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  "documentTitle": "iQIYI, Inc. (IQ)",
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  "authorName": "Wolfpack Research",
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  "presentationDate": "2020-04-07 00:00:00",
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  "notes": "The slide highlights discrepancies between company-reported figures and local regulatory filings.",
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      "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.",
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      "text": "advertising revenue: 19.7%",
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      "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.",
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      "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.",
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      "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):",
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