爱奇艺2019第二季度财报

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 209

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUERPURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of August 2019Commission File Number: 001-38431

iQIYI, Inc.

9/F, iQIYI Innovation Building

No. 2 Haidian North First Street, Haidian District, Beijing 100080

People’s Republic of ChinaTel: +86 10 6267-7171

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☒ Form 40-F ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ☐ SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by theundersigned, thereunto duly authorized.

iQIYI, Inc.

By : /s/ Xiaodong WangName : Xiaodong Wang

Title : Chief Financial Officer

Date: August 21, 2019

Exhibit IndexExhibit 99.1—Press Release

Exhibit 99.1

iQIYI Announces Second Quarter 2019 Financial Results

BEIJING, August 19, 2019 – iQIYI, Inc. (NASDAQ: IQ) (“iQIYI” or the “Company”), an innovative market-leading online entertainment service inChina, today announced its unaudited financial results for the second quarter ended June 30, 2019.Second Quarter 2019 Highlights

• Total revenues were RMB7.1 billion (US$1.0 billion1), representing a 15% increase from the same period in 2018.

• Operating loss was RMB1.9 billion (US$272.6 million) and operating loss margin was 26%, compared to operating loss of RMB1.3 billion and

operating loss margin of 22% in the same period in 2018.• Net loss attributable to iQIYI was RMB2.3 billion (US$339.0 million), compared to net loss attributable to iQIYI of RMB2.1 billion in the same

period in 2018. Diluted net loss attributable to iQIYI per ADS was RMB3.22 (US$0.49).• The number of total subscribing members was 100.5 million as of June 30, 2019, 98.9% of whom were paying subscribing members. This

compares to 67.1 million of total subscribing members as of June 30, 2018, up 50% year over year.

“We are pleased to report another solid quarter of performance highlighted by our total subscribing members surpassing 100 million, marking a historicmilestone for the Company,” commented Dr. Yu Gong, Founder, Director and Chief Executive Officer of iQIYI. “We further solidified our marketleadership position across various operating metrics, and strengthened our product matrix that generates strong synergies across our platform. Weremain committed to our strategy of enhancing production capabilities of high quality original content and advancing our AI technology innovationin content production, distribution and monetization. With the fast development of China’s entertainment industry and the approaching 5G

commercialization, we are confident in our growth prospects and look forward to capturing the enormous opportunities ahead to grow in tandem withour users, partners, and investors.

“We achieved continued revenue growth in the second quarter despite some recent challenges facing our industry,” commented Mr. Xiaodong Wang,Chief Financial Officer of iQIYI. “Our membership business generated solid growth with subscription revenues increasing 38% year-over-year, drivenby our strong content slate during the quarter. As our IP-centered diversification strategy grows to scale, we are constantly expanding the scope of ourvalue-added services and pursuing better monetization. We believe our long-term growth landscape remains intact, and we will continue to invest inour original content and technology which serve as the dual engines to drive our future growth.” Footnote:

[1] This announcement contains translations of certain RMB amounts into U.S. dollars at specified rates solely for the convenience of the reader.

Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB6.8650 to US$1.00, the effective noon buying rate asof June 28, 2019, in The City of New York for cable transfers of RMB as certified for customs purposes by the Federal Reserve Bank of New York.

Second Quarter 2019 Financial Results

Total revenues reached RMB7.1 billion (US$1.0 billion), representing a 15% increase from the same period in 2018.

Membership services revenue was RMB3.4 billion (US$497.1 million), representing a 38% increase from the same period in 2018. The increaseresulted from the solid growth in the number of subscribing members, driven by our premium content, especially our original hits, as well as variousoperational initiatives during the quarter.

Online advertising services revenue was RMB2.2 billion (US$320.6 million), down 16% year over year, mainly due to the challenging macroeconomicenvironment in China, the delay of certain content launches and slower-than-expected recovery of our in-feed advertising.

Content distribution revenue was RMB517.9 million (US$75.4 million), representing a 4% decrease from the same period in 2018 due to the delay ofcertain content launches during the quarter.

Other revenues were RMB979.2 million (US$142.6 million), representing an 82% increase from the same period in 2018. The increase was driven bystrong performance across various vertical business lines, especially the robust growth of our game business after the acquisition of Skymoons.Cost of revenues was RMB7.0 billion (US$1.0 billion), representing a 14% increase from the same period in 2018. The increase was primarily drivenby higher content costs as well as other cost items. Content costs as a component of cost of revenues were RMB5.0 billion (US$731.9 million),representing a 7% increase from the same period in 2018.

Selling, general and administrative expenses were RMB1.3 billion (US$196.1 million), representing a 42% increase from the same period in 2018. Thiswas primarily due to higher marketing spending on game business and increased share-based compensation expenses associated with the acquisition ofSkymoons.

