iQIYI experienced a severe downturn in operating income and net profits in 2025 after steady growth over prior years, driven by regulatory pressures and the need to recalibrate its business model. Its core video streaming remains bolstered by AI and original content, but heavy regulatory scrutiny and constraints on cross-border finance impose growth limits. The company is modestly cash flow positive but remains unprofitable overall, with capital allocation decisions subject to structural complexities of its China-based operations. Future milestones to watch include regulatory compliance outcomes, monetization of experience businesses like iQIYI LAND, and navigating evolving foreign exchange mechanisms.