iQIYI Inc (IQ) 2025 Q2 法說會逐字稿

Thank you for standing by, and welcome to the iQIYI second quarter 2025 Earnings Conference Call. (Operator Instructions) I would now like to hand the conference over to Ms. Chang You.

感謝您的支持，歡迎參加愛奇藝2025年第二季財報電話會議。（操作員指示）現在我想將會議交給常友女士。

Please go ahead.

請繼續。

Thank you, operator. Hello, everyone, and thank you for joining iQIYI's second quarter 2025 Earnings conference call. The company's results were released earlier today and are available on the company's Investor Relations website ir.iqiyi.com.

謝謝您，接線生。大家好，感謝您參加愛奇藝2025年第二季財報電話會議。該公司的業績已於今天稍早公佈，可在公司投資者關係網站ir.iqiyi.com上查閱。

On the call today are Mr. Yu Gong, our Founder, Director and CEO; Mr. Jun Wang, our CFO. Mr. Xiaohui Wang, our CCO, Chief Content Officer; Mr. Youqiao Duan, Senior Vice President of our Membership business; Mr. Xianghua Yang, Senior Vice President of Movie and overseas business. Yu Gong will give a brief overview of the company's business operations and highlights, followed by Mr. Jun Wang will go through the financials. After the prepared remarks, the management team will participate in the Q&A session.

今天參加電話會議的有我們的創辦人、董事兼執行長龔宇先生和我們的財務長王軍先生。我們的首席內容長王曉暉先生；我們的會員業務高級副總裁段有橋先生；我們的電影和海外業務高級副總裁楊向華先生。龔宇先生將簡要介紹公司的業務運作和亮點，隨後王軍先生將介紹公司的財務狀況。準備好的發言結束後，管理團隊將參加問答環節。

Before we proceed, please note that the discussion today will contain forward-looking statements under the safe harbor provisions of the US Private Securities Litigation Reform Act of 1995. Forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from our current expectations. Potential risks and uncertainties include but are not limited to those outlined in our public filings with the SEC. iQIYI does not undertake any obligation to update any forward-looking statements, except as required under applicable law.

在我們繼續之前，請注意，今天的討論將包含根據 1995 年美國私人證券訴訟改革法案的安全港條款的前瞻性陳述。前瞻性陳述受風險和不確定性的影響，可能導致實際結果與我們目前的預期有重大差異。潛在風險和不確定性包括但不限於我們向美國證券交易委員會提交的公開文件中概述的風險和不確定性。除適用法律要求外，愛奇藝不承擔更新任何前瞻性聲明的義務。

I will now hand over to Mr. Gong. Please go ahead.

現在我將把時間交給龔先生。請繼續。

Hello, everyone, and thank you for joining us today. Throughout the second quarter and the summer season, we delivered a vibrant, diverse lineup of content, securing our leadership in total drama viewership market share according to Enlightent. Our robust offerings were headlined by three original blockbuster dramas that garnered an iQIYI popularity index score of over 10,000 namely Feud , Coroner's Diary, and The Thriving Land. Among them, Feud and Coroner's Diary resonated especially well with female viewers while The Thriving Land captured the hearts of audiences of all ages and genders.

大家好，感謝大家今天加入我們。在整個第二季和夏季，我們推出了一系列充滿活力、豐富多彩的內容，根據 Enlightent 的數據，確保了我們在電視劇總觀眾市場份額中的領先地位。我們強勁的產品線由三部原創大片領銜，這三部劇集的愛奇藝人氣指數均超過 10,000，分別是《宿敵》、《驗屍官日記》和《欣欣向榮的土地》。其中，《宿敵》和《驗屍官日記》尤其引起女性觀眾的共鳴，而《欣欣向榮的土地》則擄獲了各個年齡和性別觀眾的心。

These blockbusters further solidified our dominance in both the female and realistic genres. The performance of our Variety Shows was equally impressive. In the summer season, iQIYI accounted for four of the top five spots on Enlightent's total viewership list. The highly anticipated return of our flagship IPs, "The King of Stand-up Comedy season 2" and "The Rap of China 2025" generated impressive viewership, with "The King of Stand-up Comedy season 2" commanding the industry's highest viewership market share in its category in the summer.

這些大片進一步鞏固了我們在女性電影和現實電影領域的主導地位。我們的綜藝表演同樣令人印象深刻。暑期檔，愛奇藝佔據了啟迪影業總收視榜前五名中的四席。我們備受期待的旗艦IP《喜劇之王第二季》和《中國新說唱2025》的回歸帶來了令人印象深刻的收視率，其中《喜劇之王第二季》在夏季佔據了同類節目中最高的收視市場份額。

The strong performance of our premium content drove up key operating metrics in the summer, reflecting our commitment on delivering high-quality, diverse stories while continuing elevating the user experience across our platform.

我們優質內容的強勁表現推動了夏季關鍵營運指標的上升，反映了我們致力於提供高品質、多樣化的故事，同時繼續提升整個平台的用戶體驗。

Building on the strong momentum of our content ecosystem, we are proactively exploring new opportunities to foster sustainable, long-term value creation, and achieved meaningful progress in our Experience Business and Overseas Business:

基於內容生態系統的強勁勢頭，我們積極探索新機遇，促進可持續的長期價值創造，並在體驗業務和海外業務方面取得了有意義的進展：

Let me begin with our experience business, where we are focusing on two key areas, IP-based consumer products and off-line experiences. We are leveraging our extensive and unique IP collection to enhance our competitive edge and tap into the booming IP merchandising market. In the first half of the year, our self-operated collectible trading cards achieved over RMB 100 million in GMV with popular IPs such as Love in Pavilion, Feud setting new sales records. We are also bringing our IPs to offline experiences like iQIYI Lands and immersive theaters following an asset-light strategy. Currently, two iQIYI Lands in Yangzhou and Kaifeng are in development, while over 50 immersive theaters already operating in around 30 cities nationwide.

首先從我們的體驗業務開始，我們專注於兩個關鍵領域：基於IP的消費產品和線下體驗。我們正在利用我們廣泛而獨特的 IP 集合來增強我們的競爭優勢並打入蓬勃發展的 IP 商品市場。上半年，公司自營卡牌類商品交易總額突破1億元，《亭亭玉立》、《宿命》等熱門IP再創銷售紀錄。我們也按照輕資產策略將我們的 IP 帶到愛奇藝樂園和沈浸式影院等線下體驗。目前，愛奇藝揚州、開封兩大園區正在興建中，全國約30個城市已營運超過50個沉浸式戲院。

Our business outside mainland China continues to show strong growth momentum. In the second quarter, both the subscriber base and revenue from the membership services reached record highs. We have now established four major operating regions, Southeast Asia, North America, Japan and Korea and the Middle East and North Africa. We have meaningfully enhanced our brand influence and expanded our global recognition by combining premium C-pop content with targeted localized operations, unlocking exciting opportunities for further growth.

