External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

<ul><li>Baidu announced (18 Nov) better-than-feared 3Q25 results: Baidu Core revenue was RMB24.7bn, down 7.0% YoY, inline with our forecast but was 1.5% better than Bloomberg consensus estimates; non-GAAP OP of Baidu Core reached RMB2.2bn, down 67% YoY, but was 6% ahead of both our forecast and consensus.</li><li>Management noted that c.70% of mobile search result pages contained AI-generated content by end-Oct 2025, and believes this represents an optimal and sustainable level.</li><li>At the same time, management shared more updates regarding AI-powered business development: 1) AI-native marketing services revenue grew 262% YoY and accounted for 18% of Baidu Core online marketing revenue; and 2) AI-cloud infrastructure revenue totalled RMB4.2bn in 3Q25 and inked YoY growth of 33%. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Baidu announced (18 Nov) better-than-feared 3Q25 results: Baidu Core revenue was RMB24.7bn, down 7.0% YoY, inline with our forecast but was 1.5% better than Bloomberg consensus estimates; non-GAAP OP of Baidu Core reached RMB2.2bn, down 67% YoY, but was 6% ahead of both our forecast and consensus.Management noted that c.70% of mobile search result pages contained AI-generated content by end-Oct 2025, and believes this represents an optimal and sustainable level.At the same time, management shared more updates regarding AI-powered business development: 1) AI-native marketing services revenue grew 262% YoY and accounted for 18% of Baidu Core online marketing revenue; and 2) AI-cloud infrastructure revenue totalled RMB4.2bn in 3Q25 and inked YoY growth of 33%. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Baidu (BIDU US) - OP Likely Hit Trough; AI-Related New Initiatives Have More Visibility

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul><li>Baidu, Inc. delivered a solid performance in the first quarter of 2025, with its Baidu Core division reporting a 7% year-over-year revenue increase, reaching RMB 25.5 billion.</li><li>This growth was primarily driven by a substantial surge in its AI cloud business, which saw a 42% increase year-over-year, contributing significantly to Baidu Core’s overall revenue.</li><li>A notable development within this business unit is the expansion of the AI cloud’s role in Baidu’s operations, now accounting for 26% of Baidu Core's revenue, up from 20% in the previous year.</li></ul>

Baidu, Inc. delivered a solid performance in the first quarter of 2025, with its Baidu Core division reporting a 7% year-over-year revenue increase, reaching RMB 25.5 billion.This growth was primarily driven by a substantial surge in its AI cloud business, which saw a 42% increase year-over-year, contributing significantly to Baidu Core’s overall revenue.A notable development within this business unit is the expansion of the AI cloud’s role in Baidu’s operations, now accounting for 26% of Baidu Core's revenue, up from 20% in the previous year.

Baidu Declares Chip War With Huawei & Nvidia—Is China Backing It?

<ul><li>For 3Q25E, we expect Baidu Core business revenue could reach RMB24.6bn, down 7% YoY, owing to ongoing transformation in ads business, while partly offset by solid cloud revenue growth, which we anticipate to be 20% YoY.</li><li>We are looking for RMB2.1bn non-GAAP OP for Baidu Core in 3Q25E, inline with Bloomberg consensus.</li><li>Recovery in core ads likely still takes time, in our view, while new ads growth drivers, such as agent-related ads and digital human, are in the making. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

For 3Q25E, we expect Baidu Core business revenue could reach RMB24.6bn, down 7% YoY, owing to ongoing transformation in ads business, while partly offset by solid cloud revenue growth, which we anticipate to be 20% YoY.We are looking for RMB2.1bn non-GAAP OP for Baidu Core in 3Q25E, inline with Bloomberg consensus.Recovery in core ads likely still takes time, in our view, while new ads growth drivers, such as agent-related ads and digital human, are in the making. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Baidu (BIDU US) - 3Q25 Preview: Expecting Inline Results and More Updates from New Businesses

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/cidi-inc" target="_blank" data-smartkarma-citation="entities:44089:1" rel="noopener">CiDi Inc (CIDI HK) </a>is looking to raise about US$183m in its upcoming Hong Kong IPO.</li>
<li>CiDi is a leading autonomous driving technology provider for commercial vehicles in China, with a strong foothold in the autonomous mining segment.</li>
<li>In our previous note, we looked at the firm’s past performance. In this note, we talk about the IPO valuations.</li>
</ul>



CiDi Inc (CIDI HK) is looking to raise about US$183m in its upcoming Hong Kong IPO.
CiDi is a leading autonomous driving technology provider for commercial vehicles in China, with a strong foothold in the autonomous mining segment.
In our previous note, we looked at the firm’s past performance. In this note, we talk about the IPO valuations.


