在最新的财报电话会上，创始人兼CEO龚宇虽然描绘了2026年从内容到AI生态、再到线下体验的宏大 蓝图，但摆在眼前的，依然是主营业务疲软与盈利能力大幅缩水的残酷现实。 经历了前几年的断臂求生与降本增效，长视频行业本以为已经迎来了春暖花开，但爱奇艺刚刚交出的 2025年成绩单，却再次让市场感受到了一丝倒春寒的凉意。 自从2023年现象级爆款《狂飙》将平台的营收和热度推向顶峰之后，爱奇艺似乎陷入了"爆款后遗症"。 财报数据显示，其营收已经连续两年出现下滑。 2025年，对爱奇艺而言，无疑是一个承压调整与寻找新破局点并存的十字路口。 从整体财务大盘来看，爱奇艺的2025年走得颇为艰难。根据官方发布的财报数据显示，爱奇艺2025年全 年总营收为272.9亿元，同比下滑7%。这已经是自2023年创下营收峰值以来的连续第二年滑坡。 | | | Three Months Ended | | Year Ended | | | --- | --- | --- | --- | --- | --- | | | December 31. | September 30. | December 31. | December 31. | ...

忧的一面是：自2023年《狂飙》创下现象级热度后，其已连续2年营收下滑，去年同比减少为7%。受到营收下滑的拖累，爱奇艺虽连续4年实现Non- GAAP（非美国通用会计准则）运营盈利，但2025年该利润额同比缩水七成，归属于爱奇艺的净利润则由盈转亏。 更愁的是会员服务的下滑。财报显示，2025年其会员服务收入为168.1亿元，同比下滑5%。作为第二大板块，在线广告服务同样面临下滑压力，2025年营 收为51.9亿元，同比下滑9%。 喜的一面则是，爱奇艺在剧集赛道依旧保持些许领先。据云合数据，爱奇艺在2025年剧集总有效播放市占率位于第一。但《种地吧3》《喜剧之王单口季 2》等头部"综N代"节目播放量出现明显下滑。 在财报电话会上，爱奇艺创始人、CEO龚宇提出2026年三大战略目标：通过提升自制内容品质、夯实会员与广告业务来实现国内主业稳固发展；保持海外 业务及体验业务强劲增长，打造更坚实的长期发展引擎；为赢得先机，爱奇艺计划大力构建充满活力的AIGC生态系统，媒体平台的模式也将从中心化向 非中心化转移。 昨晚，爱奇艺交出了一份喜忧参半的年度成绩单。 | | | Three Months Ended | | Ye ...

昨晚，爱奇艺交出了一份喜忧参半的年度成绩单。 忧的一面是，自2023年《狂飙》创下现象级热度后，其已连续2年营收下滑，去年同比减少为 7%。受到营收下滑的拖累，爱奇艺虽连续4年实现Non-GAAP（非美国通用会计准则）运营盈 利，但2025年该利润额同比缩水7成，归属于爱奇艺的净利润则由盈转亏。 更愁的是会员服务的下滑。财报显示，2025年其会员服务收入为168.1亿元，同比下滑5%。作 为第二大板块，在线广告服务同样面临下滑压力，2025年营收为51.9亿元，同比下滑9%。 喜的一面则是，爱奇艺在剧集赛道依旧保持些许领先。据云合数据，爱奇艺在2025年剧集总有效 播放市占率位于第一。但《种地吧3》《喜剧之王单口季2》等头部"综N代"节目播放量出现明显 下滑。 在财报电话会上，爱奇艺创始人、CEO龚宇提出2026年三大战略目标：通过提升自制内容品 质、夯实会员与广告业务来实现国内主业稳固发展；保持海外业务及体验业务强劲增长，打造更 坚实的长期发展引擎；为赢得先机，爱奇艺计划大力构建充满活力的AIGC生态系统，媒体平台 的模式也将从中心化向非中心化转移。 | | | Three Months Ended | | ...

