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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 6-K

 

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16 UNDER

THE SECURITIES EXCHANGE ACT OF 1934

 

For the month of January 2023

--------------

 

Commission File Number: 001-38431

----------

 

iQIYI, Inc.

 

3/F, iQIYI Youth Center Yoolee Plaza,

No. 21, North Road of Workers’ Stadium, Chaoyang District Beijing, 100027

People’s Republic of China

Tel: +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 ___X____ 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):________________

 

 

 

1


 

Exhibit Index

 

Exhibit 99.1—Unaudited Interim Condensed Consolidated Financial Statements

 

Exhibit 99.2—Management's Discussion and Analysis of Financial Condition and Results of Operations

 

 

 

 

2


 

 

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 the undersigned, thereunto duly authorized.

iQIYI, Inc.
 

 

By

:

 /s/ Jun Wang

Name

:

Jun Wang

Title

:

Chief Financial Officer

 

Date: January 17, 2023

3


Exhibit 99.1

iQIYI, INC.

CONSOLIDATED BALANCE SHEET AS OF DECEMBER 31, 2021 AND

UNAUDITED INTERIM CONDENSED CONSOLIDATED BALANCE SHEET AS OF SEPTEMBER 30, 2022

(Amounts in thousands of Renminbi (“RMB”) and U.S. Dollars (“US$”),

except for number of shares and per share data)

Exhibit 99.1

 

 

 

 

 

As of

 

 

 

 

 

 

December 31,

 

 

September 30,

 

 

September 30,

 

 

 

Note

 

 

2021

 

 

2022

 

 

2022

 

 

 

 

 

 

RMB

 

 

RMB

 

 

US$

 

 

 

 

 

 

 

 

 

(unaudited)

 

 

(unaudited)

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

 

 

 

 

2,997,212

 

 

 

3,559,899

 

 

 

500,443

 

Restricted cash

 

 

 

 

 

77,652

 

 

 

16,355

 

 

 

2,299

 

Short-term investments

 

 

 

 

 

1,348,255

 

 

 

1,470,487

 

 

 

206,718

 

Accounts receivable, net of allowance of RMB240,326
   and RMB
166,602 (US$23,421) as of December 31, 2021
   and September 30, 2022, respectively

 

 

 

 

 

2,747,774

 

 

 

2,683,392

 

 

 

377,225

 

Prepayments and other assets

 

 

 

 

 

3,266,523

 

 

 

2,228,050

 

 

 

313,214

 

Amounts due from related parties

 

 

14

 

 

 

155,512

 

 

 

70,430

 

 

 

9,901

 

Licensed copyrights, net

 

 

5

 

 

 

931,189

 

 

 

818,171

 

 

 

115,017

 

Total current assets

 

 

 

 

 

11,524,117

 

 

 

10,846,784

 

 

 

1,524,817

 

Non-current assets:

 

 

 

 

 

 

 

 

 

 

 

 

Fixed assets, net

 

 

 

 

 

1,344,784

 

 

 

1,180,895

 

 

 

166,008

 

Long-term investments

 

 

4

 

 

 

3,035,155

 

 

 

2,803,629

 

 

 

394,128

 

Deferred tax assets, net

 

 

 

 

 

31,351

 

 

 

 

 

 

 

Licensed copyrights, net

 

 

5

 

 

 

7,258,042

 

 

 

7,146,338

 

 

 

1,004,616

 

Intangible assets, net

 

 

 

 

 

545,305

 

 

 

459,635

 

 

 

64,614

 

Produced content, net

 

 

6

 

 

 

10,951,078

 

 

 

12,711,616

 

 

 

1,786,971

 

Prepayments and other assets

 

 

 

 

 

2,905,690

 

 

 

3,037,253

 

 

 

426,970

 

Operating lease assets

 

 

 

 

 

907,297

 

 

 

704,025

 

 

 

98,970

 

Goodwill

 

 

 

 

 

3,888,346

 

 

 

3,888,346

 

 

 

546,615

 

Amounts due from related parties

 

 

14

 

 

 

81,000

 

 

 

114,000

 

 

 

16,026

 

Total non-current assets

 

 

 

 

 

30,948,048

 

 

 

32,045,737

 

 

 

4,504,918

 

Total assets

 

 

 

 

 

42,472,165

 

 

 

42,892,521

 

 

 

6,029,735

 

 

1


iQIYI, INC.

