BEIJING, Aug. 13, 2020 /PRNewswire/ -- iQIYI, Inc.
(Nasdaq: IQ) ("iQIYI" or the "Company"), an innovative
market-leading online entertainment service in China, today announced its unaudited financial
results for the second quarter ended June
30, 2020.
Second Quarter 2020 Highlights
- Total revenues were RMB7.4
billion (US$1.0
billion[1]), representing a 4% increase from the
same period in 2019.
- Operating loss was RMB1.3 billion
(US$181.4 million) and operating loss
margin was 17%, compared to operating loss of RMB1.9 billion and operating loss margin of 26%
in the same period in 2019.
- Net loss attributable to iQIYI was RMB1.4 billion (US$204.1
million), compared to net loss attributable to iQIYI of
RMB2.3 billion in the same period in
2019. Diluted net loss attributable to iQIYI per ADS was
RMB1.96 (US$0.28), compared to diluted net loss
attributable to iQIYI per ADS of RMB3.22 in the same period of 2019.
- The number of total subscribing members was 104.9 million as of
June 30, 2020, 99.4% of whom were
paying subscribing members. This compares to 100.5 million of total
subscribing members as of June 30,
2019, up 4% year over year.
"We delivered another quarter of growth amid the volatile
environment with total revenues increasing 4% year over year,"
commented Dr. Yu Gong, Founder,
Director, and Chief Executive Officer of iQIYI. "The Covid-19
pandemic greatly impacted our business during the first half of the
year, resulting in unusual user behavior, fluctuating numbers, and
unprecedented challenges. Nevertheless, we further secured our
dominant market position bolstered by our substantial IP assets,
outstanding content, and robust technology platform. We continued
to be encouraged by the strong affinity users have for our original
content, as well as the industry-wide support and appreciation from
our content partners and advertising customers. We are confident in
our ability to navigate through uncertainties and emerge from it in
a strong position."
"Our membership services revenue grew by 19% year-over-year and
continued to be our largest business pillar for the second quarter.
We further optimized our membership system to cater to diverse user
needs by launching the S-diamond membership package." commented Mr.
Xiaodong Wang, Chief Financial
Officer of iQIYI. "Our loss margin narrowed as we kept
spending strategically on original content to boost in-house
production capability and made wise and disciplined investment
across the board. With the pandemic being contained in China and its adverse impact gradually fading
away, we believe we are still well on track to achieve healthy and
sustainable long-term growth."
Footnotes:
|
[1] Unless otherwise noted, all
translations from RMB to U.S. dollars are made at a rate of
RMB7.0651 to US$1.00, the exchange rate in effect as of June 30,
2020 as set forth in the H.10 statistical release of the Board of
Governors of the Federal Reserve System. Translations are provided
solely for the convenience of the reader.
|
Second Quarter 2020 Financial Results
Total revenues reached RMB7.4
billion (US$1.0 billion),
representing a 4% increase from the same period in 2019.
Membership services revenue was RMB4.0
billion (US$572.7 million),
representing a 19% increase from the same period in 2019. The
increase was primarily attributable to the growth in the number of
subscribing members and our various operational initiatives to
improve monetization.
Online advertising services revenue was RMB1.6 billion (US$224.5
million), representing a 28% decrease from the same period
in 2019. The decrease was primarily due to the challenging
macroeconomic environment in China.
Content distribution revenue was RMB860.6
million (US$121.8 million),
representing a 66% increase from the same period in 2019. The
growth was primarily attributable to the increase of high-quality
content which fulfilled distribution to other platforms during the
quarter.
Other revenues were RMB918.9
million (US$130.1 million),
representing a 6% decrease from the same period in 2019, primarily
due to the soft performance of certain business lines.
Cost of revenues was RMB6.8
billion (US$967.2 million),
representing a 2% decrease from the same period in 2019. The
decrease in cost of revenues was primarily due to lower bandwidth
cost and the exemption of cultural business construction fee this
year, partially offset by the increase of content costs. Content
costs as a component of cost of revenues were RMB5.1 billion (US$726.7
million), representing a 2% increase from the same period in
2019.
Selling, general and administrative expenses were RMB1.2 billion (US$169.2
million), representing a 11% decrease from the same period
in 2019. This was primarily due to less expenses for content and
game promotion, as well as lower spending on offline branding
activities.