文 | 《BUG》栏目 徐苑蕾 昨晚，爱奇艺交出了一份喜忧参半的年度成绩单。 忧的一面是，自2023年《狂飙》创下现象级热度后，其已连续2年营收下滑，去年同比减少为7%。受到 营收下滑的拖累，爱奇艺虽连续4年实现Non-GAAP（非美国通用会计准则）运营盈利，但2025年该利 润额同比缩水7成，归属于爱奇艺的净利润则由盈转亏。 更愁的是会员服务的下滑。财报显示，2025年其会员服务收入为168.1亿元，同比下滑5%。作为第二大 板块，在线广告服务同样面临下滑压力，2025年营收为51.9亿元，同比下滑9%。 喜的一面则是，爱奇艺在剧集赛道依旧保持些许领先。据云合数据，爱奇艺在2025年剧集总有效播放市 占率位于第一。但《种地吧3》《喜剧之王单口季2》等头部"综N代"节目播放量出现明显下滑。 在财报电话会上，爱奇艺创始人、CEO龚宇提出2026年三大战略目标：通过提升自制内容品质、夯实会 员与广告业务来实现国内主业稳固发展；保持海外业务及体验业务强劲增长，打造更坚实的长期发展引 擎；为赢得先机，爱奇艺计划大力构建充满活力的AIGC生态系统，媒体平台的模式也将从中心化向非 中心化转移。 | IQIVI, INC. ...

Core Viewpoint - iQIYI reported strong financial performance for 2025, with total revenue reaching 27.29 billion RMB and Non-GAAP operating profit of 640 million RMB, marking four consecutive years of operational profitability [1] Financial Performance - In Q4, iQIYI achieved total revenue of 6.79 billion RMB, showing both year-on-year and quarter-on-quarter growth, with Non-GAAP operating profit of 140 million RMB [3] - Membership service revenue for Q4 was 4.11 billion RMB, while online advertising service revenue reached 1.35 billion RMB, reflecting a quarter-on-quarter growth of 9% [6] Content Strategy - iQIYI's strategy centered around IP development has strengthened user engagement and market leadership, leading to improved financial performance [3] - The company has developed a content matrix with over 10,000 pieces, transitioning from single hit productions to a diversified IP matrix that includes various content forms [4] - The series "Punishment 2" achieved a content popularity value exceeding 10,000, marking it as the second series to reach this milestone [6] AI and Technology Integration - The development of AI models is expected to revolutionize the film production industry within 2-3 years, significantly reducing production costs and time [10] - iQIYI is developing an AI intelligent platform called "Nadou Pro" to optimize the content production process, currently in closed testing [11] International Expansion - iQIYI's overseas business has shown strong growth, with overseas membership revenue increasing by over 30% year-on-year, and some markets like Brazil and Mexico seeing over 80% growth [7] - The company plans to enhance its international presence by focusing on local content production and marketing activities [7] Experience Business Development - iQIYI is expanding its experience business through IP consumer products and theme parks, with the first iQIYI Park recently opening and more planned for 2026 [8] - The parks utilize a light asset operation model, generating revenue primarily from ticket sales and in-park consumption [8] Innovation and Patents - In the past year, iQIYI applied for nearly 1,000 new patents, primarily related to AI technology, with a total of over 12,000 patents filed by the end of 2025 [13] - The company aims to focus on three core strategic goals for 2026: enhancing content quality, sustaining growth in overseas and experience businesses, and building a vibrant AIGC ecosystem [13]

