Q4 2025 IQIYI Inc Earnings Call

February 26, 2026

Thank you for standing by and welcome to the Yankee fourth quarter and fiscal year 2025 earnings Conference call.

All participants are in a listen only mode there'll be a presentation followed by a question and answer session.

If you wish to ask a question you will need to press the stock equal it by the number one on your telephone keypad.

I would now like to hand, the call over to MS. Shang you IR director of the company. Please go ahead.

Chang Yu: Thank you, operator. Hello, everyone, and thank you for joining iQIYI's Q4 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. Youqiao Duan, Senior Vice President of our Membership Business; Mr. Shanghai 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.

Thank you operator, Hello, everyone and thank you for 'twenty one.

Fourth quarter and fiscal year 2020 earnings conference call. The company's results were released earlier today and are available on the company's Investor Relations website at IR E arc com.

On the call today are Mr. Yu co founder director and CEO, Mr. Zhang our interim CFO.

It's just that we want our chief Culture Officer, Mr. <unk> <unk>.

Senior Vice President of our membership business, Mr. Sun, <unk> Senior Vice President International and online game business.

And Mr. Collins Senior Vice President of brand advertising business. Mr. Gong will keep a brief overview of the company's business operations and highlights followed by Ilan, who will go through the financials. After the prepared remarks, the management team who will participate in the Q&A session.

Chang Yu: 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 statements, except as required under applicable law. I will now pass on to Mr. Gong. Please go ahead.

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 <unk>.

Certainties that may cause actual results to differ materially from our current expectations Patel.

Potential risks and uncertainties include but are not limited to those outlined in our public filings with the SEC.

<unk> does not undertake any obligation to update any forward looking statements, except as required under applicable law I will now pass on to Mr. Gong. Please go ahead.

Yu Gong: Hello, everyone. 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 have made remarkable breakthroughs in IP franchise development, moving beyond making individual hit titles to building our brand IPs that drive growth across diverse formats. Strange Tales of Tang Dynasty stand 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 experience. On emerging businesses, continue to demonstrate strong growth potential.

Hello, everyone and thank you all for joining us today.

On page five we focus on strengthening our core business tools in yields gross well achieving almost mess.

Yeah.

Business is this.

After a strong year.

For Ms with total revenue in Q4, we intend to grow annually.

On a sequential.

Those plans.

Our long foreign Commerce, that's a pure number one in New York City market share.

In London.

Annual vaccines. These five exceeding 10 solve it in Florida and sheer popularity at school.

More importantly, we've made remarkable rigs songs in IP phones has developed.

Movie movie Young.

Mickey individual he handles to building a road.

That's why it rose Oh cross that worse format.

Strange tails off the tongue Dennis.

As a Standalone example, as our flagship <unk> four.

In fact, two blockbusters in this is influence.

Pandit from long to start on the macro drivers.

As well as offline experience.

Good morning Nathan.

<unk> continued to demonstrate strong growth potential.

Yu Gong: 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 mechanism, merchandise with licensing. This strategy shift strengthening our control over IP operation and amplifies monetization efficiency. On the offline experience front, we launched our first iQIYI LAND in Yangzhou on 8 February 2026, receiving positive initial reception. Two additional parks are scheduled to open later this year.

All overseas.

Involved into a sustainable and scalable affecting the girls EG powered by an aggregate yet organic momentum.

In 2025 memberships, so as revenue increased by over 30% year over year with growth accelerating to 40% in the second half of the year.

Subscriber base ratio.

All time high.

And at the same time <unk>.

<unk> current business has entered a critical stage of development for IP best of consumer products, we have built a dedicated in house team.

Cuisines from lessening one approach.

A dual track model combining self operating it would be kind of it.

Merchandise with lessening.

This strategy shift stressing all control over IP or Asia.

Amplifiers monetization efficiency.

The offline experience fronts, we had lost all first I see a lot in.

Yeah drew.

Sabra Ace.

One 806 received positive initial reception.

Two additional talks are scheduled to open later this year.

Yu Gong: 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 soon-to-be serialized IPs that boost engagement and commercial results. Strange Tales of Tang Dynasty: To Chang'an marked our first title with 2 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, became the first title of 2026 to surpass 10,000 for the popularity score.

Yu Gong: 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 soon-to-be serialized IPs that boost engagement and commercial results. Strange Tales of Tang Dynasty: 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, became the first title of 2026 to surpass 10,000 for the popularity score.

806 marks a key step towards skald development as we feel that the ease of Paradise into a new engine for long term value creation.

No.

The details of off in this preferred Miss in Q4.

Starting with content.

Almost all of our business.

For long form drama based secure.

The number one market share in.

In United States Cleveland asked.

Cost of sales of premium content and our brokers.

Several lifestyle IP that boosts engagement on our commercial results.

Through stringent health of Continental G suite to combat them.

After all first of all is to see that exceeding all varieties of installs it among hundreds of companies buying new releases it.

The rest are number one in that.

A number of tools in membership revenue.

Following this momentum now.

Hum drum not punishment to father R. B.

Became the first title Oh, I need a new six to surpass 10000 for the popularity in school.

Yu Gong: 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 iQIYI originals, the summer sociological hit, The Shadows Age, Fengjuying, extending 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 Sixth Robber, 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.

It's also a second phone chats with Twosies is achieving this milestone.

Shifting to movies with 10, I've got worse with broad demographic appeal fly G. R. O originals. The summer also article heat the Shadows H foundry.

You tend to end of life that success to the online demand. It's not only topped all Q4, you'll really see is by peak and sheer popularity index score, but also became.

The highest immediately domestic action crime field over the past decade on Dolby.

Additionally, all of them.

All original online.

Thanks Robert.

Oh yeah.

New all time high for the other largest call leasing its kind of worth.

Well movies broke up there I don't know if that's what we tend to that number of land deals shape market shelf well.

16, Constancia fathers in Q4.

Yu Gong: In Q4, we rolled out, diversified titles, including The Warm Seat, That Two Lives, Nanjing Zhaoxianhua, the animated feature, Nobody, the fantasy comedy, The Adventure, Qi Yu, and the female-oriented feature, Flew Away, Xingyu Ma. 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 Name Hero, Bizhongming de Zhongming, generated RMB 36 million in shared revenue, ranking first among all titles under this model. Turning to variety show, our dual focus on long-running franchises and fresh, innovative IPs, showed 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 3 most-watched, new shows. Our originals continue to set benchmark.

It goes out.

I've worked with pharma titles, including the one seat down to less than you're talking about.

And then maintenance feed trucks nobody non insurance.

So if I'm gonna see commentary.

No.

The one truck she islands are female oriented fee.

All of it she knew mall. Furthermore.

Oh yeah.

Innovative revenue sharing model do you find the tool obviously, a nice returns well fields with loopnet itself at.

Obviously performance gained further traction the return of the Daily Herald.

I mean until January th arm and he brought his sixth Manny in revenue in Charlotte venue.

Ranking first of all Oh titles in this model.

Turning to border in Haynesville.

Dual focus on lung brand new phone typeface, France has enough frac.

And all of it.

So market leading performance in 2025, Oh tongued in lives in two days or so.

Oh, all multi season titles, rather than even the top 10, most of what you watched monkeys, either already shows and the two new releases ranked in the top three most of the lunch right.

No Charles.

Oh, well results continue to set a benchmark that is that all kind of wrapped it is nice to see that this year.

Yu Gong: The Rap of China wrapped its 9th 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, featuring the boy group, reached an all-time high in its popularity score this season. Among brand new originals, Wander Together exceeded 8,300 for popularity score. We also expanded IP values from merchandise partnerships with brands for Hi! Young Farmers 3, The Blooming Journey 2, 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.

Cementing its position as China's longest.

Our new online right.

Alrighty IP. Additionally, hi, young Commerce suite, a spin off of the disaster become our pharma franchise, featuring a boy group reached an.

All time high in as popular 19 score is that.

Well, Brian you all regionals wound up together.

Usually what should we exceed it.

