21世纪经济报道记者贺泓源、实习生徐鸿儒 爱奇艺重回年度亏损区间。 2026年2月26日，该公司披露业绩。财报显示，在2025年四季度，爱奇艺营收同比增长3%至67.9亿元；净亏损580万元，2024年同期净亏损为1.894亿元。当 期，爱奇艺Non-GAAP（非美国通用会计准则）运营利润为1.4亿元。 在2025年，爱奇艺营收同比下降7%至272.9亿元；净亏损2.063亿元，而2024年爱奇艺净利润达到7.641亿元。在2025年，爱奇艺Non-GAAP运营利润为6.4亿 元。 还需看到，眼下，爱奇艺正将AI视为转型的重要方向。 | (Amounts in thousands of Renminbi ("RMB"), except for per ADS data, unaudited) | | December 31, September 30, Dece | | | --- | --- | --- | --- | | | 2024 | 2025 | | | | RMB | RMB | | | Total revenues | 6,613,417 | 6,682,385 | 6 | | Operatin ...

Core Viewpoint - iQIYI has returned to an annual loss, with a net loss of 20.63 million yuan in 2025, compared to a net profit of 76.41 million yuan in 2024, indicating a significant decline in financial performance [2][4]. Revenue Performance - In Q4 2025, iQIYI's revenue grew by 3% year-on-year to 6.79 billion yuan, with membership revenue slightly increasing to 4.11 billion yuan, while advertising revenue decreased by 6% to 1.35 billion yuan [2][4]. - The overall revenue for 2025 decreased by 7% to 27.29 billion yuan, primarily due to a drop in advertising revenue, which was affected by industry trends [2][5]. Content and IP Development - The success of the series "Tang Dynasty Strange Stories" significantly contributed to revenue growth, becoming the first IP to achieve a content popularity score exceeding 10,000 for two consecutive seasons [4]. - iQIYI's strategy includes promoting diverse content forms to extend the IP lifecycle, with short dramas achieving record popularity [4]. Advertising Market Dynamics - iQIYI's advertising revenue decline is attributed to a broader industry trend where advertisers are shifting budgets to platforms like Douyin and Xiaohongshu, which are perceived to have better monetization efficiency [5]. - Despite the challenges, iQIYI reported growth in brand advertising revenue in Q4 2025, with double-digit growth in both variety and drama advertising [6]. AI Integration and Future Strategy - iQIYI is focusing on AI as a key transformation direction, with plans to develop an AI intelligent platform called "Nadou Pro" to optimize content production processes [8]. - The CEO highlighted that AI could significantly reduce production costs and time, potentially leading to a surge in the quantity and quality of long-form video content [7][10]. - The company aims to build a vibrant AIGC ecosystem and shift its media platform model from centralized to decentralized by 2026 [10][11]. International Business Growth - iQIYI's overseas business strategy for 2026 focuses on achieving high revenue growth, indicating a commitment to expanding its international presence [11].

各大业务线收入下滑，爱奇艺2025年的亏损并没有过多意外。而从最近的2025年Q4业绩看，其收入实 现了同环比双增长，归属爱奇艺的净亏损也在收窄。 2月26日，爱奇艺发布截至2025年12月31日未经审计的Q4及全年财报。其2025年收入为272.9亿元，较 2024年下降7%，净亏损为2.06亿元，而2024年的净利润为7.64亿元。其中，爱奇艺2025年Q4业绩在回 暖。 在短视频、短剧的冲击下，长视频平台压力一直不算小，爱奇艺也在持续布局线下乐园、海外业务，如 今技术也在给内容产业带来新的机遇。爱奇艺创始人、首席执行官龚宇在2月26日晚间电话会上表示， 视频大模型显然大幅降低长视频制作的成本，缩短制作时间，降低创作门槛，让更多创作者进入长视频 制作行业，最终使得长视频的数量和质量大幅提升，这对爱奇艺这样的长视频媒体平台来讲非常利好。 Q4净亏损收窄 在新剧集、新电影上线的情况下，爱奇艺Q4的业绩有了不小的起色。 爱奇艺2025年Q4收入为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1.89亿元。 2025年Q4，爱奇艺的内容生态和排播丰富度有所提 ...

2月26日，爱奇艺（NASDAQ:IQ）发布2025年第四季度及全年财报。受益于高品质多元化内容的持续供 给，爱奇艺交出一份稳健的成绩单。数据显示，公司2025年全年实现总收入272.9亿元（人民币，下 同），Non-GAAP运营利润6.4亿元，连续四年运营盈利。其中，第四季度总收入为67.9亿元，实现同环 比双增长。 与此同时，爱奇艺正在通过体验业务构建多元娱乐生态，打造可创造长期价值的新引擎。爱奇艺代理首 席财务官曾颖表示："首家爱奇艺乐园近期正式开业，收获积极反馈，成为体验业务发展的重要里程 碑。我们期待这些新兴业务为公司创造长期价值。" 面对人工智能浪潮，爱奇艺正通过AI全方位重构内容生产力。大模型技术显著降低了长视频的制作门 槛与成本，缩短了开发周期，驱动内容产量与质量双爆发。龚宇在财报电话会上表示，视频大模型非常 利好爱奇艺这样的长视频媒体平台。为此，爱奇艺集成全球顶尖基础大模型，基于专业影视开发制作经 验优化产品功能，研发了专业影视制作智能体纳逗Pro，推动构建新的AIGC内容生态系统 。 展望2026年，爱奇艺创始人及CEO龚宇表示："2026年爱奇艺将专注实现三大核心战略目标：通过提升 内容 ...

