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.

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<ul><li>iQiyi reported inline 4Q24 results: total revenue declined by 14% YoY to RMB6.61bn, in line with our/Bloomberg consensus estimate; non-GAAP operating income declined by 56% YoY but grew by 10% QoQ to RMB406mn, vs our estimate of RMB395mn.</li><li>FY24 total revenue declined by 9% YoY to RMB29.2bn, with non-GAAP operating margin down by 3.8ppt YoY to 8.1% primarily due to operating deleverage and content investment.</li><li>Management saw QoQ recovery of business performance in 1Q25, driven by the launch of several quality drama series. </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 inline 4Q24 results: total revenue declined by 14% YoY to RMB6.61bn, in line with our/Bloomberg consensus estimate; non-GAAP operating income declined by 56% YoY but grew by 10% QoQ to RMB406mn, vs our estimate of RMB395mn.FY24 total revenue declined by 9% YoY to RMB29.2bn, with non-GAAP operating margin down by 3.8ppt YoY to 8.1% primarily due to operating deleverage and content investment.Management saw QoQ recovery of business performance in 1Q25, driven by the launch of several quality drama series. 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 4Q24 Results; Increase Quality Content Supply to Revitalize Business Growth

<ul><li>We expect iQiyi’s 4Q24E total revenue to decline by 14% YoY to RMB6.6bn, largely in line with our previous expectation and consensus.</li><li>The decrease was primarily due to the light content slate in Oct 2024 and the decline in revenue from barter transactions (minor impact on gross profit); but overall content performance started to recover after the launch of several key dramas like Wo Shi Xing Jing in Nov.</li><li>We forecast non-GAAP operating profit to grow by 7% QoQ to RMB395mn in 4Q24E, ahead of our previous expectation (RMB360mn) thanks to the stringent content cost control. </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 expect iQiyi’s 4Q24E total revenue to decline by 14% YoY to RMB6.6bn, largely in line with our previous expectation and consensus.The decrease was primarily due to the light content slate in Oct 2024 and the decline in revenue from barter transactions (minor impact on gross profit); but overall content performance started to recover after the launch of several key dramas like Wo Shi Xing Jing in Nov.We forecast non-GAAP operating profit to grow by 7% QoQ to RMB395mn in 4Q24E, ahead of our previous expectation (RMB360mn) thanks to the stringent content cost control. 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) - Membership and Ad Businesses Remain Under Pressure; Eye on Short-Drama Development

<ul><li>iQiyi reported 3Q24 financial results: total revenue declined by 10% YoY to RMB7.2bn, in line with Bloomberg consensus and our estimate; non-GAAP net income was down by 23% YoY to RMB480mn, ahead of consensus/our estimate of RMB266/426mn primarily due to better-than-expected opex control and foreign exchange gains.</li><li>Looking ahead in 4Q24E, we forecast total revenue to decline by 14% YoY and 8% QoQ, primarily due to the lighter content slate and soft consumption sentiment.</li><li>That said, we expect non-GAAP operating income to be largely flattish QoQ at RMB368mn in 4Q24E, thanks to iQiyi’s prudent cost and opex control. </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 3Q24 financial results: total revenue declined by 10% YoY to RMB7.2bn, in line with Bloomberg consensus and our estimate; non-GAAP net income was down by 23% YoY to RMB480mn, ahead of consensus/our estimate of RMB266/426mn primarily due to better-than-expected opex control and foreign exchange gains.Looking ahead in 4Q24E, we forecast total revenue to decline by 14% YoY and 8% QoQ, primarily due to the lighter content slate and soft consumption sentiment.That said, we expect non-GAAP operating income to be largely flattish QoQ at RMB368mn in 4Q24E, thanks to iQiyi’s prudent cost and opex control. 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) - Short-Term Headwind Continues; Strategic Upgrades to Drive Long-Term Growth

<ul><li>We expect iQiyi 3Q24 results (total revenue &amp; operating profit) to be largely inline with our previous expectation in Aug and the consensus estimate.</li><li>We forecast 3Q24 total revenue to decline by 10% YoY and 3% QoQ to RMB7.2bn, as macro uncertainty weighed on ad budgets and lack of blockbuster content impacted membership revenue growth.</li><li>We expect 3Q24 non-GAAP net income to decline by 32% YoY but grow by 68% QoQ to RMB426mn, ahead of our previous expectation (RMB118mn), primarily due to foreign exchange gains of c.RMB300mn on the CNY appreciation. </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 expect iQiyi 3Q24 results (total revenue &amp; operating profit) to be largely inline with our previous expectation in Aug and the consensus estimate.We forecast 3Q24 total revenue to decline by 10% YoY and 3% QoQ to RMB7.2bn, as macro uncertainty weighed on ad budgets and lack of blockbuster content impacted membership revenue growth.We expect 3Q24 non-GAAP net income to decline by 32% YoY but grow by 68% QoQ to RMB426mn, ahead of our previous expectation (RMB118mn), primarily due to foreign exchange gains of c.RMB300mn on the CNY appreciation. 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) - Recovery Still Takes Time

<ul><li>iQiyi will report 2Q24 results on 22 August. We forecast 2Q24 total revenue to decline by 5% YoY to RMB7.4bn, due to underperformance of certain drama series and a YoY decline in the number of variety shows.</li><li>We expect non-GAAP operating profit to drop by 36% YoY to RMB503mn on operating deleverage, despite largely flattish content costs and operating expenses YoY.</li><li>Nonetheless, we expect total revenue and profit to gradually recover in 2H24, driven by the quality content pipeline. </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 will report 2Q24 results on 22 August. We forecast 2Q24 total revenue to decline by 5% YoY to RMB7.4bn, due to underperformance of certain drama series and a YoY decline in the number of variety shows.We expect non-GAAP operating profit to drop by 36% YoY to RMB503mn on operating deleverage, despite largely flattish content costs and operating expenses YoY.Nonetheless, we expect total revenue and profit to gradually recover in 2H24, driven by the quality content pipeline. 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) - Weather Short-Term Headwinds in 2Q24; Eyes on 2H24E Recovery

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 4Q24 Results; Increase Quality Content Supply to Revitalize Business Growth

We trim our target price to US$2.80 based on 13x FY25E non-GAAP PE (previous: US$3.00 based on 12x FY25E PE). Maintain BUY.

CMB International

IQIYI (IQ US) - Membership and Ad Businesses Remain Under Pressure; Eye on Short-Drama Development

We expect iQiyi’s 4Q24E total revenue to decline by 14% YoY to RMB6.6bn, largely in line with our previous expectation and consensus.

CMB International

IQIYI (IQ US) - Short-Term Headwind Continues; Strategic Upgrades to Drive Long-Term Growth

iQiyi reported 3Q24 financial results: total revenue declined by 10% YoY to RMB7.2bn, in line with Bloomberg consensus and our estimate

CMB International

IQIYI (IQ US) - Recovery Still Takes Time

We expect iQiyi 3Q24 results (total revenue & operating profit) to be largely inline with our previous expectation in Aug and the consensus estimate.

CMB International

IQIYI (IQ US) - Weather Short-Term Headwinds in 2Q24; Eyes on 2H24E Recovery

We forecast 2Q24 total revenue to decline by 5% YoY to RMB7.4bn, due to underperformance of certain drama series and a YoY decline in the number of...

CMB International

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