中新网北京12月20日电 "每一个角色都是我人生的里程碑。"在《唐朝诡事录》系列剧中，杨旭文饰演 的"卢凌风"一角备受瞩目。近日，他在采访中谈到，从《射雕英雄传》到《唐朝诡事录》，每一个人生 阶段的作品对自己影响都很大，因为不同人生阶段会有不同的心态、不同的阅历，面对角色和自我的感 悟也不同。在未来，他要更用心揣摩剧本和人物、推敲细节，以最好的作品回馈给观众，"对得起观 众，也对得起自己。" 12月18日，搜狐时尚盛典在京举行，本届盛典以"向心而行"为主题，刘晓庆、岳云鹏、杨旭文、彭小 苒、胡兵、郁可唯、白举纲等200余位艺人明星、热门剧组主创及平台签约艺人、关注流博主齐聚，共 同见证各项年度荣誉的揭晓。 办方供图 盛典现场，刘晓庆摘得"年度魅力人物"荣誉，作为中国影视业的"长青力量"，她用半个世纪的演艺生 涯，塑造了无数深入人心的经典角色。岳云鹏摘得"年度跨界人物"，作为相声演员，他多次登上春晚舞 台，并在多部大热电影、电视剧中带来精彩的跨界演绎。 来源：主 办方供图 杨旭文、彭小苒收获"年度瞩目演员"荣誉。杨旭文发表感言称，"要看一个好剧本，然后踏踏实实地做 一个真诚的演员。"彭小苒则表示，希望明年有更多 ...

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].

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Insights - The company has increased its investment in content and technology, which has impacted short-term performance but is expected to drive long-term growth due to its unique state-owned platform advantages and strong content output capabilities [4]. - The company achieved a revenue of 9.063 billion yuan in the first three quarters of 2025, a decrease of 11.82% year-on-year, with a net profit of 1.016 billion yuan, down 29.67% [1]. - In Q3 2025, the company launched 28 new seasonal variety shows, maintaining the highest market share in the industry, with several shows ranking in the top 10 for effective views [2]. - The membership business showed resilience with a year-on-year increase of approximately 11.08% in average monthly active users [3]. Summary by Sections Financial Performance - For Q3 2025, the company reported revenue of 3.099 billion yuan, a decrease of 6.58% year-on-year, and a net profit of 252 million yuan, down 33.47% [1]. - The company expects net profits for 2025-2027 to be 1.182 billion yuan, 1.611 billion yuan, and 1.735 billion yuan, reflecting year-on-year changes of -13.4%, +36.3%, and +7.7% respectively [4]. Content and IP Development - The company has a rich content reserve, including nearly 100 film and television projects and several high-performing IP adaptations [2]. - The launch of the "Thousand IP Joint Creation Ecological Plan" aims to collaborate with leading copyright platforms to develop short dramas [2]. Business Segments - The advertising business showed signs of recovery, with Q3 advertising revenue growth returning to positive territory [3]. - The company is expanding its e-commerce segment, leveraging its content IP and artist resources [3].

Core Insights - The autumn variety show market is experiencing a surge in content focused on delivering emotional value, particularly through humor and joy, as platforms aim to meet audience demands for relaxation and entertainment [3][4][21] - Major platforms like Youku and iQIYI are launching new shows categorized under themes of "explosive laughter" and "healing amusement," indicating a strategic shift towards light-hearted content [7][9][21] Group 1: Content Development Trends - Platforms are prioritizing the concept of "delivering happiness" in their content development, with shows like "Happy Night 2" and various travel comedies designed to resonate with audiences seeking stress relief [4][7] - The trend of integrating humor into family dynamics is exemplified by the show "Funny Family," which combines travel and games to create relatable content that reflects Chinese family emotions [9][21] Group 2: Revitalization of Established IPs - Long-standing variety shows are demonstrating resilience through thematic upgrades and cross-media collaborations, effectively revitalizing their brand influence [11][16] - The return of "Wanna Live" with a new season themed around "drama in life" showcases how established shows can adapt to current trends while maintaining their core audience [11][14] Group 3: Challenges and Market Dynamics - Iconic shows like "Ace vs. Ace" are facing challenges with declining viewership due to the departure of key cast members, highlighting the importance of core elements in sustaining audience engagement [17] - Conversely, shows like "Flowers and Youth" are successfully maintaining their unique appeal by focusing on detailed storytelling and emotional connections, demonstrating that attention to detail can differentiate content in a competitive market [17][21]

Group 1: Drama Market Insights - The drama market continues to demonstrate strong brand collaboration capabilities, with significant partnerships for popular series like "生万物" and "藏海传" [1][3] - However, there is a notable decline in the number of series achieving over 40 brand collaborations compared to the previous year, indicating a cautious approach from clients [1][3] - The trend of "全集有广" (full series with ads) has become a critical metric for brand collaboration, with only one series achieving this in August [1][3][7] Group 2: Variety Show Market Trends - The variety show market has shown stability, with new shows demonstrating impressive brand collaboration capabilities, although the peak of over 10 brand partnerships is no longer common [1][10] - Classic variety shows (综N代) have seen a resurgence in brand partnerships, with a 4% increase in sponsorship compared to the previous year [10][13] - New variety shows have attracted significant brand interest, with shows like "一路繁花" and "姐姐当家" securing multiple brand collaborations [15][16] Group 3: Market Dynamics and Brand Strategies - The differentiation in long video content's brand collaboration capabilities reflects a shift in consumer behavior and market trends, with platforms like 淘宝闪购 and 美团团购 gaining prominence [2][19] - The market is witnessing a shift from relying solely on star power to focusing on content quality and brand trust, as evidenced by the cautious investment strategies of brand owners [5][23] - The overall trend indicates a move towards more stable and predictable content, as the industry adapts to economic pressures and seeks sustainable growth [7][23]