iQIYI Inc (IQ) 2026 Q2 法說會逐字稿

Thank you for standing by, and welcome to the iQIYI second-quarter 2026 earnings conference call. (Operator Instructions)

感謝各位稍候，歡迎參加愛奇藝 2026 年第二季財報電話會議。（接線員指示）

I would now like to hand the conference over to Ms. Chang You, IR Director of the company. Please go ahead.

現在我想把會議交給公司投資人關係總監張游女士。請開始。

Thank you, operator. Hello everyone and thank you for joining iQIYI’s second-quarter 2026 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.

謝謝，接線員。各位好，感謝大家參加愛奇藝 2026 年第二季財報電話會議。公司業績已於今日稍早發布，並可於公司投資人關係網站 ir.iqiyi.com 查閱。

On the call today are Mr. Yu Gong, our Founder, Director and CEO; Mr. Ying Tian, 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 International and Online Game Business, and Mr. Gang Wu, Senior Vice President of Brand Advertising Business. Mr. Gong will give a brief overview of the company’s business operations and highlights, followed by Ying, who will go through the financials. After the prepared remarks, the management team will participate in the Q&A session.

今天出席電話會議的有：我們的創辦人、董事兼執行長龔宇先生；財務長田穎先生；首席內容官（CCO）王曉暉先生；會員業務資深副總裁段有喬先生；國際與線上遊戲業務資深副總裁楊向華先生，以及品牌廣告業務資深副總裁吳剛先生。龔先生將先簡要回顧公司營運與亮點，接著由田穎介紹財務表現。在管理層的準備發言後，將進入問答環節。

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. 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 statement except as required under applicable law.

在我們開始之前，請注意今天的討論將包含前瞻性陳述，並依據 1995 年《美國私人證券訴訟改革法案》的安全港條款作出。前瞻性陳述存在風險與不確定性，可能導致實際結果與我們目前預期有重大差異。潛在風險與不確定性包括但不限於我們向美國證券交易委員會（SEC）提交之公開文件中所列示者。除適用法律要求外，愛奇藝不承擔更新任何前瞻性陳述之義務。

I’ll now pass on to Mr. Gong, please go ahead.

接下來交給龔先生，請開始。

Yu Gong:

龔宇：

Hello, everyone. In the second quarter, we continued to reinforce our core business. High-quality, diversified content powered industry-leading performance: according to Enlightent data, we maintained the number one market share in each of the long-form drama film, and children's content categories. And for short-form dramas (spoken in foreign language) we made a major breakthrough, reaching number one market share for the first time in June.

各位好。第二季，我們持續強化核心業務。高品質、多元化內容帶動業界領先表現：根據 Enlightent 數據，我們在長劇、電影與兒童內容等各類別均維持市占第一。而在短劇（外語發言）方面，我們取得重大突破，6 月首次達成市占第一。

Financial performance also improved quarter-over-quarter. Total revenues grew sequentially, and our non-GAAP operating loss narrowed substantially, approaching breakeven. We are fully advancing our strategic transformation.

財務表現也較上一季改善。總營收環比成長，非 GAAP 營業虧損大幅收窄，接近損益兩平。我們正全面推進策略轉型。

First, we are shifting from a centralized media to a decentralized, creator and user-centric social media ecosystem. AI can dramatically lower the cost and barrier of content creation, turning what was once a niche professional activity into a mass capability and triggering an unparalleled surge in content supply. Because traditional centralized models cannot accommodate this scale and diversity, we are upgrading our content acquisition and distribution mechanisms to efficiently connect creators and audiences.

第一，我們正從集中式媒體轉向去中心化、以創作者與用戶為核心的社群媒體生態系。AI 能大幅降低內容創作的成本與門檻，讓原本屬於小眾的專業活動轉變為大眾能力，並引發前所未有的內容供給激增。由於傳統的集中式模式無法承載如此規模與多樣性，我們正在升級內容採購與分發機制，以更高效率連結創作者與受眾。

Second, we are taking an all-in approach on AI to revolutionize both live-action production and pure AIGC. Our guiding principle is clear: maximizing cost efficiency without compromising quality. Together, these two pillars reinforce each other like a flywheel. AI drives rapid growth in content supply, which helps us move faster toward a decentralized model. And as we decentralize, more creators can participate, users get more engaged, and our platform becomes even stronger.

第二，我們全力投入 AI，以革新真人實拍製作與純 AIGC 內容。我們的指導原則很明確：在不犧牲品質的前提下，最大化成本效率。這兩大支柱相互強化，如同飛輪效應。AI 推動內容供給快速成長，幫助我們更快邁向去中心化模式。而隨著去中心化推進，更多創作者得以參與、用戶參與度提升，平台也將更為強健。

In Q2, both strategies moved from plans to measurable results. Over time, they will structurally improve our content costs, revenue quality, profitability, and cash flow. Let me walk you through the progress. On decentralization, we are improving our platform and accelerating the creator ecosystem. In April, we refreshed our core creator hub, the IQID, iQIYI Creator Center. Early signs are promising. The number of creators and uploads are all trending higher. Content with short production cycles, lower production scale, and a good fit for AI-driven creation has seen especially strong growth.