我們在中國大陸以外的業務持續呈現強勁的成長勢頭。第二季度，用戶規模和會員服務收入均創歷史新高。目前已確立東南亞、北美、日韓、中東及北非四大經營區。我們透過將優質的華語流行音樂內容與有針對性的在地化營運相結合，顯著提升了品牌影響力，擴大了全球知名度，為進一步的成長釋放了令人興奮的機會。

Now let's dive into the details of our business performance in Q2. Starting with content, which serves as the foundation of our business. We maintained our leadership of the core long-form drama category, securing the top spot in total viewership market share for four consecutive quarters, according to Enlightent data.

現在讓我們深入了解第二季的業務表現細節。從內容開始，這是我們業務的基礎。根據 Enlightent 的數據，我們繼續保持核心長篇劇集類別的領先地位，連續四個季度位居總收視市場份額榜首。

Our performance in the second quarter was driven by our diverse content offerings, highlighted by an enhanced lineup of female-oriented dramas. Notably, "Feud" achieved an iQIYI popularity index score of over 10,000, topping the Enlightent list. Our original series, "Demon Hunter's Romance", is an in-house production that achieved a peak iQIYI popularity index score of over 9,800, thanks to its perfect blend of traditional Chinese tales and arts.

我們第二季的業績得益於我們提供的多樣化內容，其中突出的是女性主題電視劇陣容的增強。值得一提的是，《宿敵》愛奇藝熱度指數突破10,000，榮登啟蒙榜榜首。我們的原創影集《獵魔人之戀》是一部內部製作的作品，由於其將中國傳統故事和藝術完美融合，在愛奇藝上取得了超過 9,800 的最高人氣指數。

Other standout titles include A Dream Within A Dream and Love in Pavilion from our romance-themed Heartbeat Theater, which scored over 9,600 and 8,900 for popularity index, respectively. We also broadened our appeal with multiple suspense and realistic series, including The Secret Path, and two dramas from our Suspense Theater, Breaking the Shadows and A Life for A Life. The Secret Path and Breaking the Shadows were especially well received by large screen viewers, ranking among the top five most watched titles on TVs.

其他出色的影片包括來自我們浪漫主題《心動劇場》的《夢中之夢》和《戀戀樓閣》，其人氣指數分別超過 9,600 和 8,900。我們也透過多部懸疑和寫實影集擴大了我們的吸引力，包括《秘密之路》以及來自懸疑劇場的兩部影集《打破陰影》和《以命償命》。《秘密之路》和《打破陰影》尤其受到大螢幕觀眾的歡迎，位列電視觀看人數最多的五部影片之列。

Our premium content has won high recognition from the industry. At the latest Magnolia Awards, one of the most prestigious, honors for Chinese dramas, 13 titles produced by or broadcasted on iQIYI received an impressive total of 29 nominations, with four titles winning a combined 8 awards. Notably, our original drama To the Wonder from our Microcosm Theatre, received the highest honor, the Best TV Series (China) Award, along with the International Communication Award and Best Cinematography Award. Additionally, City of the City won the Special Award and We are Criminal Police received both the Grand Prix and Best Original Screenplay Award.

我們的優質內容贏得了業界的高度認可。在最新的中國電視劇最高獎項之一——白玉蘭獎上，愛奇藝製作或播出的 13 部作品共獲得 29 項提名，其中 4 部作品共獲得 8 項獎項。值得一提的是，我們微縮劇場的原創劇《通往仙境》獲得了最高榮譽——最佳中國電視劇獎，以及國際傳播獎和最佳攝影獎。此外，《城市之城》榮獲特別獎，《我們是刑警》則同時獲得全場大獎和最佳原創劇本獎。

Moving on to micro dramas, a valuable complement to our content ecosystem. More people are tuning in to iQIYI to watch micro-dramas. In the second quarter, both average daily viewing time and unique visitors had double-digit sequential growth. Our library boasts a diverse collection of about 15,000 titles, forming a strong portfolio of micro-dramas. Since the second quarter, we have shifted our strategic focus on consistently delivering premium micro-dramas through original production and licensing, aiming to drive user growth and accelerate revenue expansion.

接下來是微劇，這是我們內容生態系統的寶貴補充。越來越多的人開始透過愛奇藝觀看微劇。第二季度，每日平均觀看時間和獨立訪客數量均實現了兩位數的環比增長。我們的圖書館擁有約 15,000 種豐富多樣的藏書，形成了強大的微戲劇組合。自第二季以來，我們將策略重點轉向透過原創製作和授權持續推出優質微劇，旨在推動用戶成長並加速收入擴張。

Our internal data indicates that premium micro-dramas consistently outperform across key metrics, including subscriber conversion, viewing time user engagement and retention. Developing premium content is our core strength built upon years of experience producing long-form video blockbusters. Our expertise in content production and advanced technology can be seamlessly applied to premium micro-dramas.

我們的內部數據表明，優質微劇在訂閱用戶轉換率、觀看時間、用戶參與度和留存率等關鍵指標上始終表現出色。開發優質內容是我們多年製作長篇影片大片的經驗累積的核心優勢。我們在內容製作方面的專業知識和先進的技術可以無縫應用於優質微劇。

Additionally, our expansive IP collection provides us with a unique resource for successful IP adaptations. In Q2, we made great strides with original micro dramas, and launched multiple titles that performed exceptionally well with audiences, including Inescapable Scorching Love, How Dare You!?, and For My Dearest. Notably, How Dare You!?, our first IP-adapted micro drama hit a new milestone by reaching peak iQIYI popularity index score of 5,500, a historical high for our platform. It even outperformed the licensed hit My Sweet Home in both average daily unique visitors and revenue from new subscriptions in the first week of release.

此外，我們廣泛的 IP 收藏為我們成功的 IP 改編提供了獨特的資源。第二季度，原創微影取得長足進步，推出了《逃不掉的灼熱熱愛情》《你敢嗎？ 》《致我最親愛的人》等多部深受觀眾喜愛的作品。值得注意的是，我們的第一部 IP 改編微劇《你怎麼敢！ ？ 》創下了新的里程碑，愛奇藝人氣指數最高達到 5,500，創下我們平台的歷史新高。在發布的第一周，它的每日平均獨立訪問人數和新訂閱收入甚至超過了授權熱門劇集《我的甜蜜之家》。

Its success extended beyond numbers, it broadened the typical micro-drama audience, attracting a younger and more diverse demographic. It's a great example of how we are successfully developing IPs across multiple formats. The strong reception of this micro-drama tripled reservations for the long form drama version and the second season of the animation based on the same IP. It also increased rewatches of the animation's first season showing the power of strategic IP development to drive engagement across formats.

