Thank you, operator. Hello, everyone, and thank you for joining iQIYI's fourth quarter and fiscal year 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; Ms. Ying Zeng, our Interim CFO; Mr.

Xiaohui Wang, our Chief Content Officer; Mr. Youchao 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. Before we proceed, please note that the discussion today will contain forward-looking statements made under the safe harbor provisions of the U.S.

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.

I will now pass on to Mr. Gong.

Please go ahead.

Hello, everyone, and thank you for joining us today. In 2025, we focused on strengthening our core business to renew growth, while achieving advancements in emerging businesses.

These efforts drove a solid year-end performance, with total revenue in Q4 returned to growth both annually and sequentially. Notably, our long-form dramas secured number one in viewership market share on Enlightent Data annual rankings, with five titles exceeding 10,000 for the iQIYI popularity score.

More importantly, we made remarkable breakthroughs in IP franchise development, moving beyond making individual hit titles to building evergreen IPs that drive growth across diverse formats. Strange Tales of Tang Dynasty stands as a stellar example.

As a flagship IP with four consecutive blockbuster seasons, its influence has expanded from long to short and micro dramas, as well as offline experiences. On emerging businesses, continue to demonstrate strong growth potential.

Our overseas business has evolved into a sustainable and scalable second growth engine, powered by accelerated organic momentum. In 2025, membership services revenue increased by over 30% year-over-year, with growth accelerating to 40% in the second half of the year.

The subscriber base reached an all-time high. At the same time, our experience business has entered a critical stage of development.

For IP-based consumer products, we have built a dedicated in-house team and upgraded from a licensing-only approach to a dual-track model combining self-operated merchandise with licensing. This strategic shift strengthens our control over IP operations and amplifies monetization efficiency.

On the offline experience front, we launched our first iQIYI LAND in Yangzhou on February 8, 2026, receiving positive initial reception. Two additional parks are scheduled to open later this year.

2026 marks a key step towards scaled development as we build the experience business into a new engine for long-term value creation. Now, let's dive into the details of our business performance in Q4.

Starting with content, the cornerstone of our business. For long-form dramas, we secured the number one viewership market share for Enlightent Data, driven by a robust slate of premium content and breakthroughs in serialized IPs that boost engagement and commercial results.

Strange Tales of Tang Dynasty 3: To Chang'an marked our first title with two seasons exceeding a popularity score of 10,000. Among 2025 new releases, it ranked number one in ad revenue and number two in membership revenue.

Following this momentum, the crime drama The Punishment 2 (罚罪2) became the first title of 2026 to surpass 10,000 for the popularity score. It is also our second franchise with two seasons achieving this milestone.

Shifting to movies, we maintained a diverse lineup with broad demographic appeal. For theatrical originals, the summer theatrical hit The Shadow's Edge (捕风捉影) extended its offline success to the online domain.

It not only topped all Q4 film releases by peak iQIYI popularity index score, but also became the highest-rated domestic action-crime film of the past decade on Douban. Additionally, our original online film The Six Robbers (夜超大劫案) set a new all-time high for the popularity score within its category.

For movies broadcasted on our platform, we retained the number one viewership market share for 16 consecutive quarters. In Q4, we rolled out diversified titles, including the warm, sweet Dead to Rise (南宁照相馆); the animated feature Nobody (浪浪山小妖怪); the fantasy comedy The Adventure (奇遇); and the female-oriented Fate Flew Away (幸羽红毛).

Furthermore, our innovative revenue-sharing model designed to optimize returns for films with limited theatrical box office performance gained further traction. The Return of the Lame Hero (瘸英雄的正名) generated RMB36 million in shared revenue, ranking first among all titles under this model.

Turning to variety shows, our dual focus on long-running franchises and fresh innovative IPs drove market-leading performance in 2025. According to Enlightent Data, three of our multi-season titles ranked in the top 10 most-watched multi-season variety shows, and two new releases ranked in the top three most-watched new shows.

Our originals continued to set benchmarks. The Rap of China wrapped its ninth season this year, cementing its position as China's longest-running online variety IP.

Additionally, Hi Young Farmers 3, a spin-off of the beloved Become a Farmer franchise featuring the boy group, reached an all-time high in its popularity score this season. Among brand new originals, Wander Together (宇宙闪烁请注意) exceeded 8,300 for popularity score.