It's all debt. So you have oh popularity in school, but you're also spending IQ battles merchandise on their ships is brass for high you don't see the blooming journey. Two you will find on the loans are together unlocking new revenue on actual.

Turning to macro drivers, yeah, hobbies and AD free content to over.

17% of all 12.

It's all done title library to Providence engagement all original scanning.

Yu Gong: Our original portfolio is scaling to over 150 titles today, filling record high membership and distribution revenues in Q4 from these offerings. Spin-off from Strange Tales of Tang Dynasty, The Chinese Detective, 唐诡奇谭之长安献媚, and The Night Tale Library, 唐诡奇谭之九重楼, both hit new highs for popularity score. Notably, over 70% of their debuted with viewers also watched the long-form scenarios, helping to extend the IP's lifespan. These releases not only boosted membership viewers, but also attracted top-tier brand partnership, moving well beyond the conventional performance ad model. Now, building on the momentum of the premier micro dramas, we are watching into micro animations and a business model centered on free content.

Scanning tool over 100.

They had holds today.

Field.

That's a lot of high membership and that distribution revenues in Q4 from these offerings.

Steam off from Strange tells all the time and this is gene.

<unk> talked to you.

I'm glad she timeshare.

Tung and Sham met.

The ninth held a library.

Tongue, but she'd hot truth, Joe terminal.

Both he is high.

Both heat new highs well how's the lionsgate.

In school.

North Platte or 17% over there.

Weak V ours also washed a lung from Sandra <unk> help you in two weeks.

We extended the Ips the lifespan. This relates if not only boosted membership we are also top tier Brian put in Nashville.

Moving well beyond the conventional performance at model.

And building on the momentum of the premium Menthol Congress.

Once she into Michael and emissions and a business model centered on three continents.

Yu Gong: With a pipeline of over 10,000 titles in place, micro animation viewership and the time spent are growing rapidly. Beyond content, we further amplify our IP values from 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.

Of over 10000 titles in space in place micro animation viewership on the 10th Oh.

Or are we back into it.

Beyond content on their own.

Please find a few bad at all some flagship I'm asking bass in December a new 25, we hosted the annual and she is screened not on all sides.

Two days and she is screen count.

Honeywell.

In my call or owner the Euro system now.

Protections and tenants.

The event drew over 200 kneeling on science.

Attendees and last the ores in the Bronx to gather all wrong.

300, a senator radius on our industry partners.

Last I mean.

Some people say its content strategy and the like.

Thank you what I off.

Yu Gong: Starting with dramas, our Q1 slate includes Love Between Lives, 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 , A Dazzling Day, 岁月有情时 , Pursuit of Jade, 逐玉 , and Love After You Years, 终究从来 . For movies, we will meet audience demand with our diverse slate, spanning top theatrical releases on, and online movies. Q1 lineup features original online movies such as The Northeastern Brothers Season 3, 东北兄弟 , and The Sing City, 扫恶 , alongside licensed titles such as Ge Zhitang, 葛仙米志 . For variety shows, we are enhancing the long-term operation of multi-season IPs, while exploring fresh and innovative new IPs.

Starting with drummers all Q1 slate includes lot in life.

She sauce into claw shelves.

Yeah.

I want to be a light show meaningful how are you I'm glad you called the people won't be to us.

Vasily.

Sure.

Pursuit of James.

Yeah.

Lop off 12, you yours to try it.

Well mortgage with a mass audience, given all of that worst state with finding top so article release here, So and online movies Q1 feature of the Orange the online movies such as.

North east rather than see debate and cool.

It seems in here.

So alongside license.

Such as good sure Tom Lewis.

Well a variety shows they are enhancing the long term operation of monkeys, either IP as well is crawling flash on that.

Innovative new Ips.

Yu Gong: Key Q1 releases include 哈哈哈哈哈 Season 6, 五哈, Hit Song Season 2, 有歌, as well as new IP, IPs such as Wander Together, and Tonight Comedy Show, 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 Fake Noble Girl, 假贵女进阶录, and The Amber Hour, 琉璃通. For animations, we will meaningfully expand our lineup of original Chinese compared with previous years.

Pete Q1 releases include by Haas season, six hot.

His thoughts either tool you'll go that's what I'll ask new at Ips such as lumbar together.

Tonight comedy for Ges.

Oh sure.

Well, Michael Tamas with a focus on creating more original content is quality.

Innovation, well enhancing operations commercialization.

Deepening integration of AI kilowatt P pedals in crude.

It turned to a bathroom tomorrow she engine, but it's slow.

You've got less of a false noble woman jockeying at two P M.

Under the umbrella R.

Good morning.

For animation, we will meaningfully expand our lineup of or hindered our Chinese animation compelled prove out yes in Q1 of last few trussell augurs, all long running service such as the great ruler Battle that and.

Yu Gong: In Q1, our play features original long-running series, such as The Great Ruler, Da Zhu Zai, and Against the Gods, Ni Tian Xie Shen, as well as popular IP, including How Dare You Season Two, and Waves of Crisis, Ze Hen Ji. For children's content, we will secure top-tier S-IPs scale and original productions, and extend our AI-driven portfolio. In Q1, key offerings include a brand new original title, Detective Babu, Xiao Xiong Mao Da Shen Tan Da Zhan Ba Ba La, alongside the licensed show, such as PAW Patrol Season Eleven, Wang Gong Dui Da Gong, and the latest season of Pleasant Goat and Big Big Wolf, Xiang Yang Yu Wei La. 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.

Against that the golf E since yesterday, as well as polar IP, including how dare you Susan tool.

Waves of prices.

Well its really its wellness, we will oh tier ssi skill and older just on production.

And that you spend all pumps.

In Q, what key offerings include upper I mean, you already a long time at home.

Do you have to.

So mom and pop Doctor Bye Bye now.

Outside of the lessons.

No such as Paul Casuals, and they Havent.

Well for example.

And it gives us either of.

Plant into golf.

Plant in adult and the B B.

She only asking it at all.

Moving on to the membership services over the past if you will call out our membership services revenue has shrunk come is that year over year recovery driven by that.

That worse premium offerings in Q4 remember.

Yu Gong: In Q4, members enjoyed the popular titles such as Strange Tales of Tang Dynasty Three, To Chang'an, Silent Honor, Chun Mo De Yong Yao, Faded Hearts, Yi Xiao Sui Ge, Legend of the Magnate, Da Sheng Yi Ren, and Sword and Beloved, Tian Ju Jian Xin. We vitalized our membership business through a range of operational initiatives. For example, we boosted new subscriptions and upgrades to the ad standards plan by offering inclusive perks, such as free express packages, which provided early access to finalists at no extra cost. In 2025, express packages were available for over 40 dramas. Additionally, we're strengthening member retention by emphasizing annual memberships during holiday promotions, e-commerce festivals, and a bundle of partnership offers.

Members in dry that popular titles, such as the screen panels of tongue N G suite will comment.

And most of them Young Finance House, you don't see a lack.

Langton no mandate Dr. Neil.

On the salt on the left can be egencia.

Yeah.

We me.

Why why its revised our membership you'd Miss some range of operational in nature. Ips for example, we all states new subscription on upgrades to the ask Dennis play.

Offering inclusive perks, such as free use price package.

We have provided is on.

I'll pass to finalists.

No Astral calls.

And currently attending bought express I guess where are we.

000, we're off one of your drivers are these are not we are stressing member retention.

Sizing annual memberships during holiday promotions.

Festivals on a bundle.

No thumbnail of partnership offers to a father or increase the value of our memberships, we introduced additional equals benefits, including five <unk>.

Yu Gong: To further increase the value of memberships, we introduced additional exclusive benefits, including five VIP events in Q1, featuring participation in offline show recordings, advanced screenings, and the exciting iQIYI Scream Night. In particular, iQIYI Scream Night event was highly praised for exclusive perks like red carpet viewing privilege and a live feed featuring their favorite celebrities. Moving on to advertising business. In Q4, brand advertising revenue growth both annually and sequentially, ad revenues from variety shows and our dramas both delivered double-digit annually 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.

And he bass in the first column featuring our participation in offline so rock qualities.

