资料图。本文来源 ：澎湃新 闻 记者 吴雨欣 爱奇艺三季度同比转亏，海外业务被视为第二增长曲线。 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%，环比增长1%；不按美国通用会计准则，归属于爱奇艺的净亏损为1.482亿元，而上年同 期净利润为4.798亿元。 | Third Quarter 2025 Financial Highlights (Amounts in thousands of Renminbi ("RMB"), except for | | Three Months Ended | | | --- | --- | --- | --- | | per ADS data, unaudited) | September 30. 2024 | June 30. 2025 | September 30. 2025 | | | RMB | RMB | RMB | | Total revenues | 7.245.681 | 6,628,248 | 6,682,385 | | Operating income/(loss) | 238.921 | (46. ...

11 月 18 日，爱奇艺发布了2025年第三季度的财报，其总收入录得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。 可以看到，本季度业绩驱动力已经呈现出积极的结构性变化——爱奇艺国际版日均会员数创历史新高， 会员收入同比高速增长超 40%，海外业务正在成为爱奇艺的第二增长极。 财报发布后，资本市场反馈积极。中金、瑞银等多家投行上调了公司四季度的营收预期。瑞银指出，得 益于国内监管环境的改善和海外业务的快速增长，爱奇艺正迎来关键的业绩转折点。 爆款IP持续发力，基本面拐点已现 本季度，爱奇艺会员服务收入录得42.1亿元，环比增长3%，收入曲线呈现企稳改善迹象，彰显了核心 业务的增长韧性。 季度内，爱奇艺继续在内容赛道保持头部竞争力，供给上呈现出"长短结合、IP 联动、多品类爆发"的 特征，显著扩大了用户触达，提升了付费意愿。 例如，热门剧集《生万物》《朝雪录》热度值均破万，《生万物》更是实现网台双爆；出品的院线电影 《捕风追影》票房、口碑双丰收，院线票房破 12 亿元。 综艺内容表现同样亮眼，《喜 ...

"爆款"难救市 作者丨贺泓源 李音桦 编辑 丨陶力 整个长视频的盈利模式可能都需要迭代。 爱奇艺财报显示，三季度，该公司营收同比下滑7.8%至66.8亿元；净亏损2.489亿元，去年同 期爱奇艺净利润为2.294亿元。 事实上，业绩下滑已经是种行业性趋势。 三季度，芒果超媒营收同比下滑6.58%至30.99 亿元；归母净利润同比下滑33.47%至2.52亿 元。同期，腾讯视频会员数从去年三季度的1.16亿降至今年的1.14亿。 长视频陷入了行业性的迷茫。 需要注意的是，在行业下行中， 爱奇艺们并非不够努力。 在剧集方面，爱奇艺云合总市占率保持第一。 暑期档《朝雪录》《生万物》内容热度值均破 万，《不眠日》内容热度峰值超8800。其中，由杨幂、欧豪领衔主演的《生万物》在2025年 单日云合热播榜市占率第一，并创下中央电视台电视剧频道集均收视新高。 杨幂主演的《生万物》成为当季爆款。图：片方海报 芒果超媒在综艺市场的表现依旧不错，《密室大逃脱第七季》《披荆斩棘 2025》《我家那闺 女 2025》《花儿与少年·同心季》均很有热度。 但这挽救不了高毛利的广告业务下滑。 三季度，爱奇艺广告收入同比下滑7.2%至12. ...

在长视频行业加速向 "技术赋能 + 生态延伸"转型的关键期，爱奇艺 新 交出一份 "稳健基本盘 + 高潜力新业务"的亮眼答卷 ， AI全链路赋能、海外业务 爆发与体验业务破局的协同效应逐步显现，为公司长期增长注入确定性。 11月18日，爱奇艺（NASDAQ:IQ）发布2025 年第三季度财报 显示， 公司实现总收入 66.8 亿元，核心业务保持稳健运营：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。 爱奇艺在传统长视频领域 持续输出优质内容，这不仅助力其巩固了用户基本盘， 更成为 爱奇艺 AI技术应用、海外市场拓展与体验业务创新的核心支撑 。 爱奇艺创始人、首席执行官龚宇在财报电话会上明确指出： "2025 年是技术创新、商业模式变革之年，我们积极进取，投入高速发展的海外业务、增长中 的体验业务以及日新月异的 AI 技术，任何一个领域的突破都将把公司推向一个新的高度。" 资本市场为爱奇艺的未来增长前景投下支持票，财报发布后，爱奇艺当天股价涨幅达到 6.34%。 据悉，三季度，爱奇艺上线 12部类型多元的重点电影，带动爱奇艺电影市占率连续15 ...

