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>iQiyi reported 3Q25 results: total revenue declined by 8% YoY to RMB6.68bn, in line with consensus/our estimate; non-GAAP net loss was RMB148mn, down from net income of RMB480mn in 3Q24 due to content investment and operating deleverage, also in line with consensus/our estimate.</li><li>For 4Q25E, we expect total revenue to recover by 2% YoY and 1% QoQ, mainly driven by the recovery of membership business on a better content pipeline and policy support.</li><li>Innovative businesses such as micro dramas and overseas businesses also started to bear fruit. </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.

iQiyi reported 3Q25 results: total revenue declined by 8% YoY to RMB6.68bn, in line with consensus/our estimate; non-GAAP net loss was RMB148mn, down from net income of RMB480mn in 3Q24 due to content investment and operating deleverage, also in line with consensus/our estimate.For 4Q25E, we expect total revenue to recover by 2% YoY and 1% QoQ, mainly driven by the recovery of membership business on a better content pipeline and policy support.Innovative businesses such as micro dramas and overseas businesses also started to bear fruit. 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.

IQIYI (IQ US) - Inline 3Q25 Results; Expect Revenue and Margin Recovery in 4Q25E

<ul><li>We forecast iQiyi’s total revenue to be flattish QoQ but retreat by 8% YoY to RMB6.64bn in 3Q25E, with a resilient membership business (+3% QoQ) supported by the quality content pipeline.</li><li>We estimate non-GAAP operating loss of RMB23mn in 3Q25E, vs operating income of RMB369/59mn in 3Q24/2Q25, mainly due to the adjustment to certain non-core businesses and step-up of content investment during summer peak season.</li><li>Overall, we maintain FY25-27E revenue forecast largely unchanged, but lower non-GAAP operating income forecast by 0.4-2% to factor in the increase in content investment. </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.

We forecast iQiyi’s total revenue to be flattish QoQ but retreat by 8% YoY to RMB6.64bn in 3Q25E, with a resilient membership business (+3% QoQ) supported by the quality content pipeline.We estimate non-GAAP operating loss of RMB23mn in 3Q25E, vs operating income of RMB369/59mn in 3Q24/2Q25, mainly due to the adjustment to certain non-core businesses and step-up of content investment during summer peak season.Overall, we maintain FY25-27E revenue forecast largely unchanged, but lower non-GAAP operating income forecast by 0.4-2% to factor in the increase in content investment. 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.

IQIYI (IQ US) - 3Q25 Preview: Increasing Investment in Quality Content

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

Cross Asset Strategy

<ul><li>Casinos / In Depth: Casino plan could put Thailand behind only Las Vegas and Macao</li><li>Consumption /In Depth: China’s policymakers target consumption to kick economy into gear</li><li>Energy Insider /: BYD crushes rivals in global EV sales, oil producing ship that captures its own emissions unveiled</li></ul>

Casinos / In Depth: Casino plan could put Thailand behind only Las Vegas and MacaoConsumption /In Depth: China’s policymakers target consumption to kick economy into gearEnergy Insider /: BYD crushes rivals in global EV sales, oil producing ship that captures its own emissions unveiled

CX Daily: Casino Plan Could Put Thailand Behind Only Las Vegas and Macao 

Analyst - Media&Entertainment Sector, Blue Lotus Research Institute

Stan Zhao

Analyst - Media&Entertainment Sector

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

Thematic (Sector/Industry)

<ul>
<li>Earnings results have differed in the recently concluded C3Q24. Performance ads in home electronics, 3C, auto, entertainment and travel have benefited from recovery in consumption; </li>
<li>Heading into C4Q24, we expect rebound in real estate to benefit property ads, and the continuing warm up in consumption to spread to e-commerce (apparel and cosmetics);</li>
<li>We expect trade-in subsidies for home electronics and electrical vehicles to renew in C1Q25 and further stimulus to encourage consumption in travel and catering to be announced. </li>
</ul>


Earnings results have differed in the recently concluded C3Q24. Performance ads in home electronics, 3C, auto, entertainment and travel have benefited from recovery in consumption; 
Heading into C4Q24, we expect rebound in real estate to benefit property ads, and the continuing warm up in consumption to spread to e-commerce (apparel and cosmetics);
We expect trade-in subsidies for home electronics and electrical vehicles to renew in C1Q25 and further stimulus to encourage consumption in travel and catering to be announced. 


