IQ 4Q25 Results: Membership Revs to Improve Sequentially in 1Q
What’s new: iQIYI's reported 4Q25 revs that were largely in line with consensus and our expectations. Membership revs could improve sequentially partly due to favorable seasonality with CNY. However, revs could see meaningful sequential decline partly due to drag in content distribution revs. We lower our PT from USD3.20 to USD2.40 due to lowered outlook. Our updated PT of USD2.40 implies 1.0x FY26E EV/Revs. We maintain our BUY rating.Analysts:
Jin Yoon
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New Street Research is an independent, partner-owned, research firm specialising in equity and debt research. Our equity research embraces the following sectors:
- Pan European Telecom Services and Cable
- US Telecoms, Cable, Satellite and Towers
- Global Emerging Market Telecoms
- Japan Telecoms
- Asian Internet
- Pan European Healthcare
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We provide debt research on:
- Pan European Telecom Services and Cable
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