Otherwise screenings and you think you can achieve screened night in particular.

He had screen that you bet was highly creative before inclusive perks like capital.

H life based future.

Our favorite summit routines.

Moving on to our advertising business.

In Q4.

Well, Brian and we're passing revenue girls, both annually and that's to control that.

The loss from guarantee shows on our drivers deliver double digit annual that grows well.

We're of course, such as food and beverage.

So it is e-commerce and that telecom services.

Call it double digit annual growth.

Beyond long form videos, all Microsoft MRSA in the met over and he showed saw.

Considerable.

See the ruble attention from Brad.

Yu Gong: For micro dramas, we have successfully engaged several renowned brands in 2025 through tailored content, bundle sales that integrates product placements with character branding, and a string of collaborations. Likewise, our micro variety shows have received a strong market recognition, fostering long-term partnerships with multiple clients and driving impressive revenue growth. For commerce, for merchants, for commerce, for commerce apps, 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 lead growth. Additionally, we have deployed a proprietary large AI model for scaled ad delivery, leveraging deep semantic understanding that has boosted commercial width. Moving on to technology. We introduced another pro of proprietary AI agent platform designed to revolutionize professional content creation.

My call Congress.

Basketball engaged a central knowledge graph in 2025, some paler content on the status of that.

Integrase paradox placements.

I was kind of R&D.

And speaking of collaborations.

Micro, whereas you should have received a strong market culmination of fostering long term partnerships with multiple <unk>.

Multiple clients on their driving impressive revenue growth for commerce.

Yes.

Well perhaps.

[laughter].

Well <unk> as we.

Again sequential around loan growth in Q4, driven by our house are in.

More additive.

And what I saw on the fellow that Neil from small and midsized. Neither one has a school both annually and sequentially.

What do you call Internet services e-commerce enough of natural and somebody says Lady girls.

Okay.

Right.

All right all right lot eight type molecule for scout.

Libra deliberate.

Leveraging deep semantic understanding that both.

Allstate command and control.

Moving on to technology, we introduced not though Paul al.

All right great.

I have full design tool.

Loose and licensed professional content integration by integrating leading global lack model space and she has deep expertise in professional comes into production.

Yu Gong: By integrating leading global large models with iQIYI deep expertise in professional content production, Nezha Pro, efficient, effectively streamlines the production pipeline from script evaluation to final generation. Currently, in its closed beta fifth, Nezha Pro is empowering our internal teams and select partners in a wide variety of professional content, such as feature films, dramas, animation. In addition, total war on 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, some dialogue, fan fiction, and virtual social interaction. The platform creates powerful synergies with key content and delivers immersive emotion, connection with fans, and enhance the long-tail value of our IP. Strong user adoption is translating into commercial success, and revenue from total war raising sharply year-over-year in 2025.

Efficient.

Your feet your fax table that human lives.

<unk> pipeline from scripted evaluation tool final generation.

Our internet in its close to that.

Uh huh.

Phase I of the Oklahoma is empowering all internal team I know some act upon nurse.

Why not why aren't you all professional content such as feature films drama Us and in Asia.

Yeah in Asia.

Total war.

Pioneering eight agents fast NPSA platform continue to redefine entertainment a fuel source can now engage with over one.

So that 700 and PSA agents from unpopular.

Haynesville some dialogue fun picture I don't know what goes social interaction the platform.

<unk> powerful scenarios, it's key that hunger and.

<unk> delivers a more stable emotional connection is faster.

These patents.

I hope that all of our IP strong user adoption is translating into a commercial success.

Samuel song how little work.

Rising sharply year over here on May 25.

Yes.

Yu Gong: In addition to pushing the boundaries of AI applications, we are leading the industry with cutting-edge virtual production technology. In our in-house developed IQStage system has meaningfully enhanced the efficiency of vehicle scene shots for the theatrical hit, Pax three, feature engine sun. These achievements delivered unparalleled result with zero frame drops and zero aliasing, representing the highest standard for virtual production in car scenes in China. IT 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.

No they shouldn't too pushy.

Bump the risk of AI applications that will be a leader.

In Australia, it's cutting edge, what full production technology.

Our in house, they have a lot of time I killed stages system have meaningfully enhanced the efficiency of vehicles seen shops for industrial entrepreneur.

Pakistan.

Oh I see.

Uh huh.

This achievement is the labor and power are now resolved that Rudolph rate drops and they are alive.

Representing the highest the highest us for what I'm sure are in car seats in China.

And I see no leash, if ethanol are everything we do.

Our pumps out of the AV over telephones and patent applications without all the tool rough number 72 I'm on the topic.

By 100, or the Chinese anti process for Atlanta.

Invention patents in 2020 five alone we have felt that once all the new patent applications, although most often the binding two minutes in.

Across content that they want ultimate production.

Pearl umbrella, the casting and the offline pharmacies.

Yu Gong: 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 14% annually. Markets such as Brazil, Mexico, and Indonesia shown 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, Shuang Gui, 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.

Moving onto the business performance ingredients.

Outside of mainland China in Q4, we continue to deliver robust growth is membership revenue increasing by 14% annually.

Markets, such as Brazil, Mexico and in England.

Yeah, Sean you fashionable.

Prefer corporate mess.

It's membership revenue searching by over 8% annually.

Our strong performance is driven by the growing popularity of the of all see drivers age have shown in south central and when revenue growth, notably speed unlocked shrunk was somehow escaped into a new 25 emerging.

As a performing seed drama during the peak we are we are out talking about Iot and shops in 14 markets.

Our international platform.

And apart from infection, all that well in key lifestyle, my name's theyre announcing apple well at least as category on Google trends.

Yu Gong: 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, Ready Men 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 Wonderland.

It's that fast extended further with the spin off on his skull tightest suite.

Well at least you can which became one of the most popular Chinese RNA shows on all of US at the time for this year.

Well also ramped up.

Production of local original content with a strong user reception the original ops I'm in jail stood out as the top 10 nine years.

Oh platform Infinera 25, more over all tie orders over and he's shown regimen, Thailand launched in February 2806 has a secure fashion doll brand advertising partnerships.

Apart from long form content Michael glamorous.

What would your Vacates increased engagement among overseas audiences in Q4 membership revenue from micro drama is a new high driven by Oh, who as you know such a M print in the past.

And why it's gene.

The licensed Peet's from China.

I mean this envelope.

In summary.

Oh after us inquiry team local or regional my quota on Earth.

Yu Gong: Our efforts in creating local original micro dramas have also started to show results, with 5 titles premiered in December of 2025, featuring local content for South Korea, Thailand, the UK, and Indonesia. Among these, the Korean micro drama, Darling, 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 4 major offline marketing events in Thailand, Indonesia, Malaysia, and Singapore, featuring Chinese celebrities. This event amplifies the influence of our content and the commercial value of our platform, forged stronger partnerships, and propelled the global reach of Chinese content. Moving on to enterprise business. Moving on to experience business, we are focusing on 2 core areas: IP-based consumer products and iQiyiLab.

<unk> also started to show results with five five titles cream out India and brought a new 25, featuring local content for South Korea.

Okay.

Do need scale.

Yes, not green micro drama and that's all okay.

Want to see this.

Timeline or drama.

Don't know.

Output from gaming notable upturn I'd say of all calls.

And the young platform.

Yeah, Alicia for content in Q4.

For me to our offline marketing events in Thailand, Indonesia.

Nothing out of Ukraine, Chinese is that right yes.

You bet Anthony Fives, the influence of all content I don't know.

Notional amount of alcohol.

Platform.

Our stronger partnerships unapproved powered the global reach of Chinese content.

Moving onto underpriced business.

Moving onto east parents business.

Well, we are forecasting true call aerials IP based consumer products.

Given that by leveraging all of these tenants they are I P. S at the MTO.

Yu Gong: 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 Legends. For IP licensing, Strange Tales of Tang Dynasty: To Chang'an secured strong partnerships across food and beverage, beauty, and other products. Sword and Beloved set new sales records during its broadcast period. Looking ahead to 2023, we plan to grow our IP licensing business and expand our self-operated merchandise beyond collectible cards to more categories. For iQiyiLab, they 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 park.

