{ "schemaVersion": "deck-intelligence.v1", "id": "019dd923-622c-750b-8b9a-539b4b45e826", "slug": "9fb9cb7289b2", "title": "iQIYI, Inc. (IQ)", "subtitle": "Wolfpack Research · 2020-04", "author": "Wolfpack Research", "date": "2020-04-07 00:00:00", "pageCount": 37, "kind": "research-note", "orientation": "portrait", "aspectRatio": 0.77272725, "targetCompany": "iQIYI, Inc.", "targetTicker": "IQ", "document": { "id": "019dd923-622c-750b-8b9a-539b4b45e826", "slug": "9fb9cb7289b2", "title": "iQIYI, Inc. (IQ)", "rawTitle": "b084d8 16d846346ead405ea38df598c5c1884c", "authorId": "60_Wolfpack_Research", "authorName": "Wolfpack Research", "authorDisplay": "Wolfpack Research", "kind": { "slug": "research-note", "label": "Research note" }, "sourceType": { "slug": "short_seller", "label": "Short seller" }, "fileName": "b084d8_16d846346ead405ea38df598c5c1884c.pdf", "sourceUrl": null, "sourceDate": "2020-04-07 00:00:00", "presentationDate": "2020-04-07 00:00:00", "ingestedAt": "2026-04-22 22:35:55+00", "status": "ready", "pageCount": 37, "orientation": "portrait", "aspectRatio": 0.77272725, "targetCompany": "iQIYI, Inc.", "targetTicker": "IQ", "metadata": { "local_root": "/tmp/legacy-images/9fb9cb7289b2", "activist_firm": "Wolfpack Research", "origin_corpus": "contrarian", "extraction_seconds": 95.40541887283325 } }, "coverage": { "pageCount": 37, "pagesIndexed": 37, "pagesWithImages": 37, "pagesWithMetadata": 37, "imageCoveragePct": 100, "metadataCoveragePct": 100, "componentCount": 264, "chartCount": 6, "metricSlides": 0, "toolMatches": 4, "documentToolMatches": 4, "frameworkMatches": 24, "arcMatches": 1, "beatMatches": 3, "loopMatches": 2, "patternMatches": 0, "storymakersMatch": false, "scoreAvailable": false, "reviewAvailable": false, "activistThesisAvailable": true, "pitchdeckMetadataAvailable": false, "pitchdeckProfileAvailable": false }, "blocks": [], "matches": { "arcs": [ { "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null, "categoryName": "Booker's 7 Plots", "categorySlug": "booker-s-7-plots" }, "matchId": "10b30b04-ae2f-4663-826d-45873f78b398", "evidence": "The document follows a narrative arc of presenting a problem (iQIYI's financials), building tension (by highlighting contradictions and inconsistencies), and offering a solution (exposing the truth)", "isPrimary": true, "confidence": 0.8, "extraction": { "at": "2026-07-16 22:01:21.843901+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "beats": [ { "to": 5, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null, "categoryName": "Booker's 7 Plots", "categorySlug": "booker-s-7-plots" }, "from": 2, "name": "The Monster", "beatId": "7149eae0-4545-4469-aef8-1f96dcd2261b", "matchId": "10b30b04-ae2f-4663-826d-45873f78b398", "beatType": { "name": "The Monster", "slug": "overcoming-monster-the-monster", "status": "active", "canonId": "019dd9b8-3ba3-70b3-85b6-6dc1928acd40", "version": 1, "description": null }, "evidence": "The document presents a series of contradictions and inconsistencies in iQIYI's financial reporting", "position": 0, "isPrimaryArc": true, "parentBeatType": { "name": "Hook", "slug": "hook", "status": "active", "canonId": "019dd9b8-01a6-7328-bff2-b22eb40b3ea5", "version": 1, "description": "The opener — a deliberate move to earn attention before any argument. Used by AIDA, Monroes, Pixar Pitch, Overcoming the Monster." }, "alignedBlockIds": null, "matchConfidence": 0.8 }, { "to": 20, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null, "categoryName": "Booker's 7 Plots", "categorySlug": "booker-s-7-plots" }, "from": 6, "name": "The Struggle", "beatId": "83f9cd5c-f84b-4402-9454-a3996734e45e", "matchId": "10b30b04-ae2f-4663-826d-45873f78b398", "beatType": { "name": "The Struggle", "slug": "overcoming-monster-the-struggle", "status": "active", "canonId": "019dd9b8-3d24-71b1-9262-9a8f9850fda3", "version": 1, "description": null }, "evidence": "The document presents a detailed analysis of iQIYI's financials, highlighting several areas of concern", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Development", "slug": "development", "status": "active", "canonId": "019dd9b8-0332-7008-b3aa-11b0840a57b1", "version": 1, "description": "The middle stretch in arcs that have one. Often where length problems creep in." }, "alignedBlockIds": null, "matchConfidence": 0.8 }, { "to": 30, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null, "categoryName": "Booker's 7 Plots", "categorySlug": "booker-s-7-plots" }, "from": 21, "name": "The Victory", "beatId": "81679a7d-a0b2-4f9c-88b7-1cf86a462ef9", "matchId": "10b30b04-ae2f-4663-826d-45873f78b398", "beatType": { "name": "The Victory", "slug": "overcoming-monster-the-victory", "status": "active", "canonId": "019dd9b8-3dbe-71b9-b5a9-7191b5f8782b", "version": 1, "description": null }, "evidence": "The document presents a clear conclusion that iQIYI's financial reporting is inaccurate and misleading", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Turn", "slug": "turn", "status": "active", "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54", "version": 1, "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 5, "from": 3, "loop": { "name": "03_aha_moment", "slug": "03-aha-moment", "status": "active", "bestFor": "Data-heavy sections, research findings, analytical arguments", "canonId": "019dd956-66f4-7668-ab25-cec9c996c0bc", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Problem/Question -> What the Data Shows -> The Insight", "description": "Establish a tension, present data, then deliver the insight that changes everything", "familyLabel": null, "categoryName": "Narrative", "categorySlug": "narrative" }, "matchId": "5e1042df-4289-4976-a039-2109595a3b2a", "evidence": "The document presents evidence of click farm activity and inflated user numbers", "position": 0, "objective": "Is iQIYI's user numbers accurate?", "confidence": 0.7, "extraction": { "at": "2026-07-16 22:01:22.011927+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } }, { "to": 15, "from": 10, "loop": { "name": "05_the_reveal", "slug": "05-the-reveal", "status": "active", "bestFor": "Product launches, strategic pivots, unexpected findings", "canonId": "019dd956-67e8-77bc-a867-02c2b36370bd", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "Setup the Question -> Build Suspense -> The Big Reveal", "description": "Build mystery and anticipation, then deliver a surprising or powerful conclusion", "familyLabel": null, "categoryName": "Narrative", "categorySlug": "narrative" }, "matchId": "894a68ae-8d02-4cf9-885d-015acac74aff", "evidence": "The document presents evidence of revenue inflation and misleading financial reporting", "position": 1, "objective": "Is iQIYI's financial reporting accurate?", "confidence": 0.8, "extraction": { "at": "2026-07-16 22:01:22.054112+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "tools": [ { "tool": { "name": "CEO quote contradiction", "slug": "ceo-quote-contradiction", "status": "active", "bestFor": "When management credibility is the lever", "canonId": "019dd9e1-52e9-717f-8454-93e627563ed6", "version": 1, "bodyDocId": "019dd9a1-8296-720d-8f51-da76937f9415", "description": "You reproduce management's own words — verbatim, with source and date — and\nthen place them next to the outcome that contradicts them. The CEO built\nthe rope; you put it around their own neck.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "document", "agents": null, "matchId": "56cd50bf-4f2e-4678-9ed8-0b364fabe27f", "evidence": null, "pageRefs": null, "priority": null, "whenToUse": "When management credibility is the lever", "confidence": null, "extraction": { "at": "2026-04-29 12:07:50.209813+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": null, "whyItWorks": "- **Maximum credibility**: no adjective you could write is as damning as the\n target's own prior statement.\n- **No rebuttal path**: management can't argue they didn't say it.\n- **It forces accountability onto a person**, not an institution — even if\n you aren't explicitly naming a villain elsewhere.\n- **Reporters amplify it**. A CEO-quote-contradiction slide is quotable,\n which means it lands in WSJ/FT/Bloomberg coverage.", "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Peer gap chart", "slug": "peer-gap", "status": "active", "bestFor": "When relative underperformance is the core argument", "canonId": "019dd9e1-54f1-775a-94a1-d5cf3bb75abf", "version": 1, "bodyDocId": "019dd9a1-8653-7748-9050-807f067196c3", "description": "A single visual that benchmarks the target against its best-in-class peers on\na single quantitative KPI — and shows the target losing. The gap is the\npunchline.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "document", "agents": null, "matchId": "66d256ad-3ac8-48fa-be92-5e88010cef12", "evidence": null, "pageRefs": null, "priority": null, "whenToUse": "When relative underperformance is the core argument", "confidence": null, "extraction": { "at": "2026-04-29 12:07:50.209813+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": null, "whyItWorks": "- It's the **most credible claim in the deck** because it's arithmetic, not\n opinion.\n- It's immediately **actionable** — close this gap and value accrues.\n- It **pre-empts the \"context is different\" defence** by pitting the target\n against direct peers in the same category.", "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Villain naming", "slug": "villain-naming", "status": "active", "bestFor": "When governance or specific decisions are the core thesis", "canonId": "019dd9e1-55a4-74db-9314-0ced4cd46cd2", "version": 1, "bodyDocId": "019dd9a1-88f1-72ad-8f4e-56ec29d7b369", "description": "You identify a **specific person** responsible for the target's underperformance\nor the behaviour you want changed — and name them. Not \"management\" or \"the\nboard\". A named executive or director with a specific failure attributable to\nthem.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "document", "agents": null, "matchId": "55ee675d-b9ad-4526-9ed3-262e0a153a42", "evidence": "Gong Yu (CEO, iQIYI)", "pageRefs": null, "priority": null, "whenToUse": "When governance or specific decisions are the core thesis", "confidence": null, "extraction": { "at": "2026-04-29 12:07:50.209813+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": null, "whyItWorks": "- **Accountability needs a face.** Voters (shareholders, regulators,\n journalists) act faster against people than institutions.\n- **Credibility rises with specificity.** \"The CFO has repeatedly missed\n guidance\" > \"Management has missed guidance\".\n- It **pre-empts evasion**. An individual can be removed; an abstraction\n cannot.\n- It **forces the target to respond personally** — and their defensive\n response usually generates more attention for your thesis.", "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Villain slide", "slug": "villain-slide", "status": "active", "bestFor": "In activist decks where the personality matters", "canonId": "019dd9e1-518c-7404-976a-5be5a517b659", "version": 1, "bodyDocId": null, "description": "A dedicated slide presenting the named villain visually", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "document", "agents": null, "matchId": "56686077-3430-4d71-82af-6275d4033037", "evidence": null, "pageRefs": null, "priority": null, "whenToUse": "In activist decks where the personality matters", "confidence": null, "extraction": { "at": "2026-04-29 12:07:50.209813+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": null, "whyItWorks": "Makes the antagonist concrete", "antipattern": null, "cardinality": null, "narrativePurpose": null } ], "frameworks": [ { "matchId": "6a0c6025-cce3-4b37-af5d-c1ab3a7456f5", "evidence": "Systematic breakdown of revenue inflation, expense manipulation, and barter transaction fraud.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:25:23.585+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 1, "frameworkName": "fraud-exposure" }, { "matchId": "d8603403-d204-4a73-9fc4-8dbcba418785", "evidence": "The text explicitly links financial performance to 'abundance of fraud' and references Luckin Coffee.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:25:24.402+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 2, "frameworkName": "fraud-exposure" }, { "matchId": "989f3b64-0749-4bc6-896e-32ba6b0ec233", "evidence": "The slide explicitly compares claimed vs. actual data to expose a discrepancy.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:25:22.756+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 3, "frameworkName": "fraud-exposure" }, { "matchId": "715a2526-b087-4cc7-ad7a-9d19adee270f", "evidence": "The slide explicitly argues that geographic anomalies in ranking metrics are evidence of click farm activity.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:25:27.948+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 4, "frameworkName": "fraud-exposure" }, { "matchId": "fe9c571d-49aa-415e-aa17-0b689822bdbd", "evidence": "The slide uses anomalous data patterns to argue for the existence of click farms/viewership inflation.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:25:23.096+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 5, "frameworkName": "fraud-exposure" }, { "matchId": "3b478ee0-bd72-4d44-b367-aa03657bfe62", "evidence": "The slide explicitly claims IQ overstates DAU numbers by 42% based on third-party data.", "framework": null, "confidence": 0.95, "extraction": { "at": "2026-05-02 21:25:23.908+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 6, "frameworkName": "fraud-exposure" }, { "matchId": "734f3904-95ab-4ebf-b529-63f2ba779a15", "evidence": "The slide uses comparative analysis of reported revenue vs. market capacity to allege accounting fraud.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:25:23.842+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 7, "frameworkName": "fraud-exposure" }, { "matchId": "947edc49-4aa5-464a-b5ea-8bb0b6aff7ee", "evidence": "The slide explicitly identifies discrepancies between SEC filings and local Chinese credit reports to allege revenue inflation.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 21:25:27.988+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 8, "frameworkName": "fraud-exposure" }, { "matchId": "f72f485b-87bf-4673-83cf-ec5259fa91f5", "evidence": "The slide explicitly claims management is misrepresenting numbers and uses a mathematical contradiction to prove it.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 21:25:24.939+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 9, "frameworkName": "fraud-exposure" }, { "matchId": "baed4b16-e565-4c9c-9174-3336cf65efef", "evidence": "The slide explicitly uses data to argue that management is lying about financial metrics.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 21:25:29.314+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 10, "frameworkName": "fraud-exposure" }, { "matchId": "7c6dcdf0-df99-4519-981d-b7302163ab5e", "evidence": "The slide explicitly argues that the company is using improper accounting to inflate revenue.", "framework": null, "confidence": 0.95, "extraction": { "at": "2026-05-02 21:25:26.189+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 11, "frameworkName": "fraud-exposure" }, { "matchId": "162716b4-6c51-44c9-a829-78abb4d1c686", "evidence": "The slide explicitly links opaque related party transactions to a decline in gross margin, suggesting financial manipulation.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:25:30.983+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 13, "frameworkName": "fraud-exposure" }, { "matchId": "174dcedf-f066-480f-88c1-97676d75431e", "evidence": "The slide explicitly claims fraudulent accounting practices by comparing two sets of public filings.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 21:25:26.12+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 14, "frameworkName": "fraud-exposure" }, { "matchId": "7a6b5f17-b5b2-426e-80c2-77d153fd327b", "evidence": "The slide systematically compares reported investment figures against auditor notes and cash flow statements to identify potential financial misrepresentation.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:25:30.653+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 15, "frameworkName": "fraud-exposure" }, { "matchId": "cfa812d5-15f9-46c2-995c-12c0f7e9352f", "evidence": "The slide explicitly compares capital contribution claims against balance sheet records to expose a financial discrepancy.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:11:03.305+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 19, "frameworkName": "fraud-exposure" }, { "matchId": "a41b84d8-ce33-48fa-b161-1184ad69e4a2", "evidence": "The slide explicitly uses financial data to argue that management made up non-cash contributions to inflate revenues.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 20:11:06.464+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 20, "frameworkName": "fraud-exposure" }, { "matchId": "d985f2ed-d200-44ef-8143-c8816cd30e84", "evidence": "Comparison of government filings vs SEC filings to identify overstatements", "framework": null, "confidence": 0.95, "extraction": { "at": "2026-05-02 20:11:04.279+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 21, "frameworkName": "fraud-exposure" }, { "matchId": "166c17bb-55c9-4bbe-a9f9-240beee05afe", "evidence": "Comparison of SEC filings vs SAIC reports to identify revenue discrepancies.", "framework": null, "confidence": 0.95, "extraction": { "at": "2026-05-02 20:11:05.842+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 22, "frameworkName": "fraud-exposure" }, { "matchId": "6ecaedae-c0e7-4717-8483-c24c02d73e4c", "evidence": "The slide explicitly frames the acquisition as a 'sham' to 'burn off fake revenues'.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:11:03.392+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 24, "frameworkName": "fraud-exposure" }, { "matchId": "72032080-7b1d-408f-9c3a-a31bb2115a63", "evidence": "The slide explicitly links the company's valuation to fraudulent activities and IP theft.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:11:03.299+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 26, "frameworkName": "fraud-exposure" }, { "matchId": "6f0daec9-95e7-40b7-903b-81eea7af8b54", "evidence": "Contrasting management's public claim of 'undue cost' with contractual evidence of existing documents.", "framework": null, "confidence": 0.95, "extraction": { "at": "2026-05-02 20:11:06.267+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 29, "frameworkName": "fraud-exposure" }, { "matchId": "e6c6d8a6-9a53-43f2-a1a4-2c4e52b596ee", "evidence": "The slide explicitly claims 'fake deferred revenue' and 'inflated purchase price' to expose financial misconduct.", "framework": null, "confidence": 0.95, "extraction": { "at": "2026-05-02 20:11:03.693+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 30, "frameworkName": "fraud-exposure" }, { "matchId": "52280856-a0e2-4595-b3fb-79b943003022", "evidence": "The slide explicitly argues that two companies conspired to over-report prices to inflate revenues and profits.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 20:11:04.941+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 33, "frameworkName": "fraud-exposure" }, { "matchId": "e21eb42b-2ca6-4ea4-9879-7b9fd863c181", "evidence": "The slide explicitly calls out an 'accounting gimmick' used to manipulate headline cash flow numbers.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:11:08.803+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 35, "frameworkName": "fraud-exposure" } ], "patterns": [] }, "storymakers": null, "score": null, "review": null, "activistThesis": { "tone": "adversarial", "notes": "Classic Wolfpack short-seller research note — Word-document/Times Roman prose layout (not a slide deck) with embedded screenshots of 20-F tables, Chinese-language source filings, and a few hand-built charts (Deferred Revenue vs Realized Revenue p.10; ARPU vs Gross Margin p.13). Title is a pun on the contemporaneous Luckin Coffee fraud ('iQIYI: The Netflix of China? Good Luckin'). Five interlocking fraud allegations: (1) DAU overstatement via ad-agency back-end data + 1,563-person survey; (2) dual-membership gross-up scheme; (3) Xin'ai Sports JV fake deferred revenue (~RMB 757m); (4) Skymoons RMB 2.4bn acquisition with stolen IP and a fake website (vs original Skymoons.com); (5) reclassifying content-license cash outflows from operating to investing to flatter OCF. CEO Gong Yu quoted directly to expose Skymoons mischaracterisation. No price target given — the implicit target is zero. Cover branded with Wolfpack logo and report-date metadata block.", "kpisCited": [ { "detail": "RMB 8-13bn overstatement, equal to 27-44% of reported revenue", "metric": "2019 revenue inflation" }, { "detail": "Ad-agency back-end data showed actual DAUs 60.3% below the 175m claimed in October 2019", "metric": "Mobile DAU overstatement" }, { "detail": "261.7%, 165.5%, 86.2% over Chinese credit-report figures in 2015/2016/2017", "metric": "Pre-IPO deferred-revenue inflation" }, { "detail": "31.9% of 613 surveyed VIPs (548 effective payers) accessed IQ through partner programs", "metric": "Dual-membership share of VIPs" }, { "detail": "RMB 726.155m booked vs ~RMB 38.25m actual cash investment per Wuhan DDMC filings", "metric": "Xin'ai Sports fake deferred revenue" }, { "detail": "RMB 2.4bn paid in 2018 for a game studio with stolen IP and no new copyrights filed since", "metric": "Skymoons acquisition price" }, { "detail": "RMB 10.3bn, RMB 1.2bn worse than 2018, after a decade of consecutive losses", "metric": "2019 net loss" }, { "detail": "Only 0.7% in 4Q19 — the lowest in IQ's history", "metric": "Paying-subscriber growth" }, { "detail": "-15% in 2019 with negative gross margin", "metric": "Advertising revenue growth" } ], "closingAsk": "Sell IQ — the company is committing systematic accounting fraud and, like Luckin Coffee, will eventually be exposed.", "extraction": { "at": "2026-04-22 22:35:55+00", "model": "unknown-legacy", "runId": null, "seconds": 95.40542, "promptVersion": null }, "scqaReward": "If IQ's revenue is restated 27-44% lower and the fabricated Xin'ai/Skymoons assets written down, the equity is worth a fraction of its $16.76 share price — Wolfpack invokes Luckin Coffee as the analogue ('good Luckin').", "thesisTypes": [ "fraud_exposure" ], "top3Reasons": [ "IQ inflated 2019 revenue by RMB 8-13bn (27-44%) and overstated DAUs by 42-60%", "Dual memberships with JD/Xiaomi booked gross let IQ inflate revenue and burn off fake cash", "Xin'ai Sports JV and Skymoons acquisition created ~RMB 3bn of fabricated assets/revenue" ], "scqaSituation": "iQIYI is Baidu's NASDAQ-listed video-streaming arm — the self-styled 'Netflix of China' — with 12.3bn USD market cap, 100m+ claimed VIP subscribers, and a decade of consecutive losses pre- and post-IPO.", "thesisSummary": "Wolfpack Research argues iQIYI — Baidu's NASDAQ-listed 'Netflix of China' — has committed systematic accounting fraud since before its 2018 IPO, with the trick book widening every year. On the revenue side, Wolfpack estimates IQ inflated 2019 revenue by RMB 8-13 billion (27-44%) by booking dual-membership partnerships with JD.com, Xiaomi, China Mobile and credit-card issuers on a gross basis; in-person surveys of 1,563 Chinese viewers found 31.9% of VIP members got access through such partners, and ad-agency back-end data showed mobile DAUs 60% below the 175 million IQ claimed. On the asset side, IQ fabricated RMB 757.75 million of deferred revenue against Wuhan DDMC's Xin'ai Sports JV and overpaid RMB 2.4 billion for Skymoons, a game studio with stolen IP and a fake website. Closing tagline: 'good Luckin.'", "primaryDemands": [ "Investors should sell IQ shares — Wolfpack is short the stock", "Auditors and SEC should investigate IQ's revenue, user, and acquisition accounting", "IQ should disclose dual-membership economics, Xin'ai Sports contributions, and Skymoons valuation basis" ], "scqaResolution": "Wolfpack discloses a short position and calls on investors to sell, and on the SEC and PCAOB-registered auditors to scrutinise IQ's revenue recognition, related-party transactions, and the Xin'ai and Skymoons acquisitions.", "thesisOneLiner": "Wolfpack alleges iQIYI has been committing accounting fraud since before its 2018 IPO — inflating revenue 27-44% and DAUs 42-60% via dual memberships, sham acquisitions, and barter deals.", "precedentsCited": [ "Luckin Coffee fraud (2020)", "Jinya Technology / Skymoons CSRC fraud finding (2015)", "Baidu's failed 91 Wireless acquisition (2013)", "Ningbo Fubang insider-trading case around Skymoons (2017)" ], "scqaComplication": "Survey, ad-agency back-end and Chinese-credit-report data show IQ overstated DAUs by 42-60% and pre-IPO deferred revenue by up to 261%, then used dual memberships and sham acquisitions to keep the fraud going post-IPO.", "narrativeInterest": 4, "notableSlidePages": [ 1, 11, 13, 14, 30, 35 ], "peerCompaniesCited": [ "Netflix", "Luckin Coffee", "Baidu", "JD.com", "Xiaomi", "Ctrip", "China Mobile", "China Telecom", "Wuhan DDMC", "Ping An Insurance" ], "valuationFrameworks": [ "not_shown" ], "visualCraftInterest": 2 }, "pitchdeck": { "metadata": null, "profile": null }, "slides": [ { "page": 1, "type": "tension", "title": "The report uses a 'short-seller' investigative tone, specifically referencing Luckin Coffee as a precedent for Chinese accounting fraud.", "function": "expose_contradiction", "imagePath": "https://imgproxy.kitesheet.com/eS7hI01MjQGpJaLlb33KY0Ism4BRWI-GnRfiH-qkCoI/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy85ZmI5Y2I3Mjg5YjIvcDAwMS5wbmc", "rawType": "executive_summary", "block": null, "metadata": { "slideType": "executive_summary", "slideTypeCanon": { "name": "Executive summary", "slug": "executive_summary", "status": "active", "canonId": "019de52d-06be-73ff-81b3-f99fe7f0025e", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 77, "componentCount": 9, "textChars": 1477, "nDataPoints": 12, "notes": "The report uses a 'short-seller' investigative tone, specifically referencing Luckin Coffee as a precedent for Chinese accounting fraud.", "elementsJson": [ "paragraph", "footnote", "logo_grid" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:25:23.585+00", "seconds": 4.457, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9a-539b4b45e826/1", "deck": "/decks/019dd923-622c-750b-8b9a-539b4b45e826", "deckAnchor": "/decks/019dd923-622c-750b-8b9a-539b4b45e826#slide-1", "deckJson": "/decks/019dd923-622c-750b-8b9a-539b4b45e826.