它的成功不僅在於數量，還擴大了典型的微劇觀眾群，吸引了更年輕、更多樣化的觀眾群。這是我們如何成功開發跨多種格式 IP 的一個很好的例子。這部微影的火爆反響，讓同IP長篇影集和動畫第二季的預約增加了兩倍。它還增加了動畫第一季的重播量，展現了策略性 IP 開發推動跨形式參與的力量。

Turning to movies. We have dominated this category in viewership market share for 14 consecutive quarters, according to Enlightent data. In the second quarter, we launched over 10 major titles catering to a diverse range of audiences with a variety of genres, including crime, female, realistic, martial arts, comedy and action. Standout titles, including the licensed movie Detective Chinatown 1900 and our original movie The Old Way. We have been actively innovating our movie business model to drive long-term industry growth. This quarter, we were the first in the industry to use the revenue sharing model typically seen with online films for newly released theatrical movies. This approach increases revenue potential for titles with limited box office performance.

轉向電影。根據 Enlightent 的數據，我們已連續 14 個季度在收視率市場份額上佔據該類別的首位。第二季度，我們推出了十餘部主打作品，涵蓋犯罪、女性、現實、武術、喜劇和動作等多種類型，滿足不同觀眾群體的需求。出色的影片包括授權電影《唐人街探案 1900》和我們的原創電影《老路》。我們一直在積極創新電影商業模式，以推動產業的長期成長。本季度，我們在業界率先對新上映的院線電影採用網路電影常見的收益分成模式。這種方法可以增加票房表現有限的影片的收入潛力。

A great example is our pilot project, Trapped, which generated over RMB28 million in revenue-sharing income on our platform, the highest for any movie titles this year. Remarkably, this amount even surpassed its box office revenue share, showcasing the potential of this model to amplify returns.

一個很好的例子就是我們的試點計畫《困》，它在我們的平台上創造了超過 2800 萬元人民幣的收益分成收入，是今年所有電影中最高的。值得注意的是，這筆金額甚至超過了其票房收入份額，展示了這種模式擴大回報的潛力。

For variety shows, our focus on delivering top titles has yielded great results. According to Enlightent data, iQIYI released to five S-plus rated variety shows in the first half of the year, the highest among all long-form video platforms with four of them being original productions. Our flagship IP, Five HAs Season 5 made a strong comeback with a record high iQIYI popularity score, surpassing member revenue expectations and securing its status as a nationally renowned IP.

對於綜藝節目，我們專注於推出頂級節目，並取得了豐碩的成果。根據Enlightent數據顯示，愛奇藝上半年上線了多達5檔S+綜藝，位居長影片平台首位，其中4檔為原創。我們的旗艦IP《五虎將》第五季強勢回歸，創下愛奇藝人氣新高，超越會員收入預期，鞏固了其國民IP地位。

Additionally, the competition formats in the latest season of "The Rap of China 2025" strongly connected with the audience, driving the popularity index score to over 9,500 and setting a new record for the show. For animation, we continued to improve our original production capabilities. Revenue from "Over The Divine Realms" has consistently ranked as the top-performing Chinese animation aired during the same period on our platform.

此外，《中國新饒舌2025》最新一季的比賽形式也與觀眾產生了強烈的共鳴，人氣指數突破9500，創下節目新高。對於動畫，我們繼續提高原創製作能力。《神界之上》的票房一直穩居平台同期播出的中國動畫片榜首。

Moving on to our content strategy and the pipeline. For long-form dramas, we focus on crafting top-notch premium stories that balance high commercial value with innovation and artistic excellence. At the same time, we are committed to delivering a steady, diverse slate of content that resonates with our broad audience. To elevate engagement, we are also reducing episode counts for a tighter, more compelling viewer experience. For the summer season,we introduced female oriented key titles such as Coroner's Diary and The Wanted Detective. Among them, Coroner's Diary stood out as another in-house produced original that delivered exceptional performance, surpassing an iQIYI popularity index score of 10,000. Its attractive plots generated strong word-of-mouth buzz, further cementing its success.

繼續討論我們的內容策略和管道。對於長篇劇集，我們專注於打造一流的優質故事，在高商業價值與創新和藝術卓越性之間取得平衡。同時，我們致力於提供穩定、多樣化的內容，以引起廣大觀眾的共鳴。為了提高參與度，我們還減少了劇集數量，以提供更緊湊、更引人入勝的觀眾體驗。在夏季，我們推出了《驗屍官日記》和《通緝偵探》等面向女性的主要書籍。其中，《驗屍官日記》作為另一部表現優異的自製作品脫穎而出，愛奇藝人氣指數突破10,000。其引人入勝的情節產生了強烈的口碑效應，進一步鞏固了它的成功。

In addition, we also prepared a variety of new titles under our drama theatre brands. Notably, The Thriving Land, a realistic theme drama from our Masterpiece Theatre which exceeded an iQIYI popularity index score of 10,000 within just 4 days of its release, driven by its compelling story line that resonated with a broad audience. Its popularity also extended beyond our platform, topping both the industry's Enlightent data and the traditional TV station charts.

此外，我們也在戲劇品牌下準備了多部新劇目。值得一提的是，我們巨制劇場的寫實題材劇《欣欣向榮的土地》上映僅4天，憑藉引人入勝的故事情節引起廣大觀眾的共鳴，愛奇藝人氣指數就突破了10,000分。它的受歡迎程度也超越了我們的平台，位居業界 Enlightent 數據和傳統電視台排行榜的榜首。

Other highlights from our Suspense Theatre include Justifiable Defense, and Dead End. In the upcoming fourth quarter, we are excited about our lineup of anticipated titles, including Eight Thousand Miles of Clouds and Moon, Legend of the Magnate, Born With Luck, Fox Spirit Matchmaker, Sword and Beloved, Strange Tales of Tang Dynasty 3: To Chang' an, and Speed and Love.

我們的懸疑劇場的其他亮點包括《正當防衛》和《死胡同》。在即將到來的第四季度，我們對一系列備受期待的電影感到興奮，包括《八千里雲月》、《富二代》、《天生一對》、《狐妖小紅娘》、《劍與梅花》、《聊齋誌異3：上長安》和《玩命關頭》。

For micro dramas, we are focused on premium titles, we released 2 to 3 premium titles each week during the summer season, including Story of Ruo Xi, A Moment of Romance, Bestiary of Spirits Albums, The Thorned Revenge, Story of Zhao Yue and others. Shifting to movies, we are aiming to build a vibrant ecosystem for original production with three key projects. First, our Blockbuster Project, where we team up with top filmmakers to deliver standout theatrical hits.

微劇方面，我們以精品劇為主，暑期檔每週上線2-3部精品劇，包括《若曦的故事》、《天若有情》、《妖靈圖鑑》、《荊棘復仇》、《昭月的故事》等。轉向電影，我們旨在透過三個關鍵項目為原創製作打造一個充滿活力的生態系統。首先是我們的“大片項目”，我們與頂級電影製作人合作，推出出色的熱門影片。

Second, the Sleeper Hit Project where we partner with rising directors to create bold theatrical films that blend commercial appeal with fresh ideas. And third, the Emerging Film Project (spoken in foreign language) is an innovative collaborative approach for original online movies under the "Minimum Guarantee and Revenue Sharing" model designed to spark creativity.

