21世纪经济报道记者贺泓源、实习生韦怡琦 比如，三季度，爱奇艺营收同比下滑7.8%至66.8亿元；净亏损2.489亿元。同期，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。 优酷盈利背后是，在降本与增效上都获得了一定成果。 在目前市场环境下，降低内容成本，成为各家活下去的必选项。而长视频又是个头部市场，大项目是刚 需。 由此，降本的实质是，把有限的资金放在重点项目上。 阿里巴巴遭遇利润压力。 该公司披露财报显示，在截至9月末的最新财季，阿里营收同比增长4.77%至2477.95亿元；Non-GAAP 净利润同比下滑71.65%至103.52亿元。利润端大幅负增长，主要受到外卖大战下闪购投入的拖累。 但好消息是，阿里的文娱业务盈利越来越稳。该项业务的亏损额曾一度达到157.96亿元。 11月25日晚，在业绩电话会上，阿里巴巴集团首席财务官徐宏表示，虎鲸文娱集团已实现连续三季度盈 利。据了解，虎鲸文娱持续盈利主要由优酷经营效率提升实现盈利所带动。 事实上，这一成绩是难得的。 这代表着，如何锚定合适项目已成为各平台核心竞争力。此外，项目敲定之后，如何控制成本更高效 ...

文 | 新声Pro，作者 | 张嘉琦 生态的战略价值再一次被长视频平台强调，并进入到更具体的实践阶段。 生态建设是宏大命题，也是长视频平台在商业故事上的终局，但这一长期愿景今年在各家平台的战略表 述和业务布局中都体现得更为明显。 一方面，由于行业整体增速放缓，平台需要寻找新的增长路径；另一方面，经过多年积累而形成的IP资 源库，为其打通线上线下生态提供了核心资产。同时，在业务维度上，IP储备和产业纵深能力，也是长 视频与短视频平台竞争的差异化关键。因此，生态构建既是长视频平台应对现实挑战的方向，也是平台 基于自身优势所推进的战略升级。 具体来看，尽管目标一致，但各平台基于各自的资源优势与战略考量，在这条路径上展现了不同的侧重 与特点。 腾讯 在刚结束不久的2026腾讯视频V视界大会上，腾讯公司副总裁、腾讯在线视频董事长孙忠怀提出，「单 打独斗的时代已经过去，真正的壁垒是生态。」基于「用户需要优质内容、品牌需要有温度的沟通」两 个核心需求，腾讯视频的生态，建立在其扎实的IP储备和多个「产业生态」的基础上。 首先是以IP为核心铺开内容版图，将单一项目培养成具备持续性和广泛性的长期资产，以对抗文娱内容 的生命周期。 ...

Core Viewpoint - iQIYI's third-quarter financial results for 2025 show a decline in total revenue and an increase in net loss, indicating challenges in the long video industry amid rising competition from short video platforms [1][2]. Financial Performance - Total revenue for iQIYI in Q3 2025 was 6.68 billion RMB, a decrease of 8% year-over-year [1][2]. - Net loss attributable to iQIYI was 248.93 million RMB, widening from a loss of 133.71 million RMB in the same quarter last year [1][2]. - Membership service revenue was 4.21 billion RMB, down 4% year-over-year, while online advertising revenue fell by 7% to 1.24 billion RMB [2]. Industry Trends - The long video industry is facing significant challenges, with a collective downturn in performance during what is typically a peak season [3]. - Competitors like Tencent Video reported stagnant membership numbers, indicating a broader trend of stagnation in user growth across major platforms [4]. - The rise of short video platforms, such as Hongguo, which surpassed traditional long video platforms in active user numbers, reflects a shift in consumer content consumption habits [6]. Content Strategy - iQIYI is adapting its content strategy by enhancing its app offerings to include both long videos and free short dramas, aiming to capture a wider audience [12]. - Other platforms are also pivoting towards short content, with Tencent Video and Mango TV making similar adjustments to their content strategies [14]. User Experience Concerns - Frequent changes in membership rules and increased advertising have led to user dissatisfaction, with complaints about reduced user rights and increased costs [14][15]. - The tightening of device usage restrictions has sparked controversy, as users feel pressured to upgrade their membership levels [15]. Long-term Outlook - The long video platforms are nearing a saturation point in membership growth, necessitating a focus on content quality to retain users and drive future growth [16].

