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  "docId": "019dd923-622c-750b-8b9a-539b4b45e826",
  "docSlug": "9fb9cb7289b2",
  "documentTitle": "iQIYI, Inc. (IQ)",
  "authorId": "60_Wolfpack_Research",
  "authorName": "Wolfpack Research",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2020-04-07 00:00:00",
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  "pageNumber": 13,
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  "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.",
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      "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.",
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      "text": "Quarterly ARPU vs TTM Gross Margin",
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      "text": "TTM Gross Margin",
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      "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.",
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      "kind": "source-note",
      "text": "Source: iQIYI 2018 20-F, p. F-50; F-1A p. F-60",
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      "kind": "table",
      "text": "Xiaomi - iQIYI Reported Related Party Transactions",
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