We've also expanded IP value through merchandise partnerships with brands for Hi Young Farmers 3, The Blooming Journey 2 (一路繁花), and Wander Together, unlocking new revenue potential. Turning to micro dramas, we have expanded free content to over 70% of our 20,000-title library to broaden engagement.

Our original portfolio is scaling to over 150 titles today, fueling record-high membership and distribution revenues in Q4 from these offerings. Spin-offs from Strange Tales of Tang Dynasty, The Chang'an Detective (唐诡奇谈之长安县尉) and The Night Owl Library (唐诡奇谈之九重楼), both hit new highs for popularity score.

Notably, over 70% of their debut-week viewers also watched the long-form serials, helping to extend the IP's lifespan. These releases not only boosted membership views, but also attracted top-tier brand partnerships, moving well beyond the conventional performance ad model.

Building on the momentum of premium micro dramas, we are launching into micro animations under a business model centered on free content. With a pipeline of over 10,000 titles in place, micro animation viewership and time spent are growing rapidly.

Beyond content, we further amplified our IP value through flagship marketing events. In December 2025, we hosted the annual iQIYI Scream Night, alongside a two-day iQIYI Scream Carnival in Macau to honor the year's standout productions and talents.

The event drew over 200 million on-site attendees and live stream viewers, and brought together around 300 celebrities and industry partners. Next, let's dive into our 2026 content strategy and the exciting Q1 lineup.

Starting with dramas, our Q1 slate includes Love Between Lines (大戏), Swords into Plowshares (太平年), Born to Be Alive (生命树), How Dare You (成何体统), The Devil Between Us (除恶), Dazzling Days (岁月友情时), Pursuit of Jade (逐玉), and Live Up to Your Youth (争气出来). For movies, we will meet audience demand with a diverse slate, spanning top theatrical releases and online movies.

Q1 lineup features original online movies, such as North Eastern Brothers Season 3 (东北勇哥) and The Sin City (扫恶), alongside licensed titles, such as Ge Zhi Tang (得闲谨制). For variety shows, we are enhancing the long-term operation of multi-season IPs, while exploring fresh and innovative new IPs.

Key Q1 releases include 5 Ha Season 6 (五哈), Hit Song Season 2 (有歌), as well as new IPs, such as Wander Together and the comedy show Jin Ye Xi You Xiu (今夜喜有秀). For micro dramas, we will focus on creating original content with quality and innovation, while enhancing operations, commercializations, and deepening integration of AI.

Q1 key titles include Return to a Better Tomorrow (新英雄本色), The Rise of a False Noblewoman (假贵女进阶路), and The Amber Hour (琥珀琥). For animations, we will meaningfully expand our lineup of original Chinese animation compared with previous years.

In Q1, our slate features original long-running serials, such as The Great Ruler (大主宰) and Against the Gods (逆天邪神), as well as popular IP, including How Dare You Season 2 and Waves of Choices (择痕记). For children's content, we will secure top-tier SS IPs, scale and original productions, and expand our AI-driven portfolio.

In Q1, key offerings include a brand new original title, Detective Babu (小熊猫大侦探大站巴巴啦), alongside licensed shows, such as PAW Patrol Season 11 (汪汪队立大功), and the latest season of Pleasant Goat and Big Big Wolf (喜羊羊与灰太狼). Moving on to the membership services, over the past few quarters, our membership services revenue has shown consistent year-over-year recovery, driven by diverse premium offerings.

In Q4, members enjoyed popular titles, such as Strange Tales of Tang Dynasty 3 (土长安), Silent Honor (沉默的荣耀), Fated Hearts (一笑随歌), Legend of the Magnate (大生意人), and Swords and Beloved (剑与眷仙). We revitalized our membership business through a range of operational initiatives.

For example, we boosted new subscriptions and upgrades to the advanced plan by offering inclusive perks, such as free express packages, which provided early access to finales at no extra cost. In 2025, express packages were available for over 40 dramas.

Additionally, we strengthened member retention by emphasizing annual memberships during holiday promotions, e-commerce festivals, and bundled partnership offers. To further increase the value of memberships, we introduced additional inclusive benefits, including five VIP events in the fourth quarter, featuring participation in offline show recordings, advance screenings, and the exciting iQIYI Scream Night.

In particular, iQIYI Scream Night event was highly praised for inclusive perks like red carpet viewing privilege and live feeds featuring their favorite celebrities. Moving on to advertising business, in Q4, brand advertising revenue grew both annually and sequentially.

