Core Viewpoint - iQIYI's new drama "Tree of Life" is set to premiere on January 30, 2023, on CCTV-8 and will be exclusively available on iQIYI, aiming to capture the peak traffic during the Spring Festival marketing campaign [1] Group 1: Content and Production - "Tree of Life" is co-produced by several major entities, including China Central Television and iQIYI, featuring a top-tier creative team that has generated significant anticipation, with over 1 million reservations on iQIYI and Weibo by January 27 [2] - The drama tells a realistic story set in 1996 Qinghai, focusing on a female police officer and a deputy county head combating poaching and protecting the ecological environment, addressing deep themes of human-nature balance [2] - The production involved 188 days of on-site shooting, authentically showcasing the stunning landscapes of the Kekexili plateau, creating a high-quality marketing environment for brands related to green and healthy lifestyles [2] Group 2: Marketing and Brand Engagement - iQIYI has established a reputation for producing hit dramas during the Spring Festival, with past successes like "The Douluo Continent" and "The World" solidifying its status as a reliable platform for brand marketing during this peak season [4] - The current timing is critical for brands to leverage iQIYI's strong audience engagement, making it an optimal moment for brands to connect with high-value consumers and drive effective conversion from brand exposure to purchase decisions [4] - In addition to "Tree of Life," iQIYI has a diverse content lineup for the Spring Festival, including various genres such as dramas, variety shows, movies, and animations, ensuring sustained engagement and long-term marketing opportunities for brands [5]

上周，长视频领域波澜再起。 短短一周时间内，爱奇艺与腾讯视频先后更新了其内容分账政策。一家将分账模式推广至全品类，另一家则针对横屏分账剧集祭出"上不封顶"的激励组合 拳，两家平台几乎同时在内容收益机制上迈出关键一步，使沉寂许久的内容分账赛道重新变得热络。 而这两家平台的动作不仅标志着平台与片方关系进入了深度绑定的"后验时代"，也预示着内容生产模式可能即将迎来更深刻的市场化重构。 长视频行业正加速从单纯的版权采买模式向更具生命力的风险共担、收益共享模式转型。 长视频平台分账新规的 2026年开年，腾讯视频、爱奇艺相继对分账体系进行升级，核心逻辑均指向了"提质增效"与"长期价值"。 1月23日，腾讯视频发布了横屏分账剧和自制竖屏短剧的全新合作政策。其中，横屏政策首次覆盖长剧、中剧、短剧三大品类，从制度上打破了不同体量 内容之间长期存在的藩篱。 此次新规的最大亮点在于对"长尾价值"的挖掘与对"头部项目"的重赏。 新的分账规则由基础激励与阶梯式奖励共同驱动。在纯分账模式下，剧集票房超100万元的部分即可获15%额外激励；而在"保底+分账"模式中，平台不仅 取消了保底上限，更设置了逐级递增的后验阶梯奖励。例如当票房跨越 ...

Core Insights - The Chinese internet advertising industry has transitioned from a phase of "incremental traffic acquisition" to a focus on "efficiency extraction from existing resources" [1][2] - The new rule emerging from this differentiation is that technology determines efficiency, efficiency drives revenue, and ecosystem shapes the landscape [2] Group 1: Advertising Revenue Performance - Alibaba's advertising revenue for Q3 2025 reached 789.27 billion yuan, a 10% year-on-year increase and a slight 2.1% quarter-on-quarter growth, maintaining its leading position in the industry [5] - Pinduoduo's online marketing service revenue was 533.48 billion yuan, an 8% year-on-year increase but a 1.2% quarter-on-quarter decline, indicating a strategic focus on long-term ecosystem development [6][7] - Tencent's marketing service revenue grew by 21% to 362 billion yuan, showcasing the effectiveness of its technology-driven approach [7][8] - JD.com's market and marketing revenue increased by 23.7% to 256.88 billion yuan, driven by the growth of its food delivery business and AI-enabled advertising solutions [10] - Bilibili's advertising revenue reached 25.7 billion yuan, with a 23% year-on-year growth, attributed to the maturation of its user base [11] Group 2: Challenges Faced by Mid-Tier Platforms - Baidu's online marketing revenue fell by 18.6% to 153 billion yuan, primarily due to budget cuts from advertisers and the restructuring of search scenarios by AI [12][14] - Zhihu's advertising revenue declined by 26.19%, reflecting a mismatch between its high-knowledge user base and consumer conversion needs [15] - Automotive media service revenue for Che168 dropped by 8.59%, as traditional advertising models struggle against the evolving strategies of new energy vehicle companies [16] Group 3: Industry Trends and Future Outlook - The differentiation in advertising revenue among internet companies in Q3 2025 signifies a reconstruction of internet marketing value logic, focusing on traffic depth, transaction closure, and technology adaptation [16] - Platforms achieving growth typically exhibit a combination of extensive traffic, ecosystem closure, and deep integration of AI technology, while declining platforms often lack these comprehensive advantages [16] - The future of internet marketing will prioritize platforms that can achieve ecosystem synergy, embedded technology, and full-link value delivery, moving away from traditional single-channel models [16]

