文娱商业观察 文/浮萍 2025年的长视频市场依然激荡。 从年初的大爆款《漂白》《国色芳华》，到年中全民热议的《生万物》《水龙吟》《沉默的荣耀》，再到年末的《唐诡3》《扫毒风暴》《反人类暴行》 等诸多高口碑内容的涌现，将观众的注意力焦点一次又一次拉回到长视频内容上来。 只有身处其中的人，才知道这样的成绩来之不易。在过去的几年中，长视频内容经历了短剧等一系列多样化娱乐方式的冲击，但令人欣慰的是，越是面临 各种挑战，就越能证明长视频内容中深度内容叙事、复杂议题讨论和深切情感共鸣的价值无可替代，这是长视频内容最核心的价值，也是广大用户和整个 社会最刚需的情感慰藉。 站在2025年末回顾过去一年，我们不难观察到，精品内容的创作方在推进"提质增效"的过程中，也面临诸多不确定性因素的挑战。与此同时，各平台也展 现出快速适应与调整的能力，在保持自身内容优势的基础上，持续探索创新方向，尝试以差异化的内容策略开拓市场空间，为平台在内容层面的发展提供 了新的可能。 借着年终盘点的机会，文娱商业观察也希望和大家分享一下，我们眼中的长视频平台的差异化内容是什么，以及它们是如何带来市场增量的，这或许能够 进一步成为2026年的长视频行 ...

Group 1 - The board of directors of iQIYI has been adjusted to comply with Hong Kong Stock Exchange listing requirements, with the appointment of Pan Huiyan as an independent director and the resignation of Sun Weijian from his positions [1] - iQIYI's total revenue for Q3 2025 was 6.68 billion yuan, a year-on-year decline of 8%, marking the third consecutive quarter of revenue decline since Q1 2025; the net loss attributable to iQIYI was 248.9 million yuan, compared to a net profit of 229.4 million yuan in the same period of 2024 [1][2] - The Hong Kong Stock Exchange requires that at least one-third of the board members be independent non-executive directors, and the revised Corporate Governance Code mandates at least one director of a different gender in the nomination committee [1] Group 2 - iQIYI's core business, membership services, generated revenue of 4.21 billion yuan in Q3, a year-on-year decline of 4% but a quarter-on-quarter increase of 3%; online advertising service revenue was 1.24 billion yuan, down 7% year-on-year and 2% quarter-on-quarter [2] - Content distribution revenue was 644.5 million yuan, a significant year-on-year decline of 21%, but a quarter-on-quarter increase of 48%; the growth in box office film distribution revenue was strong but offset by a decline in TV drama content distribution revenue [2] - iQIYI's overseas and IP derivative businesses performed well, with international daily average membership reaching a record high and membership revenue growing over 40% year-on-year; overall revenue from IP consumer products increased by over 100% [2]

Core Viewpoint - iQIYI reported a net loss in Q3 2025, with a decline in membership service revenue, while the "21 regulations" from the broadcasting authority are seen as a positive signal for the industry [2][8]. Financial Performance - iQIYI's total revenue for Q3 2025 was 6.682 billion RMB, a year-on-year decrease of approximately 8% but a quarter-on-quarter increase of 1% [2][3]. - The net loss attributable to iQIYI was 1.482 billion RMB, compared to a net profit of 4.798 billion RMB in the same period last year [2][3]. - Membership service revenue was 4.212 billion RMB, down 4% year-on-year but up 3% quarter-on-quarter [5][6]. - Online advertising service revenue was 1.240 billion RMB, a year-on-year decline of 7% and a quarter-on-quarter decrease of 2% [4][5]. - Content distribution revenue was 644 million RMB, down 21% year-on-year but up 48% quarter-on-quarter [5][6]. - Other revenue was 585 million RMB, a decline of 20% year-on-year and 29% quarter-on-quarter [6]. Content and Innovation - iQIYI's popular content in Q3 included various dramas and shows, with significant growth in micro-drama viewership and member acquisition [7]. - The company is optimistic about its membership business, citing the introduction of quality content and enhanced member services as key drivers for future growth [6]. Regulatory Environment - The "21 regulations" from the National Radio and Television Administration are expected to promote healthy development in the film and television industry, with iQIYI planning to innovate in content production and broadcasting [8]. - The regulations emphasize enhancing content quality and diversity, improving management policies for TV series, and encouraging the production of high-quality documentaries and animations [8]. Growth Opportunities - iQIYI's overseas business is viewed as a second growth curve, with significant revenue growth and a record high in daily international membership numbers [9]. - The company plans to increase the production of original Thai and Indonesian dramas to capitalize on international market potential [9]. - iQIYI's IP consumer products and offline parks are also expanding, with a reported revenue growth of over 100% in IP consumer products [10].

