dramas to cater to diverse audience demands [2][3] Group 1: Content Strategy - iQIYI's content development is guided by a three-part evaluation framework focusing on artistic merit, social value, and commercial appeal, as well as long-term value and franchising potential [2] - The platform's micro drama library has exceeded 15,000 titles, emphasizing quality and youth appeal through initiatives like the "Thousand Micro Dramas Initiative" [4] Group 2: AI and Production Efficiency - AI technology is integrated throughout the content lifecycle, enhancing creative output and operational efficiency, with a 125% year-over-year increase in projects utilizing iQIYI's virtual production technology in the first half of 2025 [5] Group 3: Global Expansion - iQIYI is expanding its global reach with localized strategies, establishing branches in multiple regions including North America and MENA, and focusing on tailored content production to meet diverse audience needs [6]

Core Insights - iQIYI reported a sequential revenue increase of RMB 7.2 billion for Q1 2025, with non-GAAP operating income up 13% sequentially [1] - Membership services revenue rose by 7% sequentially, indicating strong user engagement and effective cost control measures [1][7] User Engagement and Content Strategy - User engagement with micro drama formats surged, with high-engagement users increasing approximately threefold from December 2024 to April 2025, alongside a 300% rise in daily time spent on micro drama content [2] - The company has over 15,000 micro drama titles available, with about half being member-exclusive, and some titles generating over RMB 1 million in weekly revenue [3] - The low production costs, typically under RMB 1 million per title, combined with high adoption rates, suggest that micro dramas enhance user stickiness [3] Financial Health and Debt Management - iQIYI's outstanding principal on convertible bonds decreased from RMB 2.9 billion in Q1 2023 to RMB 1.17 billion in Q1 2025, with net interest expenses declining over 30% year over year [4] - The company has maintained positive operating cash flow totaling RMB 339 million for twelve consecutive quarters, indicating strong fiscal flexibility [4][5] Strategic Content Diversification - Management is shifting towards shorter-form, higher-quality dramas, with episodes lasting 5-20 minutes, to reduce costs and improve scheduling flexibility [6][8] - This strategy aims to diversify the content ecosystem and mitigate reliance on breakout hits, aligning with evolving viewer habits [8] Future Outlook - While no specific numeric guidance was provided for Q2 or fiscal 2025, the company plans to increase investment in premium micro drama production and user acquisition for underpenetrated demographics [10] - Profitability in the overseas business remains a priority, with reinvestment of profits highlighted, although no detailed targets for international expansion were disclosed [11]

Financial Data and Key Metrics Changes - Total revenues for the first quarter were RMB7.2 billion, up 9% sequentially [41] - Membership services revenue reached RMB4.4 billion, up 7% sequentially, driven by strong performance in long form dramas [41] - Online advertising revenue decreased by 7% sequentially to RMB1.3 billion due to macro headwinds and seasonality [42] - Content cost was RMB3.8 billion, up 10% sequentially, driven by a higher number of premium dramas launched [43] - Non-GAAP operating income was RMB458.5 million, up 13% sequentially, with a non-GAAP operating margin of 6% [43] Business Line Data and Key Metrics Changes - Long form video content remains the foundation of the content ecosystem, with a strong performance in the suspense genre [13][14] - Micro dramas have shown significant growth, ranking second in daily time spent and first in daily unique visitors [10] - The company has over 15,000 micro drama titles, with a balanced offering of free and member-exclusive content [50] - The average content cost for micro dramas is less than RMB1 million, with top-tier titles costing under RMB2 million [51] Market Data and Key Metrics Changes - The overseas business saw total revenues increase by over 30% year over year, with a growing subscriber base [36] - Chinese dramas have gained traction globally, with search interest reaching a five-year high [36] - The revenue contribution from overseas markets is currently low but is expected to grow with further investment [60] Company Strategy and Development Direction - The company is focusing on enhancing its content ecosystem and user experience through strategic investments [12] - Plans to produce shorter, high-quality episodes and increase the number of short dramas are in place to cater to evolving user preferences [56] - The company aims to leverage AI and technology to improve production efficiency and user engagement [34] Management's Comments on Operating Environment and Future Outlook - The management acknowledges the unpredictable market environment but emphasizes the importance of creating sustainable value [12] - There is a commitment to investing in content and user experience, even if it leads to short-term costs for long-term benefits [12] - The overseas business is expected to maintain profitability while reinvesting profits for future growth opportunities [62] Other Important Information - The company has established five distinct signature brands for its content, enhancing its market position [13] - The launch of AI-powered features like iJump and PeelCast aims to improve user engagement and viewing experience [11][34] - The company is expanding its footprint with offline experience parks and VR immersive centers to deepen user engagement [38] Q&A Session Summary Question: Updates on micro dramas - Management highlighted that user habits for watching micro dramas are developing, with over 15,000 titles available and significant growth in user engagement [50][51] Question: Change in long video content strategy - The strategy will focus on releasing high-quality, shorter episodes and increasing the number of short dramas to improve content flexibility and mitigate risks [56] Question: Overseas business performance and future expectations - The overseas business has seen rapid growth post-COVID, with a focus on the right content mix and user acquisition strategies [59][60]