CiDi IPO - Peer Comp and Thoughts on Valuation

<ul><li>Baidu announced (20 Aug) better-than-feared 2Q25 results amid its proactive and ambitious business transformation: Baidu Core revenue was RMB26.3bn, down 2% YoY, but was 1.6% better than Bloomberg consensus estimates; nonGAAP OP of Baidu Core reached RMB4.4bn, down 37% YoY, but was 12% ahead of consensus.</li><li>Although the recovery in ads revenue growth is likely to take longer than we previously expected owing to more aggressive-thanexpected business transformation plan, new initiatives such as Apollo Go and Baidu Cloud are ramping up nicely to serve as incremental long-term drivers for revenue and earnings growth.</li><li>Baidu’s move to enhance shareholder return should provide support for valuation amid the business transformation, and more positive update on Robotaxi business development could serve as a catalyst for stock price given the current undemanding valuation (~4x 2025E non-GAAP PE on ex-cash basis). </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Baidu announced (20 Aug) better-than-feared 2Q25 results amid its proactive and ambitious business transformation: Baidu Core revenue was RMB26.3bn, down 2% YoY, but was 1.6% better than Bloomberg consensus estimates; nonGAAP OP of Baidu Core reached RMB4.4bn, down 37% YoY, but was 12% ahead of consensus.Although the recovery in ads revenue growth is likely to take longer than we previously expected owing to more aggressive-thanexpected business transformation plan, new initiatives such as Apollo Go and Baidu Cloud are ramping up nicely to serve as incremental long-term drivers for revenue and earnings growth.Baidu’s move to enhance shareholder return should provide support for valuation amid the business transformation, and more positive update on Robotaxi business development could serve as a catalyst for stock price given the current undemanding valuation (~4x 2025E non-GAAP PE on ex-cash basis). Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Baidu (BIDU US) - Ads Business Still Takes Time to Recover...

China

Baidu, Inc. operates an Internet search engine. The Company offers algorithmic search, enterprise search, news, MP3, and image searches, voice assistance, online storage, and navigation services. Baidu serves clients globally.

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Baidu (BIDU US)

Baidu Declares Chip War With Huawei & Nvidia—Is China Backing It?

Baidu, Inc. delivered a solid performance in the first quarter of 2025, with its Baidu Core division reporting a 7% year-over-year revenue...

Baptista Research

Baidu (BIDU US) - 3Q25 Preview: Expecting Inline Results and More Updates from New Businesses

For 3Q25E, we expect Baidu Core business revenue could reach RMB24.6bn, down 7% YoY, owing to ongoing transformation in ads business

CMB International

CiDi IPO - Peer Comp and Thoughts on Valuation

CiDi Inc. is looking to raise about US$183m in its Hong Kong IPO. In this note, we talk about the peer comp and IPO valuations.

Akshat Shah

Baidu (BIDU US) - Ads Business Still Takes Time to Recover...

After considering the share reduction impact from share repurchase, we fine-tune our SOTP-based target price to US$132.0 (was US$130.3). Maintain BUY.

CMB International

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Baidu (BIDU US) - OP Likely Hit Trough; AI-Related New Initiatives Have More Visibility

Baidu announced (18 Nov) better-than-feared 3Q25 results: Baidu Core revenue was RMB24.7bn, down 7.0% YoY, inline with our forecast but was 1.5%...

CMB International

Baidu Declares Chip War With Huawei & Nvidia—Is China Backing It?

Baidu, Inc. delivered a solid performance in the first quarter of 2025, with its Baidu Core division reporting a 7% year-over-year revenue...

Baptista Research

Baidu (BIDU US) - 3Q25 Preview: Expecting Inline Results and More Updates from New Businesses

For 3Q25E, we expect Baidu Core business revenue could reach RMB24.6bn, down 7% YoY, owing to ongoing transformation in ads business

CMB International

CiDi IPO - Peer Comp and Thoughts on Valuation

CiDi Inc. is looking to raise about US$183m in its Hong Kong IPO. In this note, we talk about the peer comp and IPO valuations.

Akshat Shah

Baidu (BIDU US) - Ads Business Still Takes Time to Recover...

After considering the share reduction impact from share repurchase, we fine-tune our SOTP-based target price to US$132.0 (was US$130.3). Maintain BUY.

CMB International