Research and development expenses were RMB6.6 million (US$95.4 million), representing a 48% increase from the same period in 2018, primarilydue to the increase of personnel-related compensation expenses.

Operating loss was RMB1.9 billion (US$272.6 million), compared to operating loss of RMB1.3 billion in the same period in 2018. Operating lossmargin was 26%, compared to operating loss margin of 22% in the same period in 2018.

Total other expense was RMB426.7 million (US$62.2 million), compared to total other expense of RMB768.3 million during the same period of 2018.The year-over-year variance was a combined result of less foreign exchange loss due to the fluctuation of exchange rate between Renminbi and the U.S.dollar, and increased interest expenses associated with our financing activities.

Loss before income taxes was RMB2.3 billion (US$334.8 million), compared to loss before income taxes of RMB2.1 billion in the same period in2018.

Income tax expense was RMB5.8 million (US$0.8 million), compared to income tax expense of RMB4.9 million in the same period in 2018.

Net loss attributable to iQIYI was RMB2.3 billion (US$339.0 million), compared to net loss attributable to iQIYI of RMB2.1 billion in the same periodin 2018. Diluted net loss attributable to iQIYI per ADS was RMB3.22 (US$0.49) for the second quarter of 2019.

As of June 30, 2019, the Company had cash, cash equivalents, restricted cash and short-term investments of RMB16.4 billion (US$2.4 billion).Financial Guidance

For the third quarter of 2019, iQIYI expects total net revenues to be between RMB7.21 billion (US$1.03 billion2) and RMB7.63 billion (US$1.09billion), representing a 4% to 10% increase from the same period in 2018. This forecast reflects iQIYI’s current and preliminary view, which is subjectto substantial uncertainty. Footnote:

[2] The translations from RMB to U.S. dollars for the expected revenues in the third quarter of 2019 are made at a rate of RMB7.0 to US$1.0, the

rounded noon buying rate as of August 8, 2019, in The City of New York for cable transfers of RMB as certified for customs purposes by theFederal Reserve Bank of New York. We make no representation that any Renminbi or U.S. dollar amounts could have been, or could be,converted into U.S. dollars or Renminbi, as the case may be, at this rate, or any particular rate, or at all.Conference Call Information

iQIYI’s management will hold an earnings conference call at 8:00 PM on August 19, 2019, U.S. Eastern Time (8:00 AM on August 20, 2019, BeijingTime). Dial-in details for the earnings conference call are as follows:

InternationalChinaUSUK

Passcode:

+65 67135090 4006 208038 +1 845 675 0437 +44 2036 214779 +852 3018 6771 4885756

A telephone replay of the call will be available two hours after the conclusion of the conference call through August 27, 2019.Dial-in numbers for the replay are as follows:

International Dial-inPasscode:

+61 2 8199 0299 4885756

A live and archived webcast of this 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 originalcontent, as well as a comprehensive library of other professionally-produced content, partner-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 andother core proprietary technologies. iQIYI attracts a massive user base with tremendous user engagement, and has developed a diversified monetizationmodel including membership services, online advertising services, content distribution, online games, live broadcasting, IP licensing, online literature,talent agency and e-commerce etc.Safe Harbor StatementThis announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private SecuritiesLitigation 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 writtenor oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in pressreleases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historicalfacts, 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-lookingstatement, 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; competitionin the online entertainment industry; changes in iQIYI’s revenues, costs or expenditures; Chinese governmental policies and regulations relating to theonline entertainment industry, general economic and business conditions globally and in China and assumptions underlying or related to any of theforegoing. Further information regarding these and other risks is included in the Company’s filings with the Securities and Exchange Commission. Allinformation 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 suchinformation, except as required under applicable law.

For more information, please contact:Investor RelationsiQIYI, Inc.

+ 86 10 82 6585ir@qiyi.com

iQIYI, INC.

Condensed Consolidated Statements of Income

(In RMB thousands, except for number of shares and per share data)

June 30,2018RMB(Unaudited)

Three Months Ended March 31, 2019 RMB (Unaudited)

June 30,

2019RMB(Unaudited)

Six Months EndedJune 30, June 30,2018 2019RMB RMB(Unaudited) (Unaudited)

Revenues:

Membership services

Online advertising servicesContent distributionOthersTotal revenues

Operating costs and expenses:

Cost of revenues

Selling, general and administrativeResearch and developmentTotal operating costs and expensesOperating lossOther expense

Interest incomeInterest expenses

Foreign exchange (loss)/gain, netLoss from equity method investmentsOther (expense)/income, netTotal other (expense)/income, netLoss before income taxes

Income tax expenseNet loss

Net (loss)/income attributable to noncontrollinginterests

Net loss attributable to iQIYI, Inc.

