Investment Rating - The report maintains a "BUY" rating for iQIYI, indicating a potential return of over 15% over the next 12 months [16]. Core Insights - iQIYI is expected to see a recovery in both revenue and earnings in 4Q25, with total revenue projected to grow by 2% year-over-year (YoY) and 1% quarter-over-quarter (QoQ) to RMB6.77 billion, driven by the recovery of membership and content distribution businesses [1][8]. - The forecast for non-GAAP net income in 4Q25 is RMB93 million, a significant improvement from the non-GAAP net losses recorded in previous quarters [1]. - The target price for iQIYI has been adjusted to US$2.75, based on an 18x multiple of the 2026E non-GAAP EPS, reflecting a 36.8% upside from the current price of US$2.01 [3][11]. Financial Performance Summary - Revenue for FY23A was RMB32,018 million, with a YoY growth of 10.4%. However, FY24A revenue is expected to decline by 8.7% to RMB29,225 million, followed by a further decline of 6.7% in FY25E to RMB27,263 million [2]. - The adjusted net profit for FY23A was RMB2,984.1 million, which is expected to drop to RMB1,512.2 million in FY24A and further to RMB264.1 million in FY25E [2]. - Gross margin is projected to decrease from 27.8% in FY23A to 20.9% in FY25E, before recovering to 23.3% in FY26E and 24.2% in FY27E [2]. Business Forecasts and Valuation - iQIYI's revenue for FY25E is forecasted at RMB27.3 billion, with a slight increase in FY26E to RMB27.9 billion and FY27E to RMB28.4 billion [9]. - The non-GAAP net profit is expected to significantly improve from RMB0.3 billion in FY25E to RMB1.0 billion in FY26E and RMB1.3 billion in FY27E, reflecting a recovery trend [9]. - The valuation of iQIYI is based on a target PE multiple of 18x for 2026E non-GAAP EPS, which is at a discount to the sector average of 24x due to intense competition in the video streaming sector [11].

Core Insights - The Chinese drama industry is entering a golden period of international expansion, with a 114.5% year-on-year increase in content viewership on iQIYI's international platform, driven primarily by Chinese-language content [1] Group 1: Performance of Chinese Dramas - The top-performing dramas include "Love You" and "White Moon Fan Star," showcasing the appeal of Chinese dramas in overseas markets [1][3] - Other notable entries in the top 10 include "Morning Snow Record," "White Olive Tree," "Book Scroll Dream," and "Dual Tracks," indicating a diversification and premiumization of Chinese content [3] Group 2: Production Companies and Collaborations - Chinese production companies such as Kuqing Film, Bodi Film, Lemon Film, and others have gained international recognition through their collaborations with iQIYI [6] - The increasing quality of content from these companies is driving their desire to expand internationally, with iQIYI facilitating this through close cooperation with content creators [6] Group 3: Performance of Other Content Types - Chinese animation is also seeing success abroad, particularly in the fantasy genre, with titles like "Spirit Martial Continent" and "One World, One Glory" dominating the charts [10] - The "Nezha" IP has shown strong global appeal, with related films occupying the top three spots in the Chinese film category [10] Group 4: Regional Preferences for Chinese Content - Southeast Asia shows a strong preference for localized content, with many Chinese dramas being dubbed in Thai for local audiences [13] - East Asian viewers exhibit a higher interest in mystery and detective stories, while audiences in the Middle East and North Africa favor military-themed narratives [13] - iQIYI plans to deepen its strategy of promoting Chinese content in 2026, aiming to connect diverse global markets with high-quality offerings [13]

Group 1 - The core point of the article is the resignation of iQIYI's CFO Wang Jun due to personal reasons, with the company appointing Zeng Ying as the acting CFO while searching for a permanent replacement [2] - Wang Jun joined iQIYI in 2018 and became CFO in 2022, playing a significant role in optimizing the company's capital structure and contributing to its financial stability [2][3] - During his tenure, Wang Jun was involved in major capital market transactions, including supporting the company's IPO and subsequent financing activities, which were crucial for iQIYI's listing [2] Group 2 - iQIYI's recent financial performance has been under pressure, with the latest Q3 report showing total revenue of 6.68 billion yuan, a year-on-year decline of 8%, and a net loss of nearly 250 million yuan compared to a net profit of 230 million yuan in the same period last year [4] - Membership revenue continues to decline, reported at 4.21 billion yuan, indicating ongoing challenges in revenue generation [4] - There are considerations for a secondary listing in Hong Kong to raise $300 million, aimed at improving the company's debt structure and financial flexibility, although iQIYI has not provided further details on this matter [4]

