External broker reports(aggregated public sources), CMB International

CMB International

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.

External broker reports(aggregated public sources)

Equity Bottom-Up

<ul><li>For 3Q25E, we expect Baidu Core business revenue could reach RMB24.6bn, down 7% YoY, owing to ongoing transformation in ads business, while partly offset by solid cloud revenue growth, which we anticipate to be 20% YoY.</li><li>We are looking for RMB2.1bn non-GAAP OP for Baidu Core in 3Q25E, inline with Bloomberg consensus.</li><li>Recovery in core ads likely still takes time, in our view, while new ads growth drivers, such as agent-related ads and digital human, are in the making. </li></ul><p><em>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.</em></p>

For 3Q25E, we expect Baidu Core business revenue could reach RMB24.6bn, down 7% YoY, owing to ongoing transformation in ads business, while partly offset by solid cloud revenue growth, which we anticipate to be 20% YoY.We are looking for RMB2.1bn non-GAAP OP for Baidu Core in 3Q25E, inline with Bloomberg consensus.Recovery in core ads likely still takes time, in our view, while new ads growth drivers, such as agent-related ads and digital human, are in the making. 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.

Baidu (BIDU US) - 3Q25 Preview: Expecting Inline Results and More Updates from New Businesses