iQiyi swings to net loss in Q2

iQiyi reported Q2 2025 revenue of RMB 6.63 billion, down 11% YoY, as membership and ad income declined. The company swung to a net loss of RMB 134 million from a profit a year earlier, while free cash flow fell to negative RMB 34 million. It said it is investing in micro dramas, new experiences, and overseas expansion to drive long-term growth.