在第二季，兩項策略都從規劃走向可量化的成果。長期而言，它們將在結構上改善我們的內容成本、營收品質、獲利能力與現金流。我來帶大家看看進展。在去中心化方面，我們正完善平台並加速創作者生態建設。4 月，我們更新了核心創作者樞紐 IQID（愛奇藝創作者中心）。初步跡象令人鼓舞。創作者數量與上傳量均呈上升趨勢。製作週期短、製作規模較小、且適合 AI 驅動創作的內容，成長尤為顯著。

For various types of content, the daily average number of uploaded works in the second quarter increased by 30% to 500% compared to the first quarter. In June, daily views for micro-dramas and micro-animations were up by double digits compared with March. Short-form dramas and animation are also gaining traction. Looking ahead, more long‑form video categories will join the decentralized content ecosystem. As we preserve iQIYI’s premium-content advantage, we will broaden our content slate by adopting lighter, more flexible content acquisition models.

就各類內容而言，第二季每日平均上傳作品數較第一季提升 30% 至 500%。6 月，微短劇與微動畫的日均播放量較 3 月呈現雙位數成長。短劇與動畫也正在加速起量。展望未來，更多長影片類別將加入去中心化內容生態系。在維持愛奇藝精品內容優勢的同時，我們將採用更輕量、更具彈性的內容採購模式，以擴充內容供給。

On content production, AI is substantially optimizing production efficiency and cost structure. First, in live-action, AI is streamlining the entire workflow. For example, we leveraged AI in our variety show, Her Prime Season 2 to achieve a tenfold leap in rough cut efficiency compared to traditional methods.

在內容製作方面，AI 正大幅優化製作效率與成本結構。第一，在真人實拍領域，AI 正在精簡整體工作流程。例如，我們在綜藝節目《她的巔峰》第二季中運用 AI，使粗剪效率相較傳統方法提升了 10 倍。

Second, for content types well suited to AIGC, AIGC production can reduce production costs and timelines by 70% to 90% compared with traditional methods, while pushing past the physical limits of live-action shooting. Naturally, AI adoption is faster in agile, CG-heavy formats. We have launched multiple AI-generated internet feature films. A major milestone was the July premiere of Mystic Tales-The Spider Lady’s Vendetta (added by company after the call), the industry’s first AIGC internet feature film to launch with an Internet Drama and Film Distribution License. This marks the official shift of long-form AIGC from technical testing to standardized, large-scale production.

第二，對於適合 AIGC 的內容類型，相較傳統方法，AIGC 製作可將成本與製作週期縮短 70% 至 90%，同時突破真人拍攝的物理限制。自然地，AI 在敏捷、CG 比重較高的形式中導入更快。我們已推出多部 AI 生成的網路電影長片。一個重要里程碑是 7 月首播的《奇談—蜘蛛女復仇》（公司於會後補充），這是業界首部取得《網路劇片發行許可證》並上線的 AIGC 網路電影長片。這標誌著長片 AIGC 正式從技術測試邁向標準化、規模化製作。

In addition, year to date, we have launched 16 AI-generated short-form dramas under a revenue-sharing model, with The Trial Handmaiden as the top performing title. In the second half of this year, we will launch a diversified slate of AIGC titles, including multiple iQIYI-invested films, with an even broader pipeline across expanded categories next year. Currently, we have multiple AI-generated short-form dramas in development.

此外，截至目前，我們已在分成模式下推出 16 部 AI 生成短劇，其中《審判侍女》表現最佳。今年下半年，我們將推出更多元的 AIGC 片單，包括多部愛奇藝投資的電影；明年將在擴展類別下建立更廣的內容管線。目前，我們仍有多部 AI 生成短劇正在開發中。

NadouPro is our studio grade production platform for creators. It runs on optimized third party and in house models, plus iQIYI’s long-standing expertise in professional content. By replacing costly steps with lower compute and tool costs, it lowers barriers and speeds up professional content production. Our strategy is clear: internally, NadouPro cuts development and production costs; externally, NadouPro explores new revenue streams and gradually converts our professional production capability into incremental revenue. NadouPro’s edge isn’t generic AI output.

NadouPro 是我們面向創作者的影棚級製作平台。它基於優化的第三方與自研模型運行，並結合愛奇藝在專業內容領域長期累積的經驗。透過以更低的算力與工具成本取代高成本環節，它降低門檻並加速專業內容製作。我們的策略很清晰：對內，NadouPro 降低研發與製作成本；對外，NadouPro 探索新的營收來源，並逐步將我們的專業製作能力轉化為增量收入。NadouPro 的優勢並非泛用型的 AI 輸出。

It turns the key parts of long form production—scriptwriting, shot design, workflows, digital assets, editing, and dubbing into platform features. It delivers an end-to-end workflow, connects talent with content assets, and makes processes repeatable and reusable. NadouPro is evolving from a tool into a comprehensive creator ecosystem. It links content demand with creators and enables them to realize commercial returns through flexible business models. This activates a flywheel; commercial returns encourage more content supply; expanded supply fortifies the ecosystem; a stronger ecosystem scales both creators and works-powering a creation platform for iQIYI’s decentralized content ecosystem.

它把長片製作的關鍵環節——劇本創作、分鏡設計、工作流程、數位資產、剪輯與配音——產品化為平台功能。它提供端到端工作流程，連結人才與內容資產，並使流程可複製、可重用。NadouPro 正從工具演進為完整的創作者生態系。它連結內容需求與創作者，並透過彈性的商業模式讓創作者實現商業回報。這將啟動飛輪效應：商業回報鼓勵更多內容供給；供給擴大強化生態系；更強的生態系擴大創作者與作品規模——為愛奇藝去中心化內容生態系提供創作平台動能。

We believe these advances will improve content production efficiency, lower unit costs, and increase both users and revenue. As we roll them out across our operations and scale, we expect their contributions to profit and cash flow to steadily materialize.

