部分出海作品的英文版海报。 爱奇艺供图 当中国影视跨越山海进入海外国际市场，观众更偏爱怎样的华语作品？面对文化差异的存在，华语内容 如何实现全球共鸣？当出海从"单点爆款"走向"体系化出圈"，中国影视产业迎来怎样的新机遇？ 《爱奇艺国际版2025全球内容热播榜》榜单相关数据显示，2025年爱奇艺国际版内容播放量同比增长 114.5%，华语内容是驱动这一增长的核心动力。 国家广播电视总局发展研究中心国际传播研究所所长、研究员朱新梅指出，这一榜单的最大亮点是更多 华语节目类型正在取得良好国际传播效果，中国网络平台也已突破东南亚市场，向高价值市场拓 展，"这是中国内容生产和平台国际传播多年积累的必然结果"。 这种跨越的实现，离不开内容、技术、运营三位一体的协同发力。 构建出海内容新矩阵 从传播特征来看，《爱奇艺国际版2025全球内容热播榜》呈现剧集引领、动漫突围、电影赋能、微剧补 位的多元态势。"中国网络视听平台已具备较强国际传播能力，能为不同节目类型赋能：而优质内容也 会为平台带来新流量，进一步强化内容平台一体化发展态势。"朱新梅如是表示。 《爱奇艺国际版2025全球内容热播榜》的年度华语剧集热播榜TOP10中，题 ...

Core Insights - The Chinese drama industry is entering a golden period of international expansion, with a 114.5% year-on-year increase in content viewership on iQIYI's international platform, driven primarily by Chinese-language content [1] Group 1: Performance of Chinese Dramas - The top-performing dramas include "Love You" and "White Moon Fan Star," showcasing the appeal of Chinese dramas in overseas markets [1][3] - Other notable entries in the top 10 include "Morning Snow Record," "White Olive Tree," "Book Scroll Dream," and "Dual Tracks," indicating a diversification and premiumization of Chinese content [3] Group 2: Production Companies and Collaborations - Chinese production companies such as Kuqing Film, Bodi Film, Lemon Film, and others have gained international recognition through their collaborations with iQIYI [6] - The increasing quality of content from these companies is driving their desire to expand internationally, with iQIYI facilitating this through close cooperation with content creators [6] Group 3: Performance of Other Content Types - Chinese animation is also seeing success abroad, particularly in the fantasy genre, with titles like "Spirit Martial Continent" and "One World, One Glory" dominating the charts [10] - The "Nezha" IP has shown strong global appeal, with related films occupying the top three spots in the Chinese film category [10] Group 4: Regional Preferences for Chinese Content - Southeast Asia shows a strong preference for localized content, with many Chinese dramas being dubbed in Thai for local audiences [13] - East Asian viewers exhibit a higher interest in mystery and detective stories, while audiences in the Middle East and North Africa favor military-themed narratives [13] - iQIYI plans to deepen its strategy of promoting Chinese content in 2026, aiming to connect diverse global markets with high-quality offerings [13]

Core Insights - In 2025, iQIYI demonstrated strong content production capabilities across various formats, maintaining a leading market share in drama series and achieving significant viewership for multiple titles [1] - The company's overseas business is recognized as a "second growth curve," with record-high performance in key metrics, indicating successful international expansion [2] Domestic Market Performance - iQIYI's drama series, including titles like "无忧渡" and "唐朝诡事录之长安," achieved market shares exceeding 20% [1] - The introduction of the "加更礼免费看" benefit for Star Diamond members has enhanced user engagement and subscription upgrades, with over 40 series supported by this initiative [3][4] - The company is implementing a tiered membership strategy, with a focus on both high-end Star Diamond memberships and more affordable basic memberships to attract price-sensitive users [4] Membership Strategy - The Star Diamond membership is positioned as a "high-end family" package, offering multiple device logins and premium viewing experiences, which has increased user retention among high-net-worth individuals [3] - iQIYI is expanding its membership services beyond online viewing to include offline lifestyle benefits, enhancing the overall value proposition for members [4][5] International Expansion - iQIYI's overseas business has shown significant growth, with international revenue achieving double-digit growth and membership numbers reaching historical highs [6] - The company employs a "three-pronged" strategy focusing on Chinese content, local production, and micro-short dramas to drive international engagement [7] - Localized content, such as the Thai-dubbed version of "朝雪录," has proven effective in attracting overseas audiences, with significant revenue and viewership records [9] Micro-Short Dramas - Micro-short dramas have emerged as a key driver for user growth in international markets, with iQIYI's self-produced titles performing exceptionally well [10] - The company is increasing its investment in localized micro-short dramas in various languages to appeal to younger global audiences [10] Future Outlook - iQIYI aims to create a comprehensive ecosystem centered around user needs, enhancing emotional connections through content and membership interactions [10]

