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

Thematic (Sector/Industry)

<ul><li>Although geographical tension and macro challenges are yet over, we believe most worst-case scenarios have been priced in.</li><li>Jun would be good timing to accumulate some defensive &amp; undervalued names over a 12-month horizon, as we expect sector sentiment will be moderately boosted by: 1) 2Q23E acceleration with low base; 2) upcoming strong drama &amp; game pipeline in summer holiday; 3) solid performance for 618 promotions;; and 4) potential positive economic incentives.</li><li>We prefer SFV&amp;LFV and game subsectors, for resilience on macro uncertainty, stable competition landscape, and better margin outlook with solid growth. </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.

Although geographical tension and macro challenges are yet over, we believe most worst-case scenarios have been priced in.Jun would be good timing to accumulate some defensive &amp; undervalued names over a 12-month horizon, as we expect sector sentiment will be moderately boosted by: 1) 2Q23E acceleration with low base; 2) upcoming strong drama &amp; game pipeline in summer holiday; 3) solid performance for 618 promotions;; and 4) potential positive economic incentives.We prefer SFV&amp;LFV and game subsectors, for resilience on macro uncertainty, stable competition landscape, and better margin outlook with solid growth. 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.

China Entertainment – Embracing rich pipeline and sector mild re-rating

<ul><li>China’s total ad spending saw YoY recovery in 2Q23, due to both low base in 2Q22 and consumption recovery.</li><li>Total ad spend returned to positive growth of 15% YoY in April 2023, per CTR.</li><li>However, overall ad spend has yet to recover to the 2021 level, with ad spending in Apr 2023 only reached 92% of the ad spend level in Apr 2021. </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.

China’s total ad spending saw YoY recovery in 2Q23, due to both low base in 2Q22 and consumption recovery.Total ad spend returned to positive growth of 15% YoY in April 2023, per CTR.However, overall ad spend has yet to recover to the 2021 level, with ad spending in Apr 2023 only reached 92% of the ad spend level in Apr 2021. 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.

China Internet – 2Q23 online advertising: recovery in cautious mode

<ul><li>iQiyi reported 2Q25 results: total revenue was down by 11% YoY/8% QoQ to RMB6.62bn, in line with Bloomberg consensus/our estimate; non-GAAP operating income was RMB59mn, ahead of our estimate (RMB26mn) thanks to the prudent opex control.</li><li>Looking into 3Q25E, we expect the core membership and online advertising revenue to recover by 3% and 2% QoQ respectively , supported by the quality content offerings in summer.</li><li>However, we lower our FY25-27E total revenue forecasts by 2-3%, mainly to reflect the adjustment of certain non-core business lines. </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 2Q25 results: total revenue was down by 11% YoY/8% QoQ to RMB6.62bn, in line with Bloomberg consensus/our estimate; non-GAAP operating income was RMB59mn, ahead of our estimate (RMB26mn) thanks to the prudent opex control.Looking into 3Q25E, we expect the core membership and online advertising revenue to recover by 3% and 2% QoQ respectively , supported by the quality content offerings in summer.However, we lower our FY25-27E total revenue forecasts by 2-3%, mainly to reflect the adjustment of certain non-core business lines. 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) - 2Q25 Review: Core Membership and Advertising Businesses to Recover in 3Q25

China

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

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

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

China Entertainment – Embracing rich pipeline and sector mild re-rating

Although geographical tension and macro challenges are yet over, we believe most worst-case scenarios have been priced in.

CMB International

China Internet – 2Q23 online advertising: recovery in cautious mode

China’s total ad spending saw YoY recovery in 2Q23, due to both low base in 2Q22 and consumption recovery. Total ad spend returned to positive...

CMB International

IQIYI (IQ US) - 2Q25 Review: Core Membership and Advertising Businesses to Recover in 3Q25

iQiyi reported 2Q25 results: total revenue was down by 11% YoY/8% QoQ to RMB6.62bn, in line with Bloomberg consensus/our estimate

CMB International

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)