Research and development expenses were RMB664.0 million (US$94.0
million), flat compared with the same period in 2019.
Operating loss was RMB1.3 billion
(US$181.4 million), compared to
operating loss of RMB1.9 billion in
the same period in 2019. Operating loss margin was 17%, compared to
operating loss margin of 26% in the same period in 2019.
Total other expense was RMB140.8
million (US$19.9 million),
compared to total other expense of RMB426.7
million during the same period of 2019. The year-over-year
variance was mainly due to the fluctuation of exchange rate between
Renminbi and the U.S. dollar.
Loss before income taxes was RMB1.4
billion (US$201.3 million),
compared to loss before income taxes of RMB2.3 billion in the same period in 2019.
Income tax expense was RMB15.9
million (US$2.3 million),
compared to income tax expense of RMB5.8
million in the same period in 2019.
Net loss attributable to iQIYI was RMB1.4
billion (US$204.1 million),
compared to net loss attributable to iQIYI of RMB2.3 billion in the same period in 2019.
Diluted net loss attributable to iQIYI per ADS was RMB1.96 (US$0.28)
for the second quarter of 2020, compared to diluted net loss
attributable to iQIYI per ADS of RMB3.22 in the same period of 2019.
As of June 30, 2020, the Company
had cash, cash equivalents, restricted cash and short-term
investments of RMB9.5 billion
(US$1.3 billion).
Financial Guidance
For the third quarter of 2020, iQIYI expects total net revenues
to be between RMB6.95 billion
(US$984.1 million) and RMB7.40 billion (US$1.0
billion), representing a 6% decrease to flat year over year.
This forecast reflects iQIYI's current and preliminary view, which
may be subject to change.
SEC Investigation
The SEC's Division of Enforcement is seeking the production of
certain financial and operating records dating from January 1, 2018, as well as documents related to
certain acquisitions and investments that were identified in a
report issued by short-seller firm Wolfpack Research in
April 2020 ("Wolfpack Report"). The
Company is cooperating with the SEC. We cannot predict the
timing, outcome, or consequences of the SEC investigation.
In addition, shortly after the publication of the Wolfpack
Report, the Company engaged professional advisers to conduct an
internal review into certain of the key allegations in the Wolfpack
Report and to report their findings to the Company's Audit
Committee ("Internal Review"). These professional advisers
have been examining the Company's books and records and undertaking
testing procedures that, in their judgment, are necessary and
appropriate to evaluating the key allegations in the Wolfpack
Report, including accounting policy analysis, data analytics on
whether the Company manufactured orders and inflated revenues
and/or expenses. The Internal Review is ongoing and we cannot
predict the timing for completion, outcome, or consequences of the
Internal Review at this time.
Conference Call Information
iQIYI's management will hold an earnings conference call at
8:00 PM on August 13, 2020, U.S. Eastern Time (8:00 AM on August 14,
2020, Beijing Time).
Please register in advance of the conference using the link
provided below. Upon registering, participant will receive dial-in
numbers, Direct Event passcode and unique registrant ID by
email.
Participant Online
Registration: http://apac.directeventreg.com/registration/event/5968936
It will automatically direct you to the registration page of
"iQIYI Second Quarter 2020 Earnings Conference Call", where you may
fill in your details for RSVP. If it requires you to enter a
participant conference ID, please enter "5968936".
In the 10 minutes prior to the call start time, you may use the
conference access information (including dial-in number(s), Direct
Event passcode and unique registrant ID) provided in the
confirmation email that you have received following your
pre-registration.
A telephone replay of the call will be available after the
conclusion of the conference call through August 21, 2020.
Dial-in numbers for the replay are as follows:
International Dial-in
+61 2 8199 0299
Passcode: 5968936
A live and archived webcast of the conference call will be
available at http://ir.iqiyi.com/.