第二，我們透過「黑馬熱門影片計畫」與新興導演合作，創作出大膽的戲劇電影，將商業吸引力與新穎的想法融為一體。第三，新銳電影計畫（外語講解）是「保底分成」模式下原創網路電影的創新合作方式，旨在激發創造力。

Looking ahead, our original production pipeline features several titles for theatrical release, including crime action movie The Shadow's Edge, action comedy Enough is Enough and Skin. Notably, The Shadow's Edge recently premiered in theaters, achieving an impressive initial box office of over RMB300 million within just five days. For online original productions, we launched Ultimate Mission and Never a Thief with upcoming titles such as The Irrevocable Bladesman, Wings of Dread and others.

展望未來，我們最初的製作流程包括幾部將在戲院上映的電影，包括犯罪動作片《暗影邊緣》、動作喜劇《夠了》和《皮膚》。值得一提的是，《暗影邊緣》近日在戲院首映，光是五天就取得了超過3億元的驚人首映票房。網路原創作品，我們推出了《終極任務》和《永不偷竊》，以及即將推出的《無可挽回的劍客》、《恐懼之翼》等作品。

Additionally, we have enriched our lineup by bringing licensed theatrical movies to our platform as the second window, such as the megahit, Ne Zha 2 and the highly anticipated upcoming titles like Malice, She's Got No Name and The Lychee Road. Notably, "Ne Zha 2" has extended its success from theatres to the online domain, becoming the first movie to exceed a popularity index score of 10,000 on our platform.

此外，我們還透過將授權的院線電影引入我們的平台作為第二窗口，豐富了我們的陣容，例如熱門影片《哪吒之魔童降世》以及備受期待的即將上映的電影《惡意》、《她沒有名字》和《荔枝路》。值得注意的是，《哪吒之魔童降世》的成功已從戲院延伸至網路領域，成為我們平台上第一部人氣指數突破10,000的電影。

For variety shows, we are committed to delivering top-tier content, enhancing the value of our multi-season IPs. In summer season, our eagerly awaited shows The Rap of China 2025 and The King of Stand-up Comedy season 2" made strong return.

對於綜藝節目，我們致力於提供頂級內容，提升我們多季IP的價值。暑期檔，我們備受期待的《中國新說唱2025》和《脫口秀之王第二季》強勢回歸。

In addition, our new observation reality show "Her Prime" resonated positively with audiences. Entering the fourth quarter, we are thrilled to bring forth new seasons of our acclaimed IPs such as The Blooming Journey season 2 and HI! Young Farmers season 3, along with the captivating new IP, Wander Together. For animations, we are committed to elevating our original productions. Key original animations launched during summer include Over The Divine Realms, Embers , Celestial Bonds and Demon's Ascension. Our highly acclaimed original production Love Between Fairy and Devil has returned with a second season in July and received positive feedback.

此外，我們的新觀察真人秀《Her Prime》引起了觀眾的積極共鳴。進入第四季度，我們很高興推出我們廣受好評的 IP 的新一季，例如《花開之旅》第二季和《HI！ 》。《年輕農夫》第三季，以及引人入勝的全新 IP《一起漫步》。對於動畫，我們致力於提升原創作品的品質。夏季推出的主要原創動畫包括《Over The Divine Realms》、《Embers》、《Celestial Bonds》和《Demon's Ascension》。我們備受好評的原創作品《妖精與魔鬼的愛情》已於七月回歸，帶來第二季，並獲得了正面的回饋。

For children's content, we are dedicated to turning beloved IPs into fully immersive ecosystems, delivering experiences that grow with families and offer something special for every stage of the parent-child journey.

對於兒童內容，我們致力於將深受喜愛的 IP 轉變為完全沉浸式的生態系統，提供與家庭一起成長的體驗，並為親子旅程的每個階段提供特別的東西。

For the second half of this year, we will launch a number of key original productions include new season of our classical IPs Deer Squad Season 4 and a brand-new IP, Carmen and Bert's Food Truck

今年下半年，我們將推出多部重磅原創作品，包括經典IP《鹿角小隊》第四季新一季，以及全新IP《卡門與伯特的餐車》

Moving on to membership services. We focused on building a membership experience that connects with a broad audience. powered by a vibrant content ecosystem and the best-in-class services. By constantly enhancing the depth and variety of what we offer, we are delivering even more value to our members. One notable highlight is our family-oriented S- Diamond Plan, which integrates Express Packages that grant early access to show finales as part of its exclusive privileges.

繼續介紹會員服務。我們專注於打造與廣大受眾建立聯繫的會員體驗，由充滿活力的內容生態系統和一流的服務提供支援。透過不斷增強我們所提供的服務的深度和多樣性，我們為會員提供了更多價值。其中一個顯著亮點是我們以家庭為導向的 S 鑽石計劃，該計劃整合了快捷套餐，允許提前觀看演出結局，這是其專屬特權的一部分。

This approach has proven to be a key catalyst in driving new subscriptions and upgrades to this premium tier. In Q2, 78% of new Star-Diamond subscription revenues came from upgrades. Additionally, our ad-supported basic membership plan provided an attractive option for price sensitive viewers. To further enhance the member experience, we have launched over 10 bundled membership plans, fostering stronger connections within the member community while supporting revenue growth.

事實證明，這種方法是推動新訂閱和升級到這一高級層級的關鍵催化劑。第二季度，78% 的 Star-Diamond 新訂閱收入來自升級。此外，我們的廣告支援的基本會員計劃為對價格敏感的觀眾提供了一個有吸引力的選擇。為了進一步提升會員體驗，我們推出了 10 多個捆綁會員計劃，在支持收入增長的同時，加強會員社群內的聯繫。

Looking ahead, we are focused on expanding these bundled membership initiatives to reach even more audiences. We also made meaningful strides in improving perceived membership value. A highlight of the quarter is our Courtesy Experience Programs. This program enables content lovers, brand advertisers and more to gift virtual seats, essentially granting membership access for binge-watching content. This feature has driven higher engagement and amplified the popularity of key titles on our platform. So far in 2025, seat purchases have already tripled the total from 2024, with show lovers accounting for the majority.

展望未來，我們致力於擴大這些捆綁會員計劃，以接觸更多的受眾。我們也在提高感知會員價值方面取得了有意義的進展。本季的一大亮點是我們的禮遇體驗計劃。該計劃使內容愛好者、品牌廣告商等能夠贈送虛擬座位，本質上授予會員連續觀看內容的權限。此功能提高了參與度並擴大了我們平台上主要作品的受歡迎程度。截至目前，2025 年的門票購買量已是 2024 年的三倍，其中演出愛好者佔大多數。

Beyond that, we made membership even more rewarding this quarter by letting members gift the Express Package to friends and launching a dedicated channel for members to redeem points for products. On top of that, we hosted 12 VIP-only events, including fan meetups, advance screenings, and live variety show recordings.

