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>Baidu announced (20 Aug) better-than-feared 2Q25 results amid its proactive and ambitious business transformation: Baidu Core revenue was RMB26.3bn, down 2% YoY, but was 1.6% better than Bloomberg consensus estimates; nonGAAP OP of Baidu Core reached RMB4.4bn, down 37% YoY, but was 12% ahead of consensus.</li><li>Although the recovery in ads revenue growth is likely to take longer than we previously expected owing to more aggressive-thanexpected business transformation plan, new initiatives such as Apollo Go and Baidu Cloud are ramping up nicely to serve as incremental long-term drivers for revenue and earnings growth.</li><li>Baidu’s move to enhance shareholder return should provide support for valuation amid the business transformation, and more positive update on Robotaxi business development could serve as a catalyst for stock price given the current undemanding valuation (~4x 2025E non-GAAP PE on ex-cash basis). </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>

Baidu announced (20 Aug) better-than-feared 2Q25 results amid its proactive and ambitious business transformation: Baidu Core revenue was RMB26.3bn, down 2% YoY, but was 1.6% better than Bloomberg consensus estimates; nonGAAP OP of Baidu Core reached RMB4.4bn, down 37% YoY, but was 12% ahead of consensus.Although the recovery in ads revenue growth is likely to take longer than we previously expected owing to more aggressive-thanexpected business transformation plan, new initiatives such as Apollo Go and Baidu Cloud are ramping up nicely to serve as incremental long-term drivers for revenue and earnings growth.Baidu’s move to enhance shareholder return should provide support for valuation amid the business transformation, and more positive update on Robotaxi business development could serve as a catalyst for stock price given the current undemanding valuation (~4x 2025E non-GAAP PE on ex-cash basis). 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) - Ads Business Still Takes Time to Recover...