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>We expect iQiyi 2Q25E total revenue to decrease by 11%/8% YoY/QoQ to RMB6.62bn, 8% below Bloomberg consensus estimate, mainly due to: 1) delay of certain TV dramas; 2) weaker-than-expected performance-based ad business amid soft sentiment; and 3) the decline in content distribution revenue.</li><li>That said, we expect non-GAAP operating profit of RMB26mn in 2Q25E, which is largely in line with our previous expectation, as the company has maintained prudent control in content costs and opex.</li><li>iQiyi continues to invest in mini dramas and has achieved early success in certain self-produced mini dramas, but it still takes time for mini dramas to make meaningful revenue contribution, in our view. </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>

We expect iQiyi 2Q25E total revenue to decrease by 11%/8% YoY/QoQ to RMB6.62bn, 8% below Bloomberg consensus estimate, mainly due to: 1) delay of certain TV dramas; 2) weaker-than-expected performance-based ad business amid soft sentiment; and 3) the decline in content distribution revenue.That said, we expect non-GAAP operating profit of RMB26mn in 2Q25E, which is largely in line with our previous expectation, as the company has maintained prudent control in content costs and opex.iQiyi continues to invest in mini dramas and has achieved early success in certain self-produced mini dramas, but it still takes time for mini dramas to make meaningful revenue contribution, in our view. 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) - 2Q25E Preview: Total Revenue Under Pressure but Earnings Outlook Intact

iQIYI Inc

IQIYI (IQ US) - 2Q25E Preview: Total Revenue Under Pressure but Earnings Outlook Intact