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Our research shows us that iQIYI, Inc. (“IQ”) was committing fraud well before its IPO in 2018 and has continued to do so ever since.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:27:47+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-203f-7169-9f8f-8ca65f02a119", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "revenue inflation: 27%-44%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:27:47+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-203f-7169-9f8f-910c1eef3f69", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.78, "x": 0.11, "y": 0.23 }, "kind": "paragraph", "text": "Our research shows us that iQIYI, Inc. (“IQ”) was committing fraud well before its IPO in 2018 and has continued to do so ever since. We estimate IQ inflated its 2019 revenue by approximately RMB 8-13 billion, or 27%-44%.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:25:23.585+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "72f84285-4c8c-434e-bd63-84ddbfb32022", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.78, "x": 0.11, "y": 0.66 }, "kind": "paragraph", "text": "Arguably one of the most egregious examples of accounting fraud IQ commits is the inflation of its barter transaction revenue... IQ would have needed to barter the licenses for ~3.9x and ~3.2x the total number of TV series episodes produced.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:25:23.585+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "99b8583b-c58d-426b-9a7c-253c3e370e6a", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.78, "x": 0.11, "y": 0.5 }, "kind": "paragraph", "text": "We also obtained Chinese credit reports... we found that the deferred revenues reported to the SEC were inflated by 261.7%, 165.5% and 86.2% in 2015, 2016 and 2017, respectively.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:25:23.585+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "aebb8a60-f0aa-4965-9e11-e73fe5a38272", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.78, "x": 0.11, "y": 0.33 }, "kind": "paragraph", "text": "IQ does this by overstating its user numbers by approximately 42%-60%. Then, IQ inflates its expenses, the prices it pays for content, other assets and acquisitions in order to burn off fake cash to hide the fraud from its auditor and investors.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:25:23.585+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c0d17c50-3007-411f-b18c-c826b977dba2", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.78, "x": 0.11, "y": 0.4 }, "kind": "paragraph", "text": "We conducted in person surveys of 1,563 people... found that approximately 31.9% of IQ users have access to its VIP-only content through their memberships with IQ’s partners such as JD.com or Xiaomi TV.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:25:23.585+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f04529c5-2a79-421d-a6c6-8875bcce400f", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.78, "x": 0.11, "y": 0.85 }, "kind": "source-note", "text": "1 IQ only barters non-exclusive licenses: 2018 20-F, p. F-24. 2 According to China’s SARFT, there were 10,646 total TV episodes produced in China in 2019 and 13,726 episodes produced in 2018.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:25:23.585+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5e6ab026-f59b-4be5-ba57-24098a70a89b", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.36, "x": 0.32, "y": 0.17 }, "kind": "title", "text": "iQIYI: The Netflix of China? Good Luckin", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:25:23.585+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3c24171c-068e-43db-81ea-47c55f01fc3b", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "6a0c6025-cce3-4b37-af5d-c1ab3a7456f5", "evidence": "Systematic breakdown of revenue inflation, expense manipulation, and barter transaction fraud.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:25:23.585+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 1, "frameworkName": "fraud-exposure" } ], "arcBeats": [], "loops": [], "thumbSrc": "https://imgproxy.kitesheet.com/uL85D4i_3fmeg7yVvOlt_VD0GcmHbCnUFDlpFCz6cQc/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy85ZmI5Y2I3Mjg5YjIvcDAwMS5wbmc", "imagePathAlt": "https://imgproxy.kitesheet.com/3h4ktV__ccuL2oXXjuiPChSeYvoz_2PI7rqyhN3BgUM/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy85ZmI5Y2I3Mjg5YjIvcDAwMS5qcGc", "thumbSrcAlt": "https://imgproxy.kitesheet.com/Qq2GRyKX9NsdRB9kptOXp897tDcGBmZBlgXOd7Ijv6A/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy85ZmI5Y2I3Mjg5YjIvcDAwMS5qcGc" }, { "page": 2, "type": "tension", "title": "The slide uses a sarcastic closing remark ('good Luckin') to imply fraudulent behavior similar to Luckin Coffee.", "function": "name_villain", "rawType": "villain_critique", "block": null, "metadata": { "slideType": "villain_critique", "slideTypeCanon": { "name": "Villain critique", "slug": "villain_critique", "status": "active", "canonId": "019de52d-10bc-7136-bf20-09de59d17447", "version": 1, "description": null }, "function": "name_villain", "functionCanon": { "name": "Name villain", "slug": "name_villain", "status": "active", "canonId": "019de52d-1746-70d6-bc58-5eeaf5865526", "version": 1, "description": null }, "density": "balanced", "densityScore": 35, "componentCount": 5, "textChars": 869, "nDataPoints": 5, "notes": "The slide uses a sarcastic closing remark ('good Luckin') to imply fraudulent behavior similar to Luckin Coffee.", "elementsJson": [ "paragraph" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:25:24.402+00", "seconds": 5.261, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9a-539b4b45e826/2", "deck": "/decks/019dd923-622c-750b-8b9a-539b4b45e826", "deckAnchor": "/decks/019dd923-622c-750b-8b9a-539b4b45e826#slide-2", "deckJson": "/decks/019dd923-622c-750b-8b9a-539b4b45e826.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "To us, even these horrific losses are meaningless, considering the abundance of fraud we have already discussed. However, if what we’ve said thus far doesn’t concern you, all we can say is “good Luckin”", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:27:46+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-203f-7169-9f8f-5e4f95fb84c8", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "net loss: RMB 10.3 billion", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:27:46+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-203f-7169-9f8f-66486446fb38", "parentComponentId": null }, { "bbox": { "h": 0.22, "w": 0.78, "x": 0.11, "y": 0.09 }, "kind": "paragraph", "text": "IQ is a mature company. It will be 10 years old this month and has lost money for 10 consecutive years. IQ's losses are rapidly accelerating, unlike its growth. IQ lost RMB 10.3 billion in 2019, RMB 1.2 billion more than 2018. Meanwhile, paying subscriber growth in 4Q19 was its lowest ever at only 0.7%. IQ's advertising revenue was down -15% in 2019 and it still has a negative gross margin. To us, even these horrific losses are meaningless, considering the abundance of fraud we have already discussed. However, if what we've said thus far doesn't concern you, all we can say is \"good Luckin\"", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:25:24.402+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "059fd01e-7481-48e5-ab6f-ac3456ba8de6", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.1, "x": 0.79, "y": 0.92 }, "kind": "paragraph", "text": "Page 2 of 37", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:25:24.402+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3793f45f-d326-4554-9ba2-519256807420", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“good Luckin” — Wolfpack Research", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:27:46+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-203f-7169-9f8f-6105c31f3977", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "d8603403-d204-4a73-9fc4-8dbcba418785", "evidence": "The text explicitly links financial performance to 'abundance of fraud' and references Luckin Coffee.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:25:24.402+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 2, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 5, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 2, "name": "The Monster", "beatId": "7149eae0-4545-4469-aef8-1f96dcd2261b", "matchId": "10b30b04-ae2f-4663-826d-45873f78b398", "beatType": { "name": "The Monster", "slug": "overcoming-monster-the-monster", "status": "active", "canonId": "019dd9b8-3ba3-70b3-85b6-6dc1928acd40", "version": 1, "description": null }, "evidence": "The document presents a series of contradictions and inconsistencies in iQIYI's financial reporting", "position": 0, "isPrimaryArc": true, "parentBeatType": { "name": "Hook", "slug": "hook", "status": "active", "canonId": "019dd9b8-01a6-7328-bff2-b22eb40b3ea5", "version": 1, "description": "The opener — a deliberate move to earn attention before any argument. Used by AIDA, Monroes, Pixar Pitch, Overcoming the Monster." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 3, "type": "tension", "title": "The slide uses a forensic accounting approach to compare claimed vs. actual user data.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 67, "componentCount": 9, "textChars": 857, "nDataPoints": 120, "notes": "The slide uses a forensic accounting approach to compare claimed vs. actual user data.", "elementsJson": [ "headline_text", "paragraph", "data_table", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:25:22.756+00", "seconds": 3.089, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9a-539b4b45e826/3", "deck": "/decks/019dd923-622c-750b-8b9a-539b4b45e826", "deckAnchor": "/decks/019dd923-622c-750b-8b9a-539b4b45e826#slide-3", "deckJson": "/decks/019dd923-622c-750b-8b9a-539b4b45e826.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Two Chinese advertising companies provided us data from IQ’s back-end system which show that IQ’s actual mobile DAUs from September 2019 were 60.3% lower than the 175 million average mobile DAUs claimed by IQ in October 2019.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:27:47+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-203f-7169-9f8f-ab7bcf368b7f", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "DAU: 60.3%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:27:47+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-203f-7169-9f8f-afaaa3693aa0", "parentComponentId": null }, { "bbox": { "h": 0.035, "w": 0.764, "x": 0.118, "y": 0.125 }, "kind": "paragraph", "text": "Our research uncovered data from three independent sources showing that IQ overstates its DAU numbers by 42% to 60%.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:25:22.756+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0dda422b-29c3-4954-ab70-dbf7ddf27c5c", "parentComponentId": null }, { "bbox": { "h": 0.055, "w": 0.764, "x": 0.118, "y": 0.205 }, "kind": "paragraph", "text": "Two Chinese advertising companies provided us data from IQ's back-end system which show that IQ's actual mobile DAUs from September 2019 were 60.3% lower than the 175 million average mobile DAUs claimed by IQ in October 2019.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:25:22.756+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "80c1e1be-b509-48f5-91e7-446e5d8124d7", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.35, "x": 0.118, "y": 0.88 }, "kind": "source-note", "text": "4 www.100ec.cn/detail--6491609.html 5 www.199it.com/archives/998277.html", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:25:22.756+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2e8d2f32-4c38-4ac5-84c9-5ca6e67401ad", "parentComponentId": null }, { "bbox": { "h": 0.025, "w": 0.382, "x": 0.308, "y": 0.84 }, "kind": "source-note", "text": "Source: ad companies with access to iQIYI backend platform. Units: thousands", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:25:22.756+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8f04b59c-bbe4-4eb1-a104-2bd18735947a", "parentComponentId": null }, { "bbox": { "h": 0.335, "w": 0.382, "x": 0.308, "y": 0.505 }, "kind": "table", "text": "Avergage of DAUs for 4 Days by O/S and City", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:25:22.756+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a05bd50d-f5f4-4686-865f-c3732ccd79cc", "parentComponentId": null }, { "bbox": { "h": 0.021, "w": 0.315, "x": 0.118, "y": 0.095 }, "kind": "title", "text": "1. IQ Overstates its User Numbers:", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:25:22.756+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "06209a8e-dfed-4c41-b075-d455e982c2ab", "parentComponentId": null }, { "bbox": { "h": 0.021, "w": 0.515, "x": 0.118, "y": 0.175 }, "kind": "title", "text": "Data from IQ's Back-End System Contradict its DAU Claims", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Subtitle", "slug": "subtitle", "status": "active", "canonId": "019de52c-fb09-739d-900c-815b0d9ac526", "version": 1, "description": null }, "framework": null }, "subkind": "subtitle", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:25:22.756+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ffa63d17-477a-40fc-86ee-3695d9ff400d", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "989f3b64-0749-4bc6-896e-32ba6b0ec233", "evidence": "The slide explicitly compares claimed vs. actual data to expose a discrepancy.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:25:22.756+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 3, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 5, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 2, "name": "The Monster", "beatId": "7149eae0-4545-4469-aef8-1f96dcd2261b", "matchId": "10b30b04-ae2f-4663-826d-45873f78b398", "beatType": { "name": "The Monster", "slug": "overcoming-monster-the-monster", "status": "active", "canonId": "019dd9b8-3ba3-70b3-85b6-6dc1928acd40", "version": 1, "description": null }, "evidence": "The document presents a series of contradictions and inconsistencies in iQIYI's financial reporting", "position": 0, "isPrimaryArc": true, "parentBeatType": { "name": "Hook", "slug": "hook", "status": "active", "canonId": "019dd9b8-01a6-7328-bff2-b22eb40b3ea5", "version": 1, "description": "The opener — a deliberate move to earn attention before any argument. Used by AIDA, Monroes, Pixar Pitch, Overcoming the Monster." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 5, "from": 3, "loop": { "name": "03_aha_moment", "slug": "03-aha-moment", "status": "active", "bestFor": "Data-heavy sections, research findings, analytical arguments", "canonId": "019dd956-66f4-7668-ab25-cec9c996c0bc", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Problem/Question -> What the Data Shows -> The Insight", "description": "Establish a tension, present data, then deliver the insight that changes everything", "familyLabel": null }, "matchId": "5e1042df-4289-4976-a039-2109595a3b2a", "evidence": "The document presents evidence of click farm activity and inflated user numbers", "position": 0, "objective": "Is iQIYI's user numbers accurate?", "confidence": 0.7, "extraction": { "at": "2026-07-16 22:01:22.011927+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 4, "type": "tension", "title": "The slide uses a combination of a quantitative table to show data discrepancy and a narrative argument to suggest fraudulent activity (click farms) based on geo", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 70, "componentCount": 9, "textChars": 1153, "nDataPoints": 5, "notes": "The slide uses a combination of a quantitative table to show data discrepancy and a narrative argument to suggest fraudulent activity (click farms) based on geographic anomalies.", "elementsJson": [ "paragraph", "data_table", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:25:27.948+00", "seconds": 7.785, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9a-539b4b45e826/4", "deck": "/decks/019dd923-622c-750b-8b9a-539b4b45e826", "deckAnchor": "/decks/019dd923-622c-750b-8b9a-539b4b45e826#slide-4", "deckJson": "/decks/019dd923-622c-750b-8b9a-539b4b45e826.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "This is 60.3% lower than what IQ's disclosures implied.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:27:47+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-203f-7169-9f8f-c667e6e4d8c5", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Mobile DAU: -60.30%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:27:47+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-203f-7169-9f8f-c8055a967a9f", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.78, "x": 0.11, "y": 0.09 }, "kind": "paragraph", "text": "Based on the 175 million average mobile DAUs number disclosed by IQ in October 2019 and the 35.6% of DAUs in tier 1 cities as disclosed in IQ's 2019 report mentioned above, we expected 62.29 million (175m x 35.6%) DAUs in China's tier 1 cities.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:25:27.948+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4bf696c1-dfbb-4269-a186-f01a87b4ba3a", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.78, "x": 0.11, "y": 0.48 }, "kind": "paragraph", "text": "IQ created its own content monitoring and ranking metric to provide a sense of the popularity of its programming. It is called the Content Heat Index and is publicly available on IQ's website.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:25:27.948+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d346ad7f-efa5-4202-a62a-1056b240de45", "parentComponentId": null }, { "bbox": { "h": 0.11, "w": 0.78, "x": 0.11, "y": 0.62 }, "kind": "paragraph", "text": "Mainland China has 23 provinces, 5 autonomous regions, 4 municipalities... Among these total 32 different regions, Tibet always ranks last for population. Logic suggests Tibet should not show up in the top 10 for any of IQ's shows.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:25:27.948+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d87fbc8a-272a-4eaf-ade0-660b74ce1cfb", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.78, "x": 0.11, "y": 0.53 }, "kind": "paragraph", "text": "According to a note on the Heat Index, these lists are compiled from data from the most recent three months. The typical trend for newly released popular programs starts with a spike and then trails off.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:25:27.948+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e84ea339-ddf0-4c68-927e-ba13f36faa8a", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.78, "x": 0.11, "y": 0.85 }, "kind": "source-note", "text": "6-9: Footnotes referencing data sources", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:25:27.948+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fbed7f9c-4e15-4237-9310-1205d7f2349a", "parentComponentId": null }, { "bbox": { "h": 0.21, "w": 0.76, "x": 0.12, "y": 0.19 }, "kind": "table", "text": "Est. Difference in Mobile DAUs for the combeind 19 Tier 1 Cities Ad Agency Backend Data vs. iQIYI Reported DAUs", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:25:27.948+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2fe47f36-6ac8-474a-9edc-6ea408de5b5b", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.65, "x": 0.11, "y": 0.44 }, "kind": "title", "text": "IQ's \"Heat Index\" Maps Show Evidence of Click Farm Activity", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:25:27.948+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "28e97613-a110-468e-a83c-2eadb2c52597", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "715a2526-b087-4cc7-ad7a-9d19adee270f", "evidence": "The slide explicitly argues that geographic anomalies in ranking metrics are evidence of click farm activity.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:25:27.948+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 4, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 5, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 2, "name": "The Monster", "beatId": "7149eae0-4545-4469-aef8-1f96dcd2261b", "matchId": "10b30b04-ae2f-4663-826d-45873f78b398", "beatType": { "name": "The Monster", "slug": "overcoming-monster-the-monster", "status": "active", "canonId": "019dd9b8-3ba3-70b3-85b6-6dc1928acd40", "version": 1, "description": null }, "evidence": "The document presents a series of contradictions and inconsistencies in iQIYI's financial reporting", "position": 0, "isPrimaryArc": true, "parentBeatType": { "name": "Hook", "slug": "hook", "status": "active", "canonId": "019dd9b8-01a6-7328-bff2-b22eb40b3ea5", "version": 1, "description": "The opener — a deliberate move to earn attention before any argument. Used by AIDA, Monroes, Pixar Pitch, Overcoming the Monster." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 5, "from": 3, "loop": { "name": "03_aha_moment", "slug": "03-aha-moment", "status": "active", "bestFor": "Data-heavy sections, research findings, analytical arguments", "canonId": "019dd956-66f4-7668-ab25-cec9c996c0bc", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Problem/Question -> What the Data Shows -> The Insight", "description": "Establish a tension, present data, then deliver the insight that changes everything", "familyLabel": null }, "matchId": "5e1042df-4289-4976-a039-2109595a3b2a", "evidence": "The document presents evidence of click farm activity and inflated user numbers", "position": 0, "objective": "Is iQIYI's user numbers accurate?", "confidence": 0.7, "extraction": { "at": "2026-07-16 22:01:22.011927+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 5, "type": "tension", "title": "The table highlights specific low-population regions appearing in top-10 rankings, which the author argues is statistically improbable.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "balanced", "densityScore": 47, "componentCount": 6, "textChars": 1052, "nDataPoints": 30, "notes": "The table highlights specific low-population regions appearing in top-10 rankings, which the author argues is statistically improbable.", "elementsJson": [ "paragraph", "data_table", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:25:23.096+00", "seconds": 2.84, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9a-539b4b45e826/5", "deck": "/decks/019dd923-622c-750b-8b9a-539b4b45e826", "deckAnchor": "/decks/019dd923-622c-750b-8b9a-539b4b45e826#slide-5", "deckJson": "/decks/019dd923-622c-750b-8b9a-539b4b45e826.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "It is nearly impossible for regions with such small populations to generate enough organic traffic to top IQ’s heat index charts.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:27:47+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-203f-7169-9f8f-74ca262119fd", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.764, "x": 0.118, "y": 0.875 }, "kind": "disclaimer", "text": "10 注: 数据来自于近 3 个月爱奇艺全站, data comes from the most recent three months for IQ’s site\n11 Heat Index data is shown is for the most recent three months. We believe these bots/click farms are active at all times, but their impact is most impactful a few months after new content is released as organic viewership levels fall.", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:25:23.096+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "77f23eb3-853c-4818-b40e-b08ee6eaf933", "parentComponentId": null }, { "bbox": { "h": 0.045, "w": 0.764, "x": 0.118, "y": 0.094 }, "kind": "paragraph", "text": "However, recent checks on IQ’s popular programs including “Old Boy,” “Idol Producer” and “Hot Blood Dance Crew” included regions with very small populations such as Tibet, Hainan, Ningxia or Inner Mongolia in the top 10: 10", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:25:23.096+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "07ff2f09-b440-46a8-be53-de5df5b6aca8", "parentComponentId": null }, { "bbox": { "h": 0.045, "w": 0.764, "x": 0.118, "y": 0.374 }, "kind": "paragraph", "text": "It is nearly impossible for regions with such small populations to generate enough organic traffic to top IQ’s heat index charts. Instead, we believe these highly abnormal patterns are indications that IQ employs methods to inflate the viewership levels of its content.11", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:25:23.096+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2b0a9a6d-86d0-4595-a38c-7e8a27c5025c", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.55, "x": 0.225, "y": 0.342 }, "kind": "source-note", "text": "source: iQIYI company data, April 2020 - based on most recent 3 mos data", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:25:23.096+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "51507527-c4e1-43fe-8ab9-ada528f872cf", "parentComponentId": null }, { "bbox": { "h": 0.235, "w": 0.55, "x": 0.225, "y": 0.162 }, "kind": "table", "text": "iQIYI Heat Index - Top Locations table", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:25:23.096+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8a269c3c-c680-4b1a-91f4-0203efbf50a1", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "fe9c571d-49aa-415e-aa17-0b689822bdbd", "evidence": "The slide uses anomalous data patterns to argue for the existence of click farms/viewership inflation.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:25:23.096+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 5, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 5, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 2, "name": "The Monster", "beatId": "7149eae0-4545-4469-aef8-1f96dcd2261b", "matchId": "10b30b04-ae2f-4663-826d-45873f78b398", "beatType": { "name": "The Monster", "slug": "overcoming-monster-the-monster", "status": "active", "canonId": "019dd9b8-3ba3-70b3-85b6-6dc1928acd40", "version": 1, "description": null }, "evidence": "The document presents a series of contradictions and inconsistencies in iQIYI's financial reporting", "position": 0, "isPrimaryArc": true, "parentBeatType": { "name": "Hook", "slug": "hook", "status": "active", "canonId": "019dd9b8-01a6-7328-bff2-b22eb40b3ea5", "version": 1, "description": "The opener — a deliberate move to earn attention before any argument. Used by AIDA, Monroes, Pixar Pitch, Overcoming the Monster." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 5, "from": 3, "loop": { "name": "03_aha_moment", "slug": "03-aha-moment", "status": "active", "bestFor": "Data-heavy sections, research findings, analytical arguments", "canonId": "019dd956-66f4-7668-ab25-cec9c996c0bc", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Problem/Question -> What the Data Shows -> The Insight", "description": "Establish a tension, present data, then deliver the insight that changes everything", "familyLabel": null }, "matchId": "5e1042df-4289-4976-a039-2109595a3b2a", "evidence": "The document presents evidence of click farm activity and inflated user numbers", "position": 0, "objective": "Is iQIYI's user numbers accurate?", "confidence": 0.7, "extraction": { "at": "2026-07-16 22:01:22.011927+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 6, "type": "tension", "title": "The slide uses a line chart to visualize DAU trends and a table to compare specific growth metrics, directly challenging the subject's reported data.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 77, "componentCount": 10, "textChars": 1171, "nDataPoints": 15, "notes": "The slide uses a line chart to visualize DAU trends and a table to compare specific growth metrics, directly challenging the subject's reported data.", "elementsJson": [ "headline_text", "paragraph", "data_table", "line_chart", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:25:23.908+00", "seconds": 3.516, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9a-539b4b45e826/6", "deck": "/decks/019dd923-622c-750b-8b9a-539b4b45e826", "deckAnchor": "/decks/019dd923-622c-750b-8b9a-539b4b45e826#slide-6", "deckJson": "/decks/019dd923-622c-750b-8b9a-539b4b45e826.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "The report shows that IQ’s average mobile DAUs were only 126.2 million during the first 10 days of the 2020 Chinese Lunar New Year, versus 180 million average mobile DAUs claimed by IQ.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:27:47+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-203f-7169-9f8f-fff55ee802d6", "parentComponentId": null }, { "bbox": { "h": 0.235, "w": 0.73, "x": 0.135, "y": 0.348 }, "kind": "chart", "text": "Line chart showing daily DAU trends for five video platforms from 2020-01-14 to 2020-02-04.", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Line chart", "slug": "line", "status": "active", "canonId": "019de52c-ff62-778f-8f6c-a952ceae8677", "version": 1, "description": null }, "framework": null }, "subkind": "line", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:25:23.908+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a91a8cd0-fda7-4223-800b-39828cfa3b7f", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "DAU: 126.2 million", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:27:47+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-203f-7169-9f90-0493c1801dd1", "parentComponentId": null }, { "bbox": { "h": 0.057, "w": 0.764, "x": 0.118, "y": 0.171 }, "kind": "paragraph", "text": "The report shows that IQ’s average mobile DAUs were only 126.2 million during the first 10 days of the 2020 Chinese Lunar New Year, versus 180 million average mobile DAUs claimed by IQ. Furthermore, the QuestMobile report shows IQ’s DAUs did not grow between the 2019 and 2020 Chinese Lunar New Year:12", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:25:23.908+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6574b1de-da35-4dc0-8dcd-4b4f49ce211e", "parentComponentId": null }, { "bbox": { "h": 0.038, "w": 0.764, "x": 0.118, "y": 0.123 }, "kind": "paragraph", "text": "In February 2020, QuestMobile published a special report titled “China Mobile Internet Amid COVID-19 Plague” which shows that IQ overstates its DAU numbers by at least 42%.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:25:23.908+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b6e889e7-9c66-4eb0-a82e-646d8d52e08b", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "In February 2020, QuestMobile published a special report titled “China Mobile Internet Amid COVID-19 Plague” which shows that IQ overstates its DAU numbers by at least 42%.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:27:47+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-203f-7169-9f90-01ca1ec1c5df", "parentComponentId": null }, { "bbox": { "h": 0.014, "w": 0.435, "x": 0.118, "y": 0.897 }, "kind": "source-note", "text": "12 QuestMobile: China Mobile Internet Amid COVID-19 Plague, slide 26", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:25:23.908+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3e34eea7-91c2-4ae5-ab42-4d53408e7cd2", "parentComponentId": null }, { "bbox": { "h": 0.053, "w": 0.684, "x": 0.158, "y": 0.281 }, "kind": "table", "text": "Table comparing DAU during Jan 24-Feb 2, 2020 and growth vs 2019 for iQIYI, Tencent, Youku, Mango TV, and bilibili.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:25:23.908+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fb37b501-0761-4365-9ade-f0d20e680d84", "parentComponentId": null }, { "bbox": { "h": 0.021, "w": 0.125, "x": 0.118, "y": 0.095 }, "kind": "title", "text": "QuestMobile", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:25:23.908+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c9cd6645-7c1a-4c51-ac2d-14d44ac0ac25", "parentComponentId": null }, { "bbox": { "h": 0.018, "w": 0.304, "x": 0.348, "y": 0.259 }, "kind": "title", "text": "DAU of Typical Online Video Platforms", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Subtitle", "slug": "subtitle", "status": "active", "canonId": "019de52c-fb09-739d-900c-815b0d9ac526", "version": 1, "description": null }, "framework": null }, "subkind": "subtitle", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:25:23.908+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f32f3ae4-cbb0-4597-b982-63ce2e327efb", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "3b478ee0-bd72-4d44-b367-aa03657bfe62", "evidence": "The slide explicitly claims IQ overstates DAU numbers by 42% based on third-party data.", "framework": null, "confidence": 0.95, "extraction": { "at": "2026-05-02 21:25:23.908+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 6, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 20, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 6, "name": "The Struggle", "beatId": "83f9cd5c-f84b-4402-9454-a3996734e45e", "matchId": "10b30b04-ae2f-4663-826d-45873f78b398", "beatType": { "name": "The Struggle", "slug": "overcoming-monster-the-struggle", "status": "active", "canonId": "019dd9b8-3d24-71b1-9262-9a8f9850fda3", "version": 1, "description": null }, "evidence": "The document presents a detailed analysis of iQIYI's financials, highlighting several areas of concern", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Development", "slug": "development", "status": "active", "canonId": "019dd9b8-0332-7008-b3aa-11b0840a57b1", "version": 1, "description": "The middle stretch in arcs that have one. Often where length problems creep in." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 7, "type": "tension", "title": "This is a forensic research note alleging accounting fraud via non-monetary barter transactions.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 84, "componentCount": 10, "textChars": 1708, "nDataPoints": 8, "notes": "This is a forensic research note alleging accounting fraud via non-monetary barter transactions.", "elementsJson": [ "headline_text", "paragraph", "footnote", "quote_block" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:25:23.842+00", "seconds": 3.41, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9a-539b4b45e826/7", "deck": "/decks/019dd923-622c-750b-8b9a-539b4b45e826", "deckAnchor": "/decks/019dd923-622c-750b-8b9a-539b4b45e826#slide-7", "deckJson": "/decks/019dd923-622c-750b-8b9a-539b4b45e826.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "IQ's barter sublicensing revenues are so inflated that they wouldn't come close to being believable even if IQ bartered every single TV episode produced in China in each of the last three years.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:27:48+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-203f-7169-9f90-752d9871b8d1", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "revenue: RMB 8-13 billion", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:27:48+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-203f-7169-9f90-7ca3efe7b89b", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.78, "x": 0.11, "y": 0.12 }, "kind": "paragraph", "text": "Our analysis found that IQ inflated its 2019 revenue by approximately RMB 8-13 billion, or 27%-44%.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:25:23.842+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6a017f8e-b392-416f-a1e5-e835d1ad91bb", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.78, "x": 0.11, "y": 0.26 }, "kind": "paragraph", "text": "IQ's reported barter sublicensing revenues imply it traded every single TV episode produced in China in 2018 and 2019 for ~RMB 79,000 and ~RMB 64,000 each, respectively.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:25:23.842+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e51b573e-f0e4-47fe-a15e-d42f1d7f8bf3", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.78, "x": 0.11, "y": 0.2 }, "kind": "paragraph", "text": "IQ's barter sublicensing revenues are so inflated that they wouldn't come close to being believable even if IQ bartered every single TV episode produced in China in each of the last three years.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:25:23.842+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f790f2ed-85b9-44c5-a0b7-5f27b4455b2b", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.78, "x": 0.11, "y": 0.7 }, "kind": "quote", "text": "The Group also enters into nonmonetary transactions to exchange online broadcasting rights of licensed copyrights with other online video broadcasting companies from time to time.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:25:23.842+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "24d5cc0e-61ad-470d-bea5-a07528ce8ad8", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"The Group also enters into nonmonetary transactions to exchange online broadcasting rights of licensed copyrights with other online video broadcasting companies from time to time. The exchanged licensed copyrights provide rights for each party to broadcast the licensed copyrights received on its own website only. Each transferring party retains the right to continue broadcasting the exclusive content on its own website and/or sublicense the rights to the content it surrendered in the exchange.\" — IQ 2018 20-F, p. F-24", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:27:48+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-203f-7169-9f90-7a555a841d3b", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.78, "x": 0.11, "y": 0.85 }, "kind": "source-note", "text": "13 According to China's SARFT, there were 10,646 total TV episodes produced in China in 2019; 14 According to China's SARFT, there were 13,726 total TV episodes produced in China in 2018; 15 https://www.sec.gov/news/press-release/2019-186; 16 IQ 2018 20-F, p. F-24", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:25:23.842+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b3706fe6-67a0-4ac6-8aea-1f76b1468cae", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.25, "x": 0.11, "y": 0.09 }, "kind": "title", "text": "2. IQ Inflates its Revenues:", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:25:23.842+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4634fa21-e8c0-49ec-8888-f827731d80d5", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.28, "x": 0.11, "y": 0.17 }, "kind": "title", "text": "Barter Transactions: A Black Box", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Subtitle", "slug": "subtitle", "status": "active", "canonId": "019de52c-fb09-739d-900c-815b0d9ac526", "version": 1, "description": null }, "framework": null }, "subkind": "subtitle", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:25:23.842+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "239f6e13-4c3b-486d-b704-0a61917463f5", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "734f3904-95ab-4ebf-b529-63f2ba779a15", "evidence": "The slide uses comparative analysis of reported revenue vs. market capacity to allege accounting fraud.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:25:23.842+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 7, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 20, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 6, "name": "The Struggle", "beatId": "83f9cd5c-f84b-4402-9454-a3996734e45e", "matchId": "10b30b04-ae2f-4663-826d-45873f78b398", "beatType": { "name": "The Struggle", "slug": "overcoming-monster-the-struggle", "status": "active", "canonId": "019dd9b8-3d24-71b1-9262-9a8f9850fda3", "version": 1, "description": null }, "evidence": "The document presents a detailed analysis of iQIYI's financials, highlighting several areas of concern", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Development", "slug": "development", "status": "active", "canonId": "019dd9b8-0332-7008-b3aa-11b0840a57b1", "version": 1, "description": "The middle stretch in arcs that have one. Often where length problems creep in." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 8, "type": "tension", "title": "The slide uses forensic accounting to highlight potential fraud in revenue reporting.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 67, "componentCount": 8, "textChars": 1269, "nDataPoints": 18, "notes": "The slide uses forensic accounting to highlight potential fraud in revenue reporting.", "elementsJson": [ "paragraph", "data_table", "bullet_list" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:25:27.988+00", "seconds": 7.507, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9a-539b4b45e826/8", "deck": "/decks/019dd923-622c-750b-8b9a-539b4b45e826", "deckAnchor": "/decks/019dd923-622c-750b-8b9a-539b4b45e826#slide-8", "deckJson": "/decks/019dd923-622c-750b-8b9a-539b4b45e826.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "When aggregated and compared to IQ's F-1 prospectus, we found that the deferred revenues reported to the SEC were overstated by 261.7%, 165.5% and 86.2% in 2015, 2016 and 2017, respectively.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:27:48+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-203f-7169-9f90-5b24a950f600", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.5, "x": 0.14, "y": 0.48 }, "kind": "list", "text": "Beijing iQIYI Science & Technology Co., Ltd., Shanghai iQIYI Culture Media Co., Ltd., Shanghai Zhong Yuan Network Co., Ltd., iQIYI Pictures (Beijing) Co., Ltd., Beijing iQIYI Cinema Management Co., Ltd.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:25:27.988+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d0008409-704c-4682-8b96-88e7002a4370", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "deferred revenue: 261.7%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:27:48+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-203f-7169-9f90-5f25ce7eb3bc", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.78, "x": 0.11, "y": 0.8 }, "kind": "paragraph", "text": "Overstating its numbers to this extent in the years prior to its IPO creates a serious problem for IQ: it must post increasingly inflated results in order to make up for pre-existing fraud and still show growth.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:25:27.988+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "405c0a71-fec3-47f4-88cd-c1c82c257d2c", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.78, "x": 0.11, "y": 0.09 }, "kind": "paragraph", "text": "In an exclusive deal, the seller forfeits the streaming and sublicensing rights of the content to the purchasing party. In a non-exclusive deal, the seller retains the right to stream the content on its own site as well as sublicense the content to others, as explained in IQ's disclosure above. The table below shows the absurdity of IQ's purported barter sublicensing revenues:", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:25:27.988+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "96cccb95-def6-406a-bd39-cec1ae2c1391", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.78, "x": 0.11, "y": 0.32 }, "kind": "paragraph", "text": "Deferred Revenue Discrepancies. IQ's reported deferred revenue is significantly overstated which further shows that it inflates its revenue.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:25:27.988+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d7115473-2cda-4578-9196-8cc515a6cd35", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.75, "x": 0.13, "y": 0.17 }, "kind": "table", "text": "Barter Transaction Revenue Reality Check: 2017 - 2019", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:25:27.988+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d21338bf-b461-4789-ad38-e151cf5e19bb", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.6, "x": 0.2, "y": 0.65 }, "kind": "table", "text": "Comparison of Deferred Revenue in SEC Filings & Chinese Credit Reports", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:25:27.988+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ebac6f55-1c1d-4435-b7f7-dc9f2afd5a1a", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "947edc49-4aa5-464a-b5ea-8bb0b6aff7ee", "evidence": "The slide explicitly identifies discrepancies between SEC filings and local Chinese credit reports to allege revenue inflation.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 21:25:27.988+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 8, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 20, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 6, "name": "The Struggle", "beatId": "83f9cd5c-f84b-4402-9454-a3996734e45e", "matchId": "10b30b04-ae2f-4663-826d-45873f78b398", "beatType": { "name": "The Struggle", "slug": "overcoming-monster-the-struggle", "status": "active", "canonId": "019dd9b8-3d24-71b1-9262-9a8f9850fda3", "version": 1, "description": null }, "evidence": "The document presents a detailed analysis of iQIYI's financials, highlighting several areas of concern", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Development", "slug": "development", "status": "active", "canonId": "019dd9b8-0332-7008-b3aa-11b0840a57b1", "version": 1, "description": "The middle stretch in arcs that have one. Often where length problems creep in." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 9, "type": "tension", "title": "The slide uses a conceptual chart to frame the argument before presenting the actual data (which is referenced but not shown on this specific page).", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 59, "componentCount": 8, "textChars": 1282, "nDataPoints": 0, "notes": "The slide uses a conceptual chart to frame the argument before presenting the actual data (which is referenced but not shown on this specific page).", "elementsJson": [ "headline_text", "paragraph", "line_chart", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:25:24.939+00", "seconds": 4.184, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9a-539b4b45e826/9", "deck": "/decks/019dd923-622c-750b-8b9a-539b4b45e826", "deckAnchor": "/decks/019dd923-622c-750b-8b9a-539b4b45e826#slide-9", "deckJson": "/decks/019dd923-622c-750b-8b9a-539b4b45e826.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "The relationship between IQ’s deferred revenues and realized revenues is the opposite of what we would expect based on their claims – the realized revenue curve consistently leads the deferred revenue curve and the gap between the two is widening.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:27:47+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-203f-7169-9f8f-e1f27d34eac0", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.6, "x": 0.2, "y": 0.4 }, "kind": "chart", "text": "Example: Deferred Revenues to Realized Revenues at a Growing Membership Based Company", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Line chart", "slug": "line", "status": "active", "canonId": "019de52c-ff62-778f-8f6c-a952ceae8677", "version": 1, "description": null }, "framework": null }, "subkind": "line", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:25:24.939+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d296350d-b5a0-4911-90a4-701c6e9cc9da", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "deferred revenue", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:27:47+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-203f-7169-9f8f-e406b8193114", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.8, "x": 0.1, "y": 0.18 }, "kind": "paragraph", "text": "Between 3Q18 and 1Q19, IQ reported an increase of 16.1 million paying subscribers and an increase in the average subscription period from 6 months to 8 months. However, IQ's deferred revenue declined by 17% during the same period – this mathematical contradiction shows that at least one of these numbers is made up.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:25:24.939+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8417c7c9-d04b-46f7-9bff-9d822b3e8845", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.8, "x": 0.1, "y": 0.13 }, "kind": "paragraph", "text": "We contend that IQ's management must be misrepresenting its number of paying subscribers, the average membership period, or both.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:25:24.939+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "acc93c1a-db7d-4f0f-8a0b-019cbafce809", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.8, "x": 0.1, "y": 0.72 }, "kind": "paragraph", "text": "This following chart shows IQ's actual deferred and realized revenue curves. The relationship between IQ's deferred revenues and realized revenues is the opposite of what we would expect based on their claims – the realized revenue curve consistently leads the deferred revenue curve and the gap between the two is widening.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:25:24.939+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f03154e6-bc59-4001-82f9-19271092ec54", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.3, "x": 0.1, "y": 0.88 }, "kind": "source-note", "text": "17 IQ 3Q18 Earnings Call, October 31, 2018\n18 IQ 1Q19 Earnings Call, May 17, 2019", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:25:24.939+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bac4a08e-f129-4e45-894e-693f36b33d9f", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.8, "x": 0.1, "y": 0.09 }, "kind": "title", "text": "IQ's Claims of Membership Growth are Contradicted by Declining Real Deferred Revenue", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:25:24.939+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5a2ecdcd-ca7d-4c28-8690-c9e7841c2a97", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "f72f485b-87bf-4673-83cf-ec5259fa91f5", "evidence": "The slide explicitly claims management is misrepresenting numbers and uses a mathematical contradiction to prove it.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 21:25:24.939+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 9, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 20, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 6, "name": "The Struggle", "beatId": "83f9cd5c-f84b-4402-9454-a3996734e45e", "matchId": "10b30b04-ae2f-4663-826d-45873f78b398", "beatType": { "name": "The Struggle", "slug": "overcoming-monster-the-struggle", "status": "active", "canonId": "019dd9b8-3d24-71b1-9262-9a8f9850fda3", "version": 1, "description": null }, "evidence": "The document presents a detailed analysis of iQIYI's financials, highlighting several areas of concern", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Development", "slug": "development", "status": "active", "canonId": "019dd9b8-0332-7008-b3aa-11b0840a57b1", "version": 1, "description": "The middle stretch in arcs that have one. Often where length problems creep in." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 10, "type": "tension", "title": "The slide uses a 'fraud-exposure' framework to highlight discrepancies in financial reporting.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 60, "componentCount": 7, "textChars": 1280, "nDataPoints": 32, "notes": "The slide uses a 'fraud-exposure' framework to highlight discrepancies in financial reporting.", "elementsJson": [ "paragraph", "line_chart", "line_chart" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:25:29.314+00", "seconds": 6.788, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9a-539b4b45e826/10", "deck": "/decks/019dd923-622c-750b-8b9a-539b4b45e826", "deckAnchor": "/decks/019dd923-622c-750b-8b9a-539b4b45e826#slide-10", "deckJson": "/decks/019dd923-622c-750b-8b9a-539b4b45e826.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "This chart strongly suggests that management is lying about its purported growing average subscription period, steady ARPU, growing number of paying subscribers, or all three.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:27:47+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-203f-7169-9f90-201f3dbff91c", "parentComponentId": null }, { "bbox": { "h": 0.26, "w": 0.58, "x": 0.21, "y": 0.14 }, "kind": "chart", "text": "iQIYI Deferred Revenue to Realized Revenue", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Line chart", "slug": "line", "status": "active", "canonId": "019de52c-ff62-778f-8f6c-a952ceae8677", "version": 1, "description": null }, "framework": null }, "subkind": "line", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:25:29.314+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0006f858-bbc8-4704-af50-058539c574a3", "parentComponentId": null }, { "bbox": { "h": 0.26, "w": 0.6, "x": 0.2, "y": 0.53 }, "kind": "chart", "text": "VIP Memberships vs Deferred Revenues", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Line chart", "slug": "line", "status": "active", "canonId": "019de52c-ff62-778f-8f6c-a952ceae8677", "version": 1, "description": null }, "framework": null }, "subkind": "line", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:25:29.314+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ef36ae5d-bd2b-4d7b-9856-c6cd7786aeaf", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "deferred revenue: 17%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:27:47+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-203f-7169-9f90-242487dcf19b", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.78, "x": 0.11, "y": 0.79 }, "kind": "paragraph", "text": "IQ's deferred revenues declined from RMB 2,356.3 million at the end of 3Q18 to RMB 1,960.7 million at the end of 1Q19, a 17% decline during that 6-month period. This directly contradicts management's claims of growth in the number of paying subscribers and the average subscription period – it is mathematically impossible for both of those statements to be true given the corresponding decline in deferred revenues.