Core Insights - The article highlights the transition of long video platforms from scale competition to value realization, driven by the dual backdrop of intensified competition between long and short videos and the explosive growth of micro-dramas [1][2]. Financial Performance - In Q3 2025, the company reported total revenue of 6.68 billion RMB, with membership services leading the revenue structure, showing a 3% quarter-on-quarter increase to 4.21 billion RMB. Online advertising services generated 1.24 billion RMB, while content distribution and other business revenues totaled 1.23 billion RMB [3]. - The total cost decreased by 3% year-on-year to 5.47 billion RMB, indicating effective revenue and cost management [3]. Growth Drivers - The company identified three core growth drivers: explosive overseas business performance, deep integration of AI technology, and accelerated layout of experiential business [3][5]. - In Q3, the international version of the platform achieved record-high daily membership numbers, with membership revenue growing over 40% year-on-year, marking the highest revenue growth in nearly two years [5][6]. Overseas Expansion - The overseas business has become a significant performance increment, with membership revenue in key regions like Brazil, Mexico, and Indonesia seeing over 100% year-on-year growth [5][6]. - The dual strategy of "mainland IP going global + local content creation" has been effective, with localized productions resonating well with regional audiences [6][8]. AI Integration - AI technology is reshaping the content ecosystem, with the global AI video market expected to reach 218 billion RMB by 2025, with China accounting for 42% of this market [10]. - The company has implemented AI across the content creation process, significantly reducing production costs by 40% to 50% [11][13]. IP and Experiential Business - The company is expanding its IP value beyond online content to offline experiences, with significant growth in IP consumer products and experiential businesses [15][18]. - The transition from "single licensing" to a "self-operated + licensed" model has resulted in over 100% year-on-year revenue growth in the IP consumer products sector [18][20]. Conclusion - The company's Q3 performance and positive market response reflect its commitment to quality content, technological empowerment, and global expansion. The CEO emphasized the focus on high-quality content and IP while actively investing in overseas and AI sectors, indicating a shift from a traditional content platform to a global IP ecosystem operator [20].

Core Insights - The article highlights the transition of long video platforms from scale competition to value realization, particularly in the context of the deepening competition between long and short videos and the explosive growth of micro-dramas [1][25] - iQIYI's Q3 2025 financial report shows robust performance, leading to a 6.34% increase in stock price on the day of the announcement, indicating positive market reception [1][25] Financial Performance - In Q3, iQIYI achieved total revenue of 6.68 billion RMB, with membership services leading the revenue structure, growing 3% quarter-on-quarter to 4.21 billion RMB [4] - Online advertising services generated 1.24 billion RMB, while content distribution and other business revenues totaled 1.23 billion RMB [4] - Total costs decreased by 3% year-on-year to 5.47 billion RMB, demonstrating effective revenue and cost management [4] Overseas Business Growth - iQIYI's overseas business has shown significant growth, with international membership numbers reaching a historical high and membership revenue increasing by over 40% year-on-year [8] - Key emerging markets such as Brazil, Spanish-speaking regions, Mexico, and Indonesia have seen membership revenue growth exceeding 100% [8] - The dual strategy of "mainland IP going global + local content creation" has been pivotal in driving this growth [8] AI Technology Integration - AI technology is becoming a core competitive advantage for iQIYI, with the global AI video market expected to reach 218 billion RMB by 2025, with China accounting for 42% of this market [13] - iQIYI's AI strategy has entered a practical implementation phase, enhancing content creation, cost control, and user experience [14] - AI applications have reduced content production costs by 40% to 50%, while also improving production efficiency and expanding content supply [15] IP Value Expansion - The long video industry is moving beyond relying solely on content monetization, focusing on horizontal and vertical expansion of IP value [19] - iQIYI's IP consumer products and offline experience businesses have achieved significant growth, with IP-related revenues increasing by over 100% year-on-year [21] - The establishment of offline parks and the expansion of IP-related products signify a shift towards a multi-dimensional revenue structure [20][23] Conclusion - iQIYI's Q3 performance and the positive market response reflect its commitment to quality content, technological empowerment, and global expansion [25] - The company's growth logic is centered on maintaining content competitiveness while innovating in overseas markets and AI applications, positioning itself as a global IP ecosystem operator [25]

