重回亏损区间：AI能救爱奇艺吗？丨文娱财报观察

21世纪经济报道02-28

21世纪经济报道记者贺泓源、实习生徐鸿儒　　爱奇艺重回年度亏损区间。　　2026年2月26日，该公司披露业绩。财报显示，在2025年四季度，爱奇艺营收同比增长3%至67.9亿元；净亏损580万元，2024年同期净亏损为1.894亿元。当期，爱奇艺Non-GAAP（非美国通用会计准则）运营利润为1.4亿元。　　在2025年，爱奇艺营收同比下降7%至272.9亿元；净亏损2.063亿元，而2024年...

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Entertainment financial report observation","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"89888":0.6,"IQ":1.98},"content_text":"21世纪经济报道记者贺泓源、实习生徐鸿儒　　爱奇艺重回年度亏损区间。　　2026年2月26日，该公司披露业绩。财报显示，在2025年四季度，爱奇艺营收同比增长3%至67.9亿元；净亏损580万元，2024年同期净亏损为1.894亿元。当期，爱奇艺Non-GAAP（非美国通用会计准则）运营利润为1.4亿元。　　在2025年，爱奇艺营收同比下降7%至272.9亿元；净亏损2.063亿元，而2024年爱奇艺净利润达到7.641亿元。在2025年，爱奇艺Non-GAAP运营利润为6.4亿元。　　还需看到，眼下，爱奇艺正将AI视为转型的重要方向。 爆款推动　　客观上，爱奇艺的业绩正在相对好转。　　这在2024年第四季度营收重归增长区间中尤其明显。当期，爱奇艺会员收入略有增长至41.1亿元，广告收入收入同比下滑6%至13.5亿元，内容分发收入同比增长94%至7.877亿元。同期，爱奇艺其他收入同比下滑18%至5.479亿元。　　营收恢复增长，主要受到了《唐朝诡事录之长安》大热影响。　　爱奇艺提到，《唐朝诡事录》成为首个连续两季作品内容热度值破万的IP，《唐朝诡事录之长安》在2025年新上线剧集中广告收入表现第一，会员收入表现第二。短剧《唐诡奇谭之长安县尉》和《唐诡奇谭之九重楼》接连刷新短剧内容热度值记录。两部短剧首周观众中，均有超70%看过该系列长剧，显示多样化的内容形态有效延展了IP生命周期。　　具体到会员业务上，爱奇艺称，“加更礼免费看”等权益有效带动了星钻会员订阅与升级。主推年卡的节庆促销和联名卡等举措提升了会员留存。此种口径或许也代表着，爱奇艺会员规模增长相对有限，会员收入持平更多受会员升级等利好推动。　　而爱奇艺广告收入下滑，则更多受到了行业形势拖累。包括乳业、饮料、新茶饮在内的行业高管均向21世纪经济报道记者表态，基于长视频变现效率有限，他们都在相对缩减对长视频的投放规模。　　眼下，广告资金更多流向了抖音、小红书等渠道。QuestMobie数据显示，在2025年1-10月，硬广投放费用占比TOP15媒介中，淘宝、抖音、微信、快手、小红书位居前五。腾讯视频、爱奇艺仅排名在十一、十二位。　　对此，爱奇艺认为自己在广告市场依旧有着增量。　　据爱奇艺披露，其在2025年第四季度品牌广告收入同环比双增长，综艺和剧集广告收入均实现同比两位数增长。效果广告收入实现环比增长。　　AI时代　　事实上，随着字节跳动旗下视频生成模型Seedance 2.0的上线，整个文娱市场都在步入转型期。　　游戏科学创始人、CEO冯骥就在他的微博上表示，Seedance 2.0是当前地表最强视频生成模型。“AI理解多模态信息（文、画、影、音）并整合的能力完成了一次飞跃，令人惊叹。一般性视频的制作成本将无法再沿用影视行业的传统逻辑，开始逐渐趋近算力的边际成本。内容领域必将迎来史无前例的通货膨胀，传统组织结构与制作流程会被彻底重构。”他称。　　爱奇艺显然要必须面对新局面。　　爱奇艺创始人、首席执行官龚宇就在业绩会上表示，大模型对爱奇艺是非常利好的。他提到，视频大模型显然大幅降低长视频制作的成本，缩短制作时间，降低创作门槛，让更多创作者进入长视频制作行业，最终使得长视频的数量和质量大幅提升。　　龚宇还认为，除了漫剧本身就是AI原生内容，儿童动漫、短剧现在已经被验证可由AI直接生成，制作成本降至传统制作方式的十分之一甚至更少；传统的网络电影、动漫、纪录片等也正大量使用AI去制作；真人院线电影、真人剧集和综艺节目现在也开始用AI技术降低成本。“我们预估2-3年内出现AI主导生成的商业大片。”他说。　　AI战略　　落地到爱奇艺，该公司已在AI领域布局。　　据龚宇介绍，爱奇艺正在研发AI智能体平台“纳逗Pro”，将基座模型与爱奇艺在专业内容制作领域的经验相结合，从脚本评估到最终生成，全面优化制作流程。目前，纳逗Pro处于封闭测试中，已在电影、剧集、动画等各类专业内容领域，为内部团队及核心合作伙伴提供支持。　　但要看到，眼下AI对爱奇艺的种种帮助还未完全落地。此种模式是否能解爱奇艺的当下亏损局面，还有待观察。　　从理论上来讲，光降本一项都将对爱奇艺的运营有巨大推动。　　在2025年第四季度，爱奇艺内容成本同比增长11%至38.3亿元。爱奇艺首席内容官王晓晖在业绩会上透露，2026年，爱奇艺将小比例减少剧集的开机数量，更重要的是聚焦头部项目的创新和质量。他亦提及，目前在漫剧、动漫、竖屏短剧等类型的内容制作上，爱奇艺已经逐步转变为以 AI 生成为主导的制作方式。　　回到公司战略层面，龚宇表示，为赢得先机，在2026年，爱奇艺计划大力构建充满活力的AIGC生态系统，媒体平台的模式也将从中心化向非中心化转移，具体举措将在今年4月的爱奇艺世界·大会上公布。　　从他这种表态来看，AI对爱奇艺的业绩影响或更偏中远期。　　龚宇还提到，今年，爱奇艺将通过提升自制内容品质、夯实会员与广告业务来实现国内主业稳固发展；保持海外业务及体验业务强劲增长，打造更坚实的长期发展引擎。　　爱奇艺海外业务总裁杨向华在财报电话会上披露， 2026年海外业务整体策略是实现收入继续高比例增长。（文章来源：21世纪经济报道）","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","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":"4.42.0","shortVersion":"4.42.0","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/2614811891","isCrawlerRequest":true}