Ad revenues from variety shows and dramas both delivered double-digit annual growth, while core ad verticals, such as food and beverage, internet services, and e-commerce, and telecom services, all recorded double-digit annual growth. Beyond long-form videos, our micro dramas and micro variety shows are gaining considerable attention from brand advertisers.

For micro dramas, we have successfully engaged several renowned brands in 2025 through tailored content bundle sales that integrate product placements with theater branding and spin-off collaborations. Likewise, our micro variety shows have received strong market recognition, fostering long-term partnerships with multiple clients and driving impressive revenue growth.

For performance ads, we regained sequential revenue growth in Q4, driven by a healthier and more balanced advertiser portfolio. Revenue from small and medium-sized advertisers grew both annually and sequentially.

By vertical, internet services, e-commerce, and financial services led growth. Additionally, we have deployed a proprietary large AI model for scaled ad delivery, leveraging deep semantic understanding that has boosted conversion rates.

Moving on to technology, we introduced NanoPro, a proprietary AI agents platform designed to revolutionize professional content creation by integrating leading global large models with iQIYI deep expertise in professional content production. NanoPro efficiently streamlines the production pipeline from script evaluation to final generation.

Currently, in its closed beta phase, NanoPro is empowering our internal teams and selected partners in a wide variety of professional content, such as feature films, dramas, animations. In addition, Taodou World, our pioneering AI agent-based NPC platform, continues to redefine entertainment experience.

Users can now engage with over 1,700 NPC agents from our popular titles through dialogue, fan fiction, and virtual social interaction. The platform creates powerful synergies with hit content, delivers immersive emotion connection with fans, and enhances the long-tail value of our IP.

Strong user adoption is translating into commercial success, and revenue from Taodou World is rising sharply year-over-year in 2025. In addition to pushing the boundaries of AI applications, we are leading the industry with cutting-edge virtual production technology.

Our in-house developed IQ Stage system has meaningfully enhanced the efficiency of vehicle scene shots for the theatrical hit Pegasus 3, featuring Han Han. These achievements delivered unparalleled results with zero frame drops and zero aliasing, representing the highest standard for virtual production in car scenes in China.

At iQIYI, innovation is at the core of everything we do, with a portfolio of over 12,000 patent applications. We are proud to rank number 72 among the top 100 Chinese enterprises for valid invention patents.

In 2025 alone, we filed nearly 1,000 new patent applications, most of them driving achievements in AI across content development, production, broadcasting, and offline experiences. Moving on to the business performance in regions outside of mainland China, in Q4, we continued to deliver robust growth, with membership revenue increasing by 40% annually.

Markets such as Brazil, Mexico, and Indonesia showed exceptional performance, with membership revenue surging by over 80% annually. Our strong performance is driven by the growing popularity of our C-dramas, which have shown substantial annual revenue growth.

Notably, Speed and Love (双轨) was a standout hit in 2025, emerging as the best-performing C-drama during the peak viewing period and topping popularity charts in 14 markets on our international platform. It performed exceptionally well in key regions like Thailand, Malaysia, and Singapore, where it leads its category on Google Trends.

Its success extended further with the spin-off variety show Thai Sweet, which became one of the most popular Chinese variety shows on our overseas platform this year. We are also ramping up production of local original content with strong user reception.

The original Ops: I'm in Jail stood out as the top Taiwanese drama on our platform in 2025. Moreover, our Thai original variety show Running Man Thailand, launched in February 2026, has secured exceptional brand advertising partnerships.

Apart from long-form content, micro dramas captivated increased engagement among overseas audiences in Q4. Membership revenue from micro drama hit a new high, driven by originals, such as Spring in the Palace and Wild Scene, and licensed hits from China, like Midsummer's Vendetta.

Our efforts in creating local original micro dramas have also started to show results, with five titles premiered in December 2025, featuring local content for South Korea, Thailand, the UK, and Indonesia. Among this, the Korean micro drama, Is It All a Coincidence?, and the Thai micro drama, Catch Me If You Love Me, have outperformed, gaining notable popularity across and beyond our platform.

In addition to content, in Q4, we held four major offline marketing events in Thailand, Indonesia, Malaysia, and Singapore, featuring Chinese celebrities. These events amplified the influence of our content and commercial value of our platform, forged stronger partnerships, and propelled the global reach of Chinese content.

Moving on to experience business, where we are focusing on two core areas: IP-based consumer products and iQIYI LAND. By leveraging our extensive IP assets, we aim to build a new engine for sustainable long-term growth.

