智通财经APP获悉，11月18日，爱奇艺(IQ.US)发布截至2025年9月30日未经审计的第三季度财报。三季度，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。 三季度，爱奇艺剧集、电影、综艺等佳作不断，在传统内容赛道继续保持头部竞争力。热门剧集《生万物》网台双爆，出品院线电影《捕风追影》票房破12 亿元，成暑期档爆款；《喜剧之王单口季》第二季爱奇艺内容热度值（以下简称：内容热度值）超8000，云合市占率领跑同类内容；自制动漫《神国之上》 持续热播，《苍兰诀》第二季回归带动忠实用户追看。《缘起三生》《饲养夜色》《临时的天堂》等头部微剧广受欢迎，微剧日均播放时长与日均会员拉新 收入均实现环比两位数增长。 将IP生态从国内拓展到海外，高速增长的海外业务被视为爱奇艺第二增长曲线。第三季度，爱奇艺国际版日均会员数创新高，会员收入实现同比两位数增 长。将IP生态从线上拓展到线下，爱奇艺正在积极布局IP消费品和线下乐园等体验业务，打造新的增长点。扬州和开封的爱奇艺乐园建设稳步推进，第三个 爱奇艺乐园官宣落地北京。 ...

Core Insights - The competition among long video platforms in China is shifting from online metrics like content scale and membership numbers to offline experiences as of 2024-2025 [1][5] - A new focus is emerging on transforming "watching content" into "experiencing IP" and "exploring scenes," with iQIYI leading the charge into offline entertainment spaces [3][5] Industry Trends - iQIYI announced its entry into "offline parks and content e-commerce" in April 2025, with projects in Yangzhou, Kaifeng, and Beijing [3][6] - The shift to offline is seen as a way to rebuild user relationships and extend content lifecycles, moving from "content is king" to "experience is king" [5][6] iQIYI's Strategy - iQIYI is the first player to systematically plan for "parkification," with a focus on smaller, modular entertainment spaces that can quickly adapt content [6][8] - The design of iQIYI's parks emphasizes immersive experiences, rapid content iteration, and diverse revenue streams, including ticket sales and secondary consumption [8][10] Competitive Landscape - Other platforms like Tencent Video and Youku are exploring different strategies, such as event-based operations and cultural tourism collaborations, while observing iQIYI's progress [20][22] - The industry consensus is that offline experiences are becoming integral to platform strategies, moving beyond mere extensions of online content [24][25] Future Considerations - The success of offline parks will depend on factors like location, audience targeting, content density, and financial sustainability [14][19] - The long video industry is at a crossroads, where the relationship with users is evolving from "content supply" to "experience touchpoints" and "diverse monetization" [24][27]

Core Insights - iQIYI is expanding its business model from online audiovisual entertainment to offline experiential ventures, with plans for three "iQIYI Parks" in Yangzhou, Kaifeng, and Wangfujing in Beijing [2] Group 1: Business Expansion - iQIYI's CEO Gong Yu announced the company's focus on developing offline experience businesses, particularly in IP derivative products and the "iQIYI Park" initiative [2] - The Yangzhou park is expected to open by the end of 2025, while the Beijing Wangfujing park will be an indoor facility covering over 10,000 square meters [2] Group 2: Strategic Goals - By the end of 2024, iQIYI aims to make offline experiences a core part of its business strategy, alongside its existing online content development [2] - The company has launched creative spaces in various cultural landmarks in Shanghai, attracting attention from tourists and consumers [2]

Core Viewpoint - The long video industry in China is experiencing stagnant growth, with a user scale increase of only 0.7% in the first half of 2025, indicating a need for content innovation, technological upgrades, and cross-scenario integration to drive future growth [1] Group 1: Industry Trends - The long video industry is facing intense competition, prompting platforms to focus on IP derivatives, micro-short dramas, and content refinement as key strategies to address challenges [1][2] - The trend of shifting from long dramas to shorter formats and the emphasis on content quality are becoming increasingly significant in the industry [4][5] Group 2: Company Developments - iQIYI's CEO announced that offline business, including theme parks and IP derivatives, will be a core focus for the company moving forward, with plans for new parks in Yangzhou and Kaifeng, and a third park in Beijing [2] - iQIYI is actively developing IP derivatives, with significant sales figures reported, such as over 50,000 units sold for a handbag related to the drama "I Love You" within a month [2][3] - The company is leveraging technology and partnerships to enhance the development of IP derivatives, including the use of AI and digital scanning to preserve assets for future derivative creation [3] Group 3: Collaboration Models - iQIYI has introduced a "shared benefits" model for content collaboration, where it invests fully in projects and shares profits equally with partners, aiming for greater future returns [5] - Tencent Video is also adopting a "post-verification incentive" model, which encourages production partners to focus on content quality and share in the profits based on performance [5]

