文 | 《BUG》栏目 张奥 日前，爱奇艺"尖叫之夜"颁奖典礼闹出"颁奖乌龙"：本该给刘诗诗的奖项被错颁给了演员白鹿，引发不 满。凌晨，爱奇艺以"工作疏忽"为由道歉，但对原本属于刘诗诗的"口播或投屏推荐"特权未给出新的解 决方案，"我们消费者真金白银投出的奖励就这样没了？""深夜道歉是想大事化小？" 对此，爱奇艺官方未予回应，客服则表示，"后续会反馈到相关团队。" 第三季度财报显示，爱奇艺总收入为66.8亿元，同比下降8%；净亏损近2.5亿元，此前连续三年盈利的 良好势头或就此打破。同时，爱奇艺的会员服务、在线广告服务、内容发行收入同比均出现下滑。 颁奖给错人，用户：退钱！ 日前，爱奇艺尖叫之夜颁奖典礼出现了"颁奖乌龙"，将本该发给刘诗诗的"桃豆世界2025年度喜爱（电 视剧）女性角色"奖项错颁给了演员白鹿。 11月21日，爱奇艺公开的公示"桃豆世界2025年度喜爱（电视剧）女性角色"榜单显示：前三名分别为李 沁的《一笑随歌》、杨幂的《生万物》以及刘诗诗的《淮水竹亭》。而在颁奖典礼现场，刘诗诗被替换 为白鹿的《临江仙》，并排在第二名，杨幂顺延至第三名。 凌晨，爱奇艺多个官方微博同时发声就"颁奖乌龙"致歉。爱奇 ...

Core Viewpoint - iQIYI reported a decline in revenue for the third consecutive quarter, with Q3 2025 revenue at 6.68 billion yuan, down approximately 8% year-on-year [1] Revenue Performance - iQIYI's revenue for Q1 to Q3 2024 was 7.93 billion yuan, 7.44 billion yuan, and 7.25 billion yuan respectively, while for Q1 to Q3 2025, it was 7.19 billion yuan, 6.63 billion yuan, and 6.68 billion yuan [1] - Total revenue for the first three quarters of this year was approximately 20.5 billion yuan, reflecting a nearly 9% year-on-year decline [1] Segment Performance - Membership service revenue for Q3 was 4.21 billion yuan, down about 4% year-on-year [1] - Content distribution revenue saw a significant decline, with Q3 revenue at approximately 640 million yuan, down about 21% year-on-year [1] - Despite the success of the film "Catching the Wind," the decline in series-related content distribution revenue negatively impacted overall performance [1] Profitability - iQIYI reported a net loss of nearly 250 million yuan for Q3, compared to a net profit of 230 million yuan in the same period last year [1] Future Outlook and Strategy - iQIYI's CEO, Gong Yu, emphasized the potential of AI to transform the internet video industry, stating that the company is applying AI to enhance operational efficiency, monetization capabilities, content production, and user experience [2] - The company has successfully turned around its losses by reducing content costs and improving operational efficiency, achieving operational profitability for three consecutive years by 2024 [2] Membership Business - The Chief Content Officer, Wang Xiaohui, noted that the membership business has been performing well since the end of September, driven by high-quality content, enhanced member benefits, and optimized marketing strategies [3] - iQIYI is confident in achieving healthy growth in its membership business supported by quality content and service [3] Stock Performance - iQIYI's stock price has significantly declined, 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 fell nearly 2% in pre-market trading [3]