<unk>.

New engine for sustainable long term girls, well IP best Okay. So Merck hurt us all self arc or predict merchandise demonstrates solid progress.

Highlighted by top selling.

The bolthouse from premium farmers like Germany of Magic.

Well Ivy lessening.

Uh huh.

Before I tee lessons.

Tell Tom Dennis J C. Two tongue, so pure strong partnerships across food and beverage beauty.

Troughs.

On the source and the low yield cells railcars during S broadcast of power at looking at has all looking at how much will terminate when you see it playing to grow RPM SME business, and if Pat ourself or paint.

Oh created a much advise young classic the poll cards to more categories.

Flying Sheila adopt a light asset model.

Combined.

XR technology these Ips.

Great immersive experiences that are more efficient flexible and they look.

That's based on the investment than traditional impact all first time E. L F.

Yu Gong: Our first iQIYI Lab was successfully opened in Hangzhou on 8 February. Our Kaifeng and Beijing location 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 Lab 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 3 key strategic goals. First, we are strengthening our domestic core by enhancing the quality of original content, strengthening membership, and advertising businesses. Second, we will aim to sustain strong growth in our overseas and experience business, building more robust engines for long-term expansion. Over the past several months, rapid advancements in AI large models worldwide has revealed a clear insight.

It was successful and opened Indian draw off right.

All Kaifeng unabated location that will open later this year.

Each incorporating unique local elements to de lever our tailor experiences.

Well primarily come from ticket itself.

Spending.

Uh-huh M to a position as a key sales channel well if your best Okay, similar protests and Whitehall landfall for maximizing the long term that off.

Paul.

Yeah.

In summary in tonnage.

Well I'll focus on three key strategy.

<unk> goals, Chris Laidlaw, stressing all domestic alcohol by enhancing the quality of Orange gold content strengths in membership and advertising businesses.

Second we have a L. M. Two says tennant's strong growths in our overseas.

Experiments business building more great class of engine supporting long term.

If pension.

Over the past several months Rafi the odd one Smith in a notch models worldwide has built up they are inside the car.

Yu Gong: 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 the quality content. This exciting changes will greatly benefit media platform, 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 showing detailed initiatives at our upcoming iQIYI World Conference on April. Now, let me hand it over to Ying Zeng for the financials.

<unk> production industry, we all be really Lucian highest we have seen that next 123 years.

Transformation, well the EPS Internet cut.

Production costs lower barriers.

Two professional content creation.

And the boost both the qualitative and quantitative content.

This exciting tenants.

Great.

Media platform, it's bachelorette I E.

Yeah.

Two six.

The opportunity we are dedicated to building.

Dynamic.

C ecosystem.

Transitioning all platform from centralized to decentralized model.

We look forward to showing detailed initiatives at our upcoming <unk> conference on April.

No.

How's it going over our pool.

The financials.

Ying Zeng: Thanks, Mr. Gong, and hello, everyone. Let me walk you through the key numbers for Q4. Total revenues for Q4 were RMB 6.8 billion, up 2% sequentially. Membership services revenue reached RMB 4.1 billion, down 3% sequentially due to seasonality. Online advertising revenue was RMB 1.4 billion, up 9% sequentially, primarily driven by the streaming content and e-commerce Double Eleven campaigns. Content distribution revenue reached RMB 787.7 million, up 22% sequentially, primarily driven by the increase in cash transactions. Other revenues were RMB 547.9 million, down 6% sequentially. Moving on to costs and expenses. Content cost was RMB 3.8 billion, down 5% sequentially, as we adopt a more curated content acquisition strategy centered on quality.

Thanks, Nick.

And you used to.

So Q4 total revenue looking for work.

I think for Indian Army.

Super sensitive conscious member hits seven kids menu.

<unk>, four 1 billion RMB down 3% sequentially due to seasonality.

A lot of like I think I knew what one point or any R&D.

I presented sequentially February trading either kidney.

And E Commerce E Commerce double 11 campaign.

Common distributions.

Thank you Rachel.

787.7 million RMB.

Turning to sequentially up two 2% sequentially, primarily driven by the increase.

Cash transaction.

Other revenues at four five times.

The 14th and endpoint I mean arent down 6% sequentially.

Moving on to costs and expenses.

One three.

I think 318 and RMB <unk> five.

5% sequentially.

As we adopt more choice Coffey acquisitions Gradsky centric quantity.

Ying Zeng: Total operating expenses were RMB 1.4 billion, up 2% sequentially.

Total operating expenses or one for Indian Army.

2% sequentially.

Chang Yu: Turning to profit and the cash balance. Non-GAAP operating income was RMB 143.5 million. Non-GAAP operating income margin was 2%. As of the end of Q4, we had cash equivalents, restricted cash, short-term investments, and long-term restricted cash, including prepayments and other assets, at a total of RMB 4.7 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 will open the floor for Q&A.

Turning to profit and the cash balance.

non-GAAP operating income was.

Hockey and 43 5 million RMB.

non-GAAP operating income margin was 2%.

As of the end of Q4, we had cash cash equivalents with strict cash short term investments and often they do cash incurred in prepayment and other assets and total.

Chang Yu: ash, short-term investments, and long-term restricted cash, including prepayments and other assets, at a total of RMB 4.7 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 will open the floor for Q&A.

$4 7 billion RMB.

At quarter end the company had a loss.

Thanks housing and that'd be six points.

When you have a daughter to AG.

I'm going to get a lot of prepayments and other assets.

For a detailed financial data please refer to our master lease.

I have a lifestyle.

Now I open the floor okay.

Chang Yu: Thank you. If you wish to ask a question, please press star one on your telephone and wait for your name to be announced. If you wish to cancel your request, please press star two. If you are on a speakerphone, please pick up the handset to ask your question. In the interest of time, we ask that you please limit to one question per person. Your first question comes from Xueqing Zhang with CICC. Please go ahead.

Operator: Thank you. If you wish to ask a question, please press star one on your telephone and wait for your name to be announced. If you wish to cancel your request, please press star two. If you are on a speakerphone, please pick up the handset to ask your question. In the interest of time, we ask that you please limit to one question per person. Your first question comes from Xueqing Zhang with CICC. Please go ahead.

Thank you.

To ask a question. Please press star one on your telephone and wait for your name to be announced.

If you wish to cancel your request please press star two.

If you are on a speakerphone, please pick up the handset to ask your question.

In the interest of time, we ask that you. Please limit to one question per person.

Your first question comes from Jay Queen's Young with the ICC. Please go ahead.

Xueqing Zhang: Thank you, management for taking my question. With recent upgrades in AI video generation models, like Seedance 2.0, and other similar models, basically have reached the level of film industry capability. I would like to ask the management to share how this will impact iQIYI, especially in terms of content production and cost reduction, and also, what are iQIYI's plans in this area? Thank you. 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 this advance, 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.

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Thanks management for taking my question I'll leave it isn't that great.

On the third generation logos nicely dos.

Chat powertrain production rival kite it.

Could management share your view on how these events and that May impact <unk> business.

Kerry in content production and costs.

Gotcha, what's your plan on leveraging AI lead deal generation La Dallas. Thank you.

Xiaohui Wang: Oh, thank you, Gong Yu. I will answer this. The video large model has significantly reduced the cost of video production, shortened the production time, also reduced the barriers to entry, allowing some newcomers to create very good long-form content. Its impact is to let more people enter the long-form video industry, which naturally leads to an increase in the quantity and quality of long-form videos.

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Without you.

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Yeah.

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For all of their time in the Naval fleet.

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So he's a chunk of it.

Yeah, and Sheila and geography.

Okay.

Chang Yu: Thank you, Shiting. 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 then ultimately lead to the more creations for the long-form video production. 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.

Thank you for taking C.

C E L F.

Taking this question video generation models will substantially reduce the cost of producing a loved one and videos and shorten production time and lowered the barrier to patients.

There's potentially attract more theaters to this business and then ultimately <unk>.