Group 1 - The core viewpoint of the articles is that iQIYI is actively integrating AI into its content creation and business model, with plans to launch the first AI theater in China and expand its offline amusement park presence [2][3][6]. - iQIYI's CEO, Gong Yu, announced the establishment of the "Bodeqi·iQIYI AI Theater," which aims to explore AI narrative filmmaking, with the first films expected to be released in Q1 2026 [2][3][4]. - The company has reported significant engagement in its content ecosystem, with four long series achieving high popularity and over 20,000 micro-dramas produced [3]. Group 2 - iQIYI is collaborating with Oscar-winning director Bodeqi to create AI-generated films, which will involve a global call for content ideas and teams, providing technical support and subsidies to selected creators [4][5]. - The company is also expanding its offline experience business, with a new amusement park set to open in Beijing's Wangfujing area, featuring various interactive and immersive experiences [6][7]. - The amusement park model is designed to be smaller and more interactive compared to traditional large-scale theme parks, targeting visitors within a 1-2 hour travel radius [7][8].

Core Insights - The 2025 Beijing Cultural Forum's Cultural Industry Investors Conference was held on September 24, where several cultural projects, including "iQIYI Paradise" in Wangfujing, were successfully signed [1] Company Developments - iQIYI has partnered with Beijing Wangfujing Joy Shopping Center to create the "iQIYI Paradise," marking its third theme park signing in 2023 after projects in Yangzhou and Kaifeng [2] - The iQIYI Paradise aims to integrate Chinese film and television IP with cutting-edge digital technology, providing an immersive entertainment experience [2][3] - iQIYI's strategy focuses on "IP full-scenario development" as a response to declining membership and advertising revenues, seeking a "second growth curve" [2] Industry Trends - The theme park market in China reached a scale of 47.1 billion yuan in 2023, reflecting a year-on-year growth of 23.5% [3] - The trend of light-asset operations in theme parks is gaining traction, allowing companies like iQIYI to avoid heavy capital burdens while focusing on content and operational support [3]

Core Viewpoint - iQIYI's development strategy integrates both online and offline elements, focusing on content creation and theme park experiences [1] Group 1: Online and Offline Integration - iQIYI is expanding its business model by developing both online content such as films and variety shows, and offline experiences through theme parks and IP derivatives [1] - The iQIYI parks are designed to be small-scale, highly interactive, and rapidly iterative, with current projects in Yangzhou, Kaifeng, and Beijing [1] Group 2: Theme Park Features - The planned iQIYI parks will feature a combination of national original IPs and technological immersive experiences, with a planned area of 5,000 to 20,000 square meters [1] - Revenue for iQIYI parks will primarily come from ticket sales and secondary consumption [1] Group 3: Visitor Experience - The parks will include full-sensory digital experiences, limited edition merchandise sales, interactive performances, themed dining services, and content experiences lasting over 4 hours [1]

Core Insights - iQIYI is developing a new type of theme park called iQIYI Paradise, which is characterized by being small-scale, highly interactive, and rapidly iterative [1] - The development strategy of iQIYI integrates both online and offline elements, with online offerings including films and variety shows, while offline focuses on theme parks and IP derivatives [1] Group 1: iQIYI Paradise Overview - iQIYI Paradise is designed to be a new urban cultural tourism space that combines domestic original IP with technological immersive experiences [1] - Current and upcoming iQIYI Paradise projects include locations in Yangzhou, Kaifeng, and Beijing, with planned areas ranging from 5,000 to 20,000 square meters [1] Group 2: Revenue Model and Offerings - iQIYI is responsible for the technology, content, and operations of the parks, with primary revenue sources being ticket sales and secondary consumption [1] - The parks will feature full-sensory digital experiences, limited edition merchandise sales, interactive performances, themed dining services, and content experiences lasting over 4 hours [1]