除此之外，本季我們也讓會員向朋友贈送快速套餐，並推出專門的通路供會員兌換產品積分，讓會員享受更多獎勵。除此之外，我們還舉辦了 12 場僅限 VIP 參加的活動，包括粉絲見面會、提前放映和現場綜藝節目錄製。

Moving on to advertising business. In the second quarter, brand ads benefited from enhanced premium variety shows offerings and seasonality. Our flagship content continued to be highly attractive to advertisers. During the first half of the year, our premium variety shows led the industry in both the total and average number of advertisers attracted. In Q2, ad revenue from key advertisers delivered double-digit growth annually and sequentially. Notably, several key industries are showing positive recovery trend, with food & beverage and communication services achieving double-digit annual and sequential growth in Q2.

轉向廣告業務。第二季度，品牌廣告受益於優質綜藝節目的增強和季節性。我們的旗艦內容繼續對廣告商具有極大的吸引力。上半年，公司精品綜藝節目廣告主總數及平均廣告主數均位居業界前列。第二季度，來自主要廣告商的廣告收入較去年同期和季比均達到兩位數成長。值得注意的是，多個重點產業呈現正面復甦態勢，其中食品飲料、通訊服務等產業第二季年比及季比均達到兩位數成長。

Looking ahead, we will sharpen our focus on maximizing ad sales from premium variety shows, dramas, and our drama theater brands. We see exciting potential in multi-season variety shows. For example, ad revenue from "The King of Stand-up Comedy season 2" doubled compared to its first season. Additionally, we are capitalizing on new budgets for micro and short dramas, micro shows and customized programs. Early sales of micro shows are encouraging, opening new marketing opportunities. We have also introduced product placement within micro dramas and are preparing to launch dedicated ad products for our Micro Drama Theater. Additionally, we are boosting monetization on smart TVs and expanding ad inventory with innovative formats.

展望未來，我們將更著重於最大化優質綜藝節目、電視劇和戲劇劇場品牌的廣告銷售。我們看到了多季綜藝節目令人興奮的潛力。例如，《單口喜劇之王第二季》的廣告收入比第一季翻了一番。此外，我們也利用新預算製作微劇、短劇、微型節目和客製化節目。微型演出的早期銷售情況令人鼓舞，開啟了新的行銷機會。我們還在微劇中引入了植入式廣告，並正在準備為我們的微劇場推出專門的廣告產品。此外，我們正在提高智慧電視的貨幣化程度，並透過創新形式擴大廣告庫存。

For performance ads, strengthening relationships with existing clients while capturing budgets from high-growth sectors are our focus. In internet services, we expanded our advertiser base by bringing in new partners. For e-commerce, we utilized programmatic advertising to maximize opportunities during the June 18 shopping festival. In the education sector, we expanded our advertiser base to include wellness management services and other industries, driving a year-over-year doubling in revenue.

對於效果廣告，我們的重點是加強與現有客戶的關係，同時從高成長產業獲取預算。在網路服務方面，我們透過引進新的合作夥伴擴大了廣告客戶基礎。對於電子商務，我們利用程式化廣告來最大限度地利用 6 月 18 日購物節期間的機會。在教育領域，我們擴大了廣告客戶範圍，涵蓋健康管理服務和其他行業，推動收入較去年同期翻倍。

Moving forward, we will harness AI to optimize both advertising materials and placement strategies, unlocking even greater budget opportunities. In fact, AI-powered video ads drove 20% increase in click-through rates compared to those created without AI.

展望未來，我們將利用人工智慧來優化廣告素材和投放策略，從而釋放更大的預算機會。事實上，與未使用人工智慧製作的影片廣告相比，人工智慧影片廣告的點擊率提高了 20%。

Moving on to technology and products. We are committed to harnessing AI to transform entertainment experiences, amplifying content value and enhancing user engagement. In the second quarter, we introduced the industry's first AI-powered "iJump" feature, redefining viewer engagement with long-form videos by offering fast-paced micro drama-like experiences. With a simple swipe up or down on mobile screen, users can effortlessly skip between key plots without missing any captivating moments. This feature is now available for over 2,300 dramas and variety shows on our main iQIYI mobile app, and has quickly become a popular feature for binge-watching and re-watching favorite shows, clearly boosting user engagement.

繼續討論技術和產品。我們致力於利用人工智慧來改變娛樂體驗，擴大內容價值並增強用戶參與度。在第二季度，我們推出了業界首個由人工智慧驅動的「iJump」功能，透過提供快節奏的微劇式體驗，重新定義觀眾對長影片的參與度。只需在手機螢幕上簡單地向上或向下滑動，用戶就可以輕鬆跳過關鍵情節，而不會錯過任何引人入勝的時刻。此功能現已適用於我們主要的愛奇藝行動應用程式上的 2,300 多部電視劇和綜藝節目，並迅速成為狂看和重看喜愛節目的熱門功能，明顯提高了用戶參與度。

Another pioneering example is Taodou World, launched in early 2024 as the industry's first AI agent-based NPC dialogue platform, realizing our vision of AI-powered human-machine interaction. Featuring over 1,200 NPC agents from our most popular content, it engages fans 24/7 in new and exciting ways. A standout is Taodou, an AI agent acting as a personal assistant, offering support like video search, recommendations, and plot insights. These innovations are transforming fan engagement and creating new value for our content.

另一個先驅的例子是淘豆世界，它於2024年初推出，是業界第一個基於AI代理的NPC對話平台，實現了我們以AI驅動的人機互動的願景。該遊戲收錄了來自我們最受歡迎的內容中的 1,200 多名 NPC 特工，以全新且令人興奮的方式全天候吸引粉絲。其中最突出的是淘豆，一個充當個人助理的人工智慧代理，提供影片搜尋、推薦和情節洞察等支援。這些創新正在改變粉絲的參與度並為我們的內容創造新的價值。

Beyond that, we harness AI to upgrade content production. A good example is our application of AI to streamline digital asset production. On the set of "The Great Nobody 2", AI boosted the efficiency of digital asset generation by over tenfold, cutting costs and shortening production time. For the pre-production of romance dramas, we achieved breakthroughs in quantitative script analysis, now supporting in-depth evaluation of the leading characters' romantic relationship and interactions. In addition to that, AI also helps in identifying unneeded plots.

除此之外，我們也利用人工智慧來升級內容製作。一個很好的例子是我們應用人工智慧來簡化數位資產生產。在《大人物2》片場，人工智慧將數位資產生成效率提高了十倍以上，降低了成本，並縮短了製作時間。對於愛情劇的前期製作，我們在劇本定量分析方面取得了突破，現在可以對主要人物的愛情關係和互動進行深入評估。除此之外，人工智慧還可以幫助識別不需要的情節。

Moving on to our business performance in regions outside of Mainland China, our overseas business continues its strong growth momentum, with membership revenue and membership scale expanding for 8 consecutive quarters. In Q2, membership revenue grew by around 35% annually, driven by standout performances in markets like Brazil, Mexico, Indonesia, and five Spanish-speaking regions, all reporting annual growth over 80%. Average daily subscribers reached all-time highs during the quarter.