1月16日，扬州爱奇艺乐园正式对外售票。首批公布的价格为标准单人票常规日198元，高峰日258元。 在当天举行的开票仪式上，爱奇艺创始人、CEO龚宇表示："我们深知用户渴望跳出屏幕、沉浸式互 动，而这座乐园正是线上IP与线下体验的融合之作。" 每经记者｜宋美璐 王帆 实习生 戴雨岑 每经编辑｜王帆 ...

Group 1 - iQIYI has upgraded its "Exclusive Subscription Discounts for Teachers and Students" to better meet the high-quality entertainment consumption needs of these groups [2] - Teachers and students aged 16 to 24 can now subscribe to the Golden VIP and Platinum VIP services at discounted rates, starting from as low as 50% off, with a minimum monthly fee of 12 yuan [2] - The subscription service for teachers and students has been available for nearly two years, and the recent upgrade adds more options, including the Platinum membership for students [2][3] Group 2 - iQIYI offers a variety of membership products, including Basic, Golden, Platinum, and Star Diamond memberships, allowing users to choose according to their needs [3] - The Golden membership is designed for mobile devices and supports 4K ultra HD viewing, while the Platinum membership is suitable for large screens and allows simultaneous playback on two devices [3] - Both teacher and student subscribers can access a wide range of content, including new dramas, movies, animations, and documentaries [3] Group 3 - According to the "2025 College Students' National Trend Cultural and Sports Life Report," film and television works have become a key focus for contemporary youth [6] - iQIYI has launched several popular shows and films, such as "Punishment 2" and "The Great Master," to cater to the entertainment needs of students and teachers as the winter vacation approaches [6] - The exclusive discounts for teachers and students will continue to provide valuable experiences and quality content [6]

Core Insights - The long video industry is facing intensified challenges in 2025, with a projected 20% decrease in effective views for the top 20 long dramas, dropping from an average of 100 million views per episode to 60 million [1] - Major platforms like iQIYI, Tencent Video, and Youku are reforming their content cooperation models to establish a profit-sharing system, indicating a shift towards a more sustainable content ecosystem [1][2][5] - The rise of profit-sharing content signifies a move away from the era of "traffic inflation," emphasizing a return to quality content as the foundation for attracting viewers [1][6] Group 1: Industry Trends - iQIYI's new profit-sharing regulations cover various content types, including dramas, variety shows, films, and animations, aiming for a unified revenue calculation based on platform income and tiered ratios [2] - Tencent Video has introduced new collaboration policies for horizontal and vertical screen dramas, enhancing incentives for both pure profit-sharing and guaranteed plus profit-sharing projects [4] - The collective shift towards profit-sharing models is a response to external pressures and aims to create a more sustainable and mutually beneficial ecosystem for platforms and content creators [7] Group 2: Content Quality and Market Dynamics - The implementation of the Effective Play Index (EPI) by platforms like Youku is designed to provide a clearer picture of content performance, linking creator income directly to viewer engagement and advertising effectiveness [5][8] - Successful examples of profit-sharing dramas, such as "Old Uncle," demonstrate the potential for high-quality content to thrive under this new model, breaking previous revenue records [10][11] - The transition to a profit-sharing model is expected to lead to a more competitive landscape, where content quality and audience engagement become the primary drivers of success, rather than reliance on star power [12][14]