Core Insights - iQIYI reported total revenue of 27.29 billion RMB for the year ending December 31, 2025, with a Non-GAAP operating profit of 640 million RMB, marking four consecutive years of operational profitability [1] - The fourth quarter saw total revenue of 6.79 billion RMB, achieving both year-on-year and quarter-on-quarter growth [1] Revenue and Financial Performance - Membership service revenue reached 4.11 billion RMB in the fourth quarter, driven by promotional activities and enhanced member value perception [14] - Online advertising service revenue was 1.35 billion RMB, with brand advertising experiencing double-digit year-on-year growth [16] - Content distribution revenue amounted to 790 million RMB, while other income was 550 million RMB [16] Content Strategy and Development - iQIYI maintained its leading position in the market with a focus on high-quality content, achieving significant viewership for series like "Tang Dynasty Strange Stories" [5][8] - The company successfully transitioned from single-hit IPs to a diversified IP matrix, enhancing the longevity of its content [4] - The fourth quarter saw record-breaking performance for both long and short series, with over 70% of viewers of new short series having previously watched related long series [5] International and Emerging Business Growth - iQIYI's overseas business showed strong growth, with membership revenue increasing by over 30% year-on-year, and a notable 40% growth in the second half of the year [4][18] - The launch of the first iQIYI theme park in Yangzhou received positive feedback, marking a significant milestone in the company's experience business [18][23] AI and Technological Innovation - AI is becoming a key driver in content creation and user experience, with expectations of significant changes in the industry within the next 1-3 years [24] - The company is developing the "Nadou Pro" AI platform to optimize content production processes, currently in closed testing [26] - iQIYI has applied for nearly 1,000 new patents in the past year, focusing on AI technology innovations [26] Strategic Goals for 2026 - iQIYI aims to enhance content quality, solidify its domestic business, and accelerate growth in overseas and experience sectors [26] - The company plans to build a vibrant AIGC ecosystem and shift its media platform model from centralized to decentralized [26]

细分业务表现方面，2025财年第四季度，爱奇艺的会员服务收入为41.1亿元，与去年同期持平。在线广 告服务收入为13.5亿元，同比下降6%，因部分广告主为应对宏观压力调整了自身的广告及推广策略。 内容分发收入7.88亿元，同比增长 94%，这主要得益于现金交易的增加。其他收入为5.5亿元，同比下 降18%，主要归因于某些业务合作安排的变更。 2025财年总收入为272.9亿元，同比下降7%，归属于爱奇艺的净亏损为2.063亿元，2024年归属于爱奇艺 的净利润为7.641亿元。Non-GAAP运营利润达到6.4亿元，该公司已连续四年实现运营盈利。（智通财 经记者 吴雨欣） 来源：智通财经 2月26日，爱奇艺公布2025财年第四季度及全年财务业绩，四季度收入67.9亿元，同比增长3%，归属于 爱奇艺的净亏损为580万元，而2024年同期归属于爱奇艺的净亏损为1.9亿元。该季度爱奇艺的Non- GAAP运营利润为1.4亿元。 ...

Core Viewpoint - iQIYI reported a decline in revenue and profitability for the fiscal year 2025, indicating challenges in its business operations and market conditions [1] Group 1: Q4 2025 Performance - Total revenue for Q4 2025 was 6.79 billion RMB, a year-on-year increase of 3% [1] - Operating profit for Q4 2025 was 55.4 million RMB, with an operating margin of 1%, down from 285.4 million RMB and 4% in Q4 2024 [1] - Non-GAAP operating profit for Q4 2025 was 143.5 million RMB, with a non-GAAP operating margin of 2%, compared to 405.9 million RMB and 6% in Q4 2024 [1] - Net loss attributable to iQIYI was 5.8 million RMB, an improvement from a net loss of 189.4 million RMB in Q4 2024 [1] - Non-GAAP net loss attributable to iQIYI was 109.7 million RMB, compared to a non-GAAP net loss of 58.8 million RMB in Q4 2024 [1] Group 2: Fiscal Year 2025 Highlights - Total revenue for the fiscal year 2025 was 27.29 billion RMB, a decrease of 7% compared to 2024 [1] - Operating profit for the fiscal year 2025 was 229.3 million RMB, with an operating margin of 1%, down from 1.81 billion RMB and 6% in 2024 [1] - Non-GAAP operating profit for the fiscal year 2025 was 638.9 million RMB, with a non-GAAP operating margin of 2%, compared to 2.36 billion RMB and 8% in 2024 [1] - Net loss for the fiscal year 2025 was 206.3 million RMB, contrasting with a net profit of 764.1 million RMB in 2024 [1] - Non-GAAP net profit for the fiscal year 2025 was 280.6 million RMB, down from 1.51 billion RMB in 2024 [1] Group 3: Revenue Breakdown - Membership service revenue was 16.81 billion RMB, a decline of 5% from 2024, attributed to a lighter content lineup [1] - Online advertising service revenue was 5.19 billion RMB, down 9% from 2024, as some advertisers adjusted their strategies in response to macroeconomic pressures [1] - Content distribution revenue was 2.5 billion RMB, a decrease of 12% from 2024, mainly due to reduced barter transactions [1] - Other revenue was 2.79 billion RMB, down 4% from 2024, primarily due to changes in certain business cooperation arrangements [1]