回顧中國大陸以外地區的業務表現，海外業務延續強勁成長勢頭，會員收入和會員規模連續8個季度擴大。第二季度，會員收入年增約 35%，這得益於巴西、墨西哥、印尼和五個西班牙語地區等市場的優異表現，這些市場的年增率均超過 80%。本季度，平均每日訂閱用戶數量達到歷史最高水準。

The outstanding performance is anchored in our exceptional content lineup, especially as C-drama popularity continues to grow globally. The original C-drama "Feud" topped popularity charts in 15 overseas markets on premier day. The Vietnamese-dubbed version of "A Dream Within A Dream" set a new record for the highest daily revenue in its language segment on release day. "Coroner's Diary" achieved the highest popularity rankings in 13 overseas markets and led Google Trends in 5 markets within its first week, extending its domestic success internationally.

出色的表現得益於我們卓越的內容陣容，尤其是在中國電視劇在全球範圍內的受歡迎程度持續增長的背景下。原創中國劇《Feud》首播當天就登上了 15 個海外市場的人氣榜榜首。《夢中之夢》越南語配音版上映當天創下了越南語片單日票房最高紀錄。《驗屍官日記》上映首周便斬獲13個海外市場人氣榜首，並在5個市場的谷歌趨勢榜上名列前茅，將本土成功延伸至國際。

On top of the long-form videos, we have been expanding our offerings by introducing micro dramas overseas since March, and have gained strong momentum. Membership revenue attributed to micro dramas surged month by month during the second quarter.

除長篇影片外，自3月以來，我們也透過在海外推出微劇來擴大產品範圍，並獲得了強勁的發展勢頭。第二季微劇會員收入逐月攀升。

By the end of June, micro dramas ranked as the second largest category attracting new subscriptions in Indonesia, Korea and Brazil. Our original micro drama "Inescapable Scorching Love" garnered widespread international acclaim, expanding the reach and influence of our micro dramas beyond domestic market. Building on the initial success, we plan to ramp up original micro drama production overseas in the second half of the year.

截至6月底，微劇已成為印尼、韓國、巴西等國第二大新增訂閱類別。公司原創微劇《逃不掉的灼熱愛情》在國際上獲得廣泛好評，擴大了公司微劇在國內市場的影響力。在初步成功的基礎上，我們計劃在下半年加大海外原創微劇的製作。

Expanding beyond content, we continued to amplify the global influence of C-pop through offline marketing events such as fan meetings and media conferences that spotlight Chinese celebrities.

除了內容之外，我們還透過粉絲見面會和聚焦中國名人的媒體發布會等線下行銷活動，繼續擴大華語流行音樂的全球影響力。

In the second quarter alone, we hosted three events that drew widespread engagement from users, media, partners, and advertisers. Looking ahead, we are gearing up to scale these events internationally, further driving the reach of Chinese content globally.

僅在第二季度，我們就舉辦了三場活動，吸引了用戶、媒體、合作夥伴和廣告商的廣泛參與。展望未來，我們正準備在國際上擴大這些活動的規模，進一步推動中國內容在全球的影響力。

In summary, we are committed to building a beloved national brand and strengthening our market leadership with exceptional user experiences and a vibrant content ecosystem. And at the same time, we are focusing on innovation and investing in key growth areas such as AI applications, micro dramas, experience business and global expansion, all with the goal of driving the sustainable long-term success.

總而言之，我們致力於打造一個受人喜愛的國家品牌，並透過卓越的用戶體驗和充滿活力的內容生態系統來加強我們的市場領導地位。同時，我們專注於創新，並投資於人工智慧應用、微劇、體驗業務和全球擴張等關鍵成長領域，所有這些都是為了推動永續的長期成功。

Thank you, Mr. Gong and hello, everyone.

謝謝龔先生，大家好。

Let me walk you through the key numbers for second quarter. In the second quarter, the total revenues were RMB6.6 billion. The membership services revenue reached RMB4.1 billion, down 9% annually primarily due to a lighter content slate compared to the same period last year.

讓我向您介紹一下第二季的關鍵數字。第二季總營收為66億元。會員服務收入達41億元，年減9%，主要因內容較去年同期減少。

The online advertising revenue was RMB1.3 billion, decreased by 13% annually. During the quarter, some advertisers adjusted their advertising and the promotion strategies in response to macro pressures. The content distribution revenue reached RMB436.6 million, down 37% annually primarily due to the decrease in barter transactions.

網路廣告收入為13億元，較去年同期下降13%。本季度，部分廣告主為因應宏觀壓力調整了廣告投放及促銷策略。內容發行收入達人民幣4.366億元，年減37%，主要因為以物易物減少。

Other revenues increased by 6% annually to RMB829.3 million.

其他收入較去年同期成長6%至人民幣8.293億元。

Moving on to costs and expenses. We have maintained a disciplined cost and expense management. The content costs was RMB3.8 billion, representing a saving of 8% annually primarily due to a lighter content slate in the quarter and the total operating expenses were RMB1.4 billion, represents a saving of 3% annually.

繼續討論成本和費用。我們一直保持嚴格的成本和費用管理。內容成本為人民幣38億元，每年節省8%，主要由於本季內容較少；總營運費用為人民幣14億元，每年節省3%。

Turning to profits and cash flows. The non-GAAP operating income was RMB58.7 million. The non-GAAP operating income margin was 1%. As of the end of the second quarter, we had a cash, cash equivalent, restricted cash, short-term investments and long-term restricted cash included in pre-payments and other assets the total of RMB5.1 billion.

轉向利潤和現金流。非美國通用會計準則營業收入為5,870萬元人民幣。非公認會計準則營業利益率為1%。截至第二季末，我們持有的現金、現金等價物、受限現金、短期投資及包含在預付款項及其他資產中的長期受限現金總額為人民幣51億元。

In addition, the company had a loan of $522.5 million to PAG recorded under amounts due from related parties. We continued to improve our capital structure. In the second quarter, we repurchased a total principal amount of $85 million of the 2028 notes for cash and outstanding principal balance remaining for the 2028 notes is $208 million as of the end of the second quarter.

此外，該公司還向 PAG 提供了 5.225 億美元的貸款，計入關聯方應收款項中。我們持續改善資本結構。在第二季度，我們以現金回購了總額為 8,500 萬美元的 2028 年票據本金，截至第二季末，2028 年票據的未償還本金餘額為 2.08 億美元。

As we continue to optimize our debt structure, our net interest expense decreased by 33% compared to the same period last year. For detail of financial data, please refer to our press release on our IR website.

由於我們不斷優化債務結構，淨利息支出較去年同期下降了33%。有關財務數據的詳細信息，請參閱我們 IR 網站上的新聞稿。

Now we will open the floor for Q&A.