我們相信，這些進展將提升內容製作效率、降低單位成本，並同時增加用戶與收入。隨著我們在各項營運中推進落地並擴大規模，我們預期其對利潤與現金流的貢獻將逐步顯現。

Now, let’s move on to our detailed performance in Q2. Let’s start with content. Our premium content is well recognized by users and the industry. At the Magnolia Awards this June, one of China’s top TV honors (spoken in foreign language) iQIYI titles and their creative teams won 14 of 23 awards, including 10 of 11 in the drama category, well ahead of peers.

現在，讓我們進入第二季的詳細業績表現。先從內容開始。我們的精品內容獲得用戶與業界的高度認可。在今年6月的白玉蘭獎（外語發言）中，愛奇藝作品及其創作團隊在23個獎項中斬獲14項，其中包含電視劇類別11項中的10項，明顯領先同業。

In Q2, our content performed well across formats. In long-form dramas, we continued to focus on female-centric stories, with The Heir ranking among this year’s top two titles by ad revenue. We also reinforced our lead in suspense through genre innovation, the suspense-comedy Born with Luck surpassed the 10,000-iQIYI popularity score and drove strong membership sign-ups, while INSEPARABLE from our iQIYI Suspense Theater earned strong reviews. Our original title Archives: The Nanyang Mystery exceeded a 9,300-popularity index score, and the non-exclusive The Epoch of Miyu topped 8,500.

第二季，我們的內容在各種形式上均表現出色。在長劇方面，我們持續聚焦女性向故事，《繼承者》按廣告收入計位列今年前二。我們也透過類型創新鞏固在懸疑賽道的領先地位：懸疑喜劇《天生有福》愛奇藝熱度突破10,000，帶動強勁會員拉新；同時，來自愛奇藝迷霧劇場的《不可分離》也獲得良好口碑。我們的自製作品《檔案：南洋之謎》熱度指數超過9,300；非獨播的《覓玉紀元》也突破8,500。

In policy-supported short-form dramas, typically 15 to 25 minutes per episode with flexible episode counts, we delivered exciting early results. Per Enlightent data, our market share doubled from 25% in March to 50% in June, taking number one for the first time. The strong performance was supported by our original The Ferry Man 10th Anniversary, which reached a peak daily market share above 60%. Short-form titles can offer structural advantages over long-form dramas, potentially reducing average per-minute costs by over 50% and shortening production-to-approval timelines by 30% to 50%.

在政策支持的短劇方面（通常每集15至25分鐘、集數更具彈性），我們取得了令人振奮的早期成果。根據雲合數據，我們的市佔率從3月的25%翻倍至6月的50%，首次登頂第一。亮眼表現主要由我們的自製《靈魂擺渡·十周年》支撐，其單日峰值市佔率超過60%。短劇相較長劇具備結構性優勢，平均每分鐘成本有望降低50%以上，且從製作到審批的週期可縮短30%至50%。

In micro dramas, we released premium live-action titles like All About Secretary Li, Falling for You, and Phoenix Blade, all resonated well with audiences. AIGC scaled quickly under a revenue-sharing model, accounting for over 50% of our micro drama portfolio and unique visitors in June, while AI-native micro-animations expanded with strong sequential growth in views and time spent.

在微短劇方面，我們推出了《李秘書全攻略》《為你心動》《鳳凰刀》等高品質真人作品，均獲得觀眾良好反響。AIGC在分成模式下快速規模化，6月在我們微短劇內容庫與獨立訪客中占比均超過50%；同時，AI原生微動畫也持續擴張，播放量與觀看時長環比強勁成長。

In films, we maintained a diversified slate for different audiences. Originals like The Counterfeit and The Sin Trade received positive feedback, while licensed theatrical hits, Pegasus 3, Blades of the Guardians, and Zootopia 2 were also well received on our platform.

在電影方面，我們維持面向不同受眾的多元片單。自製作品《贗品》《罪之交易》獲得正面回饋；同時，引進的院線熱門片《飛馳人生3》《鏢人》《動物方城市2》在平台上也廣受好評。

In variety shows, we launched seven originals in Q2, with our flagship franchises delivering sustained value. Five Has Season 6 (added by company after the call) crossed a popularity index score of 9,000, reaching a new franchise high. Our 10-year evergreen IP The Rap of China 2026 also stood out, surpassing a popularity index score of 8,800.

在綜藝方面，我們於第二季推出7檔自製節目，旗艦IP持續釋放長期價值。《種地吧》第6季（公司於電話會後補充）熱度指數突破9,000，創下該IP新高。我們的10年長青IP《中國新說唱2026》同樣表現突出，熱度指數超過8,800。

In animation, we further solidified our original offerings. The long-running Against the Gods, which premiered in April, topped our animation popularity index chart and brought notable off-platform users back to iQIYI. Together with The Great Ruler, we now have two long-running titles to keep users engaged year-round. Finally, in children's content, we reinforced our leadership with the return of our original IP sequel Deer Squad and the localized adaptation of the BBC classic, Teletubbies.

在動畫方面，我們進一步鞏固自製供給。4月開播的長線作品《逆天邪神》登頂我們動畫熱度榜，並帶動不少站外用戶回流愛奇藝。加上《大主宰》，我們目前已有兩部長線作品，可全年持續提升用戶黏性。最後，在少兒內容方面，我們透過自製IP續作《鹿寶貝》回歸，以及BBC經典《天線寶寶》的本地化改編，進一步強化領先地位。

Next, let me share our pipeline for the second half of the year. Our summer long-form dramas feature a diversified lineup, which includes multiple female-oriented titles like Road to Success, Key to the Phoenix Heart, Overdo, Genius Girlfriend, Spring of the Blade, Abyss and In my Prime, complemented by the military-themed Wind-Born Warriors and the major realistic drama Forging Justice. For the remainder of the year, we will premiere The Great Long March, Take A Nap, Small Town Remedy and River of No Return.

