Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2024

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Fair Value Disclosure and Measurement on Recurring Basis

Assets and liabilities measured on a recurring basis or disclosed at fair value are summarized below:

			Fair value measurement or disclosure at December 31, 2023 using
	Total fair value at December 31, 2023		Quoted prices in active markets for identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
	RMB		RMB		RMB		RMB
	(In millions)
Fair value disclosure (i)
Cash equivalents:
Time deposits		6,266				6,266
Short-term investments:
Held-to-maturity debt investments		167,740				167,740
Long-term investments:
Long-term time deposits and held-to-maturity investments		24,872				24,872
Notes payable, current portion		5,999				5,999
Convertible senior notes, current portion		2,727				2,727
Notes payable, non-current portion		32,742				32,742
Convertible senior notes, non-current portion		8,881				3,757		5,124
Fair value measurements on a recurring basis
Short-term investments:
Available-for-sale debt investments		1,671				1,671
Long-term investments:
Equity investments at fair value with readily determinable fair value		9,610		9,610
Equity investments without readily determinable fair value using NAV practical expedient (ii)		942
Investments accounted for at fair value		4,841		66				4,775
Available-for-sale debt investments		3,682				423		3,259
Other non-current assets:
Derivative instruments		994				994
Total assets measured at fair value		21,740		9,676		3,088		8,034
Amounts due to related parties, current:
Financial liability		321				321
Total liabilities measured at fair value		321				321

					Fair value measurement or disclosure at December 31, 2024 using
	Total fair value at December 31, 2024				Quoted prices in active markets for identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
	RMB		US$		RMB		RMB		RMB
	(In millions)
Fair value disclosure (i)
Cash equivalents:
Time deposits		4,538		622				4,538
Short-term investments:
Held-to-maturity debt investments		96,912		13,277				96,912
Long-term investments:
Long-term time deposits and held-to-maturity investments		99,069		13,572				99,069
Notes payable, current portion		7,982		1,094				7,982
Convertible senior notes, current portion		225		31				17		208
Notes payable, non-current portion		26,276		3,600				26,276
Convertible senior notes, non-current portion		7,697		1,054				3,932		3,765
Fair value measurements on a recurring basis
Short-term investments:
Available-for-sale debt investments		5,954		816				5,954
Trading debt investments		15		2		15
Long-term investments:
Equity investments at fair value with readily determinable fair value		8,586		1,176		8,586
Equity investments without readily determinable fair value using NAV practical expedient (ii)		727		100
Investments accounted for at fair value		4,381		600		34				4,347
Available-for-sale debt investments		6,360		871				850		5,510
Other current assets:
Derivative instruments		7		1				7
Other non-current assets:
Derivative instruments		607		83				607
Total assets measured at fair value		26,637		3,649		8,635		7,418		9,857
Amounts due to related parties, current:
Financial liability		389		53				389
Total liabilities measured at fair value		389		53				389

(i) Fair value disclosure shows financial instruments which are not measured at fair value in the consolidated balance sheets, but for which the fair value is estimated for disclosure purposes.

(ii) Investments are measured at fair value using NAV as a practical expedient. These investments have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheet.

Schedule of rolling forward of Investments accounted for at fair value categorized within Level 3 under the fair value hierarchy

Investments accounted for at fair value:

	Amounts
	RMB
	(In millions)
Balance at December 31, 2022		4,519
Additions		250
Disposals		(90	)
Net unrealized fair value increase recognized in earnings		55
Foreign currency translation adjustments		41
Balance at December 31, 2023		4,775
Additions		159
Disposals		(248	)
Net unrealized fair value decrease recognized in earnings		(376	)
Foreign currency translation adjustments		37
Balance at December 31, 2024		4,347
Balance at December 31, 2024, in US$		596

Schedule of rolling forward of available-for-sale debt investments categorized within Level 3 under the fair value hierarchy

Available-for-sale debt investments:

	Amounts
	RMB
	(In millions)
Balance at December 31, 2022		2,447
Additions		313
Disposals		(332	)
Conversion		838
Share of losses in excess of equity method investment in ordinary shares		(7	)
Net unrealized fair value change recognized in other comprehensive income (loss)		(71	)
Accrued interest		76
Foreign currency translation adjustments		(5	)
Balance at December 31, 2023		3,259
Disposals		(85	)
Conversion		2,061
Net unrealized fair value change recognized in other comprehensive income (loss)		174
Accrued interest		74
Foreign currency translation adjustments		27
Balance at December 31, 2024		5,510
Balance at December 31, 2024, in US$		755

Summary of Assets Measured at Fair Value on a Non-Recurring Basis

The following table summarizes the Group’s financial assets held as of December 31, 2023 and 2024 for which a non-recurring fair value measurement was recorded during the years ended December 31, 2023 and 2024:

	Total Balance				Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value Adjustment				Impairment
	RMB		US$		RMB		RMB		RMB		RMB		US$		RMB			US$
	(In millions)
Fair value measurements on a non-recurring basis
As of December 31, 2023
Long-term investments (i)		5,383				43		—		5,340		580				(815	)
Produced content monetized on its own (ii)		25								25						(253	)
As of December 31, 2024
Long-term investments (i)		1,242		170		—		—		1,242		625		86		(364	)		(50	)
Produced content monetized on its own (ii)		74		10						74						(95	)		(13	)

(i) Due to declined financial performances and changes in business circumstances of certain investees, the Group recognized impairment charges of long-term investments in the consolidated statements of comprehensive income during the years ended December 31, 2023 and 2024. For equity investments accounted for under the measurement alternative, when there are observable price changes in orderly transactions for identical or similar investments of the same issuer, the investments are re-measured to fair value.

(ii) Due to adverse changes in the expected performance of certain produced content and the reduced amount of ultimate revenue expected to be recognized, iQIYI performed an assessment to determine whether the fair value was less than unamortized content costs. iQIYI uses a discounted cash flow approach to estimate the fair value of the produced content titles predominantly monetized on its own. The significant unobservable inputs (level 3) include forecasted future revenues, production costs required to complete the content and exploitation and participation costs. iQIYI considers the historical performance of similar content, the forecasted performance and/or preliminary actual performance subsequent to the release of the produced content in estimating the fair value. Based on the above assessment, certain produced content predominantly monetized on its own were determined to be impaired and re-measured to the fair value as of each quarter end. Impairment charges of RMB68 million, RMB253 million and RMB95 million (US$13 million) were recognized for produced content predominantly monetized on its own and was recognized as cost of revenues in the consolidated statements of comprehensive income for the years ended December 31, 2022, 2023 and 2024, respectively.