iQIYI Inc (IQ) 2025 Q3 法說會逐字稿

Thank you for standing by, and welcome to the iQIYI's third quarter 2025 earnings conference call. (Operator Instructions) I would now like to hand the conference over to Ms. Chang You. Please go ahead.

感謝您的耐心等待，歡迎參加愛奇藝2025年第三季財報電話會議。 （操作說明）現在我將會議交給常友女士，請您發言。

Thank you, operator. Hello, everyone, and thank you for joining iQIYI's third quarter 2025 earnings conference call. The company's results were released earlier today and are available on the company's Investor Relations website at ir.iqiyi.com. 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; and Mr. Xianghua Yang, Senior Vice President of [Movies] and overseas business; and Mr. Gang Wu, Senior Vice President of Brand Advertising business.

謝謝接線生。大家好，感謝各位參加愛奇藝2025年第三季財報電話會議。本公司業績報告已於今日早些時候發布，可在公司投資者關係網站ir.iqiyi.com查閱。今天出席會議的有：創辦人、董事兼執行長龔宇先生；首席財務官王軍先生；首席內容官王曉輝先生；會員業務高級副總裁段友橋先生；電影及海外業務高級副總裁楊祥華先生；以及品牌廣告業務高級副總裁吳剛先生。

Mr. Gong will give a brief overview of the company's business operations and highlights, followed by Jun, who will go through the financials. After the prepared remarks, the management team will participate in the Q&A session.

龔先生將簡要概述公司的業務運作和亮點，隨後俊先生將介紹財務狀況。發言結束後，管理團隊將參與問答環節。

Before we proceed, please note that the discussion today will contain forward-looking statements made 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.

在繼續討論之前，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》安全港條款作出的前瞻性陳述。前瞻性陳述受風險和不確定性因素的影響，可能導致實際結果與我們目前的預期有重大差異。

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.

潛在風險和不確定性包括但不限於我們在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 pass on to Mr. Gong. Please go ahead.

現在我將把麥克風交給龔先生。請開始吧。

Hello, everyone. Thank you for joining us today. This summer, we captured the hearts of audiences with our original blockbuster drama, The Thriving Land. As we begin today's earnings call, I would like to share the journey of bringing this compelling story to life. The Thriving Land became a highlight of iQIYI‘s highly acclaimed Masterpiece Theater, a collection renowned for its expertly crafted adaptations of famous novels..

大家好，感謝各位今天參加我們的財報電話會議。今年夏天，我們以原創影集《繁華之地》擄獲了許多觀眾的心。在今天的財報電話會議開始之際，我想和大家分享這部引人入勝的劇集是如何誕生的。 《繁華之地》是愛奇藝備受讚譽的「名作劇場」的代表作之一，該劇以其對著名小說的精湛改編而聞名。

The Thriving Land tells a compelling tale of three families across two generations in rural China in the 1920s. When production began in Shandong last September, we heard questions and concerns: can today's audience be drawn to a story set 100 years ago? However, we built this project with strong confidence backed by our years of experience in adapting literature IPs to hit dramas, from A Lifelong Journey to To the Wonder and Northward (spoken in foreign language).

《繁華之地》講述了20世紀20年代中國農村三個家庭兩代人的動人故事。去年九月在山東開拍時，我們聽到了許多疑問和擔憂：今天的觀眾能否對一個發生在100年前的故事感興趣？然而，憑藉多年來將文學IP改編成熱門電視劇的經驗，例如《一生之旅》、《通往奇蹟》和《北上》（均為外語劇），我們對這個項目充滿信心。

It is our belief that great stories resonate universally. They transcend time, culture and age, forging deep connections with viewers across regions and demographics. This ability to tell timeless stories is what sets long-form content apart from fast-paced, bite-sized entertainment.

我們堅信，偉大的故事能夠引起普世共鳴。它們超越時間、文化和年齡的限制，與不同地區、不同背景的觀眾建立深厚的連結。這種講述永恆故事的能力，正是長篇內容區別於快節奏、分散娛樂內容的關鍵。

As we all know, The Thriving Land became a major hit, exceeding the 10,000 mark on iQIYI popularity index score and topping this year’s Enlightent data charts for peak daily market share. Its influence expanded far beyond our platform, making meaningful impact on traditional TV and offline as well.

眾所周知，《繁華之地》大獲成功，在愛奇藝人氣指數得分上突破萬大關，並榮登今年「啟迪數據」榜首，創下單日市佔率最高紀錄。其影響力遠超平台，對傳統電視和線下管道也產生了深遠影響。

It achieved the highest average ratings per episode on CCTV's drama channel and boosted tourism in its filming location echoing the off-line success of The Knockout and To the Wonder . The success of The Thriving Land is no coincidence. It is built on iQIYI’s proven content methodology to create and amplify IP value through high-quality story telling and advanced production technology to connect with broad and diverse audiences and to develop our business model with IP at the core. From online to offline, from domestic markets to global audiences, our business model continues to evolve and scale. Today, our online operations are well-established global expansion is accelerating and our experience business is advancing accordingly. On top of that, we are embracing exciting opportunities enabled by a supportive regulatory environment and advancements in AI.

該劇在中視電視劇頻道創下單集平均收視率最高紀錄，並帶動了拍攝地旅遊業的發展，與《爆笑人生》和《通往奇蹟》的線下成功遙相呼應。 《繁華都市》的成功並非偶然。它建立在愛奇藝成熟的內容創作方法之上，透過高品質的故事敘述和先進的製作技術，創造並放大IP價值，從而與廣泛多元的受眾建立聯繫，並以IP為核心發展我們的商業模式。從線上到線下，從國內市場到全球觀眾，我們的商業模式不斷發展壯大。如今，我們的線上業務已臻成熟，全球擴張正在加速，體驗業務也在同步發展。此外，我們也積極掌握有利的監管環境和人工智慧技術進步所帶來的令人興奮的機會。

These new regulatory policies lay a solid foundation for innovation and growth in the long-form video industry. And at the same time, we are leveraging AI to transform how content is created and consumed. In July, we partnered with Google and ByteDance and launched a Global AI Short Film Competition aimed at discovering and nurturing talents who create short videos using AI technologies.