CONSOLIDATED BALANCE SHEET AS OF DECEMBER 31, 2021 AND

UNAUDITED INTERIM CONDENSED CONSOLIDATED BALANCE SHEET AS OF SEPTEMBER 30, 2022 (Continued)

(Amounts in thousands of Renminbi (“RMB”) and U.S. Dollars (“US$”),

except for number of shares and per share data)

 

 

 

 

 

 

As of

 

 

 

 

 

 

December 31,

 

 

September 30,

 

 

September 30,

 

 

 

Note

 

 

2021

 

 

2022

 

 

2022

 

 

 

 

 

 

RMB

 

 

RMB

 

 

US$

 

 

 

 

 

 

 

 

 

(unaudited)

 

 

(unaudited)

 

LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

Current liabilities (including current liabilities of the
   consolidated VIEs without recourse to the primary
   beneficiary of RMB
13,941,720 and RMB12,754,468
   (US$
1,792,955) as of December 31, 2021 and
   September 30, 2022, respectively):

 

 

 

 

 

 

 

 

 

 

 

 

Accounts and notes payable

 

 

 

 

 

8,896,460

 

 

 

6,882,120

 

 

 

967,473

 

Amounts due to related parties

 

 

14

 

 

 

2,634,089

 

 

 

3,319,678

 

 

 

466,673

 

Customer advances and deferred revenue

 

 

 

 

 

3,484,509

 

 

 

3,968,708

 

 

 

557,912

 

Convertible senior notes, current portion

 

 

8

 

 

 

 

 

 

8,520,577

 

 

 

1,197,804

 

Short-term loans

 

 

7

 

 

 

4,117,774

 

 

 

3,938,938

 

 

 

553,727

 

Operating lease liabilities, current portion

 

 

 

 

 

171,541

 

 

 

110,697

 

 

 

15,562

 

Accrued expenses

 

 

 

 

 

2,280,322

 

 

 

1,671,799

 

 

 

235,018

 

Other liabilities

 

 

 

 

 

891,775

 

 

 

736,910

 

 

 

103,593

 

Total current liabilities

 

 

 

 

 

22,476,470

 

 

 

29,149,427

 

 

 

4,097,762

 

Non-current liabilities (including non-current liabilities of
   the consolidated VIEs without recourse to the primary
   beneficiary of RMB
919,082 and RMB1,697,520 (US$238,634)
   as of December 31, 2021 and September 30, 2022, respectively):

 

 

 

 

 

 

 

 

 

 

 

 

Convertible senior notes

 

 

8

 

 

 

12,652,172

 

 

 

6,369,982

 

 

 

895,478

 

Deferred tax liabilities

 

 

 

 

 

3,127

 

 

 

2,682

 

 

 

377

 

Amounts due to related parties

 

 

14

 

 

 

780,615

 

 

 

105,056

 

 

 

14,769

 

Operating lease liabilities

 

 

 

 

 

625,737

 

 

 

527,584

 

 

 

74,167

 

Other non-current liabilities

 

 

 

 

 

260,931

 

 

 

1,286,875

 

 

 

180,906

 

Total non-current liabilities

 

 

 

 

 

14,322,582

 

 

 

8,292,179

 

 

 

1,165,697

 

Total liabilities

 

 

 

 

 

36,799,052

 

 

 

37,441,606

 

 

 

5,263,459

 

Commitments and contingencies

 

 

10

 

 

 

 

 

 

 

 

 

 

 

2


iQIYI, INC.