接下來，我分享一下我們下半年的內容儲備。暑期長劇將呈現多元陣容，包括多部女性向作品《成功之路》《鳳心之鑰》《過度》《天才女友》《刀鋒之春》《深淵》《正當盛年》，並搭配軍旅題材《風生戰士》以及重磅現實題材大劇《鑄造正義》。在今年剩餘時間，我們還將推出《偉大的長征》《小憩一下》《小鎮良方》《不歸之河》。

As for short-form dramas, our upcoming releases include Dead of Winter, Dearest, The VI Group of Fatal Case, and The Great Nobody 2. In films, our pipeline features original theatrical films, including Winter and Summer, No Go: The Child, and Probation in the second half of the year. On the licensed front, Our pipeline includes Vanishing Point and The Furious this summer, with I Know Who You Are, Dear You and Crossing slated for the latter half of the year.

短劇方面，後續上線作品包括《寒冬之死》《摯愛》《致命案件第六組》《大無名之輩2》。電影方面，下半年片單包含多部自製院線電影，包括《冬與夏》《不行：孩子》《緩刑》。引進片方面，我們的片單包括今夏的《消失點》《狂怒》，以及下半年排期的《我知道你是誰》《親愛的你》《穿越》。

For internet feature films, which are limited to a maximum of three chapters, each at least 60 minutes long, our pipeline includes multiple AIGC titles based on the classic IP The Ferry Man. The first two chapters, The Ferry Man · Butterfly Dream and The Ferry Man · (added by company after the call) The Dream of the Celestial Maiden, are set to launch this summer. Additionally, audiences can also enjoy a strong lineup of live-action titles, including Murder Game and Speed and Battle this summer.

網路電影方面（最多三章、每章至少60分鐘），我們的片單包含多部基於經典IP《靈魂擺渡》的AIGC作品。前兩章《靈魂擺渡·蝶夢》與《靈魂擺渡·（公司於電話會後補充）天女之夢》預計於今夏上線。此外，觀眾也可在今夏欣賞一系列強檔真人作品，包括《謀殺遊戲》《速度與對決》。

Shifting to variety shows, we are deepening audience engagement with established IPs, including The Rap of China 2026, The King of Stand-up Comedy Season 3, and Her Prime 2 this summer, followed by The Blooming Journey 3 and Wander Together 2 in the second half.

轉到綜藝方面，我們將透過成熟IP深化觀眾互動，包括今夏的《中國新說唱2026》《脫口秀之王》第3季與《她的盛年2》，並在下半年推出《繁花之旅3》《一起漫遊2》。

For animations, this year could be iQIYI’s strongest animation summer to date. The lineup features A Good Day to Ascend, Raised by Demons: Panda Li, Golden Curse, and To Be Winner, alongside the AIGC titles The Legend of King Hong Wu and The Legend of King Ji Fa.

動畫方面，今年可能會是愛奇藝史上最強的動畫暑期檔。片單包括《登仙好日子》《妖怪養大的：熊貓李》《金咒》《成為冠軍》，以及AIGC作品《洪武王傳奇》《姬發王傳奇》。

For children's content, our summer slate features a new season of the popular Pleasant Goat and Big Big Wolf, as well as original AIGC animations like Lala Beat. Looking to the second half of the year, we will roll out the original AIGC animation Wushen Armor and Camen & Bert‘s Food Truck: Tasty Travels!.

少兒內容方面，暑期片單包括人氣作品《喜羊羊與灰太狼》新一季，以及《啦啦節拍》等自製AIGC動畫。展望下半年，我們將推出自製AIGC動畫《武神裝甲》以及《卡門與伯特的美食餐車：美味旅行！》。

Now, turning to membership business. Revenue declined sequentially due to seasonality. We are strengthening the business with more refined operations. For example, targeted discounts for students and teachers drove a year-over-year increase of over 60% in quarter-end subscribers within this cohort. We also continued to enhance membership value with our Express Packages. In Q2, we launched Express Packages across 16 dramas, driving a nearly 80% annual increase in total participants. In addition, we are expanding joint-memberships with frequently purchased, top-tier brands popular among young users to support membership growth and retention.

接下來談會員業務。受季節性因素影響，收入環比下滑。我們正透過更精細化的營運來強化該業務。例如，針對學生與教師的定向折扣，帶動該人群季末訂閱用戶同比增長超過60%。我們也持續透過「搶先看」套餐提升會員價值。第二季，我們在16部劇集中推出搶先看套餐，帶動總參與人次同比增長近80%。此外，我們也在擴大與年輕用戶常購的頭部品牌之聯合會員合作，以支持會員增長與留存。

Next, moving on to Advertising Business. For brand ads, revenue from drama-targeted ads delivered double-digit year-over-year growth. By sector, beauty, personal care, and healthcare recorded double-digit year-over-year growth. We also deepened our use of AI in ad operations and now support customized AIGC creative. For performance ads, revenue returned to year-over-year growth.

接著談廣告業務。品牌廣告方面，劇集定向廣告收入實現同比雙位數增長。按行業看，美妝、個護與醫療健康均錄得同比雙位數增長。我們也加深AI在廣告營運中的應用，目前已支持客製化AIGC創意。效果廣告方面，收入恢復同比增長。

We continued to optimize advertiser mix. Revenue from small and mid-sized advertisers delivered strong year-over-year growth. Sector wise, revenue from advertisers in AI applications, instant retail, and e-commerce recorded strong year-over-year growth. We further strengthened results with AI by upgrading our proprietary large models, improving targeting precision and driving revenue.