這些新的監管政策為長影片產業的創新和發展奠定了堅實的基礎。同時，我們正在利用人工智慧技術變革內容的創作和消費方式。今年7月，我們與Google和位元組跳動合作，發起了全球人工智慧短片比賽，旨在發掘和培養利用人工智慧技術創作短影片的人才。

We also collaborated with Academy Award winner Mr. Peter Pau, on a co-branded AI Theater featuring AI-driven content. We aim to leverage iQIYI's professional production expertise to cultivate the next generation of creators, pioneer innovative AI-driven content production methods and deliver compelling AI-powered story telling that resonates with audiences.

我們也與奧斯卡獎得主鮑德溫先生合作，共同打造了一個以人工智慧驅動內容為特色的聯名人工智慧劇場。我們的目標是利用愛奇藝的專業製作實力，培養新一代創作者，開拓創新的人工智慧內容製作方法，並呈現能夠引起觀眾共鳴的引人入勝的人工智慧故事。

Now let's dive into the details of our business performance in Q3. Starting with content, which is the cornerstone of our business. Our goal is to engage audiences with diverse, beloved content that drives commercial success.

現在讓我們深入探討一下第三季的業務表現。首先是內容，這是我們業務的基石。我們的目標是透過豐富多元、深受喜愛的內容來吸引受眾，從而推動商業成功。

For long-form dramas, we focus on top-notch stories with high commercial value. In the third quarter, we once again secured the top position in total viewership market share according to Enlightent data. Our diverse high-quality lineup included the nation wide hit. The Thriving Land and our in-house costume detective series, Coroner's Diary, which emerged as the summer's dark horse with an iQIYI popularity index score exceeding 10,000.

對於長篇劇集，我們專注於打造具有高商業價值的優質故事。根據啟迪科技的數據，第三季我們再次蟬聯收視率市佔率榜首。我們豐富多元的高品質劇集陣容包括全國熱門的《繁華之地》以及我們自主研發的古裝偵探劇《驗屍官日記》，後者以愛奇藝人氣指數突破萬分，成為今夏的一匹黑馬。

Additionally, the science fiction series Mobius, earned strong acclaim for its innovative story telling reaching a peak popularity score of over 8,800. Moving to movies. We achieved major breakthroughs in original theatrical releases, The Shadow's Edge grossed over RMB1.2 billion leading the summer box office and marking a historic achievement for us.

此外，科幻影集《莫比烏斯》憑藉其創新的敘事手法廣受好評，最高人氣評分超過8,800分。電影方面，我們在原創院線發行方面取得了重大突破，《暗影邊緣》票房突破12億元人民幣，領先暑期檔票房，為我們創造了歷史性的佳績。

On our online movie platform, we retained the top viewership market share for 15th consecutive quarters driven by a diverse slate of 12 key titles. In Q2, we launched an innovative revenue sharing model to maximize returns for films with limited box office opportunities.

在我們的線上電影平台上，憑藉12部重點影片的多元化片單，我們連續第15個季度保持了最高的收視市場份額。第二季度，我們推出了一項創新的收益分成模式，旨在最大限度地提高票房機會有限的影片的收益。

This strategy is gaining traction in Q3 with new titles like A Cool Fish 2 generating over RMB17 million in revenue sharing income in two months. For variety shows, our focus on top-tier titles delivered strong results in both popularity and revenue.

這項策略在第三季初見成效，例如《酷魚2》等新節目在短短兩個月內就創造了超過1700萬元人民幣的收益分成收入。綜藝節目方面，我們專注於打造頂級節目，在人氣和收入方面都取得了顯著成效。

The King of Stand-Up Comedy Season 2, our flagship IP generated impressive membership and advertising revenues. It achieved an iQIYI popularity index of over 8,000 and dominated the genre with a leading market share according to Enlightent data.

我們的旗艦IP《脫口秀之王》第二季取得了令人矚目的會員和廣告收入。根據啟迪科技的數據，該節目在愛奇藝的人氣指數突破8000，並佔據了同類節目的市場份額榜首。

Additionally, our newly launched observation show Her Prime sparked widespread discussions. To deepen audience engagement and elevate our variety show IP value. We introduced consumer products like collectible cards and co branded merchandise collections, resulting in stronger audience loyalty.

此外，我們新推出的觀察類節目《她的黃金時代》引發了廣泛討論。為了加深觀眾互動，提升綜藝節目的IP價值，我們推出了收藏卡、聯名週邊產品等消費品，增強了觀眾忠誠度。

Turning to micro-dramas, they continued to enhance our content ecosystem, achieving double-digit sequential growth in average daily viewing time and daily subscription revenue in the third quarter. Our micro-dramas also have attracted sponsorships from brand –advertisers, with more partnerships anticipated in the future.

轉向微劇領域，我們持續豐富內容生態系統，第三季平均每日觀看時間長度和每日訂閱收入均實現了兩位數的環比成長。我們的微劇也吸引了許多品牌廣告商的贊助，未來預計還會有更多合作。

This growth has been driven by our focus on premium content, enhanced original production capabilities and an expanded library of free titles. Our micro-dramas content library now includes over 20,000 titles with over half available for free.

這一增長得益於我們對優質內容的專注、原創製作能力的提升以及免費劇集庫的擴充。我們的微劇內容庫目前擁有超過2萬部劇集，其中超過一半可免費觀看。

We have also established a strong capacity for consistently releasing original micro-dramas. Hits such as Fate of Three Lives, Nurturing the Night, and Ephemeral Paradise resonated strongly with audiences. Additionally, we introduced a dedicated micro-animations channel and kicked off original production. Micro-animation is an innovative format of short form animation that has experienced rapid growth in the past year following the success of micro-drama and heavily leveraging AI technology. For animations, we continued to improve our original production capabilities.

我們也建立了強大的原創微劇持續發行能力。 《三生三世緣》、《夜之養育》和《短暫天堂》等劇集都獲得了觀眾的強烈迴響。此外，我們還推出了專門的微動畫頻道，並啟動了原創動畫的製作。微動畫是一種創新的短篇動畫形式，在過去一年中，隨著微劇的成功以及人工智慧技術的廣泛應用，微動畫發展迅速。在動畫方面，我們也持續提升了原創動畫的製作能力。

In the third quarter, Over The Divine Realms continued to enjoy strong viewership. Additionally, our highly regarded original production Love Between Fairy and Devil returned with a second season, captivating loyal audience and driving high engagement.

第三季度，《神域奇緣》持續保持強勁的收視率。此外，備受好評的原創影集《妖魔怪之戀》第二季強勢回歸，吸引了許多忠實觀眾，並獲得了很高的互動率。

Next, let me share our exciting slate of content for the fourth quarter. The diverse drama pipeline i includes: Fated Hearts, Sword and Beloved, Silent = Honor, Dead End, Strange Tales of Tang Dynasty III: To Chang’an (spoken in foreign language), Legend of the Magnate, Speed and Love, and Silent Tides (spoken in foreign language).