Accretion of redeemable convertible preferred sharesNet loss attributable to ordinary shareholdersNet loss per share for Class A and Class B ordinaryshares:BasicDilutedNet loss per ADS (1 ADS equals 7 Class A ordinaryshares):BasicDiluted

2,474,474 2,617,507 539,359 538,1 6,170,231

(6,106,729) (949,934) (441,482) (7,498,145) (1,327,914)

25,615 (9,562) (777,968)

(6) (5,468) (768,279) (2,096,193)

(4,858) (2,101,051) (4,120) (2,096,931)

(9,627) (2,106,558)

3,445,343 2,119,433 467,861 957,282 6,9,919

(7,277,196) (1,140,611) (598,072) (9,015,879) (2,025,960)

65,097 (135,247) 328,035 (34,535) (12,224) 211,126 (1,814,834)

(7,443) (1,822,277) (8,301) (1,813,976)

—

(1,813,976)

3,412,349 2,200,682 517,939 979,211 7,110,181

(6,980,957) (1,346,324) (6,601) (8,981,882) (1,871,701)

130,721 (247,762) (306,117) (38,112) 34,593 (426,677) (2,298,378)

(5,776) (2,304,1) 23,291 (2,327,445)

—

(2,327,445)

4,569,459 4,728,177 806,029 943,871 11,047,536

(10,9,948) (1,6,171) (828,811) (13,437,930) (2,390,394)

30,341 (17,887) (303,813)

(995) 190,312 (102,042) (2,492,436)

(5,367) (2,497,803) (5,179) (2,492,624) (298,990) (2,791,614)

6,857,692 4,320,115 985,800 1,936,493 14,100,100 (14,258,153) (2,486,935) (1,252,673) (17,997,761) (3,7,661) 195,818 (383,009) 21,918 (72,7) 22,369 (215,551) (4,113,212) (13,219) (4,126,431) 14,990 (4,141,421)

—

(4,141,421)

(0.43) (0.43) (3.01) (3.01)

(0.36) (0.36) (2.52) (2.52)

(0.46) (0.46) (3.22) (3.22)

(1.05) (1.05) (7.35) (7.35)

(0.81) (0.81)

(5.67) (5.67)

Weighted average number of Class A and Class B

ordinary shares used in net loss per share computation: Basic 4,931,100,562 5,083,030,810 5,102,652,726 2,651,903,3 5,092,5,972 Diluted 4,931,100,562 5,083,030,810 5,102,652,726 2,651,903,3 5,092,5,972

iQIYI, INC.

Condensed Consolidated Balance Sheets

(In RMB thousands)

December 31,June 30, 2018 2019 RMB RMB (Unaudited)

ASSETS

Current assets:

Cash and cash equivalentsRestricted cash

Short-term investmentsAccounts receivable

Prepayments and other assetsAmounts due from related partiesLicensed copyrights, netTotal current assetsNon-current assets:

Fixed assets, net

Long-term investmentsDeferred tax assets, netLicensed copyrights, netIntangible assets, netProduced content, net

Prepayments and other assetsOperating lease assetsGoodwill

Amounts due from related partiesTotal non-current assetsTotal assets

LIABILITIES AND SHAREHOLDERS’ EQUITY

Current liabilities:

Accounts and notes payableAmounts due to related parties

Customer advances and deferred revenueShort-term loans

Long-term loans, current portion

Operating lease liabilities, current portionAccrued expenses and other liabilitiesTotal current liabilitiesNon-current liabilities:

Long-term loans

Convertible senior notesDeferred tax liabilities

Amounts due to related partiesOperating lease liabilitiesOther non-current liabilitiesTotal non-current liabilitiesTotal liabilitiesShareholders’ equity:

Ordinary shares

Additional paid-in capitalAccumulated deficit

Accumulated other comprehensive incomeNon-controlling interestsTotal shareholders’ equity

Total liabilities and shareholders’ equity

4,586,405 2,174,042 6,061,832 2,8,234 2,696,381 281,710 1,163,839 19,853,443 1,618,147 2,572,040 23,873 6,0,910 1,678,193 3,736,063 4,695,883 — 3,888,346 52,800 24,906,255 44,759,698 10,162,366 692,390 2,195,283 3,046,449 83,720 — 3,632,148 19,812,356 4,169 4,712,284 96,405 1,281,370 — 57,551 6,791,779 26,604,135

321 39,666,150 (23,509,486) 1,879,946 118,632

5,427,362

2,196,656 8,817,980 3,046,343 3,8,062 312,232 1,176,403 24,841,038 1,811,313 2,553,252 23,873 6,043,029 1,445,553 4,483,123 4,467,330 532,5 3,888,346 1,600 25,403,0 50,244,102

9,583,950 1,204,727 2,295,522 4,017,485 353,386 137,926 3,850,910 21,443,906 384,462 11,918,836 69,9 1,142,912 209,745 56,022 13,781,941 35,225,847 323 40,696,243 (27,650,907) 1,837,517 135,079

18,155,563 15,018,255

44,759,698 50,244,102