Earnings PerformanceIQ reported upbeat 1Q24 results, with revenue -5% YoY (1% above consensus) and adj.NP at RMB844mn, 91% ahead of consensus.
New Content LaunchCompany is expected to launch more content in summer to drive business rebound in the second half of the year.
Operational EfficiencyIn the long run, positive on management’s FY24E OP target of RMB5bn and confident on IQ’s margin improvement trend, backed by ARM expansion, higher operation efficiency and AIGC integration.