接下來，讓我來分享我們第四季的精彩內容。我們豐富多彩的劇集包括：《命中註定》、《劍與愛》、《沉默即榮耀》、《死路一條》、《唐朝奇譚之潮》（外語版）、《大亨傳奇》、《玩命關頭》和《靜謐之潮》（外語版）。

The movie pipeline includes our original theatrical film Skin for theatrical release and our original theatrical hit The Shadow's Edge for online streaming. The first batch of original internet films under the Emerging Film Project.

電影項目包括我們原創院線電影《Skin》（計畫院線發行）和原創院線熱門影片《The Shadow's Edge》（計畫網路串流播放）。這是「新興電影計畫」下的首批原創網路電影。

(spoken in foreign language) And the licensed films such as Dead To Rights, The Legend of Hei 2, The Volunteers：Peace at Last, and Nobody (spoken in foreign language). The original variety shows include flagship IPs Blooming Journey 2, Hi! Young Farmers 3 (spoken in foreign language) and a brand new IP, Wander Together (spoken in foreign language).

（外語對白）以及授權電影，例如《死神來了》、《黑神傳說2》、《義勇軍》、《和平的最後》和《無人》（外語對白）。原創綜藝節目包括旗艦IP《綻放之旅2》、《你好！年輕農民3》（外語對白）以及全新IP《一起漫遊》（外語對白）。

The micro-drama pipeline includes the first micro-drama based on the highly popular IP, Strange Tales of Tang Dynasty, titled Tang Dynasty Mysteries: The Poison Conspiracy, as well as Foreseeing You in My Final Days and Scent Marked Destiny. (spoken in foreign language). The animation and children’s content includes new animation Ascendants of the Nine Suns, returning cartoon Deer Squad Season 4 (spoken in foreign language) and a new IP Camem & Bert’s Food Truck.

微劇項目包括首部改編自熱門IP《唐朝奇聞》的微劇《唐朝謎案：毒案》，以及《預見你，我的最後時光》和《香緣》（均為外語）。動畫和兒童內容包括新動畫《九陽升天》、回歸動畫《鹿小隊》第四季（均為外語）以及全新IP《卡門與伯特的餐車》。

Moving on to membership services. We aim to build a household name membership brand, with broad market appeal backed by a vibrant content ecosystem and exceptional services. Membership services revenue recorded sequential growth in Q3 driven mainly by original hit dramas like The Thriving Land and Coroner's Diary as well as the theatrical mega-hit “Ne Zha 2 (spoken in foreign language).

接下來談談會員服務。我們的目標是打造一個家喻戶曉的會員品牌，憑藉著充滿活力的內容生態系統和卓越的服務，擁有廣泛的市場吸引力。第三季會員服務收入季增，主要得益於《繁華之地》和《驗屍官日記》等原創熱門影集以及院線大熱影片《哪吒之魔童降世2》（外文版）。

Beyond content, we are increasing our efforts to enhance membership services and deliver unmatched value. Our family-oriented S-Diamond Plan stands out with exclusive perks like Express Packages offering early access to show finales—a proven driver of new subscriptions and upgrades to this premium tier. The Courtesy Experience Program continues to boost engagement with meaningful revenue growth year-over-year. We have created stronger synergy between membership and advertising revenues by introducing branded zones within the program.

除了內容之外，我們還在加強會員服務，力求提供無與倫比的價值。我們面向家庭的S-Diamond會員計劃以其專屬特權脫穎而出，例如可提前觀看節目大結局的“快捷套餐”，這已被證明是推動新用戶訂閱和升級至此高級會員等級的有效途徑。 「禮遇體驗計畫」持續提升用戶參與度，並實現了顯著的年度收入成長。我們透過在計畫中引入品牌專區，進一步增強了會員收入和廣告收入之間的綜效。

We are also integrating membership experiences with top IPs. This quarter, we launched IP-themed membership cards for Ne Zha 2 and The Journey of Legend, giving fans a deeper connection to their favorite stories and characters.

我們也將會員體驗與熱門IP結合。本季度，我們推出了《哪吒之魔童降世2》和《勇者鬥惡龍》的IP主題會員卡，讓粉絲與他們喜愛的故事和角色建立更深層次的聯繫。

Connecting with our audience is at the heart of what we do. Our annual flagship July 17 iQIYI Member Festival has become a signature fan-appreciation event loaded with exclusive perks and irresistible subscription offers. We also strengthened membership value and loyalty through over 10 VIP-only gatherings, ranging from fan meetups to advance screenings.

與觀眾建立聯繫是我們工作的核心。我們每年7月17日舉辦的愛奇藝會員節已成為一項標誌性的粉絲回饋活動，為粉絲提供專屬福利和極具吸引力的會員優惠。此外，我們也透過舉辦十餘場VIP專屬活動，包括粉絲見面會和提前觀影等，進一步提升了會員價值和忠誠度。

We have elevated membership performance by focusing on operational optimization, aiming to boost membership value and encourage subscribers to stay with our service longer. This includes initiatives to promote longer-term plans and targeted promotions for specific audiences. Additionally, we expanded our bundled-membership partnerships to 16 brands while broadening our off-platform sales channels across e-commerce and telecom platforms.

我們透過優化營運提升了會員績效，旨在提高會員價值並鼓勵用戶延長服務期限。這包括推出推廣長期套餐的舉措以及針對特定受眾的定向促銷活動。此外，我們將捆綁會員合作品牌擴展至16個，同時拓展了電商和電信平台等站外銷售管道。

Moving on to advertising business. In the third quarter, brand ads recorded double-digit annual growth, mainly driven by premium variety shows like The King of Stand-Up Comedy Season 2 and hit dramas like The Journey of Legend and The Thriving Land.

接下來談談廣告業務。第三季度，品牌廣告實現了兩位數的年增長率，主要得益於《脫口秀之王》第二季等優質綜藝節目以及《豪勇七蛟龍》和《繁華大地》等熱門電視劇的推動。

Our content-related ad solutions continued to gain traction, contributing over 60% of brand ad revenue, key verticals such as food and beverage, Internet services and e-commerce, beauty & personal care, all showed robust annual growth. We use AI to drive product innovation and advertising efficiency with features like creative bullet chats, and AI- generated ad materials, including animation -style mid-rolls for innovative marketing solutions.

