BEIJING, May 16, 2024 — iQIYI, Inc. (Nasdaq: IQ) (“iQIYI” or the “Company”), a leading provider of online entertainment video services in China, today announced its unaudited financial results for the first quarter ended March 31, 2024. First Quarter 2024 Highlights Total revenues were RMB7.9 billion (US$1.1 billion1), decreasing 5% year over year. Operating income was RMB944.8 million (US$130.8 million) and operating income margin was 12%, compared to operating income of RMB858.6 million and operating income margin of 10% in the same period in 2023. Non-GAAP operating income2 was RMB1.1 billion (US$150.4 million) and non-GAAP operating income margin was 14%, compared to non-GAAP operating income of RMB1.0 billion and non-GAAP operating income margin of 12% in the same period in 2023. Net income attributable to iQIYI was RMB655.3 million (US$90.8 million), compared to net income attributable to iQIYI of RMB618.1 million in the same period in 2023. Non-GAAP net income attributable to iQIYI2 was RMB844.3 million (US$116.9 million), compared to non-GAAP net income attributable to iQIYI of RMB939.5 million in the same period in 2023. “Our operating profits and corresponding margins reached historical highs, thanks to our quality execution and increased operating efficiency,” commented Mr. Yu Gong, Founder, Director, and Chief Executive Officer of iQIYI. “The initial integration of generative AI into our operations is already yielding promising results. We are eager to harness the power of this innovative technology to improve our capacity for delivering top-tier content and to expand our growth possibilities.” “We have been generating positive operating cash flow for eight consecutive quarters, and our balance sheet continued to improve,” commented Mr. Jun Wang, Chief Financial Officer of iQIYI. “This makes our business more defensible and offers us more tools to improve shareholder value over time.” First Quarter 2024 Financial Highlights Three Months Ended(Amounts in thousands of Renminbi (“RMB”), except for per ADS data, unaudited) March 31, December 31, March 31, 2023 2023 2024 RMB RMB RMB Total revenues 8,348,807 7,706,468 7,927,355 Operating income 858,631 773,709 944,753 Operating income (non-GAAP) 1,034,296 927,818 1,085,762 Net income attributable to iQIYI, Inc.

618,108 731,104 655,273