我們持續優化廣告主結構。中小型廣告主收入實現強勁同比增長。按行業看，AI應用、即時零售與電商類廣告主收入均錄得強勁同比增長。我們也透過升級自研大模型進一步強化AI效果，提升投放定向精準度並帶動收入增長。

Moving on to our business performance in regions outside of Mainland China. In Q2, this business sustained rapid growth. Membership revenue grew 40% year-over-year. Portuguese and Spanish-speaking regions demonstrated robust growth. Notably, membership revenue from Brazil and Mexico surged by over 215% and 150% year-over-year, respectively. Arabic-speaking markets also showed strong potential, with membership revenue increasing 85%.

接下來談談我們在中國大陸以外各地區的業務表現。第二季，該業務維持快速成長。會員收入年增40%。葡語與西語地區展現強勁成長。其中，巴西與墨西哥的會員收入分別年增超過215%與150%。阿語市場也顯示出強大潛力，會員收入增加85%。

The global influence of C-dramas continues to expand. In Q2, membership revenue from C-dramas grew over 40% year-over-year. A standout hit was Fate Chooses You. It topped our international platform rankings across 14 regions in its first week, and stayed in the top 10 of the C-drama chart for 10 consecutive weeks. On the local production front, we are accelerating our pace. Our first original Indonesian drama, The Other Sister, gained strong traction. Per Google Trends, it became the No.1 local internet drama in Indonesia in the first half of 2026.

華語劇的全球影響力持續擴大。第二季，華語劇帶來的會員收入年增超過40%。其中一部爆款是《命運選擇你》。該劇上線首週即在我們海外平台14個地區的榜單登頂，並連續10週保持在華語劇榜單前10名。在本地製作方面，我們也在加快節奏。我們首部印尼原創劇《另一個姐姐》獲得強勁反響。根據 Google Trends，上半年它成為印尼本地網路劇熱度第一名。

Micro-dramas were another major highlight, serving as the second-largest membership revenue contributor, following long-form dramas. In Q2, membership revenue from this category grew over 300% year-over-year. This momentum was partly fueled by stronger original productions. Notably, originals rose to three of the top 10 contributors to membership revenue.

微短劇是另一個重要亮點，僅次於長劇，成為第二大會員收入貢獻來源。第二季，該類別的會員收入年增超過300%。這股動能部分來自更強的原創製作。值得一提的是，原創內容躋身會員收入貢獻前十名中的三席。

AIGC was another key driver of our overseas micro-drama expansion. In Q2, we launched AI-generated titles in multiple languages, including English, Thai, and Korean. Our original titles delivered exceptional efficiency, recouping production costs within the same quarter and demonstrating stable profit potential. We are scaling supply through both originals and external partnerships.

AIGC 也是推動我們海外微短劇擴張的另一個關鍵驅動力。第二季，我們推出多語種的 AI 生成作品，包括英文、泰文與韓文。我們的原創作品展現出卓越效率，在同一季度內即可收回製作成本，並顯示穩定的獲利潛力。我們正透過原創與外部合作夥伴雙軌並進，擴大供給。

In May, we released our first original AI-generated micro-drama overseas, which quickly ranked in the top 3 for micro-drama revenue on our international platform. The title was produced with NadouPro, which helped us establish full‑workflow AIGC know-how, laying a strong foundation for scaled production. In parallel, we are proactively forging external partnerships to connect overseas script, production, and tool ecosystems, including NadouPro—unlocking capacity and scaling AIGC supply.

5月，我們在海外推出首部原創 AI 生成微短劇，迅速躋身我們海外平台微短劇收入前三名。該作品與 NadouPro 合作製作，協助我們建立全流程 AIGC 的方法論與能力，為規模化生產奠定堅實基礎。同時，我們也積極拓展外部合作，打通海外劇本、製作與工具生態，包括 NadouPro——釋放產能並擴大 AIGC 供給。

Beyond content, we are driving growth with joint memberships. We have partnered with Vision+ in Indonesia and will launch joint membership with Viu in more markets in the second half. We are excited about the future potential of our overseas business.

除內容之外，我們也透過聯合會員推動成長。我們已與印尼的 Vision+ 合作，並將於下半年在更多市場與 Viu 推出聯合會員。我們對海外業務的未來潛力感到振奮。

With that, I will hand it over to Ying Tian, our new CFO, to walk you through the financials.

接下來我把時間交給我們新任 CFO 田瑩，請她帶大家回顧財務表現。

Okay. Thank you, Mr. Gong, and hello everyone. Let me walk you through our key financial results for Q2. Total revenues were RMB6.3 billion, up 1% sequentially. Membership services revenue was RMB4.0 billion, down 4% sequentially, primarily due to seasonality. Online advertising revenue was RMB1.2 billion, flat sequentially. Content distribution revenue was RMB681.5 million, up 90% sequentially, primarily driven by the increase in content distribution revenue related to drama series. Other revenues were RMB344.9 million, down 19% sequentially.

