iQiyi (IQ US) Hold: Still in early days of reset

研报英文原文证据摘录

iQiyi (IQ US) Hold: Still in early days of reset

t fully captured in our numbers.

52-WEEK PRICE (USD)

Key updates on regulations and AI: As discussed above, on regulation, an 3.10

industry-wide crackdown on long-form drama piracy since late April is a positive.

1.99

Stronger coordination between platforms and local authorities allows for more

effective and timely implementation of removal of pirated content. This should help 05/25 11/25 05/260.88

improve the paying ratio for long video platforms over time. On top of that, iQiyi is Target price: 1.10 High: 2.79 Low: 1.11 Current: 1.16

also working to defend member business by (1) focusing on reactivating dormant Source: LSEG IBES, HSBC estimates

users, (2) optimizing variety show scheduling, (3) partnering with smart TV

manufacturers to grow large-screen users, and (4) leveraging key promotional events Charlene Liu*

such as 618 to drive annual-plan subscriptions and joint memberships. On AI, Nadou Head of Internet and Gaming Research, Asia Pacific

The Hongkong and Shanghai Banking Corporation

Pro has surpassed 10k users, and token consumption continues to rise. iQiyi intends Limited, Singapore Branch

charlene.r.liu@hsbc.com.sg

to operate it as a standalone product. We expect limited monetization in the near +65 6658 0615

term as at this early stage of rollout users will only be charged based on token Christina Chen*, CFA

consumption in order to drive better adoption. We expect iQiyi to launch an overseas Analyst, Internet Research

The Hongkong and Shanghai Banking Corporation Limited

version for Nadou Pro shortly. christina.z.chen@hsbc.com.hk

+852 2822 2912

1Q26 margin beat: Revenue was in line with HSBCe and consensus. Membership

Jessie Lu*, CFA

revenue was in line.