About iQIYI, Inc.
iQIYI, Inc. is an innovative market-leading online entertainment
service in China. Its corporate
DNA combines creative talent with technology, fostering an
environment for continuous innovation and the production of
blockbuster content. iQIYI's platform features highly popular
original content, as well as a comprehensive library of other
professionally-produced content, professional user generated
content and user-generated content. The Company distinguishes
itself in the online entertainment industry by its leading
technology platform powered by advanced AI, big data analytics and
other core proprietary technologies. iQIYI attracts a massive user
base with tremendous user engagement, and has developed a
diversified monetization model including membership services,
online advertising services, content distribution, online games,
live broadcasting, IP licensing, talent agency, online literature
and e-commerce etc.
Safe Harbor Statement
This announcement contains forward-looking statements. These
statements are made under the "safe harbor" provisions of the U.S.
Private Securities Litigation Reform Act of 1995. These
forward-looking statements can be identified by terminology such as
"will," "expects," "anticipates," "future," "intends," "plans,"
"believes," "estimates," "confident" and similar statements. Among
other things, the Financial Guidance and quotations from management
in this announcement, as well as iQIYI's strategic and operational
plans, contain forward-looking statements. iQIYI may also make
written or oral forward-looking statements in its periodic reports
to the U.S. Securities and Exchange Commission, in its annual
report to shareholders, in press releases and other written
materials and in oral statements made by its officers, directors or
employees to third parties. Statements that are not historical
facts, including but not limited to statements about iQIYI's
beliefs and expectations, are forward-looking statements.
Forward-looking statements involve inherent risks and
uncertainties. A number of factors could cause actual results to
differ materially from those contained in any forward-looking
statement, including but not limited to the following: iQIYI's
strategies; iQIYI's future business development, financial
condition and results of operations; iQIYI's ability to retain and
increase the number of users, members and advertising customers,
and expand its service offerings; competition in the online
entertainment industry; changes in iQIYI's revenues, costs or
expenditures; Chinese governmental policies and regulations
relating to the online entertainment industry, general economic and
business conditions globally and in China and assumptions underlying or related to
any of the foregoing. Further information regarding these and other
risks is included in the Company's filings with the Securities and
Exchange Commission. All information provided in this press release
and in the attachments is as of the date of the press release, and
iQIYI undertakes no duty to update such information, except as
required under applicable law.
Non-GAAP Financial Measures
To supplement iQIYI's consolidated financial results presented
in accordance with GAAP, iQIYI uses the free cash flow as non-GAAP
financial measure. The presentation of the non-GAAP financial
measure is not intended to be considered in isolation or as a
substitute for the financial information prepared and presented in
accordance with GAAP.
iQIYI believes that the non-GAAP financial measure provides
meaningful supplemental information regarding its liquidity by
excluding certain items that may not be indicative of its recurring
liquidity position, such as operating cash flows adjusted by
capital expenditures. The Company believes that both management and
investors benefit from referring to the non-GAAP financial measure
in assessing its liquidation and when planning and forecasting
future periods. The non-GAAP financial measure also facilitates
management's internal comparisons to iQIYI's historical liquidity.
The Company believes the non-GAAP financial measure is useful to
investors in allowing for greater transparency with respect to
supplemental information used by management in its financial and
operational decision making. A limitation of using the non-GAAP
financial measure is that the non-GAAP measure exclude certain
items that have been and will continue to be for the foreseeable
future a significant component in the Company's results of
operations. The non-GAAP financial measure presented here may not
be comparable to similarly titled measures presented by other
companies. Other companies may calculate similarly titled measures
differently, limiting their usefulness as comparative measures to
the Company's data.
Free cash flow represents net cash provided by operating
activities less capital expenditures. Starting from January 1, 2020, iQIYI adopted ASU 2019-02,
Improvements to Accounting for Costs of Films and License
Agreements for Program Materials, which reclassifies cash
outflows for costs incurred to acquire licensed contents from
investing activities to operating activities. To increase
comparability, 2019 free cash flow has been adjusted to include
cash outflows of acquisition of licensed copyrights, which is
presented on the same basis as 2020 and going forward.
For more information, please contact:
Investor Relations
iQIYI, Inc.
