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爱奇艺 iQIYI, Inc.(IQ)2025年20-F年度报告「NASDAQ」(英文版)(221页).pdf

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1、 UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWASHINGTON,D.C.20549FORM 20-F(Mark One)REGISTRATION STATEMENT PURSUANT TO SECTION 12(b)OR(g)OF THE SECURITIES EXCHANGE ACT OF 1934 OR ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d)OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December

2、 31,2025OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)OF THE SECURITIES EXCHANGE ACT OF 1934ORSHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d)OF THE SECURITIES EXCHANGE ACT OF 1934 Date of event requiring this shell company report_For the transition period from_ to _Commission file number:

3、001-38431iQIYI,Inc.(Exact name of Registrant as specified in its charter)N/A(Translation of Registrants name into English)Cayman Islands(Jurisdiction of incorporation or organization)4/F,iQIYI Youth Center,Yoolee PlazaNo.21,North Road of Workers Stadium,Chaoyang DistrictBeijing 100027,Peoples Republ

4、ic of China(Address of principal executive offices)Ying Zeng,Interim Chief Financial OfficerE-mail:4/F,iQIYI Youth Center,Yoolee PlazaNo.21,North Road of Workers Stadium,Chaoyang District Beijing 100027,Peoples Republic of ChinaTelephone:+86 10-6267-7171(Name,Telephone,E-mail and/or Facsimile number

5、 and Address of Company Contact Person)Securities registered or to be registered pursuant to Section 12(b)of the Act.Title of each class Trading Symbol(s)Name of each exchange on which registeredAmerican Depositary Shares(eachrepresenting seven Class A ordinary shares,par value US$0.00001 per share)

6、IQ The Nasdaq Stock Market LLC(The Nasdaq Global Select Market)Class A ordinary shares,par value US$0.00001 per share*The Nasdaq Stock Market LLC(The Nasdaq Global Select Market)(1)*Not for trading,but only in connection with the listing on The Nasdaq Global Select Market of our American depositary

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1. **公司结构**:爱奇艺(iQIYI, Inc.)为开曼群岛控股公司,通过中国内地子公司及可变利益实体(VIEs)运营,依赖合同控制VIEs,VIEs贡献营收占比88%-93%(2023-2025年)。 2. **股权与风险**:截至2025年12月31日,总股数67.54亿股(A类37.13亿股,B类30.41亿股)。VIE结构存在法律及监管风险,若中国政府认定合同不合规,可能面临处罚或被迫放弃业务。 3. **审计风险**:受《外国公司问责法》(HFCAA)约束,若PCAOB无法连续两年完全审计在华审计机构,ADS可能被禁止在美交易。 4. **现金流限制**:中国内地子公司分红需满足法定储备金要求(税后利润10%),且外汇管制可能限制资金汇出,影响股东分红能力。 5. **合规许可**:持有增值电信业务、网络视听节目等必要许可证,但未来监管变化可能要求额外许可。
爱奇艺结构风险? VIE模式可靠吗? 审计合规隐患?
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