iQIYI Inc (0XWG.L) Q4 2025 Earnings Report

iQIYI delivered a modest sequential improvement in Q4 2025 with total revenue of RMB 6.80 billion, marking a return to growth on a year-over-year basis for the quarter. Revenue quality was reinforced by stronger online advertising (+9% QoQ) and a 22% QoQ lift in content distribution, while membership revenue declined 3% sequentially due to seasonality despite delivering robust full-year growth. Management highlighted a deliberate shift toward higher-quality content acquisition, a strengthened IP franchise framework, and the early-stage monetization of new experiences, including iQIYI LAND, as strategic catalysts for longer-term value creation. The company also underscored a multi-year AI agenda (Nado Pro and AI-generated content) aimed at reducing production costs, expanding content formats, and accelerating time-to-market across genres. Overseas and offline experiences are positioned as growth engines, with management signaling a 2026 plan to sustain or accelerate revenue growth, expand local content licensing, and scale iQIYI LAND as a revenue channel and brand amplifier. While the near-term profitability remains pressured by high content and operating costs, cumulative progress on IP monetization, AI-enabled efficiency, and international expansion supports a constructive long‑term investment thesis.