+ 86 10 8264 6585
ir@qiyi.com
iQIYI,
INC.
|
Condensed
Consolidated Statements of Loss
|
(In RMB
thousands, except for number of shares and per share
data)
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
June 30,
|
|
March
31,
|
|
June
30,
|
|
June
30,
|
|
June
30,
|
|
2019
|
|
2020
|
|
2020
|
|
2019
|
|
2020
|
|
RMB
|
|
RMB
|
|
RMB
|
|
RMB
|
|
RMB
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
Revenues:
|
|
|
|
|
|
|
|
|
|
Membership
services
|
3,412,349
|
|
4,634,347
|
|
4,045,968
|
|
6,857,692
|
|
8,680,315
|
Online advertising
services
|
2,200,682
|
|
1,536,770
|
|
1,586,083
|
|
4,320,115
|
|
3,122,853
|
Content
distribution
|
517,939
|
|
602,772
|
|
860,629
|
|
985,800
|
|
1,463,401
|
Others
|
979,211
|
|
875,877
|
|
918,897
|
|
1,936,493
|
|
1,794,774
|
Total
revenues
|
7,110,181
|
|
7,649,766
|
|
7,411,577
|
|
14,100,100
|
|
15,061,343
|
|
|
|
|
|
|
|
|
|
|
Operating
costs and expenses:
|
|
|
|
|
|
|
|
|
|
Cost of
revenues
|
(6,980,957)
|
|
(7,902,864)
|
|
(6,833,586)
|
|
(14,258,153)
|
|
(14,736,450)
|
Selling, general and
administrative
|
(1,346,324)
|
|
(1,310,603)
|
|
(1,195,632)
|
|
(2,486,935)
|
|
(2,506,235)
|
Research and
development
|
(654,601)
|
|
(678,135)
|
|
(664,045)
|
|
(1,252,673)
|
|
(1,342,180)
|
Total
operating costs and expenses
|
(8,981,882)
|
|
(9,891,602)
|
|
(8,693,263)
|
|
(17,997,761)
|
|
(18,584,865)
|
Operating
loss
|
(1,871,701)
|
|
(2,241,836)
|
|
(1,281,686)
|
|
(3,897,661)
|
|
(3,523,522)
|
|
|
|
|
|
|
|
|
|
|
Other
expense
|
|
|
|
|
|
|
|
|
|
Interest
income
|
130,721
|
|
56,594
|
|
44,425
|
|
195,818
|
|
101,019
|
Interest
expenses
|
(247,762)
|
|
(262,030)
|
|
(265,656)
|
|
(383,009)
|
|
(527,686)
|
Foreign exchange
(loss)/gain, net
|
(306,117)
|
|
(312,422)
|
|
61,199
|
|
21,918
|
|
(251,223)
|
Loss from equity
method investments
|
(38,112)
|
|
(96,838)
|
|
(62,205)
|
|
(72,647)
|
|
(159,043)
|
Other income/(loss),
net
|
34,593
|
|
(13,811)
|
|
81,389
|
|
22,369
|
|
67,578
|
Total other
expense, net
|
(426,677)
|
|
(628,507)
|
|
(140,848)
|
|
(215,551)
|
|
(769,355)
|
|
|
|
|
|
|
|
|
|
|
Loss before
income taxes
|
(2,298,378)
|
|
(2,870,343)
|
|
(1,422,534)
|
|
(4,113,212)
|
|
(4,292,877)
|
Income tax
expense
|
(5,776)
|
|
(4,841)
|
|
(15,926)
|
|
(13,219)
|
|
(20,767)
|
|
|
|
|
|
|
|
|
|
|
Net
loss
|
(2,304,154)
|
|
(2,875,184)
|
|
(1,438,460)
|
|
(4,126,431)
|
|
(4,313,644)
|
Less: Net
income/(loss) attributable to
noncontrolling interests
|
23,291
|
|
(542)
|
|
3,357
|
|
14,990
|
|
2,815
|
Net loss
attributable to iQIYI, Inc.