For IP-based consumer products, our self-operated merchandise demonstrated solid progress, highlighted by top-selling collectible cards from premium dramas, like The Journey of Legend. For IP licensing, Strange Tales of Tang Dynasty 3 (土长安) secured strong partnerships across food and beverage, beauty, and apparel, and Swords and Beloved set new sales records during its broadcast period.

Looking ahead to 2026, we plan to grow our IP licensing business and expand our self-operated merchandise beyond collectible cards to more categories. For iQIYI LAND, we adopt a light asset model.

By combining AI and XR technology with IPs, we create immersive experiences that are more efficient, flexible, and require less space and investment than traditional theme parks. Our first iQIYI LAND was successfully opened in Yangzhou on February 8.

Our Kaifeng and Beijing locations are set to open later this year, each incorporating unique local elements to deliver tailored experiences. Revenue will primarily come from ticket sales and on-site spending.

Looking ahead, we aim to position iQIYI LAND as a key sales channel for IP-based consumer products and a vital platform for maximizing the long-term value of our IP portfolio. In summary, in 2026, we will focus on three key strategic goals: First, we will strengthen our domestic core by enhancing the quality of original content, stressing membership and advertising businesses.

Second, we will aim to sustain strong growth in our overseas and experience businesses, building more robust engines for long-term expansion. Third, over the past several months, rapid advancements in AI large models worldwide has revealed a clear insight: the content production industry will be revolutionized within the next 1 to 3 years.

This transformation will significantly cut production costs, lower barriers to professional content creation, and boost both the quality and quantity content. This exciting changes will greatly benefit media platforms, especially iQIYI.

To seize this opportunity, we are dedicated to building a dynamic AIGC ecosystem and transitioning our platform from a centralized to a decentralized model. We look forward to sharing detailed initiatives at our upcoming iQIYI World Conference in April.

Now, let me hand it over to Ying Zeng for the financials.

Thanks, Mr. Gong, and hello, everyone.

Let me walk you through the key numbers for Q4. Total revenues for Q4 were RMB6.8 billion, up 2% sequentially.

Membership services revenue reached RMB4.1 billion, down 3% sequentially due to seasonality. Online advertising revenue was RMB1.4 billion, up 9% sequentially, primarily driven by the premium content and e-commerce Double 11 campaigns.

Content distribution revenue reached RMB787.7 million, up 22% sequentially, primarily driven by the increase in cash transactions. Other revenues were RMB547.9 million, down 6% sequentially.

Moving on to costs and expenses, content cost was RMB3.8 billion, down 5% sequentially, as we adopt a more curated content acquisition strategy centered on quality. Total operating expenses were RMB1.4 billion, up 2% sequentially.

Turning to profits and cash balance, non-GAAP operating income was RMB143.5 million. Non-GAAP operating income margin was 2%.

As of the end of Q4, we had cash, cash equivalents, restricted cash, short-term investments, and long-term restricted cash included in prepayments and other assets at a total of RMB4.7 billion. At quarter end, the company had a loan of $636.6 million to PAG, recorded under the line item of prepayments and other assets.

For detailed financial data, please refer to our press release on our IR website. Now, I'll open the floor for Q&A.

感谢管理层接受我的提问。近期AI视频生成大模型升级不断，那像Seedance 2.0及类似模型基本都已经达到了影视工业级别的能力。那想请管理层分享一下，这对爱奇艺会有怎么样的影响，特别是在内容生产和成本节约方面，以及说爱奇艺在这方面有怎么样的计划？谢谢。Thanks

management for taking my question. With recent upgrades in AI video generation models, like Seedance, which are approaching production-level quality, could management share your view on how these advancements may impact iQIYI's business, particularly in content production and cost structure?

What's your plan on leveraging AI video generation models? Thank you.

好，谢谢啊，我龚宇，我来回答一下。就这个视频大模型啊，那显然大幅度地降低了视频制作的成本，缩短了制作时间。然后而且是降低了创作门槛，让一些新人可以做很好的长视频的内容。所以它的影响是让更多的人进入了长视频的行业。那必然导致长视频的数量和质量都大幅度的提升。那作为一个长视频的媒体平台爱奇艺，对爱奇艺来讲是非常利好的。嗯。

Thank you, Xueqing. Our CEO, Mr.

Gong is taking this question. Video generation models will substantially reduce the cost of producing long-form videos, shorten production time, and lower the barrier to creation.

