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

<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

<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...

<ul><li>Baidu announced (21 May) 1Q25 results: Baidu Core revenue was RMB25.5bn, 10% better than Bloomberg consensus estimates, driven by the strong beat in cloud revenue; non-GAAP OP of Baidu Core reached RMB4.9bn, 11% ahead of consensus.</li><li>Baidu is proactively investing in development opportunities for the AI era.</li><li>While the product innovation plan for search is more fast-paced and determined than we expected, it may weigh on near-term ads revenue growth recovery. </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 (21 May) 1Q25 results: Baidu Core revenue was RMB25.5bn, 10% better than Bloomberg consensus estimates, driven by the strong beat in cloud revenue; non-GAAP OP of Baidu Core reached RMB4.9bn, 11% ahead of consensus.Baidu is proactively investing in development opportunities for the AI era.While the product innovation plan for search is more fast-paced and determined than we expected, it may weigh on near-term ads revenue growth recovery. 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) - Cloud Revenue a Strong Beat...

<ul><li>For 1Q25E, we expect Baidu Core business revenue could reach RMB24.0bn, up 1% YoY, and would be 3% better than Bloomberg consensus, mainly driven by likely better-than-expected cloud revenue growth boosted by strong AIrelated demand.</li><li>Aided by solid cloud revenue growth, we are anticipating nonGAAP operating profit of RMB4.5bn for Baidu Core, 1% better than consensus.</li><li>Baidu is still proactively driving business transformation, embedding more GenAI related search results to enhance user experience and improve user activity. </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 1Q25E, we expect Baidu Core business revenue could reach RMB24.0bn, up 1% YoY, and would be 3% better than Bloomberg consensus, mainly driven by likely better-than-expected cloud revenue growth boosted by strong AIrelated demand.Aided by solid cloud revenue growth, we are anticipating nonGAAP operating profit of RMB4.5bn for Baidu Core, 1% better than consensus.Baidu is still proactively driving business transformation, embedding more GenAI related search results to enhance user experience and improve user activity. 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) - Expecting Steady Cloud Revenue Growth

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 (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

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

Baidu (BIDU US) - Cloud Revenue a Strong Beat...

Baidu Core revenue was RMB25.5bn, 10% better than Bloomberg consensus estimates, driven by the strong beat in cloud revenue

CMB International

Baidu (BIDU US) - Expecting Steady Cloud Revenue Growth

We finetune our SOTP-based target price to US$146.7 (was US$149.2) mainly to account for the change in investment valuation, translating into 13.9x...

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 (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

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

Baidu (BIDU US) - Cloud Revenue a Strong Beat...

Baidu Core revenue was RMB25.5bn, 10% better than Bloomberg consensus estimates, driven by the strong beat in cloud revenue

CMB International

Baidu (BIDU US) - Expecting Steady Cloud Revenue Growth

We finetune our SOTP-based target price to US$146.7 (was US$149.2) mainly to account for the change in investment valuation, translating into 13.9x...

CMB International