|
(2,327,445)
|
|
(2,874,642)
|
|
(1,441,817)
|
|
(4,141,421)
|
|
(4,316,459)
|
Accretion of
redeemable noncontrolling
interests
|
-
|
|
(1,717)
|
|
(1,747)
|
|
-
|
|
(3,464)
|
Net loss
attributable to ordinary
shareholders
|
(2,327,445)
|
|
(2,876,359)
|
|
(1,443,564)
|
|
(4,141,421)
|
|
(4,319,923)
|
|
|
|
|
|
|
|
|
|
|
Net loss per
share for Class A and Class
B ordinary shares:
|
|
|
|
|
|
|
|
|
|
Basic
|
(0.46)
|
|
(0.56)
|
|
(0.28)
|
|
(0.81)
|
|
(0.84)
|
Diluted
|
(0.46)
|
|
(0.56)
|
|
(0.28)
|
|
(0.81)
|
|
(0.84)
|
|
|
|
|
|
|
|
|
|
|
Net loss per
ADS (1 ADS equals 7 Class A
ordinary shares):
|
|
|
|
|
|
|
|
|
|
Basic
|
(3.22)
|
|
(3.92)
|
|
(1.96)
|
|
(5.67)
|
|
(5.88)
|
Diluted
|
(3.22)
|
|
(3.92)
|
|
(1.96)
|
|
(5.67)
|
|
(5.88)
|
|
|
|
|
|
|
|
|
|
|
Weighted average
number of Class A and
Class B ordinary shares used in net loss
per share computation:
|
|
|
|
|
|
|
|
|
|
Basic
|
5,102,652,726
|
|
5,137,428,818
|
|
5,151,499,718
|
|
5,092,895,972
|
|
5,144,464,250
|
Diluted
|
5,102,652,726
|
|
5,137,428,818
|
|
5,151,499,718
|
|
5,092,895,972
|
|
5,144,464,250
|
iQIYI,
INC.
|
Condensed
Consolidated Balance Sheets
|
(In RMB thousands,
except for number of shares and per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
December
31,
|
|
June
30,
|
|
|
2019
|
|
2020
|
|
|
RMB
|
|
RMB
(Unaudited)
|
|
|
|
|
|
ASSETS
|
|
|
|
|
Current assets:
|
|
|
|
|
Cash and cash
equivalents
|
|
5,934,742
|
|
4,280,694
|
Restricted
cash
|
|
974,932
|
|
999,282
|
Short-term
investments
|
|
4,579,313
|
|
4,196,237
|
Accounts
receivable
|
|
3,627,749
|
|
3,311,635
|
Prepayments and other
assets
|
|
3,719,228
|
|
3,613,564
|
Amounts due from
related parties
|
|
211,993
|
|
106,665
|
Licensed copyrights,
net
|
|
1,224,881
|
|
1,183,915
|
Total current assets
|
|
20,272,838
|
|
17,691,992
|
|
|
|
|
|
Non-current assets:
|
|
|
|
|
Fixed assets,
net
|
|
1,754,367
|
|
1,660,408
|
Long-term
investments
|
|
2,982,154
|
|
3,745,872
|
Deferred tax
assets, net
|
|
34,916
|
|
62,748
|
Licensed
copyrights, net
|
|
6,287,330
|
|
5,742,647
|
Intangible
assets, net
|
|
813,960
|
|
711,855
|
Produced
content, net
|
|
4,355,221
|
|
4,414,354
|
Prepayments and
other assets
|
|
3,508,476
|
|
3,059,272
|
Operating lease
assets
|
|
722,742
|
|
1,110,754
|
Goodwill
|
|
3,888,346
|
|
3,888,346
|
Amounts due from
related parties
|
|
172,200
|
|
189,200
|
Total non-current assets
|
|
24,519,712
|
|
24,585,456
|
|
|
|
|
|
Total
assets
|
|
44,792,550
|
|
42,277,448
|
|
|
|
|
|
LIABILITIES,
REDEEMABLE NONCONTROLLING INTERESTS AND SHAREHOLDERS'
EQUITY
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
Accounts and notes
payable
|
|
8,212,449
|
|
7,691,757
|
Amounts due to related
parties
|
|
1,604,258
|
|
1,628,514
|
Customer advances and
deferred revenue
|
|
3,081,407
|
|
3,131,602
|
Short-term
loans
|
|
2,618,170
|
|
3,614,023
|
Long-term loans,
current portion
|
|
736,814
|
|
466,521
|
Operating lease
liabilities, current portion
|
|
125,412
|
|
183,508
|
Accrued expenses and
other liabilities
|
|
3,794,656
|
|
3,750,768
|
Total current liabilities
|
|
20,173,166
|
|
20,466,693
|
Non-current
liabilities:
|
|
|
|
|
Long-term
loans
|
|
880,278
|
|
886,926
|
Convertible senior
notes
|
|
12,296,868
|
|
12,693,748
|
Deferred tax
liabilities