我們的內容廣告解決方案持續成長，貢獻了超過 60% 的品牌廣告收入。食品飲料、網路服務與電商、美容及個人護理等關鍵垂直領域均實現了強勁的年增長。我們利用人工智慧技術推動產品創新和廣告效率提升，例如創意彈珠式聊天和人工智慧生成的廣告素材，包括動畫風格的插播廣告，打造創新的行銷解決方案。

As we enter Q4, we aim to capitalize on major advertising opportunities, such as 11/11 shopping festival, Christmas and New Year campaigns and new smartphone launches. Our focus will be on maximizing ad sales from premium variety shows, dramas and our drama theater brands, while further enhancing monetization on smart TVs.

進入第四季度，我們將重點放在雙十一購物節、聖誕節和新年促銷活動以及新款智慧型手機發布等重大廣告機會。我們將著重於提升優質綜藝節目、電視劇和話劇場品牌的廣告銷售額，同時進一步提升智慧電視的廣告變現能力。

We will continue leveraging AI to improve brand advertising efficiency. For performance ads, we now have a healthier and more balanced advertiser portfolio with revenue less dependent on individual clients. By industry, Internet services and education and training were stand-out contributors this quarter.

我們將持續利用人工智慧提升品牌廣告效率。在效果廣告方面，我們現在擁有更健康、更均衡的廣告主組合，收入對單一客戶的依賴性降低。按行業劃分，互聯網服務以及教育培訓行業在本季度表現突出。

Looking ahead, we will focus on capturing new budgets in the Internet services sector, including tools, social platforms and mini games, while scaling up revenue in education and training, wellness management and e-commerce. Additionally, we plan to expand our performance ad inventory and utilize AI to further enhance monetization efficiency.

展望未來，我們將專注於拓展網路服務領域的新預算，包括工具、社交平台和小遊戲，同時擴大教育培訓、健康管理和電子商務領域的收入。此外，我們計劃擴大效果廣告庫存，並利用人工智慧進一步提升變現效率。

Moving on to technology and products. We continue to harness cutting-edge technologies to transform the entertainment experience, improve content production efficiency and boost content value across our platform. On the content creation front, we are leveraging AI to transform story telling. A notable example is our partnership with Academy Award winner Mr. Peter Pau. Together, we will launch the Peter Pau × iQIYI AI Theater to pioneer the next generation of AI-driven storytelling and talent development. The first titles are set to premiere soon, which we are very excited for.

接下來談談技術和產品。我們持續運用尖端技術，革新娛樂體驗，提升內容製作效率，並提昇平台內容價值。在內容創作方面，我們正利用人工智慧革新故事敘述方式。一個值得一提的例子是我們與奧斯卡得主鮑德溫先生的合作。我們將攜手推出“鮑德溫愛奇藝AI劇場”，引領下一代人工智慧驅動的故事講述和人才培養。首批作品即將上映，我們對此感到非常興奮。

Additionally, we are using AI to produce high-quality original micro-animations at much lower costs. Another unique example is the AI-powered “iQuickReel collections, which now cover all major content categories.

此外，我們也利用人工智慧以更低的成本製作高品質的原創微動畫。另一個獨特的例子是人工智慧驅動的「iQuickReel」合集，它現在涵蓋了所有主要內容類別。

This feature utilizes a Smart Editing Agent to automatically convert long-form videos into vertical shorts, which are then included in iQuickReel collections. iQuickReel collections offer users a viewing experience akin to that of micro-dramas. We are transforming user engagement with Taodou, an AI-powered personal assistant that provides personalized support, including video searches, recommendations and plot insights.

此功能利用智慧編輯代理自動將長視頻轉換為豎屏短視頻，並將其收錄到 iQuickReel 合集中。 iQuickReel 合集為用戶提供類似微劇的觀看體驗。我們正在透過 Taodou（一款由人工智慧驅動的個人助理，提供影片搜尋、推薦和劇情簡介等個人化支援）革新用戶互動方式。

The latest update improved recommendations for micro-dramas and the short-form videos, alongside long-form content while also enhancing plot Q&A capabilities. Additionally, we introduced the Binge-Watching Rankings allowing users to track time spent on their favorite series and view their rankings. This feature has received highly positive feedback from fans.

最新更新優化了微劇和短影片的推薦，同時兼顧長篇內容，並增強了劇情問答功能。此外，我們還推出了“追劇排行榜”，用戶可以追蹤自己觀看喜愛劇集的長度並查看排名。這項功能獲得了粉絲們的高度好評。

In addition to advancing AI applications, we are driving the industrialization of video production with cutting-edge virtual production technologies. Our proven virtual production capabilities now support both in-house and external projects.

除了推進人工智慧應用之外，我們還利用尖端虛擬製作技術推動影片製作的產業化。我們成熟的虛擬製作能力現已能夠支援內部專案和外部專案。

This quarter, we launched an omni-directional, motion-simulating vehicle rig filming platform, powered by our in-house developed IQStage virtual production system the platform largely enhances efficiency for high-frequency vehicle scene shoots. It delivers streamlined repeatable workflows and has already been utilized for virtual productions in major theatrical productions.

本季度，我們推出了全方位、運動模擬的車輛拍攝平台。該平台由我們自主研發的IQStage虛擬製作系統驅動，大大提高了高頻次車輛場景拍攝的效率。它提供了精簡且可重複的工作流程，目前已應用於多部大型戲劇製作的虛擬製作中。

Moving on to business performance in regions outside of Mainland China, we maintained strong growth momentum in Q3. with membership revenue increased by over 40% annually. Markets like Brazil, five Spanish speaking regions, Mexico and Indonesia had membership revenue more than doubled year-over-year. In this quarter, the average daily subscribers also reached all-time high. Our strong performance is supported by an exceptional content lineup.

接下來談談中國大陸以外地區的業務表現。第三季度，我們保持了強勁的成長勢頭，會員收入年增超過40%。巴西、五個西班牙語地區、墨西哥和印尼等市場的會員收入較去年同期成長超過一倍。本季度，每日平均訂閱用戶數也創下歷史新高。我們強勁的業績得益於卓越的內容陣容。

Our C-drama, Chinese drama continued to gain popularity globally, with revenues grew double digit, both annually and sequentially. Notably, the Thai-dubbed version of Coroner’s Diary set platform records for both viewing time and peak revenue within its language segment.

