Iqiyi波動至第四季度的淨損失；宣布3億美元可轉換債券發行

中國視頻流媒體平台IQIYI（NASDAQ：IQ）報告了2024年令人失望的財務業績，該公司跌至第四季度淨虧損

Chinese video streaming platform iQIYI (NASDAQ:IQ) reported a net loss for 2024 and announced a $300 million convertible bond offering to strengthen its financial position.

中國視頻流媒體平台IQIYI（NASDAQ：IQ）報告了2024年的淨虧損，並宣布了3億美元的可轉換債券，以加強其財務狀況。

The company's fourth-quarter results showed a stark reversal from the previous year, posting a net loss of RMB189 million. This stands in contrast to the RMB466 million net income recorded in the same period of 2023, marking a notable decline in profitability.

該公司的第四季度業績顯示出與上一年相比截然不同，淨虧損為1.89億元。這與2023年同期記錄的4.66億元人民幣淨收入相反，這標誌著盈利能力顯著下降。

Full-year performance for 2024 similarly showed weakening metrics across key areas. Net income dropped by 60% to RMB764 million, down from RMB1.9 billion in 2023. Revenue for the year decreased by 8.3% to RMB29.22 billion, compared to RMB31.87 billion in the previous year.

2024年的全年表現類似地顯示，整個關鍵領域的指標減弱。淨收入下降了60％，至7.64億元人民幣，低於2023年的19億元人民幣。年收入下降了8.3％，至292.2億元，而上一年為318.7億元。

The fourth quarter of 2024 proved particularly challenging, with quarterly revenue declining by 14% to RMB6.6 billion from RMB7.7 billion in the same period of 2023. These results triggered a sharp market reaction, with iQIYI’s stock price fell 9.25% when the earnings were announced.

事實證明，2024年第四季度特別具有挑戰性，季度收入在2023年同期的77億元中下降了14％，至66億元人民幣。這些結果引發了急劇的市場反應，當IQIYI的股價下降了9.25％時。收入宣布。

Despite the disappointing numbers, iQIYI's Chief Finance Officer Jun Wang maintained an optimistic outlook. “We continued to execute with a focus on discipline and efficiency, which led to sequential growth in operating profit for the fourth quarter,” Wang stated, adding that strong operational momentum was extending into early 2025.

儘管數字令人失望，但Iqiyi的首席財務官Jun Wang保持了樂觀的看法。王說：“我們繼續執行紀律和效率，這導致了第四季度運營利潤的順序增長。”他補充說，強大的運營動力一直延伸到2025年初。

Convertible Bond Offering

可轉換債券產品

iQIYI announced a $300 million convertible bond offering. According to terms reviewed by Reuters, the unsecured senior notes will have a five-year maturity period and offer a coupon rate ranging from 4.25% to 4.75% per year, with payments to be made quarterly.

Iqiyi宣布了3億美元的可轉換債券。根據路透社審查的條款，無抵押的高級票據將有五年的到期期限，並提供每年4.25％至4.75％的息票利率，每季度付款。

The bond issuance is being managed by major financial institutions, with Bank of America, Morgan Stanley, and JPMorgan serving as joint bookrunners for the deal. The company plans to use the proceeds to repay or repurchase existing debt securities and for general corporate purposes.

債券發行由主要金融機構管理，美國銀行，摩根士丹利和摩根大通作為該交易的聯合書房。公司計劃利用收益償還或回購現有的債務證券，並出於一般公司目的。

Despite the recent earnings-related stock decline, iQIYI’s shares have shown positive momentum in 2025, rising approximately 20% since the start of the year. As of Wednesday’s close, the stock traded at $2.42 per share, giving the company a market capitalization of $2.3 billion.

儘管最近與盈利有關的股票下跌，但Iqiyi的股票在2025年表現出積極的勢頭，自今年年初以來約為20％。截至週三收盤時，該股票的股價為每股2.42美元，使該公司的市值為23億美元。

The company's recent performance comes amid broader movement in Chinese tech stocks, which have seen gains in recent weeks. This uptick has been attributed to optimism surrounding the DeepSeek AI breakthrough and what appears to be a more favorable regulatory environment for internet companies.

該公司最近的業績是在中國科技股中更廣泛的運動中，這些股票在最近幾週獲得了收益。這種上升歸因於圍繞DeepSeek AI突破的樂觀情緒，以及對互聯網公司的監管環境似乎更有利的監管環境。

The market’s reaction to iQIYI’s earnings report was swift and clear. The 9.25% drop in share price on Tuesday reflected investor concerns about the company’s financial performance and future prospects.

市場對Iqiyi收益報告的反應迅速而明確。週二的股價下跌9.25％，反映出投資者對公司財務業績和未來前景的擔憂。

In terms of operational metrics, the decline in both quarterly and annual revenue suggests challenges in the company’s core streaming business. The 14% decrease in fourth-quarter revenue represents the largest quarterly decline reported in the available data.

在運營指標方面，季度和年收入的下降表明了公司核心流媒體業務的挑戰。第四季度收入的14％下降代表了可用數據中報告的最大季度下降。

Moreover, the shift from profit to loss in the fourth quarter highlights the current challenges in the Chinese streaming market, as the broader industry faces various operational and competitive pressures.

此外，由於更廣泛的行業面臨著各種運營和競爭性壓力，因此第四季度從利潤到虧損的轉變強調了中國流媒體市場的挑戰。

iQIYI’s stock closed at $2.42 on Wednesday, with trading volume remaining consistent with historical patterns. The company’s market capitalization of $2.3 billion reflects the market’s current valuation of the business following these developments.

Iqiyi的股票週三收於2.42美元，交易量與歷史模式保持一致。該公司的23億美元市值反映了這些事態發展後市場當前對業務的估值。