|
|
30,136
|
|
527
|
Amounts due to related
parties
|
|
1,061,883
|
|
1,020,261
|
Operating lease
liabilities
|
|
402,732
|
|
725,501
|
Other non-current
liabilities
|
|
232,555
|
|
223,813
|
Total non-current liabilities
|
|
14,904,452
|
|
15,550,776
|
|
|
|
|
|
Total
liabilities
|
|
35,077,618
|
|
36,017,469
|
|
|
|
|
|
Redeemable
noncontrolling interests:
|
|
101,542
|
|
105,006
|
|
|
|
|
|
Shareholders'
equity:
|
|
|
|
|
|
|
|
|
|
Class A ordinary
shares
|
|
142
|
|
145
|
Class B ordinary
shares
|
|
183
|
|
183
|
Additional paid-in
capital
|
|
41,298,328
|
|
42,057,844
|
Accumulated
deficit
|
|
(33,834,357)
|
|
(38,248,328)
|
Accumulated other
comprehensive income
|
|
2,106,718
|
|
2,300,941
|
Non-controlling
interests
|
|
42,376
|
|
44,188
|
Total
shareholders' equity
|
|
9,613,390
|
|
6,154,973
|
|
|
|
|
|
Total liabilities,
redeemable noncontrolling interests and shareholders'
equity
|
|
44,792,550
|
|
42,277,448
|
iQIYI,
INC.
|
Condensed
Consolidated Statements of
Cash Flows
|
(In RMB
thousands, except for number of shares and per share
data)
|
|
|
|
|
|
Three Months
Ended
|
|
June 30,
|
|
March
31,
|
|
June
30,
|
|
2019
|
|
2020
|
|
2020
|
|
RMB
|
|
RMB
|
|
RMB
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
|
|
|
|
|
Net cash provided by
(used in) operating activities(1)
|
890,678
|
|
(604,269)
|
|
(1,358,278)
|
Net cash (used in)
provided by investing activities
(1、2)
|
(7,836,357)
|
|
(1,609,423)
|
|
1,144,401
|
Net cash provided by
(used in) financing activities
|
373,109
|
|
(79,473)
|
|
822,793
|
Effect of exchange
rate changes on cash, cash equivalents
and restricted cash
|
171,050
|
|
64,567
|
|
(10,016)
|
Net (decrease)
increase in cash, cash equivalents and
restricted cash
|
(6,401,520)
|
|
(2,228,598)
|
|
598,900
|
Cash, cash
equivalents and restricted cash
|
|
|
|
|
|
At beginning of
period
|
14,025,538
|
|
6,909,674
|
|
4,681,076
|
At end of
period
|
7,624,018
|
|
4,681,076
|
|
5,279,976
|
|
|
|
|
|
|
Net cash provided
by (used in) operating activities
|
890,678
|
|
(604,269)
|
|
(1,358,278)
|
Less: Capital
expenditures (3)
|
(154,923)
|
|
(66,824)
|
|
(57,465)
|
Less: Acquisition of
licensed copyrights (1)
|
(2,906,429)
|
|
-
|
|
-
|
Free cash
flow
|
(2,170,674)
|
|
(671,093)
|
|
(1,415,743)
|
(1) Starting
from January 1, 2020, iQIYI adopted ASU 2019-02, Improvements to
Accounting for Costs of Films and License Agreements for Program
Materials, which reclassifies cash outflows for costs incurred
to acquire licensed contents from investing activities to operating
activities. To increase comparability, 2019 non-GAAP measure of
free cash flow has been adjusted to include cash outflows of
acquisition of licensed copyrights, which is presented on the same
basis as 2020 and going forward.
|
(2) Starting
from January 1, 2020, net cash used in or provided by investing
activities primarily consists of net cash flows from investing in
debt securities, purchase of long term investments and capital
expenditures.
|
(3) Capital
expenditures are incurred primarily in connection with leasehold
improvements, computers and servers.
|
View original
content:http://www.prnewswire.com/news-releases/iqiyi-announces-second-quarter-2020-financial-results-301112186.html
SOURCE iQIYI, Inc.