> **来源：[研报客](https://pc.yanbaoke.cn)** # iQiyi (IQ US) 1Q26 Results Summary ## Core Content iQiyi released its 1Q26 financial results, reporting a total revenue decline of 13% year-over-year (YoY) and 8% quarter-over-quarter (QoQ) to RMB6.23 billion, aligning with the Bloomberg consensus and CMBIGM's estimates. The company recorded a non-GAAP net loss of RMB234 million, down from a net income of RMB308 million in 1Q25, primarily due to operating deleverage. For 2Q26E, the company expects a 2% QoQ revenue recovery to RMB6.35 billion, driven by the sequential growth in online advertising and content distribution revenue. However, the overall revenue forecast for FY26-FY28 is slightly trimmed by 1-2% due to the slow recovery in membership business. The target price for IQ US has been revised to US\$1.58, based on a 0.40x FY26E price-to-sales (P/S) multiple, down from the previous US\$1.80 based on a 0.45x multiple. The current share price is US\$1.13, with a 39.8% upside potential. ## Key Financial Highlights ### Revenue - **1Q26**: RMB6.23 billion (-13% YoY, -8% QoQ) - **FY26E**: RMB25.9 billion - **FY27E**: RMB26.7 billion - **FY28E**: RMB27.7 billion ### Adjusted Net Profit - **1Q26**: RMB-38 million - **FY26E**: RMB-38 million - **FY27E**: RMB778 million - **FY28E**: RMB1,241 million ### EPS (Adjusted) - **1Q26**: RMB-0.04 - **FY26E**: RMB-0.04 - **FY27E**: RMB0.81 - **FY28E**: RMB1.29 ### P/S - **FY26E**: 0.40x - **FY27E**: 0.30x - **FY28E**: 0.30x ### Valuation - **Target Price**: US\$1.58 - **Current Price**: US\$1.13 - **Upside Potential**: 39.8% ## Main Revenue Drivers and Performance - **Membership Services Revenue**: Declined by 5% YoY but increased by 2% QoQ to RMB4.20 billion, supported by the strong viewership of titles like *Pursuit of Jade* and *How Dare You*. - **Online Advertising Revenue**: Declined by 7% YoY and 8% QoQ to RMB1.24 billion, affected by seasonality and the lack of popular variety shows. - **Content Distribution Revenue**: Dropped by 43% YoY and 54% QoQ to RMB359 million, due to a strategic shift in content distribution. - **Other Revenue**: Declined by 49% YoY and 22% QoQ to RMB427 million. ## New Growth Engines iQiyi is making solid progress on new growth initiatives: - **Overseas Membership Revenue**: Increased by over 40% YoY, driven by the appeal of its premium Asian content. - **IP-Based Consumer Products**: Delivered strong performance, notably with the sales of collectible cards for popular titles. - **NaDou Pro (AI-Powered Content Production Platform)**: Attracted over 10,000 active creators since its launch in April, with rapid token consumption indicating potential for long-term monetization. ## AI and Efficiency The company is leveraging AI to improve content production efficiency: - Launched over 3,000 AI-generated micro dramas in 1Q26. - Expected improved content production and review efficiency to gradually enhance profitability and cash flow generation. ## Financial Performance Overview ### Gross Margin - **1Q26**: 18.6% - **FY26E**: 18.6% - **FY27E**: 21.3% - **FY28E**: 22.9% ### Operating Margin - **1Q26**: -2.4% - **FY26E**: 0.4% - **FY27E**: 3.4% - **FY28E**: 5.3% ### Non-GAAP Net Margin - **1Q26**: -0.1% - **FY26E**: -0.1% - **FY27E**: 2.9% - **FY28E**: 4.5% ## Shareholding and Stock Data - **Market Cap (US$ million)**: 1,090.7 - **Average 3-Month Turnover (US$ million)**: 6.9 - **52-Week High/Low (US$)**: 2.79/1.11 - **Total Issued Shares (million)**: 965.2 ## Shareholding Structure - **Baidu**: 45.1% - **PAG**: 12.2% ## Share Performance | Period | Absolute (%) | Relative (%) | |--------|--------------|--------------| | 1-Month | -19.9% | -24.8% | | 3-Month | -36.2% | -44.5% | | 6-Month | -49.6% | -56.4% | ## Analyst Recommendations - **Rating**: BUY (Maintain) - **Target Price**: US\$1.58 (Previously US\$1.80) - **Reasoning**: Despite short-term challenges, the company's new growth initiatives (AI, overseas, IP-related businesses) are expected to drive long-term recovery in business fundamentals and valuation. ## Conclusion iQiyi faces short-term revenue and profitability challenges, but its strategic focus on new growth engines is expected to lead to a gradual recovery in the mid-to-long term. The company is actively leveraging AI to enhance content production efficiency and is expanding its reach internationally. While its current valuation is at a discount to the sector average, the long-term growth potential and business fundamentals suggest a BUY rating.