現在我們開始問答環節。

(Operator Instructions)

（操作員指示）

Maggie Ye, CLSA.

Maggie Ye，里昂證券。

Regarding the recent change of policy in China's long form video industry, can management share with us on the potential impact to the company?

關於近期中國長影片產業的政策變化，管理階層能否與我們分享對公司的潛在影響？

(interpreted) I invite our Chief Content Officer, Xiaohui to take this question.

（翻譯）我請我們的首席內容官小暉來回答這個問題。

(interpreted) The introduction of the new policies represents a significant positive development for the overall long form video industry, which we and the entire industry welcome and fully support. These policies bring benefits across multiple aspects.

(翻譯)新政策的出台對整個長視頻行業來說是一個重大的積極發展，我們和整個行業都對此表示歡迎和全力支持。這些政策帶來的利多是多方面的。

First, the time cycle from content production and review to broadcast can be effectively shortened, allowing content to reach audiences more quickly. This not only improves scheduling stability, but also ensures that the content aligns more closely with current social sentiment and resonates with the audience.

首先，可以有效縮短內容從製作、審核到播出的時間週期，讓內容更快接觸到受眾。這不僅提高了排期的穩定性，也確保了內容更加貼近當下的社會情緒，引起觀眾的共鳴。

Additionally, it also enhances the efficiency of the company's capital utilization. Second, these policies enhance the flexibility of content creation, providing creators with greater creative freedom. This in turn can significantly boost the content appeal and promote greater content diversity.

此外，也提高了公司資金利用效率。其次，這些政策增強了內容創作的彈性，為創作者提供了更大的創作自由。這反過來可以顯著提高內容吸引力並促進內容的多樣性。

Third, the policies could strengthen the synergy between online video platforms and traditional TV networks. More content can benefit from simultaneous online and linear TV broadcasting, expanding distribution channels for quality production, stabilizing content distribution, prices, and enhancing the reach and influence of content.

第三，政策可以加強線上視訊平台與傳統電視網路的協同作用。更多內容可以從線上和線性電視同步播出中受益，擴大優質製作的發行管道，穩定內容發行和價格，增強內容的覆蓋率和影響力。

This is beneficial for both online video platforms and traditional broadcasters. Last but not least, after the release of these new policies is sending a strong signal and the signal can attract more talent and capital into the content production, driving the healthy and vigorous development of the entire industry.

這對線上視訊平台和傳統廣播公司都有利。最後但同樣重要的是，這些新政策發布之後正在發出一個強烈的信號，這個信號可以吸引更多的人才和資本進入內容生產領域，帶動整個產業的健康蓬勃發展。

Xueqing Zhang, CICC.

張學慶，中金公司。

Dr. Gong mentioned a great number of hit dramas and a variety shows during the summer seasons in your prepared remarks. We have also noticed that recently, The Thriving Land has achieved the iQIYI popularity index of over 10,000 and received excellent reviews.

龔博士在準備好的發言中提到了許多暑期檔的熱門劇和綜藝節目。我們也注意到，近期《欣欣向榮》愛奇藝熱度指數突破萬，並獲得了極佳的口碑。

Could the management provide an overall review of the content performance this summer? Additionally, considering the impact of the new regulations, what's your future content strategy?

管理階層能否對今年夏天的內容表現進行總體回顧？此外，考慮到新法規的影響，您未來的內容策略是什麼？

(interpreted) The CEO is taking the first part of the question. He's commenting on the new policies. After the release of the policies, I think from the company's standpoint, we will promote innovation in different aspects of the content production.

（翻譯）執行長正在回答問題的第一部分。他正在評論新政策。政策發布之後，我想從公司的角度來說，我們會在內容製作的各個環節推動創新。

For example, multi-season content and also different formats of the innovative dramas can be produced in the future and then next, we'll invite our Chief Content Officer, Xiaohui to take the rest.

比如說未來可以製作多季的內容，也可以製作不同形式的創新劇，然後接下來我們會邀請我們的首席內容長小暉來負責剩下的工作。

(interpreted) During this year's summer season from June to August, we delivered outstanding performances across drama, variety shows, films, and micro dramas. Three of our original drama blockbusters, namely FEUD, Coroner's Diary, and The Thriving Land, all achieved iQIYI popularity index score of over 10,000.

(翻譯)今年6月至8月的暑期檔，我們在電視劇、綜藝、電影、微劇等方面都有精彩的表現。三部原創影集大作《宿敵》、《驗屍官日記》、《欣欣向榮的土地》皆取得愛奇藝人氣指數破萬的佳績。

For micro drama, How dare you!？hit a new milestone for iQIYI popularity index score. And for variety shows, returning flagship titles, such as The King of Stand-up Comedy Season 2 and The Rap of China 2025 led the market.

對於微劇，你怎麼敢！熱門愛奇藝人氣指數得分再創里程碑。綜藝節目方面，《喜劇之王第二季》和《中國新說唱2025》等回歸的旗艦節目引領了市場。

Last but not least, on the film front, the theatrical release, The Shadow's Edge recently surpassed RMB300 million in box office revenues, and the third party market forecast predict the total box office revenues could exceed RMB1 billion.

最後，電影方面，院線上映的《暗影邊緣》近期票房突破3億元，第三方市場預測總票房可望突破10億元。

And all of these once again demonstrates the audience's strong affection for premium content that further demonstrated our strength in producing top-tier content. In the future, benefiting from the new policies, for the industry, we aim to strengthen our content strategies across different categories.

而這一切，再次證明了觀眾對優質內容的熱愛，也進一步展現了我們打造精品內容的實力。未來，受益於新政策，針對產業，我們的目標是加強不同類別的內容策略。

For the long form dramas, we will continue to focus on premium productions with high commercial value and like CEO Mr. Gong mentioned earlier that not only we'll focus on innovations for long form video dramas, and we will also improve our innovation for short dramas as well.

對於長篇劇集，我們將繼續專注於具有高商業價值的精品製作，正如首席執行官龔先生之前提到的，我們不僅會專注於長篇劇集的創新，我們也會改進短篇劇集的創新。

And also for long form video dramas, we will leverage our five major drama theaters to comprehensively cover key content genres such as suspense, romance, realistic, and comedy. For the production side, we'll focus on creating innovative contemporary storylines with a tighter pacing and a greater viewer appeal.

而對於長篇劇，我們將利用五大劇場，全面涵蓋懸疑、愛情、現實、喜劇等主要內容類型。在製作方面，我們將專注於創作節奏更緊湊、更吸引觀眾的創新當代故事情節。

In terms of content promotion, we'll place a stronger emphasis on creativity, buzzworthiness, emotional resonance, adopting strategies that better engage younger audiences. For micro drama, our approach to premium quality production is expected to attract more users who previously did not watch micro dramas to the content genre.