互动，"新技术你来体验"。在芒果TV展台，机器人"小玖"挥动手臂，踩着音乐节拍，时而跳着动感舞 蹈，时而和现场观众握手，观众竞相上去和"小玖"合影留念。 芒果TV智能算法部算法工程师王文倩介绍，作为具身智能综艺机器人，"小玖"在综艺节目《中餐厅9》 摩洛哥站中亮相。其硬件基础来自智元机器人，内部能听会说、能与环境互动的"灵魂"是基于自研的芒 果大模型独立开发的。"小玖"不仅可以实时进行中文、英文、法语、阿拉伯语4语种对话，还能即时为 中餐厅定制精美菜单与主题歌曲，可完成犀利锐评、趣味迎宾、资深向导、漫画海报设计等10余项任 务，展现了在智能化内容生产与应用上的前沿探索。 （文章来源：人民日报） 智能，"让文物会说话"。在湖南广播影视集团有限公司展位，专为文博文旅打造的智能终端"山海灵 通"引人注目。 湖南省博物馆的镇馆之宝有哪些？明星展品豕形铜尊有哪些特点？轻触屏幕，数字人便如约而至，用指 尖慢慢旋转屏幕上的豕形铜尊模型，伴随数字人的讲解，奥秘一一解开。 芒果数智工作人员谭雅心介绍，"山海灵通"融合语音识别、虚拟形象与山海璇玑大模型，塑造专家级Al 数字人导师。以裸眼3D带来沉浸式鉴赏，通过语音和触碰实现自然 ...

Core Insights - The mobile internet content consumption market in China is undergoing significant changes, with short drama applications like "Hongguo Free Short Drama" and "Hema Theater" emerging as strong competitors in the industry, disrupting the long-standing stability in the online video sector [1][4] Industry Overview - As of September 2025, the total number of mobile internet users in China reached 1.269 billion, marking a 2% year-on-year growth, indicating a stable market environment [1] - The online video industry remains dominated by Tencent Video, iQIYI, and Mango TV, but there have been notable shifts in the rankings of other platforms [1][4] Short Drama Segment - "Hongguo Free Short Drama" has surpassed traditional platforms like Bilibili and Youku, ranking among the top four in terms of monthly active users [4] - "Hema Theater" has also shown impressive performance, with monthly active users exceeding 50 million, surpassing platforms such as Central Video and Migu Video [4] - The average monthly usage time for users in the online video sector exceeds 20 hours, indicating high engagement levels [4] Audience Demographics - Short dramas are expanding their audience base, with users aged 31 to 50 becoming the primary demographic, while interest from users under 30 and those from first- and second-tier cities is rapidly increasing [4] Policy Support and Market Growth - The rapid development of short dramas is supported by government policies aimed at enhancing content supply and encouraging quality micro-short dramas to be broadcast on television [7] - The micro-short drama market in China is projected to exceed 50.5 billion yuan in 2024, surpassing box office revenues from films, and is becoming a significant growth point for online audio-visual revenue [7]