CONSOLIDATED BALANCE SHEET AS OF DECEMBER 31, 2021 AND

UNAUDITED INTERIM CONDENSED CONSOLIDATED BALANCE SHEET AS OF SEPTEMBER 30, 2022 (Continued)

(Amounts in thousands of Renminbi (“RMB”) and U.S. Dollars (“US$”),

except for number of shares and per share data)

 

 

 

 

 

 

As of

 

 

 

 

 

 

December 31,

 

 

September 30,

 

 

September 30,

 

 

 

Note

 

 

2021

 

 

2022

 

 

2022

 

 

 

 

 

 

RMB

 

 

RMB

 

 

US$

 

Mezzanine equity:

 

 

 

 

 

 

 

(unaudited)

 

 

(unaudited)

 

Redeemable noncontrolling interests

 

 

11

 

 

 

397,385

 

 

 

 

 

 

 

Shareholders’ equity:

 

 

 

 

 

 

 

 

 

 

 

 

Class A ordinary shares (US$0.00001 par value; 94,000,000,000
   shares authorized as of December 31, 2021 and September 30,
   2022, respectively;
2,940,101,566 and 3,246,481,443 shares
   issued as of December 31, 2021 and September 30, 2022,
   respectively;
2,722,361,459 and 3,041,871,446 shares
   outstanding as of December 31, 2021 and September 30,
   2022, respectively)

 

3

 

 

 

173

 

 

 

193

 

 

 

27

 

Class B ordinary shares (US$0.00001 par value; 5,000,000,000 
   shares authorized as of December 31, 2021 and September 30,
   2022, respectively;
2,876,391,396 and 3,041,097,278 shares
   issued and outstanding as of December 31, 2021 and
   September 30, 2022, respectively)

 

3

 

 

 

183

 

 

 

193

 

 

 

27

 

Additional paid-in capital

 

3

 

 

 

49,642,014

 

 

 

50,676,861

 

 

 

7,124,040

 

Accumulated deficit

 

3

 

 

 

(47,163,773

)

 

 

(46,803,156

)

 

 

(6,579,484

)

Accumulated other comprehensive income

 

16

 

 

 

2,709,002

 

 

 

1,482,263

 

 

 

208,373

 

Noncontrolling interests

 

3

 

 

 

88,129

 

 

 

94,561

 

 

 

13,293

 

Total shareholders’ equity

 

 

 

 

 

5,275,728

 

 

 

5,450,915

 

 

 

766,276

 

Total liabilities, mezzanine equity and shareholders’ equity

 

 

 

 

 

42,472,165

 

 

 

42,892,521

 

 

 

6,029,735

 

 

 

3


iQIYI, INC.

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2021 AND 2022

(Amounts in thousands of Renminbi (“RMB”) and U.S. Dollars (“US$”),

except for number of shares and per share data)

 

 

 

 

 

Nine months ended September 30,

 

 

 

Note

 

2021

 

 

2022

 

 

2022

 

 

 

 

 

RMB

 

 

RMB

 

 

US$

 

 

 

 

 

(Unaudited)

 

 

(Unaudited)

 

 

(Unaudited)

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

Membership services (including related party amounts of
   RMB
2,600 and RMB30,768 (US$4,325) for the nine months
   ended September 30, 2021 and 2022, respectively)

 

 

 

 

12,592,975

 

 

 

12,967,268

 

 

 

1,822,910

 

Online advertising services (including related party amounts
   of RMB
218,049 and RMB203,567 (US$28,617) for the nine
   months ended September 30, 2021 and 2022, respectively)

 

 

 

 

5,402,249

 

 

 

3,778,222

 

 

 

531,134

 

Content distribution (including related party amounts of
   RMB
328,208 and RMB89,071 (US$12,521) for the nine
   months ended September 30, 2021 and 2022, respectively)

 

 

 

 

2,094,083

 

 

 

1,835,075

 

 

 

257,971

 

Others (including related party amounts of
   RMB
49,751 and RMB24,919 (US$3,503) for the nine
   months ended September 30, 2021 and 2022, respectively)

 

 

 

 

3,076,494

 

 

 

2,824,124

 

 

 

397,009

 

Total revenues

 

 

 

 

23,165,801

 

 

 

21,404,689

 

 

 

3,009,024

 

Operating costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

Cost of revenues (including related party amounts of
   RMB
933,391 and RMB666,547 (US$93,702) for the nine
   months ended September 30, 2021 and 2022, respectively)

 

 

 

 

(21,005,943

)

 

 

(16,917,072

)

 

 

(2,378,164

)

Selling, general and administrative (including related party
   amounts of RMB
18,498 and RMB47,004 (US$6,608) for
   the nine months ended September 30, 2021 and 2022,
   respectively)