我們的國產劇在全球範圍內持續走紅，收入實現了兩位數的增長，無論是年增長率還是環比增長率都達到了兩位數。值得一提的是，泰語配音版的《驗屍官的日記》在所屬語言領域創下了觀看時長和峰值收入的平台紀錄。

It also topped iQIYI’s popularity charts in 13 overseas markets, meanwhile, our local content slate also excelled—Khemjira the series emerged as a phenomenon in Thai-language content this year, generating the highest membership revenue among all Thai dramas on our platform and topping related rankings on Google and Twitter.

它也在愛奇藝的13個海外市場人氣排行榜上名列前茅，同時，我們的本地內容也表現出色——《Khemjira》系列劇今年成為泰語內容的現象級作品，在我們平台上所有泰劇中創造了最高的會員收入，並在谷歌和推特的相關排名中名列前茅。

Beyond long-form content, micro-dramas continued to build strong momentum overseas. Membership revenue from micro-dramas grew 140% sequentially. By the end of September, micro-dramas ranked second only to long-form dramas across several core metrics, including membership revenue and viewing time, Moreover, multiple iQIYI original micro-dramas gained solid traction abroad.

除了長篇內容外，微劇在海外市場也持續保持強勁勢頭。微劇會員營收季增140%。截至9月底，微劇在包括會員收入和觀看時長在內的多項核心指標中，排名僅次於長篇劇集。此外，多部愛奇藝原創微劇在海外市場也獲得了不錯的迴響。

For example, How Dare You!? has shown a strong long tail effect three months post launch. We are also expanding into locally produced micro-dramas. Multiple projects in English Thai, Korean, and Indonesian are in production and are targeted for launch this year.

例如，《你竟敢！ ？ 》在上線三個月後展現了強勁的長尾效應。我們也在拓展本地製作的微劇業務。多個英語、泰語、韓語和印尼語項目正在製作中，計劃於今年推出。

Looking ahead, we will continue to deliver high-quality content to international audiences, deepen partnerships with telecom operators and local partners and leverage AI to drive user acquisition. Moving on to Experience Business, where we are focusing on two key areas, IP-based consumer products and off-line experiences.

展望未來，我們將繼續為國際受眾提供高品質內容，深化與電信業者和本地合作夥伴的合作，並利用人工智慧技術推動用戶成長。接下來是體驗業務，我們將重點放在兩大關鍵領域：基於IP的消費產品和線下體驗。

We are leveraging our extensive and unique IP resource to build a more robust entertainment ecosystem. For IP-based consumer products, we have upgraded our business model from a licensing only approach to a dual-track strategy, combining self-operated merchandise with licensing.

我們正利用自身豐富且獨特的智慧財產權資源，建構更強大的娛樂生態系統。對於以智慧財產權為基礎的消費品，我們已將商業模式從單一授權模式升級為雙軌制策略，將自主營運的商品與授權模式結合。

Q3 growth was strong with revenue from IP-based consumer products more than doubling year-over-year, in particular, revenue from self-operated merchandise grew more than 70% sequentially, driven mainly by collectible cards from top drama titles. Meanwhile, our self-operated portfolio has expanded beyond collectible cards into additional categories supported by the establishment of in-house teams. For IP licensing, the hit drama The Journey of Legend has partnered with over 30 licensees setting a new record while spanning multiple sectors, including e-commerce, FMCG and beauty.

第三季成長強勁，基於IP的消費品營收年增超過一倍，其中自營商品營收季增超過70%，主要得益於熱門影集的收藏卡。同時，在組成內部團隊的支持下，我們的自營產品組合已從收藏卡擴展到其他類別。在IP授權方面，熱門影集《豪勇七蛟龍》已與超過30家授權商達成合作，創下新紀錄，合作領域涵蓋電商、快消品和美妝等多個行業。

In our off-line experience business, we are pioneers in this emerging field. At the heart of this initiative are iQIYI Lands, which are designed to operate under an asset-light model. Our two locations, Yangzhou and Kaifeng are under development, with the Yangzhou iQIYI Land scheduled to open early next year.

在實體體驗業務方面，我們是這一新興領域的先驅。這項計畫的核心是愛奇藝樂園，其設計理念是採用輕資產營運模式。目前，揚州和開封兩地正在開發建設中，揚州愛奇藝樂園預計明年初開幕。

A third site in Beijing has also been announced. By integrating technologies like AI and XR with our content IP, iQIYI Lands will provide interactive and scalable experiences that are faster to iterate and more efficient than traditional theme parks. This approach reduces space and capital requirements, with revenue expected to come mainly from ticket sales and other on-site spending.

愛奇藝樂園已宣佈在北京開設第三個園區。透過將人工智慧和擴展現實等技術與愛奇藝的內容智慧財產權結合，愛奇藝樂園將提供互動性強、可擴展的體驗，其迭代速度更快、效率更高，遠勝於傳統主題樂園。這種模式可減少空間和資本需求，收入預計主要來自門票銷售和其他現場消費。

As 2025 draws to a close, we reflect on a year of rapid transformation driven by technical innovation and evolving business models. We are not merely adapting. We are advancing fueled by our thriving overseas expansion, growing experience business and ongoing AI investments. Breakthroughs in any of these areas could elevate us to new heights. Amid this change, our core remains the same:

2025年即將結束，我們回顧過去一年，技術創新和不斷演進的商業模式推動了公司的快速轉型。我們不只是在適應，而是在蓬勃發展的海外擴張、不斷成長的體驗業務以及持續的人工智慧投資的推動下，不斷向前邁進。在這些領域取得突破性進展，將使我們攀登新的高峰。儘管變化不斷，我們的核心始終如一：

creating premium content and IP supported by a proven commercial model. This foundation earns us the loyalty of hundreds of millions of users and the trust of our industry partners. Moving forward, we will continue delivering quality content, fostering creativity with partners and driving long-term value for our shareholders.

我們致力於打造優質內容和智慧財產權，並輔以成熟的商業模式。這基石為我們贏得了數億用戶的忠誠和產業夥伴的信任。展望未來，我們將持續提供優質內容，與合作夥伴共同激發創意，並為股東創造長期價值。

Now let me hand it over to Jun for the financials.

現在我把財務部分交給Jun來介紹。

Thanks, Mr. Gong, and hello, everyone. Now let me walk you through the key numbers for the third quarter. The total revenue for the third quarter were RMB6.7 billion, up 1% sequentially. The membership services revenue reached RMB4.2 billion, up 3% sequentially, driven mainly by original blockbuster dramas and theatrical megahit Ne Zha 2 during the summer season.

