来源：证券时报网 作者：吴志 11月18日，爱奇艺公布2025年第三季度财报。该季度爱奇艺实现营业收入66.8亿元，同比下降约8%。 这是自今年一季度以来，爱奇艺营业收入连续第三个季度同比下滑。 根据爱奇艺此前披露的数据，2024年第一至第三季度，公司营业收入分别为79.3亿元、74.4亿元、72.5 亿元；而2025年第一至第三季度，爱奇艺营业收入分别为71.9亿元、66.3亿元、66.8亿元。今年前三季 度爱奇艺总收入约205亿元，累计同比下降近9%。 从今年第三季度的情况来看，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了下滑。其 中会员服务收入为42.1亿元，同比下降约4%。 下降较为明显的是内容分发收入。该季度爱奇艺内容发行收入约6.4亿元，同比下降约21%。虽然三季 度爱奇艺投资的院线电影《捕风追影》取得超预期的市场表现，但公司的剧集相关内容发行收入下滑， 拖累了内容发行板块的整体表现。 爱奇艺创始人、首席执行官龚宇此前就公司2023年财报表示，公司在2022年业绩实现标志性逆转后延续 了良好势头，2023年实现历史最佳年度业绩表现，且总营收、运营利润、净利润及现金流等核心指标均 创历史 ...

智通财经APP获悉，11月18日，爱奇艺(IQ.US)发布2025年三季报。爱奇艺总收入为66.8亿元人民币。其 中，会员服务收入42.1亿元，环比增长3%;在线广告服务收入12.4亿元，内容发行收入6.4亿元，其他收 入5.9亿元。 业绩报告发布后，当天美股开盘股价即拉升5%，盘中一度最高上涨超8%，最终收盘时报2.18元，上涨 6.34%。 | 爱奇艺 | 4 | | | | --- | --- | --- | --- | | IQ 已收盘 11-18 16:00:00 美东 | | | | | 8.96万人加自选 杀图 > 2.18 +0.13 +6.34% | | | | | US 空 期 LO | | | | | 高 2.23 总市值 20.99亿 | 开 1.99 | 量 1759.48万股 | | | 低 1.98 额 3812.30万 市盈TTM 亏损 | 换 1.83% | | | | 期权 成交量6254张 未平仓数63.22万张 | | | | | 盘后 2.16 -0.02 -0.92% 18:49:35 美东时间 | | | | | 公司大事 2025财年三季报(累计)营业收入204 ...

北京商报讯（记者魏蔚）11月18日，根据爱奇艺披露的2025年三季度财报，营收66.8亿元，其中会员服 务收入42.1亿元，在线广告服务收入12.4亿元，内容发行收入6.4亿元，其他收入5.9亿元三季度，非美国 通用会计准则下，爱奇艺运营亏损2190万元，净亏损1.5亿元。根据财报，三季度爱奇艺总成本54.7亿 元，同比下降3%。作为成本的主要组成部分，内容成本40.4亿元。当季销售及管理费用、研发费用分 别为9.3亿元和4.1亿元。 （文章来源：北京商报） ...

Core Insights - iQIYI reported a significant decline in revenue for Q2 2025, with total revenue dropping 11% year-on-year to 6.628 billion yuan, resulting in a net loss of 134 million yuan compared to a profit of 68.7 million yuan in the same period last year [2][5] Revenue Breakdown - Membership service revenue decreased by 9% to 4.09 billion yuan, reflecting insufficient content production during the quarter [2][5] - Online advertising revenue fell 13% to 1.27 billion yuan, attributed to some advertisers adjusting their strategies due to macroeconomic pressures [2][5] - Content distribution revenue plummeted 37% to 437 million yuan, primarily due to a reduction in barter transactions and cash transactions [2][5] Operating Performance - The company experienced an operating loss of 46.2 million yuan, contrasting sharply with an operating profit of 342 million yuan in the same quarter last year [2][5] - Non-GAAP operating profit decreased significantly from 501 million yuan to 58.7 million yuan, with the operating profit margin dropping from 7% to 1% [2][5] Cash Flow and Financial Health - Despite some cost control measures, the decline in revenue led to a deterioration in cash flow, with operating cash flow shifting from a positive 411 million yuan to a negative 12.7 million yuan [3][5] - Free cash flow turned negative at 34.1 million yuan, down from a positive 382 million yuan [3][5] - As of the end of June, the company held approximately 5.06 billion yuan in cash and cash equivalents [3][5] Strategic Focus - The CEO emphasized a focus on innovation and investment in key growth areas such as AI applications, micro-dramas, experiential business, and global expansion to drive long-term sustainable success [4][6] - The CFO highlighted the importance of content production recovery and its potential impact on membership growth and revenue, especially given the company's strong market share in summer viewership ratings [6]

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]

Group 1 - iQIYI is likely seeking to pursue a secondary listing in Hong Kong this year, aiming to raise $300 million [2] - The Hong Kong IPO market has seen a resurgence, with total fundraising reaching HKD 106.7 billion, surpassing the total for the entire year of 2024 [2] - 27 Chinese concept stocks, including iQIYI, meet the criteria for a secondary listing in Hong Kong [2] Group 2 - iQIYI's total revenue for fiscal year 2024 was CNY 29.23 billion, a decrease of 8% year-on-year, with net profit dropping to CNY 760 million from CNY 1.93 billion [3] - In Q1 2025, iQIYI reported total revenue of CNY 7.19 billion, down 9% year-on-year, and net profit of CNY 182.1 million, compared to CNY 655.3 million in the same period last year [3] - iQIYI's CFO stated that the company is continuously optimizing its balance sheet, with net interest expenses decreasing over the past six quarters, indicating improvements in capital structure and financial flexibility [3]

Group 1 - Canadian Prime Minister Carney announced a phone conversation with US President Trump on June 29, resulting in the decision to resume trade negotiations with a deadline set for July 21 [1] - The Canadian government announced the cancellation of the digital services tax, originally set to take effect on June 30, to facilitate trade talks with the US [1] - The US National Economic Council Director Kevin Hassett stated that the US would "immediately resume" trade negotiations with Canada following the cancellation of the digital services tax [1] Group 2 - In 2020, the Canadian government proposed a digital services tax targeting large multinational digital companies, aiming for a fair contribution from these companies to the local market [1] - The digital services tax, set to be enacted in 2024, will impose a 3% tax on revenues from digital services provided to Canadian users, retroactive to 2022 [1] - The US Trade Representative's Office reported that most digital services taxes are discriminatory against US companies, with the Canadian tax potentially leading to an initial bill exceeding $2 billion for US firms if retroactive [2] Group 3 - Canadian Finance Minister Chrystia Freeland confirmed the implementation of the digital services tax on June 30, prompting an immediate halt to trade negotiations by the US [2] - Reactions in Canada to the US's threats were mixed, with some business leaders suggesting that Canada should cancel the digital services tax to revive trade talks [2] - Trade lawyer Lawrence Herman warned that yielding to US pressure to cancel the digital services tax could weaken Canada's negotiating position and damage relations with Europe [3]

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]