This potentially will attract more new creators to this business, and ultimately lead to the more creations for the long-form video production, and this is very much beneficial to long-form video platforms like iQIYI, which means this will lead to increase in both the quantity and quality of long-form video content.

嗯。那我再说一下这个不同类别的影响。漫剧本身就是AI时代的原生内容，所以它现在已经 是AI生成的了。儿童、动漫、竖屏的这种短剧，现在已经验证是可以由大模型直接生成了。制作成本已经降低到了原来的这个工业或者实拍的这个1/10或者以下。那么现在网络电影、动漫、纪录片等等这些，也是大量的开始使用AI主导的方式，用AI主导的方式去做制作。那最难的是真人院线电影、真人剧集，还有综艺节目，现在也开始用一些AI技术降显显著降低了这个这部分环节的成本。估计还得用两三年吧，能产生这个AI直接生成的商业大片。嗯。

Let me just dissect on the impact of AI generation content for each content genres. For example, the micro animation is actually an AI native content, created entirely by AI.

For children's animation, and also micro dramas, it has been demonstrated that large models can produce this content and reducing the production cost to 1/10 or less compared to traditional methods. For online films, animation, and documentary, etc., these are rapidly permeated by AI-led production approaches as well.

Among all these long-form video content, the most difficult ones to be produced are the live-action content. For example, theatrical films, drama series, and variety shows.

In fact, these content have, in part, adopted AI in their production process. The results proven that these have significantly reduced content production cost.

Based on our projections and estimations that we think the AI-led commercial films probably will emerge within the next 2 to 3 years.

爱奇艺主要在两方面这个这个怎么叫采取措施吧。一方面这个正在研发的NanoPro，这是 一个专专用于影视专业制作的智能体。特别适合于这是大模型之上，适合于影视 专业 这个制作的一个智能体。另一方面就是通过运营的方式构建未来的AIGC的内容生态系统，笼络更多的创作者。

For iQIYI, we are actually taking our focus on two areas to embrace this AI initiatives. On one hand, we have developed NanoPro, an industry-specific AI agent for video content production.

On the other hand, we are working to build a new AIGC content ecosystem through various operation methods, hopefully that we can attract more creative talents under this new AI era. 好，谢谢。

Thank you.

Thank you.

哎，晚上好。感谢管理层的提问机会。想请教一下公司2026年整体的内容策略的规划，比如我们在剧集、综艺、电影、微剧等主要品类上的重点，或者说如何去考量自制与外采内容？Could management walk us through company's content strategy for 2026 in more details? For example, how are we thinking about the key priorities across different genres, including drama, variety shows, film, and micro drama, etc., and how are you thinking about the mix of self-produced content versus licensed one?

Thank you.

Thank you, Maggie. We will invite our Chief Content Officer, Mr.

Xiaohui to take this question. 好，谢谢各位，我来回答这个问题。因为目前我们在制的戏剧数量比较多，对于剧集这块呢，2026年的策略是 将小比例的减少我们戏剧的开机数量，但是更重要的是聚焦头部项目的创新和质量。

Given the current volume of in-production dramas, we will slightly reduce the number of dramas to be produced in 2026 and place greater emphasis on top-tier titles in terms of their quality. 同时现实主义和悬疑犯罪这类题材呢，一直是爱奇艺的优势领域，我们将继续在这两个赛道上保持创新的这个不停止，来保持住我们在这两个赛道的优势领域。

In terms of the realistic and suspense crime genres, and these content categories have been iQIYI's strength, in fact. In these areas, we will continue to maintain our innovation, to create new content and more creative content, and then maintain our advantage in these areas.

同时从2025年开始呢，我们特别注意了来加大女性向内容的供给。比如在2026，2026年底和2022年初，我们就加大了针对年轻女性用户的优质内容供给，比如前一段上线的剧集《成何体统》，还有综艺《宇宙闪烁请注意》。 Starting in 2025, we have increased the supply of female-oriented content.

For example, starting from the end of 2025, we started to roll out a new variety show called Wander Together, and this is targeting for the new female users. Also that the beginning of 2026, we also launched a young female-oriented drama called How Dare You.

对于年轻男性用户的内容呢，今年以来我们在自制动漫方面进行了发力，上线了一些高品质的自制动漫，包括《大主宰》的年番，还有《成何体统》的第二季，还有《择痕记》。 For young male users, we have released multiple original animations this year, including the long-running series The Great Ruler, How Dare You Season 2, and A Way of Choices.