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:25:29.314+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6d2ef78e-6059-4bcb-9b8e-7592efe70f05", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.78, "x": 0.11, "y": 0.42 }, "kind": "paragraph", "text": "Because IQ's management claimed it added 16.1 million net paying subscribers and that the average subscription period had increased from about 6 months to 8 months between 3Q18 and 1Q19, we expected to find significant growth in deferred revenue as the prepayments accumulated. However, we found the opposite. The chart below shows IQ's reported paying subscribers compared to its reported deferred revenue balance:", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:25:29.314+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "72fb528f-2873-4030-bfe6-0e7aa9c03b0c", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.78, "x": 0.11, "y": 0.09 }, "kind": "paragraph", "text": "This chart strongly suggests that management is lying about its purported growing average subscription period, steady ARPU, growing number of paying subscribers, or all three:", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:25:29.314+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "adce758b-01c5-4789-a6d3-814ab08e7d06", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "baed4b16-e565-4c9c-9174-3336cf65efef", "evidence": "The slide explicitly uses data to argue that management is lying about financial metrics.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 21:25:29.314+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 10, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 20, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 6, "name": "The Struggle", "beatId": "83f9cd5c-f84b-4402-9454-a3996734e45e", "matchId": "10b30b04-ae2f-4663-826d-45873f78b398", "beatType": { "name": "The Struggle", "slug": "overcoming-monster-the-struggle", "status": "active", "canonId": "019dd9b8-3d24-71b1-9262-9a8f9850fda3", "version": 1, "description": null }, "evidence": "The document presents a detailed analysis of iQIYI's financials, highlighting several areas of concern", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Development", "slug": "development", "status": "active", "canonId": "019dd9b8-0332-7008-b3aa-11b0840a57b1", "version": 1, "description": "The middle stretch in arcs that have one. Often where length problems creep in." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 15, "from": 10, "loop": { "name": "05_the_reveal", "slug": "05-the-reveal", "status": "active", "bestFor": "Product launches, strategic pivots, unexpected findings", "canonId": "019dd956-67e8-77bc-a867-02c2b36370bd", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "Setup the Question -> Build Suspense -> The Big Reveal", "description": "Build mystery and anticipation, then deliver a surprising or powerful conclusion", "familyLabel": null }, "matchId": "894a68ae-8d02-4cf9-885d-015acac74aff", "evidence": "The document presents evidence of revenue inflation and misleading financial reporting", "position": 1, "objective": "Is iQIYI's financial reporting accurate?", "confidence": 0.8, "extraction": { "at": "2026-07-16 22:01:22.054112+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 11, "type": "tension", "title": "The slide uses primary survey data to challenge the company's financial reporting practices.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "balanced", "densityScore": 35, "componentCount": 6, "textChars": 589, "nDataPoints": 12, "notes": "The slide uses primary survey data to challenge the company's financial reporting practices.", "elementsJson": [ "headline_text", "paragraph", "data_table", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:25:26.189+00", "seconds": 3.633, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9a-539b4b45e826/11", "deck": "/decks/019dd923-622c-750b-8b9a-539b4b45e826", "deckAnchor": "/decks/019dd923-622c-750b-8b9a-539b4b45e826#slide-11", "deckJson": "/decks/019dd923-622c-750b-8b9a-539b4b45e826.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "We believe this is an improper method of accounting for these dual memberships which allows IQ to inflate its revenues and burn off fake cash at the same time.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:27:48+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-203f-7169-9f91-1fab04a9401b", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "dual membership percentage: 31.9%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:27:48+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-203f-7169-9f91-23f73a53f696", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.8, "x": 0.1, "y": 0.14 }, "kind": "paragraph", "text": "Our on the ground due diligence in China found that approximately 31.9% of IQ users have access to its VIP-only content through partnerships...", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:25:26.189+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "56be17dc-4af8-42b1-8e7c-3dda58ef20ab", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.8, "x": 0.1, "y": 0.79 }, "kind": "source-note", "text": "Footnotes 19-23 detailing data sources and accounting methodology.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:25:26.189+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "02f2820a-d7cc-4844-bc25-b9fcf357f7f4", "parentComponentId": null }, { "bbox": { "h": 0.22, "w": 0.76, "x": 0.12, "y": 0.465 }, "kind": "table", "text": "iQIYI Subscribing VIP Member Survey table showing breakdown of respondents by membership acquisition method.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:25:26.189+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3066adda-cfb7-40a1-b722-f52065d6f5af", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.8, "x": 0.1, "y": 0.09 }, "kind": "title", "text": "Dual Membership Programs Allow IQ to Inflate its Revenues and Burn Off Fake Cash", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:25:26.189+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6ab81383-5b2d-4c72-b7f5-7f61cc5ba298", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "7c6dcdf0-df99-4519-981d-b7302163ab5e", "evidence": "The slide explicitly argues that the company is using improper accounting to inflate revenue.", "framework": null, "confidence": 0.95, "extraction": { "at": "2026-05-02 21:25:26.189+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 11, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 20, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 6, "name": "The Struggle", "beatId": "83f9cd5c-f84b-4402-9454-a3996734e45e", "matchId": "10b30b04-ae2f-4663-826d-45873f78b398", "beatType": { "name": "The Struggle", "slug": "overcoming-monster-the-struggle", "status": "active", "canonId": "019dd9b8-3d24-71b1-9262-9a8f9850fda3", "version": 1, "description": null }, "evidence": "The document presents a detailed analysis of iQIYI's financials, highlighting several areas of concern", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Development", "slug": "development", "status": "active", "canonId": "019dd9b8-0332-7008-b3aa-11b0840a57b1", "version": 1, "description": "The middle stretch in arcs that have one. Often where length problems creep in." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 15, "from": 10, "loop": { "name": "05_the_reveal", "slug": "05-the-reveal", "status": "active", "bestFor": "Product launches, strategic pivots, unexpected findings", "canonId": "019dd956-67e8-77bc-a867-02c2b36370bd", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "Setup the Question -> Build Suspense -> The Big Reveal", "description": "Build mystery and anticipation, then deliver a surprising or powerful conclusion", "familyLabel": null }, "matchId": "894a68ae-8d02-4cf9-885d-015acac74aff", "evidence": "The document presents evidence of revenue inflation and misleading financial reporting", "position": 1, "objective": "Is iQIYI's financial reporting accurate?", "confidence": 0.8, "extraction": { "at": "2026-07-16 22:01:22.054112+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 12, "type": "analysis", "title": "The slide provides empirical evidence for partnership-based membership acquisition, supporting a broader argument about potential revenue inflation.", "function": "analyze_data", "rawType": "appendix_data", "block": null, "metadata": { "slideType": "appendix_data", "slideTypeCanon": { "name": "Appendix data", "slug": "appendix_data", "status": "active", "canonId": "019de52d-078a-745b-9ee4-c15f2f539acd", "version": 1, "description": null }, "function": "analyze_data", "functionCanon": { "name": "Analyze data", "slug": "analyze_data", "status": "active", "canonId": "019de52d-1590-7413-8c82-cc218cff40b4", "version": 1, "description": null }, "density": "dense", "densityScore": 74, "componentCount": 8, "textChars": 1831, "nDataPoints": 12, "notes": "The slide provides empirical evidence for partnership-based membership acquisition, supporting a broader argument about potential revenue inflation.", "elementsJson": [ "paragraph", "data_table", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:25:31.535+00", "seconds": 8.477, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9a-539b4b45e826/12", "deck": "/decks/019dd923-622c-750b-8b9a-539b4b45e826", "deckAnchor": "/decks/019dd923-622c-750b-8b9a-539b4b45e826#slide-12", "deckJson": "/decks/019dd923-622c-750b-8b9a-539b4b45e826.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Through swaps of advertising purchases, other services and commissions for membership revenues with related parties and other partners, IQ can easily inflate membership revenues while simultaneously providing a channel to burn off fake cash.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:27:49+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-203f-7169-9f91-38db2e417db5", "parentComponentId": null }, { "bbox": { "h": 0.065, "w": 0.764, "x": 0.118, "y": 0.095 }, "kind": "paragraph", "text": "membership with JD. Additionally, our survey results found another approximately 10% of respondents with VIP status indicated they obtained their membership through another dual membership program. Combined, the dual membership programs for IQ VIPs in Beijing, Shanghai and Guangzhou totaled approximately 31.9%.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:25:31.535+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "21d23134-8305-4485-a0c9-4186f258bdf7", "parentComponentId": null }, { "bbox": { "h": 0.035, "w": 0.764, "x": 0.118, "y": 0.282 }, "kind": "paragraph", "text": "Our surveys indicate that after JD, the most common partnerships were with financial institutions offering credit cards and mobile phone network providers:", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:25:31.535+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7690ab7c-69fd-4c48-b84c-0bccbeded6ac", "parentComponentId": null }, { "bbox": { "h": 0.065, "w": 0.764, "x": 0.118, "y": 0.595 }, "kind": "paragraph", "text": "Through swaps of advertising purchases, other services and commissions for membership revenues with related parties and other partners, IQ can easily inflate membership revenues while simultaneously providing a channel to burn off fake cash. IQ’s partnership with Xiaomi is an example of how convoluted the economics of these partnerships can be.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:25:31.535+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8269c47e-3ed0-4a4a-9e36-7fd62d44255e", "parentComponentId": null }, { "bbox": { "h": 0.085, "w": 0.764, "x": 0.118, "y": 0.178 }, "kind": "paragraph", "text": "In IQ’s earnings calls, management has disclosed a few specific partnerships, such as JD.com, Ctrip and Xiaomi, as well as certain other categories of partners (such as financial institutions and mobile network companies), but no information on the total number of these partnerships or their economics. However, details on the “2 for 1” offers can easily be found online. In the Spring of 2019, JD put out a special “3 for 1” deal: JD Plus, IQ and Zhihu for RMB 149/year.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:25:31.535+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c2de7ad5-deb9-4d9d-8d24-e50e64572874", "parentComponentId": null }, { "bbox": { "h": 0.035, "w": 0.764, "x": 0.118, "y": 0.685 }, "kind": "paragraph", "text": "Xiaomi was reported as a related party up to the end of 2017 and details of the IQ-Xiaomi transactions were presented in IQ’s prospectus. Although Xiaomi has continued to disclose IQ as", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:25:31.535+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f536173d-d8d3-47dd-8581-2e00a5fc9afa", "parentComponentId": null }, { "bbox": { "h": 0.085, "w": 0.764, "x": 0.118, "y": 0.835 }, "kind": "source-note", "text": "Footnotes 24-28 detailing survey methodology and external links.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:25:31.535+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ac237aef-d521-420d-ab16-a77b893a8ed0", "parentComponentId": null }, { "bbox": { "h": 0.255, "w": 0.476, "x": 0.262, "y": 0.328 }, "kind": "table", "text": "iQIYI VIP Membership Partnerships - Survey Results table", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:25:31.535+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "824b54c7-8f99-4ae7-b842-9831fd90c85f", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 20, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 6, "name": "The Struggle", "beatId": "83f9cd5c-f84b-4402-9454-a3996734e45e", "matchId": "10b30b04-ae2f-4663-826d-45873f78b398", "beatType": { "name": "The Struggle", "slug": "overcoming-monster-the-struggle", "status": "active", "canonId": "019dd9b8-3d24-71b1-9262-9a8f9850fda3", "version": 1, "description": null }, "evidence": "The document presents a detailed analysis of iQIYI's financials, highlighting several areas of concern", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Development", "slug": "development", "status": "active", "canonId": "019dd9b8-0332-7008-b3aa-11b0840a57b1", "version": 1, "description": "The middle stretch in arcs that have one. Often where length problems creep in." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 15, "from": 10, "loop": { "name": "05_the_reveal", "slug": "05-the-reveal", "status": "active", "bestFor": "Product launches, strategic pivots, unexpected findings", "canonId": "019dd956-67e8-77bc-a867-02c2b36370bd", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "Setup the Question -> Build Suspense -> The Big Reveal", "description": "Build mystery and anticipation, then deliver a surprising or powerful conclusion", "familyLabel": null }, "matchId": "894a68ae-8d02-4cf9-885d-015acac74aff", "evidence": "The document presents evidence of revenue inflation and misleading financial reporting", "position": 1, "objective": "Is iQIYI's financial reporting accurate?", "confidence": 0.8, "extraction": { "at": "2026-07-16 22:01:22.054112+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 13, "type": "tension", "title": "The slide uses a dual-axis chart to show the divergence between ARPU and gross margin following the start of dual memberships in 2Q18.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "balanced", "densityScore": 35, "componentCount": 6, "textChars": 535, "nDataPoints": 40, "notes": "The slide uses a dual-axis chart to show the divergence between ARPU and gross margin following the start of dual memberships in 2Q18.", "elementsJson": [ "data_table", "line_chart", "paragraph", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:25:30.983+00", "seconds": 7.902, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9a-539b4b45e826/13", "deck": "/decks/019dd923-622c-750b-8b9a-539b4b45e826", "deckAnchor": "/decks/019dd923-622c-750b-8b9a-539b4b45e826#slide-13", "deckJson": "/decks/019dd923-622c-750b-8b9a-539b4b45e826.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "The extent of IQ’s use of these dual membership programs is abundantly clear when we compare IQ’s ARPU to its gross margin since its IPO.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:27:48+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-203f-7169-9f90-9287b03c358e", "parentComponentId": null }, { "bbox": { "h": 0.38, "w": 0.59, "x": 0.205, "y": 0.528 }, "kind": "chart", "text": "Quarterly ARPU vs TTM Gross Margin", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Line chart", "slug": "line", "status": "active", "canonId": "019de52c-ff62-778f-8f6c-a952ceae8677", "version": 1, "description": null }, "framework": null }, "subkind": "line", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:25:30.983+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "779db75c-5852-43c0-82b0-865c41ab3031", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "TTM Gross Margin", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:27:48+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-203f-7169-9f90-975927020886", "parentComponentId": null }, { "bbox": { "h": 0.085, "w": 0.764, "x": 0.118, "y": 0.338 }, "kind": "paragraph", "text": "The exact details of IQ's agreement with Xiaomi have not been disclosed by either party. However, the financials show that IQ paid large \"commissions\" to Xiaomi for the memberships provided and also purchased advertising and other services from Xiaomi.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:25:30.983+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3567c98c-74e2-4117-926a-3d0585bdcfaf", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.3, "x": 0.12, "y": 0.315 }, "kind": "source-note", "text": "Source: iQIYI 2018 20-F, p. F-50; F-1A p. F-60", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:25:30.983+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8e084dd9-8c9a-4d77-9c8e-cdcbd4214e26", "parentComponentId": null }, { "bbox": { "h": 0.18, "w": 0.76, "x": 0.12, "y": 0.14 }, "kind": "table", "text": "Xiaomi - iQIYI Reported Related Party Transactions", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:25:30.983+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b3bbd0fb-6882-4d04-bb18-82ce419f26d2", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "162716b4-6c51-44c9-a829-78abb4d1c686", "evidence": "The slide explicitly links opaque related party transactions to a decline in gross margin, suggesting financial manipulation.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:25:30.983+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 13, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 20, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 6, "name": "The Struggle", "beatId": "83f9cd5c-f84b-4402-9454-a3996734e45e", "matchId": "10b30b04-ae2f-4663-826d-45873f78b398", "beatType": { "name": "The Struggle", "slug": "overcoming-monster-the-struggle", "status": "active", "canonId": "019dd9b8-3d24-71b1-9262-9a8f9850fda3", "version": 1, "description": null }, "evidence": "The document presents a detailed analysis of iQIYI's financials, highlighting several areas of concern", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Development", "slug": "development", "status": "active", "canonId": "019dd9b8-0332-7008-b3aa-11b0840a57b1", "version": 1, "description": "The middle stretch in arcs that have one. Often where length problems creep in." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 15, "from": 10, "loop": { "name": "05_the_reveal", "slug": "05-the-reveal", "status": "active", "bestFor": "Product launches, strategic pivots, unexpected findings", "canonId": "019dd956-67e8-77bc-a867-02c2b36370bd", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "Setup the Question -> Build Suspense -> The Big Reveal", "description": "Build mystery and anticipation, then deliver a surprising or powerful conclusion", "familyLabel": null }, "matchId": "894a68ae-8d02-4cf9-885d-015acac74aff", "evidence": "The document presents evidence of revenue inflation and misleading financial reporting", "position": 1, "objective": "Is iQIYI's financial reporting accurate?", "confidence": 0.8, "extraction": { "at": "2026-07-16 22:01:22.054112+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 14, "type": "tension", "title": "Includes footnotes and a table excerpt from a 20-F filing with a red box highlighting the disputed deferred revenue line item.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 59, "componentCount": 8, "textChars": 920, "nDataPoints": 12, "notes": "Includes footnotes and a table excerpt from a 20-F filing with a red box highlighting the disputed deferred revenue line item.", "elementsJson": [ "headline_text", "paragraph", "data_table", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:25:26.12+00", "seconds": 2.878, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9a-539b4b45e826/14", "deck": "/decks/019dd923-622c-750b-8b9a-539b4b45e826", "deckAnchor": "/decks/019dd923-622c-750b-8b9a-539b4b45e826#slide-14", "deckJson": "/decks/019dd923-622c-750b-8b9a-539b4b45e826.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "By comparing the public filings of IQ and Wuhan DDMC (Xin’ai’s parent company) we conclude that the deferred revenue recorded by IQ is fraudulent and no non-cash contribution actually exists.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:27:48+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-203f-7169-9f90-b37e9b2ce0af", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.8, "x": 0.1, "y": 0.82 }, "kind": "disclaimer", "text": "Footnotes 32-37 detailing sources and translations.", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:25:26.12+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8dfbf795-022b-4b0a-b910-d1c7d74e94e3", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.8, "x": 0.1, "y": 0.73 }, "kind": "legend", "text": "Red box highlighting: (vi) The balance as of December 31, 2018 mainly represents deferred revenue in relation to content distribution...", "attrs": null, "canon": { "kind": { "name": "Legend", "slug": "legend", "status": "active", "canonId": "31361933-3d22-4c70-bbad-0801e9fffc0c", "version": 1, "description": "Color/symbol decoder placed adjacent to a chart or diagram." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:25:26.12+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0dfad655-9646-46b5-a908-e8f197d23191", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "deferred revenue: $110 million", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:27:48+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-203f-7169-9f90-b8563fe00130", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.8, "x": 0.1, "y": 0.13 }, "kind": "paragraph", "text": "IQ created ~$110 million of deferred revenue by overstating its purported contribution to its Xin'ai Sports (iQIYI Sports) JV.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:25:26.12+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c7751880-dc82-4cf9-ab4f-86fcf7dc3662", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "The balance as of December 31, 2018 mainly represents deferred revenue in relation to content distribution, licenses of intellectual property and traffic support services to be provided to one of the Group’s equity investees. — iQIYI 2018 20-F", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:27:48+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-203f-7169-9f90-b4bc58fe085a", "parentComponentId": null }, { "bbox": { "h": 0.13, "w": 0.48, "x": 0.26, "y": 0.485 }, "kind": "table", "text": "Amounts due to related parties table showing 2017/2018 RMB and 2018 USD figures.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:25:26.12+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "cbcb8966-0e1f-4cd1-a817-eb8ad08380a3", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.6, "x": 0.1, "y": 0.09 }, "kind": "title", "text": "Xin'ai Sports (iQIYI Sports): $110 Million of Revenue Inflation", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:25:26.12+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a6b4cabd-3caa-4abc-a54b-d43927514334", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "174dcedf-f066-480f-88c1-97676d75431e", "evidence": "The slide explicitly claims fraudulent accounting practices by comparing two sets of public filings.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 21:25:26.12+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 14, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 20, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 6, "name": "The Struggle", "beatId": "83f9cd5c-f84b-4402-9454-a3996734e45e", "matchId": "10b30b04-ae2f-4663-826d-45873f78b398", "beatType": { "name": "The Struggle", "slug": "overcoming-monster-the-struggle", "status": "active", "canonId": "019dd9b8-3d24-71b1-9262-9a8f9850fda3", "version": 1, "description": null }, "evidence": "The document presents a detailed analysis of iQIYI's financials, highlighting several areas of concern", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Development", "slug": "development", "status": "active", "canonId": "019dd9b8-0332-7008-b3aa-11b0840a57b1", "version": 1, "description": "The middle stretch in arcs that have one. Often where length problems creep in." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 15, "from": 10, "loop": { "name": "05_the_reveal", "slug": "05-the-reveal", "status": "active", "bestFor": "Product launches, strategic pivots, unexpected findings", "canonId": "019dd956-67e8-77bc-a867-02c2b36370bd", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "Setup the Question -> Build Suspense -> The Big Reveal", "description": "Build mystery and anticipation, then deliver a surprising or powerful conclusion", "familyLabel": null }, "matchId": "894a68ae-8d02-4cf9-885d-015acac74aff", "evidence": "The document presents evidence of revenue inflation and misleading financial reporting", "position": 1, "objective": "Is iQIYI's financial reporting accurate?", "confidence": 0.8, "extraction": { "at": "2026-07-16 22:01:22.054112+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 15, "type": "tension", "title": "The slide uses financial statement analysis to challenge the validity of IQ's reported investment figures.