Core Insights - iQIYI reported a total revenue of 6.68 billion RMB for Q3 2025, with membership service revenue at 4.21 billion RMB, reflecting a 3% quarter-on-quarter growth, and a year-on-year growth of over 40% in international membership revenue [1][5][12] - The company is experiencing a structural shift in its performance drivers, with international operations becoming a significant growth engine [1][5][12] - Investment banks have raised revenue forecasts for iQIYI following the earnings report, citing improved domestic regulatory conditions and rapid growth in overseas business as key factors [1][3] Membership and Content Performance - Membership service revenue showed signs of stabilization and improvement, indicating resilience in core business growth [2][3] - iQIYI maintained its competitive edge in content, with a diverse supply of popular series and films, leading to increased user engagement and willingness to pay [2][3] - Notable successes include the series "Sheng Wan Wu" and "Chao Xue Lu," as well as the film "Bu Feng Zhui Ying," which grossed over 1.2 billion RMB at the box office [2][3] International Expansion - iQIYI's international version achieved record daily membership numbers, with membership revenue growing by 40% year-on-year [5][6] - The Southeast Asian market is identified as a key area for growth, with a projected market size increase to 6.8 billion USD by 2030 [4][5] - iQIYI's strategy includes leveraging cultural similarities to enhance acceptance of Chinese content in Southeast Asia [4][6] IP Strategy and Content Innovation - The company is expanding its IP ecosystem from online to offline, with ongoing development of IP derivatives and theme parks [8][12] - iQIYI's focus on high-quality original content and localized productions has been crucial for gaining international user recognition [6][7] - The introduction of AI technology has improved content production efficiency and user engagement, enhancing monetization rates [9][10] Future Outlook - iQIYI's transition to an IP-centric model, supported by technology and ecosystem development, marks a new era for the company [12] - The ongoing growth in overseas markets and the successful implementation of the IP strategy are expected to reshape the company's valuation logic in the capital market [12]

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][9][14]. Group 1: Financial Performance - iQIYI reported a 7.8% year-on-year revenue decline to 6.68 billion yuan in Q3, with 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 net profit drop of 33.47% to 252 million yuan [1]. - 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, highlighting a shift in advertiser preferences [7]. Group 2: Content and Market Position - iQIYI maintained the highest market share in drama series, with popular shows like "Shang Xue Lu" and "Sheng Wan Wu" achieving high viewership ratings [3]. - Mango TV performed well in the variety show market, with shows like "Escape Room Season 7" and "Flowers and Youth" gaining significant popularity [6]. - Despite successful content, iQIYI's advertising revenue decline indicates that high-quality content alone is insufficient to attract advertisers [7]. Group 3: Strategic Initiatives and Future Outlook - iQIYI is expanding its overseas business, with international revenue growth reaching a two-year high and membership income increasing by over 40% [11]. - The company is also diversifying its IP consumption model, with self-operated and licensed products seeing over 100% revenue growth [11]. - Recent policy changes, referred to as "Broadcasting 21 Measures," are expected to positively impact the industry, allowing for more flexible content production and distribution [12][14].

Core Viewpoint - iQIYI is transitioning towards a "technology empowerment + ecological extension" model in the long video industry, showcasing a robust basic business and high-potential new ventures, with AI integration, overseas business growth, and experience innovation driving long-term growth certainty [1][2] Financial Performance - In Q3 2025, iQIYI reported total revenue of 6.68 billion yuan, with membership service revenue at 4.21 billion yuan (up 3% quarter-on-quarter), online advertising service revenue at 1.24 billion yuan, content distribution revenue at 640 million yuan, and other revenue at 590 million yuan [1] Content Strategy - iQIYI maintains its leading position in the long video sector by focusing on high-quality content, achieving the highest market share in drama series for five consecutive quarters, with notable series like "Chao Xue Lu" and "Sheng Wan Wu" gaining significant popularity [4][5] - The company emphasizes traditional content areas such as movies and variety shows, with 12 diverse films launched in Q3, maintaining the top market share for 15 consecutive quarters [6] - iQIYI has strategically elevated micro-drama content, with over 20,000 micro-dramas available, over half of which are free, and plans to apply successful long-drama methodologies to micro-drama development [7] AI Integration - Over the past three years, AI technology has been deeply integrated into iQIYI's operations, enhancing operational efficiency, monetization capabilities, and user experience [8] - AI has significantly reduced content production costs, particularly in micro-dramas, and is becoming a core driver of content innovation [10] - User experience improvements include AI-driven features like "Speed Watch," which automatically edits long videos into short formats, and the personal assistant "Tao Dou," which enhances content search and recommendations [11] Overseas Expansion - iQIYI's overseas business is rapidly growing, with Q3 showing record daily average membership numbers for the international version and membership revenue increasing by over 40% year-on-year [13] - The company has developed a multi-faceted content supply system for international markets, focusing on Chinese content as a base, localized content as a breakthrough, and micro-dramas as a new force [14] - iQIYI is accelerating the development of localized micro-dramas in various languages, with several projects already in production [17] Ecological Extension - iQIYI is expanding its IP ecosystem from online to offline and from domestic to international markets, with significant growth in IP consumer products and the establishment of iQIYI theme parks [18] - The company’s IP consumer products revenue grew by over 100% year-on-year, indicating the effectiveness of its strategic layout [18]

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 ...