在內容推廣方面，我們會更重視創意、熱門、情感共鳴，並採取更能吸引年輕觀眾的策略。對於微劇，我們致力於打造高品質的製作模式，希望能吸引更多之前不看微劇的用戶關注這個內容類型。

We'll continue to apply our long form drama development expertise, expand collaborations with top creators and produce more flagship titles while exploring serialized formats. On the monetization side, beyond our existing membership and free models, we will actively explore opportunities such as content distribution, branded content integration, and IP merchandizing development.

我們將繼續運用我們的長篇戲劇開發專業知識，擴大與頂級創作者的合作，製作更多旗艦作品，同時探索連續劇形式。在商業化方面，除了現有的會員制和免費模式外，我們還將積極探索內容分發、品牌內容整合、IP商品化開發等機會。

Beyond dramas, we're also striving for breakthroughs across the different other categories. For variety shows, our focus remains on the flagship multi-season IPs while continuing to explore innovative content formats.

除了電視劇之外，我們也在努力在其他不同領域取得突破。對於綜藝節目，我們仍然專注於旗艦多季IP，同時繼續探索創新的內容形式。

For films, we're working on a comprehensive framework to strengthen our original film projects through our three strategic initiatives namely blockbuster project, sleeper hit project, and the emerging film project. These efforts will expand our market share in online movie streaming, enhancing our influence in theatrical releases, and strengthen synergies between online and offline platforms.

對於電影，我們正在製定一個全面的框架，透過三大策略舉措，即大片項目、黑馬電影項目和新興電影項目，來加強我們的原創電影項目。這些努力將擴大我們在線上電影串流媒體的市場份額，增強我們在戲院上映中的影響力，並加強線上和線下平台之間的協同作用。

And for animation and the children's content, we'll continue to improve our original production capabilities, focusing on high quality domestic animations while enhancing the monetization of children's.

對於動畫和兒童內容，我們將繼續提高原創製作能力，專注於高品質的國產動畫，同時提高兒童內容的貨幣化。

Gigi Zhou, Guangfa

週廣發

This year, we have seen that iQIYI is preparing for the offline theme park. At the same time, selling related IP products during the broadcasting of some key dramas. Could you share about these strategies in the future and how do you think of this market size?

今年，我們看到愛奇藝正在籌備線下主題樂園。同時，利用部分重點劇集播出時間銷售相關IP產品。您能否分享一下未來的這些策略以及您如何看待這個市場規模？

(interpreted) Our CEO, Gong Yu, is taking this question. So for iQIYI's experience business, we have two key areas, IP-based consumer products and offline experiences. For IP consumer products, in the past, we solely operated in IP licensing, but the percentage of GMV is relatively low in the whole market as a whole.

(譯)我們的執行長龔宇正在回答這個問題。所以對於愛奇藝的體驗業務，我們有兩個重點領域，基於IP的消費產品和線下體驗。對於IP消費品，過去我們單純做IP授權，但在整個市場中GMV佔比比較低。

So starting this year, we're now transitioned to self-operation, building a consumer product system that includes planning and design, manufacturing and sales. Right now, we're starting to test the water starting from the collectible cards and then also we're testing the water for different sales channels.

所以從今年開始，我們就轉型到自營，建立包括策劃設計、生產製造、銷售在內的消費產品系統。現在，我們開始從收藏卡開始試水，同時也在試水不同的銷售管道。

So we will expand that efforts in the future. And for the offline experiences, overall, we take an asset-light approach to this strategy. It mainly has two parts: the immersive theaters which now under the license model that we operate with different stores.

因此我們將來會擴大這項努力。對於線下體驗，整體而言，我們採取輕資產的方式來實施此策略。它主要有兩個部分：沉浸式影院現在採用與不同商店合作的許可模式。

We now have more than 50 stores in over 30 cities. And also for iQIYI Land, we also take the asset-light approach and we support in terms of content management and also technology. For iQIYI Land, in addition to the games and also the experiences based on our IPs, we also have derivative product, IP consumer goods that we'll be selling in the stores.

目前我們在30多個城市擁有50多家門市。對於愛奇藝樂園，我們也採取輕資產的方式，並在內容管理和技術方面提供支援。對於愛奇藝樂園來說，除了遊戲和基於IP的體驗之外，我們還有衍生產品和IP消費品將在商店中銷售。

So collectively, it will create synergy of our overall experience business. Right now, we have the Yangzhou and Kaifeng locations are in development, and by the end of this year, probably we'll have more location to be announced.

因此，總的來說，它將創造我們整體體驗業務的協同效應。目前，我們正在開發揚州和開封的門市，到今年年底，我們可能會宣布更多門市。

Thomas Chong, Jefferies.

湯瑪斯‧張 (Thomas Chong)，傑富瑞 (Jefferies)。

My question is about our debt management plans. Can management share more color about this?

我的問題是關於我們的債務管理計劃。管理層能否分享更多有關此事的詳細資訊？

(interpreted) Our CFO, Wang Jun is taking this question. As you probably mentioned and noticed that for our debt, we have two parts, overseas US dollars and domestic RMB. And as of end of the second quarter, you will notice that the outstanding balance for the 2028 convertible notes is only RMB208 million.

(翻譯)我們的財務長王軍正在回答這個問題。您可能提到並注意到，我們的債務有兩個部分：海外美元和國內人民幣。而截至第二季末，你會發現2028年可轉換債券的未償還餘額僅為人民幣2.08億元。

And currently, the company has sufficient cash to meet that obligation if the CB holders decided to put back to us. In terms of the domestic debt denominated in RMB, you probably would notice in the past few quarters, the long term loan versus short term loans has been significantly improved.

目前，如果可轉換債券持有人決定將債券回饋給我們，公司有足夠的現金來履行該義務。就以人民幣計價的國內債務而言，您可能會注意到，在過去幾個季度中，長期貸款相對於短期貸款已經有了顯著改善。

Currently, the portion is like 50-50 in terms of our outstanding loans as a whole. And so overall speaking, the capital structure now is pretty healthy enough to support our daily operations and also the long term development and growth in the future.

目前，就我們整體的未償還貸款而言，這一比例約為 50-50。因此整體而言，目前的資本結構相當健康，足以支持我們的日常營運以及未來的長期發展和成長。

There are no further questions at this time.

目前沒有其他問題。

I'll now hand back to Ms. Yu for closing remarks.

現在我將把發言時間交還給餘女士，請她作最後發言。

Thank you, everyone for joining the call today and if you have any questions, don't hesitate to contact us.

感謝大家今天參加電話會議，如果您有任何疑問，請隨時與我們聯繫。

See you next quarter. Thank you. Bye-bye.

下個季度見。謝謝。再見。

That does conclude our conference for today. Thank you for participating. You may now disconnect.

今天的會議就到此結束了。感謝您的參與。您現在可以斷開連線。

Portions of this transcript that are marked (interpreted) were spoken by an interpreter present on the live call. The interpreter was provided by the company sponsoring this event.

本記錄中標記（翻譯）的部分是由現場通話中的翻譯人員說的。翻譯由贊助此活動的公司提供。