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 1Q26 results: total revenue declined by 13% YoY and 8% QoQ to RMB6.23bn, in line with Bloomberg consensus and our estimate; non-GAAP net loss was RMB234mn, down from net income of RMB308mn in 1Q25 due to operating deleverage, in line with consensus/our estimate.</li><li>Looking into 2Q26E, we expect total revenue to recover by 2% QoQ to RMB6.35bn, primarily driven by the sequential growth of online advertising and content distribution revenue.</li><li>We slightly trim our FY26-FY28 total revenue forecast by 1-2% in view of the relatively slow recovery of membership business. </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 1Q26 results: total revenue declined by 13% YoY and 8% QoQ to RMB6.23bn, in line with Bloomberg consensus and our estimate; non-GAAP net loss was RMB234mn, down from net income of RMB308mn in 1Q25 due to operating deleverage, in line with consensus/our estimate.Looking into 2Q26E, we expect total revenue to recover by 2% QoQ to RMB6.35bn, primarily driven by the sequential growth of online advertising and content distribution revenue.We slightly trim our FY26-FY28 total revenue forecast by 1-2% in view of the relatively slow recovery of membership business. 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 1Q26 Results; Solid Progress on New Growth Engines

<ul><li>For 1Q26E, we forecast total revenue to drop by 14% YoY and 9% QoQ to RMB6.2bn, and expect non-GAAP net loss of RMB249mn (down from net income of RMB308mn in 1Q25).</li><li>We expect greater 1Q26E net loss compared to Bloomberg consensus (RMB152mn) mainly due to the decline in revenue from content distribution and others businesses, while the core membership business should remain relatively resilient in 1Q26E.</li><li>Nonetheless, we expect healthier cash flow generation and OCF of c.RMB150mn in 1Q26E, primarily due to fewer new projects in production and more efficient content review cycle. </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 1Q26E, we forecast total revenue to drop by 14% YoY and 9% QoQ to RMB6.2bn, and expect non-GAAP net loss of RMB249mn (down from net income of RMB308mn in 1Q25).We expect greater 1Q26E net loss compared to Bloomberg consensus (RMB152mn) mainly due to the decline in revenue from content distribution and others businesses, while the core membership business should remain relatively resilient in 1Q26E.Nonetheless, we expect healthier cash flow generation and OCF of c.RMB150mn in 1Q26E, primarily due to fewer new projects in production and more efficient content review cycle. 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) - 1Q26E Preview: Earnings Face ST Pressure; Intact Core Business Outlook

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>iQIYI Inc. reported modest sequential revenue growth in the fourth quarter of fiscal 2025, reaching RMB 6.8 billion, driven by an increase in online advertising and content distribution revenues, though membership services revenue declined slightly due to seasonality.</li><li>Non-GAAP operating income rose to RMB 143.5 million with an operating margin of 2%.</li><li>The company held RMB 4.7 billion in cash and equivalents at quarter-end, alongside a USD 636.6 million loan recorded under prepayments and other assets.</li></ul>

iQIYI Inc. reported modest sequential revenue growth in the fourth quarter of fiscal 2025, reaching RMB 6.8 billion, driven by an increase in online advertising and content distribution revenues, though membership services revenue declined slightly due to seasonality.Non-GAAP operating income rose to RMB 143.5 million with an operating margin of 2%.The company held RMB 4.7 billion in cash and equivalents at quarter-end, alongside a USD 636.6 million loan recorded under prepayments and other assets.

iQIYI: The Rise of IP Franchises and Theme Parks—A Multi-Revenue Strategy Unfolds!

<ul><li>iQiyi announced 4Q25 results: total revenue grew by 3% YoY to RMB6.79bn, in line with Bloomberg consensus estimate; non-GAAP net income was RMB110mn, up from RMB59mn net loss in 4Q24 and ahead of consensus estimate of RMB68mn, thanks to the operating leverage. Looking ahead, we forecast total revenue to decline by 13% YoY and 8% QoQ to RMB6.28bn in 1Q26E, as the company has been adjusting content strategy and reducing content distributed to other channels, which could lead to a decline in content distribution revenue.</li><li>Thus, we lower our FY26 total revenue forecast by 4%, and cut our non-GAAP net profit forecast to RMB0.8bn (previous: RMB1.0bn) due to operating deleverage.</li><li>We lower our target price to US$2.00 based on 18x 2026E non-GAAP EPS (previous: US$2.75 based on 18x 2026E non-GAAP EPS). Maintain BUY.</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 announced 4Q25 results: total revenue grew by 3% YoY to RMB6.79bn, in line with Bloomberg consensus estimate; non-GAAP net income was RMB110mn, up from RMB59mn net loss in 4Q24 and ahead of consensus estimate of RMB68mn, thanks to the operating leverage. Looking ahead, we forecast total revenue to decline by 13% YoY and 8% QoQ to RMB6.28bn in 1Q26E, as the company has been adjusting content strategy and reducing content distributed to other channels, which could lead to a decline in content distribution revenue.Thus, we lower our FY26 total revenue forecast by 4%, and cut our non-GAAP net profit forecast to RMB0.8bn (previous: RMB1.0bn) due to operating deleverage.We lower our target price to US$2.00 based on 18x 2026E non-GAAP EPS (previous: US$2.75 based on 18x 2026E non-GAAP EPS). Maintain BUY.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) - 4Q25 Review: Total Revenue Recovered on Improving Content Performance

Blue Lotus Non US Internet research, Blue Lotus Research Institute

Ying Pan

Blue Lotus Non US Internet research

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>With consumption in the doldrums, one would expect none growing at double digits. This is actually not the case; </li>
<li>Further, how many Chinese Growth Equity names are accelerating in growth in the second half? Quite a lot;</li>
<li>We reiterate our view that Chinese Internet names are took-all winners with strong pricing power, which are showing when they need to. The weak market sentiment is self-fulfilling.</li>
</ul>


With consumption in the doldrums, one would expect none growing at double digits. This is actually not the case; 
Further, how many Chinese Growth Equity names are accelerating in growth in the second half? Quite a lot;
We reiterate our view that Chinese Internet names are took-all winners with strong pricing power, which are showing when they need to. The weak market sentiment is self-fulfilling.


How Many Chinese Growth Equity Names Are Growing at Double Digits?

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 1Q26 Results; Solid Progress on New Growth Engines

Looking into 2Q26E, we expect total revenue to recover by 2% QoQ to RMB6.35bn, primarily driven by the sequential growth of online advertising and...

CMB International

IQIYI (IQ US) - 1Q26E Preview: Earnings Face ST Pressure; Intact Core Business Outlook

For 1Q26E, we forecast total revenue to drop by 14% YoY and 9% QoQ to RMB6.2bn, and expect non-GAAP net loss of RMB249mn (down from net income of...

CMB International

iQIYI: The Rise of IP Franchises and Theme Parks—A Multi-Revenue Strategy Unfolds!

iQIYI Inc. reported modest sequential revenue growth in the fourth quarter of fiscal 2025, reaching RMB 6.8 billion, driven by an increase in...

Baptista Research

IQIYI (IQ US) - 4Q25 Review: Total Revenue Recovered on Improving Content Performance

We lower our target price to US$2.00 based on 18x 2026E non-GAAP EPS (previous: US$2.75 based on 18x 2026E non-GAAP EPS). Maintain BUY.

CMB International

How Many Chinese Growth Equity Names Are Growing at Double Digits?

More Chinese growth equity names growing at double digit than single and more are accelerating in growth in C2H24. Pessimism can turn into self...

Blue Lotus Research Institute

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