好的。謝謝龔先生，大家好。我來帶大家看一下第二季的主要財務結果。總收入為人民幣63億元，較上季成長1%。會員服務收入為人民幣40億元，較上季下降4%，主要受季節性因素影響。線上廣告收入為人民幣12億元，較上季持平。內容分發收入為人民幣6.815億元，較上季成長90%，主要由劇集相關內容分發收入增加所帶動。其他收入為人民幣3.449億元，較上季下降19%。

Moving on to costs and operating expenses. Content cost was RMB3.8 billion, up 2% sequentially. Total operating expenses were RMB1.1 billion, down 6% sequentially, primarily reflecting disciplined marketing spending. Non-GAAP operating loss narrowed by 80% sequentially, from RMB148.6 million in Q1 to RMB30.3 million, bringing us close to breakeven.

接下來看成本與營運費用。內容成本為人民幣38億元，較上季增加2%。總營運費用為人民幣11億元，較上季下降6%，主要反映我們在行銷支出上的紀律性控制。非 GAAP 營業虧損較上季收窄80%，從第一季的人民幣1.486億元降至人民幣3,030萬元，使我們接近損益兩平。

Turning to cash flow, net cash provided by operating activities increased to RMB339.6 million from RMB186.4 million in Q1. As of the end of Q2, we had cash, cash equivalents, restricted cash and short-term investments of RMB4.1 billion. Separately, as of quarter-end, we had a loan principal of USD636.6 million receivable from PAG, included in prepayments and other assets on the consolidated balance sheets.

再看現金流，經營活動提供的淨現金由第一季的人民幣1.864億元增加至人民幣3.396億元。截至第二季末，我們持有的現金、現金等價物、受限制現金及短期投資合計為人民幣41億元。另外，截至季末，我們有一筆應收 PAG 的貸款本金6.366億美元，於合併資產負債表中列示於預付款項及其他資產。

We remain focused on creating long-term shareholder value. In March 2026, we announced a share repurchase program of up to USD100 million effective through September 2027. As of June 30, we had repurchased approximately 21.8 million ADSs for an aggregate cost of USD24.1 million. For further details, please refer to today’s earnings on our investor relations website.

我們仍專注於創造長期股東價值。2026年3月，我們宣布一項最高1億美元的股份回購計畫，有效期至2027年9月。截至6月30日，我們已回購約2,180萬股 ADS，總成本約2,410萬美元。更多細節請參閱我們投資人關係網站今日發布的財報公告。

With that, we are ready to take questions. Operator, please proceed.

接下來我們準備開始問答環節。接線員，請開始。

(Operator Instructions)

（接線員指示）

Xueqing Zhang, CICC.

中金公司，張雪晴。

(interpreted) Thanks management for taking my question. I would like to ask with AI technology and the market evolved rapidly, How management, sees iQIYI’s business model developing in the future and what are the company's key strategic and operational priorities going forward. Thank you.

（口譯）感謝管理層回答我的問題。我想請問，隨著 AI 技術與市場快速演進，管理層如何看待愛奇藝未來商業模式的發展，以及公司接下來的關鍵策略與營運重點是什麼？謝謝。

(interpreted) Thank you. The CEO takes this question. We see iQIYI as the beneficiary of AI now and also in the long term. So to capture these opportunities, we are making some strategic transformation for our business, mainly focused on two main pillars. Decentralization, which meaning transforming from the media-centric platform to a decentralized content ecosystem and also all in AI. So these two pillars, we believe will mutually reinforce each other and jointly driving a flywheel effect across the number of creators, the volume of content, the user base and potentially revenue performance.

（口譯）謝謝。這個問題由 CEO 來回答。我們認為愛奇藝現在以及長期都將是 AI 的受益者。為了把握這些機會，我們正在推動一些業務的策略性轉型，主要聚焦兩大支柱。第一是去中心化，也就是從以媒體為中心的平台轉型為去中心化的內容生態；第二是全面投入 AI。我們相信這兩大支柱會相互增強，並共同在創作者數量、內容供給量、用戶規模以及潛在的收入表現上形成飛輪效應。

Okay. Premium content still remains at the core of our business. We believe AI will significantly lower production cost for premium content, shorten production cycles and potentially enable production and visual effects that were previously difficult to achieve through live action.

好的。精品內容仍然是我們業務的核心。我們相信 AI 將顯著降低精品內容的製作成本、縮短製作週期，並可能實現過去以實拍方式難以達成的製作與視覺特效。

On decentralization, we're mostly focusing on our IQID, which is the iQIYI Creator Center, and we have seen some positive initial progress, such as the number of creators, the content upload numbers, all trending well. And we're seeing AI adoption is progressing across our core content categories and with initial breakthroughs achieved, for example, for the projects we both in production and also launched. And in the future, we expect a greater scale of content to be released next year.

在去中心化方面，我們主要聚焦 IQID，也就是愛奇藝創作者中心；我們已看到一些正向的初步進展，例如創作者數量、內容上傳量等指標都呈現良好趨勢。同時，我們也看到 AI 的採用正在我們的核心內容品類中推進，並已取得初步突破，例如在我們正在製作以及已上線的專案中。未來，我們預期明年將有更大規模的內容釋出。

Over the long term, we believe these two strategies, meaning the decentralization and all in AI, these two will structurally improve our content cost, revenue quality, profitability and cash flow. Thank you.

從長期來看，我們相信這兩項策略——也就是去中心化與全面投入 AI——將在結構上改善我們的內容成本、收入品質、獲利能力與現金流。謝謝。

Lincoln Kong, Goldman Sachs.

高盛，Lincoln Kong。

(interpreted) Thank you, management for taking my question. So my question is about iQIYI's overall AIGC strategy and how is our plan in terms of each content categories? Thank you.

（口譯）謝謝管理層回答我的問題。我的問題是關於愛奇藝整體的 AIGC 策略，以及在各個內容品類上的規劃是什麼？謝謝。

Thanks, Lincoln. We'll invite our Chief Content Officer, Mr. Xiaohui, to take this question. Please go ahead.

