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 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><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 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

iQIYI Inc

IQIYI (IQ US) - 1Q26E Preview: Earnings Face ST Pressure; Intact Core Business Outlook