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>iQiyi reported 2Q25 results: total revenue was down by 11% YoY/8% QoQ to RMB6.62bn, in line with Bloomberg consensus/our estimate; non-GAAP operating income was RMB59mn, ahead of our estimate (RMB26mn) thanks to the prudent opex control.</li><li>Looking into 3Q25E, we expect the core membership and online advertising revenue to recover by 3% and 2% QoQ respectively , supported by the quality content offerings in summer.</li><li>However, we lower our FY25-27E total revenue forecasts by 2-3%, mainly to reflect the adjustment of certain non-core business lines. </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>

iQiyi reported 2Q25 results: total revenue was down by 11% YoY/8% QoQ to RMB6.62bn, in line with Bloomberg consensus/our estimate; non-GAAP operating income was RMB59mn, ahead of our estimate (RMB26mn) thanks to the prudent opex control.Looking into 3Q25E, we expect the core membership and online advertising revenue to recover by 3% and 2% QoQ respectively , supported by the quality content offerings in summer.However, we lower our FY25-27E total revenue forecasts by 2-3%, mainly to reflect the adjustment of certain non-core business lines. 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) - 2Q25 Review: Core Membership and Advertising Businesses to Recover in 3Q25

iQIYI Inc

IQIYI (IQ US) - 2Q25 Review: Core Membership and Advertising Businesses to Recover in 3Q25