财报承压股价创新低，净利润暴跌七成，爱奇艺跨界求索“第二曲线”能否解忧？

深圳商报·读创02-27

深圳商报·读创客户端记者邱清月　　27日，爱奇艺在美股盘前交出了一份喜忧参半的2025年财报，截至美股26日收盘，爱奇艺当日股价下跌3.39%，报收于1.71美元，再创年内新低。该股已连跌三年多，总市值缩水至16.47亿美元。在长视频行业被短视频和AI技术变革双重挤压的背景下，这家曾经的行业龙头正面临着“守成”与“突围”的艰难抉择。　　会员收入滑坡与利润锐减七成　　财报数据显示，爱奇艺2025年...

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Can iQiyi's cross-border search for the \"second curve\" solve worries?","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"89888":0.6,"IQ":1.96},"content_text":"深圳商报·读创客户端记者邱清月　　27日，爱奇艺在美股盘前交出了一份喜忧参半的2025年财报，截至美股26日收盘，爱奇艺当日股价下跌3.39%，报收于1.71美元，再创年内新低。该股已连跌三年多，总市值缩水至16.47亿美元。在长视频行业被短视频和AI技术变革双重挤压的背景下，这家曾经的行业龙头正面临着“守成”与“突围”的艰难抉择。　　会员收入滑坡与利润锐减七成　　财报数据显示，爱奇艺2025年全年总收入为272.9亿元人民币，同比下滑7%。会员服务收入为168.1亿元，同比下降约5%，占全年总收入的61.6%。爱奇艺在公告中解释称，会员收入下滑主要系平台内容上线节奏放缓，内容阵容相对轻量级，影响了会员的拉新与留存。　　更为严峻的是盈利能力的收窄。2025年全年，基于非美国通用会计准则的运营利润为6.4亿元，相比2024年的23.6亿元大幅下滑约73%。即便剔除股权激励费用等因素，净利润的暴跌依然反映出公司主营业务赚钱效应的减弱。虽然爱奇艺宣称已连续四年实现运营盈利，但2025年的利润规模已退回至数年前的水平。　　广告业务同样未能幸免。2025年在线广告服务收入为51.9亿元，同比下降9%。尽管第四季度得益于AI大模型提升广告转化率以及短剧带来的库存增加，公司广告收入环比增长9%，但在宏观环境与短视频激烈竞争下，品牌广告的整体预算收缩仍是不争的事实。此外，内容分发收入也因易货交易减少同比下降12%至25亿元。　　值得注意的是，公司内容成本虽同比微降2%至154.5亿元，但仍占据营收的56%以上。这种“降本”并未有效转化为“增效”，反而因内容供给的“轻量化”动摇了会员付费的根本。杰富瑞在财报后发布研报，因内容前景疲软将爱奇艺目标价从2.41美元下调至2.22美元，指出公司战略重点转变可能导致第一季度内容发行继续疲软，甚至出现运营亏损。　　海外与乐园的“远水”想解近渴　　面对基本盘的疲软，爱奇艺正在试图讲述新的故事。海外业务成为本次财报中难得的亮点：2025年海外全年会员收入同比增长超30%，下半年增速更是提升至40%，全年会员规模创新高，巴西、墨西哥等市场表现尤为亮眼 。爱奇艺海外业务总裁杨向华在电话会上表示，2026年海外业务的目标是实现收入继续高比例增长。　　与此同时，爱奇艺将目光投向了线下。今年2月8日，全球首家爱奇艺乐园在江苏扬州正式开业，主打“小型化、快迭代、强互动”的沉浸式体验，深度融合了平台旗下剧集IP。创始人龚宇将其定义为“从线上迈向线下的关键一步”，认为线下沉浸式娱乐拥有更大发展空间。此外，爱奇艺还通过“长剧IP反哺短剧”的方式切入短剧市场，如基于《唐朝诡事录》IP开发的横屏短剧《唐诡奇谭》取得了不错的热度。　　这些探索虽然看似前景广阔，但对于当下的爱奇艺而言，却多少显得有些“远水难解近渴”。乐园业务采取轻资产模式，单店体量不大，目前仍处于品牌孵化期，短期内难以对百亿级营收大盘产生实质性影响。　　从行业环境来看，长视频行业正面临“冰火两重天”的格局，竞争压力持续升级。一方面，行业头部格局发生变化，“腾爱优”三巨头格局被打破，芒果TV凭借综艺优势和剧集发力，以2.84亿月活用户稳居第三，与优酷拉开明显差距；腾讯视频则凭借稳定的内容供给，保持用户规模领先地位，形成对爱奇艺的持续挤压。另一方面，短剧市场的爆发式增长对长视频形成强烈冲击，2025年微短剧市场规模突破千亿元，用户日均观看时长超两小时，分流了大量长视频用户注意力。在短视频和免费微短剧的冲击下，用户时长和广告预算的迁移已成定局。（文章来源：深圳商报·读创）","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-2","news_tag":"dataReport","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.43.1","shortVersion":"4.43.1","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2614008838","isCrawlerRequest":true}