Core Insights - The report highlights that the "Guochao" culture has deeply integrated into the daily lives of contemporary youth, with film and television works being the most popular medium at 73.21% [1] - The report indicates that Guochao films and dramas serve as dual carriers of cultural confidence and emotional resonance, with major themes being revolutionary subjects (54.44%), contemporary urban themes (48.85%), and ancient legendary themes (47.72%) [1] - iQIYI's productions have sparked widespread discussions among the youth, with specific titles like "Tang Dynasty Mystery" and "My Alashan" gaining significant attention [1] Film and Television Performance - iQIYI's dramas such as "Tang Dynasty Mystery" have integrated elements of Tang architecture and art into suspenseful narratives, achieving over 100 million interactions on bullet screens [1] - "My Alashan" has resonated with audiences through its portrayal of Kazakh nomadic culture, contributing to a tourism boom in Xinjiang [1] - "Love You" introduces traditional Chinese medicine culture, educating young viewers about herbal medicine through its episodic structure [1] - "Life of All Things" reflects the changing fate of farmers in China, showcasing local cultural practices during traditional festivals [1] Variety Show Success - Guochao variety shows have also performed well, with historical interpretation (53.24%), music competition (51.87%), and cultural exploration (46.18%) genres being particularly popular [3] - iQIYI's variety show "Let's Farm 3" promotes rural revitalization by engaging in local agricultural activities, instilling a sense of resilience and teamwork among contemporary youth [3] - "Ha Ha Ha Ha" showcases China's infrastructure capabilities and cultural output through a special episode on the China-Laos Railway [3] - "A Journey of Blossoms 2" presents a panoramic view of China's cultural landscape, fostering a healing journey through cultural dialogue [3] Audience Engagement and Cultural Connection - iQIYI's Vice President Wang Xiaoyan emphasized that young viewers are not just consumers but co-creators, with 52.59% of respondents discussing Guochao elements through bullet screens and comments [5] - The interactive model allows for continuous revitalization of content based on audience feedback, enhancing viewer engagement [5] - The popularity of Guochao dramas is attributed to creators' thoughtful innovation and transformation of traditional culture, making it relevant to modern life [5] - iQIYI's commitment to delivering quality content has successfully established a deep connection between Guochao culture and young users [5]

Core Insights - The long video platform industry is facing both opportunities and challenges in 2025, with user growth reaching 752 million, a new high since 2018, and a notable shift towards younger and more educated users [2] - iQIYI is leading the industry by establishing a "long + short" content ecosystem and leveraging AI and globalization as dual engines for growth [2][3] User Growth and Content Strategy - The user demographic for long videos is becoming younger and more educated, with an 86% usage rate among users aged 20-29 and those with a bachelor's degree or higher, which is nearly 20 percentage points higher than the overall average [2] - iQIYI's successful content, such as "Sheng Wan Wu" and "Chao Xue Lu," demonstrates its ability to resonate with audiences by addressing deeper themes beyond mere entertainment [4][5] Financial Performance - iQIYI reported total revenue of 6.68 billion RMB in Q3 2025, with a stock price increase of 6.34% following the earnings announcement [3] - Membership service revenue reached 4.21 billion RMB, a 3% quarter-over-quarter increase, highlighting its role as a core revenue driver [4] IP and Commercial Expansion - iQIYI is expanding its IP ecosystem through self-operated and licensed merchandise, achieving over 100% year-on-year revenue growth in this segment [6] - The company is also developing offline experiences with the opening of its third amusement park in Beijing, following successful projects in Yangzhou and Kaifeng [6][7] AI Integration and User Experience - AI technology has become integral to iQIYI's operations, enhancing content production and user experience, with total costs decreasing by 3% year-on-year [9] - Features like the "Jump Look" function and the "Peach Bean" personal assistant are designed to improve user engagement and content personalization [10][11] International Expansion - iQIYI's international version has seen daily membership numbers reach a historical high, with membership revenue growing over 40% year-on-year in markets like Brazil, Mexico, and Indonesia [14] - The company is focusing on localized content, achieving significant success with Thai dramas and collaborations with local production teams [15][16] Conclusion - iQIYI is evolving from a video platform to a comprehensive entertainment ecosystem centered around IP, driven by technological advancements and a global strategy [18]