Is that more patients.

For the long form video production and.

This is very much beneficial to long form video platforms.

Which means.

This will lead to E E.

Both the quantity and quality of long form video content.

Xiaohui Wang: Let me talk about the different types of impact. Manhua itself is the native content of the AI era, so it is now already generated by AI. Children's animation and drama shorts have been verified that can be directly produced by large models. The production cost has been reduced to one-tenth or less of the original live-action or real shot. Now, online movies, animations, documentaries, etc., are also gradually beginning to use AI-driven methods, using AI-driven methods for production. The most difficult is live-action movies, live-action dramas, and variety shows. Now they are also beginning to use some AI technologies to significantly reduce the cost of this part of the industry. It is estimated that it will take 2 to 3 years for AI to directly produce commercial films.

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And yet Mark.

From a.

Yes, that's right.

Hum.

Chang Yu: Let me just discuss 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 drama, it has been demonstrated that large models can produce this content, and reducing the production cost to one tenth or less compared to traditional methods. For online films, animation, and documentaries, et cetera, these are rapidly permitted 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, the theatrical films, drama series, and variety shows.

Let me you just dissect the impact of interconnection content for each continent.

Got it.

For example, the micro animation its actually an E gift content created entirely I E.

And for.

Children's animation and also microphone that it has been demonstrated that large models can produce content and reducing the production cost to 110th or less compare to traditional methods.

For online film animation and documentary et cetera. These are rapidly and he takes but yeah in that production approaches as well.

Among all these long form video content and most difficult one to be the produce or the like action concept for example, the theatrical films.

The series and variety shows and in fact need to have these content.

Chang Yu: In fact, these content have in part adopted AI in their production process, and which the result proven that these have significantly reduced the content cost, content production cost. Based on our projections and estimations that we think the AI led commercial film probably will emerge within the next two to three years.

Alright adopted him AI in their production process and wish them. The results are proving that these have significantly.

Reduce content cost comes into production.

And based on our projections and estimation that we think that and that's commercial still probably will emerge in the next two to three years.

Xiaohui Wang: iQIYI 主要在两方面，叫什么呢？排解措施吧。一方面，正在研发的 Nezha Pro，这是一个专门用于影视专业制作的那个智能体验，特别适合于这是在大模型之上，适合于影视专业制作的一个智能体验。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。

Oh, yes.

Yeah.

I used to talk through that.

Yeah.

And by the novel of Fisher.

We're threatened so far is doing good.

Joining us through Florida, and the truth is we actually just signed out listen through shop truly sure drug yet.

You go to their own media.

Yeah, so if you're putting in a whole host of gold yet.

The U S. You see that the naval to Huntsville.

Welcomed water tumbled.

Chang Yu: For iQIYI, we are actually placing our focuses on two areas to embrace these AI initiatives. On one hand, we have developed Nezha Pro, 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.

Well I E.

You are absolutely thinking also cause there's two areas to increase and any initiatives on one hand, we have developed an apple cool and industry specific yeah, Egypt, what they do.

And on the other hand, we are working to build a new concept.

Concept ecosystem, the various operation message hopefully.

They just have entered this.

Oh.

Xiaohui Wang: 好，谢谢。

Oh sure Yeah. Thank you. Thank you.

Chang Yu: Thank you.

Xiaohui Wang: Thank you.

Yeah.

Chang Yu: Thank you. Your next question comes from Maggie Ye with the CLSA. Please go ahead.

Operator: Thank you. Your next question comes from Maggie Ye with the CLSA. Please go ahead.

Thank you. Your next question comes from Maggie Nolan with CLSA. Please go ahead.

Maggie Ye: 哎，晚上好，感谢管理层的提问机会，想请教一下公司二零二六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。

But anyway, so how can I say, well I need to live here and see if Greg Johnson County Sound goes I mean, I know again, some kidney failure to clarify either woman sorry to be the only thing, which you don't jobs at least how much AUM again, we're just showing you what you call out and say Gee why attacking them.

Chang Yu: can mention and 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.? How are you thinking about the mix of self-produced content versus licensed one? Thank you. Thank you, Maggie. We'll invite our Chief Content Officer, Mr. Xiaohui, to take this question.

19 of World class true company's content strategy for 'twenty 'twenty six anymore.

For example, how are we thinking about the key priority of the Crosby, some jobs or including some of them I just show the scale and micro trauma et cetera.

How are you thinking about the mix of self produced content versus licensed for one <unk>.

Thank you.

Thank you Maggie and what you like our Chief content Officer had mute yourself.

Question.

Xiaohui Wang: 好，谢谢各位，我来回答这个问题。呃，因为目前我们在制的戏剧数量比较多，对于剧集这一块呢，二零二六年的策略是将小比例地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。

So you go out one after that.

Are you able to tell that it's actually she used without me Dr. Paul <unk> U K card.

Sure Josh.

L. P. P V that you just told me she G Peggy failure.

Well that sure to.

Cope with some of the talk to you Richard Hill.

Chang Yu: 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 the quality.

Given the current volume of infection.

Thomas we will slightly reduce the number of tons to be produced in 2026.

And basically their emphasis on top tier titles in terms of the.

Alrighty.

Xiaohui Wang: 同时现实主义和悬疑犯罪这类的题材呢, 一直是 iQIYI 的优势领域. 我们将继续在这个, 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.

Florida English are you finding that she has had the English I E. They're usually on the guarantee fees that Jay.

All of the bulge or tranche in the Eagle.

The changes at the ball.

There's a little bit there.

Hum.

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

In terms of the illness and at this time.

Crime genre and he's constantly category.

Each stream in fact and in these areas will continue to maintain our innovation to pretty immediate content more creative.

Content and then maintain our advantage in this area.

Xiaohui Wang: At the same time, starting from 2025, we particularly focused on increasing the supply of female-oriented content. For example, in late 2025 and early 2026, we increased the supply of high-quality content for young female users, for example, the drama series How Dare You that was launched a while ago, and the variety show, 宇宙闪烁请注意.

So I'm sure it's home already.

It could be a two year.

But we shouldn't count data.

Are people that are in our Lisle, Oh, they only M P.

I mean, all of the N b on and on and then well.

Well then it was gone out and doing the engine.

The order there at all.

Okay that sounds good.

<unk> like Eagle Idaho.

Utah psychologically.

Chang Yu: 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 Winter Together. This is targeting for the new female users, and also that on the beginning of 2026, we also launched a female-oriented, a young female-oriented drama called How Dare You?

Starting in 2025, we have empty.

A female oriented content.

For example, starting from the end of 2025.

<unk> started to build out a new a variety show called Windows.

This is targeting for the year.

Users and also that in the beginning of 2026, we also launched a female oriented young female oriented Jon Wilcox out there yet.

Xiaohui Wang: 呃，对于年轻男性用户的内容呢，今年以来我们在，呃，呃，自制动漫方面啊进行了发力，上线了一些高品质的自制动漫，包括大主宰的连番，还有成何体统的第二季，还有则天记。

N D uhm nicely over the nail that dominion element that.

Yeah T J funny, Sean Kelly here Okay.

Bulk wall art will definitely outside of I O trial, but he'd home that yagi bookings.

Bookings.

Chang Yu: 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.

And for young male users we have released on multiple original animation this year, including the launch of any theory, the great well there.

Chang Yu: 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.

How dare you see them too.

It's a way of choices.

Xiaohui Wang: 同时，在广泛呃，新政的支持下，我们将加大对中剧啊、网络纪录片啊等创新内容的一些探索。

Or does that go up in a shipbuilder tissue job well done job.

On a wolfcamp a <unk> enabled a hiccup.

Chang Yu: With the support of new regulatory policies, we will step up exploration of innovative content. For example, the short form drama series.

With the support of old female airports for Rfps, what it was.

Exploration.

Coffee for example, just for fun drama series.

Tend to sit down with popular fitted out with all the <unk>.