Core Viewpoint - iQIYI faced backlash after mistakenly awarding an accolade meant for actress Liu Shishi to actress Bai Lu during the "Scream Night" awards ceremony, leading to public dissatisfaction and calls for refunds [3][5][7] Group 1: Award Incident - The award for "Peach Bean World 2025 Favorite (TV Series) Female Role" was incorrectly given to Bai Lu instead of Liu Shishi, causing significant public outcry [5][10] - iQIYI issued an apology citing "work negligence" but did not provide a solution for the lost benefits that were supposed to accompany the award, such as promotional opportunities [5][11] - Users expressed their frustration on social media, with many demanding refunds and questioning the sincerity of iQIYI's apology [7][11] Group 2: Financial Performance - iQIYI's Q3 financial report revealed total revenue of 6.68 billion yuan, a year-on-year decline of 8%, and a net loss of nearly 250 million yuan, breaking a three-year streak of profitability [16] - Revenue from membership services fell by 4% to 4.21 billion yuan, while online advertising revenue decreased by 7% to 1.24 billion yuan, and content distribution revenue saw a significant drop of 21% to 644.5 million yuan [16] - Despite strong growth in box office distribution revenue, it was offset by declines in TV-related content distribution revenue, leading to an overall decrease in other revenue by 20% to 585 million yuan [16] Group 3: Customer Service Issues - iQIYI has faced over 55,000 complaints on the Black Cat Complaint platform, with many users reporting unauthorized charges and difficulties in obtaining refunds [12][14] - Complaints include instances of automatic deductions without user consent and issues with customer service accessibility, reflecting a perceived neglect of user concerns [12][14] Group 4: Crisis Management - Experts criticized iQIYI's crisis management approach, suggesting that the company's apology lacked sincerity and was overly formal, which may not effectively address public sentiment [17] - Recommendations included adopting a more empathetic approach in crisis communication, such as enhancing promotional content related to Liu Shishi to compensate for the error [17]

Financial Performance - In Q2 2025, the company reported revenue of 6.63 billion yuan, a year-on-year decrease of 11% [1] - The net loss for the quarter was 133.7 million yuan, compared to a profit of 68.7 million yuan in the same period last year [1] - Non-GAAP net profit was 14.7 million yuan, down from 246.9 million yuan year-on-year [1] Revenue Breakdown - Membership service revenue was 4.09 billion yuan, a decline of 9% year-on-year, following an 8% drop in Q1 [1] - Online advertising service revenue was 1.27 billion yuan, down 13% year-on-year [1] - Content distribution revenue fell significantly to 436.6 million yuan, a decrease of 37% year-on-year [1] Operational Metrics - 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 [1] - Non-GAAP operating profit plummeted from 501 million yuan to 58.7 million yuan, with the operating profit margin dropping from 7% to 1% [1] - Net cash used in operating activities was 12.7 million yuan, and free cash flow was -341 million yuan [1] Cash Position - As of June 30, 2025, the company had a total of 5.06 billion yuan (approximately 705.7 million USD) in cash, cash equivalents, restricted cash, short-term investments, and other long-term restricted cash [1] Board Changes - On August 1, 2025, the company announced a change in its board composition, with Baidu's current CFO He Haijian appointed as chairman [2]