{
  "docId": "019dd923-622c-750b-8b9a-539b4b45e826",
  "docSlug": "9fb9cb7289b2",
  "documentTitle": "iQIYI, Inc. (IQ)",
  "authorId": "60_Wolfpack_Research",
  "authorName": "Wolfpack Research",
  "documentKindSlug": "research-note",
  "documentKindLabel": "Research note",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2020-04-07 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 11,
  "pageCount": 37,
  "prevPage": 10,
  "nextPage": 12,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "balanced",
  "nDataPoints": 12,
  "notes": "The slide uses primary survey data to challenge the company's financial reporting practices.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "data_table",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9a-539b4b45e826/11",
  "deckHref": "/decks/019dd923-622c-750b-8b9a-539b4b45e826",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9a-539b4b45e826.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-539b4b45e826#slide-11",
  "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,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-203f-7169-9f91-1fab04a9401b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "dual membership percentage: 31.9%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-203f-7169-9f91-23f73a53f696",
      "frameworkName": null,
      "frameworkSlug": 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,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "56be17dc-4af8-42b1-8e7c-3dda58ef20ab",
      "frameworkName": null,
      "frameworkSlug": 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,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "02f2820a-d7cc-4844-bc25-b9fcf357f7f4",
      "frameworkName": null,
      "frameworkSlug": 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,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "3066adda-cfb7-40a1-b722-f52065d6f5af",
      "frameworkName": null,
      "frameworkSlug": 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,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "6ab81383-5b2d-4c72-b7f5-7f61cc5ba298",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "7c6dcdf0-df99-4519-981d-b7302163ab5e",
      "evidence": "The slide explicitly argues that the company is using improper accounting to inflate revenue.",
      "confidence": 0.95
    }
  ],
  "arcBeats": [
    {
      "to": 20,
      "from": 6,
      "beatId": "83f9cd5c-f84b-4402-9454-a3996734e45e",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "The Struggle",
      "beatSlug": "overcoming-monster-the-struggle",
      "evidence": "The document presents a detailed analysis of iQIYI's financials, highlighting several areas of concern",
      "position": 1,
      "confidence": 0.8,
      "parentBeatName": "Development",
      "parentBeatSlug": "development"
    }
  ],
  "loops": [
    {
      "to": 15,
      "from": 10,
      "name": "The Reveal",
      "slug": "05-the-reveal",
      "bestFor": "Product launches, strategic pivots, unexpected findings",
      "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?",
      "structure": "Setup the Question -> Build Suspense -> The Big Reveal",
      "confidence": 0.8,
      "description": "Build mystery and anticipation, then deliver a surprising or powerful conclusion"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}