同时在广电新政的支持下，我们将加大对中剧啊、网络故事片啊等创新内容的一些探索。 With the support of the new regulatory policies, we will step up our exploration of innovative content, for example, the short-form drama series.

前一段时间我们也发过了分账合作的新规。在戏剧、电影等八大品类的分账标准上，建立了一个统一的规则，将制作方的分账收益和内容的收入贡献更加直接的对应起来。我们的目的还是让优秀的作品获得更高的回报。 We recently introduced unified revenue sharing policies across eight major content categories, including dramas and films.

Under this new framework, production partners' return actually will be more directly linked to each title's revenue contribution, allowing outstanding works to earn higher returns.

同时刚才龚宇也提到了，除了在院线大电影和一些头部剧集方面以外，我们现在充分的利用AI在漫剧、动漫、竖屏短剧的类型的内内容制作方面，已经逐步转变为以AI生成为主导的制作方式。其他类别的内部制作呢，也充分利用了AI在各个维度上面降低成本，缩短制作时间，提高效率。谢谢。

Okay. Apart from the content categories, for example, like theatrical films and drama series, like Mr.

Gong mentioned earlier, we are actually gradually adopting and actually very proactively adopting AI-led production for categories, such as micro animations, animations, and micro dramas. While we're applying AI across other content categories to cut costs, and also accelerate timeline.

Thank you.

哎，谢谢管理层接受我的提问。那我想问一下这个海外业务在26年爱奇艺这边的一个业务规划和策略是怎么样的？Thank

you, management, for taking my question. My question is about overseas business, how's our plan and strategy for 2026?

Thank you.

Thank you, Lincoln. We'll invite our Senior Vice President of International Business, Mr.

Xianghua Yang to take this question. Please go ahead.

大家晚上好。那个2025年，海外的会员收入增长超过了30%，下半年的收入同比增速提高到了40%，是海外业务进入稳定运营期后增速最高的一年。

In 2025, membership revenue grew by over 30%, with annual growth rate actually accelerating to 40% in the second half of the year. 2025 marked our highest growth rate year since the overseas business entered a stable operating phase.

2026年海外业务的整体策略是实现收入的继续高比例的增长，更快的增长。 For 2026, our strategy is to sustain high revenue growth rate or even accelerate our growth rate.

在第一部分在内容策略方面，我们内部红的市场量身打造的最佳内容组合已经被验证是行之有效的，可以持续吸引用户。陆剧方面，陆剧的海外影响力在持续地扩大，将继续作为我们海外内容组合的核心，特别是古言、现言等易于跨文化传播的一些内容题材。第二部分在泰国、马来、印尼等地，我们加大本土内容的采购与自制。 In terms of the content strategy, our market-tailored content mixes actually have proven effective and continue to attract users.

For C-dramas, they continue to expand their influence overseas. The C-dramas will remain as the core of our overseas content portfolio, especially genres with strong cross-culture appeal, such as ancient costume romance and contemporary romance.

在运营方面， Oh, I'm sorry, one more thing. Go ahead.

在运营方面，AI的大模型进展，AI的翻译和配音极大的提效并降低了成本，也加快了上线的速度。充分利用社交媒体渠道并利用AI生成的宣发物料，我们在宣传方面极大的降低了成本，提高了效率，实现了低成本高效率的内容传播。然后同时，将继续通过线上的广告与线下的活动方式，增加陆剧的影响力。第三，我们将持续地通过艺人出海的活动，我们叫星剑计划，宣传陆剧内容并增强陆剧内容在国际上的影响力，提升爱奇艺在国际上的品牌影响力。

For content, we will actually ramp up original production and local content licensing in Thailand, Malaysia, and Indonesia. In terms of operations, AI-powered translation and dubbing actually have significantly improved efficiency, reduced cost, and accelerated the content release schedule.

Going forward, we will fully leverage social media channels and use AI to generate promotional efforts, enabling low-cost, high-efficiency content distribution and user reach. Meanwhile, we will continue to online and offline advertising to further amplifying the influence of C-drama.

Last but not least, we will continue to promote content and strengthen our brand presence in international markets through initiatives such as celebrity main line-ups, and also offline events. Thank you.

Thank you.