Group 1: Media Sector Overview - The media sector achieved a revenue of 127.9 billion yuan in Q3 2025, representing a year-on-year growth of 7% [1] - The sector's net profit attributable to shareholders reached 10.1 billion yuan, a significant increase of 40% year-on-year [1] Group 2: Gaming Industry - The domestic gaming market reported actual sales revenue of 88.03 billion yuan in Q3 2025, showing a year-on-year decline of 4.1% but a quarter-on-quarter increase of 7% [1] - The net profit attributable to shareholders for A-share gaming companies was 5.59 billion yuan, reflecting a remarkable year-on-year growth of 76% [1] - The report highlights the positive outlook for the gaming sector driven by new game releases and AI technology [1] Group 3: Marketing Sector - The marketing industry generated a revenue of 45.33 billion yuan in Q3 2025, marking a year-on-year increase of 9% [2] - The net profit attributable to shareholders for the marketing sector was 1.63 billion yuan, a turnaround from previous losses, with a year-on-year growth of 14% [2] - The recovery in macroeconomic conditions has positively influenced advertising spending, particularly among leading companies [2] Group 4: Film and Cinema Industry - The film and cinema industry recorded a revenue of 8.61 billion yuan in Q3 2025, down 2% year-on-year [3] - The industry achieved a net profit of 90 million yuan, marking a return to profitability [3] - The total box office in China for 2025 is projected to exceed 44.5 billion yuan, indicating a positive trend for the film market [3] Group 5: Digital Media Sector - The digital media industry saw a revenue increase of 8% to 6.5 billion yuan in Q3 2025, but the net profit attributable to shareholders decreased by 28% to 320 million yuan [4] - The net profit margin for the digital media sector fell by 2.4 percentage points to 4.9% [4] - The company Mango TV reported a revenue of 3.1 billion yuan in Q3, with a slight year-on-year growth [4] Group 6: Publishing and Periodicals - The publishing and periodicals industry experienced a revenue decline of 5% to 29.84 billion yuan in Q3 2025 [5] - The net profit attributable to shareholders increased by 13% to 2.47 billion yuan, primarily due to tax policy impacts [5] - Recommendations include companies like Southern Media and Shandong Publishing, with a focus on financial stability and dividend yield [5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company's Q3 2025 revenue was 3.099 billion yuan, a year-over-year decrease of 6.58%, while the net profit attributable to shareholders was 252 million yuan, down 33.47% year-over-year [4][5] - Increased content and R&D investments have led to a decline in performance, with R&D expenses rising by 70.3% year-over-year [5] - The average monthly active users (MAU) for Mango TV increased by approximately 11.08% year-over-year, driven by the release of new series [6] - Advertising revenue showed positive growth in Q3 2025, contrasting with a decline in the first half of the year [7] - The company is expected to benefit from a rich pipeline of upcoming series, which may boost membership numbers [6][7] Financial Performance Summary - Q3 2025 revenue: 30.99 billion yuan (YOY -6.58%, QOQ +1.18%) [5] - Q3 2025 net profit: 2.52 billion yuan (YOY -33.47%, QOQ -34.35%) [5] - Gross margin: 27.59% (down 2.19 percentage points year-over-year) [5] - Sales/management/R&D expense ratios: 17.7%/3.3%/2.1%, with year-over-year increases [5] Future Projections - Projected revenues for 2025-2027 are 124.53 billion yuan, 136.53 billion yuan, and 149.37 billion yuan respectively, with net profits of 13.29 billion yuan, 19.64 billion yuan, and 25.17 billion yuan [8][10] - Expected P/E ratios for 2025, 2026, and 2027 are 40.7, 27.5, and 21.5 respectively [8][10]