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 Viewpoint - The long video industry is facing a significant downturn, with major players like iQIYI and Mango TV reporting declines in revenue and profits, indicating a need for a shift in their business models [1][4][10] Financial Performance - 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 [1] - Mango TV's Q3 revenue fell by 6.58% to 3.099 billion yuan, with a net profit decline of 33.47% to 252 million yuan [1] - 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 [4][5] Industry Trends - The long video sector is experiencing a collective struggle, with a notable decline in subscriber numbers for Tencent Video, which fell from 116 million to 114 million year-on-year [1] - Advertisers are shifting their budgets towards short videos and platforms like Xiaohongshu due to better monetization efficiency [5][6] Content Performance - iQIYI maintains the highest market share in drama series, with popular shows like "Shang Xue Lu" and "Sheng Wan Wu" achieving high viewership ratings [4] - Despite successful content, the decline in high-margin advertising revenue remains a critical issue for iQIYI [4][6] Strategic Initiatives - iQIYI is expanding its overseas business, with international revenue growth reaching a two-year high and membership income increasing by over 40% [7] - The company is diversifying its IP consumption strategy, with self-operated and licensed products seeing over 100% revenue growth [8] Policy Environment - Recent government policies, known as "Broadcasting 21 Measures," aim to support the industry by relaxing content restrictions, which could benefit iQIYI's content production and distribution [9][10] - iQIYI's Chief Content Officer noted positive developments in project approvals and production under the new policy framework [9]

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 Viewpoint - The article discusses the challenges faced by iQIYI, highlighting the effectiveness of cost control but a lack of growth in membership and advertising revenue. Despite successful content, these have not translated into financial growth [2][3][4]. Group 1: Financial Performance - iQIYI's total revenue for Q2 was 6.63 billion yuan, a year-on-year decline of 11% [3]. - Membership service revenue was 4.09 billion yuan, online advertising service revenue was 1.27 billion yuan, content distribution revenue was 440 million yuan, and other revenue was 830 million yuan, which saw a 6% year-on-year increase [4]. - The only segment showing growth was "other businesses," which generated 829 million yuan, accounting for 12.5% of total revenue [4]. Group 2: Content and Market Position - iQIYI's series "生万物" broke the record for the fastest show to reach a heat value of 10,000 in 2025, indicating strong content performance [2]. - Despite high content engagement, the lack of blockbuster hits has led to stagnant financial performance, with a significant drop in net profit of 81% year-on-year [6]. - The company has been focusing on short dramas, with a current inventory of approximately 15,000 vertical screen micro-dramas, significantly increasing the number of new short dramas released [6][7]. Group 3: International Expansion - iQIYI's international version has seen continuous growth in membership revenue and scale for eight consecutive quarters, with a year-on-year increase of about 35% [7]. - Notable growth in membership revenue exceeding 80% was observed in markets such as Brazil, Mexico, and Indonesia [7][8]. Group 4: Technological Advancements - The company is leveraging AI to enhance advertising revenue, with a 20% increase in click-through rates for AI-optimized ad materials [12]. - AI has also improved production efficiency for short dramas, reducing costs and shortening production cycles [12].

Core Insights - The summer drama market in 2025 has been significantly impacted by the rural drama "生万物," which achieved a peak market share of 46.1% [1][5][10] - The competition has been characterized by a mix of genres, with a notable rise in realistic themes while traditional genres like ancient costume dramas and fantasy have struggled [2][5][7] - Brand collaborations have become a crucial aspect of drama success, with top dramas attracting significant advertising partnerships [9][11][15] Group 1: Market Performance - "生万物" leads the market with a peak share of 46.1%, followed by "藏海传" at 40.1% and "以法之名" at 34.1% [1][3][10] - The summer drama landscape is marked by a duality of success and failure, with some dramas performing exceptionally well while others struggle to gain traction [1][5] - The rise of realistic dramas has disrupted the dominance of ancient and fantasy genres, indicating a shift in audience preferences [5][8] Group 2: Brand Collaborations - "藏海传" secured the highest number of brand partnerships at 48, followed by "锦绣芳华" with 41 and "生万物" with 36 [9][10][11] - The trend of brand investment has shifted towards chasing successful dramas rather than preemptively betting on potential hits, reflecting a more cautious advertising strategy [11][16] - The success of "生万物" in attracting high-profile brands like Estée Lauder highlights the importance of audience demographics in brand targeting [13][15] Group 3: Audience Engagement - The audience for "生万物" is predominantly young women aged 20-39, which aligns with the marketing strategies of brands targeting this demographic [13][15] - The narrative quality and character development have become critical factors in retaining viewer interest, overshadowing the traditional reliance on star power and established IPs [8][16] - The overall trend indicates that compelling storytelling is essential for success in the current drama market, regardless of genre [16]