謝謝你，Lincoln。我們請首席內容官曉輝先生來回答這個問題。請開始。

(interpreted) First of all, we believe AI reduces the basic costs and barriers to production, but it doesn't lower the bar for creativity and judgment. We leverage AI to optimize the economics of content production, while reinforcing our core moat, which is storytelling and aesthetic judgment, emotional expression and also visual language. Our goal is to advance on both fronts, premium content quality and scaled content supply. Strategically, we'll prioritize core long-form video while accommodating micro-drama and micro animation. Now we use a revenue-sharing model to improve capital turnover.

(口譯) 首先，我們認為 AI 降低了生產的基本成本與門檻，但並不會降低對創意與判斷力的要求。我們運用 AI 來優化內容生產的經濟性，同時強化我們的核心護城河，也就是敘事與美學判斷、情感表達以及視覺語言。我們的目標是在兩個面向同時推進：高品質的精品內容，以及規模化的內容供給。在策略上，我們將優先聚焦核心長影片，同時兼顧微短劇與微動畫。目前我們採用分成模式，以提升資金周轉效率。

We'll share our thoughts by category based on the pace of AI adoption at scale. First of all, for micro dramas, we're seeing rapid adoption with AIGC as the primary source of supply. We primarily use a revenue-sharing model and leverage algorithm recommendations and decentralized operations to deliver a diversified rapidly refreshed and scaled content supply. For micro animations, we believe these are AI native content. So AIGC will serve as the primary supply.

我們將依據 AI 規模化採用的節奏，按類別分享我們的看法。首先，在微短劇方面，我們看到 AIGC 作為主要供給來源，採用速度非常快。我們主要採用分成模式，並結合演算法推薦與去中心化運營，提供多元、快速更新且可規模化的內容供給。至於微動畫，我們認為這是 AI 原生內容。因此 AIGC 將作為主要供給。

For animations and children's content, these have mature CG industrialization are a good fit in our view, and we are seeing rapid AI adoption. AI significantly boosts efficiency and our pipeline is expanding. For next year, we will release more AIGC titles to serve niche audiences and broaden stable supply.

在動畫與兒童內容方面，這些內容具備成熟的 CG 工業化基礎，我們認為非常適配，且我們也看到 AI 的採用正在快速提升。AI 顯著提升效率，我們的製作管線也在擴張。明年我們將推出更多 AIGC 作品，以服務小眾受眾並擴大穩定供給。

For short-form dramas and internet feature films, these are medium in production complexity and volume and compared to long-form content that these are lighter in complexity and also in volume as well. And we are actively adopting AI, focusing on genres like fantasy, supernatural and adventures to widen our genre mix. Some titles have already launched, and we will speed up at-scale releases and balancing cost efficiency and content diversity. So far, we have released 16 AIGC short-form dramas under a revenue-sharing model, along with several internet feature films.

在短劇與網路電影方面，這些內容的製作複雜度與體量屬於中等；相較於長內容，其複雜度與體量都更輕。我們也在積極採用 AI，聚焦奇幻、靈異與冒險等類型，以擴大我們的類型組合。部分作品已經上線，我們將加快規模化上線節奏，在成本效率與內容多樣性之間取得平衡。截至目前，我們已在分成模式下推出 16 部 AIGC 短劇，並推出了數部網路電影。

For long-form dramas and theatrical films, we believe carries the highest emotional and artistic value, but these are relatively slower to adopt AI at scale. And for this content, we will focus on live action, put quality first, use AI to support our production and use AI to reduce cost. Thank you.

在長劇與院線電影方面，我們認為其承載最高的情感與藝術價值，但在規模化採用 AI 上相對較慢。對於這類內容，我們將聚焦實拍，品質優先，使用 AI 支援製作並用 AI 降低成本。謝謝。

Vicky Wei, Citi.

Vicky Wei，花旗。

(interpreted) In the context of the AI era and the ongoing shift towards decentralization, how do you view iQIYI's core competitiveness? And what kind of value does iQIYI offer to content creators? Thank you.

(口譯) 在 AI 時代以及去中心化持續演進的背景下，您如何看待愛奇藝的核心競爭力？以及愛奇藝能為內容創作者提供什麼樣的價值？謝謝。

Thank you. We will invite our CEO to take this question.

謝謝。我們請 CEO 來回答這個問題。

(interpreted) We believe in the AI era, video industry competition centers on end-to-end capabilities, which is from concept to commercialization. And there are quite a few essentials that are required for this. For example, the ability to bring together professional talent, generate compelling ideas, run industrialized production, have a comprehensive understanding of content review and compliance, deliver effective content distribution and drive diversified monetization. And these are the core moats iQIYI has built over the past decade.

(口譯) 我們認為在 AI 時代，影片產業的競爭核心在於端到端能力，也就是從概念到商業化的全鏈路能力。而要做到這點，需要具備相當多的關鍵要素。例如，整合專業人才的能力、產生有吸引力創意的能力、工業化製作的能力、對內容審核與合規的全面理解、有效的內容分發，以及推動多元變現的能力。這些都是愛奇藝在過去十年建立起來的核心護城河。

So our values to creators, there are three areas that we are targeting and also a slogan: help them to be seen, generate income and gain recognition. First of all, iQIYI have a major share of the video entertainment audiences. So the creators have greater possibilities to be seen on iQIYI platform. And also iQIYI has deep expertise in long-form video production, and we have established a very mature, industrialized content production mechanism.