Revenue and Profit Performance - In the first three quarters, the company achieved operating revenue of 9.063 billion yuan and a net profit attributable to shareholders of 1.016 billion yuan, representing year-on-year declines of 11.82% and 29.67% respectively, with a fully diluted EPS of 0.54 yuan [1] - For Q3 2025, the company reported revenue of 3.099 billion yuan and a net profit attributable to shareholders of 252 million yuan, with year-on-year declines of 6.58% and 33.47% respectively [1] - The decline in revenue is primarily due to the contraction of the traditional TV shopping business, while the decrease in net profit is attributed to increased investments in high-quality film and television content, ecological layout, and technology applications [1] - The operating cash flow for the first three quarters was 674 million yuan, showing a significant year-on-year increase of 307.14% [1] Core Business and Advertising - The core platform business, Mango TV, showed stable performance with operating revenue remaining flat year-on-year [1] - User engagement improved, with the average monthly active users of Mango TV increasing by approximately 11.08% year-on-year from January to September, outperforming the overall industry [1] - The advertising business is showing signs of recovery, with a year-on-year increase in advertising revenue in Q3 [1] Content Ecosystem and Upcoming Releases - The variety shows continue to maintain a leading position in the industry, with successful Q3 programs such as "The Great Escape Season 7" and "The Road to Glory 2025" [2] - In terms of drama series, titles like "Splendid Blossoms" and "Jin Yue Ru Ge" performed well, and the company has a reserve of nearly 100 film and television projects, supported by favorable policies from industry regulators [2] - Upcoming content includes the fifth season of "Goodbye, My Love" and the fantasy drama "Water Dragon Chant," which has already launched [2] - The company is also advancing its micro-short drama strategy, with original horizontal short dramas like "Jiang Song" topping the May short drama viewership rankings [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [8] Core Views - The company reported a revenue of 3.099 billion yuan in Q3 2025, a year-on-year decline of 6.58%, and a net profit attributable to shareholders of 252 million yuan, down 33.47%, which was below expectations [2] - The operational trend in Q3 continues, with profit margins declining due to increased sales expenses related to program promotions [8] - The company has a solid cash reserve of over 13 billion yuan as of the end of September [8] - The overall revenue remained stable quarter-on-quarter, but there was a year-on-year decline due to a contraction in the e-commerce business [8] - The advertising revenue showed positive growth in Q3 year-on-year [8] - The policy bottom is firmly established, with the implementation of measures to enrich television content [8] - The product cycle is on an upward trend, with key dramas and variety shows set to launch in Q4 [8] - The long video business model is expected to benefit from economies of scale, with significant profit margin elasticity [8] - Long-term growth potential is anticipated from improved competition in the long video sector and new business models [8] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 12.803 billion yuan, with a year-on-year decline of 9.1% [4] - Net profit attributable to shareholders for 2025 is projected at 1.271 billion yuan, a decrease of 6.9% year-on-year [4] - Earnings per share for 2025 is estimated at 0.68 yuan [4] - The gross margin is expected to be 29.4% in 2025, with a gradual increase in subsequent years [4] - Return on equity (ROE) is projected to be 5.3% in 2025, improving to 8.0% by 2027 [4]

Investment Rating - The investment rating for the company is "Outperform the Market" [5] Core Views - The company's revenue and profit have declined, but operating cash flow has shown strong performance, with a net cash flow of 674 million yuan in the first three quarters, a year-on-year increase of 307.14% [8] - The core platform business remains stable, with advertising revenue showing signs of recovery in Q3 [12] - The content ecosystem is continuously improving, with a focus on the performance of variety shows and dramas, which are expected to generate more quality hits due to supportive policies [2][3] Summary by Sections Revenue and Profit Performance - In the first three quarters, the company achieved revenue of 9.063 billion yuan and a net profit of 1.016 billion yuan, representing year-on-year declines of 11.82% and 29.67%, respectively [8] - For Q3 2025, the company reported revenue of 3.099 billion yuan and a net profit of 252 million yuan, with declines of 6.58% and 33.47% year-on-year [8] - The decline in revenue is primarily due to the contraction of the traditional TV shopping segment, while the drop in net profit is attributed to increased investments in high-quality content and technology applications [8] Core Business and Advertising - The core platform, Mango TV, has maintained stable revenue, with user engagement increasing by approximately 11.08% year-on-year [12] - Advertising revenue showed a recovery trend in Q3, indicating a positive outlook for the advertising business [12] Content Development - The company continues to lead in the variety show sector, with successful programs launched in Q3 [2] - The drama segment has also performed well, with several new series expected to contribute positively to future revenue [2] - The company has a substantial pipeline of nearly 100 films and series, enhancing its content offerings across multiple platforms [2] Financial Forecast - The company maintains its profit forecast, expecting net profits of 1.862 billion yuan, 2.353 billion yuan, and 2.839 billion yuan for 2025, 2026, and 2027, respectively, with corresponding EPS of 1.00, 1.26, and 1.52 yuan [3][14]