Core Viewpoint - iQIYI reported its Q2 financial results, showing a total revenue of 6.63 billion RMB, with significant contributions from membership services and online advertising [1] Financial Performance - Total revenue for Q2 was 6.63 billion RMB, with membership service revenue at 4.09 billion RMB, online advertising revenue at 1.27 billion RMB, content distribution revenue at 440 million RMB, and other revenue at 830 million RMB [1] - Non-GAAP operating profit was 58.7 million RMB, and Non-GAAP net profit was 14.7 million RMB, marking the 14th consecutive quarter of Non-GAAP operating profitability [1] Content Strategy and Performance - iQIYI is focusing on innovation in AI applications, micro-dramas, experiential business, and overseas markets to drive sustainable growth [2] - The company has seen a surge in both long and short content, with several original series achieving high popularity and micro-dramas showing double-digit growth in daily viewing time and unique visitors [3] - iQIYI's international membership and revenue reached new highs, and its self-operated film card business exceeded 100 million RMB in GMV [3] Market Position and Competitive Advantage - iQIYI maintains the highest market share in the film sector for 14 consecutive quarters, with notable box office success for its films [5] - The company is leveraging the "emotional economy" trend, with significant increases in revenue from variety shows and advertising [5] Regulatory Environment - The new regulations from the National Radio and Television Administration are seen as a major benefit for the industry, allowing for faster content production and increased creative flexibility [6][7] - iQIYI plans to enhance its content strategy in response to these regulations, focusing on seasonal dramas and innovative content formats [8] Future Plans - iQIYI aims to continue focusing on high-value head dramas, expand collaborations with top creators for micro-dramas, and explore opportunities in external distribution and IP derivatives [9] - The company is also expanding its offline experience business through iQIYI parks and immersive theaters, with over 50 operational locations across approximately 30 cities [9]

Financial Performance - In Q2 2025, the company reported revenue of 6.63 billion yuan, a decline of over 10% year-on-year [2] - The net loss attributable to the company was 133.7 million yuan, compared to a net profit of 68.7 million yuan in the same period last year [2] - Non-GAAP operating profit was 58.7 million yuan, with a Non-GAAP net profit of 14.7 million yuan, marking the 14th consecutive quarter of Non-GAAP operating profitability [2] - Revenue from membership services was 4.09 billion yuan, online advertising revenue was 1.27 billion yuan, content distribution revenue was 440 million yuan, and other revenue was 830 million yuan [2] - Compared to Q2 2024, total revenue was 7.4 billion yuan, with membership services at 4.5 billion yuan, online advertising at 1.5 billion yuan, content distribution at 700 million yuan, and other revenue at 780 million yuan, indicating a decline in all categories except for other revenue [2] Content Strategy and Innovation - The CEO highlighted the launch of a series of popular content during Q2, with the company's drama market share ranking first [3] - The company is focusing on innovation, investing in AI applications, micro-dramas, experiential business, and overseas markets to drive sustainable long-term growth [3] - The company released over 10 films in Q2, maintaining the industry’s highest market share for 14 consecutive quarters, with notable box office success for films like "Capturing the Wind" [3] - Upcoming high-quality content includes new series and micro-dramas, aiming to enhance user engagement through more compact and exciting viewing experiences [4] AI and International Growth - The company is leveraging AI to improve business operations, with a 20% increase in click-through rates for AI-enabled video ads compared to non-AI materials [4] - International membership revenue and scale have seen continuous growth for eight consecutive quarters, with a 35% year-on-year increase in membership revenue [5] - The overseas micro-drama business is also performing well, becoming the second-largest membership attraction in markets like Indonesia, South Korea, and Brazil [5] New Business Ventures - The company is exploring various new business types, with self-operated film card GMV exceeding 100 million yuan in the first half of the year [5] - Two amusement parks are being prepared in Yangzhou and Kaifeng, indicating a diversification of business operations beyond content [5]