Core Viewpoint - iQIYI's revenue from the split drama "Old Uncle" exceeded 55 million yuan in its first month, setting records for both the highest revenue for a split drama and the highest revenue for any split drama in 2024, indicating the effectiveness of iQIYI's strategy for high-quality split dramas [1] Group 1 - iQIYI's stock price increased by 3.13% to $1.98 in pre-market trading [2] - The split drama "Old Uncle" achieved a revenue of over 55 million yuan, marking a record for split dramas [1] - The fantasy suspense drama "Sea City Mirage" received a high rating of 8.1 on Douban, contributing to iQIYI's successful content strategy [1] Group 2 - iQIYI's total market capitalization is approximately 1.849 billion [2] - The stock's 52-week high is $2.84, while the 52-week low is $1.50 [2] - The trading volume was 10.4633 million shares, with a turnover rate of 2.02% [2]

Core Insights - The 2025 Global Content Popularity List for iQIYI International Edition shows a significant growth in the consumption of Chinese content, with a 114.5% year-on-year increase in content views, driven primarily by diverse Chinese-language offerings [1][3][4] Group 1: Chinese Content Performance - The top Chinese drama of the year is "Love You," which integrates elements of traditional Chinese medicine, resonating with global audiences [1][4] - iQIYI's self-produced content dominates the Chinese drama popularity list, accounting for 90% of the top ten [4] - The success of Chinese dramas is attributed to innovative themes and a deep integration of Eastern aesthetics [4] Group 2: Animation and Film Success - "Lingwu Dalu" and "Nezha: The Devil Child Comes to the World" lead the popularity charts for Chinese animation and film, respectively [9][12] - The Chinese animation genre shows a strong preference for Eastern fantasy themes, with eight out of ten top titles in this category [9] - Classic cultural IP adaptations, particularly those related to "Nezha," demonstrate significant global appeal, with "Nezha: The Devil Child Comes to the World" having nearly three times the viewership of the top non-Chinese film [12] Group 3: Regional Preferences and Localization - iQIYI International's growth is supported by localized operations tailored to regional market preferences, with Southeast Asia showing a strong demand for dubbed Chinese content [16] - In North America, the top ten popular series include six Chinese dramas and four Thai dramas, indicating a diverse content consumption pattern [16] - East Asian audiences exhibit a higher interest in mystery and detective stories, while Middle Eastern and North African viewers prefer military-themed Chinese content [16] Group 4: Future Strategies - In 2026, iQIYI International plans to deepen its strategy of promoting Chinese content while connecting with diverse global markets and supporting creative talent [17]

Core Insights - The 2025 Global Content Hit List by iQIYI International shows a significant growth in the consumption of Chinese content globally, with a year-on-year increase of 114.5% in content viewership, driven primarily by diverse Chinese content [1] - The list highlights the popularity of various genres, including urban romance dramas, anime, and films, with distinct viewing preferences observed across regions such as Southeast Asia, North America, East Asia, and the Middle East and North Africa [1][4] Group 1: Chinese Content Performance - The top Chinese drama on the list is "Love You," which integrates traditional Chinese medicine culture into modern storytelling, resonating with global audiences [2] - iQIYI's self-produced works dominate the top 10 Chinese drama list, accounting for 90% of the entries, showcasing the success of innovative themes and Eastern aesthetics [2] - The anime and film categories also perform well, with "Lingwu Continent" and "Nezha: Birth of the Demon Child" leading their respective categories [2][3] Group 2: Regional Consumption Preferences - Southeast Asia shows a strong preference for localized content, with eight out of ten top dramas being Chinese dramas dubbed in Thai, indicating the importance of local adaptation [4] - In North America, the top 10 popular series include six Chinese dramas and four Thai dramas, reflecting a diverse content consumption landscape [4] - East Asian audiences exhibit a higher interest in mystery and detective stories, while the Middle East and North Africa favor military-themed Chinese content [5]