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 56, "componentCount": 7, "textChars": 1204, "nDataPoints": 6, "notes": "The slide uses financial statement analysis to challenge the validity of IQ's reported investment figures.", "elementsJson": [ "paragraph", "data_table", "footnote" ], "confidence": 0.95, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:25:30.653+00", "seconds": 7.186, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9a-539b4b45e826/15", "deck": "/decks/019dd923-622c-750b-8b9a-539b4b45e826", "deckAnchor": "/decks/019dd923-622c-750b-8b9a-539b4b45e826#slide-15", "deckJson": "/decks/019dd923-622c-750b-8b9a-539b4b45e826.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Since the investment was made in 3Q18, the difference of RMB 37.6 million was likely recognized as revenues by IQ in the second half of 2018, leaving the remaining RMB 726.155 million available to be used by management to artificially boost its top line, as needed.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:27:48+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-203f-7169-9f90-3c674bbc3bb9", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "non-cash consideration: RMB 763.75 million", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:27:48+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-203f-7169-9f90-42feb85d45a1", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.78, "x": 0.11, "y": 0.09 }, "kind": "paragraph", "text": "The cash flow statements in IQ's 2018 20-F indicate that RMB 763.75 million of its investments were made through non-cash contributions. When deducted from the total claimed investment amount of RMB 796 million, the remaining cash contribution is RMB 32.25 million.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:25:30.653+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "32e97f24-46de-4116-b39d-f1cca640f111", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.78, "x": 0.11, "y": 0.31 }, "kind": "paragraph", "text": "The year-end 2018 balance of RMB 726.155 million in “deferred revenue to be provided” is RMB 37.6 million (US$5.5 million) less than the non-cash consideration of RMB 757.75 million that IQ claimed to have made.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:25:30.653+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6cd24bcf-394d-465b-b1e5-514ca5179ac6", "parentComponentId": null }, { "bbox": { "h": 0.13, "w": 0.78, "x": 0.11, "y": 0.47 }, "kind": "paragraph", "text": "Wuhan DDMC released several announcements with details about the ownership of Xin'ai Sports... the auditor noted no additional capital contributions from IQ after its initial RMB 38.25 million investment in August 2018.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:25:30.653+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "848be7f2-2a02-40ad-9c0a-cb21b893a60a", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.78, "x": 0.11, "y": 0.77 }, "kind": "source-note", "text": "Footnotes 38-43 detailing sources from IQ 2018 20-F and Wuhan DDMC regulatory filings.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:25:30.653+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7c73de20-e2a5-4d61-96c8-b070ed35f3d5", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.78, "x": 0.11, "y": 0.22 }, "kind": "table", "text": "IQ 2018 20-F table showing Acquisition of long-term investments with non-cash consideration as 763,750 RMB for 2018.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:25:30.653+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "eb0c6387-c06e-478b-9ad8-61ba16936222", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "7a6b5f17-b5b2-426e-80c2-77d153fd327b", "evidence": "The slide systematically compares reported investment figures against auditor notes and cash flow statements to identify potential financial misrepresentation.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:25:30.653+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 15, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 20, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 6, "name": "The Struggle", "beatId": "83f9cd5c-f84b-4402-9454-a3996734e45e", "matchId": "10b30b04-ae2f-4663-826d-45873f78b398", "beatType": { "name": "The Struggle", "slug": "overcoming-monster-the-struggle", "status": "active", "canonId": "019dd9b8-3d24-71b1-9262-9a8f9850fda3", "version": 1, "description": null }, "evidence": "The document presents a detailed analysis of iQIYI's financials, highlighting several areas of concern", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Development", "slug": "development", "status": "active", "canonId": "019dd9b8-0332-7008-b3aa-11b0840a57b1", "version": 1, "description": "The middle stretch in arcs that have one. Often where length problems creep in." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 15, "from": 10, "loop": { "name": "05_the_reveal", "slug": "05-the-reveal", "status": "active", "bestFor": "Product launches, strategic pivots, unexpected findings", "canonId": "019dd956-67e8-77bc-a867-02c2b36370bd", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "Setup the Question -> Build Suspense -> The Big Reveal", "description": "Build mystery and anticipation, then deliver a surprising or powerful conclusion", "familyLabel": null }, "matchId": "894a68ae-8d02-4cf9-885d-015acac74aff", "evidence": "The document presents evidence of revenue inflation and misleading financial reporting", "position": 1, "objective": "Is iQIYI's financial reporting accurate?", "confidence": 0.8, "extraction": { "at": "2026-07-16 22:01:22.054112+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 16, "type": "analysis", "title": "Includes a table of initial capital contributions and a footnote referencing a regulatory disclosure.", "function": "analyze_data", "rawType": "appendix_data", "block": null, "metadata": { "slideType": "appendix_data", "slideTypeCanon": { "name": "Appendix data", "slug": "appendix_data", "status": "active", "canonId": "019de52d-078a-745b-9ee4-c15f2f539acd", "version": 1, "description": null }, "function": "analyze_data", "functionCanon": { "name": "Analyze data", "slug": "analyze_data", "status": "active", "canonId": "019de52d-1590-7413-8c82-cc218cff40b4", "version": 1, "description": null }, "density": "balanced", "densityScore": 36, "componentCount": 6, "textChars": 645, "nDataPoints": 12, "notes": "Includes a table of initial capital contributions and a footnote referencing a regulatory disclosure.", "elementsJson": [ "paragraph", "data_table", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:25:27.043+00", "seconds": 3.539, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9a-539b4b45e826/16", "deck": "/decks/019dd923-622c-750b-8b9a-539b4b45e826", "deckAnchor": "/decks/019dd923-622c-750b-8b9a-539b4b45e826#slide-16", "deckJson": "/decks/019dd923-622c-750b-8b9a-539b4b45e826.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Xin'ai's filings never mention an additional non-cash investment nor record a receivable for IQ's purported RMB 757.75 million additional non-cash contribution.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:27:48+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-203f-7169-9f91-05545b35ec52", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.7, "x": 0.15, "y": 0.14 }, "kind": "paragraph", "text": "On August 6, 2018, Beijing Xinying Sports Media Co., Ltd. ... signed the \"Joint Venture Agreement\" to jointly establish Beijing Xinai Sports Media Technology Co., Ltd.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:25:27.043+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "59666af5-0c46-4658-9e43-548b95980aad", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.7, "x": 0.15, "y": 0.65 }, "kind": "paragraph", "text": "Xin'ai's filings never mention an additional non-cash investment nor record a receivable for IQ's purported RMB 757.75 million additional non-cash contribution.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:25:27.043+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d7abea5d-cd86-41a6-a6d2-868d14b8239f", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.7, "x": 0.15, "y": 0.88 }, "kind": "source-note", "text": "44 \"Proposal on the Signing of Capital Increase Agreements...\"", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:25:27.043+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1c5227ec-d42c-4e08-8366-2d792e60029a", "parentComponentId": null }, { "bbox": { "h": 0.18, "w": 0.62, "x": 0.19, "y": 0.43 }, "kind": "table", "text": "Investor Name, Invested Capital (Rmb,10k), % Interest table", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:25:27.043+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "82c96256-aa1b-4f77-b39b-6bb5ca834e8a", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.35, "x": 0.15, "y": 0.11 }, "kind": "title", "text": "1) Establishment of Xin'ai Sports JV:", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:25:27.043+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0de0c703-bba7-4a75-8204-8b3cdac8fa7e", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 20, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 6, "name": "The Struggle", "beatId": "83f9cd5c-f84b-4402-9454-a3996734e45e", "matchId": "10b30b04-ae2f-4663-826d-45873f78b398", "beatType": { "name": "The Struggle", "slug": "overcoming-monster-the-struggle", "status": "active", "canonId": "019dd9b8-3d24-71b1-9262-9a8f9850fda3", "version": 1, "description": null }, "evidence": "The document presents a detailed analysis of iQIYI's financials, highlighting several areas of concern", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Development", "slug": "development", "status": "active", "canonId": "019dd9b8-0332-7008-b3aa-11b0840a57b1", "version": 1, "description": "The middle stretch in arcs that have one. Often where length problems creep in." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 17, "type": "appendix", "title": "Includes a footnote with a URL to the original regulatory filing.", "function": "appendix", "rawType": "appendix_disclosure", "block": null, "metadata": { "slideType": "appendix_disclosure", "slideTypeCanon": { "name": "Appendix disclosure", "slug": "appendix_disclosure", "status": "active", "canonId": "019de52d-07b2-7549-8e8b-932a19f6e616", "version": 1, "description": null }, "function": "appendix", "functionCanon": { "name": "Appendix", "slug": "appendix", "status": "active", "canonId": "019de52d-138d-750b-83c3-49b4bc7a7a38", "version": 1, "description": null }, "density": "dense", "densityScore": 73, "componentCount": 8, "textChars": 1944, "nDataPoints": 6, "notes": "Includes a footnote with a URL to the original regulatory filing.", "elementsJson": [ "paragraph", "screenshot", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:25:28.613+00", "seconds": 4.538, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9a-539b4b45e826/17", "deck": "/decks/019dd923-622c-750b-8b9a-539b4b45e826", "deckAnchor": "/decks/019dd923-622c-750b-8b9a-539b4b45e826#slide-17", "deckJson": "/decks/019dd923-622c-750b-8b9a-539b4b45e826.json" }, "components": [ { "bbox": { "h": 0.15, "w": 0.77, "x": 0.116, "y": 0.18 }, "kind": "paragraph", "text": "\"...According to the \"Capital Increase Agreement\", Hexie Anlang (和谐安朗) will subscribe for 10.00% of Xin'ai Sports' equity at 300 million yuan, corresponding to the new registered capital of Xin'ai Sports of 12 million yuan, and the excess of 288 million yuan will be included in Xin'ai Sports Capital Reserve; Zhixing Bingjing (知行并进) will subscribe for 3.33% equity of Xin'ai Sports for 100 million yuan, corresponding to Xin'ai Sports' newly added registered capital of 4 million yuan, and the excess of 96 million yuan will be included in Xin'ai Sports Capital Reserve; Huiying Borun (汇盈博润)will be 100 million yuan The subscription of 3.33% of Xin'ai Sports to the newly added registered capital of Xin'ai Sports of RMB 4 million, and the excess of RMB 96 million is included in the Xin'ai Sports Capital reserve.\" 45", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:25:28.613+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5b057af1-d0f0-4a56-8d1e-137b8b0b8d5a", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.77, "x": 0.116, "y": 0.47 }, "kind": "paragraph", "text": "2018年8月7日，公司召开了第八届董事会第四十八次会议，会议审议通过了《关于公司签署增资协议暨关联交易的议案》，同意公司与新爱体育、新英传媒、爱奇艺、喻凌霄、新英汇智、和谐安朗、知行并进、汇盈博润签署《增资协议》。根据《增资协议》，和谐安朗将以3亿元认购新爱体育10.00%的股权，对应新爱体育新增注册资本1,200万元，超出部分28,800万元计入新爱体育资本公积；知行并进将以1亿元认购新爱体育3.33%的股权，对应新爱体育新增注册资本400万元，超出部分9,600万元计入新爱体育资本公积；汇盈博润将以1亿元认购新爱体育3.33%的股权，对应新爱体育新增注册资本400万元，超出部分9,600万元计入新爱体育资本公积。", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:25:28.613+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6c5ca71f-9ce8-4ad1-a366-b616d15d8b10", "parentComponentId": null }, { "bbox": { "h": 0.035, "w": 0.77, "x": 0.116, "y": 0.095 }, "kind": "paragraph", "text": "Below are translations of the relevant excerpts from the auditor's letter, followed by screenshots of the excerpts from the original Chinese letters:", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:25:28.613+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7c8318b8-a159-41c3-93d6-6c51456754ec", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"According to the 'Capital Increase Agreement', Hexie Anlang (和谐安朗) will subscribe for 10.00% of Xin'ai Sports' equity at 300 million yuan, corresponding to the new registered capital of Xin'ai Sports of 12 million yuan, and the excess of 288 million yuan will be included in Xin'ai Sports Capital Reserve\" — Auditor's Letter", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:27:48+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-203f-7169-9f90-ed0e1b9fbcbe", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.77, "x": 0.116, "y": 0.87 }, "kind": "source-note", "text": "45 \"Proposal on the Signing of Capital Increase Agreements and Related Party Transactions\" 关于《关于对武汉当代明诚文化股份有限公司有关受让控股子公司股权并增资资产出售的问询函》的回复 http://static.sse.com.cn/disclosure/listedinfo/announcement/c/2019-04-15/600136_20190415_2.pdf", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:25:28.613+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fe738f5e-d621-46b7-a41f-ca9541fe439b", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.35, "x": 0.116, "y": 0.145 }, "kind": "title", "text": "1) Capital Increase Initial A Round", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:25:28.613+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "17478286-6b25-4c9a-8fee-af71f7d499b1", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.55, "x": 0.116, "y": 0.41 }, "kind": "title", "text": "②A 轮增资完成时，公司及一致行动人持股情况及董事会席位", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:25:28.613+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a20b50fa-bd67-4cca-8757-d16146c57a64", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.45, "x": 0.116, "y": 0.44 }, "kind": "title", "text": "1) A 轮首次增资 Capital Increase Initial A Round", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:25:28.613+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b3de1140-bd38-4c55-9794-a516a6708348", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 20, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 6, "name": "The Struggle", "beatId": "83f9cd5c-f84b-4402-9454-a3996734e45e", "matchId": "10b30b04-ae2f-4663-826d-45873f78b398", "beatType": { "name": "The Struggle", "slug": "overcoming-monster-the-struggle", "status": "active", "canonId": "019dd9b8-3d24-71b1-9262-9a8f9850fda3", "version": 1, "description": null }, "evidence": "The document presents a detailed analysis of iQIYI's financials, highlighting several areas of concern", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Development", "slug": "development", "status": "active", "canonId": "019dd9b8-0332-7008-b3aa-11b0840a57b1", "version": 1, "description": "The middle stretch in arcs that have one. Often where length problems creep in." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 18, "type": "analysis", "title": "Includes both English and Chinese descriptions of the transaction terms and a post-transaction cap table.", "function": "analyze_data", "rawType": "appendix_data", "block": null, "metadata": { "slideType": "appendix_data", "slideTypeCanon": { "name": "Appendix data", "slug": "appendix_data", "status": "active", "canonId": "019de52d-078a-745b-9ee4-c15f2f539acd", "version": 1, "description": null }, "function": "analyze_data", "functionCanon": { "name": "Analyze data", "slug": "analyze_data", "status": "active", "canonId": "019de52d-1590-7413-8c82-cc218cff40b4", "version": 1, "description": null }, "density": "balanced", "densityScore": 47, "componentCount": 6, "textChars": 1045, "nDataPoints": 27, "notes": "Includes both English and Chinese descriptions of the transaction terms and a post-transaction cap table.", "elementsJson": [ "paragraph", "data_table", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:25:26.929+00", "seconds": 2.561, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9a-539b4b45e826/18", "deck": "/decks/019dd923-622c-750b-8b9a-539b4b45e826", "deckAnchor": "/decks/019dd923-622c-750b-8b9a-539b4b45e826#slide-18", "deckJson": "/decks/019dd923-622c-750b-8b9a-539b4b45e826.json" }, "components": [ { "bbox": { "h": 0.12, "w": 0.62, "x": 0.19, "y": 0.16 }, "kind": "paragraph", "text": "According to the Capital Increase Agreement, Jianteng Peisheng will subscribe for 8.96% equity of Xin'ai Sports for 300 million yuan... Qiwei Investment will subscribe for 1.49% equity for 50 million yuan.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:25:26.929+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "54edf191-a791-40c9-9bb7-1e1b86f7aef9", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.62, "x": 0.19, "y": 0.345 }, "kind": "paragraph", "text": "2018年9月4日，公司召开了第八届董事会第五次会议... 该次增资完成后，新爱体育注册资本变更为1.34亿元，各股东持股明细如下：", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:25:26.929+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "778ece02-3508-464e-bfa0-7eda95dcbc7e", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "… According to the Capital Increase Agreement, Jianteng Peisheng (健腾沛盛) will subscribe for 8.96% equity of Xin'ai Sports for 300 million yuan, corresponding to the new registered capital of 12 million yuan, and the excess of 288 million yuan will be included in Xin'ai Sports Capital Reserve; Qiwei Investment (曜伟投资) will subscribe for 1.49% equity of Xin'ai Sports for 50 million yuan, corresponding to Xin'ai Sports' newly added registered capital of 2 million yuan, and the excess of 48 million yuan will be included in Xin'ai Sports Capital Reserve. — Wolfpack Research", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:27:49+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-203f-7169-9f91-9d5e05f81027", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.62, "x": 0.19, "y": 0.88 }, "kind": "source-note", "text": "46 \"Proposal on the Signing of Capital Increase Agreements and Related Party Transactions\"", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:25:26.929+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b922ac6e-0668-4416-a982-a14a49b98d06", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.62, "x": 0.19, "y": 0.53 }, "kind": "table", "text": "Shareholder table showing names, investment amounts (10k RMB), and equity percentages.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:25:26.929+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a432ac5b-c089-4252-976c-6cee766ca0bd", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.32, "x": 0.34, "y": 0.315 }, "kind": "title", "text": "Capital Increase Round A2", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:25:26.929+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "807776b4-ebf3-4840-809d-7f266428e0e8", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 20, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 6, "name": "The Struggle", "beatId": "83f9cd5c-f84b-4402-9454-a3996734e45e", "matchId": "10b30b04-ae2f-4663-826d-45873f78b398", "beatType": { "name": "The Struggle", "slug": "overcoming-monster-the-struggle", "status": "active", "canonId": "019dd9b8-3d24-71b1-9262-9a8f9850fda3", "version": 1, "description": null }, "evidence": "The document presents a detailed analysis of iQIYI's financials, highlighting several areas of concern", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Development", "slug": "development", "status": "active", "canonId": "019dd9b8-0332-7008-b3aa-11b0840a57b1", "version": 1, "description": "The middle stretch in arcs that have one. Often where length problems creep in." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 19, "type": "tension", "title": "The slide uses financial data to argue that IQ's actual capital contribution does not match the claimed amount, as evidenced by the absence of corresponding API", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 69, "componentCount": 8, "textChars": 1330, "nDataPoints": 30, "notes": "The slide uses financial data to argue that IQ's actual capital contribution does not match the claimed amount, as evidenced by the absence of corresponding APIC or receivables on the balance sheet.", "elementsJson": [ "paragraph", "data_table", "footnote" ], "confidence": 0.95, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:11:03.305+00", "seconds": 12.515, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9a-539b4b45e826/19", "deck": "/decks/019dd923-622c-750b-8b9a-539b4b45e826", "deckAnchor": "/decks/019dd923-622c-750b-8b9a-539b4b45e826#slide-19", "deckJson": "/decks/019dd923-622c-750b-8b9a-539b4b45e826.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Had IQ actually committed to contribute RMB 796 million, then Xin'ai's current assets should be increased by approximately RMB 757.75 million and recorded as APIC – which it does not.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:27:49+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-203f-7169-9f91-6a55727d2e6d", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.76, "x": 0.12, "y": 0.41 }, "kind": "paragraph", "text": "Had IQ actually committed to contribute RMB 796 million, then Xin'ai's current assets should be increased by approximately RMB 757.75 million and recorded as APIC – which it does not... or this should appear as “other receivables,” which it also does not.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:03.305+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "10a6bca2-e8ea-41a6-b957-6b35c1a41737", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.76, "x": 0.12, "y": 0.09 }, "kind": "paragraph", "text": "Xin'ai's schedule of shareholders shows that IQ's total contribution to the JV is only RMB 38.25 million. IQ's total contribution doesn't change in either of the two subsequent rounds of financing and no additional paid in capital (“APIC”) was ever recorded for IQ.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:03.305+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "83cd4546-1e5f-43df-8d0b-b152d6b68f7f", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.76, "x": 0.12, "y": 0.33 }, "kind": "paragraph", "text": "When Xin'ai's end of year financial data was reconciled with the APIC reported in the auditor's letter, the total assets equal the total equity and liabilities match up. The tables below are composed of information from Wuhan DDMC's 2018 annual report showing the balance sheet for Beijing Xin'ai.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:03.305+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bb71d467-49f4-47ec-8992-c6fe8592cef8", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.76, "x": 0.12, "y": 0.85 }, "kind": "source-note", "text": "47, 48, 49: Footnotes regarding Wuhan DDMC 2018 report and Chinese GAAP accounting practices.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:03.305+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0b3dd337-7b44-4f39-9d2b-c5a282bb70e6", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.76, "x": 0.12, "y": 0.18 }, "kind": "table", "text": "Xin'Ai Sports JV July-Sept 2018: Registered Capital and Additional Paid In Capital (APIC) Contributions", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:03.305+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "34db07db-45b2-4a34-b700-06704aa59fb9", "parentComponentId": null }, { "bbox": { "h": 0.13, "w": 0.58, "x": 0.21, "y": 0.67 }, "kind": "table", "text": "Beijing Xin'ai Sports Media Technology Co., Ltd. - Balance Sheet", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:03.305+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d3e825a9-b9c7-4597-ab54-0fa032ab53a2", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.76, "x": 0.12, "y": 0.53 }, "kind": "table", "text": "Key financial information of significant non-wholly owned subsidiaries", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:03.305+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d5b92921-5302-4513-a4a9-e28a1e4412e9", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "cfa812d5-15f9-46c2-995c-12c0f7e9352f", "evidence": "The slide explicitly compares capital contribution claims against balance sheet records to expose a financial discrepancy.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:11:03.305+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 19, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 20, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 6, "name": "The Struggle", "beatId": "83f9cd5c-f84b-4402-9454-a3996734e45e", "matchId": "10b30b04-ae2f-4663-826d-45873f78b398", "beatType": { "name": "The Struggle", "slug": "overcoming-monster-the-struggle", "status": "active", "canonId": "019dd9b8-3d24-71b1-9262-9a8f9850fda3", "version": 1, "description": null }, "evidence": "The document presents a detailed analysis of iQIYI's financials, highlighting several areas of concern", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Development", "slug": "development", "status": "active", "canonId": "019dd9b8-0332-7008-b3aa-11b0840a57b1", "version": 1, "description": "The middle stretch in arcs that have one. Often where length problems creep in." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 20, "type": "tension", "title": "The slide uses two tables to highlight discrepancies in financial reporting between IQ and Wuhan DDMC.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 55, "componentCount": 8, "textChars": 712, "nDataPoints": 25, "notes": "The slide uses two tables to highlight discrepancies in financial reporting between IQ and Wuhan DDMC.", "elementsJson": [ "paragraph", "data_table", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:11:06.464+00", "seconds": 15.263, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9a-539b4b45e826/20", "deck": "/decks/019dd923-622c-750b-8b9a-539b4b45e826", "deckAnchor": "/decks/019dd923-622c-750b-8b9a-539b4b45e826#slide-20", "deckJson": "/decks/019dd923-622c-750b-8b9a-539b4b45e826.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Therefore, we conclude that IQ simply made up this non-cash contribution to add RMB 757.75 million of fraudulent deferred revenue which management uses to inflate its revenues.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:27:49+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-203f-7169-9f91-b7ec4049bf0c", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.78, "x": 0.11, "y": 0.09 }, "kind": "paragraph", "text": "A disclosure on page 128 of Wuhan DDMC's 2018 annual report further belies IQ's non-cash contribution claim.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:06.464+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6b92d9b7-77c5-4da6-b8a3-27ef48bcecd8", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.78, "x": 0.11, "y": 0.36 }, "kind": "paragraph", "text": "The total equity contributions made to Xin'ai Sports, as reported by Wuhan DDMC, do not show any non-cash contributions.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:06.464+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "cf96f995-49d6-44d9-ad99-a55945faa91e", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "A disclosure on page 128 of Wuhan DDMC’s 2018 annual report further belies IQ’s non-cash contribution claim.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:27:49+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-203f-7169-9f91-bbc5cee4c328", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.2, "x": 0.11, "y": 0.9 }, "kind": "source-note", "text": "51 IQ 2019 20-F, p. F-62", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:06.464+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "22b01d5d-559e-42f1-8c66-ad40dac06ad9", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.65, "x": 0.11, "y": 0.88 }, "kind": "source-note", "text": "50 武汉当代明诚文化股份有限公司, 2018 年度报告, p.128, 重要非全资子公司的主要财务信息", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:06.464+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "da7f9492-6e5f-445a-8476-345c4fa22d40", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.62, "x": 0.19, "y": 0.59 }, "kind": "table", "text": "Amounts due to related parties, current and non-current", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:06.464+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4f482ebe-a6a5-458d-a7c2-17681e69419c", "parentComponentId": null }, { "bbox": { "h": 0.18, "w": 0.56, "x": 0.22, "y": 0.18 }, "kind": "table", "text": "Top 5 Counterparties of Other Receivables as of the End of the Period", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:06.464+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a1506695-da1c-4d7e-9dc8-d36da9d6aeae", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "a41b84d8-ce33-48fa-b161-1184ad69e4a2", "evidence": "The slide explicitly uses financial data to argue that management made up non-cash contributions to inflate revenues.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 20:11:06.464+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 20, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 20, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 6, "name": "The Struggle", "beatId": "83f9cd5c-f84b-4402-9454-a3996734e45e", "matchId": "10b30b04-ae2f-4663-826d-45873f78b398", "beatType": { "name": "The Struggle", "slug": "overcoming-monster-the-struggle", "status": "active", "canonId": "019dd9b8-3d24-71b1-9262-9a8f9850fda3", "version": 1, "description": null }, "evidence": "The document presents a detailed analysis of iQIYI's financials, highlighting several areas of concern", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Development", "slug": "development", "status": "active", "canonId": "019dd9b8-0332-7008-b3aa-11b0840a57b1", "version": 1, "description": "The middle stretch in arcs that have one. Often where length problems creep in." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 21, "type": "tension", "title": "The slide uses a forensic accounting approach to highlight discrepancies between government filings and public company disclosures.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 56, "componentCount": 7, "textChars": 1067, "nDataPoints": 32, "notes": "The slide uses a forensic accounting approach to highlight discrepancies between government filings and public company disclosures.", "elementsJson": [ "headline_text", "paragraph", "data_table", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:11:04.279+00", "seconds": 12.975, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9a-539b4b45e826/21", "deck": "/decks/019dd923-622c-750b-8b9a-539b4b45e826", "deckAnchor": "/decks/019dd923-622c-750b-8b9a-539b4b45e826#slide-21", "deckJson": "/decks/019dd923-622c-750b-8b9a-539b4b45e826.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "While it appeared IQ was winding down its advertising revenue inflation in 2017 in preparation for its IPO, IQ's ad revenue inflation nearly tripled to RMB 1.537 billion in 2018.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:27:48+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-203f-7169-9f90-d0dbdf1571e3", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Advertising Revenue Overstatement: RMB 5.155 billion", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:27:48+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-203f-7169-9f90-d5c152d8ad92", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.76, "x": 0.118, "y": 0.135 }, "kind": "paragraph", "text": "The Shanghai government publishes reports showing the biggest advertising companies. The rankings are based on advertising revenues reported to the Shanghai SAIC office. Based on these 2015 - 2018 reports, we conclude that IQ’s SEC filings contain cumulative estimated advertising revenue overstatements of RMB 5.155 billion between 2015 and 2018.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:04.279+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b43fb5ea-d33d-4687-b149-a22f56b52572", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.76, "x": 0.118, "y": 0.575 }, "kind": "paragraph", "text": "Notes on estimates and calculations: (1) The 2016 SAIC ad industry report did not include a list of top 10 internet advertisers. To generate an estimate, we applied the y/y growth rate of Shanghai iQIYI to Zhong Yuan...", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:04.279+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e355d66e-8c5c-493a-b438-f4eeb8e0a7d2", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.76, "x": 0.118, "y": 0.81 }, "kind": "source-note", "text": "52 IQ F-1 Prospectus, filed December 6, 2017; 53 IQ F-1 Prospectus, p. 5; 54 There was no 2016 SH SAIC report... 55 The revenue numbers in the Shanghai SAIC reports are shown net of VAT.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:04.279+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "879aeea4-684e-473b-80cd-038c531f9f10", "parentComponentId": null }, { "bbox": { "h": 0.16, "w": 0.76, "x": 0.118, "y": 0.405 }, "kind": "table", "text": "Comparison of SAIC vs. SEC Reported Advertising Revenues", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:04.279+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "25a1da49-b874-4cc9-a4ab-54fa2fe6a986", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.32, "x": 0.118, "y": 0.095 }, "kind": "title", "text": "Advertising Revenue Inflation", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:04.279+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "24d64011-77ea-4e34-aa18-7bf30f69d196", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "d985f2ed-d200-44ef-8143-c8816cd30e84", "evidence": "Comparison of government filings vs SEC filings to identify overstatements", "framework": null, "confidence": 0.95, "extraction": { "at": "2026-05-02 20:11:04.279+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 21, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 30, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 21, "name": "The Victory", "beatId": "81679a7d-a0b2-4f9c-88b7-1cf86a462ef9", "matchId": "10b30b04-ae2f-4663-826d-45873f78b398", "beatType": { "name": "The Victory", "slug": "overcoming-monster-the-victory", "status": "active", "canonId": "019dd9b8-3dbe-71b9-b5a9-7191b5f8782b", "version": 1, "description": null }, "evidence": "The document presents a clear conclusion that iQIYI's financial reporting is inaccurate and misleading", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Turn", "slug": "turn", "status": "active", "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54", "version": 1, "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 22, "type": "tension", "title": "The slide uses red boxes to highlight iQIYI (or its subsidiary Zhong Yuan) in the SAIC industry reports to demonstrate revenue overstatement.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 70, "componentCount": 8, "textChars": 1377, "nDataPoints": 40, "notes": "The slide uses red boxes to highlight iQIYI (or its subsidiary Zhong Yuan) in the SAIC industry reports to demonstrate revenue overstatement.", "elementsJson": [ "paragraph", "data_table", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:11:05.842+00", "seconds": 14.459, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9a-539b4b45e826/22", "deck": "/decks/019dd923-622c-750b-8b9a-539b4b45e826", "deckAnchor": "/decks/019dd923-622c-750b-8b9a-539b4b45e826#slide-22", "deckJson": "/decks/019dd923-622c-750b-8b9a-539b4b45e826.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "The tables below show that IQ only reported RMB 1.95 billion of advertising revenues to the SAIC in 2015, an overstatement of 74%.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:27:49+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-203f-7169-9f91-803ef02b65df", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "advertising revenue: 74%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:27:49+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-203f-7169-9f91-8732450d9ea5", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.78, "x": 0.11, "y": 0.75 }, "kind": "paragraph", "text": "The 2017 and 2018 SAIC advertising industry reports did include lists of the top 10 online media companies. However, Zhong Yuan did not make it into the top 10 in either year. In 2017 and 2018, the 10th place company had RMB 87 and 455 million in advertising revenues, so in order", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:05.842+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "090667b6-54f4-4e8f-baa7-92ff8bac40ec", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.78, "x": 0.11, "y": 0.09 }, "kind": "paragraph", "text": "In its prospectus filed with the SEC, IQ claimed 2015 advertising revenues of RMB 3.4 billion. The tables below show that IQ only reported RMB 1.95 billion of advertising revenues to the SAIC in 2015, an overstatement of 74%. (revenues in RMB 10,000):", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:05.842+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4b16ac43-a153-44a2-8e20-35b2795363dc", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.78, "x": 0.11, "y": 0.4 }, "kind": "paragraph", "text": "There was no online media company top 10 in the 2016 report, so we generously applied Shanghai iQIYI's year-over-year growth rate to Zhong Yuan in order to estimate its 2016 revenue of RMB 488 million. The table below is an excerpt from the 2016 SAIC advertising industry report shows that iQIYI Culture had advertising revenues of RMB 3.358 billion. IQ reported advertising revenues of RMB 5.65 billion to the SEC in 2016, a 38.6% overstatement (revenues in RMB 10,000):", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:05.842+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6020271e-f89a-488a-b55a-779274f91f05", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.78, "x": 0.11, "y": 0.89 }, "kind": "source-note", "text": "56 Shanghai 2015 Advertising Industry Market Conditions Report... 57 The 2016, 2017 and 2018 reports are available at www.scjgj.sh.gov.cn", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:05.842+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8e34b51a-811c-470e-aac4-1a03cd3c4b6d", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.42, "x": 0.29, "y": 0.52 }, "kind": "table", "text": "2016 Shanghai Top 10 Advertising Companies", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:05.842+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "15e64ad3-4c96-43a6-adca-521b3bf6eb50", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.78, "x": 0.11, "y": 0.16 }, "kind": "table", "text": "2015 Shanghai Top 10 Advertising Companies", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:05.842+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "eb1d0bf8-1ba2-4e82-a7d7-6037579f7692", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "166c17bb-55c9-4bbe-a9f9-240beee05afe", "evidence": "Comparison of SEC filings vs SAIC reports to identify revenue discrepancies.", "framework": null, "confidence": 0.95, "extraction": { "at": "2026-05-02 20:11:05.842+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 22, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 30, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 21, "name": "The Victory", "beatId": "81679a7d-a0b2-4f9c-88b7-1cf86a462ef9", "matchId": "10b30b04-ae2f-4663-826d-45873f78b398", "beatType": { "name": "The Victory", "slug": "overcoming-monster-the-victory", "status": "active", "canonId": "019dd9b8-3dbe-71b9-b5a9-7191b5f8782b", "version": 1, "description": null }, "evidence": "The document presents a clear conclusion that iQIYI's financial reporting is inaccurate and misleading", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Turn", "slug": "turn", "status": "active", "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54", "version": 1, "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 23, "type": "analysis", "title": "The slide highlights discrepancies between company-reported figures and local regulatory filings.", "function": "analyze_data", "rawType": "appendix_data", "block": null, "metadata": { "slideType": "appendix_data", "slideTypeCanon": { "name": "Appendix data", "slug": "appendix_data", "status": "active", "canonId": "019de52d-078a-745b-9ee4-c15f2f539acd", "version": 1, "description": null }, "function": "analyze_data", "functionCanon": { "name": "Analyze data", "slug": "analyze_data", "status": "active", "canonId": "019de52d-1590-7413-8c82-cc218cff40b4", "version": 1, "description": null }, "density": "dense", "densityScore": 59, "componentCount": 7, "textChars": 1191, "nDataPoints": 80, "notes": "The slide highlights discrepancies between company-reported figures and local regulatory filings.", "elementsJson": [ "paragraph", "data_table" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:11:04.134+00", "seconds": 12.661, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9a-539b4b45e826/23", "deck": "/decks/019dd923-622c-750b-8b9a-539b4b45e826", "deckAnchor": "/decks/019dd923-622c-750b-8b9a-539b4b45e826#slide-23", "deckJson": "/decks/019dd923-622c-750b-8b9a-539b4b45e826.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "IQ reported advertising revenues of RMB 8.16 billion and 9.328 billion to the SEC in those years, representing overstatements of 7.9% and 19.7% in 2017 and 2018, respectively.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:27:49+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-203f-7169-9f91-539e9d0f71b4", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "advertising revenue: 19.7%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:27:49+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-203f-7169-9f91-553df03476b7", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.764, "x": 0.118, "y": 0.69 }, "kind": "paragraph", "text": "We strongly believe IQ’s advertising revenues remained inflated throughout 2019 because its 2018 advertising revenues were overstated by almost 3x more than they were in 2017. However, as of the date of this report, the Shanghai SAIC office had not published a “State of the Advertising Industry” report for 2019.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:04.134+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "59538e1e-09c3-4359-8e12-97cd8936fafb", "parentComponentId": null }, { "bbox": { "h": 0.035, "w": 0.764, "x": 0.118, "y": 0.095 }, "kind": "paragraph", "text": "to use the most generous possible estimate for IQ, we assumed Zhong Yuan had RMB 86.9 million in advertising revenue in 2017 and 454.7 million in 2018.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:04.134+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5ef5cb5b-634a-48e7-b4d7-2e954f27217c", "parentComponentId": null }, { "bbox": { "h": 0.075, "w": 0.764, "x": 0.118, "y": 0.138 }, "kind": "paragraph", "text": "In total, IQ’s SAIC reported advertising revenue was 7.566 billion and 7.791 billion in 2017 and 2018, respectively. IQ reported advertising revenues of RMB 8.16 billion and 9.328 billion to the SEC in those years, representing overstatements of 7.9% and 19.7% in 2017 and 2018, respectively. The tables below are the relevant excerpts from the 2017 and 2018 SAIC advertising industry reports (revenues in RMB 10,000):", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:04.134+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9f3f4fda-c792-442d-bc19-6893e73720c8", "parentComponentId": null }, { "bbox": { "h": 0.21, "w": 0.764, "x": 0.118, "y": 0.24 }, "kind": "table", "text": "2017 Top 10 Advertising Companies and Online Media Co.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:04.134+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0c2a4014-8535-4e78-9ac9-edb5c3c6f3bf", "parentComponentId": null }, { "bbox": { "h": 0.21, "w": 0.764, "x": 0.118, "y": 0.49 }, "kind": "table", "text": "2018 Top 10 Advertising Companies and Online Media Co.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:04.134+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a372b848-1e9e-4db7-b76f-424966ad6c66", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 30, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 21, "name": "The Victory", "beatId": "81679a7d-a0b2-4f9c-88b7-1cf86a462ef9", "matchId": "10b30b04-ae2f-4663-826d-45873f78b398", "beatType": { "name": "The Victory", "slug": "overcoming-monster-the-victory", "status": "active", "canonId": "019dd9b8-3dbe-71b9-b5a9-7191b5f8782b", "version": 1, "description": null }, "evidence": "The document presents a clear conclusion that iQIYI's financial reporting is inaccurate and misleading", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Turn", "slug": "turn", "status": "active", "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54", "version": 1, "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 24, "type": "tension", "title": "Includes a chart showing the stock price volatility of Jinya Tech following their attempted acquisition of Skymoons.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "balanced", "densityScore": 34, "componentCount": 6, "textChars": 712, "nDataPoints": 2, "notes": "Includes a chart showing the stock price volatility of Jinya Tech following their attempted acquisition of Skymoons.", "elementsJson": [ "headline_text", "paragraph", "line_chart", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:11:03.392+00", "seconds": 11.889, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9a-539b4b45e826/24", "deck": "/decks/019dd923-622c-750b-8b9a-539b4b45e826", "deckAnchor": "/decks/019dd923-622c-750b-8b9a-539b4b45e826#slide-24", "deckJson": "/decks/019dd923-622c-750b-8b9a-539b4b45e826.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "We believe this transaction was a sham intended to burn off fake revenues and siphon off cash from IQ’s recent Nasdaq listing.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:27:49+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-203f-7169-9f92-0875e1bdb7fb", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.45, "x": 0.28, "y": 0.63 }, "kind": "chart", "text": "Jinya Tech Share Price chart showing spike and crash around acquisition events", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Line chart", "slug": "line", "status": "active", "canonId": "019de52c-ff62-778f-8f6c-a952ceae8677", "version": 1, "description": null }, "framework": null }, "subkind": "line", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:03.392+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c6fc0c0e-71d2-467a-ad23-312ffe820493", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.8, "x": 0.1, "y": 0.12 }, "kind": "paragraph", "text": "Our research shows IQ inflates expenses and the purchase prices of assets to burn off fake cash and conceal its revenue inflation.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:03.392+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5da1b6f1-ad9e-4d70-b89c-6d1450ceeb5f", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.8, "x": 0.1, "y": 0.17 }, "kind": "paragraph", "text": "The Skymoons Acquisition. In July 2018, IQ paid ~$300 million to acquire Chengdu Skymoons Digital Entertainment (\"Skymoons\"). We believe this transaction was a sham intended to burn off fake revenues and siphon off cash from IQ's recent Nasdaq listing.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:03.392+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b1cd386e-6d47-4871-b777-b591d7abe460", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.4, "x": 0.1, "y": 0.9 }, "kind": "source-note", "text": "58 IQ 6-K, July 18, 2018; 59 Variety; 60 guba.eastmoney.com", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:03.392+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0e38ca8f-b414-4851-b894-d58065387021", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.6, "x": 0.1, "y": 0.09 }, "kind": "title", "text": "3. Inflated Expenses and Prices of Assets Conceal Revenue Inflation", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:03.392+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "af03030a-6def-49d1-b51e-b87b17ac3082", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "6ecaedae-c0e7-4717-8483-c24c02d73e4c", "evidence": "The slide explicitly frames the acquisition as a 'sham' to 'burn off fake revenues'.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:11:03.392+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 24, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 30, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 21, "name": "The Victory", "beatId": "81679a7d-a0b2-4f9c-88b7-1cf86a462ef9", "matchId": "10b30b04-ae2f-4663-826d-45873f78b398", "beatType": { "name": "The Victory", "slug": "overcoming-monster-the-victory", "status": "active", "canonId": "019dd9b8-3dbe-71b9-b5a9-7191b5f8782b", "version": 1, "description": null }, "evidence": "The document presents a clear conclusion that iQIYI's financial reporting is inaccurate and misleading", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Turn", "slug": "turn", "status": "active", "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54", "version": 1, "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 25, "type": "tension", "title": "This page serves as a detailed disclosure/appendix page documenting specific legal and regulatory events.", "function": "expose_contradiction", "rawType": "appendix_disclosure", "block": null, "metadata": { "slideType": "appendix_disclosure", "slideTypeCanon": { "name": "Appendix disclosure", "slug": "appendix_disclosure", "status": "active", "canonId": "019de52d-07b2-7549-8e8b-932a19f6e616", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "balanced", "densityScore": 40, "componentCount": 5, "textChars": 1177, "nDataPoints": 3, "notes": "This page serves as a detailed disclosure/appendix page documenting specific legal and regulatory events.", "elementsJson": [ "paragraph", "footnote", "quote_block" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:25:28.381+00", "seconds": 3.987, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9a-539b4b45e826/25", "deck": "/decks/019dd923-622c-750b-8b9a-539b4b45e826", "deckAnchor": "/decks/019dd923-622c-750b-8b9a-539b4b45e826#slide-25", "deckJson": "/decks/019dd923-622c-750b-8b9a-539b4b45e826.json" }, "components": [ { "bbox": { "h": 0.15, "w": 0.78, "x": 0.11, "y": 0.09 }, "kind": "paragraph", "text": "On June 4 and 5, 2015, Jinya Technology received two “Investigation Notices” from the China Securities Regulatory Commission (“CSRC”). Jinya was forbidden from engaging in the asset restructuring necessary to consecrate the deal, and in July 2015 the deal was unwound.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:25:28.381+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "95afd27e-2b85-4e65-847b-179974bbf696", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.78, "x": 0.11, "y": 0.53 }, "kind": "paragraph", "text": "Nonetheless, in July 2016, Ningbo Fubang (宁波富邦, SHA: 600768) announced it would pay a combined total of RMB 3.9 billion to acquire 100% of Skymoons through a combination of cash and stock.