iQIYI (IQ, Financial) has released its unaudited financial results for the fourth quarter and full year ending December 31, 2024. The company reported annual revenue of RMB 29.23 billion and a Non-GAAP operating profit of RMB 2.36 billion, marking an 8% operating profit margin and three consecutive years of operational profitability. In the fourth quarter, iQIYI achieved total revenue of RMB 6.61 billion with a Non-GAAP operating profit of RMB 410 million and a 6% operating profit margin.
CEO Gong Yu highlighted the strong performance driven by popular content releases since November 2024, which solidified iQIYI's market-leading position. The company's drama series ranked first in market share according to Yunhe Data, with subscription memberships seeing significant growth.
iQIYI's fourth-quarter revenue from membership services was RMB 4.10 billion, with online advertising services generating RMB 1.43 billion, a 7% sequential increase. Content distribution revenue totaled RMB 410 million, while other income was RMB 670 million. The total costs for 2024 amounted to RMB 21.95 billion, with content costs being a major component at RMB 15.71 billion.
Despite a net loss of RMB 189.4 million in the fourth quarter due to foreign exchange losses, iQIYI's Non-GAAP net profit for 2024 was RMB 1.51 billion. The company maintained positive cash flow, with net cash inflow from operating activities at RMB 2.11 billion and free cash flow at RMB 2.03 billion for the year.