 

 

 

 

(3,632,054

)

 

 

(2,525,676

)

 

 

(355,054

)

Research and development (including related
   party amounts of nil and RMB
1,651 (US$232) for the nine
   months ended September 30, 2021 and 2022, respectively)

 

 

 

 

(2,031,784

)

 

 

(1,433,076

)

 

 

(201,459

)

Total operating costs and expenses

 

 

 

 

(26,669,781

)

 

 

(20,875,824

)

 

 

(2,934,677

)

Operating (loss)/income

 

 

 

 

(3,503,980

)

 

 

528,865

 

 

 

74,347

 

 

4


iQIYI, INC.

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2021 AND 2022 (Continued)

(Amounts in thousands of Renminbi (“RMB”) and U.S. Dollars (“US$”),

except for number of shares and per share data)

 

 

 

 

 

 

Nine months ended September 30,

 

 

 

Note

 

 

2021

 

 

2022

 

 

2022

 

 

 

 

 

 

RMB

 

 

RMB

 

 

US$

 

 

 

 

 

 

(Unaudited)

 

 

(Unaudited)

 

 

(Unaudited)

 

Other income/(expenses)

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

 

 

 

93,779

 

 

 

43,285

 

 

 

6,085

 

Interest expenses

 

 

 

 

 

(1,025,002

)

 

 

(539,063

)

 

 

(75,780

)

Foreign exchange gain/(loss), net

 

 

 

 

 

26,673

 

 

 

(186,886

)

 

 

(26,272

)

Share of losses from equity method investments

 

 

 

 

 

(84,651

)

 

 

(166,655

)

 

 

(23,428

)

Others, net

 

 

4

 

 

 

209,834

 

 

 

(6,373

)

 

 

(896

)

Total other expenses, net

 

 

 

 

 

(779,367

)

 

 

(855,692

)

 

 

(120,291

)

Loss before income taxes

 

 

 

 

 

(4,283,347

)

 

 

(326,827

)

 

 

(45,944

)

Income tax expense

 

 

9

 

 

 

(60,009

)

 

 

(95,587

)

 

 

(13,437

)

Net loss

 

 

 

 

 

(4,343,356

)

 

 

(422,414

)

 

 

(59,381

)

Less: Net income attributable to noncontrolling interests

 

 

 

 

 

50,441

 

 

 

18,057

 

 

 

2,538

 

Net loss attributable to iQIYI, Inc.

 

 

 

 

 

(4,393,797

)

 

 

(440,471

)

 

 

(61,919

)

Accretion of redeemable noncontrolling interests

 

 

 

 

 

(12,306

)

 

 

 

 

 

 

Net loss attributable to ordinary shareholders

 

 

 

 

 

(4,406,103

)

 

 

(440,471

)

 

 

(61,919

)

Net loss per Class A and Class B ordinary share:

 

 

13

 

 

 

 

 

 

 

 

 

 

Basic

 

 

 

 

 

(0.79

)

 

 

(0.07

)

 

 

(0.01

)

Diluted

 

 

 

 

 

(0.79

)

 

 

(0.07

)

 

 

(0.01

)

Net loss per ADS (1 ADS equals 7 Class A ordinary shares):

 

 

13

 

 

 

 

 

 

 

 

 

 

Basic

 

 

 

 

 

(5.53

)

 

 

(0.52

)

 

 

(0.07

)

Diluted

 

 

 

 

 

(5.53

)

 

 

(0.52

)

 

 

(0.07

)

Weighted average number of Class A and Class B ordinary shares used in net loss per share computation:

 

 

13

 

 

 

 

 

 

 

 

 

 

Basic

 

 

 

 

 

5,562,457,384

 

 

 

5,955,669,900

 

 

 

5,955,669,900

 

Diluted

 

 

 

 

 

5,562,457,384

 

 

 

5,955,669,900

 

 

 

5,955,669,900

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive income/(loss):

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustments

 

 

16

 

 

 

60,518

 

 

 

(1,228,249

)

 

 

(172,665

)

Unrealized losses on available-for-sale debt securities

 

 

16

 

 

 

(