iQIYI, Inc. reported total revenues of RMB7.19 billion (US$990.3 million) for the first quarter of 2025, a 9% decrease year over year, but a 9% increase sequentially. Membership services revenue was RMB4.40 billion (US$606.2 million), down 8% year over year, but up 7% sequentially. Online advertising services revenue decreased by 10% year over year to RMB1.33 billion (US$183.0 million).
The company reported a net income attributable to iQIYI of RMB182.1 million (US$25.1 million), compared to RMB655.3 million in the same period of 2024. Diluted net income per ADS was RMB0.19 (US$0.03). Non-GAAP net income attributable to iQIYI was RMB304.4 million (US$42.0 million), compared to RMB844.3 million in Q1 2024.
Operating cash flow remained positive for the twelfth consecutive quarter, reaching RMB339.0 million (US$46.7 million), with free cash flow at RMB307.7 million (US$42.4 million). As of March 31, 2025, iQIYI held RMB5.70 billion (US$786.1 million) in cash, cash equivalents, and investments. The company's net interest expense consistently declined for six quarters, reflecting efforts to optimize its capital structure.
CEO Yu Gong noted that long-form dramas continued to lead in total viewership market share, and micro dramas demonstrated notable growth in viewership and engagement during the quarter. Management highlighted that micro drama user engagement surged, with high-engagement users increasing threefold between December 2024 and April 2025, and daily time spent on micro drama content rising over 300% in the same period. Over 15,000 micro drama titles are available, with some top titles exceeding RMB 1 million in weekly revenue share.
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