Core Viewpoint - iQIYI's Q3 2025 financial results demonstrate strong revenue growth and positive market response, highlighting the company's strategic advancements in AI technology, overseas expansion, and user experience optimization [1][12] Financial Performance - Total revenue for Q3 2025 reached 6.68 billion RMB, with membership service revenue at 4.21 billion RMB (up 3% quarter-over-quarter), 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 release, iQIYI's stock price surged over 6% in after-hours trading, closing at $2.18 [1] Overseas Business Growth - iQIYI's overseas business showed significant performance, achieving double-digit growth in total revenue, marking the highest growth rate in nearly two years [2][4] - The international version of iQIYI reached a record high in daily active subscribers, with membership revenue increasing by over 40% year-over-year [2] - In emerging markets like Brazil, Mexico, and Indonesia, membership revenue growth exceeded 100%, indicating that overseas business has entered a harvest phase as the "second growth curve" for the company [2][4] Strategic Model - iQIYI has transitioned from a single content output strategy to an ecological operation model, characterized by a three-pronged approach: Chinese content as the foundation, localized production as a breakthrough, and micro-short dramas as a growth supplement [4][7] - The company is focusing on deep localization of Chinese content, which has proven effective in expanding audience reach, as evidenced by the success of shows like "Chao Xue Lu" in various markets [4][5] AI Strategy - iQIYI's AI strategy is evolving into a systematic approach, focusing on three core areas: opening internal smart production systems to partners, nurturing new AI creators, and exploring AI-driven content across various genres [8][9][10] - The company aims to build an "AI + content" ecosystem, enhancing its role from a content producer to a provider of industry infrastructure [8][10] Ecosystem and User Experience - iQIYI's Q3 performance reflects a broader trend of high-quality long-form video content regaining value amidst competition from short video platforms [11][12] - The company is leveraging a "content-technology-user" flywheel effect to enhance user experience, with premium long dramas and the rise of micro-short dramas complementing each other to meet diverse consumer needs [11][12]

爱奇艺继续发力AI技术。过去三年，AI已深度融入爱奇艺的业务运营中，包括提升运营效率、增强货 币化能力、赋能专业内容制作和创新用户体验。三季度，爱奇艺接连推出AI短片创作大赛和设立"鲍德 熹·爱奇艺AI剧场"，旨在挖掘和培养AI时代的创作人才、摸索AI内容生产方式、获得优秀的AI作品。 优质内容、创新的消费体验为会员和广告等业务发展打下基础。第三季度会员服务收入实现环比增长 3%。星钻会员"加更礼免费看"等权益有效带动了会员订阅与升级。在广告方面，头部剧综带动品牌广 告收入实现同比双位数增长。其中，定向内容投放的广告产品继续受广告主认可，在当季品牌广告收入 中的贡献占比超60%。 爱奇艺创始人、首席执行官龚宇在当日财报电话会上表示："2025年是技术创新、商业模式变革之年， 我们积极进取，投入高速发展的海外业务、增长中的体验业务以及日新月异的AI技术，任何一个领域 的突破都将把公司推向一个新的高度。同时，变化根植于不变，我们始终如一：打造优质内容和IP，并 通过成熟的商业模式实现价值释放，这也是我们赢得亿万用户支持、赢得行业合作伙伴信任的关键。" （文章来源：证券日报） 本报讯 （记者李豪悦）11月18日，爱 ...

| IQ 爱奇艺 | | | | --- | --- | --- | | 2.180 + +0.130 +6.34% | | 收盘价 11/18 16:00 美东 | | 2.230 + 0.050 +2.29% | | 夜盘 11/18 22:01 美东 | | 二 2 24 2 5 8 目 ♥ 白 ♥ 白 ♥ 白 | | ● 快捷交易 | | 最高价 2.230 | 开盘价 1.990 -- | 成交量 1759.48万 | | 最低价 1.980 | 昨收价 2.050 | 成交额 3812.3万 | | 平均价 2.166 | 市盈率TM 亏损 | 总市值 20.99亿 (…) | | 振 幅 12.20% | 市盈率(静) 19.64 | 总股本 9.63亿 | | 换手率 3.40% | 市净率 1.118 | 流通值 11.27亿 | | 52周景高 2.840 | 委 比 -33.33% | 流通股 5.17亿 | | 52周最低 1.500 | 量 比 2.05 | 色 主 1股 | | 历史最高 46.230 | 股息TIM -- | | | 历史最低 1.500 | 股息率ITM -- ...

Core Viewpoint - iQIYI's third-quarter financial results indicate strong growth, particularly in its overseas business, which is becoming a significant revenue driver for the company [1] Financial Performance - iQIYI reported total revenue of 6.68 billion RMB in the third quarter [1] - The overseas business achieved a record high in both year-on-year and quarter-on-quarter growth, with double-digit growth in total revenue [1] - Membership revenue increased by over 40% year-on-year [1] Market Expansion - The international version of iQIYI reached a historical high in daily average membership numbers [1] - Membership revenue in Brazil, five Spanish-speaking markets, Mexico, and Indonesia saw year-on-year growth exceeding 100%, indicating strong appeal in emerging markets [1] Content Strategy - Several self-produced micro-dramas, such as "What’s the Matter," performed exceptionally well overseas, contributing to a 140% quarter-on-quarter increase in membership revenue [1] - As of September 30, micro-dramas have become the second-largest content type on the platform, following long series, in terms of membership revenue and viewing time [1] - The company is accelerating the development of local self-produced micro-dramas, with multiple projects in English, Thai, Korean, and Indonesian already in production, expected to launch within the year [1]