Group 1: U.S. and Greenland Island Dispute - The U.S. President Trump expressed intentions to negotiate the purchase of Greenland, emphasizing its strategic importance to U.S. national security [3][8] - Trump criticized Denmark for its perceived ingratitude regarding Greenland and stated that no other country could ensure its security [3] - The international response included strong opposition from European leaders, particularly the UK, asserting that the future of Greenland should be determined by its people and Denmark [8] Group 2: Market Reactions and Economic Indicators - U.S. stock indices saw significant gains, with the Dow Jones Industrial Average rising by 418 points and the Nasdaq index increasing by over 1% [5] - Notable increases in Chinese concept stocks were observed, with Baidu rising by 7.12% and iQIYI by 7.03% [5][8] - The market reacted to Trump's comments, with gold prices initially dropping by $40 before stabilizing at $4849.49 per ounce [3] Group 3: Federal Reserve and Monetary Policy - Trump announced plans to nominate a new Federal Reserve Chair, indicating dissatisfaction with current Chair Powell's timing on interest rate adjustments [7] - Economists predict that the Federal Reserve will maintain the benchmark interest rate unchanged during the January meeting, contrary to previous expectations of potential rate cuts [7] - Concerns regarding the independence of the Federal Reserve have increased, with Trump criticizing its failure to lower rates and the Justice Department threatening investigations into the Fed [7]

Core Insights - iQIYI Inc. (NASDAQ:IQ) experienced a significant stock price increase of up to 9.3% during intra-day trading, reaching $2.1, following a five-day losing streak, as investors engaged in bargain-hunting amid leadership changes [1][2] - The stock closed at $2.01, reflecting a 4.69% increase, after the resignation of Jun Wang as the Finance head due to personal reasons [2] - Jun Wang will continue to serve as an advisor until May 31, 2026, to ensure a smooth transition, with Ying Zeng temporarily taking over as the Finance head [3][4] Leadership Changes - Jun Wang's resignation was effective immediately, and he will assist in the transition process as an advisor [2][3] - Ying Zeng, who has been with iQIYI since February 2017 and has served as SVP for Finance since January 2022, will temporarily fill the CFO role [4] - Zeng has prior experience at Baidu Inc. and eLong, Inc., which may contribute to her effectiveness in the interim position [4]

Core Viewpoint - iQIYI, Inc. will report its financial results for the fourth quarter and fiscal year ended December 31, 2025, on February 26, 2026, before the U.S. market opens [1]. Group 1: Financial Reporting - The earnings conference call is scheduled for 6:30 AM on February 26, 2026, U.S. Eastern Time [1]. - Participants must register in advance to receive dial-in numbers, passcode, and unique access PIN [2]. - A telephone replay of the call will be available until March 5, 2026, with specific dial-in numbers provided for access [4]. Group 2: Company Overview - iQIYI, Inc. is a leading provider of online entertainment video services in China, combining creative talent with technology for continuous innovation [5]. - The company produces, aggregates, and distributes a wide variety of professionally produced content and other video formats [5]. - iQIYI distinguishes itself through its advanced technology platform powered by AI, big data analytics, and proprietary technologies, and has developed a diversified monetization model [5].

Investment Rating - The report maintains a "Buy" rating for iQIYI (IQ US) with a target price of $2.96 [6][4] Core Insights - iQIYI is expected to achieve total revenue of 6.76 billion RMB in Q4 2025, representing a year-on-year increase of 2.3% and a quarter-on-quarter increase of 1.2%, driven by improvements in content ecology and scheduling richness [1][4] - The report highlights the positive impact of the new broadcasting regulations introduced by the National Radio and Television Administration in August 2025, which are expected to enhance the long video industry [1][3] - The company is anticipated to benefit from a reduction in content production review cycles, increased scheduling stability, and improved funding efficiency due to these regulations [1][3] Revenue and Profitability - Membership service revenue is projected to be 4.1 billion RMB in Q4 2025, remaining stable year-on-year but decreasing by 2.7% quarter-on-quarter due to seasonal factors [2] - Online advertising revenue is expected to be 1.33 billion RMB in Q4 2025, showing a year-on-year decline of 7.4% but a quarter-on-quarter increase of 7.0%, aided by popular shows and promotional activities [2] - Content distribution revenue is forecasted to reach 790 million RMB in Q4 2025, reflecting a significant year-on-year increase of 93.5% [2] Market Position and Growth Opportunities - iQIYI maintains a strong market position, holding six of the top ten spots in daily market share for long-form content in 2025 [3] - The international version of iQIYI has seen a robust growth in content viewership, increasing by 114.5% year-on-year [3] - The company is set to open a new theme park in Yangzhou in February 2026, which aims to diversify revenue sources through immersive entertainment products [3] Financial Forecasts and Valuation - The report revises the non-GAAP net profit forecasts for 2025, 2026, and 2027 to 260 million RMB, 670 million RMB, and 1.02 billion RMB respectively, reflecting better-than-expected cost control [4][11] - The target price of $2.96 is based on a price-to-sales ratio of 0.7x for 2026, which is at a discount compared to the industry average of 4.8x, indicating a cautious outlook on revenue recovery [4][14]