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:25:28.381+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fdd78d82-b3ff-4c2a-afb3-72b2ff5830e6", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.74, "x": 0.15, "y": 0.31 }, "kind": "quote", "text": "…in June 2015, after Skymoons Interactive and IQ’s mobile game ‘Journey of the Flower’ was launched, Snail Digital received reports from players about the game. After conducting a comparison, its staff found numerous instances where the game ‘Journey of the Flower’ plagiarized content from ‘Taiji Panda.’", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:25:28.381+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3d21fe46-7cbb-4daa-8044-a3f7e731bd64", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“...in June 2015, after Skymoons Interactive and IQ's mobile game ‘Journey of the Flower’ was launched, Snail Digital received reports from players about the game. After conducting a comparison, its staff found numerous instances where the game ‘Journey of the Flower’ plagiarized content from ‘Taiji Panda.’” — Snail Digital", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:27:50+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-203f-7169-9f92-3859d8c23d8d", "parentComponentId": null }, { "bbox": { "h": 0.22, "w": 0.78, "x": 0.11, "y": 0.74 }, "kind": "source-note", "text": "61-68: List of URLs and detailed footnotes regarding financial fraud and legal proceedings.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:25:28.381+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b4e77c26-2846-48dc-9c57-3fdd8b5347c3", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 30, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 21, "name": "The Victory", "beatId": "81679a7d-a0b2-4f9c-88b7-1cf86a462ef9", "matchId": "10b30b04-ae2f-4663-826d-45873f78b398", "beatType": { "name": "The Victory", "slug": "overcoming-monster-the-victory", "status": "active", "canonId": "019dd9b8-3dbe-71b9-b5a9-7191b5f8782b", "version": 1, "description": null }, "evidence": "The document presents a clear conclusion that iQIYI's financial reporting is inaccurate and misleading", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Turn", "slug": "turn", "status": "active", "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54", "version": 1, "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 26, "type": "tension", "title": "The slide uses a screenshot of the State Administration of Press, Publication, Radio, Film and Television of The People's Republic of China to prove Skymoons on", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "balanced", "densityScore": 30, "componentCount": 5, "textChars": 940, "nDataPoints": 0, "notes": "The slide uses a screenshot of the State Administration of Press, Publication, Radio, Film and Television of The People's Republic of China to prove Skymoons only distributes licensed games.", "elementsJson": [ "paragraph", "screenshot", "footnote" ], "confidence": 0.95, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:11:03.299+00", "seconds": 11.551, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9a-539b4b45e826/26", "deck": "/decks/019dd923-622c-750b-8b9a-539b4b45e826", "deckAnchor": "/decks/019dd923-622c-750b-8b9a-539b4b45e826#slide-26", "deckJson": "/decks/019dd923-622c-750b-8b9a-539b4b45e826.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "The fact that Skymoons was not the true originator of the design of its only successful game and depended upon both creativity and talent of others as well as IQ’s investments and marketing power to promote and commercialize the game completely undermines the ridiculous valuation that IQ ascribed to it.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:27:50+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-203f-7169-9f92-64648a0fa04d", "parentComponentId": null }, { "bbox": { "h": 0.41, "w": 0.78, "x": 0.11, "y": 0.41 }, "kind": "image", "text": "Screenshot of the State Administration of Press, Publication, Radio, Film and Television of The People's Republic of China database showing Skymoons' licensed games.", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:03.299+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "de32219c-71d2-4b39-a3e0-fa74c8e712c7", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.78, "x": 0.11, "y": 0.09 }, "kind": "paragraph", "text": "We don't believe it's a coincidence that both of the other companies who were willing to acquire Skymoons at such a rich valuation were found to have engaged in fraud.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:03.299+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c4da6234-a218-4283-b37d-3cc112e479ee", "parentComponentId": null }, { "bbox": { "h": 0.11, "w": 0.78, "x": 0.11, "y": 0.17 }, "kind": "paragraph", "text": "On March 30, 2018, only three and a half months prior to IQ's July 2018 acquisition, the Suzhou People's Intermediate Court ruled that Skymoons had stolen the IP that formed the foundation and structure of the “Journey of the Flower” game.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:03.299+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c8c9dd30-07bb-49ef-a92e-b7f7af91bd22", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.5, "x": 0.11, "y": 0.85 }, "kind": "source-note", "text": "69-72: Citations for legal rulings and government database links.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:03.299+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "194a7c7c-8295-44ed-ab73-72ff91082fa1", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "72032080-7b1d-408f-9c3a-a31bb2115a63", "evidence": "The slide explicitly links the company's valuation to fraudulent activities and IP theft.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:11:03.299+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 26, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 30, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 21, "name": "The Victory", "beatId": "81679a7d-a0b2-4f9c-88b7-1cf86a462ef9", "matchId": "10b30b04-ae2f-4663-826d-45873f78b398", "beatType": { "name": "The Victory", "slug": "overcoming-monster-the-victory", "status": "active", "canonId": "019dd9b8-3dbe-71b9-b5a9-7191b5f8782b", "version": 1, "description": null }, "evidence": "The document presents a clear conclusion that iQIYI's financial reporting is inaccurate and misleading", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Turn", "slug": "turn", "status": "active", "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54", "version": 1, "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 27, "type": "tension", "title": "Includes a table of game releases and narrative debunking of CEO claims regarding Skymoons' technical capabilities.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 68, "componentCount": 8, "textChars": 1506, "nDataPoints": 5, "notes": "Includes a table of game releases and narrative debunking of CEO claims regarding Skymoons' technical capabilities.", "elementsJson": [ "data_table", "paragraph", "quote_block", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:11:04.126+00", "seconds": 12.125, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9a-539b4b45e826/27", "deck": "/decks/019dd923-622c-750b-8b9a-539b4b45e826", "deckAnchor": "/decks/019dd923-622c-750b-8b9a-539b4b45e826#slide-27", "deckJson": "/decks/019dd923-622c-750b-8b9a-539b4b45e826.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "This appears to be the extent of Skymoons' technical capabilities – if this company is actually worth more than RMB 2 billion, then the world is much richer than we thought.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:27:49+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-203f-7169-9f91-ecaa742a1df1", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.76, "x": 0.12, "y": 0.55 }, "kind": "paragraph", "text": "A further check of the IP for the of The Croods, 疯狂原始人, revealed that in November 2016, a mobile version of The Croods had already been produced and distributed by Shanghai Oriental Peral Cultural Development company.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:04.126+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "291bc9c7-71fd-4486-8339-2787bdcad1dc", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.76, "x": 0.12, "y": 0.32 }, "kind": "paragraph", "text": "Of these licensed games, management has only publicly commented on “The Croods.” In the prepared remarks of IQ’s 1Q19 earnings call, CEO Gong Yu highlighted the game as an example of Skymoons capabilities.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:04.126+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c7fb97e0-ac1d-4d67-9938-b2a472436df3", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.76, "x": 0.12, "y": 0.67 }, "kind": "paragraph", "text": "Skymoons’ founder, He Yunpeng, is a tech entrepreneur who was an executive at a prior, failed Baidu acquisition. 91 Wireless proved to be a disastrous acquisition.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:04.126+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f9c4e43b-24ec-490b-8a0b-519d69b1c927", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.76, "x": 0.12, "y": 0.42 }, "kind": "quote", "text": "Another more recent example is our game business. Our subsidiary Skymoons launched a 3D turn-based mobile game The Croods...", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:04.126+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d9e6dad0-6044-4724-a5d2-9624157d517b", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "Another more recent example is our game business. Our subsidiary Skymoons launched a 3D turn-based mobile game The Croods, which is based on a famous IP licensed from DreamWorks Animation's 2013 popular animated feature film The Croods. The game has performed exceptionally well since it was launched in February, exceeding our expectation. This is another good showcase of our ability to adapt IP into online games. — CEO Gong Yu, IQ Q1 2019 earnings call", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:27:49+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-203f-7169-9f91-f3619bb7d021", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.76, "x": 0.12, "y": 0.83 }, "kind": "source-note", "text": "Footnotes 73-77 detailing earnings call, IP history, and Baidu acquisition data.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:04.126+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ea06a2bb-784d-481c-800d-c64ec07ab8ff", "parentComponentId": null }, { "bbox": { "h": 0.21, "w": 0.76, "x": 0.12, "y": 0.09 }, "kind": "table", "text": "Table of Skymoons games including Game Name, Publisher, Distributor, Date, and Timeline.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:04.126+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "48f2c310-8ef1-4a86-a949-fd9f9f4ecd88", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 30, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 21, "name": "The Victory", "beatId": "81679a7d-a0b2-4f9c-88b7-1cf86a462ef9", "matchId": "10b30b04-ae2f-4663-826d-45873f78b398", "beatType": { "name": "The Victory", "slug": "overcoming-monster-the-victory", "status": "active", "canonId": "019dd9b8-3dbe-71b9-b5a9-7191b5f8782b", "version": 1, "description": null }, "evidence": "The document presents a clear conclusion that iQIYI's financial reporting is inaccurate and misleading", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Turn", "slug": "turn", "status": "active", "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54", "version": 1, "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 28, "type": "tension", "title": "The slide uses evidence from Chinese ICP registration records to contrast the original Skymoons entity with the one acquired by IQ.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 75, "componentCount": 9, "textChars": 2094, "nDataPoints": 0, "notes": "The slide uses evidence from Chinese ICP registration records to contrast the original Skymoons entity with the one acquired by IQ.", "elementsJson": [ "paragraph", "data_table", "bullet_list", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:11:11.051+00", "seconds": 19.018, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9a-539b4b45e826/28", "deck": "/decks/019dd923-622c-750b-8b9a-539b4b45e826", "deckAnchor": "/decks/019dd923-622c-750b-8b9a-539b4b45e826#slide-28", "deckJson": "/decks/019dd923-622c-750b-8b9a-539b4b45e826.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Considering the fact that IQ paid RMB 2.4 billion for this supposed “game development company,” we find this to be ridiculous at face value and believe it is indicative of utter incompetence by IQ’s management at best, or a completely fraudulent transaction designed to siphon cash out of the publicly-traded company and into management’s pockets, at worst.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:27:49+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-203f-7169-9f91-d3be8732335d", "parentComponentId": null }, { "bbox": { "h": 0.045, "w": 0.304, "x": 0.148, "y": 0.811 }, "kind": "list", "text": "Skymoons.com (not acquired by IQ)\nCrimoons.net (created by IQ)", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:11.051+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7ca50ac5-353a-4a7e-88c0-4b8cc7c625fe", "parentComponentId": null }, { "bbox": { "h": 0.035, "w": 0.764, "x": 0.118, "y": 0.581 }, "kind": "paragraph", "text": "On the other hand, the Skymoons that IQ acquired had to come up with something else. It appears the best its creative team could come up with was www.crimoon.net.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:11.051+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0399c106-f224-4edc-8cef-af8773a562e9", "parentComponentId": null }, { "bbox": { "h": 0.105, "w": 0.764, "x": 0.118, "y": 0.141 }, "kind": "paragraph", "text": "During our due diligence on Skymoons, we found that IQ didn’t even acquire all of Skymoons’ businesses. Previously, both Jinya and Ningbo Fubang attempted to buy both Chengdu Tianxiang Interactive Digital Entertainment Co. and its sister Chengdu Tianxiang Interactive Technology Co. However, IQ only acquired the first, Chengdu Skymoons Interactive Digital Entertainment Co. Its sister company, Chengdu Skymoons Interactive Technology Co., remained 99% held by He Yunpeng and retained the www.skymoons.com website and multiple permutations thereof.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:11.051+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "93100cf5-0b66-4887-9be7-402895a88dbf", "parentComponentId": null }, { "bbox": { "h": 0.035, "w": 0.764, "x": 0.118, "y": 0.093 }, "kind": "paragraph", "text": "form Skymoons, we consider Baidu’s willingness to work with him again on another acquisition highly suspicious.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:11.051+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9e045a49-4f79-4df9-a63a-72c4cd5ae238", "parentComponentId": null }, { "bbox": { "h": 0.105, "w": 0.764, "x": 0.118, "y": 0.691 }, "kind": "paragraph", "text": "While neither site is impressive, the www.crimoon.net site comes across as unsophisticated if not amateurish and generally lacking in content. Considering the fact that IQ paid RMB 2.4 billion for this supposed “game development company,” we find this to be ridiculous at face value and believe it is indicative of utter incompetence by IQ’s management at best, or a completely fraudulent transaction designed to siphon cash out of the publicly-traded company and into management’s pockets, at worst. We invite readers to visit both sites:", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:11.051+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d5764eb9-e0a9-46c5-b5d3-58f2ce2e1792", "parentComponentId": null }, { "bbox": { "h": 0.035, "w": 0.764, "x": 0.118, "y": 0.881 }, "kind": "source-note", "text": "78 China SAIC registration files for Chengdu Tianxiang Interactive Digital Entertainment Co. (成都天象互动数字娱乐有限公司) and its sister Chengdu Tianxiang Interactive Technology Co. (成都天象互动科技有限公司)", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:11.051+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f8201434-85ca-4ca6-8b26-6e777dab6d5e", "parentComponentId": null }, { "bbox": { "h": 0.215, "w": 0.684, "x": 0.158, "y": 0.281 }, "kind": "table", "text": "Table showing ICP registration details for skymoons.com and related domains.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:11.051+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d69689bd-20bb-4a60-8798-48f13e36d468", "parentComponentId": null }, { "bbox": { "h": 0.045, "w": 0.684, "x": 0.158, "y": 0.631 }, "kind": "table", "text": "Table showing ICP registration details for crimoon.net.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:11.051+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fa9f5745-ee6e-4481-aa98-916c326420e3", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 30, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 21, "name": "The Victory", "beatId": "81679a7d-a0b2-4f9c-88b7-1cf86a462ef9", "matchId": "10b30b04-ae2f-4663-826d-45873f78b398", "beatType": { "name": "The Victory", "slug": "overcoming-monster-the-victory", "status": "active", "canonId": "019dd9b8-3dbe-71b9-b5a9-7191b5f8782b", "version": 1, "description": null }, "evidence": "The document presents a clear conclusion that iQIYI's financial reporting is inaccurate and misleading", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Turn", "slug": "turn", "status": "active", "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54", "version": 1, "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 29, "type": "tension", "title": "The slide uses a direct quote from a 20-F filing to contrast with a contractual requirement, alleging management dishonesty.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 72, "componentCount": 8, "textChars": 2277, "nDataPoints": 1, "notes": "The slide uses a direct quote from a 20-F filing to contrast with a contractual requirement, alleging management dishonesty.", "elementsJson": [ "paragraph", "quote_block", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:11:06.267+00", "seconds": 14.094, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9a-539b4b45e826/29", "deck": "/decks/019dd923-622c-750b-8b9a-539b4b45e826", "deckAnchor": "/decks/019dd923-622c-750b-8b9a-539b4b45e826#slide-29", "deckJson": "/decks/019dd923-622c-750b-8b9a-539b4b45e826.json" }, "components": [ { "bbox": { "h": 0.03, "w": 0.78, "x": 0.11, "y": 0.42 }, "kind": "callout", "text": "We believe the above statement is a bald-faced lie by IQ’s management.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:06.267+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f1e4d8d6-1aed-4e4f-99b4-2634e6e37ddb", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.78, "x": 0.11, "y": 0.14 }, "kind": "paragraph", "text": "Since both companies use the same logo and Skymoons / 天象互动 name, we wonder if IQ’s management might find He Yunpeng’s Skymoons.com website a convenience.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:06.267+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5c9b71a7-1d3a-4ad0-9150-e450e24cadaa", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.78, "x": 0.11, "y": 0.61 }, "kind": "paragraph", "text": "Not only would converting Skymoons’ historical financials into U.S. GAAP not require “undue cost,” it wouldn’t have cost IQ anything at all – Skymoons had delivered GAAP financial statements to IQ prior to the deal’s closing date.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:06.267+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ae87533c-11f5-43d2-9cf2-93d3e2054afa", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.78, "x": 0.11, "y": 0.09 }, "kind": "paragraph", "text": "Look around and ask yourself, “which looks like it might be owned by a NASDAQ listed tech company with a market cap of over $12 billion?”", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:06.267+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e1b5150c-a8c5-4bcf-8353-e98245eabd29", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.78, "x": 0.11, "y": 0.33 }, "kind": "quote", "text": "The unaudited pro forma revenue and net loss for the years ended December 31, 2017 and 2018 is not presented as the historical financial information of the acquired business of Skymoons prepared under US GAAP is not available without undue cost...", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:06.267+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6602c375-c89e-4080-b493-32c6c7342f41", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.78, "x": 0.11, "y": 0.48 }, "kind": "quote", "text": "The Target Companies have delivered to the Purchasers: (i) all capital verification reports... (ii) the audited balance sheets of the company for 2016 and 2017 prepared on a consolidated basis under the US GAAP...", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:06.267+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e50407e8-3e8e-4eda-a0ad-cd91bc41218f", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“The unaudited pro forma revenue and net loss for the years ended December 31, 2017 and 2018 is not presented as the historical financial information of the acquired business of Skymoons prepared under US GAAP is not available without undue cost, given the acquiree underwent a reorganization prior to the Company’s acquisition.” — IQ 2018 20-F, p. F-32; “The Target Companies have delivered to the Purchasers: (i) all capital verification reports of the Group Members and all relevant notes and schedules thereto issued by the accountants engaged by them from the date of incorporation of the Target Companies, the details of which are set forth under Schedule VIII: List of Financial Reports; (ii) the audited balance sheets of the company for 2016 and 2017 prepared on a consolidated basis under the US GAAP, and the relevant audited income statements and cash flow statements, together with all relevant notes and schedules, and in the absence of audited statements, the management statements shall be provided (hereinafter collectively referred to as the “Financial Statements”)” — IQ 2018 20-F, Exhibit 4.66, Section 4.1.1(j)(ii) (p. 19)", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:27:50+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-203f-7169-9f92-537133417afd", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.4, "x": 0.11, "y": 0.88 }, "kind": "source-note", "text": "79 IQ 2018 20-F, p. F-32\n80 IQ 2018 20-F, Exhibit 4.66, Section 4.1.1(j)(ii) (p. 19)", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:06.267+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "402be89e-7631-4873-8c25-ce8f87dd12cd", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "6f0daec9-95e7-40b7-903b-81eea7af8b54", "evidence": "Contrasting management's public claim of 'undue cost' with contractual evidence of existing documents.", "framework": null, "confidence": 0.95, "extraction": { "at": "2026-05-02 20:11:06.267+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 29, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 30, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 21, "name": "The Victory", "beatId": "81679a7d-a0b2-4f9c-88b7-1cf86a462ef9", "matchId": "10b30b04-ae2f-4663-826d-45873f78b398", "beatType": { "name": "The Victory", "slug": "overcoming-monster-the-victory", "status": "active", "canonId": "019dd9b8-3dbe-71b9-b5a9-7191b5f8782b", "version": 1, "description": null }, "evidence": "The document presents a clear conclusion that iQIYI's financial reporting is inaccurate and misleading", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Turn", "slug": "turn", "status": "active", "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54", "version": 1, "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 30, "type": "tension", "title": "The slide highlights a potential circular transaction or inflated pricing scheme between IQ and its partner DDMC.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "balanced", "densityScore": 35, "componentCount": 6, "textChars": 575, "nDataPoints": 15, "notes": "The slide highlights a potential circular transaction or inflated pricing scheme between IQ and its partner DDMC.", "elementsJson": [ "headline_text", "paragraph", "data_table", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:11:03.693+00", "seconds": 11.347, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9a-539b4b45e826/30", "deck": "/decks/019dd923-622c-750b-8b9a-539b4b45e826", "deckAnchor": "/decks/019dd923-622c-750b-8b9a-539b4b45e826#slide-30", "deckJson": "/decks/019dd923-622c-750b-8b9a-539b4b45e826.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "IQ inflated the purchase price for at least one program it licensed from Wuhan DDMC (“DDMC”) in 2018.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:27:50+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-203f-7169-9f92-7c56560e92c6", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Sales Amount: RMB 458.0 million", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:27:50+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-203f-7169-9f92-83c6c1189932", "parentComponentId": null }, { "bbox": { "h": 0.215, "w": 0.764, "x": 0.118, "y": 0.121 }, "kind": "paragraph", "text": "IQ inflated the purchase price for at least one program it licensed from Wuhan DDMC (“DDMC”) in 2018. As we discussed earlier in this report, DDMC is the parent company of IQ’s partner in the iQIYI Sports JV...", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:03.693+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c8efe46a-611b-4ddf-bab7-9a3f5a27e3d1", "parentComponentId": null }, { "bbox": { "h": 0.105, "w": 0.652, "x": 0.176, "y": 0.708 }, "kind": "source-note", "text": "Notes: (1) Beijing Qiyi Century: “The Drug Hunter”, “If Time Flows Back”, Online broadcasting rights, Rmb 458.0 million...", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:03.693+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8d62f036-4faf-4326-87e2-57ee2bfe987e", "parentComponentId": null }, { "bbox": { "h": 0.285, "w": 0.568, "x": 0.216, "y": 0.375 }, "kind": "table", "text": "Table showing DDMC's top 5 customers by revenue in 2018, including Beijing Qiyi Century.