Xiaohui Wang: 呃，前一段时间我们也发布了分账合作的新规，呃，在戏剧、电影等八大品类的分账标准上进行了统一的一个规则，将制作方的分账收益和内容的收入贡献更加直接地对应起来。呃，我们的目的还是让优秀的作品获得更高的 -

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The challenges on the print out a needle in the short course, yet couldnt got so the other thing to that.

Nobody hydrogen unusuals I was looking for.

Got it.

Chang Yu: We recently introduced a unified revenue sharing policy 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, and allowing outstanding works to earn higher returns.

We recently introduced a unified revenue sharing policy across eight major country category.

Donaldson films.

And under this new framework.

Protection her nearest return actually working what are the links to each title scrapping confusion and allowing outstanding work to earn higher returns.

Jiang Haiyong: Uh, 同時剛才龔宇也提到了 , 除了在院線大電影和一些頭部劇集方面以外 , 我們現在呃 , 充分地利用 AI, 在漫劇、動漫、豎屏短劇等類型的內容 , 內容製作方面 , 已經逐步轉變為以 AI 生成為主導的製作方式。其他類別的內容製作呢 , 也充分利用 AI 在各個維度上去降低成本 , 縮短製作時間 , 提高效率。謝謝。

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But nothing really cute.

Q2, Matt Schulke.

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Billy.

Until week food after the answer.

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The stomach, but saw electrical should yet she got Kelly.

Yeah Yeah.

Chang Yu: Okay. Apart from the content category, 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 animation, and micro dramas. While we're applying AI across other content categories to cut costs and also accelerate timelines. Thank you.

Okay.

From the content category for example.

Fulfillment and pharmacy like Mr. Bill mentioned earlier, we actually gradually adopting and actually there.

Proactively adopting AI.

Net production for categories, such as micro animation.

And it makes sense and microphones.

Well, we're a funny at across other categories, So perhaps path and also accelerate.

Thank you.

Chang Yu: Thank you. Your next question comes from Lincoln Kong with Goldman Sachs. Please go ahead.

Operator: Thank you. Your next question comes from Lincoln Kong with Goldman Sachs. Please go ahead.

Thank you. Your next question comes from Lincoln come with Goldman Sachs. Please go ahead.

Lincoln Kong: 謝謝管理層接受我提問。那我想問一下 , 這個海外業務在 2026 年， iQ 這邊的一個業務規劃和策略是怎麼樣的？ Thank you management for taking my questions. My question is about overseas business. How's our plan and strategy for 2026? Thank you.

Thank.

Sure sure no or sound way you saw how are you to Arnaud again, I tease, Japan Korea marker.

Thank you management for taking my question. So my question is about the overseas business House.

Penn that strategy for a time classics. Thank you.

Chang Yu: Thank you, Lincoln. We'll invite our Senior Vice President of International Business, Mr. Jiang Haiyong, to take this question. Please go ahead.

Oh, Thank you began working like our senior Vice President of International business.

Chang Yu: Thank you, Lincoln. We'll invite our Senior Vice President of International Business, Mr. Jiang Haiyong, to take this question. Please go ahead.

So how you want to take this question. Please go ahead.

Jiang Haiyong: 嗯 , 大家晚上好。那個二零二五年海外的會員收入增長超過了百分之三十 , 下半年的收入同比增速提高到了百分之四十 , 是海外業務繼續穩定營收增速最高的一年。嗯。

You said that right now.

Yeah and then.

We will do some talking about the fashion show mall.

Moving to Chicago.

Susan I am too and they ensure Oslo Please call me.

Chang Yu: 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.

In 2025 membership and revenue side.

Over 30% with annual growth rate actually accelerated to 40% in the second half of the year.

2025 marked our highest growth rate, yes, and the overseas fitness into a stable operation.

Jiang Haiyong: 二零二六年 , 海外業務的整體策略是實現收入的繼續高比例的增長 , 更快的增長。嗯。

Oh I don't know how long are you able to meet demand.

So that does you got that you did some quantity.

Chang Yu: For 2026, our strategy is to sustain high revenue growth rate or even accelerate our growth rate.

For 2026, our strategy is to sustain high revenue book.

Celebrate Alcoa, Inc.

Jiang Haiyong: 呃 , 在第一部分 , 在內容策略方面 , 我們在不同的市場量身打造的最佳內容組合已經被驗證是行之有效的 , 可以持續吸引用戶。陸劇方面 , 陸劇的海外影響力在持續地擴大 , 將繼續作為我們海外內容組合的核心 , 特別是 , 呃 , 古言、現言等易於跨文化傳播的一些內容題材。第二部分 , 在泰國、馬來、印尼等地方 , 我們加大本土內容的採購與投資。嗯。

And then people, sometimes when I'm sitting at home yet.

Hum, Yeah, I'm not going to see not only those two.

Right.

Mr Hu for yourself.

So as you see in your own cool little Tucson, being moved to the Halloween events.

He was a quota Kansas utility.

For anyone who is he.

Okay.

And then your comments about some Woodington news.

Seattle and southern Pine <unk>, then people who've done up until now.

Chang Yu: In terms of the content strategy, our market-tailored content mixes actually have proven effective and continue to attract users. As for C-dramas, they continue to expand their influence overseas. The C-dramas will remain at the core of our overseas content portfolio, especially genres with strong cross-culture appeal, such as ancient costume, romance, and contemporary romance.

In terms of the content strategy, our market tailored content mix it actually have proven effective and continue to attract users.

For E Commerce, and they continue to extend their important overseas.

And it's it's almost all of the knee.

Our overseas content.

Especially economies with strong cross sell for appeal.

Insurance costume roadmap and concentrate romance.

Jiang Haiyong: uh-

Chang Yu: Oh, I'm sorry. One more thing. Yeah, go ahead.

Oh, I'm, sorry, one more thing.

Yeah go ahead.

Jiang Haiyong: 在運營方面, AI 的大模型的進展, AI 的翻譯和配音極大地提高並降低了成本, 也加快了上線的速度. 充分利用社交媒體渠道, 並利用 AI 生成的宣傳物料, 我們在宣傳方面極大地降低了成本, 提高了效率, 實現了低成本高效率的內容傳播. 同時將繼續通過線上的活, 線上的廣告、線下的廣告以及線下活動的方式, 增加獲取的影響力. 第三個, 我們將持續地通過藝人出海的活動, 我們叫星見計劃, 宣傳 C-dramas 內容, 並增強 C-dramas 內容在國際上的影響力, 提升 iQIYI 在國際上的品牌影響力.

But you even from here and.

I don't want you to do that.

And in fact, even a huge chunk of your talking to kind of jump in on this front in the suite.

Totally you she found indeed don't ask them to go this route.

Well no assurance I'm, telling me I got to tell me what symptoms you're gonna Xiaomi.

Okay.

Sure.

John says you don't wish him from before.

Oh, she's telephones sooner, whom function somehow into the economy.

Does that alone. So she does who are either in Florida, who don't even know Susan Dupont Shenzhen.

Juliet do some talent.

Like what are you kind of you can leave she's gonna chief equity found out a few pennies on me.

Chang Yu: 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 output, 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 meetups and also offline events. Thank you.

For content that we're actually ramped up our original production that local content licensing.

Heightened innovation you can give any shifts in terms of operations.

AI powered translation and studying actually has significantly improved efficiency reduce cost and celebrated the content release schedule.

Going forward, we will fully leverage social media channels and used AI to generate promotional assets, enabling low cost high efficiency of content distribution and user reach Meanwhile, Louisville content.

Online and offline advertising to further amplifying the input.

He dropped.

And last but not least we will continue to promote content and strengthen our grasp.

International market through initiatives, such as celebrities and find out and also offline. Thank.

Thank you thank.

Jiang Haiyong: Thank you.

Thank you.

Yeah.

Chang Yu: Thank you. Your next question comes from Rebecca Xu with Morgan Stanley. Please go ahead.

Operator: Thank you. Your next question comes from Rebecca Xu with Morgan Stanley. Please go ahead.

Thank you. Your next question comes from Rebecca <unk> with Morgan Stanley. Please go ahead.