謝謝龔先生，大家好。現在我來跟大家介紹一下第三季的關鍵數據。第三季總營收為人民幣67億元，季增1%。會員服務收入達人民幣42億元，季增3%，主要得益於原創影集的熱播以及暑期院線鉅作《哪吒之魔童降世2》的上映。

The online advertising revenue was RMB1.2 billion, decreased by 2% sequentially as the performance in the second quarter benefited from the major advertising campaigns. The content distribution revenue reached RMB644.5 million, up 48% sequentially. The increase was mainly driven by the strong distribution performance of the original theatrical movie invested by iQIYI, along with the growth in transactions for dramas. Other revenues were RMB585 million, down 29% sequentially.

網路廣告收入為人民幣12億元，季減2%，主要得益於第二季的大型廣告活動。內容發行收入達人民幣6.445億元，季增48%，主要得益於愛奇藝投資的原創電影發行表現強勁，以及電視劇交易量的成長。其他收入為人民幣5.85億元，季減29%。

Moving on to costs and expenses. Content cost was RMB4 billion, up 7% sequentially as we launched a more diverse selection of premium content during the peak summer season. The total operating expenses were RMB1.3 billion, down 3% sequentially, benefited from our disciplined expense management.

接下來是成本和費用。內容成本為人民幣40億元，較上季成長7%，主要原因是我們在夏季旺季推出了更多樣化的優質內容。總營運費用為人民幣13億元，季減3%，這得益於我們嚴格的費用管理。

Now turning to profit and cash balances. The non-GAAP operating loss was RMB21.9 million. Non-GAAP operating loss margin was 0.3%. As of the end of third quarter, we had cash, cash equivalents, restricted cash, short-term investments and long-term restricted cash included in prepayments and other assets of RMB4.9 billion.

現在來看利潤和現金餘額。非GAAP營業虧損為人民幣2,190萬元，非GAAP營業虧損率為0.3%。截至第三季末，我們持有的現金、現金等價物、受限現金、短期投資以及包含在預付款和其他資產中的長期受限現金共計人民幣49億元。

At the quarter end, the company had a loan of USD522.5 million to PAG, recorded under amounts due from related parties. For more detailed financial data, please refer to our press release on our IR website. Now we will open the floor for Q&A.

截至季末，公司對PAG有一筆5.225億美元的貸款，該筆貸款已計入關聯方應收帳款。更多詳細財務數據，請參閱我們投資者關係網站上的新聞稿。現在進入問答環節。

(Operator Instructions)

（操作說明）

Xueqing Zhang, CICC.

張學慶，中金公司。

(interpreted) Thanks management for taking my questions. It has been three months since the new regulations issued, so could management provide an update on the progress. Thank you.

（翻譯）感謝管理層回答我的問題。新規頒布至今已三個月，管理階層能否提供一下進度？謝謝。

(interpreted) We'll invite our chief content officer, Mr. Wang to answer this question.

（譯）我們將邀請首席內容官王先生來回答這個問題。

(interpreted) The core objective of the new policies is to promote the healthy development of the long-form video industry. In the past two months, since its implementation, we have observed positive progress in several areas, including the concurrent review of key dramas by the national and provisional administration as well as the exploration of concurrent review of broadcasting for new content formats such as anthology drama, multi-season drama, multi-art drama and sitcoms as well as the optimization of co-review methods.

（譯文）新政策的核心目標是促進長視頻產業的健康發展。自實施以來的兩個月裡，我們在多個領域觀察到積極進展，包括國家和臨時管理部門對重點劇集進行同步審查，探索對單元劇、多季劇、多才多藝劇和情景喜劇等新型內容形式進行同步播出審查，以及優化聯合審查方式。

Under the new policy environment, we are actively innovating in content production and broadcasting models. For example, we are exploring a brand new content format called online feature Series and integrating it into our existing Emerging Film Project collaboration framework. Going through a revenue-sharing model with our partners, we aim to attract more creative talent and high-quality content, strongly driving innovation and also growth in the industry.

在新政策環境下，我們正積極探索內容製作和播出模式的創新。例如，我們正在探索一種名為「網路影集」的全新內容形式，並將其融入我們現有的「新興電影計畫」合作框架中。透過與合作夥伴的收益分成模式，我們旨在吸引更多創意人才和優質內容，從而有力地推動產業創新和發展。

Based on the current progress of implementation, it is clear that the new policies have sent positive signals to the industry. Some of our projects have already benefited by the policy support, allowing them to reach a ready to broadcast status more quickly as productions proceed smoothly in the future, we will gradually see the broad benefits of the policies take shape. In the long term, the policies will drive the industry into a new growth phase, benefiting professionals across the board. Thank you.

根據目前的實施進展，新政策顯然已向業界發出正面訊號。我們的一些項目已經受益於政策支持，得以更快地達到播出標準。隨著未來製作流程的順利推進，我們將逐步看到政策的廣泛效益。從長遠來看，這些政策將推動產業進入新的成長階段，惠及所有從業人員。謝謝。

Vicky Wei, Citi.

Vicky Wei，花旗銀行。

(interpreted) Thanks management for taking my questions. Will management share some color about your outlook about the membership business. Thank you.

（翻譯）感謝管理層抽空回答我的問題。管理階層能否分享一下您對會員業務的看法？謝謝。

Thanks, Vicky. We'll invite our Senior Vice President Youqiao Duan to take this question.

謝謝Vicky。我們會請高級副總裁段友橋來回答這個問題。

(interpreted) Since the end of September, our membership business has shown nice growth momentum driven by three main factors. First, the continual release of high-quality content Second, the ongoing enhancement of member services and benefits; and third, the optimization of marketing and sales strategy, such as expanding bundled membership and offering targeted discounts for teachers and students.

自九月底以來，我們的會員業務呈現良好的成長勢頭，主要得益於以下三個因素：第一，持續發布高品質內容；第二，不斷提升會員服務和權益；第三，優化市場營銷和銷售策略，例如拓展捆綁會員服務，並為教師和學生提供定向折扣。

The Silent Honor, which was released at the end of September, broke the demographic boundaries and capture the heart of young audiences. Our female-oriented content such as Fated Hearts and Sword and Beloved along with the suspense theater titles like The Hunt and The Dead End also gained wide popularity.

