iQiyi: Optimistic About Generative AI Development, Actively Collaborating with Leading Generative AI Companies
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iQiyi recently released its financial report for the fourth quarter and full year of 2023. The total revenue for Q4 reached 7.7 billion yuan, a 1% year-on-year increase, while the annual revenue totaled 31.9 billion yuan, up 10% compared to the previous year. However, under non-GAAP measures, iQiyi's net profit attributable to shareholders was 682 million yuan in Q4 and 2.8 billion yuan for the full year, showing a decline year-over-year.
During the earnings call, iQiyi's management addressed analysts' questions and outlined future development directions and priorities. CEO Gong Yu stated that the primary goal for 2024 is to achieve high-quality growth, meaning simultaneous increases in both revenue and profit, with profit growth outpacing revenue growth. The focus will be on content-related initiatives, attracting more top talent to create better content, and optimizing intelligent production systems.
CFO Wang Jun emphasized that the 2024 financial data will focus on two key themes: growth and financial health. The company will continue to improve its financial health, with strong growth in operating cash flow expected to reduce leverage ratios, potentially lowering capital costs while enhancing shareholder returns. Chief Technology Officer Liu Wenfeng stated that the company is highly optimistic about the development of generative artificial intelligence technology and plans to fully apply this technology in the processes of content planning, development, production, and promotion to enhance creative efficiency and quality. iQiyi will collaborate with domestic and international technology companies to empower the creation of professional film and television content using the latest technologies.
Additionally, Chief Content Officer Wang Xiaohui mentioned that the company will continue to focus on the intense market competition, with an emphasis on providing high-quality content while maintaining a balance between content quality and commercial benefits. iQiyi will persist in valuing content creation principles, producing innovative, high-quality content with broad public recognition and maintaining industry leadership.