哎，感谢管理层接受我的提问。我的问题是关于爱奇艺乐园的。请问管理层是不是可以分享扬州的爱奇艺乐园开园以来的这个运营表现，以及我们在2026年的体验业务的一些具体的规划？Thank you, management, for taking my question. My question is about iQIYI LAND.

Could management share the operating performance of IQ LAND, Yangzhou, since its opening? Also, can you please share the 2026 plan for this business?

Thank you.

Thank you, Rebecca. We'll invite our CEO, Mr.

Gong to take this question. 好，谢谢啊。扬州乐园2月8号开业的，里头包括沉浸式的舞台、全感剧场，还有光影互动等等，总共七种类型的这个板块，也就是娱乐的类型，总共七种。

Our very first iQIYI LAND actually opened in Yangzhou on February 8, and offers seven core immersive experiences, including stage performances, multi-sensory theaters, interactive, laser, and shadow spaces.

开业到现在为止不到20天，特别是经历了春节长假，整体的这个效果符合预期，用户反馈都比较积极，体现在在主要的OTA平台上平均分都在4.8以上，今天有有的平台已经达到4.9了，快满分了。

The first, iQIYI LAND opened about, 20 days since its opening. During which, also we experienced the Chinese New Year Chinese New Year holidays.

Actually, the performance and the feedback, actually are meeting, expectations, which can be, reflected in the ratings on major OTA platforms. The average points are 4.8 out of 5, and it actually, recently, the latest rating, exceeded, reached 4.9 for certain platforms.

从开业一直到长假最后一天，这个游览人数都在持续攀升。从这个实际的人群看，小到四五岁，大到六七十岁的这个游客，都能参与到项目中。 From the opening till now, the visitor numbers have continued to grow.

Based on the actual operations, we observed that this experience really offered fun of all ages. We see participants ranging from children as young as 4 to 5 years old to seniors in their 60s and 70s.

然后今年的扬州，扬州比较特殊，它三四月份是一个旅游旺季，所以除了三四月份以外，还有五一小长假、七八月份的暑期档，然后十一的长假。然后预估这些这些就就这些这个这个旺季的这个单日收入峰值可能还能涨一到两倍。就比过去的这十几天的时间。 We are looking at the potential for a one to two times increase in peak single-day revenue during the following peak periods.

For Yangzhou location, it's actually have its special areas for the spring season, especially March and April is a peak travel season for Yangzhou. Also upcoming we have the Labor Holiday in May, the summer months of July and August, and also the National Day holiday in October.

All these key holidays and periods could potentially boost the revenue performance compared to the first 20 days. 这种预估基于两点吧，第一也是就是这个营销的这个效果，触达的人群更深度，会继续提升。第二点呢，就运行效率会提升，然后在单位时间里头服务的游客会更多一些。

The expected growth will come probably from two major areas. From a more deeper operations to a more finer detailed operations for the entire iQIYI LAND, and also the increased efficiency for iQIYI LAND as well.

虽然里面衍生品的客单价超过100元，现在这个商品还不够丰富，所以团队下一步会继续丰富衍生品，然后客单价和购买人数双向的都增加。 Currently, the average transactions value for consumer products at iQIYI LAND is about 100 RMB.

We think there's potential for growth in the future. We will try to load more products in the future, and also to extend to other content categories as we do a more refined consumers product team operations.

关于衍生品方面呢，今年会做更多的自营，更多品类的自营，预计会有至少100%以上的收入增长率。 For this year, we will focus more on the self-operated IP consumer products, and the operations will be strengthened this year.

This will lead to a revenue potential growth of 100% this year. 好，谢谢。

Thank you.

哎，谢谢管理层接受我的提问。对，然后我还是比较关注我们在海外的一个发展，然后也看到25年取得了一个很好的成绩。对，所以我也想理解一下我们的海外内容的一个分发，可能目前看是以国内的这个自制剧为主的这个翻译到全球去分发，那么我不知道就是该怎么想我们海外业务的一个利润率和国内的会员业务相比是怎么样子的？那有没有一些比如在海外会员的这个ARPU，还有他们的续费率上的一些趋势性的一些分享？谢谢。

Thank you. We'll invite our International Business leader to take this question.

