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 announced 2Q26 results: total revenue declined by 5% YoY, but recovered by 1% QoQ to RMB6.29bn, in line with Visible Alpha (VA) consensus; nonGAAP operating loss also narrowed by 80% QoQ to RMB30mn, largely in line with consensus, mainly thanks to revenue recovery and control in opex.</li><li>For 3Q26E, we forecast total revenue to decline by 9% YoY and 3% QoQ to RMB6.11bn, primarily attributable to the decline in content distribution and others revenue.</li><li>We trim our FY26-FY28 total revenue forecast by 4-5% to factor in the adjustment of content distribution and others businesses. </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 2Q26 results: total revenue declined by 5% YoY, but recovered by 1% QoQ to RMB6.29bn, in line with Visible Alpha (VA) consensus; nonGAAP operating loss also narrowed by 80% QoQ to RMB30mn, largely in line with consensus, mainly thanks to revenue recovery and control in opex.For 3Q26E, we forecast total revenue to decline by 9% YoY and 3% QoQ to RMB6.11bn, primarily attributable to the decline in content distribution and others revenue.We trim our FY26-FY28 total revenue forecast by 4-5% to factor in the adjustment of content distribution and others businesses. 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) - 2Q26 Results: Sequential Revenue and Margin Recovery

<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

<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

<ul><li>We expect iQiyi total revenue to regain growth momentum in 4Q25.</li><li>We forecast 4Q25E total revenue to grow by 2% YoY and 1% QoQ to RMB6.77bn, mainly driven by the recovery of membership and content distribution businesses.</li><li>We expect iQiyi to record non-GAAP net income of RMB93mn in 4Q25E, up from non-GAAP net loss of RMB59/148mn in 4Q24/3Q25, thanks to operating leverage and enhanced efficiency. </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 total revenue to regain growth momentum in 4Q25.We forecast 4Q25E total revenue to grow by 2% YoY and 1% QoQ to RMB6.77bn, mainly driven by the recovery of membership and content distribution businesses.We expect iQiyi to record non-GAAP net income of RMB93mn in 4Q25E, up from non-GAAP net loss of RMB59/148mn in 4Q24/3Q25, thanks to operating leverage and enhanced efficiency. 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) - 4Q25E Preview: Expect Both Revenue and Earnings to Recover in 4Q25

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) - 2Q26 Results: Sequential Revenue and Margin Recovery

iQiyi announced 2Q26 results: total revenue declined by 5% YoY, but recovered by 1% QoQ to RMB6.29bn, in line with Visible Alpha (VA) consensus...

CMB International

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 (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

IQIYI (IQ US) - 4Q25E Preview: Expect Both Revenue and Earnings to Recover in 4Q25

We forecast 4Q25E total revenue to grow by 2% YoY and 1% QoQ to RMB6.77bn, mainly driven by the recovery of membership and content distribution...

CMB International

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