Core Insights - iQIYI reported total revenue of 6.68 billion RMB for Q3 2025, with membership service revenue at 4.21 billion RMB, online advertising service revenue at 1.24 billion RMB, content distribution revenue at 640 million RMB, and other revenue at 590 million RMB [1] - Following the earnings report, iQIYI's stock price surged by 5% at the market open, reaching a peak increase of over 8% during the day, and closing at 2.18 USD, up 6.34% [1] Revenue Breakdown - Membership service revenue increased by 3% quarter-over-quarter [1] - Total revenue for the fiscal year 2025 is reported at 20.497 billion RMB, reflecting a year-over-year decline of 9% [2] Analyst Ratings and Forecasts - CICC rated iQIYI as "outperforming the industry," noting that Q3 performance met expectations and anticipating growth in membership revenue due to the rising popularity of the series "Tang Dynasty Strange Stories" [4] - Citigroup maintained a "buy" rating based on strong performance of key dramas and growth momentum in overseas business [4] - Multiple firms, including CICC, UBS, and Citigroup, predict that iQIYI's revenue will increase both year-over-year and quarter-over-quarter in Q4 [4] Regulatory Environment - The recent favorable regulatory changes in the broadcasting sector have garnered attention from institutions, with UBS highlighting accelerated content review processes and a more lenient regulatory environment [4] - iQIYI's Chief Content Officer indicated that the new policies are positively impacting the overall film and television industry, with some projects benefiting from policy support [4]

Core Insights - iQIYI reported Q3 2025 revenue of 6.68 billion yuan, with membership service revenue at 4.21 billion yuan, online advertising service revenue at 1.24 billion yuan, content distribution revenue at 640 million yuan, and other revenue at 590 million yuan [2] - The company experienced an operating loss of 21.9 million yuan and a net loss of 150 million yuan for the quarter, under non-GAAP standards [2] - Total costs for the quarter were 5.47 billion yuan, showing a year-on-year decrease of 3%, with content costs accounting for 4.04 billion yuan [2] Revenue Breakdown - Membership service revenue constituted the largest portion of total revenue at 42.1% [2] - Online advertising service revenue represented 12.4% of total revenue [2] - Content distribution and other revenues contributed 6.4% and 5.9% respectively [2] Cost Analysis - Total costs decreased by 3% year-on-year, indicating improved cost management [2] - Content costs were the primary expense, making up a significant portion of total costs at 40.4 billion yuan [2] - Sales and management expenses were reported at 930 million yuan, while research and development expenses were 410 million yuan [2]

Core Insights - iQIYI reported total revenue of 6.63 billion RMB for Q2, with membership services contributing 4.09 billion RMB, online advertising services 1.27 billion RMB, content distribution 440 million RMB, and other revenues 830 million RMB [1][2] - The company maintained Non-GAAP operating profit of 58.7 million RMB for the 14th consecutive quarter, while net profit attributable to iQIYI was 14.7 million RMB [3] - iQIYI's CEO highlighted the success of popular content during the summer season, with a focus on innovation and investment in AI applications, micro-dramas, and overseas business for sustainable growth [1] Revenue Breakdown - Membership services accounted for the largest share of revenue at 61.7%, followed by online advertising at 19.2%, content distribution at 6.6%, and other revenues at 12.5% [1] - The total cost for the quarter was 5.29 billion RMB, a year-on-year decrease of 7%, with content costs being the largest component at 3.78 billion RMB [2] Content Performance - iQIYI launched several successful self-produced micro-dramas, including "The Love That Cannot Escape" and "What Kind of Body," with the first IP adaptation micro-drama achieving a peak content popularity score of 5,500 [2] - The company has a content reserve of approximately 15,000 micro-dramas, indicating a strong pipeline for future releases [2] Financial Position - As of June 30, 2025, iQIYI's cash balance totaled 5.06 billion RMB, which includes cash, cash equivalents, short-term restricted funds, short-term investments, and long-term restricted funds within prepaid and other assets [3]

Core Insights - iQIYI reported Q2 2025 revenue of 6.63 billion yuan, with membership services contributing 4.09 billion yuan, online advertising services 1.27 billion yuan, content distribution 440 million yuan, and other revenues 830 million yuan [1] - The company achieved an operating profit of 58.7 million yuan and a net profit of 14.7 million yuan under non-GAAP standards [1] - Total costs for the quarter were 5.29 billion yuan, representing a year-on-year decrease of 7%, with content costs being the largest component at 3.78 billion yuan [1] Revenue Breakdown - Membership services revenue accounted for 61.7% of total revenue [1] - Online advertising services contributed 19.2% to total revenue [1] - Content distribution and other revenues made up 6.6% and 12.5% of total revenue, respectively [1] Cost Structure - Total costs decreased by 7% year-on-year, indicating improved cost management [1] - Content costs were the primary expense, comprising 71.5% of total costs [1] - Sales and management expenses were 960 million yuan, while R&D expenses were 420 million yuan [1]