这两个问题啊，第一个关于内容方面，爱奇艺的策略在海外是做以亚洲内容为核心的一个视频平台，不仅仅是华语内容。首先华语内容是我们的根基，因为我们在国内已经生产好了，不需要额外的制作成本，只需要增加一些翻译和配音的相对低成本，就可以分发到全球，这是我们的根基和核心。除了华语内容以外，我们还有日韩的

动漫和剧集，及非常local的，比如泰国的剧集，然后一些只付local用户的印尼和马来的剧集，我们组成了一个以亚洲内容为核心的视频平台，以此都我们区别于其他一些国际的流媒体平台，他们是以西方或者美国的内容为核心。这是第一个回答。

Okay. In terms of our content, our slogan is the beloved Asian content.

We focus on not only Chinese content, but also the Asian content as well. Of course, Chinese content, what we call sweet pop or C-drama, is our foundation, because all the content have been already produced for our domestic business.

We only have to incur some of the dubbing and also translation, which is the cost with AI is much more efficient and controllable. In addition to C-drama and also Chinese content, we also have, for example, Japanese animation, also Korean dramas, and also the local content, for example, for the Thai regions, Malaysia, and also Indonesia.

This is how we set apart from many of the Western players in overseas. For example, the Netflix and other houses, they host a lot of the Western content, whereas for us, we are a home of the beloved Asian content.

然后我再补充一下，还是关于微剧方面，就是我们竖屏的剧。我们在海外从去年开始也逐步上线了一些竖屏的剧集。目前竖屏的剧集在我们整个的播放品类里面排到第二，而且增长的速度非常快。春节期间它的整个的收入和时长又创了新高。这个目前来看也是区别于其他的一些视频平台的一个非常重要的一个品类。 Okay.

Also, I want to add real quickly in terms of another content genre called micro drama. This is something we rolled out end of last year.

In terms of the content viewing time contribution, micro drama already ranks as number two content of categories of the overseas platform, and has been growing quickly. Also, very recently for the Chinese New Year, it has experienced rapid growth as well, and reached a new high.

This is something else also that set us apart from the Western players in overseas market.

关于第二个问题，关于会员的ARPU和留存方面的，这个呢是每个国家都不太一样。我们针对每个国家或者地区都定了不同的价格，我们的价格大概在是在一个中间的位置，比最贵的一些视频平台要便宜一点，但是比一些便宜的要高一点，大概在中间的档位。那同样的，它在不同的国家的定位跟当地的定价和消费水平都有很大的关系，也很不同。像相对比较西方发达的一些国家或者它的定价会比国内的定价要高，ARPU也要高很多。然后像一些发展中的东南亚的部分国家，它的定价和ARPU会比国内的要低一些。但是从整体来讲，整个的海外ARPU是相对是比国内要高的。

In terms of a question regarding ARPU and also membership forms, for ARPU, actually for each region, it's actually different. Overall speaking, we think we're at the mid-range of the price tier.

For each different region, we expect a different price plan. For areas more developed similar to the Western standing powers, the ARPU is a bit higher from the China domestic region.

For the developing regions, for example, like the Southeast Asia, the average ARPU is a bit lower than the China domestic region. Overall speaking, I will say the overseas ARPU will be greater or more than the China domestic ARPU.

关于留存方面，其实也跟这个消费习惯有很大的关系。因为我们的商业模式跟国内一样，是一种freemium模式，就是用户免费加收费结合的一种商业模式。总体来看呢，也是相对消费习惯比较好的一些市场，它的留存要比国内要好。在一些比较消费水平比较相对低一些，更愿意接受免费内容的一些市场，它的留存或者LTV要低一些。总体来讲，平均下来应该跟国内差不多。

In terms of the membership retentions in overseas business, we adopt the freemium model, which is the free plus paid content model. In areas such as more developed regions, I would say that this is very much similar to their spending habit and doing habit, that the retention is actually a bit better than domestic areas.

In some of the areas such as developing regions, the retention performance a bit lower. Overall speaking, the overall membership retention is similar to domestic level.

谢谢。 Thank you.

我再补充一下，刚才漏掉了关于利润的问题，就是财务情况。海外业务成熟期现在总体是赚的，然后损益表因为涉及到这个IP自制内容摊销的方式问题，现在不太好这个披露吧，不太好说。那这个等合适时机再披露吧。

We're adding the performance for the financial aspect. Overall speaking, the free cash flow now is positive, but in terms of the P&L performance for operating income, because there's some financial accounting treatment that we still have to sort out.

Now, we haven't disclosed the exact numbers, but we will share more insights as we have more clarity. Yeah.

谢谢。

Thank you.

Thank you everyone for joining the call today. If you have any further questions, please do not hesitate to contact us.

Thank you.

Thank you. Bye-bye.