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iQIYI’s RMB 6.2 Billion Quarter: Can Membership Growth Offset Ad Weakness?

iQIYI, Inc. reported its financial and operational results for the first quarter of 2026, highlighting progress in its core streaming business alongside strategic initiatives in AI-driven content creation and international expansion. The company’s total revenue reached RMB 6.2 billion, marking an 8% sequential decline largely due to seasonality and reduced third-party content distribution. Membership services revenue increased 2% sequentially to RMB 4.2 billion, fueled by strong performance of premium domestic dramas such as The Punishment 2, Pursuit of Jade, and How Dare You!?, which resonated with the platform’s key young female demographic. Online advertising revenue declined 8% sequentially to RMB 1.2 billion, impacted by typical seasonal fluctuations, while content costs decreased modestly by 2%, reflecting a disciplined expense management approach. iQIYI emphasized its commitment to content quality with an expanding pipeline featuring over 100 short-form dramas planned for 2026, along with a growing slate of internet feature films.