Stimulus Policies Are Now the Biggest Determinant of Internet Ads Performances

Blue Lotus Non US Internet research, Blue Lotus Research Institute

Ying Pan

Blue Lotus Non US Internet research

<ul>
<li>BABA US/3690 HK:Ele.me Launches Group Ordering Service, Mimicking Meituan's "PinHaoFan".(-)</li>
<li>BABA US:DingTalk adds new features to its 365 Membership (/)</li>
<li>BABA US/JD US/PDD US:Taobao launches advertising rebate campaign for newly joined merchants (+/-/-)</li>
</ul>


BABA US/3690 HK:Ele.me Launches Group Ordering Service, Mimicking Meituan's "PinHaoFan".(-)
BABA US:DingTalk adds new features to its 365 Membership (/)
BABA US/JD US/PDD US:Taobao launches advertising rebate campaign for newly joined merchants (+/-/-)


[Blue Lotus Daily-TMT Update]:BABA US/3690 HK/JD US/PDD US/IQ US/700 HK

China

iQIYI, Inc. offers video entertainment services. The Company provides movies, television dramas, variety shows, and other video contents. iQIYI offers services worldwide.

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iQIYI Inc (IQ US)

IQIYI (IQ US) - Inline 3Q25 Results; Expect Revenue and Margin Recovery in 4Q25E

For 4Q25E, we expect total revenue to recover by 2% YoY and 1% QoQ, mainly driven by the recovery of membership business on a better content...

CMB International

IQIYI (IQ US) - 3Q25 Preview: Increasing Investment in Quality Content

We forecast iQiyi’s total revenue to be flattish QoQ but retreat by 8% YoY to RMB6.64bn in 3Q25E, with a resilient membership business (+3% QoQ)...

CMB International

CX Daily: Casino Plan Could Put Thailand Behind Only Las Vegas and Macao

TOP STORY Casinos / In Depth: Casino plan could put Thailand behind only Las Vegas and Macao The Thai government first proposed legalizing...

Caixin Global

Stimulus Policies Are Now the Biggest Determinant of Internet Ads Performances

C3Q24 earnings show ad performances are highly correlated with stimulus spending. We expect continuing stimulus to sustain the benefit and...

Blue Lotus Research Institute

[Blue Lotus Daily-TMT Update]:BABA US/3690 HK/JD US/PDD US/IQ US/700 HK

Ele.me launches group ordering service to compete with Meituan, DingTalk enhances 365 Membership, Taobao offers advertising rebate for new merchants.

Blue Lotus Research Institute

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52-week Range

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IQIYI (IQ US) - Inline 3Q25 Results; Expect Revenue and Margin Recovery in 4Q25E

For 4Q25E, we expect total revenue to recover by 2% YoY and 1% QoQ, mainly driven by the recovery of membership business on a better content...

CMB International

IQIYI (IQ US) - 3Q25 Preview: Increasing Investment in Quality Content

We forecast iQiyi’s total revenue to be flattish QoQ but retreat by 8% YoY to RMB6.64bn in 3Q25E, with a resilient membership business (+3% QoQ)...

CMB International

CX Daily: Casino Plan Could Put Thailand Behind Only Las Vegas and Macao

TOP STORY Casinos / In Depth: Casino plan could put Thailand behind only Las Vegas and Macao The Thai government first proposed legalizing...

Caixin Global

Stimulus Policies Are Now the Biggest Determinant of Internet Ads Performances

​C3Q24 earnings show ad performances are highly correlated with stimulus spending. We expect continuing stimulus to sustain the benefit and...

Blue Lotus Research Institute

[Blue Lotus Daily-TMT Update]:BABA US/3690 HK/JD US/PDD US/IQ US/700 HK

​Ele.me launches group ordering service to compete with Meituan, DingTalk enhances 365 Membership, Taobao offers advertising rebate for new merchants.

Blue Lotus Research Institute

C3Q24 earnings show ad performances are highly correlated with stimulus spending. We expect continuing stimulus to sustain the benefit and...

Ele.me launches group ordering service to compete with Meituan, DingTalk enhances 365 Membership, Taobao offers advertising rebate for new merchants.