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:03.693+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ac674895-54a2-4a31-a5e2-1adb2bdc49a9", "parentComponentId": null }, { "bbox": { "h": 0.021, "w": 0.245, "x": 0.118, "y": 0.093 }, "kind": "title", "text": "Content Price Inflation", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:03.693+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7fb5445e-c2d8-4c87-9bda-bdac1b8a67c3", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "e6c6d8a6-9a53-43f2-a1a4-2c4e52b596ee", "evidence": "The slide explicitly claims 'fake deferred revenue' and 'inflated purchase price' to expose financial misconduct.", "framework": null, "confidence": 0.95, "extraction": { "at": "2026-05-02 20:11:03.693+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 30, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 30, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 21, "name": "The Victory", "beatId": "81679a7d-a0b2-4f9c-88b7-1cf86a462ef9", "matchId": "10b30b04-ae2f-4663-826d-45873f78b398", "beatType": { "name": "The Victory", "slug": "overcoming-monster-the-victory", "status": "active", "canonId": "019dd9b8-3dbe-71b9-b5a9-7191b5f8782b", "version": 1, "description": null }, "evidence": "The document presents a clear conclusion that iQIYI's financial reporting is inaccurate and misleading", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Turn", "slug": "turn", "status": "active", "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54", "version": 1, "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 31, "type": "analysis", "title": "Includes footnotes referencing specific corporate announcements and industry pricing data.", "function": "analyze_data", "rawType": "appendix_data", "block": null, "metadata": { "slideType": "appendix_data", "slideTypeCanon": { "name": "Appendix data", "slug": "appendix_data", "status": "active", "canonId": "019de52d-078a-745b-9ee4-c15f2f539acd", "version": 1, "description": null }, "function": "analyze_data", "functionCanon": { "name": "Analyze data", "slug": "analyze_data", "status": "active", "canonId": "019de52d-1590-7413-8c82-cc218cff40b4", "version": 1, "description": null }, "density": "dense", "densityScore": 54, "componentCount": 8, "textChars": 682, "nDataPoints": 24, "notes": "Includes footnotes referencing specific corporate announcements and industry pricing data.", "elementsJson": [ "paragraph", "data_table", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:11:03.621+00", "seconds": 11.189, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9a-539b4b45e826/31", "deck": "/decks/019dd923-622c-750b-8b9a-539b4b45e826", "deckAnchor": "/decks/019dd923-622c-750b-8b9a-539b4b45e826#slide-31", "deckJson": "/decks/019dd923-622c-750b-8b9a-539b4b45e826.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "At a 3.0x premium, \"If Time Flows Back\" stands out as being well above market price.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:27:51+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-203f-7169-9f92-f2cf76620f7c", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "content acquisition premium: 3.0x", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:27:51+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-203f-7169-9f92-f5935c14358d", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.78, "x": 0.11, "y": 0.61 }, "kind": "paragraph", "text": "At a 3.0x premium, “If Time Flows Back” stands out as being well above market price.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:03.621+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3630469d-1c8b-4a2f-90d5-f92580dc5456", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.78, "x": 0.11, "y": 0.09 }, "kind": "paragraph", "text": "DDMC sold IQ exclusive one-year online broadcast rights for “If Time Flows Back.” DDMC sold Shanghai Cultural Media Group one-year TV broadcast rights for the same program.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:03.621+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5ce6735f-9e90-41c3-8b67-2379f78b2eeb", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.78, "x": 0.11, "y": 0.645 }, "kind": "paragraph", "text": "The price IQ paid for “The Drug Hunter” also appears to be above the market price. When two or more TV stations air a program together, they typically pay the same rate.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:03.621+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9a304e81-a796-467c-8182-d6ceaa4b8aec", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.78, "x": 0.11, "y": 0.815 }, "kind": "source-note", "text": "Footnotes 83, 84, 85", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:03.621+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "95b9d313-ba2d-4e0f-920e-f3f0afde2678", "parentComponentId": null }, { "bbox": { "h": 0.22, "w": 0.68, "x": 0.16, "y": 0.35 }, "kind": "table", "text": "Program Name, Revenue, Expense, Margin table for 7 programs plus total", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:03.621+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b1d8c53d-2c0e-4e3d-a524-27381c257578", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.5, "x": 0.22, "y": 0.28 }, "kind": "title", "text": "2018 information on the sales of major TV programs", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:03.621+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9ea696d8-5a71-4d84-b04e-415cda1a3f26", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 32, "type": "setup", "title": "The slide uses a hypothetical scenario to demonstrate how DDMC's gross margin would be significantly lower if iQiyi did not pay a premium over standard TV stati", "function": "preempt_rebuttal", "rawType": "preempt_rebuttal", "block": null, "metadata": { "slideType": "preempt_rebuttal", "slideTypeCanon": { "name": "Preempt rebuttal", "slug": "preempt_rebuttal", "status": "active", "canonId": "019de52d-1225-7368-af32-6381fddabdb3", "version": 1, "description": null }, "function": "preempt_rebuttal", "functionCanon": { "name": "Preempt rebuttal", "slug": "preempt_rebuttal", "status": "active", "canonId": "019de52d-18ab-7479-9a7e-820a2f03586a", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 87, "componentCount": 10, "textChars": 1776, "nDataPoints": 40, "notes": "The slide uses a hypothetical scenario to demonstrate how DDMC's gross margin would be significantly lower if iQiyi did not pay a premium over standard TV station rates.", "elementsJson": [ "data_table", "paragraph", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:11:04.62+00", "seconds": 12.038, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9a-539b4b45e826/32", "deck": "/decks/019dd923-622c-750b-8b9a-539b4b45e826", "deckAnchor": "/decks/019dd923-622c-750b-8b9a-539b4b45e826#slide-32", "deckJson": "/decks/019dd923-622c-750b-8b9a-539b4b45e826.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "If the program “If Time Flows Back” were priced at just 2x that paid by the TV stations, DDMC’s gross margin from its TV programs in 2018 would have dropped by 34.7%:", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:27:50+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-203f-7169-9f92-a7ddf5d70978", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Gross Margin: -34.7%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:27:50+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-203f-7169-9f92-ada62a87dd11", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.76, "x": 0.12, "y": 0.19 }, "kind": "paragraph", "text": "The super-premium IQ paid was very helpful to their partner's financial performance. In 2018, 92.5% of DDMC's gross margin from its sales of major TV programs came from the two shows sold to IQ. If the program “If Time Flows Back” were priced at just 2x that paid by the TV stations, DDMC's gross margin from its TV programs in 2018 would have dropped by 34.7%:", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:04.62+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "62e74b9d-d80e-4e69-8344-e96c429a54c7", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.76, "x": 0.12, "y": 0.59 }, "kind": "paragraph", "text": "The Chinese media has reported that competition among online platforms for top content intensified between 2016 and 2018. This resulted in some online broadcasting licenses selling for up to 2x the price paid by TV stations, especially for the popular “costume and magic/fantasy dramas” segment. However, the premiums paid by IQ still appear inflated.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:04.62+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7740de41-a4d3-4f31-8e3d-5d841511f2e2", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.76, "x": 0.12, "y": 0.67 }, "kind": "paragraph", "text": "A CITIC report provided a table of the highest cost copyrights from the years 2012–2018. The top programs' license fees for both online and TV broadcasters increased each year until the premium ratio between online and TV peaked at 1.88x in 2017. However, there was a reversal in 2018 and the premium declined by 20% to 1.5x.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:04.62+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c80d866b-b67c-4379-a37d-c80557d9dea0", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "Due to the competition for high-quality content between video platforms, there is also a clear gap for the pricing of the episodes’ copyrights between the TV station and online network-end. The price of some episodes on the online networks is more than twice that on the TV side. — 36kr.com", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:27:50+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-203f-7169-9f92-a9aa14a53e5c", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.76, "x": 0.12, "y": 0.82 }, "kind": "source-note", "text": "86/87 Citic Securities report and 36kr link regarding content pricing competition.", "attrs": { "numbered": true }, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:04.62+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1e45479e-1951-4e82-a6c2-baa9b248362e", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.7, "x": 0.15, "y": 0.27 }, "kind": "table", "text": "Wuhan DDMC: Gross Margin - Based on Reported Revenues", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:04.62+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "25dcbb2b-18d9-48c4-86a5-40bf679314e8", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.76, "x": 0.12, "y": 0.09 }, "kind": "table", "text": "Revenue breakdown by program and platform", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:04.62+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "762dbfdd-4177-479c-9696-41792c009172", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.7, "x": 0.15, "y": 0.42 }, "kind": "table", "text": "Wuhan DDMC: Gross Margin - If \"If Times Flows Back\" Sold to iQiyi at a 2x Premium to TV", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Scenario table", "slug": "scenario", "status": "active", "canonId": "019de52d-0374-7778-b2bc-9f279d34d01f", "version": 1, "description": null }, "framework": null }, "subkind": "scenario", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:04.62+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3c70e576-f5c1-4e23-acb6-3ccee9a3a770", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 33, "type": "tension", "title": "The slide uses data to support an allegation of financial fraud/revenue inflation.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 56, "componentCount": 7, "textChars": 1111, "nDataPoints": 21, "notes": "The slide uses data to support an allegation of financial fraud/revenue inflation.", "elementsJson": [ "data_table", "paragraph", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:11:04.941+00", "seconds": 12.297, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9a-539b4b45e826/33", "deck": "/decks/019dd923-622c-750b-8b9a-539b4b45e826", "deckAnchor": "/decks/019dd923-622c-750b-8b9a-539b4b45e826#slide-33", "deckJson": "/decks/019dd923-622c-750b-8b9a-539b4b45e826.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "We believe that IQ and DDMC conspired to over-report the price IQ paid for \"If Time Flows Back.\"", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:27:50+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-203f-7169-9f92-21921f3c8fc1", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.74, "x": 0.13, "y": 0.33 }, "kind": "paragraph", "text": "While the 1.7x premium IQ paid for the “The Drug Hunter” was only slightly above the 2018 average, IQ paid double the average premium for “If Time Flows Back” at 3.0x.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:04.941+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3a0514a3-054e-4095-a4d7-1f464b2eceeb", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.74, "x": 0.13, "y": 0.48 }, "kind": "paragraph", "text": "We believe that IQ and DDMC conspired to over-report the price IQ paid for “If Time Flows Back.” This was a mutually beneficial agreement between the two partners; the premium made up a significant portion of DDMC’s profit in 2018, and IQ was able to burn off some of the fake cash it had on its balance sheet from inflating its revenues.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:04.941+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "78c8eadc-83b2-413e-b98d-b3f50d6177be", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.74, "x": 0.13, "y": 0.39 }, "kind": "paragraph", "text": "Due to the developing partnership between IQ and DDMC as well as IQ’s ability to be a long-term customer for DDMC, we would expect IQ to have considerable leverage in price negotiations with DDMC. However, instead of IQ using its leverage over DDMC to get discounts, the opposite occurred.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:04.941+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a4c0f99e-99bd-4846-beef-ef3be1127140", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.35, "x": 0.13, "y": 0.29 }, "kind": "source-note", "text": "Sources: iResearch, CITIC Securities Research & Development Dept.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:04.941+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d779a1bb-21fd-4c8a-b9cc-a18aa4b9b38f", "parentComponentId": null }, { "bbox": { "h": 0.16, "w": 0.74, "x": 0.13, "y": 0.12 }, "kind": "table", "text": "Table showing Program, Year, Online Platform Price, and TV Station Price for 7 programs from 2012-2018.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:04.941+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0807f0ff-73c9-4e8c-9e9a-8e2746a0d9be", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.45, "x": 0.13, "y": 0.09 }, "kind": "title", "text": "2012-2018 Copyright License Costs for Top TV Programs", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:04.941+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "06bac617-2e29-43d1-a137-5b05e6b9ba89", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "52280856-a0e2-4595-b3fb-79b943003022", "evidence": "The slide explicitly argues that two companies conspired to over-report prices to inflate revenues and profits.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 20:11:04.941+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 33, "frameworkName": "fraud-exposure" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 34, "type": "tension", "title": "Includes a screenshot of Netflix's Consolidated Statement of Cash Flows to highlight the 'Additions to streaming content assets' line item.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 75, "componentCount": 9, "textChars": 1218, "nDataPoints": 45, "notes": "Includes a screenshot of Netflix's Consolidated Statement of Cash Flows to highlight the 'Additions to streaming content assets' line item.", "elementsJson": [ "headline_text", "paragraph", "data_table", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:11:06.734+00", "seconds": 13.985, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9a-539b4b45e826/34", "deck": "/decks/019dd923-622c-750b-8b9a-539b4b45e826", "deckAnchor": "/decks/019dd923-622c-750b-8b9a-539b4b45e826#slide-34", "deckJson": "/decks/019dd923-622c-750b-8b9a-539b4b45e826.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "IQ’s accounting methods are clearly intended to disguise the fact that its business is hemorrhaging cash.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:27:50+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-203f-7169-9f92-c658285cd45c", "parentComponentId": null }, { "bbox": { "h": 0.32, "w": 0.74, "x": 0.13, "y": 0.405 }, "kind": "image", "text": "Netflix, Inc. Consolidated Statements of Cash Flows table", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:06.734+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "02cc506d-be0a-4ba3-a20a-0e9582ba632c", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "operating cash flow: -$1.157 billion", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:27:50+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-203f-7169-9f92-ccf041cb3fbd", "parentComponentId": null }, { "bbox": { "h": 0.09, "w": 0.8, "x": 0.1, "y": 0.2 }, "kind": "paragraph", "text": "Content licensing and production costs are by far the largest expense for both companies. However, the OCF calculations used by IQ and NFLX are completely different. While Netflix accounts for \"all additions to steaming content assets\" as cash outflows from operating activities, IQ categorizes acquisitions of licensed copyrighted material as cash outflows from investing activities.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:06.734+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6d4cea74-c1fa-416c-a723-ddc412a4e4e1", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.8, "x": 0.1, "y": 0.75 }, "kind": "paragraph", "text": "IQ reports three items related to content in its statement of cash flows: amortization of licensed copyrights, amortization and impairment of (self) produced content, and impairment of licensed copyrights.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:06.734+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "839fd854-7cfb-4f86-a620-9f558ec87989", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.8, "x": 0.1, "y": 0.13 }, "kind": "paragraph", "text": "We adjusted IQ's 2019 operating cash flow (\"OCF\") down from $561 million to -$1.157 billion by applying accounting methods consistent with others in its industry. IQ's management, analysts and bulls have described the company as \"the Netflix of China.\"", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:06.734+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "dd7a04d7-9279-4ccb-ae55-bbbf2aef85a8", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "the Netflix of China — iQIYI management, analysts and bulls.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:27:50+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-203f-7169-9f92-cad7c6c6723c", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.2, "x": 0.1, "y": 0.92 }, "kind": "source-note", "text": "88 Netflix, 2018 10-K, pp. 42, 46.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:06.734+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "164a982d-4b89-4a71-98f2-373338e08063", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.8, "x": 0.1, "y": 0.09 }, "kind": "title", "text": "4. Misleading Financial Reporting Creates the Appearance of a Cash Generative Company", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:06.734+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c92fa4be-7d9c-481a-b218-c3a1c9da27e7", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 35, "type": "tension", "title": "The slide uses red boxes to draw attention to specific line items in the cash flow statement that are being reclassified.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "balanced", "densityScore": 37, "componentCount": 6, "textChars": 607, "nDataPoints": 100, "notes": "The slide uses red boxes to draw attention to specific line items in the cash flow statement that are being reclassified.", "elementsJson": [ "data_table", "paragraph", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:11:08.803+00", "seconds": 16.012, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9a-539b4b45e826/35", "deck": "/decks/019dd923-622c-750b-8b9a-539b4b45e826", "deckAnchor": "/decks/019dd923-622c-750b-8b9a-539b4b45e826#slide-35", "deckJson": "/decks/019dd923-622c-750b-8b9a-539b4b45e826.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "By removing the cash outflows from acquiring licensed copyrights from OCF and recording it under cash flows from investing, IQ’s OCF appears positive.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:27:51+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-203f-7169-9f93-0f647379a047", "parentComponentId": null }, { "bbox": { "h": 0.5, "w": 0.8, "x": 0.1, "y": 0.25 }, "kind": "legend", "text": "Red boxes highlight reclassified content acquisition costs.", "attrs": null, "canon": { "kind": { "name": "Legend", "slug": "legend", "status": "active", "canonId": "31361933-3d22-4c70-bbad-0801e9fffc0c", "version": 1, "description": "Color/symbol decoder placed adjacent to a chart or diagram." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:08.803+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6dcde65d-0ee2-4b6e-9e58-dc9e6a729fb5", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Net cash provided by operating activities: 4,011,784", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:27:51+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-203f-7169-9f93-10cff43e9329", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.8, "x": 0.1, "y": 0.85 }, "kind": "paragraph", "text": "Although we expect that professional investors will have scrutinized the statements of cash flows and picked up on this simple accounting gimmick, we would be remiss not to point out this difference and its massive impact on IQ’s headline numbers.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:08.803+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "13015d73-64c6-4b68-b47e-273b7d230a5f", "parentComponentId": null }, { "bbox": { "h": 0.6, "w": 0.8, "x": 0.1, "y": 0.2 }, "kind": "table", "text": "Consolidated Statement of Cash Flows for 2017-2019", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:08.803+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fd1afe70-8dc7-4ee0-bb40-1aeeee578ef5", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.5, "x": 0.25, "y": 0.15 }, "kind": "title", "text": "iQIYI, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:08.803+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bb4f727b-e794-4954-b553-b76fb74e9f49", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "e21eb42b-2ca6-4ea4-9879-7b9fd863c181", "evidence": "The slide explicitly calls out an 'accounting gimmick' used to manipulate headline cash flow numbers.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:11:08.803+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 35, "frameworkName": "fraud-exposure" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 36, "type": "setup", "title": "Page 36 of 37", "function": "other", "rawType": "disclaimer", "block": null, "metadata": { "slideType": "disclaimer", "slideTypeCanon": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "019de52d-0801-727b-b98a-5ed095aeee78", "version": 1, "description": null }, "function": "other", "functionCanon": { "name": "Other (fallback)", "slug": "other", "status": "active", "canonId": "019de52d-15e1-75bc-99dc-07732380e2ce", "version": 1, "description": null }, "density": "sparse", "densityScore": 4, "componentCount": 2, "textChars": 138, "nDataPoints": 0, "notes": "Page 36 of 37", "elementsJson": [ "paragraph" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:11:07.27+00", "seconds": 14.239, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9a-539b4b45e826/36", "deck": "/decks/019dd923-622c-750b-8b9a-539b4b45e826", "deckAnchor": "/decks/019dd923-622c-750b-8b9a-539b4b45e826#slide-36", "deckJson": "/decks/019dd923-622c-750b-8b9a-539b4b45e826.json" }, "components": [ { "bbox": { "h": 0.775, "w": 0.764, "x": 0.118, "y": 0.125 }, "kind": "disclaimer", "text": "Please be advised that WPR,LLC, Wolfpack Research (WPR) is a research and publishing firm... [full text of disclaimer]", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:07.27+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b33d4617-fdd9-4d9c-a781-a2dd1414a2f6", "parentComponentId": null }, { "bbox": { "h": 0.018, "w": 0.185, "x": 0.118, "y": 0.095 }, "kind": "title", "text": "Financial Disclaimer", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:07.27+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b774fc59-6243-465e-9420-36b1c15aa627", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 37, "type": "setup", "title": "Page 37 of 37", "function": "other", "rawType": "disclaimer", "block": null, "metadata": { "slideType": "disclaimer", "slideTypeCanon": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "019de52d-0801-727b-b98a-5ed095aeee78", "version": 1, "description": null }, "function": "other", "functionCanon": { "name": "Other (fallback)", "slug": "other", "status": "active", "canonId": "019de52d-15e1-75bc-99dc-07732380e2ce", "version": 1, "description": null }, "density": "sparse", "densityScore": 6, "componentCount": 1, "textChars": 240, "nDataPoints": 0, "notes": "Page 37 of 37", "elementsJson": [ "paragraph" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:11:05.781+00", "seconds": 12.57, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9a-539b4b45e826/37", "deck": "/decks/019dd923-622c-750b-8b9a-539b4b45e826", "deckAnchor": "/decks/019dd923-622c-750b-8b9a-539b4b45e826#slide-37", "deckJson": "/decks/019dd923-622c-750b-8b9a-539b4b45e826.json" }, "components": [ { "bbox": { "h": 0.764, "w": 0.764, "x": 0.118, "y": 0.094 }, "kind": "disclaimer", "text": "You acknowledge and agree that use of WPR Information is at your own risk. In no event will WPR or any affiliated party be liable for any direct or indirect trading losses caused by any Information featured by and through the WPR Offerings.", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:11:05.781+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bf378572-6022-44cc-bbfa-9c6b421fdec7", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true } ], "arcBeats": [ { "from": 2, "to": 5, "label": "The Monster", "description": "The document presents a series of contradictions and inconsistencies in iQIYI's financial reporting" }, { "from": 6, "to": 20, "label": "The Struggle", "description": "The document presents a detailed analysis of iQIYI's financials, highlighting several areas of concern" }, { "from": 21, "to": 30, "label": "The Victory", "description": "The document presents a clear conclusion that iQIYI's financial reporting is inaccurate and misleading" } ], "loops": [ { "from": 3, "to": 5, "label": "Aha Moment", "description": "Is iQIYI's user numbers accurate?" }, { "from": 10, "to": 15, "label": "The Reveal", "description": "Is iQIYI's financial reporting accurate?" } ] }