2月26日，爱奇艺(IQ.US)发布2025Q4及全年财报。根据财报数据，爱奇艺2025年全年总收入272.9亿元 人民币，Non-GAAP（非美国通用会计准则）运营利润6.4亿元，连续四年运营盈利。其中，第四季度 爱奇艺总收入67.9亿元，实现同环比双增长。Non-GAAP运营利润为1.4亿元。 值得注意的是，根据公开数据，2025年爱奇艺新申请发明专利近千项，其中过半涉及AI技术创新。 龚宇强调，AI将作为创意催化剂放大爱奇艺的核心创作优势，大幅提升效率、降低制作成本。爱奇艺 将努力构建新的AIGC内容生态系统，媒体平台的模式将从中心化向非中心化转移。具体措施将在4月的 爱奇艺世界·大会上揭晓。 可以明确的是，AI可以为平台高效率生产更丰富内容带来更多机遇。以漫剧为例，作为AI时代的原生 内容，当前市场上的绝大部分漫剧由AI生成制作，使用AI直接生成儿童动漫、竖屏短剧可将制作成本 降至传统制作方式的十分之一或以下，网络电影、动漫、纪录片等传统内容的制作方式也越来越多地被 AI主导。 龚宇还预测， AI主导生成的商业大片将在近2-3年出现。目前业内已有真人院线电影、真人剧集与综艺 节目开始采用AI，降本成效 ...

Core Insights - iQIYI reported a total revenue of 27.29 billion RMB for the year 2025, with a Non-GAAP operating profit of 640 million RMB, marking four consecutive years of operational profitability [1] - In Q4 2025, iQIYI achieved a total revenue of 6.79 billion RMB, demonstrating both year-on-year and quarter-on-quarter growth [1] - The company announced its strategic goal to build an AIGC ecosystem in 2026, alongside strengthening its core business and emerging sectors [1] Financial Performance - Total revenue for 2025 was 27.29 billion RMB, with a Non-GAAP operating profit of 640 million RMB [1] - Q4 2025 revenue reached 6.79 billion RMB, with a Non-GAAP operating profit of 140 million RMB [1] Strategic Developments - iQIYI introduced its self-developed AI platform, Nado Pro, aimed at revolutionizing the content creation process in the film and television industry [2] - The company plans to combine leading global foundational models with its extensive experience in professional content production to enhance efficiency and reduce costs [2] - iQIYI's CEO, Gong Yu, emphasized that AI will act as a creative catalyst, significantly improving production efficiency and lowering costs [2] Industry Trends - The emergence of AI-generated content is expected to disrupt the film and television production industry within the next 1-3 years, with significant cost reductions already observed in current projects [2] - AI-generated content, such as animated series, can reduce production costs to one-tenth or less of traditional methods [1][2] - iQIYI has filed nearly 1,000 new invention patents in 2025, with over half related to AI technology innovations [2]

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]

首家爱奇艺乐园正式开业，海外业务收入创下历史新高——在连续四年运营盈利的稳健基本盘之上，爱 奇艺正加速打造新的增长引擎。 2月26日，爱奇艺（NASDAQ:IQ）发布截至2025年12月31日未经审计的第四季度及全年财报。全年总收 入272.9亿元人民币，Non-GAAP（非美国通用会计准则）运营利润6.4亿元，连续四年运营盈利。其 中，第四季度爱奇艺总收入67.9亿元，实现同比、环比双增长。Non-GAAP运营利润为1.4亿元。 爱奇艺创始人、首席执行官龚宇今日表示，进入2026年的爱奇艺还有三场"硬仗"：夯实国内主业，提升 内容品质，加强会员及广告业务；加速突破海外业务和体验业务；利用AI打造充满活力的内容生态， 并通过补充AIGC内容让生态更丰富多元。 第四季度收入同比、环比双增长 爱奇艺最新财报显示，2025年该公司总收入为272.9亿元，其中会员服务收入168.1亿元，在线广告服务 收入51.9亿元，内容发行收入25亿元，其他收入27.9亿元。 其中，第四季度爱奇艺总收入67.9亿元，同比增长3%。其中会员服务收入与去年同期持平，为41.1亿 元，在线广告服务收入13.5亿元，内容发行收入同比激增9 ...

2月26日，爱奇艺（NASDAQ:IQ）发布截至2025年12月31日未经审计的第四季度及全年财报。全年总收 入272.9亿元人民币，Non-GAAP（非美国通用会计准则）运营利润6.4亿元，连续四年运营盈利。其 中，第四季度爱奇艺总收入67.9亿元，实现同环比双增长。Non-GAAP运营利润为1.4亿元。 2025年爱奇艺高品质内容接连涌现，云合年度剧集总有效播放市占率稳居第一，全年共有5部剧集的爱 奇艺内容热度值（以下简称"内容热度值"）破万。爱奇艺IP 系列化开发也在这一年实现标志性突破， 从打造单一爆款到升级为构建覆盖多元内容形态与场景的长青IP矩阵。《唐朝诡事录之长安》内容热度 值破万的同时，"唐诡"IP也发展成为集长剧、中剧、短剧和线下体验为一体的IP多元开发典范。 夯实国内主业的同时，新兴业务中的海外业务在2025年释放强劲增长潜力，成为可持续、规模化发展 的"第二增长曲线"：海外全年会员收入同比增长超30%，下半年会员收入同比增速提升至40%，全年会 员规模创新高。爱奇艺正在通过体验业务构建多元娱乐生态，打造可创造长期价值的新引擎：2025年IP 消费品业务从单一IP授权模式升级为"自营+授权 ...