九月底上映的《沉默的榮譽》突破了受眾界限，贏得了年輕觀眾的喜愛。我們以女性為主角的作品，如《命中註定的心》和《劍與愛人》，以及懸疑劇場版電影，如《狩獵》和《死路一條》，也廣受歡迎。

The recently released Strange Tales of Tang Dynasty III: To Chang’an, which is the third drama of the Strange Tales of the Tang Dynasty IP series received widespread acclaims shortly after its premiere with its popularity index on the iQIYI surpassing 10,000. It became the second drama in the series to hit this milestone, making the Strange Tales of Tang Dynasty, iQIYI's first IP series to have two seasons exceeding the 10,000 popularity mark.

最近推出的《唐朝奇談III：去長樂》是《唐朝奇談》IP系列的第三部劇集，一經播出便廣受好評，在愛奇藝上的受歡迎程度指數突破1萬。這是該系列第二部達到這一里程碑的劇集，也讓《唐朝奇談》成為愛奇藝首個兩季受歡迎程度均超過1萬的IP劇集。

The latest release in the series while building on the classic elements, introduced more innovative content, showcasing the strength of high-quality IP series development and also successfully attracting and retaining loyal audience base.

該系列的最新作品在保留經典元素的基礎上，引入了更多創新內容，展現了高品質IP系列開發的實力，並成功吸引和留住了忠實觀眾群。

At the same time, we have enhanced membership value and the perception of benefits through more refined operations, for example, offering more diverse subscription options offering member-only IP merchandise and also offline events tailored for premium members. We're confident in achieving sustainable growth in membership business with the support of high-quality content and enhanced member benefits and services. Thank you.

同時，我們透過更精細的運營，提升了會員價值和會員權益感知，例如提供更多樣化的訂閱選項，包括會員專屬的IP週邊產品以及為高級會員量身定制的線下活動。我們有信心在高品質內容和不斷提升的會員權益與服務的支持下，實現會員業務的可持續成長。謝謝。

Felix Liu, UBS.

瑞銀集團的劉菲利克斯。

(interpreted) Thank you management for taking my question. We noticed that Chinese culture industries have made good progress in the overseas markets lately. Can management share more progress on your overseas expansion and strategy? Thank you.

（翻譯）感謝管理層接受我的提問。我們注意到，中國文化產業近期在海外市場取得了良好的發展。管理階層能否分享更多貴公司在海外擴張和策略方面的進展？謝謝。

Thanks, Felix. I will invite our Senior Vice President of our overseas business, Mr. Xianghua Yang to take this question.

謝謝，Felix。我將請我們海外業務高級副總裁楊祥華先生來回答這個問題。

(interpreted) Our overseas business has strong performance this year with Q3 total revenue and membership revenue, achieving the highest annual and sequential growth in the past two years. We see the Chinese content serves as the cornerstone of our overseas content portfolio, and iQIYI has become the top choice for an increasing number of overseas users to watch Chinese language content.

（譯文）今年以來，我們的海外業務表現強勁，第三季總收入和會員收入均實現了近兩年來最高的年度和環比增長。我們認為，中文內容是我們海外內容組合的基石，愛奇藝已成為越來越多海外用戶觀看中文內容的首選平台。

We continue to promote Chinese language content across various markets and have seen a significant increase in influence in major overseas markets which effectively driving the growth in user base and also the membership numbers.

我們持續在各個市場推廣中文內容，並在主要海外市場看到了顯著的影響力成長，這有效地推動了用戶群和會員數的成長。

In terms of local content, we have engaged in both licensing and original production in Thailand, Malaysia, Indonesia and Taiwan. Among these, Thailand has been our most successful market. This year, we launched several hit titles such as the Thai drama, Khemjira the series, which set new records on our overseas platform in terms of both viewing hours and revenue for Thai content.

在本地內容方面，我們在泰國、馬來西亞、印尼和台灣地區開展了授權和原創製作業務。其中，泰國是我們最成功的市場。今年，我們推出了多部熱門作品，例如泰劇《Khemjira》，該劇在我們海外平台上的觀看時間和收入均創下了泰國內容的新紀錄。

With subtitles added, our original Thai dramas have been distributed in other markets and the revenue from our original Thai dramas in the US and other overseas markets has already surpassed that of Thailand's domestic market. We are pleased to see that Thai dramas have become the second globally recognized content category after C-dramas.

加上字幕後，我們的原創泰劇已發行到其他市場，其在美國及其他海外市場的收入已經超過了泰國國內市場的收入。我們很高興地看到，泰劇已成為繼華語劇之後，全球第二大知名的內容類型。

And looking ahead, we plan to increase the production of original Thai, Malaysian and Indonesian dramas. At the beginning of the year, we mentioned that some of the newly developed markets, such as the Middle East, Spanish-speaking regions in Latin America and Brazil regions. And these regions have maintained rapid growth actually throughout the year, with significant increases in membership revenue and subscriber numbers.

展望未來，我們計劃增加原創泰劇、馬來劇和印尼劇的製作。年初時，我們提到了一些新興市場，例如中東、拉丁美洲西班牙語地區和巴西地區。這些地區全年都保持著快速成長，會員收入和訂閱用戶數量均顯著提升。

In the future, we will continue to deliver high-quality content while leveraging AI technology to enhance content production and promotional efficiency. And currently, over 70% of promotional materials for our overseas content are generated using AI, which is significantly boosting our market efficiency. Thank you.

未來，我們將持續提供高品質內容，同時利用人工智慧技術提升內容製作和推廣效率。目前，我們海外內容的推廣素材中超過70%都是透過人工智慧產生的，這顯著提高了我們的市場效率。謝謝。

(Operator Instructions)

（操作說明）

Gigi Zhou, Guangfa Securities.

周琪琪，廣發證券。

(interpreted) I will translate the question myself. The application of AI in the global film and television industry has been advancing, increasing depth. Do management share strategy, insights and future plans pertaining to AI adoption content production and business payout? Thank you.

（譯者註）我將自行翻譯這個問題。人工智慧在全球影視產業的應用日益廣泛，深度不斷提升。管理階層是否願意分享人工智慧在內容製作和商業回報方面的策略、見解和未來計畫？謝謝。

Thank you. We'll have our CEO, Mr. Gong, who is going to take this question.

謝謝。接下來將由我們的執行長龔先生來回答這個問題。

(interpreted) Okay. I think for the AI technology, it provides a varied opportunities outlook for iQIYI. To take analogy, for example, in the past 20 years, actually, the Internet actually provided online video industry an opportunity and advantage to surpass traditional linear TV. And we think currently with the large language models for AI actually provides a similar opportunity outlook for iQIYI.