Core Insights - iQIYI reported total revenue of 6.63 billion RMB for Q2, with membership services contributing 4.09 billion RMB, online advertising services 1.27 billion RMB, content distribution 440 million RMB, and other revenues 830 million RMB [1][4] - The company maintained Non-GAAP operating profit of 58.7 million RMB for the 14th consecutive quarter, while net profit attributable to iQIYI was 14.7 million RMB [1][4] - iQIYI's CEO highlighted the company's focus on innovation and investment in AI applications, micro-dramas, experiential business, and overseas markets to drive sustainable long-term growth [1] Revenue Breakdown - Membership services accounted for the largest share of revenue at 40.9 billion RMB, followed by online advertising at 12.7 billion RMB, content distribution at 4.4 billion RMB, and other income at 8.3 billion RMB [1] - Total costs for the quarter were 5.29 billion RMB, a 7% decrease year-over-year, with content costs being the largest component at 3.78 billion RMB [4] Content Performance - iQIYI's original micro-dramas saw significant success, with titles like "Chasing Love" and "What is the Body" achieving high popularity, and the first IP adaptation micro-drama "What is the Body" setting a new record with a peak content heat value of 5,500 [4] - The company has a content reserve of approximately 15,000 micro-dramas, indicating a strong pipeline for future releases [4] Financial Position - As of June 30, 2025, iQIYI reported a cash balance of 5.06 billion RMB, which includes cash, cash equivalents, short-term restricted funds, short-term investments, and long-term restricted funds within prepaid and other assets [4]

Market Overview - US stock index futures are all down, with Dow futures down 0.75%, S&P 500 futures down 0.50%, and Nasdaq futures down 0.51% [1] - European indices also show declines, with Germany's DAX down 0.10%, UK's FTSE 100 down 0.01%, France's CAC40 down 0.54%, and the Euro Stoxx 50 down 0.37% [2] - WTI crude oil is up 0.74% at $62.49 per barrel, while Brent crude is up 0.67% at $65.82 per barrel [2] Currency and Economic Sentiment - There is a rising expectation of US dollar depreciation, with the Bloomberg dollar index's one-year risk reversal indicator showing a negative 27 basis points, indicating the lowest level on record [3] - Morgan Stanley suggests buying US assets excluding the dollar, predicting a series of interest rate cuts by the Federal Reserve that could support the bond market and boost corporate earnings [3] Inflation and Tariff Impact - Federal Reserve officials warn that the impact of tariffs will soon be fully realized, potentially leading to a new wave of price increases in the US economy [4] - Atlanta Fed President Bostic indicates that many companies' buffer strategies against high tariffs are running out, which could weaken overall economic activity [4] Investor Sentiment and Market Dynamics - JPMorgan's CEO warns of "extreme complacency" among investors, suggesting that the market may soon face turbulence [5] - Goldman Sachs reports that clients are increasingly seeking to withdraw funds from the US market, questioning whether the US stock market's rally has reached its peak [6] Company Performance Highlights - Lowe's reported same-store sales down 1.7% but expects this key sales metric to remain flat or grow up to 1% for the year [7] - ZTO Express achieved a 19.1% year-on-year increase in package volume, with net profit up 40.9% [7] - Baidu's Q1 net profit increased by 41.65% year-on-year, reaching 77.17 billion yuan [8] - XPeng Motors reported a net loss of 660 million yuan, a 51.5% decrease year-on-year, with total revenue up 141.5% [8] - Weibo's Q1 net profit grew by 116.36% year-on-year, reaching $107 million [9] - Target's Q1 performance fell short of expectations, leading to a downward revision of sales forecasts [10] - Full Truck Alliance reported a 19% year-on-year increase in revenue, with significant growth in operational metrics [11] - iQIYI's Q1 revenue reached 71.9 billion yuan, with a 9% quarter-on-quarter increase [12] - Xinyi Technology reported a Q1 revenue of 34.81 billion yuan, with a net profit of 7.38 billion yuan [12] - Tuya Smart's Q1 revenue grew by approximately 21.1%, exceeding expectations [12]