Core Insights - The 2025 Global Content Popularity List by iQIYI International shows a significant growth in the consumption of Chinese content globally, with a 114.5% year-on-year increase in viewership [1][3] Group 1: Chinese Content Performance - Chinese content is the main driver of growth, with the urban romance drama "Love You" topping the Chinese drama list, showcasing the integration of traditional Chinese medicine culture [1][4] - iQIYI's self-produced content dominates the Chinese drama popularity list, accounting for 90% of the top ten shows, indicating a strong global influence [4] - The success of Chinese dramas is attributed to innovative themes and the deep integration of Eastern elements and aesthetics, resonating with global audiences [4] Group 2: Animation and Film Success - In the animation and film categories, "Lingwu Continent" and "Nezha: The Devil's Child" lead the popularity charts, highlighting the appeal of Chinese animation and films overseas [8][11] - The top ten Chinese animated shows are characterized by a predominance of Eastern fantasy themes, successfully attracting global anime fans [8] - Classic cultural IP adaptations in Chinese films, particularly those related to "Nezha," demonstrate strong global appeal, with "Nezha: The Devil's Child" having nearly three times the viewership of the top non-Chinese film [11] Group 3: Regional Preferences and Localization - iQIYI International's growth is supported by localized operations tailored to key overseas markets, revealing distinct consumption preferences across regions [15] - In Southeast Asia, local language adaptations are crucial, with a significant number of popular shows being dubbed in Thai, indicating a strong local engagement [15] - North American audiences show a diverse content consumption pattern, with a mix of Chinese dramas and Thai shows in the top ten, while East Asian viewers favor mystery and detective stories [15]

分账内容是爱奇艺重要的内容生态组成部分，承担着丰富平台内容供给、激发行业创作活力的重要作 用。作为连接海量用户与专业创作者的平台，爱奇艺一直以来致力于通过构建高效协同的分账合作体 系，以机制创新促进内容创作，为用户提供丰富的作品，满足他们的多元视听需求。 下一步，爱奇艺将与内容合作方共同开拓行业新机遇，以优质内容满足用户多元娱乐需求，持续推动行 业构建更健康可持续的内容生态。 1月20日，爱奇艺正式发布2026年专业制作内容(PPC)分账合作新规，宣布涵盖电影、剧集、微剧、漫 剧、动漫、少儿、纪录片、知识八大业务板块的分账内容，全面实行"收入分账"的创新合作模式。根据 新规，所有内容合作方将统一以"平台收入×分成比例"为核心计算方式获得收益。新规将于2月1日起实 施，其中电影业务新规已于1月15日率先落地执行，标志着爱奇艺分账合作模式进入一体化新阶段。 （文章来源：中国新闻网） 此次发布的新规，为合作方建立起更加清晰、统一的合作规则。所有分账内容合作方均以平台收入为核 算基准，依据不同内容类型对应的分成比例获取收益，可以更加直观地了解合作内容的收入情况。同 时，新规针对内容是否独家播出、是否为平台首播等差异化 ...

Group 1 - New Oriental Education Technology Group has appointed Chen Xingjia as a senior consultant with an annual salary of 1.5 million RMB, following public scrutiny over his previous salary exceeding 700,000 RMB [2][3] - New Oriental commits to donating no less than 1 million RMB annually to the Henghui Foundation, which focuses on the health and growth of Chinese youth [2][3] Group 2 - SK Hynix announced a record performance bonus of over 1.36 million KRW (approximately 640,000 RMB) per employee, marking the highest in the company's history, with a stock option plan for employees [4] - The stock option plan allows employees to receive up to 50% of their bonuses in company stock, with additional cash rewards for holding the stock for a year [4] Group 3 - Gree Electric Appliances is set to mass-produce silicon carbide chips for various applications, including photovoltaic storage and logistics vehicles, with plans to supply half of the chips for GAC Group's vehicles [7] - The company aims to enhance its semiconductor capabilities in the growing electric vehicle market [7] Group 4 - iQIYI announced the resignation of CFO Wang Jun for personal reasons, with senior vice president Zeng Ying taking over as acting CFO [11] - iQIYI is in the process of selecting a suitable candidate for the CFO position [11] Group 5 - The AI companionship company Nature Select has raised over 30 million USD in a recent funding round, with investments from Alibaba and Ant Group among others [13] - The funding will support the development of AI companionship products [13] Group 6 - Tesla's CEO Elon Musk is pushing for the company to transition into a robotics firm, with the Optimus humanoid robot as a key focus, despite production challenges [9] - The company aims for a valuation of 25 trillion USD based on its robotics division, which is expected to surpass its current automotive business [9]

新京报贝壳财经讯（记者韦英姿）1月20日晚间，爱奇艺发布公告称，汪骏因个人原因辞去公司首席财 务官职务，后续将作为顾问继续服务至2026年5月31日。爱奇艺财务高级副总裁曾颖即日起出任代理首 席财务官。爱奇艺将就首席财务官一职寻找合适人选。 公告显示，曾颖于2017年2月加入爱奇艺，自2022年1月起担任财务高级副总裁。此前曾就职于百度、艺 龙。 校对 杨利 ...