Rebecca Xu: ... 嗨，感谢管理层接受我的提问。我的问题是关于 iQIYI LAND 的。请问管理层是不是可以分享 Hangzhou 的， Yangzhou 的 iQIYI LAND 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 iQIYI LAND Yangzhou since its opening? Also, can you please share the 2026 plan for this business? Thank you.

Hi, guys. So Glenn in terms of how well that he was a weather wasn't just quite yet.

No.

That's why I'm glad he comes from Cleveland, So Hangzhou, the yet until I see okay, I Gotcha gotcha.

He wasn't that are doing and you hear whether you said you've hit a weibo. Thank you management for taking my question. My question is about <unk>.

Yeah.

Could management share the operating problems.

Myself I Q lens young Joe since it's all clean.

Oh, so can you please share the.

They told us they plan for this business. Thank you.

Chang Yu: Thank you, Rebecca. We will invite our CEO, Mr. Gong to take this question.

Thank you for that call it via an ear on Mr. <unk> question Hassan.

Xiaohui Wang: 呃，好，谢谢啊！扬州乐园二月八号开业，里头包括沉浸式的舞台、全感剧场，还有光影互动等等，总共有七种类型的这个板块，也就是，就是娱乐的类型，总共有七种。

Our novel.

Bulk watch them for a little clarity.

Got a huge problem.

Well don't hold off a little shingle patient.

Hum.

You already feel sure.

Well it's futile.

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

Our very first I E. Then absolutely open to encounter on February eight.

Seven or immersive experiences.

Rooting us based performances multi sensory theaters interactive light and shadow spaces.

Xiaohui Wang: 呃，开业到现在为止，呃，不到二十天，特别是经历了春节长假，整体的这个效果，呃，符合预期，呃，用户这个反馈都比较积极，呃，体现在在主要的 OTA，OTA 平台上，评分呃，都在 4.8 以上，今天有有有有的平台已经达到四点九了，快满分了。

Okay, Oh, sometimes gets it wrong.

So there can be like near term you don't see the JV shalwar Oh shoot.

Okay.

<unk> yeah.

Okay can I felt England.

That's their own shop.

Right.

Uh huh.

Chang Yu: The first iQIYI LAND opened about 20 days since its opening, and during which also we experienced the Chinese New Year holiday. 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 actually recently the latest ratings reached 4.9 for certain platforms.

The first I E. A N O N about 20 days since its opening and doing which also experienced the Chinese new year, Chinese new year holiday and actually the performance and the feedbacks are actually.

Actually are meeting expectations.

At least can be reflected in the ratings our matrix.

And the average length of our four eight out of five and it actually recently the latest ratings exceeded it.

For the 19th of our circuit.

Xiaohui Wang: 从开业一直到长假最后一天，这个流量人数都在持续攀升。从这个实际的人群看，小到四五岁，这个大到六七十岁的这个游客都能参与到其中。

Okay. Yeah, you felt you can think about U N fools that Tricia punctual.

It's home Jacob.

Interim cut and shuttle oops it.

Okay.

Well, if you say okay.

Oh cool tool and tell you that was helpful.

Chang Yu: From the opening until now, the visitor numbers have continued to grow. Based on the actual operations, we observed that, you know, this experience really offered fun for all ages. We see participants ranging from children as young as four to five years old, to seniors in their 60s and 70s.

And from the opening and filling out what that visitor numbers have continued to the a two well and based on the actual operation we observed that you know.

It's expand really offered central Asia.

Asia, we see her kids and I'm thinking from children as young as sportswear five years old so seniors in their sixties in sending them now, let's see the other young adult you'll really off before that that's the whole thing.

Xiaohui Wang: 嗯，然后今年的扬州，扬州要特殊，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，呃，然后预估，呃，这些，这些，就就就这些，这个，这个旺季的这个单日收入峰值可能还能涨一到两倍。嗯，就比过去的这十几天时间。嗯。

<unk>, maybe you want to leave it for now.

Oh.

Yeah, she long ago.

Oh sure either Tommy Yeah.

Don't worry at all.

Yes.

So just yet.

Long either.

Your troops come home I moved out.

To be sure that there shouldn't be yesterday.

Chang Yu: We are looking at the potential for a 1 to 2 times increase in peak single day revenue during the following peak periods. For Yangzhou locations actually have its special areas for the spring season, especially March and April, is a peak travel season for Yangzhou. 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.

We are looking at the potential for a one to two times GDP.

<unk> didn't go Dave that when you're doing the following key areas.

For Yamato location Ashley.

A special area.

The spring season, especially March and April at a peak.

Hello, Keith and Don and also absolutely and we have to labor already in May and the summer months.

In August and also the National day holiday in October.

The key holidays and period of potentially boots ever have any fundings compared to the first time in general would you get fucked either true.

Xiaohui Wang: 嗯，这种预估基于两点吧。第一点是，就是这个营销的这个效果，呃，触达的人群跟深度会继续提升。第二点呢，就是运营效率会提升，呃，然后在单位时间里头服务的游客会更多一些。

So for the installer to even show up without it and sugar simple, which is you shrunk Garnet Hill chartered with control.

The whole diet that makes that even before they go public employees.

Chang Yu: The expected growth will come probably from two major areas: from a more deeper, you know, operation to a more finer, detailed operation for the entire iQIYI event, and also the increased efficiency for iQIYI event as well.

And they expect this growth will come probably from two major areas.

No.

Our operations to a more finer detail operation up for the entire event and also the increased efficiencies.

I see it as well.

Xiaohui Wang: 嗯，里面也升，乐园里面也升级了，可玩价值超过一百元。嗯，现在这个商品还不够丰富，所以，呃，团队下一步会继续丰富衍生品，然后可玩价值和购买人数双，双向的多增加。

Yeah.

Yeah, So I'll leave at that.

Sometimes even from here.

We'll see.

So I will say to your portfolio.

Yeah I'll go back to this rule from Santiago drove him Yep.

Chang Yu: Currently the average transaction value for consumer products at iQIYI LAND is about CNY 100. 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 consumer product team operation.

Currently the average transaction value for consumer products Ikea land.

100 RMB.

We think there's potential for growth in the future.

We will try to load more credits in the future and also to extend to other categories in the past week.

And when we find them consumers.

<unk> operation.

Xiaohui Wang: 嗯，关于衍生品方面呢，今年会做更多的自营，呃，更多品牌的自营，呃，预计会至少百分之一百以上的收入增长率。

Well that's yes.

Genius.

Uh huh.

Gonna Bullshit.

Thank you.

Sure so all of that.

I think from their food.

Chang Yu: For this year, we will focus more on the self-operated IP consumer products. The operations will be strengthened this year. This will lead to a revenue potential growth of a 100% this year.

And but this year, we will focus more.

The self operated IP comes from Nevada.

The operations will be strengthened this year and this will lead to revenue growth of 11% this year.

Xiaohui Wang: 好，谢谢。

Chang Yu: Thank you! Your next question comes from Gigi Zhou with Guangfa. Please go ahead.

Operator: Thank you! Your next question comes from Gigi Zhou with Guangfa. Please go ahead.

Thank you.

Thank you. Your next question comes from D. J shall with Banca <unk>. Please go ahead.

Gigi Zhou: 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，然后也看到二五年取得了很好的一个成绩。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呃，会员业务相比是怎么样的，那有没有一些比如说在海外会员的这个 ARPU，还有他们的续费率上的一些呃，趋势性的一个分享。谢谢。

And she said Brian can you give us all of its one data how long have you been now than going in and I need to fine tune, how you can Oh Williams <unk>.

There's only so many T cell and then.

Linda Bachman with enhancing Fernando Chico isn't too late to do that.

Family dollar is going to come to them at the time.

Cancel my family and I am.

He's going to need a new one point Nathan.

Do you see somebody young Neely.

Neil you should do that.

And I agree and then Duncan pool.

She's going to Nissan sees something she said.

Chang Yu: Thank you, we'll invite our international business leader to take this question.

Thank you I will invite our international business.

Leader to take this question until I wouldn't count.