（翻譯）好的。我認為人工智慧技術為愛奇藝提供了多元化的發展機會。舉個例子，過去20年，網路實際上為線上影片產業提供了超越傳統線性電視的機會和優勢。我們認為，目前人工智慧的大型語言模型也為愛奇藝提供了類似的發展機會。

In the past few years, actually, AI technology has deeply integrated in our operations and they are helping us to achieve goals in three key areas. The first one is to increase our operational efficiency. We use AI for marketing materials, for example, automatically generate posters and promotional marketing materials. And also we use that for overseas content translation, while the cost is much cheaper compared to the human labor side and also faster.

事實上，在過去幾年裡，人工智慧技術已經深度融入我們的營運中，並在三個關鍵領域幫助我們實現目標。首先是提高營運效率。例如，我們利用人工智慧技術製作行銷資料，自動產生海報和宣傳資料。此外，我們也將其用於海外內容翻譯，與人工翻譯相比，成本更低，速度也更快。

The second point is AI actually boosts monetization capabilities, as it can efficiently produce advertising creative materials, and we can use that to optimize placement algorithms, which help us to improve the targeting accuracy and also conversion rate.

第二點是，人工智慧實際上可以提高獲利能力，因為它能夠有效率地製作廣告創意素材，我們可以利用這些素材來優化投放演算法，從而幫助我們提高目標定位的準確性和轉換率。

The third point is AI can empower us for content production. Actually, we use AI as support for our internal production capabilities. For example, we have a Screenplay Workshop in iQIYI. We use that to significantly enhance the evaluation and also the creation capabilities for novels and scripts.

第三點是人工智慧可以賦能我們的內容製作。實際上，我們利用人工智慧來輔助內部製作能力。例如，我們在愛奇藝中設立了劇本工作坊，用於顯著提升小說和劇本的評估和創作能力。

And also, we have an Image Workshop feature, which can effectively support early-stage creative development for example, by providing concept posters and also storyboard generations and character designs. And the fourth point is we actually use AI to roll out some basic user features, for example, based on the AI, we rolled out the Taodou World, Taodou and also iJump features, all of these will improve the viewing experiences.

此外，我們還提供圖像工作室功能，例如，它可以透過提供概念海報、故事板生成和角色設計等功能，有效地支援早期創意開發。第四點是，我們利用人工智慧推出了一些基礎使用者功能，例如，基於人工智慧，我們推出了淘豆世界、淘豆和iJump等功能，所有這些都將提升用戶的觀看體驗。

The above mentioned four points earlier are the ones we already use in our daily operations. We'll keep of refining them and upgrading them. Hopefully it will bring more benefits. And now and going forward, we'll focus on three major areas.

以上提到的四點是我們日常營運中已經應用的。我們會不斷改進和升級這些措施，希望它們能帶來更多好處。接下來，我們將重點放在以下三個主要領域。

The first one is the iQIYI's intelligent production system, which actually was previously reserved for internal use, and we will, going forward, gradually open up its core functions for close partners, helping them to leverage AI to enhance their production capabilities.

第一個是愛奇藝的智慧生產系統，該系統之前實際上是內部使用的，未來我們將逐步向緊密的合作夥伴開放其核心功能，幫助他們利用人工智慧來增強其生產能力。

And third point is we will continue to promote using AI in the market and also for the industry. For example, we launched initiatives such as the AI short film creation competition, as I mentioned earlier in the opening remarks, and also partnering up with Academy winner, Peter Pau, to roll out the AI Theater.

第三點是，我們將繼續在市場和產業內推廣人工智慧的應用。例如，正如我在開場白中提到的，我們推出了人工智慧短片創作大賽等項目，並與奧斯卡獎得主彼得保羅合作推出了人工智慧劇院。

I think the main purpose for these initiatives are to discover and nurture AIGC-creative talents through collaborations and also market promotions. The purpose is to foster an innovative-driven content ecosystem going forward.

我認為這些措施的主要目的是透過合作和市場推廣，發掘和培養AIGC創意人才，從而建立一個以創新為驅動的內容生態系統。

And last but not least, our focus will be collaborating with our partners and also utilizing our current AI technologies to explore more on a large-scale application of AIGC in areas, for example, micro-animations, animations, educational content, documentary, et cetera.

最後但同樣重要的是，我們將專注於與合作夥伴合作，並利用我們現有的 AI 技術，探索 AIGC 在微動畫、動畫、教育內容、紀錄片等領域的大規模應用。

And hopefully, AI will become core engine of content creation. And this is the first stage. And going forward, the bigger picture will be to utilize AIGC and to apply them in our long-form video content, for example, dramas, for example, films.

希望人工智慧能夠成為內容創作的核心引擎。這只是第一階段。展望未來，更宏大的目標是利用人工智慧生成內容（AIGC），並將其應用於我們的長影片內容，例如電視節目和電影。

So we're estimating in probably in the next one to two years. That's on the slower side or maybe three years. But we think overall speaking, no more than five years. AI will bring a dramatic change to our internet space and also to the video content creation industry.

所以我們估計大概在未來一到兩年內，或更慢一點，也許要三年。但總的來說，我們認為不會超過五年。人工智慧將為網路領域以及影片內容創作產業帶來翻天覆地的變化。

So going forward and also currently, we have been investing heavily in AIGC and also AI technology applications and this is one of core area of investment for the company right now. So hopefully, going forward, we can utilize AI to do more creative content and also to change the content ecosystem. Thank you.

因此，展望未來，我們目前一直在大力投資人工智慧生成內容（AIGC）和人工智慧技術應用，這已成為該公司目前的核心投資領域之一。希望未來我們能利用人工智慧創作更多創意內容，並改變內容生態系統。謝謝。

That concludes our question-and-answer session. I'll now hand back to management for closing remarks.

問答環節到此結束。現在我將把發言權交還給管理階層，請他們作總結發言。

Thank you, everyone, for participating in the call today. And if you have further questions, do not hesitate to contact us. And see you next quarter. Thank you.

感謝各位今天參加電話會議。如果您有任何其他問題，請隨時與我們聯繫。我們下個季度再見。謝謝。

Thank you. Bye-bye.

謝謝。再見。

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

謝謝。今天的會議到此結束。感謝各位的參與。現在可以斷開連線了。

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.

本記錄中標示「（已翻譯）」的部分由現場通話的翻譯員提供。該翻譯員由本次活動的贊助公司提供。