至於我們為創作者提供的價值，我們聚焦三個方向，也有一句口號：幫助他們被看見、獲得收入、贏得認可。首先，愛奇藝擁有相當大的影音娛樂受眾份額。因此創作者在愛奇藝平台上有更大的機會被看見。同時，愛奇藝在長影片製作方面具備深厚專業能力，並建立了非常成熟、工業化的內容生產機制。

And in addition, iQIYI also have a massive viewership data, a very rich IP and also licensing resources, and also a very strong ecosystem support. We have built a seven-pillar creator support system, the IQID, which is the iQIYI Creator Center; NadouPro, our professional production platform, a physical creative centers offline, training programs and iQIYI Nadou and AIGC Venture Summit, helping the creators with the fund support. And the Peter Pau and iQIYI AI theater for benchmark productions and last but not least, a dedicated creator customer service.

此外，愛奇藝也擁有龐大的觀眾數據、非常豐富的 IP 與授權資源，以及強大的生態支持。我們建立了七大支柱的創作者支持體系，包括：IQID（愛奇藝創作者中心）；NadouPro（我們的專業製作平台）；線下實體創意中心；培訓計畫；愛奇藝 Nadou 與 AIGC 創投峰會，協助創作者獲得資金支持；以及 Peter Pau 與愛奇藝 AI 劇場，用於標竿製作；最後但同樣重要的是，專屬的創作者客服。

On August 20 in Beijing, which is in 2 days, we will host the iQIYI Creator Conference featuring in-depth discussions on content ecosystem development, frontier AI opportunities and creator empowerment. Thank you.

8 月 20 日，也就是兩天後，我們將在北京舉辦愛奇藝創作者大會，圍繞內容生態發展、前沿 AI 機會與創作者賦能展開深入討論。謝謝。

Zhe Zhou, Guangfa Securities.

周喆，廣發證券。

(interpreted) Thanks for taking my question. I will translate my question into English. I want to know about the latest development in overseas business and how the operational experience from more mature markets like Thailand can be replicated in other markets? Thank you.

(口譯) 感謝回答我的問題。我會把我的問題翻譯成英文。我想了解海外業務的最新進展，以及像泰國這樣更成熟市場的運營經驗，如何複製到其他市場？謝謝。

Thank you. We'll invite Mr. Xianghua Yang to take this question.

謝謝。我們請楊向華先生來回答這個問題。

(interpreted) Our overseas business maintained rapid growth in Q2 with overall membership revenue grew 40% year-over-year, and we remain profitable on a managerial accounting basis, and Thailand is the market where we entered earliest and where our operating model is relatively mature. It still delivered solid growth year-over-year in Q2 and with steady top line growth and continued profitability improvement in the quarter as well. And in new markets, such as Brazil and Mexico, we see membership revenue increased 215% and 150% year-over-year, respectively.

(口譯) 我們的海外業務在第二季保持快速成長，整體會員收入同比成長 40%，並且在管理會計口徑下仍維持獲利；泰國是我們最早進入、且運營模式相對成熟的市場。第二季泰國市場仍實現穩健的同比成長，營收穩步提升，且當季獲利能力也持續改善。在新市場方面，例如巴西與墨西哥，我們看到會員收入分別同比成長 215% 與 150%。

We categorize our overseas markets into mature, growth, and potential markets, where mature markets will aim for stable profitability, growth markets focus on accelerating revenue with disciplined investments. Thailand serves as our proving ground. What we have validated is a set of reusable operating capabilities. So using C-drama as the foundation and a sustained marketing to amplify influence of Chinese content and expanding our local content supply and tailoring the content that's adapted to the local audiences.

我們將海外市場分為成熟市場、成長市場與潛力市場：成熟市場以穩定獲利為目標；成長市場則在有紀律的投資下，聚焦加速營收成長。泰國是我們的驗證場。我們已驗證的是一套可複用的運營能力。也就是以中劇作為基礎，透過持續行銷放大中國內容影響力，同時擴大本地內容供給，並打造更符合本地受眾的內容。

We are also partnering with our local carriers, platforms and payment channels to scale the membership base. And we're also leveraging AI to improve the translation and distribution and also production efficiency. Because the content preferences and collaboration channel structures differ by market, we will replicate these underlying capabilities, while the local teams do make targeted adaptations, for example, applying Thailand's operating capabilities to other markets.

我們也與當地電信營運商、平台與支付渠道合作，以擴大會員基礎。同時我們也運用 AI 提升翻譯、分發以及製作效率。由於各市場的內容偏好與合作渠道結構不同，我們會複製這些底層能力，同時由本地團隊進行有針對性的調整，例如將泰國的運營能力應用到其他市場。

Our strategy is not to chase country counts. We are guided by unit economics and operating contribution, and we will expand into new markets after validating revenue quality and profit-generating capabilities. Thank you.

我們的策略不是追求進入國家數量。我們以單位經濟模型與經營貢獻為指引，會在驗證收入品質與盈利能力之後，再拓展到新市場。謝謝。

There are no further questions at this time. I'll now hand back to the company for closing remarks.

目前沒有進一步的提問。我現在把時間交還給公司作結語。

Thank you, everyone, for joining the call today. If you have further questions, do not hesitate to take to contact us. Thank you, and see you next quarter.

感謝各位今天參與本次電話會議。如有進一步問題，歡迎隨時與我們聯繫。謝謝，我們下季再見。

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

今天的電話會議到此結束。感謝各位參與。您現在可以掛線。

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.

本逐字稿中標註（口譯）的部分，為現場電話會議中由口譯員所說。口譯員由本活動主辦公司提供。