Jiang Haiyong: 就两个问题，第一个关于内容方面， iQIYI 的策略在海外是做以 Asian 内容为核心的一个视频平台，不仅仅是 Chinese 内容。首先 Chinese 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的成本，就可以分发到全球，这是我们的根基和核心。除了 Chinese 的内容以外，我们还有 Japanese 和 Korean 的动漫和剧集，以及非常 local 的，比如说 Thai 的剧集，然后一些只做 local 用户的 Indonesian 和 Malaysian 剧集，我们组成了一个以 Asian 内容为核心的视频平台，也使得我们区别于其他一些国际的主要媒体平台，它们是以 Western 或者 American 的内容为核心。这是第一个回答。

Oh man.

Yes, actually that's for the time I simply don't know Hershey Mega speak to that.

So you don't want even though it's a woman who couldn't hear them whenever you can sometimes hold up we felt like the resorts and to shorten lead times and finally for peanuts.

Something to somebody else grandchildren.

No question.

And then on your backlog, how do you want to handle.

<unk> seen a low quarter because of Taiwan, a T. G. I always yet before look we don't want to give me a minor with UGG women's and something that you have some nasal basically hemostasis impact you said the woman should be in Chicago, where he doesn't know my intuition that come in see she found with a night would've been only crazy anticipate okay.

Chang Yu: Okay, in terms of our content, our brand or our slogan is the beloved Asian content. We focus on not only Chinese content, but also on the Asian content as well. Of course, Asian Chinese content, which we call people or C-drama, is our foundation because all the content has been already produced for our domestic business, so we only have to increase 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 region, Malaysia, and also Indonesia. This is how we set apart from many of the Western players in overseas. For example, Netflix and other houses, they hold a lot of the Western content, whereas for us, we are a home of the beloved Asian content.

In terms of our content.

Our our Slovenian stuffy luck in Asian content, So we focus not only Chinese content, but also the agent.

Well of course.

Chinese content.

Paul or Steve Pharma, It's our foundation because all the content.

For our domestic business.

You may have to incur some of the dumping and also translation, which it's a class with a much more efficient and controllable, but in addition to <unk> and.

Also China Okay.

For example, a Japanese animation also Korean dramas and also the local content for example for it that high region, Malaysia, and also Indonesia. So that this Halloween set apart from.

Many of our western players and overseas and for example, Netflix and other houses they have a lot of the western content, whereas for US we are giving.

Give us some context.

Jiang Haiyong: 嗯，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，呃，目前竖屏的剧集在我们整个的播放品类里边排到第二，而且增长的速度非常快，春节期间它的整个的收入和市场又创了新高，呃，这个目前来看也是区别于其他的一些视频平台的非常重要的一个品类。

Oh, what's up was one of the highest one <unk>.

Sue can you choose right.

Sounds good I was just hoping that you chi.

Absolutely, let you Chi Tsang Wilmington, profound maybe Pam product unsuitable friedhelm quite serious again out of them that are suitable for some time to Thomas Cingal.

We shall now since you got even Chicago has just moved from that I think that's something we all know you can say.

Chang Yu: Okay, also, I want to add real quickly in terms of another content genre called micro drama. We actually, this is something we rolled out end of last year, and in terms of the content viewing time contribution, micro drama already ranks as number two content categories of the overseas platform. It has been growing quickly and 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.

Okay, and also I want to add real quickly in terms of.

Not that come from China.

Microtrauma, we actually this is something we rolled out end of last year and in terms of the top 10 revenue content anytime a contribution microlith I'm not we've already ranks number two content categories of the overseas staffer and he has quickly and also very.

Recently for the Chinese new year, he has experienced rapid growth as well and reached a new high so that that's something else also that set us apart from the west China players in overseas market.

Jiang Haiyong: 嗯，关于第二个问题，关于会员的 ARPU 和流程方面的。呃，这个呢，是每个国家都不太一样，呃，我们针对每个国家都或者地区都定了不同的价格，我们的价格大概在一个中间的位置，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。那同样呢，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。那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。

Breakdown give unclear under on people, who are Nielsen farmland and I'm.

Thank goodness.

Without putting a young.

Well then somebody makeup work toward quality cheetos Istanbul minutes out good sometimes at sea, but sometimes that needs to be greener and hang up carried at S&P Egyptian even in the I'll call. It kind of unfortunate that we pointed.

Pointed out and then put them no cortana do make I'm tempted to do job herself.

So it will come down to once a year.

And it sounds it sounds really job. She found five damage. It was that was a couple of things out would be one entity dialogue go up we are often the only times you bought them.

So I'm kind of feed off of pretty be according to our DC that is a full turnkey lights out some goodness I led off with some of these people when they are called.

Chang Yu: In terms of a question regarding ARPU and also membership performance, for ARPU, actually, for each region is actually different. Overall speaking, we would think we're at the mid range of the price tier. For each different region, we set a different price sense. For areas more developed, similar to the Western spending powers, the ARPU is a bit higher from the China domestic region. For the developing regions, for example, like Southeast Asia, the average ARPU is a bit lower than the China domestic regions. Overall speaking, I would say that overseas ARPU will be greater or more than the China domestic ARPU.

And the engine Super question of it's already are cool and also membership.

For Arco actually for each region, it's absolutely different about it you move it to eat away at the mid range of the SPX.

<unk>.

For each different lead every it's at a different price for areas more developed looking similar to the west trade spending towers that are call it a bit higher from the China domestic region and for revision or the developing region. For example, like the southeast Asia, the average or predict that.

All right.

China domestic region, but overall speaking I will say that the overseas are or will be greater or more than that China domestic carpool.

Jiang Haiyong: 嗯，关于流程方面，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，是一种免费的模式，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，它的流程要比国内要好。在一些比较呃，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。

What are you doing some Tommy G. I couldn't think of some of these people have been on acquiring new ones, but the same Washington quality downstream on premium loss.

For example, sofa to your buddies I'm sorry anymore.

Something that kind of is it somebody somebody says I'm just a holiday. She has some time, although it's hung up the Cornell.

Yeah, Doug shellfish and assembly.

Good evening gentlemen.

There's just some other little trend.

T V. A feature that's only like town can you tell us what is helpful.

Chang Yu: In terms of the membership retention in overseas business, we adopt the premium model, which is the free plus paid content model. In areas such as more developed regions, I will say that this is very much similar to their spending habit and viewing habit. The retention is actually a bit better than domestic areas. In some of the areas such as the developing regions, the retention performance is a bit lower. Overall speaking, the overall membership retention is similar to our domestic level.

And in terms of the membership retention.

In overseas business, we have done.

The freemium model, which is a free but paid.

Paid content models and in areas such as more developed regions I will say the.

Very much similar to their spending habits.

That does make Tien tsin is actually a bit better than.

Domestic areas, but in some of the areas, especially in the developing regions.

The retention fulfillment a bit lower but overall speaking.

Overall membership.

Retention is similar to our domestic level.

Jiang Haiyong: Thank you.

Chang Yu: In terms of 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, you know, income, because there is some financial, you know, accounting that 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.

As you're thinking without commitments.

Can you do for.

Javier will Jones, New York for Tom.

Also you'd be artificially at all.

I hope that's helpful.

Pat Hall, Okay.

People watch what happens.

Hooker for you that Hugh.

In terms of that.

The performance for the financial aspect of it.

The free cash flow now is positive in terms of the pent up demand for operating.

No.

Income because theres some financial okay.

One thing that came in that we still have to start out now we we haven't disclosed the exact numbers, we will share more insights as we might say.

Jiang Haiyong: Okay, thank you.

Okay.

Thank you.

Chang Yu: Thank you.

Thank you there are no further questions at this time I'll now hand back to management for closing remarks.

Chang Yu: Thank you. There are no further questions at this time. I'll now head back to management for closing remarks.

Operator: Thank you. There are no further questions at this time. I'll now head back to management for closing remarks.

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

Thank you everyone for joining the call today and if you have any further questions. Please do not.

Thank you. Thank you bye bye.

Jiang Haiyong: Thank you. Bye-bye.

Yeah.

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

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

Yeah.

Yes.

Okay.

[music].

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